Severance Agreement - Free Legal Template

SEVERANCE AGREEMENT

This Severance Agreement is entered into and made effective on [agreement date], by and between [employee name] the ("Employee") and [employer name] the ("Employer").

Definitions:

Severance Date: The Severance Date refers to the date of termination of the Employee's employment, which is [termination date].

The Employer and Employee acknowledge and agree to the following terms:

Employment status

The Employee's employment with the Employer shall terminate on [termination date] (the "Severance Date").

Severance

The Employee shall be entitled to a severance payment in the amount of [severance amount] provided the Employee complies with the terms mentioned in this Severance Agreement. This payment will be made to the employee upon the execution of this Agreement.

The Employer has no obligation to pay, and the Employee understands that they are not entitled to any compensation beyond what is expressly stated above.

Non Disparagement

The Employee agrees not to use written or verbal statements to disparage the Employer, nor any individuals, products or services affiliated with the Employer.

Liability Release

The Employee voluntarily releases the Employer and its affiliates from any claims or liabilities the Employee may have against them, known or unknown at the time of this agreement.

Non Solicitation

The Employee agrees that they will not solicit, persuade or otherwise engage the employees of the Employer, either directly or indirectly, to end their employment or accept employment elsewhere for a period of 5 years following the Severance Date.

Return of Company Property

The Employee must return all tangible company property, including proprietary information, to the Employer. This property must be returned on or by the Severance Date. The Employee acknowledges that they cannot disclose any confidential or proprietary information they obtained during their employment with the Employer to any third parties.

Confidentiality

The Employee agrees to maintain the strictest confidentiality regarding the contents, terms, and conditions of this Severance Agreement for a period of 5 years.

No Admission of Liability

The Employee acknowledges that nothing included in the Severance Agreement represents an admission of any breach or misconduct by the Employer.

Entire Agreement

This Severance Agreement forms the entire agreement between the Employer and the Employee and replaces all previous written or verbal negotiations and agreements related to the subject matter. The parties will make no further agreements or arrangements beyond what has been expressly stated in this document.

Governing Law

This Severance Agreement shall be governed by, and construed in accordance with, the laws of [jurisdiction]. Each Party irrevocably agrees that the courts of [JURISDICTION] shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation.

IN WITNESS WHEREOF, the Employee and the Employer have executed this Severance Agreement as of the Effective Date.

By: [signature]

Name:  

Date:

By:  [signature]

Name:  

Date: