Free Severance Package Agreement HR Template
Severance Package Agreement
This Severance Package Agreement ("Agreement") is entered into on September 24, 2050, by and between [Your Company Name], hereinafter referred to as the "Company," and [Employee Name], hereinafter referred to as the "Employee."
WHEREAS, Employee has been employed by the Company as Marketing Manager since [Month Day, Year].
WHEREAS, the Company and Employee wish to amicably terminate their employment relationship and resolve any potential disputes.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Employee agree as follows:
1. TERMINATION OF EMPLOYMENT
Employee's employment with the Company will be terminated effective [Month Day, Year].
Employee agrees to return all Company property, including but not limited to laptops, access badges, and confidential documents, to the Company on or before [Month Day, Year].
2. SEVERANCE PAYMENT
In consideration of Employee's execution of this Agreement and subject to Employee's continued compliance with its terms, The Company will provide Employee with a one-time lump sum payment of $[Amount] representing 14 weeks of Employee's base salary. The severance payment will be subject to applicable tax withholdings and will be paid to the Employee within three days after the Termination Date.
3. CONTINUATION OF BENEFITS
The Company will continue to provide Employee with access to the Company's group health insurance plan, under the same terms and conditions, for a period of three months after the Termination Date. Employee's portion of the premiums will remain the same as when employed. Any other employee benefits will cease as of the Termination Date.
4. RELEASE OF CLAIMS
In exchange for the severance pay and other consideration provided under this Agreement, Employee hereby releases and forever discharges the Company, its officers, directors, employees, and agents from any and all claims, demands, causes of action, or liabilities, whether known or unknown, arising out of or related to Employee's employment with the Company and the termination thereof.
5. CONFIDENTIALITY AND NON-DISPARAGEMENT
Employee agrees to maintain the confidentiality of all non-public Company information and not to make disparaging remarks about the Company, its employees, products, or services.
6. NON-COMPETITION
Employee agrees not to engage in any business or employment that competes with the Company's business for a period of six months after the Termination Date.
7. GOVERNING LAW AND DISPUTE RESOLUTION
This Agreement shall be governed by and construed in accordance with the laws of the state of [State], and any disputes arising under or in connection with this Agreement shall be resolved through arbitration in accordance with the rules of the [Arbitration Organization].
8. TIMEFRAME FOR ACCEPTANCE
Employee have three days from the date of receipt of this Agreement to consider its terms. Employee may accept this Agreement by signing and returning it to the Company within the specified timeframe.
IN WITNESS WHEREOF, the Company and Employee have executed this Severance Package Agreement as of the date first above written.
The Company Authorized Representative:
[Your Signature]
[Your Name]
[Your Company Name]
Employee:
[Signature]
[Employee Name]
