An Exit Agreement is a crucial document used when employment relationship termination occurs by mutual consent under Indonesian law. This document is particularly important given Indonesia's complex labor regulations and statutory requirements for employment termination. The agreement should be used when both parties have reached an amicable decision to end the employment relationship and wish to document the terms of separation formally. It includes mandatory elements required by Indonesian Labor Law, such as statutory severance calculations, treatment of outstanding benefits, and social security arrangements. The Exit Agreement serves multiple purposes: it provides legal certainty for both parties, ensures compliance with local regulations, documents the agreed financial settlement, and addresses post-employment obligations such as confidentiality and property return. This document type is particularly relevant in scenarios involving voluntary resignations, mutual separation programs, or negotiated exits, especially when additional terms beyond statutory requirements are being offered.
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1. Parties: Identification of the employer entity and the departing employee/executive
2. Background: Context of the employment relationship and reason for the exit agreement
3. Definitions: Key terms used throughout the agreement including Effective Date, Termination Date, Confidential Information
4. Mutual Agreement to Terminate: Statement of mutual consent to terminate the employment relationship
5. Effective Date and Last Working Day: Specification of the termination date and final working day arrangements
6. Financial Settlement: Details of all payments including statutory severance, long service pay, and other compensation as per Indonesian Labor Law
7. Company Property: Requirements for return of company assets, equipment, and documents
8. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets
9. Release and Waiver: Mutual release of claims and legal rights, subject to Indonesian law restrictions
10. Tax and Social Security: Treatment of tax obligations and BPJS (social security) arrangements
11. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
12. Entire Agreement: Confirmation that this agreement supersedes all previous agreements regarding the termination
1. Non-Compete and Non-Solicitation: Restrictions on future employment and client/employee solicitation - optional based on employee seniority and access to sensitive information
2. Reference and Announcements: Agreed approach to employment references and public/internal communications about the departure
3. Continuing Cooperation: Requirements for assistance with handover and future inquiries - typically for senior positions
4. Share Options/Equity Arrangements: Treatment of any share options or equity - required only if employee has such arrangements
5. Outstanding Leave Conversion: Conversion of unused leave into payment - optional if already covered in Financial Settlement
6. Medical Benefits Extension: Any post-employment medical coverage - optional benefit sometimes offered to long-serving employees
7. Legal Fees: Agreement on payment of legal fees for agreement review - typically for senior executives
1. Schedule 1 - Calculation of Payments: Detailed breakdown of all payment components including statutory and discretionary amounts
2. Schedule 2 - Company Property Checklist: List of all company property to be returned
3. Schedule 3 - Benefits Summary: Summary of benefits and their treatment post-termination
4. Appendix A - Resignation Letter: Standard form resignation letter to be signed by employee
5. Appendix B - Release Form: Detailed release form in compliance with Indonesian law requirements
6. Appendix C - Handover Plan: Detailed plan for handover of responsibilities and ongoing projects
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