Schedules of co-founders agreement in india
Posted: Oct 19, 2018
Schedule A?? Description of the Product or Service.
ARTICLE 1?? CAPITAL CONTRIBUTIONS AND COSTS.
Set up C?? Form of Counterpart Signature Page.
Schedule B?? Description of Co Founder agreement in India template Roles and Obligations.For more details about Co Founder agreement in India template please visit to company vakil or click https://www.companyvakil.com/founder-agreement
The following schedules are connected hereto and form part of this Agreement:.
Schedule D?? Initial Capital Contribution of the Creators.
- Capital Contribution. Each Creator has contributed such quantities as set-out at Schedule D attached hereto to the costs of the Start-up prior to incorporation, as non-refundable and non-repayable capital contributions.
- Reimbursement. Each Creator will repay any Founder that incurs an expense related to the Start-up proportionately to such Creator s Equity Distribution pursuant to Area 6.
POST 2?? FUNCTIONS AND RESPONSIBILITIES.
3. Creator s Contribution. The Founders shall, using finest efforts, add to the advancement of the Services or product pursuant to each Founder s Function and Duty description as set-out at Arrange B attached hereto.
Once it is identified by a Basic Majority that the Corporation will be incorporated and formed, each Founder will give and designate to the Corporation instantly upon its incorporation all of his or her right, title, and interest in and to the Item or Service (consisting of all right, title and interest to intellectual property and all applications thereto), consisting of waiving all ethical rights, and assigning all patents, styles, commercial designs, trade-marks, copyrights, trade secrets, ideas (however formed or unformed) and labor and/or work product that results from any job or work carried out by the Creator that relates to the Product or Service for the full term of such rights (the Transfer). Each Creator will effect such Transfer without claim for settlement in any manner or form whatsoever both at the time of the Transfer or at any time in the future afterwards. Each Founder will likewise carry out any and all acts and execute all documents and instruments as might be needed by the Corporation at its sole discretion to perfect title in the Transfer to the Item or Service, and any associated intellectual home (the Required Actions).
ARTICLE 4?? INCORPORATION AND FORMATION OF CORPORATION.
5. Transfer to Corporation. The Creators acknowledge and agree that any discovery, development, secret process or enhancement in treatment made or discovered by any of the Founders in connection with or in any method impacting or connecting to the Service or product or efficient in being utilized or adjusted for use in the Product or Service will immediately be divulged to the Corporation and will come from and be the outright home of the Corporation right away as of and following the Incorporation Date.
SHORT ARTICLE 5?? EQUITY CIRCULATION & VESTING.
6. Equity Distribution. Topic to this Post 5, on the Incorporation Date, the Shares of the Corporation shall be provided to the Founders according to the circulation chart listed below (the Creator Equity):.
Equity Circulation (%).
[FOUNDER NAME][EQUITY PERCENTAGE][CREATOR NAME][EQUITY PERCENTAGE][CREATOR NAME][EQUITY PORTION][CREATOR NAME][EQUITY PORTION][FOUNDER NAME][EQUITY PORTION][CREATOR NAME][EQUITY PERCENTAGE]7.
8. Vesting. The Creator Equity to be issued pursuant to Area 6 shall vest to each Creator over [GO INTO VARIETY OF YEARS FOR VESTING], and each Creator shall participate in a popular stock restriction arrangement on the Incorporation Date describing such vesting:.
POST 6?? TRANSFER RESTRICTIONS.
9. Constraints. The Creators might not move, pledge or otherwise overload any Shares or any ownership or entitlement to ownership of the Corporation or of the Product and services explained herein without the unanimous written permission of the Creators.
ARTICLE 7?? CONFIDENTIALITY AND NON-COMPETE.
- Confidentiality. The Creators consent to keep the Service or product private; disclosure of the Service or product will occur only on an as-needed basis and just upon approval of all Founders. Regardless of such consentaneous consensual disclosures, the Founders shall take all needed actions to keep the Services or product confidential up until the formation of the Corporation, at which time the Creators will even more detail and specify any confidentiality commitments.
- Non-Competition. Immediately following the incorporation of the Corporation, the Founders will not at any time while being a Founder and for a period of 12 months after he/she stops (i) to be a Founder; (ii) to supply any services to the Corporation, whether as partner, staff member, professional, officer, director or otherwise; or (iii) to hold Shares, whichever is most current, either alone or collectively or in any capability whatsoever straight or indirectly, in the [PROVINCE/STATE] of [NATION]
SHORT ARTICLE 8?? EXTENSION OF CONTRACT.
( i) carry on, take part, assist, be engaged, concerned or interested in any business which takes on the Item or Service;.
( ii) interfere or seek to interfere or take such steps as may disrupt the continuation of materials to the Start-up (or the terms relating to such supplies) from any suppliers who have actually been providing products, parts, items, items or services to the Start-up;.
( iii) get or attract away or use work to or endeavour to get or attract away or use work to any individual who has at any time been a Creator, employee, officer or manager of the Corporation without the express previous written authorization of the Founders; or.
( iv) use or adopt or purport to use or embrace the name or any trade or service name of the Corporation for any purpose.
12. Shareholder Contract. Upon the formation of the Corporation, the Creators will participate in an Unanimous Investor Agreement to formalize all terms of this Contract, unless otherwise accepted by all the Investors.
Composed consent of all Founders is needed to approve any additional party to this Arrangement. If a person not called as a Founder hereto joins the Creators in the Startup prior to formation of the Corporation on the basis that such person will hold an equity interest in the Corporation when formed (a New Creator), the Founders shall need such New Creator to perform a counterpart signature page and acknowledgement considerably in the kind set out at Arrange C attached hereto so that such individual is a party to and bound by this Agreement and will properly modify this Agreement.
SHORT ARTICLE 9?? DISSOLUTION OF STARTUP.
- Arrangement Schedule. Within [3 (3)] calendar months of the date of this Arrangement, if the Founders have not yet incorporated the Corporation, the Founders concur to talk about the advantages of continued partnership related to the Product and services and will talk about a mutually reasonable timetable for the incorporation of the Corporation.
- Dissolution. In the occasion that all the Founders do not wish to continue their shared cooperation, the Creators will go over a mutually agreeable separation and division of possessions of their partnership, if any. The Founders shall even more define any and all confidentiality obligations related to the Item or Service and will end this Agreement.
POST 10?? GENERAL PROVISIONS.
Disagreement Resolution. The Creators agree and acknowledge that all provisions of this Contract, consisting of confidentiality provisions, shall be binding up through the end of this arbitration procedure. Expenses of the arbitration will be borne equally by all Creators.
- Great Faith. All actions taken pursuant to this Arrangement shall be made in excellent faith without objective to unduly deprive a Founder of any interests, rights or benefits.
- Representations and Warranties. Each Creator represents and calls for that she or he is not a party to any other agreement that would limit such Creator s capability to perform its responsibilities as stated in this Arrangement. Each Creator represents and necessitates that no 3rd party can claim any rights to any intellectual home or other proprietary right possessed by that Creator as it relates to the Product or Service.
- Unjustified Enrichment. Nothing in this Arrangement, prevents, blocks or otherwise eliminates a Creator s standing to bring a claim versus the other Founders or the Corporation for unjustified enrichment or other similar reason for action.
- Corporation to Impose. The Creators thus concur that after incorporation, the Corporation will enforce the rights and commitments of the Founders hereunder.
- Assignment. This Agreement will not be designated by any Founder without the written authorization of all other Founders.
- Notifications. Any notification, permission or approval needed or permitted to be offered in connection with this Agreement (in this Area referred to as a Notice) should be in composing and is adequately offered if delivered (whether in individual, by courier service or other individual approach of delivery), or if transferred by fax to each Founder at the address as shown beside each Creator s name on Schedule B connected hereto.
- Governing Law and Jurisdiction.
- Severability. If any arrangement of this Agreement or any part thereof shall for any reason be held to be invalid or unenforceable in any regard, then such void or unenforceable arrangement or part shall be severable and severed from this Contract and the other arrangements of this Agreement shall stay in effect and be construed as if such void or unenforceable provision or part had actually never ever been consisted of herein.
- Amendment. No change, supplement or adjustment of this Agreement is binding unless authorized by all Creators hereto in composing, and any modification, supplement, modification, or approval so approved in accordance with this Section 33 shall be binding upon each of the Creators, provided that, the Creators accept such amendments to the Schedules attached hereto from time to time as may be needed to show allowed changes in the Creators.
- Waiver. Any waiver of any breach or default under this Arrangement shall only work if in writing signed by the celebration against whom the waiver is sought to be implemented, and no waiver shall be indicated by any other act or conduct or by any extravagance, delay or omission. Any waiver will only use to the specific matter waived and only in the specific circumstances in which it is waived.
Him or his is a generic reference to the subject of the pertinent sentence in this Agreement. Such reference applies similarly to female or gender-neutral persons.
- Whole Contract. The Celebrations acknowledge that this Arrangement constitutes the entire arrangement in between the Celebrations with respect to the subject hereof, and might only be varied by even more written contract signed by all the Parties. It is acknowledged and concurred that there are no oral representations or warranties of any kind in between the celebrations.
The Parties shall keep the terms and conditions of this Arrangement confidential other than as may be needed to implement any arrangement of this Arrangement or as may otherwise be required by any law, guideline or other regulatory requirement. Regardless of the generality of the foregoing, the Celebrations may divulge this Agreement to his legal and/or monetary advisors.
32. Counterparts. This Arrangement might be executed by the Creators in equivalents and might be carried out and delivered by fax or other electronic means, and all such counterparts and facsimiles together constitute one contract.
[CREATOR NAME][DOLLAR AMOUNT][CREATOR NAME][DOLLAR AMOUNT][FOUNDER NAME][DOLLAR QUANTITY][FOUNDER NAME][DOLLAR QUANTITY][CREATOR NAME][DOLLAR AMOUNT][CREATOR NAME][DOLLAR QUANTITY]Which s it! If you d like to discover more about us and explore our template library, visit our site- Company Vakil or click here https://www.companyvakil.com/
Name and Address.
[GO INTO DESCRIPTION]Services or product.
[GO INTO DESCRIPTION]This can be added or upgraded later on.
Each Founder represents and warrants that he or she is not a celebration to any other agreement that would restrict such Creator s ability to perform its obligations as set forth in this Contract. Any notification, permission or approval needed or permitted to be provided in connection with this Contract (in this Area referred to as a Notification) needs to be in composing and is sufficiently offered if provided (whether in individual, by carrier service or other personal approach of delivery), or if transmitted by fax to each Founder at the address as shown next to each Creator s name on Schedule B attached hereto.
Type of Equivalent Signature Page.
Initial Capital Contribution of the Creators.
[STABILIZE OF PAGE INTENTIONALLY LEFT BLANK]IN WITNESS WHEREOF, the Parties hereto have actually performed this Arrangement with result on the [day of, 20.][FOUNDER NAME][CREATOR NAME][CREATOR NAME][CREATOR NAME][CREATOR NAME][FOUNDER NAME]This is the signature page to the Pre-Incorporation Founders Agreement among the above composed parties.
Description of the Service Or Product.
No change, supplement or modification of this Arrangement is binding unless approved by all Creators hereto in writing, and any modification, supplement, modification, or approval so authorized in accordance with this Section 33 shall be binding upon each of the Founders, supplied that, the Founders concur to such changes to the Schedules connected hereto from time to time as may be needed to reflect allowed changes in the Creators.
[STARTUP NAME]Service Design.
Each Creator shall repay any Founder that sustains an expenditure related to the Start-up proportionately to such Founder s Equity Circulation pursuant to Section 6.
IN WITNESS WHEREOF, the Celebrations hereto have performed this Arrangement with result on the [day of, 20.][ENTER NAME OF ADDITIONAL CREATOR]This does not need to be filled out until or if a brand-new creator is included.
If a person not named as a Founder hereto joins the Creators in the Startup prior to formation of the Corporation on the basis that such individual shall hold an equity interest in the Corporation when formed (a New Founder), the Founders shall need such Brand-new Creator to execute an equivalent signature page and recognition substantially in the kind set out at Arrange C connected hereto so that such person is a celebration to and bound by this Contract and shall appropriately amend this Contract.
Description of Founders Functions and Responsibilities.
[FOUNDER NAME]Address: [TITLE][RESPONSIBILY][CREATOR NAME]Address: [TITLE][RESPONSIBILY][CREATOR NAME]Address: [TITLE][RESPONSIBILY][CREATOR NAME]Address: [TITLE][RESPONSIBILY][CREATOR NAME]Address: [TITLE][RESPONSIBILY][CREATOR NAME]Address: [TITLE][RESPONSIBILY]SCHEDULE C.
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