The Founder Equity Agreement is a crucial document used when establishing a new company or formalizing relationships between existing founders in New Zealand. It is typically implemented during company formation or early stages of operation, when two or more founders need to clearly define their equity stakes, responsibilities, and obligations. The agreement ensures compliance with New Zealand corporate law, particularly the Companies Act 1993, while addressing key aspects such as share vesting, transfer restrictions, intellectual property rights, and exit provisions. This document is essential for protecting founder interests, preventing future disputes, and providing a solid foundation for potential future investment or company sale. The Founder Equity Agreement also typically includes provisions for decision-making processes, confidentiality obligations, and mechanisms for resolving potential conflicts between founders.
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1. Parties: Identification of the founding members and the company
2. Background: Context of the agreement, including company formation and founder relationships
3. Definitions: Key terms used throughout the agreement
4. Share Allocation: Details of initial shareholding structure and equity split between founders
5. Vesting Provisions: Terms of share vesting schedule and conditions
6. Founder Commitments: Roles, responsibilities, and time commitment of each founder
7. Transfer Restrictions: Limitations on transfer of shares and right of first refusal provisions
8. Intellectual Property: Assignment of IP rights to the company and protection of company IP
9. Confidentiality: Protection of company and founder confidential information
10. Decision Making: Process for major company decisions and voting rights
11. Exit Provisions: Terms governing founder exit, including good/bad leaver provisions
12. Dispute Resolution: Process for resolving disputes between founders
13. General Provisions: Standard contract terms including governing law, amendments, and notices
1. Employment Terms: Used when founders will also be employees, outlining employment conditions
2. Non-Competition: Added when founders agree to restrictions on competing business activities
3. Tag-Along Rights: Included to protect minority shareholders in case of share sale
4. Drag-Along Rights: Added to facilitate potential future sale of the company
5. Board Representation: Used when specific board composition rights are granted to founders
6. Future Funding Provisions: Added to address founder rights and obligations in future funding rounds
7. Founder Loans: Included if founders are making loans to the company
8. Special Voting Rights: Used when certain founders receive special voting or veto rights
1. Schedule 1: Share Capital Table: Detailed breakdown of shareholding structure and share classes
2. Schedule 2: Vesting Schedule: Detailed vesting timelines and milestones for each founder
3. Schedule 3: Company IP: List of existing intellectual property being assigned to the company
4. Schedule 4: Founder Details: Personal information and contact details of all founders
5. Schedule 5: Reserved Matters: List of decisions requiring special majority or unanimous consent
6. Appendix A: Share Transfer Form: Standard form for executing share transfers
7. Appendix B: Deed of Adherence: Template for new shareholders joining the agreement
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