Severance Agreement Template
Employment termination contract providing compensation package in exchange for employee's release of legal claims, defining benefits, confidentiality, and non-compete restrictions.
Key Clauses
Recitals Whereas
Defines recitals whereas terms and conditions.
Separation Of Employment
Confirms employment termination date and final status of employee relationship.
Severance Payment
Defines compensation amount, payment schedule, and benefits included in severance package.
Benefits
Specifies continuation of health insurance, retirement benefits, and other employee benefits.
Release Of Claims
Requires employee to waive legal claims against employer in exchange for severance.
Confidentiality
Maintains employee's obligation to protect confidential information after employment ends.
Use This Template
When You Need This
- Terminating employees while avoiding wrongful termination litigation risks
- Providing financial support to departing employees during job transition
- Protecting confidential information and trade secrets after employee departure
- Facilitating smooth workforce reductions or corporate restructuring