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Exit Agreement

Exit Agreement Template for Australia

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Key Requirements PROMPT example:

Exit Agreement

"I need an Exit Agreement for our Sydney-based Chief Technology Officer who is leaving amicably on March 15, 2025, with standard non-compete provisions and treatment of unvested share options."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses


































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

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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