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Exit Agreement

Exit Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Exit Agreement

"I need an Exit Agreement for a senior finance executive in our Dubai-based technology company who holds share options and will be leaving on March 15, 2025; the agreement needs to include comprehensive non-compete provisions and share option settlement terms."

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Document background
An Exit Agreement is a crucial document used in the UAE employment context when formalizing the termination of an employment relationship. It serves as a comprehensive record of the agreed terms of separation, ensuring compliance with UAE Federal Law No. 33 of 2021 and related employment legislation. This document is particularly important in the UAE due to the specific requirements for end-of-service benefits, visa cancellation procedures for expatriate workers, and the need for clear documentation of settlements. The Exit Agreement typically includes provisions for final payments, gratuity calculations, handover procedures, confidentiality obligations, and any post-termination restrictions. It provides legal certainty and protection for both employer and employee, helping to prevent future disputes and ensuring a smooth transition.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names and addresses

2. Background: Brief description of the employment relationship, reason for termination, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date of employment termination and last working day

5. Final Settlement: Breakdown of final payment including salary, notice period, and statutory end-of-service gratuity

6. Company Property: Requirements for return of company property and documentation

7. Confidentiality Obligations: Ongoing obligations regarding confidential information

8. Full and Final Settlement: Mutual release of claims and confirmation of full settlement

9. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Non-Compete Obligations: Include when there are post-termination restrictions on employment activities

2. Shareholding Provisions: Required when the employee holds shares or has ownership interests

3. Visa and Immigration: Include for expatriate employees requiring visa cancellation

4. Handover Process: Include for senior positions requiring detailed handover procedures

5. Reference and Communications: Include when parties agree on specific terms for future references

6. Post-Termination Assistance: Include when ongoing assistance may be needed after departure

7. Garden Leave: Include when employee will be placed on garden leave during notice period

8. Benefits Continuation: Include when certain benefits will continue post-termination

Suggested Schedules

1. Schedule 1 - Final Settlement Calculation: Detailed breakdown of all financial settlements including gratuity calculation

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

3. Schedule 3 - Handover Checklist: Detailed list of tasks and documents for handover

4. Appendix A - Non-Compete Terms: Detailed terms of any non-compete restrictions including duration and geographical scope

5. Appendix B - Benefits Summary: Summary of any continuing benefits or insurance coverage

6. Appendix C - Share Transfer Documentation: Required documentation for transfer of shares (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Technology

Real Estate

Construction

Healthcare

Retail

Professional Services

Manufacturing

Education

Hospitality

Energy

Transportation

Media and Entertainment

Telecommunications

Relevant Teams

Human Resources

Legal

Finance

Operations

Executive Leadership

Administration

Compliance

Risk Management

Relevant Roles

Chief Executive Officer

Managing Director

Department Head

Senior Manager

Project Manager

Technical Specialist

Sales Executive

Financial Controller

Operations Manager

HR Manager

Legal Counsel

Software Developer

Account Manager

Marketing Director

Regional Manager

General Manager

Executive Assistant

Research Analyst

Business Development Manager

Industries
UAE Federal Law No. 33 of 2021 (UAE Labor Law): The primary employment law governing employment relationships, termination procedures, notice periods, and employee rights in the UAE
UAE Federal Law No. 8 of 1980: Previous labor law that may still be relevant for historical employment rights and obligations predating the new law
UAE Federal Decree-Law No. 32 of 2021: Commercial Companies Law - relevant if the exit agreement involves a shareholder or partner leaving the business
UAE Federal Law No. 5 of 1985 (Civil Code): Contains general contractual principles and obligations that apply to all contracts in the UAE
UAE Federal Law No. 6 of 1973: Immigration Law - relevant for handling visa cancellation and immigration status for expatriate employees
DIFC Law No. 2 of 2019: Employment Law for Dubai International Financial Centre (if the agreement relates to DIFC-based employment)
UAE Federal Law No. 45 of 2021: Data Protection Law - relevant for handling personal data and confidentiality provisions in the exit agreement
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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