The Executive Separation Agreement is a crucial document used when terminating the employment relationship with senior executives in Ireland. It is typically implemented in situations involving mutual agreement to separate, redundancy, or other negotiated departures. The agreement serves multiple purposes: it documents the full terms of the separation package, protects the company's interests through confidentiality and restrictive covenant provisions, provides the executive with clarity on their entitlements and obligations, and creates a legally binding settlement of potential claims. Key components include financial terms, treatment of equity compensation, ongoing obligations, and various legal protections for both parties. The document must comply with Irish employment law requirements and often involves review by independent legal counsel to ensure enforceability.
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1. Parties: Identifies the company and the departing executive
2. Background: Sets out the context of the executive's employment and the agreement to separate
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the official end date of employment and any immediate actions required
5. Payment Terms: Details all financial elements including final salary, bonus, benefits, and separation payment
6. Tax Treatment: Addresses tax implications and responsibilities for various payments
7. Company Property: Requirements for return of company property, documents, and data
8. Confidentiality Obligations: Ongoing obligations regarding confidential information
9. Post-Termination Restrictions: Reaffirmation of existing restrictive covenants
10. References: Agreement on the form and content of future references
11. Full and Final Settlement: Waiver of claims and release of liabilities
12. Cooperation: Executive's agreement to assist with transition and future inquiries
13. Announcement: Agreed form of internal and external communications
14. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.
1. Garden Leave: Used when the executive will remain employed but not active during notice period
2. Share Options and Awards: Required when executive has outstanding equity compensation
3. Director Resignations: Needed when executive holds director positions in group companies
4. Competing Business Provisions: Additional non-compete terms if not covered in existing contract
5. Legal Fees: Include when company agrees to contribute to executive's legal costs
6. Retirement Benefits: Required when executive participates in company pension schemes
7. Outplacement Services: Include when company provides career transition support
8. Medical Insurance Extension: Used when continuing health benefits post-termination
9. Mutual Non-Disparagement: Additional provisions preventing parties from making negative statements
10. Intellectual Property: Specific IP assignments or ongoing obligations if relevant to role
1. Schedule 1 - Payment Calculations: Detailed breakdown of all payment components and calculations
2. Schedule 2 - Company Property: Itemized list of company property to be returned
3. Schedule 3 - Directorship Resignations: List of all director positions and required resignation letters
4. Schedule 4 - Restrictive Covenants: Full text of post-employment restrictions
5. Schedule 5 - Agreed Announcement: Text of internal and external communications
6. Schedule 6 - Benefits Summary: Details of continuing benefits and their duration
7. Appendix A - Advisor's Certificate: Independent legal advisor's confirmation of advice given
8. Appendix B - Share Plan Treatment: Summary of treatment of outstanding share awards
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