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Startup Advisor Agreement
"I need a Startup Advisor Agreement for a fintech startup in Lagos, where we're bringing on a technical advisor who will provide 10 hours per month of advisory services in exchange for 1% equity vesting over 24 months, starting March 2025."
1. Parties: Identifies the contracting parties - the company and the advisor, including their full legal names and addresses
2. Background: Sets out the context of the agreement, including the company's business, the advisor's expertise, and the parties' intention to enter into an advisory relationship
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Appointment and Term: Establishes the advisor's appointment, role, and the duration of the agreement
5. Services: Details the specific advisory services to be provided, including any specific areas of focus or expertise
6. Time Commitment: Specifies the expected time commitment from the advisor, including frequency of meetings or consultations
7. Compensation: Outlines the advisor's compensation structure, including any fees, equity, or other benefits
8. Confidentiality: Defines confidential information and establishes obligations for maintaining confidentiality
9. Intellectual Property: Addresses ownership and protection of intellectual property created or accessed during the advisory relationship
10. Non-Competition and Non-Solicitation: Sets out restrictions on competitive activities and solicitation of employees or customers
11. Representations and Warranties: Contains standard representations and warranties from both parties
12. Termination: Specifies conditions and procedures for terminating the agreement
13. General Provisions: Includes standard legal provisions such as governing law, notices, amendments, and assignment
1. Equity Compensation: Detailed terms of any equity-based compensation, used when the advisor will receive shares or options
2. Expenses: Procedures for expense reimbursement, included when the advisor may incur expenses in performing services
3. Insurance: Requirements for professional liability insurance, included for high-risk advisory roles
4. Board Observer Rights: Terms for board meeting attendance and observation rights, if applicable
5. Indemnification: Mutual or one-way indemnification provisions, included for higher-risk engagements
6. Conflict of Interest: Specific provisions dealing with potential conflicts, important for advisors working with multiple startups
7. Performance Metrics: Specific performance expectations and evaluation criteria, used when advising on specific projects or goals
1. Schedule A - Services Description: Detailed description of specific advisory services and areas of expertise
2. Schedule B - Compensation Terms: Detailed breakdown of compensation structure, including payment terms and schedules
3. Schedule C - Equity Terms: Details of any equity compensation, including vesting schedules and conditions
4. Schedule D - Confidential Information: Specific types of confidential information covered by the agreement
5. Schedule E - Approved Outside Activities: List of pre-approved activities or engagements with other companies
6. Appendix 1 - Contact Details: Contact information for key personnel and notices
7. Appendix 2 - Reporting Requirements: Format and frequency of any required reporting or updates
Authors
Technology
Financial Services
E-commerce
Healthcare
Education Technology
Agriculture Technology
Clean Energy
Manufacturing
Logistics
Professional Services
Consumer Products
Digital Media
Biotechnology
Real Estate Technology
Telecommunications
Legal
Executive Leadership
Corporate Governance
Human Resources
Finance
Operations
Business Development
Strategy
Corporate Affairs
Compliance
CEO
Founder
Co-founder
Chief Legal Officer
General Counsel
Company Secretary
Business Development Director
Strategy Advisor
Technical Advisor
Industry Expert
Mentor
Board Member
Chief Financial Officer
Operations Director
Technology Advisor
Marketing Advisor
Investment Advisor
HR Director
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