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Executive Separation Agreement

Executive Separation Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Executive Separation Agreement

"I need an Executive Separation Agreement for our Hong Kong-based Chief Technology Officer who will be departing amicably on March 15, 2025, including provisions for ongoing consultancy services for 6 months and treatment of unvested stock options."

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Document background
An Executive Separation Agreement is a crucial document used when terminating the employment relationship with senior executives in Hong Kong. It serves to document the mutually agreed terms of separation, protecting both the company's interests and the executive's rights under Hong Kong law. This agreement is typically used for voluntary departures, redundancies, or negotiated exits of senior staff members, and must comply with the Hong Kong Employment Ordinance and related legislation. The document typically includes comprehensive terms regarding compensation, benefits, confidentiality, non-competition, and releases of claims, while considering local legal requirements and market practices in Hong Kong's business environment. It's particularly important for listed companies and regulated industries where executive departures may have significant implications for stakeholder communications and regulatory compliance.
Suggested Sections

1. Parties: Identification of the employer and executive

2. Background: Brief history of employment relationship and context for separation

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date and circumstances of employment termination

5. Final Payment and Benefits: Details of salary, accrued leave, and statutory entitlements

6. Separation Payment: Ex-gratia or severance payment terms and conditions

7. Company Property: Requirements for return of company property and documents

8. Confidentiality Obligations: Ongoing duties regarding confidential information

9. Release and Waiver: Mutual release of claims between parties

10. Tax Implications: Treatment of payments for tax purposes

11. Governing Law: Confirmation of Hong Kong law governance

12. Entire Agreement: Integration clause and relationship to prior agreements

Optional Sections

1. Non-Compete and Non-Solicitation: Post-employment restrictions, included when protecting business interests is crucial

2. Equity and Share Options: Treatment of outstanding equity compensation, needed if executive has share-based compensation

3. Continuing Benefits: Extended medical coverage or other benefits, included if offering post-termination benefits

4. Reference and Announcement: Terms regarding public statements and employment references, needed for senior executives

5. Garden Leave: Terms of any garden leave period, included if executive is placed on garden leave

6. Outplacement Services: Details of career transition support, included if offering such services

7. Legal Fees: Terms for payment of legal fees for agreement review, included if employer will cover costs

8. Cooperation in Transition: Terms for assistance in business transition, important for senior roles

Suggested Schedules

1. Schedule 1 - Payment Calculation: Detailed breakdown of all payments including statutory and ex-gratia amounts

2. Schedule 2 - Benefits Summary: List of all benefits and their treatment post-termination

3. Schedule 3 - Company Property: Comprehensive list of items to be returned

4. Schedule 4 - Share Options Schedule: Details of outstanding equity awards and vesting treatment

5. Appendix A - Release Form: Form of release to be signed by the executive

6. Appendix B - Confidentiality Agreement: Detailed confidentiality terms continuing post-employment

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

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alex.den.21@genieai.co
Relevant legal definitions
Accrued Obligations
Agreement
Board
Cause
Company
Company Group
Company Property
Competing Business
Confidential Information
Effective Date
Executive
Final Salary
Good Reason
Intellectual Property Rights
Long Term Incentive Plans
Material Client
MPF Benefits
Notice Period
Payment in Lieu of Notice
Restricted Period
Separation Date
Separation Payment
Share Options
Statutory Entitlements
Territory
Termination Benefits
Third Party Rights
Unvested Awards
Vested Rights
Works
Relevant Industries

Financial Services

Technology

Manufacturing

Professional Services

Real Estate

Retail

Healthcare

Telecommunications

Insurance

Education

Construction

Hospitality

Media and Entertainment

Energy

Transportation and Logistics

Relevant Teams

Human Resources

Legal

Finance

Company Secretariat

Compliance

Board Secretariat

Executive Management

Compensation and Benefits

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Chief Technology Officer

Managing Director

Executive Director

Regional Director

Vice President

Senior Vice President

General Manager

Head of Department

Country Manager

Executive Vice President

Division Head

Regional Head

Industries
Employment Ordinance (Cap. 57): Primary legislation governing employment relationships in Hong Kong, including termination provisions, severance payments, and statutory entitlements
Personal Data (Privacy) Ordinance (Cap. 486): Regulates the handling of personal data and ensures privacy protection in employment records and separation agreements
Mandatory Provident Fund Schemes Ordinance (Cap. 485): Governs mandatory retirement fund contributions and settlements upon employment termination
Inland Revenue Ordinance (Cap. 112): Relevant for tax implications of separation payments and benefits
Competition Ordinance (Cap. 619): Relevant for assessing the enforceability of non-compete and restraint of trade clauses in the separation agreement
Occupational Retirement Schemes Ordinance (Cap. 426): Governs voluntary occupational retirement schemes and their treatment upon employment termination
Contracts and Rights of Third Parties Ordinance (Cap. 623): May affect how third-party rights are handled in the separation 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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