Exit Agreements are essential documents used in Ireland when formalizing the termination of employment relationships, whether through mutual agreement, redundancy, or other circumstances. These agreements, governed by Irish law and EU regulations, serve to protect both employer and employee interests by clearly documenting all termination terms. An Exit Agreement typically includes provisions for financial settlements, statutory entitlements, ongoing obligations, and claim waivers, while ensuring compliance with Irish employment legislation. The document is particularly crucial in situations involving senior executives, sensitive departures, or where significant financial settlements are involved. It helps prevent future disputes by providing clarity on all aspects of the termination, from payment terms to post-employment obligations.
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1. Parties: Identification of the employer and employee
2. Background: Brief context of the employment relationship and reason for exit agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specification of the employment end date and final working day
5. Payment Terms: Details of all payments including salary, notice pay, ex-gratia payments, and statutory entitlements
6. Tax Treatment: Clarification of tax treatment of various payments and tax indemnities
7. Company Property: Obligations regarding return of company property and documentation
8. Confidentiality: Ongoing obligations regarding confidential information
9. Full and Final Settlement: Waiver of claims and full settlement provisions
10. Reference: Terms regarding future employment references
11. Continuing Obligations: Surviving terms from employment contract and ongoing duties
12. Warranties: Employee warranties regarding ongoing matters and claims
13. General: Standard boilerplate provisions including governing law
14. Execution: Signature blocks and execution provisions
1. Directorship Resignation: Required when employee holds director positions - includes timing and process for resignation
2. Share Treatment: Required when employee holds shares or share options - addresses treatment of equity
3. Post-termination Restrictions: Required when implementing non-compete or non-solicitation provisions
4. Garden Leave: Required when employee will be placed on garden leave during notice period
5. Legal Costs: Required when employer is contributing to employee's legal costs
6. Announcement: Required when parties agree on specific internal/external communications
7. Outplacement Support: Required when employer is providing career transition services
8. Insurance Benefits: Required when addressing continuation or termination of insurance benefits
1. Payment Schedule: Detailed breakdown of all payments including calculations
2. Company Property List: Itemized list of company property to be returned
3. Post-termination Restrictions: Full details of any restrictive covenants
4. Directorship Schedule: List of all directorships and resignation letters
5. Share Plan Schedule: Details of treatment of various share awards and options
6. Claims Waiver: Comprehensive list of statutory and contractual claims being waived
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