{"id":10103,"date":"2022-03-17T09:00:00","date_gmt":"2022-03-17T01:00:00","guid":{"rendered":"https:\/\/zegal.com\/fast-agreement\/"},"modified":"2024-08-20T15:21:30","modified_gmt":"2024-08-20T07:21:30","slug":"fast-agreement","status":"publish","type":"page","link":"https:\/\/zegal.com\/en-gb\/fast-agreement\/","title":{"rendered":"FAST Agreement"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_FAST_Agreement\"><\/span>What is a FAST Agreement?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A FAST Agreement is a simple contract by which a company engages a person to act as its mentor or advisor.<\/p>\n\n\n\n<p>Typically, under a FAST Agreement, the advisor receives no cash compensation for their service. Instead, they have the right to acquire shares in the future.<\/p>\n\n\n\n<p>A business may also use a&nbsp;<a target=\"_blank\" href=\"https:\/\/zegal.com\/en-gb\/share-vesting-agreement\/\" rel=\"noreferrer noopener\">share vesting agreement<\/a>&nbsp;to agree upon future share allocation to the advisor.<\/p>\n\n\n\n<p>Importantly, using a FAST Agreement, the advisor serves as an independent consultant, not an employee.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_FAST_stand_for_in_a_FAST_Agreement\"><\/span>What does FAST stand for in a FAST Agreement?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>FAST stands for Founder Advisor Standard Template.<\/p>\n\n\n\n<p>The&nbsp;<a target=\"_blank\" href=\"https:\/\/fi.co\/\" rel=\"noreferrer noopener\">Founder Institute<\/a>&nbsp;created it to help aspiring&nbsp;<a target=\"_blank\" href=\"https:\/\/zegal.com\/en-gb\/starting-a-business\/\" rel=\"noreferrer noopener\">startup entrepreneurs<\/a>&nbsp;set up advisory boards and engage with mentors.&nbsp;<\/p>\n\n\n\n<p>The template was first released by the institute in 2011, and a new version was released in 2017.<\/p>\n\n\n\n<p>Thousands of entrepreneurs and advisors annually use a FAST Agreement to establish productive working relationships, trading advice, and support for a standardized amount of equity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_should_I_use_a_FAST_Agreement\"><\/span>Why should I use a FAST Agreement?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Many entrepreneurs need help when they have great business ideas and plans for their companies. But, they need guidance on taking the next steps and require an advisor.<\/p>\n\n\n\n<p>At this stage, they cannot provide cash compensation. However, they can promise a share in the company\u2019s equity as it grows.&nbsp;<\/p>\n\n\n\n<p>If you are in a similar situation, you can use a FAST Agreement to appoint advisors.<\/p>\n\n\n\n<p>The FAST Agreement is intended for an advisor or a mentor who will assume an advisory role in the business. However, if you wish to engage this person to give core input to your business or perform executive functions, use an&nbsp;<a target=\"_blank\" href=\"https:\/\/zegal.com\/en-gb\/employment-contract\/\" rel=\"noreferrer noopener\">Employment Contract<\/a>&nbsp;or a&nbsp;<a target=\"_blank\" href=\"https:\/\/zegal.com\/en-gb\/directors-service-contract\/\" rel=\"noreferrer noopener\">Director\u2019s Service Agreement<\/a>&nbsp;(if the person will be appointed as a director).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_points_included_in_a_FAST_Agreement\"><\/span>Key points included in a FAST Agreement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Services you expect to receive from the advisor;<\/li>\n\n\n\n<li>&nbsp;Type and amount of shares that the advisor will receive;<\/li>\n\n\n\n<li>&nbsp;Schedule for vesting of the shares;<\/li>\n\n\n\n<li>&nbsp;The mechanism under which the advisor will receive shares; and<\/li>\n\n\n\n<li>&nbsp;Independent, i.e. no employer-employee relationship<\/li>\n\n\n\n<li>&nbsp;Non-disclosure agreement<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_are_advisors_only_compensated_with_equity\"><\/span>Why are advisors only compensated with equity?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>FAST Agreements target advisors who are high-level executives with experience and the ability to provide strategic guidance and advice. Their roles are usually on the advisory board, so they are compensated with equity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tips_on_engaging_with_an_advisor\"><\/span>Tips on engaging with an advisor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An advisor is only valuable if you can find the right one. Here are some things to consider before engaging with an advisor.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Research:&nbsp;<\/strong>Do not be fixated on one advisor only. Keep an open mind and lots of options for potential advisors.<\/li>\n\n\n\n<li><strong>Meeting and introduction:&nbsp;<\/strong>Just because someone looks good on paper does not mean the result will be pleasing. The relationship formed with advisors is unlike any other. Get to know your advisors first to see if your working style and vision truly match.<\/li>\n\n\n\n<li><strong>Opportunity and compensation:&nbsp;<\/strong>Much like the point above, advisors can help you find new opportunities to grow your business. Discuss their roles and talk candidly with them about realistic compensation realistically.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_is_compensation_in_a_FAST_Agreement_determined\"><\/span>How is compensation in a FAST Agreement determined?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A company\u2019s maturity has three levels. The first is an idea, followed by startup and growth. The level of engagement by an advisor influences the compensation they receive.<\/p>\n\n\n\n<p>For early-stage startups, there are standard advisors. For&nbsp;<a target=\"_blank\" href=\"https:\/\/zegal.com\/en-gb\/sme\/\" rel=\"noreferrer noopener\">growing companies<\/a>, strategic and expert advisors will be required.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Create_a_FAST_Agreement_template_with_Zegal\"><\/span>Create a FAST Agreement template with Zegal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can use a FAST Agreement when looking for more experienced insights to take your business forward.<\/p>\n\n\n\n<p>Having experienced professionals as advisors helps establish a productive working environment while providing valuable advice and support.<\/p>\n\n\n\n<p>When ready, you can quickly create a FAST agreement with Zegal.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-you-might-also-like\"><span class=\"ez-toc-section\" id=\"You_might_also_like\"><\/span>You might also like<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Along with this document, make sure you see these other templates in our library:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/zegal.com\/en-gb\/shareholders-agreement\/\">Shareholder Agreement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/zegal.com\/en-gb\/option-agreement\/\">Option Agreement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/zegal.com\/en-gb\/option-agreement\/\">Employee Option Repurchase Agreement<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/zegal.com\/en-gb\/share-appreciation-rights-plan\/\">Share Appreciation Rights Plan<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/zegal.com\/en-gb\/share-option-plan\/\">Share Option Plan<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is a FAST Agreement? A FAST Agreement is a simple contract by which a company engages a person to act as its mentor or advisor. Typically, under a FAST Agreement, the advisor receives no cash compensation for their service. Instead, they have the right to acquire shares in the future. A business may also [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":80161,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":[13560],"meta":{"_acf_changed":true,"_editorskit_title_hidden":false,"_editorskit_reading_time":3,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","inline_featured_image":false,"footnotes":""},"usecases":[13689],"class_list":["post-10103","page","type-page","status-publish","has-post-thumbnail","hentry","template-company-policy","usecases-appoint-an-advisor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FAST Agreement Template | Zegal<\/title>\n<meta name=\"description\" content=\"A FAST Agreement is a contract by which a company engages a person to act as its mentor or advisor. 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