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This is an agreement that specifies the terms of an employee’s termination. Under this agreement, the employee agrees to release any and all claims against the former employer in return for severance pay. This agreement contains numerous standard provisions that are commonly included in these types of agreements, and may be customized to fit the specific needs of the contracting parties. This agreement should be used by small businesses or other entities that want to provide severance pay for terminated employees.
This is an agreement that specifies the terms of an employee’s termination. Under this agreement, the employee agrees to release any and all claims against the former employer in return for severance pay. This agreement contains numerous standard provisions that are commonly included in these types of agreements, and may be customized to fit the specific needs of the contracting parties. This agreement should be used by small businesses or other entities that want to provide severance pay for terminated employees. Release between Employer and Executive Pursuant to Severance Agreement This Release Agreement, hereinafter called the Release, is made as of the (date), hereinafter called the Effective Date, between (Name of Employer), hereinafter called Employer, a corporation organized under the laws of (Name of state), having its principal office at (street address, city, state, zip code), and (Name of Executive), of (street address, city, state, zip code), hereinafter called Executive. This Release is executed pursuant to Section (designation of section) of the Severance Agreement dated (date), between Employer and Executive, said Release being hereafter called the Agreement. 1. Release by Executive. For and in consideration of the promises, covenants and other valuable consideration provided by Employer in the Agreement, Executive, for himself and for his representatives, executors, administrators, heirs and assigns, unconditionally releases, satisfies and discharges Employer and its current and former employees, officers, agents and directors in their capacities as such (collectively, the Released Parties), from any and all claims, causes of action, demands, losses, obligations, liabilities, damages, judgments, costs, expenses (including attorney's fees) of any nature whatsoever, known or unknown, contingent or non-contingent (collectively, the Claims), that Executive had, has or will have arising from, or connected with, any act, omission, deed or event occurring up to the Effective Date, including but not limited to Claims: (i) related to Executive's employment or other relationship with Employer and separation or termination of such employment or other relationship; (ii) under any federal or state law, including but not limited to Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, the National Labor Relations Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Family and Medical Leave Act, the Workers Adjustment and Retraining Notification Act, the Americans with Disabilities Act, but excluding the Age Discrimination in Employment Act of 1967; (iii) under federal or state common law; and (iv) under any agreement, whether written or oral, including the Employment Agreement. However, Executive does not discharge or release: any Claims under the Agreement; Executive's right to indemnification or advancement of expenses under any agreement, Employer's articles of incorporation, charter or bylaws, any insurance policy or applicable law; or Claims against any Released Party arising from events in which the Released Party was not acting as an employee, officer, agent or director of Employer or any subsidiary. 2. No Claims Against Released Parties. Executive warrants and represents that, to the full extent permitted by law, Executive has not and will not bring or assign any Claim or action against Employer or any of the Released Parties that is released by Executive under Section 1 of this Release. Executive agrees that if Executive brings or assigns any such Claim or action, Executive shall pay all costs and expenses, including reasonable attorney's fees, incurred by Employer or the Released Parties in dismissing or defending the action or lawsuit. Nothing in this provision, however, shall be interpreted to prevent Executive from bringing a Claim or action to enforce the terms of © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 2 the Agreement or to bring a Claim or action which is not released under Section 1 of this Release. 3. Breach of this Release. If a court of competent jurisdiction determines that Executive has breached or failed to perform any part of this Release, Employer shall be entitled to injunctive relief to enforce this Release and Executive shall be responsible for paying Employer's costs and attorney's fees incurred in enforcing this Release. 4. Effect of Execution of Release by Executive. BY SIGNING THIS RELEASE, EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS RELEASE, THAT HE UNDERSTANDS ALL OF ITS TERMS, AND THAT HE IS ENTERING INTO IT VOLUNTARILY. HE FURTHER ACKNOWLEDGES THAT HE IS AWARE OF HIS RIGHTS TO REVIEW AND CONSIDER THIS RELEASE WITH AN ATTORNEY AND THAT BEFORE SIGNING THIS RELEASE, HE HAS THOROUGHLY DISCUSSED ALL ASPECTS OF THIS RELEASE WITH COUNSEL OF HIS CHOOSING. HE ALSO ACKNOWLEDGES THAT HE WILL BE RECEIVING BENEFITS THAT HE WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE EXCEPT BY VIRTUE OF HIS ENTERING INTO THIS RELEASE AND THE AGREEMENT. 5. Severability. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 6. No Waiver. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 7. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of (Name of state). 8. Notices. Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 9. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 10. Entire Agreement. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 3 preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 11. Modification of Agreement. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 12. Assignment of Rights. The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 13. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 14. Compliance with Laws. In performing under this Agreement, all applicable governmental laws, regulations, orders, and other rules of duly-constituted authority will be followed and complied with in all respects by both parties. WITNESS our signatures as of the day and date first above stated. ______________________________ (Name of Employer) ________________________ By:_______________________________ (Printed Name of Executive) (Printed Name & Office in Corporation) ________________________ ________________________________ (Signature of Executive) (Signature of Officer) © Copyright 2013 Docstoc Inc. registered document proprietary, copy not 4
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