A key feature of a Founder Agreement is the Buy-Sell provision - the process by which one Founder can buy all ownership interest from another Founder. This generally occurs in instances where an individual wants to leave or has become toxic to the business. There are a variety of ways to craft this agreement, including providing a price for the ownership interest or forcing negotiations to determine the price at the time of buyout.
When a business is formed as a Corporation, this Founder Agreement may also contain provisions typically seen in a Shareholder Agreement. The Founders may hold stock, raising questions of how the stock can be transferred, voted, and more. As the founders are fairly likely to have stock designed to prefer the Founders, it is important to detail any restrictions on Founder Stock.
These are but a few of the issues considered. Remember the purpose of a well written Founder Agreement is to contemplate three situations. The first situation is the planned outcome, the founders going forward and running the business exactly as contemplated. The second outcome is the situation where the business collapses for any number of reasons, bad feelings are brought out and the question becomes how to deal with the fallout. The final situation is if everything goes beyond expectations, succeeding outrageously demanding the founders to determine how to adjust to the new paradigm.
This takes contemplating what each of these situations looks like and the unique problems of the various situations. Speaking with the co-founders and working with an attorney will be important steps to take to guide the business towards the best outcome.