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Co Founder Separation Agreement

Co Founder Separation Agreement Template for New Zealand

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Key Requirements PROMPT example:

Co Founder Separation Agreement

"I need a Co-Founder Separation Agreement for an amicable exit where our CTO is leaving to pursue another venture, effective March 1, 2025, with a graduated share buyout over 12 months and ongoing technical consulting arrangement."

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Document background
The Co-Founder Separation Agreement is a critical legal document used when a founding member decides to part ways with a business venture in New Zealand. It becomes necessary when co-founders choose to end their business relationship due to various circumstances such as strategic disagreements, personal reasons, or pursuit of different opportunities. This agreement ensures a structured separation process compliant with New Zealand law, particularly the Companies Act 1993, Contract and Commercial Law Act 2017, and relevant employment legislation. The document typically covers share transfers, intellectual property assignments, confidentiality provisions, non-compete clauses, and financial settlements. It aims to protect the interests of all parties while maintaining business continuity and minimizing potential disputes. The agreement is particularly crucial for startups and growing companies where founder relationships and intellectual property are fundamental to the business's value.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the departing co-founder, remaining co-founder(s), and the company

2. Background: Outlines the history of the co-founder relationship, company formation, and reasons for separation

3. Definitions: Defines key terms used throughout the agreement

4. Effective Date and Timing: Specifies when the separation takes effect and any transition period

5. Resignation and Role Cessation: Details the co-founder's resignation from all positions (director, officer, employee)

6. Share Transfer or Purchase: Outlines the treatment of the departing co-founder's shares, including valuation and payment terms

7. Intellectual Property Rights: Addresses ownership and transfer of IP rights, including assignments and licenses

8. Confidentiality: Defines ongoing confidentiality obligations regarding company information

9. Non-Compete and Non-Solicitation: Specifies restrictions on future competitive activities and customer/employee solicitation

10. Release and Waiver: Mutual release of claims between parties

11. Final Payment and Benefits: Details any final compensation, benefits, or settlements

12. Company Property: Requirements for returning company property and documents

13. Public Announcements: Agreed approach to announcing the separation

14. Dispute Resolution: Process for resolving any future disputes

15. General Provisions: Standard legal provisions including governing law, amendments, and severability

Optional Sections

1. Ongoing Consulting Arrangement: Used when the departing co-founder will continue providing services as a consultant

2. Earnout Provisions: Included when part of the settlement includes future payments based on company performance

3. Tax Indemnity: Required when there are significant tax implications in the separation structure

4. Continued Board Observer Rights: Used when the departing co-founder retains some shares and information rights

5. Mutual References: Included when parties agree on how they will refer to each other professionally

6. Outstanding Loan Arrangements: Required when there are loans between the co-founder and company to be addressed

7. Family Member Involvement: Needed when family members are involved in the business or own shares

8. Third Party Rights: Required when the separation affects rights of other shareholders or stakeholders

Suggested Schedules

1. Schedule 1: Share Ownership and Transfer Details: Details of current shareholding and specific terms of share transfer

2. Schedule 2: Intellectual Property Register: Comprehensive list of IP assets and their disposition

3. Schedule 3: Company Property for Return: Itemized list of physical and digital assets to be returned

4. Schedule 4: Final Payment Calculation: Detailed breakdown of final payment amounts and calculations

5. Schedule 5: Ongoing Obligations: Summary of continuing obligations and their duration

6. Appendix A: Resignation Letters: Forms of resignation from various positions

7. Appendix B: Share Transfer Forms: Legal forms for executing share transfers

8. Appendix C: IP Assignment Deeds: Formal documents for transferring intellectual property rights

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















































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Relevant Industries

Technology and Software

Professional Services

Manufacturing

E-commerce

Financial Services

Healthcare

Media and Entertainment

Education Technology

Retail

Consulting

Biotechnology

Real Estate

Social Enterprise

Relevant Teams

Legal

Executive Leadership

Board of Directors

Corporate Governance

Human Resources

Finance

Operations

Company Secretariat

Compliance

Risk Management

Relevant Roles

CEO

Managing Director

Company Director

Founder

Co-Founder

Chief Technology Officer

Chief Financial Officer

Chief Operating Officer

Company Secretary

General Counsel

Head of Legal

Board Member

Executive Director

VP of Operations

Chief Innovation Officer

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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