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Employee Termination and Release Agreement

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Employee Termination and Release Agreement Powered By Docstoc
					Employee Termination and
Release Agreement
This Employee Termination and Release Agreement is made between a company and
an employee that is being terminated. This agreement sets forth the details of the
employee’s termination. Upon signing the agreement, the employee releases and
discharges the company from any potential legal liability arising from the employee’s
employment with the company or the resulting termination. This document should be
used by small businesses that want to minimize the risks associated with terminating an
employee.
          EMPLOYEE TERMINATION AND RELEASE AGREEMENT

THIS EMPLOYEE TERMINATION AND RELEASE AGREEMENT (hereinafter referred
to as the “Agreement”) is made and entered into as of ____________________ [Instructions:
Insert the date of this agreement] (hereinafter referred to as the “Effective Date”), by and
between ____________________ [Instructions: Insert the Company’s name] (hereinafter
referred             to            as            the             “Company”),                of
____________________________________________________________ [Instructions: Insert
the Company’s address] and ____________________ [Instructions: Insert the Employee’s
name]        (hereinafter     referred     to        as      the        “Employee”),        of
____________________________________________________________ [Instructions: Insert
the Employee’s address] (individually known as “Party” and collectively known as “Parties”).

WHEREAS, the Employee has been employed by the Company                                    since
___________________________; [Instructions: Insert the Employee’s start date]

WHEREAS, the Company and the Employee desire to enter into this Agreement to provide for
the settlement of any claims that the Employee may have or will have against the Company
arising out of the Employee’s employment with the Company and the termination of the
Employee’s employment with the Company.

NOW, THEREFORE, in consideration of the promises and of the mutual covenants and
agreements contained herein, the Company and the Employee hereby agree as follows:

1. TERMINATION

The Company and the Employee hereby agree that the Employee’s employment with the
Company shall terminate effective ____________________ [Instructions: Insert the effective
date of termination] (the “Termination Date”).

2. CONSIDERATION

A. The Company hereby agrees that it shall pay to the Employee ____________________
   [Instructions: Insert the severance pay amount] Dollars as severance pay in lieu of
   termination from the Company, less applicable withholdings and all applicable statutory
   deductions. The due date for this severance pay is ____________________. [Instructions:
   Insert the due date of the severance pay]

B. The Company hereby agrees that it shall maintain all life insurance policies and health care
   coverage, including dental coverage for the Employee, if applicable, up to and including the
   Termination Date.
[Instructions: If the Employee will not receive severance pay, delete Paragraph 2 above
entirely]

3. RETURN OF COMPANY PROPERTY


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A. The Employee hereby represents and warrants to the Company that the Employee has or will
   return to the Company, any and all property of the Company that the Employee may have in
   Employee’s possession on the Termination Date, including but not limited to, equipment,
   correspondence, documents, files or computer software and hereby further agrees that the
   Employee shall not make any copies of such Company property.

B. The Employee further agrees that the Employee shall return any and all company vehicles, if
   any, to the Company on or before the Termination Date. The Employee agrees to return such
   vehicles to the Company in good condition, together with all keys for such vehicles.

4. RELEASE

A. Special Release of Claims. The Employee hereby releases the Company from all claims,
   demands, debts, liabilities, costs, expenses (including attorneys’ fees) and causes of action of
   any kind whatsoever, which the Employee may have as of the Effective Date of this
   Agreement, including but not limited to those arising out of the Employee’s employment
   with the Company, and also specifically including, but not limited to, any and all claims,
   demands and actions the Employee may have against the Company for fraud,
   misrepresentation, breach of an implied or express employment contract, breach of the
   covenant of good faith and fair dealing, bad faith, wrongful termination, negligent or
   intentional infliction of emotional distress, bodily injury, invasion of privacy, defamation,
   interference with economic relations, and termination of employment in violation of public
   policy. This release also applies to any claims, demands or causes of action arising out of, or
   in any way connected to with, violation of any federal law including but not limited to Title
   VII of the Civil Rights Act of 1964, or any similar state or local laws that apply to fair
   employment or civil rights of employees. The Employee understands and expressly agrees
   that this release also extends to all claims arising on or prior to Effective Date under the Age
   Discrimination in Employment Act of 1967 (ADEA), the Americans with Disabilities Act of
   1990, the Worker Adjustment Retraining and Notification Act (WARN) and any similar state
   or local laws. This Agreement is in full settlement of any claims the Employee may have
   against the Company arising out of the Employee’s employment (including the termination
   of the Employee’s employment).

B. General Release of Claims. The Employee understands and expressly agrees that this release
   extends to all claims of every nature and kind whatsoever, whether known or unknown,
   suspected or unsuspected, past or present, including claims which the Employee did not
   know or suspect to exist in the Employee’s favor at the time of executing this Agreement,
   which, if known by the Employee, would have materially affected the Employee’s settlement
   with the Company. In connection with such waiver and relinquishment, the Employee
   acknowledges that the Employee is aware that the 
				
DOCUMENT INFO
Description: This Employee Termination and Release Agreement is made between a company and an employee that is being terminated. This agreement sets forth the details of the employee’s termination. Upon signing the agreement, the employee releases and discharges the company from any potential legal liability arising from the employee’s employment with the company or the resulting termination. This document should be used by small businesses that want to minimize the risks associated with terminating an employee.
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