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Severance Agreement

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Severance Agreement Powered By Docstoc
					This is an agreement that sets forth the severance terms of an employee from a
company. This agreement specifies the severance pay the employee will receive due to
the termination. In addition, this agreement provides the employee a timeframe to
consider the agreement as well as providing a timeframe the employee can revoke the
agreement after execution. This agreement should be used by small businesses or
other entities that want to provide severance pay for terminated employees.
                             SEVERANCE AGREEMENT
       This Severance Agreement is made is on this ___ day of __________of ______, between
Company       and      Employee      (the       “Agreement”)       by     and      between
_______________________________ (the “Company”), _________________ [Comment:
insert Company name and address] and _______________________________ (the
“Employee”), [Comment: insert Employee name and address].

                                           I.
                                     SEVERANCE PAY

        In consideration of Employee signing this Agreement, relevant letters of resignation, and
associated documents, Company will pay _____________ dollars ($_____), minus standard
payroll deductions such as state and federal taxes, to Employee. Funds will be delivered to
Employee no later than _________________ [Comment: insert date and time]. Funds will be
delivered according to standard salary payment practices of Company such as
__________________________ [direct deposit into Employee’s account or payment by check
to Employee’s home address].

                                         II.
                                   AGREEMENT TERMS

        This Agreement supersedes any and all prior agreements and understandings and sets
forth both parties entire understanding of all relevant subject matter.

        This Agreement shall not be amended, altered, modified, or waived without the express
written consent of both parties.

      Any delay by Company in enforcing any of its rights under this Agreement will not be
deemed a waiver of those rights.

       Employee will have _____________ (__) days from the date of this Letter to consider
this Agreement.

        Employee will have _____________ (__) days after signing this Agreement to revoke the
Agreement. This Agreement will only become effective after the expiration of the revocation
period.

                                          III.
                                    CONFIDENTIALITY

      Employee hereby agrees to return to Company any confidential materials, property, or
company documents within Employee’s possession, recognizing that failing to do so will expose
Employee to prosecution under relevant statutes.

       Employee agrees to keep the terms of this Agreement confidential and only discuss


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agreement specifics with his or her respective legal and financial counsel, recognizing that
failing to do so will require Employee to relinquish all monies paid to Employee under this
Agreement.

                                         IV.
                                   COMPANY LIABILITY

     This Agreement shall not be construed as an admission of liability of any kind by
Company. All associated liability is hereby specifically denied by Company.

                                           V.
                                     ATTORNEYS’ FEES

        If judgment is required to enforce the contents of this Agreement, obtain any remedy, or
cure any breach, Employee will pay attorneys’ fees if his/her actions led to Company’s need for
legal counsel.

                                         VI.
                                ASSIGNMENT PROHIBITED

       Both Company and Employee are expressly prohibited from assigning this Agreement or
any rights or interest flowing herefrom. Assignment will only occur with the express written
consent of both parties.

                                   VII.
                GOVERNING LAW AND CONSENT TO JURISDICTION

        This Agreement shall be interpreted and enforced under the laws of the State of
___________, without regard to conflict of laws. The parties both voluntarily consent to the
jurisdiction of state and federal courts in the State of ______________ to interpret, enforce, and
adjudicate any disputes that may arise in relation to or as a result of this Agreement.

                                          VIII.
                                   ENTIRE AGREEMENT

        This Agreement contains the entire agreement and understanding between the parties and
supersedes any prior or contemporaneous written or oral agreements, representations, and/or
warranties between them respecting the subject matter of this Agreement. Only a writing signed
by all parties may amend this Agreement.




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       IN WITNESS THEREHEREOF, the parties hereto execute this Agreement on this ___
day of _________ of ___________.

COMPANY                                      EMPLOYEE

___________________________                  ________________________
Authorized Signature                         Authorized Signature
___________________________                  ___________________________
Name and Title                               Name and Title


WITNESS

___________________________
Authorized Signature
____________________________
Name and Title




© Copyright 2013 Docstoc Inc.                                               4

				
DOCUMENT INFO
Description: This is an agreement that sets forth the severance terms of an employee from a company. This agreement specifies the severance pay the employee will receive due to the termination. In addition, this agreement provides the employee a timeframe to consider the agreement as well as providing a timeframe the employee can revoke the agreement after execution. This agreement should be used by small businesses or other entities that want to provide severance pay for terminated employees.
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