Free Separation Agreement (Sample and Template)
SEPARATION
AGREEMENT
This Separation
Agreement (the "Agreement") is made and entered into as of the [Date]
(the "Effective Date"), by and between [Employee Name], an individual
with a mailing address of [Address] (the "Employee"), and [Employer
Name], a [State] corporation with its principal place of business at [Address]
(the "Employer").
WHEREAS, the
Employee has been employed by the Employer, and the Employer and Employee
desire to terminate the Employee's employment with the Employer; and
WHEREAS, the
Employer and Employee desire to set forth their respective rights, obligations,
and responsibilities upon the termination of the Employee's employment.
NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:
Separation from
Employment. The Employee's employment with the Employer shall terminate on the
[Date] (the "Separation Date"). The Employee acknowledges that the
Separation Date is the result of a voluntary decision made by the Employee.
Severance
Payment. The Employer shall pay the Employee severance pay in the amount of
[Amount] dollars ($[Amount]), less any required withholdings and deductions,
which shall be paid in accordance with the Employer's regular payroll schedule.
The Employee acknowledges that this severance pay constitutes full satisfaction
of all claims arising from the Employee's employment and/or the termination
thereof.
Release and
Waiver of Claims. In exchange for the severance pay and other consideration
provided herein, the Employee hereby releases and forever discharges the
Employer, its officers, directors, employees, agents, and affiliates from any
and all claims, demands, and causes of action, whether known or unknown,
arising out of or in any way related to the Employee's employment with the
Employer or the termination thereof, including without limitation, claims under
Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act,
the Age Discrimination in Employment Act, and any other federal, state, or
local law prohibiting employment discrimination.
Confidentiality.
The Employee acknowledges that during the course of the Employee's employment
with the Employer, the Employee has had access to and acquired knowledge of
confidential and proprietary information of the Employer. The Employee agrees
to maintain the confidentiality of such information and to use it solely for
the purposes of the Employee's employment with the Employer.
Non-Disparagement.
The Employee agrees not to disparage the Employer, its officers, directors,
employees, agents, or affiliates, whether orally or in writing, and to refrain
from engaging in conduct that could reasonably be expected to harm the
reputation or business interests of the Employer.
Cooperation. The
Employee agrees to cooperate with the Employer in connection with any ongoing
or future matters related to the Employee's employment, including without
limitation, any litigation, arbitration, or administrative proceedings.
Governing Law.
This Agreement shall be governed by and construed in accordance with the laws
of the State of [State], without giving effect to any choice or conflict of law
provision or rule.
Entire Agreement.
This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements or understandings, whether written or oral, between
the parties.
Amendment and
Waiver. This Agreement may be amended or modified only in writing executed by
both parties. No waiver of any breach of this Agreement shall be deemed a
waiver of any other breach, and the failure to assert any right or provision
under this Agreement shall not constitute a waiver of such right or provision.
IN WITNESS
WHEREOF, the parties have executed this Separation Agreement as of the date first.