Layoff and Severance Agreement HR
LAYOFF AND SEVERANCE AGREEMENT
This Layoff and Severance Agreement ("Agreement") is entered into on this 19th day of September, 2050, (the "Effective Date"), by and between CloudCrest Software, a corporation organized and existing under the laws of USA, with its principal place of business located at 234 Elm Drive, Austin, TX 78701, USA (hereinafter referred to as the "Company"), and Liam Nguyen, an individual residing at 789 Pine Road, Miami, USA 33101 (hereinafter referred to as the "Employee").
WHEREAS, The Company is experiencing a workforce reduction due to a recent strategic restructuring aimed at streamlining operations and aligning resources with our long-term business goals.
WHEREAS, This decision is not a reflection of the Employee's performance, but rather a result of the Company's need to adapt to changing market conditions and optimize its organizational structure.
NOW, THEREFORE, As a result of this reduction in force, the Company has determined that it must lay off certain employees, including the Employee.
Layoff Date
The Employee's last day of active employment with the Company shall be on the 22nd of September 2050, which is hereinafter referred to as the "Layoff Date."
Severance Benefits
In consideration for the Employee's agreement to the terms and conditions set forth in this Agreement, the Company agrees to provide the following severance benefits:
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Severance Pay |
The Company shall provide the Employee with severance pay in the amount of $7020.00, which shall be paid to the Employee in Lump Sum no later than September 23, 2050. |
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Healthcare Continuation |
The Employee shall be eligible to continue their existing healthcare coverage, in accordance with the Consolidated Omnibus Budget Reconciliation Act (COBRA), for a period of twelve months. The Company shall pay 50% of the Employee's COBRA premiums for the duration of the COBRA Coverage Period. |
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Outplacement Services |
The Company shall provide the Employee with access to outplacement services for a period of six months, which shall include Financial Planning and Assistance. |
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Return Of Company Property |
The Employee agrees to return all Company property, including but not limited to, badges, access cards, keys, equipment, and documents, on or before the Layoff Date. |
Release Of Claims
In exchange for the severance benefits outlined in Section 2, the Employee, on behalf of themselves and their heirs, executors, administrators, and assigns, hereby releases and forever discharges the Company and its officers, directors, employees, agents, and representatives from any and all claims, liabilities, demands, actions, causes of action, costs, and expenses, whether at law or in equity, whether known or unknown, arising out of or in any way related to the Employee's employment with the Company, including, but not limited to, claims arising under federal, state, or local employment laws.
Confidentiality
The Employee agrees to keep confidential all non-public information obtained during their employment with the Company, and not to disclose such information to any third party, except as required by law.
Non-Disparagement
The Employee agrees not to make any disparaging statements, either orally or in writing, about the Company or its officers, directors, employees, or products.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of USA, without regard to its conflict of laws principles.
Entire Agreement
This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations, and discussions, whether oral or written.
Execution
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.
IN WITNESS WHEREOF, the parties have executed this Layoff and Severance Agreement as of the Effective Date.
CloudCrest Software
By: ______________________________
HR Department
10-10-2023
Liam Nguyen
By: ______________________________
Liam Nguyen
12-12-2024
