Severance Pay Agreement Template

The company shall pay the executive an amount equal to one and one half 1 5 the multiple times the executive s annual base salary without regard to any reduction giving rise to good reason in a lump sum payment payable on the tenth business day after the date the release described in section. In consideration for the execution by employee of this agreement and for the covenants and promises described below the company will pay employee the following. Severance agreement samples is a contract that states and documents the termination of transaction between both parties be it through employer employee relations or perhaps between business partners.

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Severance pay agreement template. Salary continuation at employee s regular rate of pay through the pay period ending. Usually the contract includes a severance package such as the last pay and other benefits. In simpler terms this is an agreement in which if the employee signs. A severance agreement is a contract between an employer and an employee that contains rules and guidelines for when an employee is terminated.

A severance agreement is a contract involving an employer and an employee which includes details of the obligations and rights of each party in the event of severance of employment such as any payment necessary and notice required. 10 severance agreement templates. This template and the content in this article provide general information only so we would also advise you to consult your attorney about your specific situation. This agreement and release sets forth the entire agreement between the parties hereto and fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof.

In exchange for the release and covenant not to sue set forth below the employer will pay employee the severance benefit subject to the terms and conditions of this agreement. In short severance pay is meant to help ease the transition outside of the company by providing a continued salary for a certain period of time during the job hunt and also provide an incentive for the employer to sign the agreement. Employee s employment with company is terminated effective 2007. The severance agreement or sometimes called the separation agreement is the agreement between you and the company carries the details of all the things that will happen in an event where you will be terminated or laid off by the company.

Below is a severance agreement template that you can customize for your small business and for the specific termination situation you are facing. Compensation upon termination a termination without cause. A severance agreement template should include details like how much pay the employee will be entitled to after termination when benefits will be discontinued etc.