The Venture Partner Agreement is a crucial document in the Indian venture capital ecosystem, used to formalize the relationship between venture capital firms and experienced professionals who contribute their expertise and network on a part-time or flexible basis. This agreement has gained significance as Indian venture capital firms increasingly adopt global best practices while complying with local regulations. The document typically covers essential elements such as deal sourcing responsibilities, investment committee participation, carried interest arrangements, and operational guidelines. It must comply with Indian partnership laws, SEBI regulations, and other relevant legislation while addressing specific requirements of the Indian market. The agreement is particularly important for structuring relationships that fall between full-time employment and pure consulting arrangements, requiring careful consideration of both commercial and regulatory aspects.
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1. Parties: Identification of the venture firm and the venture partner, including their legal details and addresses
2. Background: Context of the agreement, brief description of the venture firm's business, and the purpose of engaging the venture partner
3. Definitions: Definitions of key terms used throughout the agreement, including 'Portfolio Companies', 'Investment Period', 'Carried Interest', etc.
4. Appointment and Term: Formal appointment of the venture partner, duration of the agreement, and renewal terms
5. Roles and Responsibilities: Detailed description of the venture partner's duties, including deal sourcing, due diligence, and portfolio company support
6. Time Commitment: Expected time allocation and availability requirements for the venture partner
7. Compensation: Structure of compensation, including management fee participation, carried interest, and any other financial arrangements
8. Expenses: Guidelines for expense reimbursement and approval processes
9. Confidentiality: Obligations regarding confidential information, including both during and after the engagement
10. Intellectual Property: Ownership and rights related to intellectual property developed during the engagement
11. Non-Competition and Non-Solicitation: Restrictions on competing activities and soliciting employees or portfolio companies
12. Termination: Grounds for termination, notice requirements, and consequences of termination
13. Post-Termination Obligations: Continuing obligations after the agreement ends, including confidentiality and non-compete provisions
14. General Provisions: Standard legal provisions including governing law, notices, amendments, and entire agreement clause
1. Investment Committee Participation: Terms regarding the venture partner's role in the investment committee, if applicable
2. Co-Investment Rights: Provisions allowing the venture partner to co-invest in deals, including terms and conditions
3. Portfolio Company Board Seats: Terms regarding the venture partner's participation on portfolio company boards
4. Special Purpose Vehicle Arrangements: Provisions for creating and managing SPVs for specific investments
5. International Activities: Specific provisions for cross-border activities and compliance requirements
6. Teaching and Speaking Engagements: Terms regarding the venture partner's external professional activities
7. Fund Raising Support: Provisions regarding the venture partner's role in fund raising activities
8. Key Person Provisions: Specific provisions if the venture partner is considered a key person for fund purposes
1. Schedule 1 - Compensation Terms: Detailed breakdown of compensation structure, including carried interest calculations and vesting schedules
2. Schedule 2 - Expense Policy: Detailed policy regarding allowable expenses and reimbursement procedures
3. Schedule 3 - Approved External Activities: List of pre-approved external business activities or board positions
4. Schedule 4 - Conflict Check Procedures: Detailed procedures for identifying and managing potential conflicts of interest
5. Schedule 5 - Reporting Requirements: Templates and procedures for regular reporting by the venture partner
6. Appendix A - Power of Attorney: If applicable, terms of any limited power of attorney granted to the venture partner
7. Appendix B - Compliance Manual: Key compliance policies and procedures applicable to the venture partner
8. Appendix C - Form of Confidentiality Agreement: Standard form of confidentiality agreement to be used with third parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Venture Capital
Private Equity
Financial Services
Investment Management
Technology
Healthcare
Clean Energy
E-commerce
Financial Technology
Enterprise Software
Biotechnology
Professional Services
Relevant Teams
Legal
Compliance
Investment
Portfolio Management
Operations
Risk Management
Fund Administration
Deal Execution
Due Diligence
Partner Relations
Investor Relations
Relevant Roles
Managing Partner
General Partner
Venture Partner
Investment Director
Chief Investment Officer
Fund Manager
Portfolio Manager
Investment Committee Member
Deal Partner
Operating Partner
Senior Advisor
Investment Principal
Chief Legal Officer
Compliance Officer
Investment Associate
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