Free Employment Termination and Settlement Agreement

This Employment Termination and Settlement Agreement ("Agreement") is made between [EMPLOYEE'S FULL NAME] ("Employee") and [YOUR COMPANY NAME] ("Employer"), collectively referred to as the "Parties". This Agreement outlines the terms and conditions agreed upon following the termination of the Employee's employment.

I. General Information

• Date of Agreement: [DATE OF AGREEMENT]

• Effective Date of Termination: [EFFECTIVE DATE OF TERMINATION]

• Your Company Address: [YOUR COMPANY ADDRESS]

• Employee's Address: [EMPLOYEE'S ADDRESS]

II. Terms of Termination

• Termination Reason: The Employee's termination is due to [SPECIFY REASON].

• Final Pay: The Employee will receive all due wages and applicable benefits up to the [EFFECTIVE DATE OF TERMINATION] which includes:

  • Last month's salary

  • Accrued vacation pay

  • Other compensations accordance with the company policy

III. Settlement Details

The Employer agrees to provide the following settlements to the Employee:

• Severance Pay: A lump sum payment of [AMOUNT] USD.

• Benefits Extension:

  • Health insurance to be extended for [NUMBER OF MONTHS] months post-termination.

  • Other benefits as agreed (if any).

• Outplacement Services support for [NUMBER OF MONTHS] months.

IV. Confidentiality

Both parties agree not to disclose the terms of this agreement, except as required by law or as agreed upon in writing by both parties. Additionally, the Employee agrees to maintain the confidentiality of all proprietary information of the company.

V. Non-Disparagement

Both parties agree not to make any disparaging comments about each other, which may damage the other party's personal or professional reputation.

VI. Legal Obligations and Release of Claims

The Employee agrees to release the Employer from all claims, demands, or any other liabilities legally waivable arising from or related to the employment and its termination.

VII. Miscellaneous

• This Agreement supersedes any prior agreements or understandings between the parties.

• The agreement shall be governed and construed in accordance with the laws of the state of [YOUR STATE].

• Amendment: This Agreement may only be amended in writing, signed by both parties.

VIII. Agreement Acceptance

By signing below, both parties agree to the terms and conditions laid out in this agreement:

Employee Name: [Employee's Full Name]
Date:[DATE]

Employer Representative Name: [Employer's Representative Name]

Signature: ___________________________
Date: [DATE]

Settlement Templates @ Template.net