Employee Severance Agreement Letter by wjc33970

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									                                     Company Name
                                         Address
                                      City State ZIP


Date

Employee Name
Address
City State Zip

RE: Severance Agreement/Waiver and Release Agreement

Dear Employee:

This letter sets forth our agreement concerning the change of your employment status
with X COMPANY including its parent, subsidiaries, affiliate, predecessors, assigns,
representatives, agents, shareholders, officers, directors, attorneys and employees (X
Company).

We are providing you with advance notice that your employment with the company will
end DATE. Provided you remain an employee in good standing through that date ( e.g.;
report for work regularly, perform your duties and responsibilities to the satisfaction of
the Company, continue to abide by all rules and regulations and policies and procedures,
and provided you execute and return this Agreement tome on your last day of actual
employment on DATE ( it cannot be executed prior to that date), the Company will
provide you with (2) weeks base salary as notice period and (4) weeks base salary as
severance, less applicable taxes, plus pay your COBRA health insurance premiums for
the duration of the severance period.

You will also be eligible for your $XX,000 annual incentive as outlined in your offer
letter. This bonus is also contingent on your remaining in our employee in good standing,
as noted above.

You will be paid for all unused vacation accrued through your last day of actual work.
All other employee benefits in effect while you were actively employed will terminate on
DATE, unless you choose to execute this agreement, in which case your benefits will be
continued through DATE.

In exchange for providing you with the above referenced payment and benefits
continuation, which you acknowledge is sufficient consideration to support this
Agreement, you agree to waive all claims against the Company and release and discharge
the Company from liability for any claims or damages that you may have against it as of
the date of this agreement, whether known or unknown to you. This waiver and release
includes, but is not limited to, any claims arising under any federal, state or local law or
ordinance, tort, employment contract (express or implied), public policy, whistleblower
law, wrongful discharge or any other obligation including any claims arising under the
Civil Rights Act of 1866, Title VII of the Civil Rights Act of 1964, the Civil Rights Act
of 1991, the Americans With Disabilities Act of 1990, or the Worker Adjustment
Retraining and Notification Act, the California Fair Employment and Housing Act, and
all claims for wages, severance, bonuses, monetary or equitable relief or other damages
of any kind, vacation pay, other employee fringe benefits or attorney’s fees. You
understand that any payments or benefits provided to you under the terms of this
agreement do not constitute an admission by the Company that it has violated any law or
legal obligation with respect to any aspect of your former employment or termination
therefrom.

You also agree, to the extent consistent with applicable law, not to initiate any legal
action, charge or complaint (“action”) against the Company in any forum whatsoever and
to immediately discontinue any such action previously commenced. Further, to the extent
any such action has been or is brought, you expressly waive any claim to any form of
monetary or other damages or any form of recovery or relief in connection with any such
action, or in connection with any action brought by a third party.

You have executed this agreement with full knowledge of any and all rights you may
have, and hereby assume the risk of any mistake in fact in connection with the true facts
involved, or with regard to any facts which are now unknown to you. In this connection,
all rights under California Civil Code Section 1542 are expressly waived.

California Civil Code Section 1542 provides:
A general release does not extend to claims which the creditor does not know or suspect
to exist in his favor at the time of executing the release, which if known by him must
have materially affected his settlement with the debtor.

It is understood that this agreement id not intended to and does not affect any rights of
claims arising after the date hereof.

You agree that you will not disclose, or cause to be disclosed in any way, the terms of
this agreement, the facts and circumstances underlying this agreement or the fact that
such agreement exists, except to your spouse or significant other, attorney or accountant,
or for the purposes of enforcing this agreement, should that ever become necessary. You
further agree that you will cooperate fully with company in connection with any existing
or future litigation involving the company, whether administrative, civil or criminal in
nature, in which and to the extent the company deems your cooperation necessary.

You also agree that you shall not use or disclose any confidential or proprietary
information of the company concerning its business, employees, operations, systems,
finances, resources, clients or prospects, at any time or for any purpose whatsoever.

You agree that you will not publicly or privately disparage the company or any of the
company’s products, services, divisions, affiliates, related companies or current or former
officers, directors, trustees, employees, agents, administrators, representatives or
fiduciaries.

It is understood and agreed that all files, papers, memoranda, letters, handbooks and
manuals, facsimile or other communication that were written, authorized, signed,
received or transmitted during or prior to your employment and any company property
(including, without limitation, any computer hardware or software, or communications
equipment) in your possession are and remain in the property of the company. In
addition, any such materials or property which you possess are to be returned
immediately to the company.

It is understood that you will have until DATE to consider the terms of this letter. During
this period, you should consult with an attorney regarding the terms of this agreement.
Your signature below indicates that you are entering into this agreement freely,
knowingly and voluntarily, with a full understanding of its terms.

This agreement shall be interpreted for all purposes consistent with the laws of the state
of California, without regard to its conflicts of law provision. If any clause of this
agreement should ever be determined to be unenforceable, it is agreed that this will not
affect the enforceability of any other clause or the remainder of this agreement.

This agreement contains the entire agreement with respect to the subject matter hereof,
supersedes all prior agreements and understandings, oral or written, between the parties
hereto, and may not be amended orally but may be amended by a written instrument
signed by both the company any you.

Very truly yours,


XCOMPANY

By (Name of Officer)

AGREED AND ACCEPTED


_______________________________

Signature and Date

								
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