An Exit Agreement is a crucial document used in Australian employment law contexts to formalize the termination of employment relationships, whether through resignation, redundancy, or mutual agreement. It serves as a comprehensive record of all termination arrangements, protecting both employer and employee interests while ensuring compliance with Australian federal and state employment laws. The agreement typically becomes relevant when ending employment relationships, particularly in situations involving senior executives, complex remuneration arrangements, or sensitive departures. It addresses key aspects such as final payments, statutory entitlements, confidentiality obligations, and potential restraints of trade, all within the framework of Australian employment legislation including the Fair Work Act 2009. The document helps minimize legal risks by clearly documenting agreed terms and obtaining mutual releases from future claims.
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1. Parties: Identifies and defines the employer and employee entering into the agreement
2. Background: Sets out the context of the employment relationship and circumstances leading to termination
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the official end date of employment and final working day
5. Payment Terms: Details all payments to be made, including final salary, notice period, statutory entitlements, and any additional payments
6. Tax Treatment: Specifies how various payments will be treated for tax purposes
7. Return of Company Property: Lists company property to be returned and timeline for return
8. Confidentiality Obligations: Outlines ongoing confidentiality obligations post-employment
9. Mutual Release: Contains mutual releases from claims and actions between parties
10. No Admission of Liability: States that the agreement does not constitute admission of liability by either party
11. Execution: Formal execution provisions and signing requirements
1. Restraint of Trade: Non-compete and non-solicitation provisions - include for senior employees or those with access to sensitive information
2. Reference and Announcements: Details about agreed reference content and internal/external communications about the departure
3. Ongoing Assistance: Requirements for the employee to assist with handover or future inquiries - relevant for complex roles
4. Share Rights and Options: Treatment of existing share rights or options - include for employees with equity arrangements
5. Legal Advice: Acknowledgment of independent legal advice - recommended for complex agreements or senior exits
6. Intellectual Property: Specific IP provisions and assignments - important for technical or creative roles
7. Garden Leave: Terms of any garden leave period - include if employee will be paid but not working during notice
8. Outplacement Support: Details of any career transition services provided - common in redundancy situations
9. Directors' Resignations: Required for employees who hold director positions in company entities
1. Schedule 1 - Calculation of Payments: Detailed breakdown of all payment components and calculations
2. Schedule 2 - Company Property: Itemized list of company property to be returned
3. Schedule 3 - Restraint Provisions: Detailed restraint of trade terms including geographic and activity restrictions
4. Schedule 4 - Share Rights Summary: Details of outstanding share rights/options and their treatment
5. Appendix A - Deed of Release: Standard form deed of release
6. Appendix B - Resignation Letter: Pro-forma resignation letter to be signed by employee
7. Appendix C - Director Resignation Forms: Required forms for resignation from director positions
Relevant legal definitions
Agreement
Accrued Entitlements
Business
Business Day
Confidential Information
Commencement Date
Company
Company Group
Company Property
Corporations Act
Directors
Effective Date
Employee
Employment
Employer
Final Payment Date
Garden Leave
Group Company
Intellectual Property Rights
Notice Period
Parties
Related Body Corporate
Restraint Area
Restraint Period
Restraint Trade
Separation Date
Separation Payment
Statutory Entitlements
Superannuation
Termination Date
Termination Payment
Trade Secrets
Unvested Rights
Accrued Entitlements
Business
Business Day
Confidential Information
Commencement Date
Company
Company Group
Company Property
Corporations Act
Directors
Effective Date
Employee
Employment
Employer
Final Payment Date
Garden Leave
Group Company
Intellectual Property Rights
Notice Period
Parties
Related Body Corporate
Restraint Area
Restraint Period
Restraint Trade
Separation Date
Separation Payment
Statutory Entitlements
Superannuation
Termination Date
Termination Payment
Trade Secrets
Unvested Rights
Clauses
Interpretation
Termination of Employment
Final Payments
Statutory Entitlements
Additional Payments
Tax Treatment
Superannuation
Company Property Return
Confidentiality
Intellectual Property
Restraint of Trade
Non-Solicitation
Non-Disparagement
References and Announcements
Mutual Release
No Admission of Liability
Post-Employment Assistance
Garden Leave
Share Rights and Options
Continuing Obligations
Legal Advice
Director Resignations
Warranties
Social Media
Entire Agreement
Severability
Governing Law
Dispute Resolution
Notices
Costs
Amendment
Assignment
Counterparts
General Provisions
Termination of Employment
Final Payments
Statutory Entitlements
Additional Payments
Tax Treatment
Superannuation
Company Property Return
Confidentiality
Intellectual Property
Restraint of Trade
Non-Solicitation
Non-Disparagement
References and Announcements
Mutual Release
No Admission of Liability
Post-Employment Assistance
Garden Leave
Share Rights and Options
Continuing Obligations
Legal Advice
Director Resignations
Warranties
Social Media
Entire Agreement
Severability
Governing Law
Dispute Resolution
Notices
Costs
Amendment
Assignment
Counterparts
General Provisions
Relevant Industries
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Retail
Mining
Construction
Education
Telecommunications
Media and Entertainment
Energy and Utilities
Transport and Logistics
Agriculture
Government
Non-Profit
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Operations
Sales
Information Technology
Research and Development
Marketing
Customer Service
Product Development
Administration
Manufacturing
Quality Assurance
Corporate Communications
Procurement
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Senior Executive
Department Manager
Regional Manager
Sales Director
Technical Lead
Senior Engineer
Project Manager
Account Manager
Human Resources Manager
Operations Manager
Research Director
Senior Consultant
Department Head
Branch Manager
Product Manager
General Manager
Chief Technology Officer
Senior Analyst
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