SEPARATION AND RELEASE AGREEMENT 1
SEPERATION AND RELEASE AGREEMENT
This Agreement made on this [day] day of [month] of [year] Between Company and Employee (hereinafter the “Agreement”)
BETWEEN:
[Company name/address] (hereinafter the "Company"),
AND:
[Employee name/address] (hereinafter the "Employee"),
ARTICLE 1
BACKGROUND
Employee was associated with Company in the position of [job title]. Employee and the Company have mutually agreed to amicably terminate the Employee-Employer relationship. As of [date] Employee’s relationship with the Company has terminated.
ARTICLE 2
SEVERANCE ALLOWANCE AND BENEFITS
In consideration for agreement to the terms and releases contained in the Agreement, Company will pay Employee a severance allowance in the total amount of [amount]. Payment will be made on a payment schedule consistent with Employees current payment schedule at a rate of [amount] per month for [number] months. The Company will continue to pay Employee medical coverage, COBRA benefits under [health insurance plan name]. If requested by Employee, Company will pay for a job referral and outplacement service to assist Employee in locating future employment. Company will pay for this service for a period of [number] months after Employee’s termination or until Employee secures new employment.
ARTICLE 3
RELEASE
On behalf of Employee and anyone claiming through Employee agrees to irrevocably and unconditionally to release, acquit and forever discharge the Company and/or its assigns, successors parent corporation, subsidiaries, divisions, predecessors, successors and assigns, including past, present and future officers, employees, directors, shareholders, partners and joint venturers, and any claims made through these individuals (hereinafter "Releasees"), in Re