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Founder Vesting Agreement

Founder Vesting Agreement Template for New Zealand

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Key Requirements PROMPT example:

Founder Vesting Agreement

"I need a Founder Vesting Agreement for my New Zealand technology startup with three co-founders, implementing a 4-year vesting schedule starting January 2025, with a one-year cliff and monthly vesting thereafter."

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Document background
The Founder Vesting Agreement is a crucial document in the establishment and growth phases of companies in New Zealand. It is typically implemented when a company is founded or during early investment rounds to ensure long-term commitment from founders while protecting the company's interests. The agreement aligns with New Zealand corporate law requirements and establishes a structured approach to share ownership, typically including a four-year vesting period with a one-year cliff. This document is essential for startups seeking investment, as it provides investors with confidence in founder commitment and helps maintain stability during crucial growth phases. The agreement should comply with the New Zealand Companies Act 1993 and related regulations, addressing key aspects such as share transfers, voting rights, and termination scenarios.
Suggested Sections

1. Parties: Identifies the company, founders, and any other relevant parties to the agreement

2. Background: Sets out the context of the agreement, including company formation and founder roles

3. Definitions: Defines key terms used throughout the agreement

4. Share Allocation: Details the initial allocation of shares to founders

5. Vesting Schedule: Specifies the vesting period, intervals, and percentage of shares vesting at each milestone

6. Restrictions on Transfer: Outlines limitations on transferring unvested and vested shares

7. Termination Provisions: Describes treatment of shares upon various termination scenarios

8. Company's Right to Repurchase: Details the company's rights to repurchase unvested shares

9. Founder Representations and Warranties: Standard representations regarding capacity and authority to enter agreement

10. Confidentiality: Provisions regarding confidential information

11. Dispute Resolution: Procedures for resolving disputes between parties

12. General Provisions: Standard boilerplate clauses including governing law, amendments, and notices

Optional Sections

1. Acceleration Provisions: Include when single or double trigger acceleration of vesting is desired upon change of control

2. Shareholder Rights: Include when specific voting or dividend rights need to be addressed

3. Tax Provisions: Include detailed tax clauses when founders are subject to specific tax considerations

4. Intellectual Property Assignment: Include when IP assignment needs to be tied to the vesting agreement

5. Non-Competition and Non-Solicitation: Include when restrictions on competitive activities are required

6. Tag-Along Rights: Include when founders should have the right to join in sale of shares by other shareholders

7. Drag-Along Rights: Include when majority shareholders need the right to force minority shareholders to join in a sale

Suggested Schedules

1. Schedule 1 - Share Allocation Table: Detailed breakdown of share allocation among founders

2. Schedule 2 - Vesting Schedule: Detailed timeline of vesting milestones and percentages

3. Schedule 3 - Form of Share Transfer Notice: Template for notification of share transfers

4. Schedule 4 - Deed of Adherence: Template for new parties to join the agreement

5. Appendix A - Company Constitution Excerpts: Relevant sections of the company constitution affecting vesting

6. Appendix B - Calculations: Examples of calculations for partial vesting scenarios

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

Software Development

Financial Services

E-commerce

Healthcare Technology

Biotechnology

Professional Services

Manufacturing

Consumer Goods

Media and Entertainment

Clean Technology

Education Technology

Relevant Teams

Legal

Executive

Corporate Governance

Board

Finance

Human Resources

Corporate Development

Investment

Relevant Roles

CEO

Founder

Co-Founder

Chief Technology Officer

Chief Financial Officer

Chief Operating Officer

Company Secretary

General Counsel

Legal Counsel

Corporate Lawyer

Investment Manager

Venture Capital Partner

Board Member

Director

Company Director

Startup Advisor

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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