

F6s Startup Community launches Mentor Shares Agreement Template - iProject
http://thenextweb.com/insider/2012/10/05/f6s-startup-community-launches-mentor-shares-agreement-to-fomalise-startup-mentor-agreements/

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grabeh
It seems a little strange to me that either party can terminate at any point
without cause when there may be an agreement to vest shares in place, at least
in the UK version. Shares do continue to vest during the notice period but
this is likely to be a limited period of time.

I suppose you would just increase this period of time to whatever length was
necessary but this seems a circuitous way of dealing with the issue.

I wouldn't allow termination without cause if I was due to get shares after a
certain amount of time.

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seka
Grabeh - good points. We had feedback from f6s community members that they
wanted to cover the case where either Mentor or Startup priorities changed
during the agreement. The idea behind the ability to mutually terminate was to
make sure either party could get out if the relationship wasn't delivering.

Your thinking on increasing the termination period is spot on. That was
inserted primarily to cover the case where the Startup terminates the
agreement after the Mentor delivers but before a 'fair' amount of vesting has
happened. An extreme case would be where the Mentor delivers significant value
before the Cliff Period ends, but the Startup terminates the agreement before
any shares have vested.

Mentor/Startup alignment is key.

Having said all that, it's a template licensed under Creative Commons so
please go ahead and modify it as needed for your particular case. Always be
protected and use a legal professional ;)

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grabeh
Hey, thanks for the response! I just didn't want anyone getting screwed over
by unscrupulous behaviour!

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bobinator30
beware registration wall

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seka
Good catch Bobinator

We intended to launch the Mentor Shares site so you could both view the page
and download the documents without registering, but the open download bit
obviously didn't stick.

We've updated the page now and you can download the docs freely.

Having f6s generate a doc for you still requires log-in.

