8. Vesting. The initial capital issued in accordance with Section 6 is transferred to each founder [ENTER NUMBER OF YEARS FOR VESTING] and each founder enters into a customary stock restriction agreement on the date of foundation, the agreement is a written document that serves as a constitution for the co-founders, in the event that there will be litigation and infringement law in the future by one of the founders. going to the creation of a startup, it may be tempting to forget to design your founding arrangement. You`ll be good, won`t you? You`re all buddies. We trust each other. You`re here together! Once passed, record this admirable progress in the agreement of your founders. The hardest part is behind you! This clause is included to ensure that the intellectual property developed by a founder is attributed to the start-up and is not owned by the founder. This protects the type of intellectual property and the business secrets of the company if the founder wishes to leave the organization in the future.
You should find out what`s going on with unvested actions, especially. Often, a company has the option to buy these shares back from the founder at their original price, but this procedure is also in your hands. The implementation of an end-of-life system will be long, especially if this dismissal is not friendly and the lawyers are put in the photo. If this is the case, your agreement will show that everyone has agreed in writing on a precedent. It`s a powerful defense in the eyes of the law. Since disputes often occur in co-founding situations, it is important to define the dispute resolution process. This may include a number of measures, such as an informal meeting. B if no agreement can be reached, then mediation or any other alternative dispute resolution procedure.
What 3 words best describe the startup culture you want to create (z.B. open, hardworking, eccentric, etc.)? Pro Tip: If you`re really serious and far away, visit a few offices together to get an idea of what each of you likes intelligently and why. The agreement must define how a co-founder can leave the organization. These include provisions relating to the removal of a co-founder, i.e.: