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Co Founder Exit Agreement

Co Founder Exit Agreement Template for Singapore

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Key Requirements PROMPT example:

Co Founder Exit Agreement

"I need a Co-Founder Exit Agreement for our Singapore-based fintech startup, where our CTO co-founder is leaving to pursue other opportunities on March 1, 2025, and we need to include specific provisions about IP rights for the trading algorithms they developed."

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Document background
The Co-Founder Exit Agreement is essential when a founding member decides to leave a company in Singapore. This document is typically used when there's a need to formalize the departure process, establish clear terms for share transfers, and define ongoing obligations. It addresses crucial aspects such as intellectual property rights, confidentiality, non-compete provisions, and the settlement of any outstanding matters between the parties. The agreement ensures compliance with Singapore's corporate laws while providing a clean break and protecting all parties' interests. It's particularly important for startups and growing companies where founder relationships significantly impact company operations and stakeholder confidence.
Suggested Sections

1. Parties: Identifies all parties to the agreement including the company and departing co-founder

2. Background: Sets out the context of the co-founder's exit and current shareholding structure

3. Definitions: Defines key terms used throughout the agreement

4. Resignation and Cessation: Details of resignation from all positions (director, officer, employee)

5. Share Transfer Terms: Terms of transfer including price, payment method, and timing

6. Release and Waiver: Mutual release of claims and obligations

7. Confidentiality: Ongoing confidentiality obligations

8. Governing Law: Specifies Singapore law as governing law

Optional Sections

1. Non-Compete Provisions: Restrictions on future competitive activities - use when protecting company's competitive interests is crucial

2. Intellectual Property Assignment: Transfer of IP rights to company - use when co-founder was involved in IP creation

3. Transitional Services: Terms for temporary continued services - use when handover period is required

4. Outstanding Loans: Settlement of any loans or advances - use when financial obligations exist between parties

Suggested Schedules

1. Share Transfer Form: Official form for transfer of shares

2. Resignation Letters: From various positions held by co-founder

3. Payment Schedule: If payment is to be made in installments

4. List of Company Property: Items to be returned by departing co-founder

5. IP Register: List of intellectual property being transferred

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
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Industries

Companies Act (Cap. 50): Primary legislation governing corporate matters including share transfers, directors' duties, resignation procedures, statutory requirements for company ownership changes, and share capital modification requirements

Securities and Futures Act (Cap. 289): Legislation governing securities trading, share transfers, disclosure requirements and related regulations for company securities

Employment Act (Cap. 91): Laws governing employment relationships, including treatment of outstanding benefits, notice periods, and non-compete provisions if co-founder was also an employee

Contract Law (Common Law): Fundamental principles ensuring valid contract formation including consideration, clear terms, capacity to contract, and valid offer and acceptance

Personal Data Protection Act 2012: Legislation governing the handling of personal information and confidentiality requirements in business relationships

Competition Act (Cap. 50B): Laws governing fair competition, including restrictions on non-compete clauses and market competition considerations

Income Tax Act: Tax legislation covering implications of share transfers, capital gains considerations, and stamp duty requirements

Company Constitution: Internal governing document of the company that may contain specific provisions affecting co-founder exit

Shareholders' Agreement: Existing agreement between shareholders that may contain specific provisions for co-founder exit and share transfers

IP Rights Legislation: Laws governing intellectual property rights and their transfer or retention during co-founder exit

Existing Contracts: Any pre-existing contracts, loan agreements, or personal guarantees involving the co-founder that need to be addressed

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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