Severance Agreement (over 40)

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Severance Agreement (over 40)

Severance Agreement (over 40)

Recitals

This Severance Agreement ("Agreement") is made and entered into by and between {{company_name}} ("Employer") and {{employee_name}} ("Employee") on this {{date}}.

Employer and Employee desire to resolve fully and finally all matters arising out of or related to Employee's employment with and separation from Employer, including all claims, known or unknown, that Employee may have against Employer.

Consideration

In consideration for the promises and covenants made by Employee herein, Employer agrees to provide Employee with severance pay totaling {{severance_amount}}, to be paid as a lump sum on {{severance_payment_date}} [or] in {{number_of_installments}} installments of {{installment_amount}} each, commencing on {{first_installment_date}} and continuing every {{payment_frequency}} thereafter until fully paid. Employer will also provide continued health insurance coverage for a period of {{health_insurance_duration}} months, subject to the terms and conditions of the existing health plan.

Employee acknowledges that the severance package offered herein exceeds any benefits or payments to which Employee is otherwise entitled by law or contract, and is provided solely in exchange for Employee's promises and covenants in this Agreement.

Release of Claims

In exchange for the consideration described above, Employee, on behalf of Employee and Employee's heirs, executors, administrators, and assigns, hereby releases and forever discharges Employer, its parent companies, subsidiaries, affiliates, predecessors, successors, assigns, and all of their respective current and former officers, directors, employees, agents, and attorneys, from any and all claims, demands, causes of action, obligations, damages, and liabilities, whether known or unknown, suspected or unsuspected, that Employee ever had, now has, or may have against any of them up to the date of Employee's signing of this Agreement. This release includes, but is not limited to, claims arising under federal, provincial/state, or local laws pertaining to employment discrimination (including, without limitation, claims under the Age Discrimination in Employment Act of 1967 (ADEA), as amended, and its provincial/state/local counterparts), harassment, retaliation, wrongful termination, breach of contract, torts, and any other claims in law or equity.

Employee acknowledges that Employee is waiving and releasing claims under the ADEA. Employee further acknowledges that Employee has been advised by this Agreement to consult with an attorney prior to executing this Agreement. Employee has been given at least twenty-one (21) days to consider this Agreement before executing it and has been advised that Employee may revoke this Agreement within seven (7) days following its execution, and the Agreement will not become effective or enforceable until this revocation period has expired. In the event of a revocation, Employee shall return the full severance amount to the Employer.

Return of Company Property

Employee agrees to return all company property, including but not limited to, laptops, mobile phones, keys, access cards, and documents (electronic and hard copy), to Employer on or before {{return_date}}. Failure to return all company property may result in a deduction from any outstanding payments owed to Employee or may be pursued through legal action.

Confidentiality

Employee agrees to maintain the confidentiality of all trade secrets, proprietary information, and other confidential business information of Employer acquired during the course of employment, both during and after the term of employment. Employee will not disclose any such information to any third party or use it for any purpose other than for the benefit of Employer.

Non-Disparagement

Employee agrees not to make any disparaging remarks or comments about Employer, its officers, directors, employees, products, or services to any third party, verbally or in writing. Employer agrees that its authorized representatives will not make any disparaging remarks or comments about Employee.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of {{jurisdiction}}.

Entire Agreement

This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, and discussions, whether oral or written, between the parties concerning the subject matter hereof. No modification of this Agreement shall be effective unless in writing and signed by both parties.

Severability

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.