Severance Agreement A Severance Agreement outlines terms for severance packages offered to employees upon termination, specifying severance pay, benefits continuation, and release of claims.
1.1. Termination Date
Employee's employment with Employer shall terminate as of [Termination Date] (the "Termination Date").
2.1. Severance Pay
In consideration for Employee's execution, non-revocation, and compliance with the provisions of this Agreement, Employer shall pay Employee severance pay in a lump sum amount equivalent to [Number of Weeks] of Employee's base salary, as of the Termination Date, less all applicable withholdings and deductions. This severance pay shall be paid within thirty (30) days following the Effective Date of this Agreement, as defined in Section 9 below.
2.2. Benefits Continuation
Provided Employee timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), Employer shall, for a period of [Number of Months] following the Termination Date, or until Employee becomes eligible for coverage under another employer's group health plan, whichever comes earlier, continue to provide Employee with health insurance benefits to which Employee was entitled immediately prior to the Termination Date, on the same terms and conditions as such benefits were provided immediately prior to the Termination Date. Employee shall be responsible for any employee contributions, co-pays, or deductibles required under the terms of the applicable plan(s).
Employee hereby fully, forever, irrevocably, and unconditionally releases, remises, and discharges Employer, its officers, directors, employees, agents, shareholders, and affiliates from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses, of every kind and nature, whether known or unknown, suspected or unsuspected, contingent or fixed, that Employee ever had or now have against Employer, arising out of or relating to Employee's employment with or separation from Employer, including, but not limited to, any claim of wrongful discharge, discrimination, harassment, retaliation, defamation, invasion of privacy, infliction of emotional distress, violation of public policy, or breach of any express or implied contract.
This release includes all claims arising under any federal, state, or local law, statute, or ordinance, such as the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United States Code; the Americans with Disabilities Act; the Family and Medical Leave Act; the Fair Labor Standards Act; the Employee Retirement Income Security Act; the Sarbanes-Oxley Act; the Genetic Information Nondiscrimination Act; the National Labor Relations Act; the Worker Adjustment and Retraining Notification Act; and any other federal, state, or local law governing the employment relationship or prohibiting employment discrimination, or any law governing the payment of wages or benefits.
This release does not apply to any rights or claims Employee may have under workers' compensation; claims for unemployment benefits; claims for vested benefits under any employee benefit or pension plan; rights or claims that cannot be waived by law, including rights Employee may have to file a charge with or participate in any investigation or proceeding conducted by the Equal Employment Opportunity Commission ("EEOC") or any other administrative agency; or rights or claims arising after Employee executes this Agreement.
Employee agrees not to disparage Employer or its officers, directors, employees, shareholders, or affiliates, and Employer agrees that its officers and directors shall not disparage Employee. This provision shall not be violated by truthful statements in response to legal process or required governmental testimony or filings.
This Agreement does not constitute an admission by Employer of any liability, wrongdoing, or violation of any law, rule, or regulation.
Employee agrees to keep the terms of this Agreement confidential and not to disclose them to any person other than Employee's immediate family, attorneys, and financial or tax advisors, except as required by law, or with the prior written consent of Employer.
Employee confirms that Employee has returned all property of Employer in Employee's possession or control, including, but not limited to, keys, access cards, identification badges, computers, mobile devices, equipment, files, documents, and data.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the [State], without regard to conflicts of laws principles. Any action or proceeding relating to this Agreement shall be brought in a state or federal court having jurisdiction in the [State], and both Parties hereby irrevocably consent to the jurisdiction of such courts.
This Agreement shall become effective eight (8) days after Employee executes it, provided it has not been revoked by Employee during the seven (7) day period following Employee's execution of the Agreement (the "Revocation Period"). To revoke the Agreement, Employee must deliver written notice of revocation to Employer's authorized representative within the Revocation Period. Employee acknowledges that Employee was advised in writing to consult with an attorney before signing this Agreement, was given sufficient time within which to do so, and has knowingly and voluntarily entered into this Agreement.
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