Founders’ agreement governs the founders’ relations vis-a-vis each other and the company. It is one of the first agreements to be signed by the founders and it regulates, among other things, the role and responsibilities of each founder, their obligation not to compete with the company, and not to disclose its business secrets. It also regulates what happens to the founder’s shares if a founder leaves the company during an agreed period (so called reverse vesting provisions).
This founders’ agreement should not be confused with the foundation agreement (asutamisleping) which is a statutory document to incorporate a company and register it with the Commercial Register.
This template is designed for very early stages of the company and does not include more complex provisions that are seen in later stages where investors join the company.