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Mutual Agreement To Terminate Employment
"I need a Mutual Agreement to Terminate Employment for a senior executive position that includes garden leave provisions from January 15, 2025, an extended notice period, ongoing consultancy arrangements, and special provisions for share options."
1. Parties: Identifies the employer and employee entering into the agreement
2. Background: Outlines the current employment relationship and mutual decision to terminate
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the agreed final day of employment
5. Final Payment: Details the calculation and components of the final payment including salary, leave entitlements, and any special payments
6. Tax Treatment: Specifies how various payments will be treated for tax purposes
7. Mutual Release: Both parties agree to release each other from claims relating to the employment
8. Confidentiality: Ongoing obligations regarding confidential information
9. Return of Property: Requirements for returning company property
10. References: Agreement on the nature and content of employment references
11. Execution: Signing provisions and declaration of voluntary agreement
1. Garden Leave: Used when there is a period between agreement signing and final day where employee remains employed but not required to work
2. Post-Employment Restrictions: Include when existing or new restrictive covenants are to be enforced post-termination
3. Ongoing Cooperation: Used when employee's assistance may be needed for handover or future queries
4. Special Benefits Continuation: Include when certain employment benefits will continue beyond termination
5. Legal Advice: Section acknowledging independent legal advice when significant payments or rights are involved
6. Announcement: Include when parties agree on how the departure will be communicated
7. Intellectual Property: Used when specific IP arrangements need to be addressed
1. Schedule 1: Final Payment Calculation: Detailed breakdown of all final payment components including salary, leave, and any special payments
2. Schedule 2: Company Property List: Itemized list of company property to be returned
3. Schedule 3: Continuing Obligations: Details of any ongoing obligations from the original employment agreement that survive termination
4. Appendix A: Reference Template: Agreed format and content of employment reference if applicable
Authors
Financial Services
Technology
Healthcare
Manufacturing
Retail
Professional Services
Education
Construction
Hospitality
Public Sector
Non-Profit
Telecommunications
Mining and Resources
Agriculture
Transportation and Logistics
Human Resources
Legal
Compliance
Executive Leadership
People Operations
Employee Relations
Payroll
Administration
Chief Executive Officer
Human Resources Director
HR Manager
Legal Counsel
Department Manager
Team Leader
Senior Executive
Operations Manager
Finance Director
Project Manager
General Manager
Department Head
Employee Relations Manager
HR Business Partner
Compliance Officer
Senior Manager
Line Manager
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