The Founder Employment Agreement is essential when formalizing the relationship between a company and its founder(s) who will take on executive roles within the organization. This document is particularly crucial in the Malaysian context, where employment relationships are heavily regulated by statutory requirements. It addresses the dual nature of the founder's role as both a key shareholder and an employee, covering essential aspects such as remuneration, duties, equity arrangements, and protection of company interests. The agreement ensures compliance with Malaysian employment laws, including the Employment Act 1955 and related regulations, while also incorporating specific provisions for intellectual property protection, confidentiality, and non-competition that are crucial for founder relationships. It's typically implemented during company formation or when transitioning from an informal to a formal founder relationship structure.
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1. Parties: Identifies the company and the founder-employee as parties to the agreement
2. Background: Sets out the context of the founder's relationship with the company and the purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Role: Details the founder's position, duties, and responsibilities both as an employee and founder
5. Term and Notice: Specifies the duration of employment and notice requirements for termination
6. Remuneration and Benefits: Details salary, benefits, and any performance-based compensation
7. Working Hours and Leave: Specifies working arrangements and leave entitlements in compliance with Malaysian law
8. Intellectual Property Rights: Addresses ownership and assignment of IP created during employment
9. Confidentiality: Defines confidential information and obligations to maintain confidentiality
10. Non-Competition and Non-Solicitation: Restricts competitive activities and solicitation of employees/clients
11. Termination: Sets out grounds and procedures for termination of employment
12. Post-Termination Obligations: Specifies obligations that continue after employment ends
13. General Provisions: Includes standard legal provisions such as governing law, notices, and amendments
1. Equity Arrangements: Details any share ownership, vesting schedules, and related rights (used when founder has or will receive equity)
2. Board Position: Specifies terms of board membership and related duties (used when founder serves on board)
3. International Travel: Addresses international travel requirements and allowances (used for companies with international operations)
4. Inventions Assignment: Specific provisions for assignment of pre-existing intellectual property (used when founder brings existing IP)
5. Founder KPIs: Specific performance metrics and targets (used when founder compensation is heavily performance-based)
6. Multiple Roles: Provisions for managing multiple positions within group companies (used in complex corporate structures)
1. Schedule 1 - Job Description: Detailed description of founder's roles, responsibilities, and reporting lines
2. Schedule 2 - Remuneration Package: Comprehensive breakdown of salary, benefits, and incentive structures
3. Schedule 3 - Share Options or Equity Terms: Details of any share option scheme or equity arrangement
4. Schedule 4 - Restricted Activities: Specific list of prohibited competitive activities
5. Schedule 5 - Company Policies: Key company policies applicable to the founder
6. Appendix A - Statutory Benefits: Summary of statutory benefits under Malaysian law
7. Appendix B - Intellectual Property Register: List of founder's pre-existing IP rights, if any
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