Equity Agreement for Service (EASE Agreement) by Founder Institute
This Equity Agreement for Service (EASE) outlines the terms between a company and a service provider (consultant) for the provision of services in exchange for equity compensation. It details the scope of services, compensation structure, expenses, and conditions for termination. The agreement also includes crucial clauses regarding nondisclosure of confidential information and the assignment of intellectual property developed during the service period.
Equity Agreement for Service (EASE)
Version 1.0
This Equity Agreement for Service (this “Agreement”) is entered into as of the date set forth on the signature page by and between the undersigned company (the “Company”) and the undersigned service provider (the “Consultant”).
The parties agree as follows:
Services. Consultant agrees to act as a consultant to the Company and provide services to the Company as further described on the signature page hereto or as otherwise mutually agreed to by the parties (collectively, the “Services”).
Compensation. For the provision of the Services, Consultant shall be entitled to receive the compensation as detailed on the signature page hereto. The Company will take the requisite actions to authorize any equity compensation within 30 days from the date of this Agreement.
Expenses. The Company shall reimburse reasonable travel and related expenses incurred by Consultant in the course of performing services hereunder, provided that Consultant obtains prior written approval of any such expenditures in sufficient detail and indicates a maximum reimbursable amount for each such approval.
Term and Termination. The term of this Agreement shall continue until the completion of the Services, provided that this Agreement may be terminated at any time by either party for any reason upon five (5) days prior written notice. Upon termination the Company shall have no further obligation or liability except for the compensation earned by Consultant through the date of termination. The obligations of Consultant in Sections 6 through 9 shall survive the termination of this Agreement.
Independent Contractor. Consultant’s relationship with the Company will be that of an independent contractor and not that of an employee. Consultant will not be eligible for any employee benefits, nor will the Company make deductions from payments made to Consultant for employment or income taxes, all of which will be Consultant’s responsibility. Consultant will have no authority to enter into contracts that bind the Company or create obligations on the part of the Company without the prior written authorization of the Company.
Nondisclosure of Confidential Information.
Agreement Not to Disclose. Consultant agrees not to use any Confidential Information (as defined below) disclosed to Consultant by the Company for Consultant’s own use or for any purpose other than to carry out discussions concerning, and the undertaking of, the Services. Consultant agrees to take all reasonable measures to protect the secrecy of, and avoid disclosure or use of, Confidential Information of the Company in order to prevent it from falling into the public domain or the possession of persons other than agents of the Company or persons to whom the Company consents to such disclosure. Upon request by the Company, any materials or documents that have been furnished by the Company to Consultant in connection with the Services shall be promptly returned by Consultant to the Company.
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