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Equity In Exchange For Services Agreement

Equity In Exchange For Services Agreement Template for Nigeria

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Key Requirements PROMPT example:

Equity In Exchange For Services Agreement

"I need an Equity in Exchange for Services Agreement under Nigerian law for my Lagos-based technology startup, where we're offering a senior software developer 5% equity vesting over 3 years in exchange for developing our core platform."

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Document background
The Equity In Exchange For Services Agreement is a crucial document for Nigerian businesses seeking to compensate service providers with company shares instead of or in addition to cash compensation. This arrangement is particularly common in startups and growing companies where cash conservation is important, but it's also used by established companies to align service providers' interests with company growth. The document must comply with Nigerian corporate law, particularly CAMA 2020 and Securities and Exchange Commission regulations. It typically includes detailed service specifications, equity terms, vesting schedules, and regulatory compliance requirements. This agreement type is especially relevant in the current Nigerian business environment where companies are increasingly using equity as a tool for attracting and retaining key service providers while managing cash flow.
Suggested Sections

1. Parties: Identification of the company issuing equity and the service provider

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

4. Services: Detailed description of services to be provided

5. Equity Compensation: Details of equity to be issued, including class, number of shares, and valuation

6. Vesting Schedule: Timeline and conditions for equity vesting

7. Service Provider's Obligations: Specific duties, responsibilities, and performance standards

8. Company's Obligations: Company's responsibilities including equity issuance and support

9. Representations and Warranties: Statements of fact and guarantees by both parties

10. Regulatory Compliance: Compliance with Nigerian corporate and securities laws

11. Tax Matters: Tax obligations and responsibilities of both parties

12. Termination: Conditions and procedures for ending the agreement

13. Confidentiality: Protection of confidential information

14. General Provisions: Standard legal clauses including governing law, notices, and amendments

Optional Sections

1. Non-Competition: Restrictions on competing activities, used when service provider will have access to sensitive information

2. International Transfer Provisions: Required when service provider is non-Nigerian or foreign exchange is involved

3. Board Observation Rights: Used when service provider is to be granted board observation privileges

4. Tag-Along Rights: Optional protection for service provider in case of company sale

5. Put Option: Right to sell shares back to company under specific conditions

6. Intellectual Property Assignment: Required when services involve creation of intellectual property

7. Dispute Resolution: Specific procedures for dispute resolution, including arbitration provisions

Suggested Schedules

1. Schedule A - Service Description: Detailed scope of services and deliverables

2. Schedule B - Vesting Schedule: Detailed timeline and milestones for equity vesting

3. Schedule C - Share Details: Specific information about share class, rights, and restrictions

4. Schedule D - Performance Metrics: Measurable criteria for evaluating service delivery

5. Schedule E - Company Cap Table: Current capitalization structure of the company

6. Appendix 1 - Required Corporate Approvals: Copies of board and shareholder resolutions approving equity issuance

7. Appendix 2 - Share Certificate Template: Form of share certificate to be issued

8. Appendix 3 - Regulatory Filings: Templates for required CAC and SEC filings

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses































Relevant Industries

Technology

Professional Services

Consulting

Financial Services

Healthcare

Education

Manufacturing

Real Estate

Energy

Media and Entertainment

Telecommunications

E-commerce

Software Development

Business Services

Relevant Teams

Legal

Finance

Human Resources

Corporate Secretariat

Board of Directors

Executive Management

Compliance

Corporate Affairs

Share Registry

Business Development

Relevant Roles

CEO

Managing Director

Chief Financial Officer

Legal Counsel

Corporate Secretary

Business Development Director

Technical Consultant

Strategic Advisor

Chief Technology Officer

Human Resources Director

Company Director

Board Member

Investment Manager

Startup Founder

Corporate Lawyer

Industries








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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