Employment Separation Agreement Defines terms for employment termination, including severance pay, benefits continuation, and non-disparagement clauses.
1.1. Mutual Agreement
Employee and Employer mutually agree that Employee's employment with Employer shall terminate effective as of the close of business on ___________, 20__ (the "Termination Date"), due to Employee's intention to pursue a career change and explore new opportunities in a different industry.
In consideration of Employee's past services and in recognition of the amicable nature of the separation, Employer shall provide Employee with a severance payment (the "Severance Pay") in the gross amount of $__________, less applicable withholdings and deductions as required by law. The Severance Pay shall be paid by Employer to Employee by check or direct deposit, as mutually agreed by the parties, within twenty (20) days after the Termination Date.
Employee shall be eligible for Employer-provided health, dental, and/or vision insurance benefits, and any other accrued benefits to which Employee may be entitled, as outlined in the Employer's separation policy, for a period of ____ months following the Termination Date, or until Employee becomes eligible for alternative coverage, whichever occurs first ("Benefits Continuation Period").
Upon the expiration of the Benefits Continuation Period, Employee shall be provided with the opportunity to continue health insurance benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), if Employee is eligible for such benefits under applicable federal and/or state law, and at Employee's expense, as consistent with the requirements of COBRA and Employer's health insurance plan.
4.1. Mutual Non-Disparagement
Both Employee and Employer agree not to make any derogatory, disparaging, or negative statements about the other, whether orally, in writing, or electronically, including, but not limited to, statements to any media or social media platform, that would adversely affect the reputation or business of the other party. This provision shall not be construed to prevent either party from providing truthful information when required by law, government agency or court order, or in connection with any legal proceeding.
Employee, on behalf of himself/herself and all heirs, executors, and assigns, hereby fully releases and discharges Employer and its employees, officers, directors, shareholders, and agents from, and waives any and all claims, rights, causes of action, demands, liabilities, damages, and lawsuits, whether known or unknown, anticipated or unanticipated, that Employee may have or may hereafter have arising out of or related to Employee's employment, or termination thereof, with Employer, including, but not limited to, any claims under Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, or any other federal, state, or local statute, law, regulation or common law.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the laws of the state in which Employee was last employed by Employer, without giving effect to the principles of conflict of laws thereof. Further, the parties shall comply with all applicable federal, state, and local laws and regulations in connection with this Agreement and the transactions contemplated hereby.
This Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, whether oral or written, with respect thereto. This Agreement may not be amended, modified, or waived, in whole or in part, except in writing signed by both parties.
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signature pages may be exchanged by electronic means, including, but not limited to, email or fax.
Each party acknowledges that it has carefully read this Agreement, understands all of its terms and conditions, and has voluntarily and knowingly entered into this Agreement with the intention of being legally bound.
Login to Create your Employment Separation Agreement now
In this Employment Separation Agreement, you will see the following sections:
Create your Employment Separation Agreement now