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Founders Service Agreement

Founders Service Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Founders Service Agreement

I need a Founders Service Agreement for a UAE mainland tech startup, where the founder will serve as CTO with a 25% equity stake and specific IP protection clauses, to be effective from March 1, 2025.

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Document background
The Founders Service Agreement is a vital document used when establishing or formalizing the relationship between a founder and their company in the United Arab Emirates. It is particularly relevant for startups, scale-ups, and new company formations in the UAE, whether in mainland UAE or free zones. The agreement combines elements of an employment contract with corporate governance provisions, addressing the unique position of founders who are both shareholders and service providers to the company. It must comply with UAE Federal Law No. 32 of 2021 (Companies Law) and Federal Law No. 33 of 2021 (Labor Law), while considering specific free zone regulations where applicable. The document typically includes detailed provisions on duties, compensation, equity arrangements, intellectual property rights, confidentiality, non-compete obligations, and termination terms, tailored to the UAE business environment.
Suggested Sections

1. Parties: Identification of the company and the founder entering into the agreement

2. Background: Context of the agreement, including company formation details and founder's role

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Official appointment of the founder, position, and duration of the agreement

5. Duties and Responsibilities: Detailed description of founder's roles, obligations, and expectations

6. Time Commitment: Expected working hours and time dedication to the company

7. Remuneration and Benefits: Compensation structure, including salary, benefits, and any equity arrangements

8. Intellectual Property Rights: Assignment and protection of IP created during the service period

9. Confidentiality: Protection of company confidential information and trade secrets

10. Non-Competition and Non-Solicitation: Restrictions on competitive activities and solicitation of employees/clients

11. Termination: Grounds and procedures for terminating the agreement

12. Post-Termination Obligations: Continuing obligations after the agreement ends

13. Governing Law and Jurisdiction: Specification of UAE law application and dispute resolution procedures

Optional Sections

1. Board Position: Include when the founder will serve on the board of directors

2. Equity Vesting: Include when founder's shares are subject to vesting conditions

3. Performance Metrics: Include when specific performance targets are tied to compensation or continued engagement

4. International Travel: Include when role requires significant international travel

5. Subsidiary Responsibilities: Include when founder has duties related to subsidiary companies

6. Founder Representations: Include when specific qualifications or certifications are required

7. Related Party Transactions: Include when founder has other business interests that may interact with the company

Suggested Schedules

1. Schedule 1 - Duties and Responsibilities: Detailed breakdown of founder's specific duties and areas of responsibility

2. Schedule 2 - Remuneration Package: Detailed breakdown of salary, benefits, bonuses, and equity compensation

3. Schedule 3 - Share Vesting Schedule: If applicable, detailed vesting terms and conditions for founder's shares

4. Schedule 4 - Company Policies: Key company policies applicable to the founder

5. Schedule 5 - Restricted Activities: Specific list of prohibited competitive activities

6. Appendix A - Performance Metrics: If applicable, detailed performance targets and measurement criteria

7. Appendix B - Intellectual Property Register: List of founder's pre-existing IP excluded from company ownership

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Leave
Board
Business Day
Business Hours
Company
Company Property
Competitor
Confidential Information
Duties
Effective Date
Employment Period
Executive Position
Founding Share
Good Reason
Governing Law
Intellectual Property Rights
Material Breach
Notice Period
Position
Prohibited Area
Remuneration
Restricted Business
Service Period
Share Capital
Shareholders Agreement
Termination Date
Territory
UAE
Vesting Period
Working Hours
Cause
Bonus
Articles of Association
Base Salary
Benefits
Board Resolution
Business Plan
Commencement Date
Company Group
Equity Interest
Founding Team
Misconduct
Trade Secrets
Clauses
Definitions
Interpretation
Appointment
Term
Duties and Responsibilities
Time Commitment
Service Location
Remuneration
Benefits
Expenses
Equity Arrangements
Leave Entitlement
Intellectual Property
Confidentiality
Data Protection
Non-Competition
Non-Solicitation
Non-Dealing
Board Participation
Reporting Requirements
Performance Review
Company Policies
Termination
Garden Leave
Post-Termination Obligations
Company Property
Representations and Warranties
Notices
Assignment
Severability
Entire Agreement
Variation
Waiver
Third Party Rights
Force Majeure
Governing Law
Dispute Resolution
Relevant Industries

Technology and Software

E-commerce

Financial Services

Healthcare

Education Technology

Real Estate

Professional Services

Manufacturing

Retail

Media and Entertainment

Telecommunications

Logistics and Transportation

Clean Energy and Sustainability

Biotechnology

Consulting Services

Relevant Teams

Legal

Human Resources

Corporate Governance

Board of Directors

Executive Leadership

Company Secretariat

Compliance

Finance

Administrative

Relevant Roles

Founder

Co-Founder

Chief Executive Officer

Managing Director

Executive Director

Chief Technology Officer

Chief Financial Officer

Chief Operating Officer

Chief Product Officer

Chief Marketing Officer

Managing Partner

Executive Chairman

Technical Founder

Business Founder

Industries
Federal Law No. 32 of 2021 (Companies Law): Governs corporate establishments, founder relationships, and shareholder rights in the UAE. Crucial for defining the basic framework of founder relationships and corporate governance.
Federal Law No. 18 of 1993 (Commercial Transactions Law): Regulates commercial transactions and business dealings in the UAE. Relevant for establishing commercial terms and business relationships between founders and the company.
Federal Law No. 5 of 1985 (Civil Code): Provides the fundamental principles of contract law and obligations in the UAE. Essential for ensuring the agreement's enforceability and basic contractual elements.
Federal Law No. 33 of 2021 (Labor Law): Regulates employment relationships in the UAE. Relevant for defining service aspects and employment terms of founders who also serve as executives.
Federal Law No. 4 of 2012 (Competition Law): Relevant for non-compete and restrictive covenant provisions often included in founder agreements.
UAE Free Zone Regulations: If the company is established in a free zone, specific regulations of that free zone regarding company formation and founder relationships must be considered.
Federal Law No. 19 of 2018 (Foreign Direct Investment Law): Relevant if any founders are foreign nationals, governing foreign ownership and investment aspects.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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