Corporate Executive Severance Agreement

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This Corporate Executive Severance Agreement sets forth an executive's resignation from a company and the desire to render consulting services. It sets out the consultation services to be rendered and fees paid.

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This Corporate Executive Severance Agreement documents an executive's resignation and his/her subsequent agreement to render consulting services to the company. This type of agreement if often used in circumstances where the separation was amicable and the executive’s expertise or knowledge of a specific project is valuable to the company.

This letter agreement sets forth the consulting services to be rendered, location of the services and fees paid for the consultation services. It also sets forth the benefits (such as health and life insurance) that the executive will continue to receive and how expenses for travel and entertainment will be reimbursed. It also specifies that consultant will now be considered an independent contractor and not a company employee.

This Corporate Executive Severance Agreement contains the following:
  • Resignation: Acknowledges receipt of the individual's letter of resignation and its effective date;
  • Consulting: Sets out that he or she will provide consulting services for the company and the time period and specific services to be provided;
  • Fees: Specifies the amount paid for the consultations and that fees will be payable in equal biweekly installments;
  • Independent Contractor: Consultant is considered as an independent contractor and not an employee of company;
  • Confidential Information: Consultant acknowledges receipt of confidential information while employed with the company and that this information will not be disclosed or communicated to others;
  • Restrictive Covenants: Restrictions under which the consultant agrees including consulting with other business competitors;
  • Signatures: Both parties must sign this letter agreement.

Protect yourself and your rights by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Information
  2. Instructions and Checklist
  3. Corporate Executive Severance Agreement
State Law Compliance: This form complies with the laws of all states
Number of Pages8
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43661
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.











Corporate Executive Severance & Release Agreement
(w/ post termination consultation)










This Packet Includes:
1.  General Information
2.  Instructions and Checklist
3.  Corporate Executive Severance and Release Agreement
     (w/Post Termination Consultation)








General Information
Corporate Executive Severance & Release Agreement
(w/ post-termination consultation)

This Corporate Executive Severance Agreement documents an executive's resignation and his/her subsequent agreement to render consulting services to the company.  This type of agreement if often used in circumstances where the separation was amicable and the executives expertise or knowledge of a specific project is valuable to the company.  

This letter agreement sets forth the consulting services to be rendered, location of the services and fees paid for the consultation services.  It also sets forth the benefits (such as health and life insurance) that the executive will continue to receive and how expenses for travel and entertainment will be reimbursed.  It also specifies that consultant will now be considered an independent contractor and not a company employee.

It is imperative that this Corporate Executive Severance Agreement be memorialized in writing.  A well-written agreement will prove invaluable in the event of disagreements, misunderstandings or litigation between the parties regarding the executive's rendering of consultation services.

  



Instructions and Checklist


Corporate Executive Severance Agreement
(w/ post-termination consultation)

   The parties should read the severance agreement carefully.

   Insert all requested information in the spaces provided on the form.

     The parties should read the "Restrictive Rights" provisions carefully.  If there are disagreements, they will likely focus on these provisions.

     This form contains the basic terms and language that should be included in similar agreements.  

     A representative of the company must sign the agreement.  The corporate executive must sign and confirm that this agreement sets forth the entire agreement between the parties.

   Both parties should retain either an original or copy of the signed severance agreement.

   All legal documents should be kept in a safe location such as a fireproof safe or safe deposit box.  



   




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CORPORATE EXECUTIVE SEVERANCE AGREEMENT
(w/ post-termination consultation)

__________________, __________________
__________________
Dear __________________:
This acknowledges the receipt of your resignation as an [Executive Vice President] at __________________, Inc. (the ``Company'') effective __________________, __________________.
This letter is intended as our agreement whereby you will provide consulting services to the Company for a period of __________________ months commencing on __________________, __________________, and other matters referred to in this Agreement.
1. Consulting. You agree to be available to the Company for consultation with respect to the Company's manufacturing, the management and supervision of the Company's business with __________________ Corporation's subsidiary located in __________________, __________________. You shall devote as much of your time and attention as is reasonably required to satisfactorily fulfill your responsibilities; it is anticipated your consulting services will require substantially all of your business time.
2. Consulting Fees. Subject to Paragraph 8 below, the Company shall pay to you consulting fees in the aggregate amount of $__________________ for the __________________ -month period commencing __________________, __________________, and ending __________________, __________________, payable in equal consecutive biweekly installments.
3. Health and Life Insurance Benefits. The Company shall continue your participation in the Company's group health insurance plan and group term life plan during the term of this agreement.
4. Travel and Entertainment Expenses. The Company shall reimburse you for all necessary travel and business entertainment expenses, provided such expenditures are approved in advance by the Company.
5. Independent Contractor Status. You shall be an independent contractor with respect to all consulting services provided to the Company, and shall have no authority to bind the Company in any manner. The Company shall not be responsible for providing workers' compensation insurance for you,, and the Company shall not withhold in respect of FICA/FUTA taxes, or any state or federal income taxes on account of your compensation. You shall make all arrangements necessary for timely payment of all the foregoing on your own account.
6. Confidential Information. As you know, throughout the duration of your employment you have been privy to a substantial amount of data, information and knowledge that is the proprietary and confidential property of the Company. For the purposes of this Agreement, ``trade secret or confidential or proprietary information'' means any information concerning the Company or its business which you learned during your employment at the Company and which is not generally known or available outside of the Company; such information includes (without limitation) information, whether written or otherwise, regarding the Company's earn expenses, manufacturing processes, material sources, equipment sources, customers and prospective customers, business plans, strategies, buying practices and procedures, prospective and executed contracts and other business arrangements. You acknowledge that you shall not either directly or indirectly, use, disclose or communicate to any person or entity any trade secret or confidential or proprietary information of the Company for any purpose at all whether during or after the term of this Agreement, except to the extent any such information becomes generally known to the public through no fault of yours.
7. Restrictive Covenants. You and the Company acknowledge and agree that your services are of a special and unusual character which have a unique value to the Company, and if used in competition with the Company could cause serious harm to the Company. Accordingly, you agree as follows:
7.1. During the term of this Agreement and for six months following the termination or expiration of this Agreement, you shall not, without the prior written consent of the Company, directly or indirectly, engage, either as a consultant, independent contractor, proprietor, stockholder, partner, officer, director, employee or otherwise in any business competitive with the businesses of the Company, and any other business of which you are made aware which the Company may enter into during the term of this Agreement.
7.2. During the term of this Agreement and for six months following the termination or expiration of this Agreement, you shall not, without the prior written consent of the Company, directly or indirectly, engage, either as a consultant, independent contractor, proprietor, stockholder, partner, officer, director, employee or otherwise in any business (except the Company's) engaged in __________________.
7.3. You agree that to the extent that any provision or portion of this Paragraph 7 of this Agreement shall be held, found or deemed to be unreasonable, unlawful or unenforceable by a court of competent jurisdiction, then any such provision or a portion of such provision shall be modified to the extent necessary in order that any such provision or portion of such provision shall be legally enforceable to the fullest extent permitted by applicable law.
8. Remedies. You and the Company recognize that it would be difficult to ascertain the damages the Company would incur in the event of a breach or a threatened breach by you of the provisions of Paragraphs 6 or 7 and it is, therefore, agreed that you shall not oppose any injunctive or other equitable relief sought by the Company in any court of competent jurisdiction. It is further agreed that in the event you violate the provisions of Paragraphs 6 or 7, the Company shall have the right to cease payment of the fees set forth in Paragraph 2 above, in addition to any other remedy (including damages) to which the Company may be entitled. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Georgia. The Company and you agree that any action, suit or proceeding arising out of this Agreement or your employment with the Company shall be submitted to the courts of the State of Georgia; the parties consent and submit to the jurisdiction of such courts in any such action, suit or proceeding waiving any objection as to jurisdiction or venue.
9. No Disparagement. You shall not make any disparaging or derogatory statements, whether verbal or written, regarding the Company, or its stockholders, directors, officers, employees, agents or products.
10. Release. You release and discharge the Company (its officers, directors, and agents) from all claims, demands, rights, liabilities, charges and/or causes of action (referred to as ``claims'') which you ever had, now have, or hereafter may have arising out of or related to your employment with the Company, the termination of your employment, and/or any other matter through the date this Agreement is signed, including, but not limited to, all tort claims, contract claims, employment discrimination claims, and claims under the Age Discrimination in Employment Act, 29 U.S.C.S. § 621 et seq., or any other federal, state or local law.
11. Notices. Any notice or other communication to the Corporation or to the Holder of this Option is to be in documented form. Any notice may be delivered personally, or by United States first class mail, or by Postal Service or commercial overnight document delivery service, or may be transmitted by electronic means, addressed as follows:
11.1. To the Company, addressed to: ABC, INC.
__________________
__________________
Telephone: __________________
Facsimile: __________________
E-mail: __________________
   11.2. To You, addressed to:__________________
__________________
__________________
Telephone: __________________
Facsimile: __________________
E-mail: __________________
Any notice given under this Agreement is deemed to have been given on the date dispatched or transmitted, or if given personally, on the date such notice document was personally delivered. The addresses stated in this paragraph may be changed by the respective parties upon a documented notice delivered pursuant to this paragraph.
12. Execution. This Agreement may be executed by the parties in one or more counterparts or by one or more copies delivered by electronic transmission, and all of which, when taken together, shall constitute one and the same original of this Agreement.
In accordance with the Older Workers Benefit Protection Act of 1990, 29 U.S.C.S. § 626(f), please acknowledge that you have read this agreement completely, that you were given at least 21 days prior to signing the agreement in which to consider it, that you were advised in writing to consult with an attorney regarding it, and that you understand each and every provision of this agreement. In accordance with that act, you have the right to unilaterally revoke this agreement during the seven-day period following the date of its execution and this agreement shall become effective and enforceable only after the expiration of that seven-day revocation period.
To ensure that this letter correctly sets forth our agreement please sign the enclosed copy of this letter and return it to me.

Very truly yours,


_____________________________, INC.
By: ______________________________
       President

The undersigned confirms that this letter correctly sets forth the entire agreement between ____________________, Inc. and ________________________________.

Date: _____________________________


By:  ______________________________

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Reviews: 3


Leander,

TX

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A good 'basic' form that can be expanded.


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WA

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Very Useful.


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NJ

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This was the exact format I was looking for. I inserted some changes using Word Perfect and the final form came out perfect. It's easy once you get a good form to build from. Thanks


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