The Exit Agreement serves as a crucial document in Hong Kong employment relationships, typically used when employment is terminated by mutual agreement or as part of a negotiated departure. This document is essential for protecting both employer and employee interests by clearly defining the terms of separation, including financial settlements, continuing obligations, and mutual releases. The agreement must comply with Hong Kong employment law, including the Employment Ordinance and related legislation. Exit Agreements are particularly important in situations involving senior executives, sensitive positions, or where there are complex compensation arrangements, intellectual property concerns, or post-employment restrictions. The document helps prevent future disputes by providing a clear record of the agreed terms and ensuring all statutory and contractual obligations are properly addressed.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief context of employment relationship, current position, and decision to terminate
3. Definitions: Key terms used throughout the agreement including Termination Date, Confidential Information, etc.
4. Termination of Employment: Formal statement of employment termination, including last day of employment and immediate obligations
5. Payment Provisions: Details of final salary, notice pay, statutory severance, and any ex-gratia payments
6. Tax and MPF: Treatment of tax obligations and final MPF arrangements
7. Company Property: Requirements for return of company property and documentation
8. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets
9. Post-Termination Restrictions: Reaffirmation of any post-employment restrictions including non-compete and non-solicitation
10. Full and Final Settlement: Mutual release of claims and waiver of rights
11. Reference and Announcements: Agreed form of reference and internal/external communications about departure
12. Governing Law and Jurisdiction: Specification of Hong Kong law and courts' jurisdiction
13. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Garden Leave: Used when employee will be placed on garden leave during notice period
2. Share Options/Awards: Required when addressing treatment of existing equity compensation
3. Outplacement Support: When company provides career transition services
4. Legal Costs: When employer agrees to contribute to employee's legal costs
5. Cooperation in Litigation: When ongoing assistance may be needed in legal proceedings
6. Immigration Status: Required for foreign employees with visa implications
7. Medical Benefits Extension: When continued medical coverage is being provided
8. Handover Obligations: Detailed handover requirements for senior or specialized roles
1. Schedule 1 - Payment Summary: Detailed breakdown of all payments including statutory and contractual entitlements
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Reference Letter: Agreed form of reference letter
4. Schedule 4 - Resignation Letter: Template resignation letter if required
5. Schedule 5 - Post-Employment Restrictions: Detailed terms of non-compete and non-solicitation obligations
6. Appendix A - Certificate of Independent Legal Advice: If employee has received independent legal advice
7. Appendix B - Announcement Template: Agreed internal and external announcement wording
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