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Exit Agreement
"I need an Exit Agreement for our Chief Technology Officer who will be leaving on March 15, 2025, with provisions for ongoing consultancy services for 6 months and treatment of unvested share options."
1. Parties: Identification of the employer company and the departing employee/director
2. Background: Context of the employment/appointment and reason for exit arrangement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date and circumstances of employment/appointment termination
5. Final Payment and Benefits: Details of salary, benefits, and other payments due up to termination
6. Settlement Payment: Terms and quantum of any additional payment as part of the exit arrangement
7. Company Property: Requirements for return of company property and documents
8. Confidentiality: Ongoing obligations regarding confidential information
9. Non-Disparagement: Mutual obligations not to make negative statements
10. Tax Implications: Treatment of payments for tax purposes
11. Full and Final Settlement: Mutual release of claims
12. Governing Law: Confirmation of Malaysian law as governing law
1. Share Options/Shareholding: Treatment of shares or share options, used when employee holds company shares
2. Non-Compete Obligations: Restrictions on future employment, used for senior executives or key employees
3. Board Resignation: Terms of resignation from board positions, used for director exits
4. Handover Arrangements: Process for transitioning responsibilities, used for key positions
5. Continuing Directorship/Consultancy: Terms of any ongoing relationship, used when maintaining partial involvement
6. Reference: Agreement on nature of references to be provided, used when specifically negotiated
7. Legal Costs: Agreement on payment of legal fees, used when negotiated as part of package
8. Insurance and Indemnity: Ongoing insurance coverage and indemnification, used for senior executives
9. Public Announcements: Agreement on public communications, used for senior or public-facing roles
1. Schedule 1 - Payment Calculations: Detailed breakdown of all payments including salary, benefits, and settlement sum
2. Schedule 2 - Company Property: List of all company property to be returned
3. Schedule 3 - Share Options Details: Details of share options and their treatment
4. Schedule 4 - Resignation Letters: Pro-forma resignation letters for various positions
5. Schedule 5 - Handover Plan: Detailed plan for transition of responsibilities
6. Appendix A - Statutory Claims: List of statutory claims being settled
7. Appendix B - Benefits Summary: Summary of benefits and their treatment post-termination
Authors
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Education
Retail
Construction
Energy
Telecommunications
Real Estate
Mining and Resources
Transportation and Logistics
Media and Entertainment
Human Resources
Legal
Executive Management
Board of Directors
Finance
Operations
Corporate Secretariat
Compliance
Risk Management
Chief Executive Officer
Chief Financial Officer
Managing Director
Executive Director
Department Head
Senior Manager
General Manager
Regional Director
Vice President
Chief Operating Officer
Chief Technology Officer
Senior Executive
Company Secretary
Head of Department
Division Manager
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