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Severance Payment Agreement

Severance Payment Agreement Template for Australia

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Severance Payment Agreement

"I need a Severance Payment Agreement for a senior executive in the financial services sector, including non-compete clauses and equity compensation provisions, with the termination date set for March 15, 2025."

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Document background
The Severance Payment Agreement is a crucial document used in Australian employment contexts when formalizing the termination of employment relationships. It is typically implemented during situations involving redundancy, mutual separation, or negotiated exits. The agreement provides legal protection for both parties by clearly documenting the terms of separation, including financial compensation, statutory entitlements, and any additional benefits. This document must comply with Australian employment law, particularly the Fair Work Act 2009, relevant state legislation, and tax regulations. It includes essential details such as payment amounts, timing, tax treatment, ongoing obligations, and mutual releases. The agreement is particularly important for risk management and ensuring clear documentation of the separation terms to prevent future disputes.
Suggested Sections

1. Parties: Identifies the employer and employee entering into the agreement

2. Background: Outlines the context of the employment relationship and circumstances leading to separation

3. Definitions: Defines key terms used throughout the agreement

4. Termination Date: Specifies the official end date of employment

5. Severance Payment: Details the total severance amount and its components

6. Payment Terms: Specifies when and how payments will be made

7. Tax Treatment: Explains the tax implications and treatment of the severance payment

8. Release and Waiver: Employee's release of claims against the employer

9. Continuing Obligations: Ongoing obligations such as confidentiality and intellectual property

10. Return of Company Property: Requirements for returning company assets and information

11. Non-Disparagement: Mutual obligations regarding non-disparagement

12. General Provisions: Standard clauses including governing law, entire agreement, and amendments

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Non-Compete Provisions: Restrictions on future employment, used when protecting business interests is crucial

2. Non-Solicitation: Restrictions on soliciting employees or customers, used for senior roles

3. Outplacement Services: Details of career transition support, if offered

4. Benefits Continuation: Extended benefits coverage details, if applicable

5. Reference Provision: Terms regarding future employment references

6. Equity/Share Options: Treatment of existing equity arrangements, for employees with share schemes

7. Legal Advice Acknowledgment: Confirmation that employee had opportunity for independent legal advice

8. Reinstatement Rights: Any provisions for potential future re-employment

9. Media Communication: Terms regarding public announcements, typically for senior executives

Suggested Schedules

1. Schedule A - Payment Calculation: Detailed breakdown of severance payment components

2. Schedule B - Company Property List: Itemized list of company property to be returned

3. Schedule C - Benefit Details: Detailed description of any continuing benefits

4. Schedule D - Release Terms: Comprehensive terms of the release and waiver

5. Appendix 1 - Statutory Entitlements: Summary of statutory entitlements under Australian law

6. Appendix 2 - Tax Summary: Detailed explanation of tax treatment of different payment components

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





































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Relevant Industries

Financial Services

Technology

Manufacturing

Retail

Professional Services

Healthcare

Education

Mining

Construction

Telecommunications

Media and Entertainment

Government

Non-Profit

Energy

Transportation and Logistics

Relevant Teams

Human Resources

Legal

Finance

Executive Leadership

Operations

Administration

Payroll

Risk Management

Compliance

Industrial Relations

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Department Manager

Senior Executive

General Manager

Project Manager

Technical Lead

Senior Developer

Sales Manager

Account Executive

Operations Manager

Administrative Officer

HR Manager

Marketing Director

Research Scientist

Production Supervisor

Financial Analyst

Business Development Manager

Regional Manager

Department Head

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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