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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 Employee may later discover facts in
   addition to or different from those which they currently know or believe to be true with
   respect to the subject matter of the Agreement, but that the Employee intends hereby to fully,
   finally and forever settle and release those matters which now exist, may exist, or previously
   existed between the parties related to the subject matter hereof, whether known or unknown,
   suspected or unsuspected. In furtherance of such intent, the release given herein shall be and



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    shall remain in effect as a full and complete release, notwithstanding the discovery or
    existence of such additional or different facts. This Agreement, however, does not apply to
    any obligation the Company may have to the Employee, under applicable law or otherwise,
    to defend, hold harmless and indemnify the Employee against any claims and actions, that
    are or may be asserted against the Employee by third parties, arising out of the Employee’s
    actions and/or omissions in the course and scope of the Employee’s employment with the
    Company.

C. Agreement Not to Bring Legal Action; Indemnity. The Employee agrees that the Employee
   will never institute any legal action against the Company and the Employee further agrees
   that the Employee will not seek or receive damages from any claim or charge of employment
   discrimination for anything that is released or settled under the terms of this Agreement. The
   Employee also agrees to withdraw any pending legal actions the Employee may have against
   the Company arising out of the Employee’s employment, including the termination of the
   Employee’s employment. The Employee also agrees to indemnify, defend, and hold the
   Company harmless from and against any loss, cost, damage, or expense (including, without
   limitation, attorneys’ fees) incurred by the Company as a result of any breach of this
   Agreement by the Employee.

5. CONFIDENTIALITY

A. The Company and the Employee hereby agree that at no time or times shall the Company or
   Employee directly or indirectly, make, publish or otherwise communicate any disparaging or
   derogatory statements, whether in writing or otherwise, concerning the other, including in the
   case of the Employee concerning the Company or any of the Company’s affiliates.

B. The Employee hereby agrees that he/she shall keep all terms of this Agreement confidential
   and shall not disclose any information relating to this Agreement or the Company to any
   third party, save and except any information which the Employee may be required to disclose
   by the laws of the applicable jurisdiction.

C. The Employee acknowledges and agrees that this provision shall remain in full force and
   effect after the Termination Date.

6. MISCELLANEOUS

A. This Agreement constitutes the entire agreement between the parties hereto with respect to
   the specific subject matter hereof and supersedes all prior agreements or understandings of
   any kind with respect to the specific subject matter hereof.

B. Any notice or other communication under or for the purposes of this Agreement shall be
   given or made in writing and shall be served personally or by courier or mailed by prepaid
   registered mail to the addresses indicated above, or to such other address as any of the parties
   shall have last notified in the manner provided herein.




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C. This Agreement may be executed in any number of counterparts, each of which when so
   executed shall be deemed to be an original and such counterparts together shall constitute one
   agreement deemed to be dated as of the date hereof.

D. The Company and the Employee hereby acknowledge and agree that they shall each be
   responsible for all legal costs (including attorneys’ fees) associated with the negotiation of
   this Agreement.

E. Subject to the provisions hereof, this Agreement may not be assigned, in whole or in part,
   without the prior approval of all parties hereto. Subject thereto, this Agreement shall inure to
   the benefit of and shall be binding upon the parties hereto and their respective successors,
   heirs, executors, administrators, other personal and legal representatives (including trustees
   and receivers in bankruptcy) and permitted assigns.

F. The Employee acknowledges receiving and reading a copy of this Agreement prior to its
   execution and acknowledges that the Employee has obtained independent legal advice from a
   qualified attorney, licensed to practice in the applicable jurisdiction, and that the Employee
   fully understand the terms, conditions nature and effect of this Agreement and that Employee
   has executed this Agreement of the Employee’s own free will and volition and under no
   compulsion to act.

IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date specified
by their respective signatures.

COMPANY



_____________________________
Name: ____________________ [Instructions: Insert the name of the Company’s signatory]
Title: ____________________ [Instructions: Insert the job title of the Company’s signatory]
Date: ____________________ [Instructions: Insert the date of the signature]



EMPLOYEE



_____________________________
Name: ____________________ [Instructions: Insert the Employee’s name]
Date: ____________________ [Instructions: Insert the date of the signature]




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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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