The Employment Compromise Agreement is a crucial document used in Hong Kong employment relationships when parties wish to formally document the termination of employment and settle any potential claims. It is particularly relevant in situations involving senior executives, sensitive departures, or where there are complex termination arrangements. The agreement must comply with Hong Kong employment law requirements, including the Employment Ordinance and various anti-discrimination ordinances. Typically used when both parties want to achieve a clean break and avoid potential disputes, this document covers essential elements such as payment terms, confidentiality obligations, and mutual releases. The agreement must be carefully drafted to ensure enforceability under Hong Kong law and typically requires the employee to receive independent legal advice.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Brief description of the employment relationship, circumstances leading to the agreement, and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specification of the official employment termination date and final working day if different
5. Settlement Payments: Details of all payments to be made, including salary, notice pay, statutory severance, ex-gratia payments, and timing of payments
6. Tax Implications: Statement on tax treatment of payments and responsibilities
7. Employee Claims: Full list of claims being settled and waived by the employee
8. Company Property: Requirements for return of company property and confidential information
9. Confidentiality: Obligations regarding confidentiality of the agreement and company information
10. Post-Termination Restrictions: Confirmation of which existing restrictive covenants remain in force
11. Reference: Terms regarding the provision of employment references
12. Legal Advice: Confirmation that the employee has received independent legal advice
13. Entire Agreement: Clause confirming this agreement supersedes all previous agreements regarding the subject matter
14. Governing Law: Specification that Hong Kong law governs the agreement
1. Garden Leave: Include when the employee is placed on garden leave during notice period
2. Continuing Obligations: Include when specific ongoing duties need to be performed after termination
3. Assistance with Proceedings: Include when employee's assistance may be needed for ongoing or future legal proceedings
4. Share Options/Awards: Include when employee has outstanding share options or awards
5. Outplacement Support: Include when providing career transition services
6. Insurance Benefits: Include when extending or terminating insurance coverage
7. Joint Announcement: Include when parties agree to coordinate on public announcements
8. Non-Disparagement: Include when mutual non-disparagement obligations are required
9. MPF Arrangements: Include when specific arrangements for MPF need to be detailed
10. Medical Benefits: Include when post-termination medical benefits are provided
1. Schedule 1 - Payment Breakdown: Detailed breakdown of all settlement payments and benefits
2. Schedule 2 - Company Property List: Itemized list of company property to be returned
3. Schedule 3 - Post-Termination Restrictions: Full text of continuing post-termination restrictions
4. Schedule 4 - Agreed Reference: Format and content of agreed employment reference
5. Schedule 5 - Claims List: Comprehensive list of statutory and contractual claims being settled
6. Appendix A - Legal Advisor's Certificate: Certificate from independent legal advisor confirming advice given
7. Appendix B - Resignation Letter: Template or copy of formal resignation letter
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