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Employment Release Agreement

Employment Release Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Employment Release Agreement

"I need an Employment Release Agreement under Hong Kong law for a senior technology executive's departure, including non-compete provisions and treatment of unvested stock options, with the termination date set for March 15, 2025."

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Document background
The Employment Release Agreement is a vital document used in Hong Kong employment relationships when parties agree to terminate employment through mutual consent. It serves as a comprehensive settlement agreement that outlines the terms of separation, protecting both employer and employee interests. The document must comply with Hong Kong employment laws, including the Employment Ordinance (Cap. 57) and related legislation. It typically includes provisions for final payments, benefits, confidentiality, mutual releases, and any post-termination obligations. This agreement is particularly important in situations involving senior executives, sensitive positions, or complex termination arrangements, as it provides legal certainty and helps prevent future disputes by clearly documenting all aspects of the separation terms.
Suggested Sections

1. Parties: Identification of the employer and employee

2. Background: Brief overview of the employment relationship and circumstances leading to termination

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date when employment relationship ends

5. Final Payment: Details of final salary, unused leave, and other statutory payments

6. Severance Payment: Details of any severance or ex-gratia payments

7. Tax Treatment: Clarification on tax handling of payments

8. Company Property: Requirements for return of company property

9. Confidentiality Obligations: Ongoing confidentiality requirements post-termination

10. Mutual Release: Release of claims by both parties

11. Governing Law: Specification of Hong Kong law as governing law

12. Entire Agreement: Clause stating this document represents the entire agreement between parties

Optional Sections

1. Post-termination Restrictions: Non-compete and non-solicitation clauses, if applicable to the employee's role

2. Reference: Terms regarding the provision of employment references

3. Ongoing Cooperation: Requirements for employee's assistance in handover or future inquiries

4. Legal Fees: Agreement on payment of legal fees for agreement review

5. Garden Leave: Terms of any garden leave period before final termination

6. Share Options/Awards: Treatment of outstanding share options or awards

7. Insurance Benefits: Continuation or termination of insurance coverage

8. Public Announcements: Agreement on how departure will be communicated

9. Outplacement Support: Details of any career transition support provided

Suggested Schedules

1. Schedule 1 - Payment Calculation: Detailed breakdown of all payments including statutory entitlements

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

3. Schedule 3 - Outstanding Benefits: List of any outstanding benefits and their treatment

4. Appendix A - Acknowledgment Form: Form confirming return of company property and compliance with agreement terms

5. Appendix B - Certificate of Independent Legal Advice: If applicable, confirmation that employee received independent legal advice

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
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Relevant Industries

Financial Services

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Relevant Teams

Human Resources

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Risk Management

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Relevant Roles

Chief Executive Officer

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Managing Director

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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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