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Executive Severance Agreement

Executive Severance Agreement Template for Australia

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Key Requirements PROMPT example:

Executive Severance Agreement

"I need an Executive Severance Agreement for our CFO who is leaving amicably to retire on March 1, 2025, including provisions for ongoing consulting services for 6 months and accelerated vesting of their equity awards."

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Document background
The Executive Severance Agreement is a crucial document used when terminating the employment relationship with senior executives in Australia. It serves to document the agreed terms of separation while ensuring compliance with Australian employment law, including the Fair Work Act 2009, Corporations Act 2001, and relevant tax legislation. This agreement is typically implemented during voluntary departures, redundancies, or negotiated exits, providing comprehensive coverage of severance benefits, ongoing obligations, and mutual releases. The document protects both the company's interests through post-employment restrictions and confidentiality provisions, while offering the executive clarity on their entitlements and benefits. It requires careful drafting to ensure enforceability under Australian law and often needs to consider ASX requirements for listed companies, particularly regarding termination benefits for key management personnel.
Suggested Sections

1. Parties: Identification of the employer entity and the executive

2. Background: Context of the agreement, including executive's role, employment history, and reason for separation

3. Definitions: Key terms used throughout the agreement

4. Separation Date and Final Pay: Specification of termination date and regular salary/benefits up to separation

5. Severance Benefits: Details of severance package including payments, benefits continuation, equity treatment

6. Release of Claims: Executive's release of legal claims against the company

7. Post-Employment Obligations: Confidentiality, non-compete, non-solicitation, and intellectual property provisions

8. Company Property: Requirements for return of company property and information

9. Continuing Obligations: Surviving provisions from employment agreement or other contracts

10. Non-Disparagement: Mutual obligations regarding public statements and communications

11. Tax Matters: Tax treatment of payments and respective obligations

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

Optional Sections

1. Change in Control Provisions: Additional terms that apply if separation is related to a change in control

2. Consulting Services: Terms for any post-employment consulting arrangement

3. Board Resignation: Required for executives who also serve as directors

4. Outplacement Services: Details of career transition support if offered

5. Legal Fee Reimbursement: Terms for company payment of executive's legal fees in reviewing agreement

6. Retirement Benefits: Special provisions for age-based retirement scenarios

7. Medical Coverage Continuation: Extended health benefits beyond statutory requirements

8. Equity Acceleration: Special vesting provisions for equity awards

9. Mutual Release: When company also requires release from executive

Suggested Schedules

1. Schedule A - Calculation of Severance Benefits: Detailed breakdown of severance payment calculations

2. Schedule B - Outstanding Equity Awards: List and treatment of unvested equity compensation

3. Schedule C - Release of Claims: Detailed release agreement form

4. Schedule D - Restricted Territory: Geographic scope of non-compete obligations

5. Schedule E - Company Property Checklist: List of items to be returned

6. Appendix 1 - Confidential Information: Detailed definition and examples of confidential information

7. Appendix 2 - Tax Treatment Summary: Overview of tax implications for different payment components

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Mining and Resources

Professional Services

Healthcare

Retail

Telecommunications

Energy

Construction

Education

Media and Entertainment

Real Estate

Transportation and Logistics

Relevant Teams

Human Resources

Legal

Finance

Board Secretariat

Compensation & Benefits

Executive Office

Risk & Compliance

Corporate Affairs

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Chief Technology Officer

Chief Marketing Officer

Managing Director

Executive Director

Vice President

General Manager

Division Head

Regional Director

Executive Vice President

Group Executive

Senior Vice President

Country Manager

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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