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the Company Severance Agreement 6 _____ Date: ____________________ Date: ____________________ Severance Agreement 4 Schedule A Unreimbursed Business Expenses Severance Agreement 5 Schedule B Company Property Not et Returned to____________ (Name) Employer: ____________________ (Company Name) Signature: ____________________ (Employee Signature) Signature: ____________________ (Employer Signature) Position: _______________ the date of this Agreement. There are no other promises, conditions, understandings or other agreements, whether oral or written, relating to the subject matter of this Agreement. Employee: ________ns of this Agreement. 17. Entire Agreement. This Agreement constitutes the entire agreement between Company and Employee, and supersedes any prior understanding or representation of any kind precedinged as follows: Severance Agreement 3 If to the Company: If to the Employee: 16. Headings. The headings for section herein are for convenience only and shall not affect the meaning of the provisiony notice required or otherwise given pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressor unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited. 15. Notice. Art or parts of this Agreement shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is deemed invalid except that such rights and obligations may be assigned without such prior written consent if the assignment is in connection with a sale or transfer of control of Company. 14. Severability. If any pall constitute one agreement. 13. Assignment. Neither Company nor Employee may assign its respective rights or obligations under this Agreement without prior written consent from Company and Employee, t regard to conflicts of law principles. 12. Counterparts. This Agreement may be executed in several counterparts, each of which shall constitute an original and all of which, when taken together, shae's spouse, attorney, accountant, etc.) . 11. Governing Law. This Agreement shall be construed in accordance with, and governed in all respects by, the laws of the State of ___________________, withouill disclose any term or condition set forth in this Agreement to any other person, except that Employee may discuss said terms and conditions with (Insert exceptions to confidentiality, i.e., Employey's employ in order to perform services in any way similar to those performed for Company for any other person or entity. 10. Confidentiality. Except as required by law, neither Employee nor Company wany. 9. Non-Solicitation. Employee covenants that for a period of 1 year from the date of this Agreement, he will not solicit any employee, officer, director, or independent contractor to leave Compan anyone, including but not limited to any media outlet, industry group, or current or future employee about Employee; about Employee's employment with Company; or about Employee's separation from Compficers, directors, and employees). Company agrees to instruct its officers, directors and employees that have knowledge of this Agreement not to make any false, disparaging or derogatory statements tol condition, capability or any other aspect of Company's business, and will not engage in any conduct which is intended to harm professionally or personally the reputation of Company (including its ofmployees, agents, affiliates, consultants or representatives or about Company's business affairs and financial condition, any statements that disparage any person, product, service, finances, financiaia Severance Agreement 2 outlet, industry group, financial institution, current or former employee, consultant, client or customer of Company, regarding Company or any of its directors, officers, et of the Severance Bonus, and of the promises made by Company in this Agreement, Employee shall not make any false, disparaging or derogatory statements to anyone, including but not limited to any medes shall Employee have less than 7 days to revoke the Agreement. 8. Mutual Non-Disparagement. To the extent permitted by law, Employee acknowledges and agrees that, as a condition for Company's paymenthdraw the terms offered under this Agreement. c. Employee has 7 days from the date this Agreement is signed during which he may revoke the Agreement. The Parties acknowledge that under no circumstancee's choice not to wait for the full 21-day period to expire was made knowingly and voluntarily, and was in no way induced by Company by means of intimidation, fraud, duress, or any other threat to wib. Employee has had at least 21 days to consider this Agreement before signing it. If \Employee signed this Agreement within 21 days of the date that the Agreement was offered to Employee, then Employtherwise have been entitled. Further, Employee acknowledges that he has been advised here in writing as follows: a. Employee has been advised to consult with an attorney before signing this Agreement ent. Employee acknowledges that the consideration given for this waiver and release was given by Company in addition to any wages, benefits, bonuses, or other things of value to which Employee would or the Age Discrimination in Employment Act of 1967. The Parties agree that this waiver and release is does not apply to any rights that may arise under the ADEA after the Effective Date of this Agreem TO SUE COMPANY FOR CAUSES ARISING OUT OF HIS/HER EMPLOYMENT RELATIONSHIP. 7. Waiver of ADEA Claims. Employee hereby knowingly and voluntarily waives and releases any rights or claims he may have undef or relating to in any way, whether directly or indirectly, Employee's employment with, resignation from, or termination by Company. NOTE THAT BY AGREEING TO THIS PROVISION, EMPLOYEE WILL NOT BE ABLEes, subsidiaries, permitted assigns, and all other associated persons or entities from all claims, causes of action, suits, damages, or other complaints now and at any time in the future arising out onsion of Employee's health insurance benefits. 6. Release. Employee hereby releases Company, its officers, employees, directors, independent contractors, agents, representatives, consultants, affiliat Company's current health insurance policy. Employee will receive from Company further information regarding COBRA rights. Employee will be responsible for all premiums to be paid under any COBRA exteecution of this Agreement. 5. Health Insurance. Employee will be eligible to continue receiving health insurance benefits pursuant to federal COBRA law, or, if applicable, state insurance laws, and byy to Employee the sum of Dollars ($ ), subject to standard payroll deductions and tax withholdings (the "Severance Bonus"). The Severance Bonus will be paid to Employee in full within 7 days of the exs otherwise noted on Schedule B. Severance Agreement 1 4. Severance Bonus. In consideration of Employee's service to Company, and of the promises made by Employee in this Agreement, Company will panot returned to Company, any Company property, that property is listed below in Schedule B. Property listed on Schedule B will be returned to Company within 7 days of the date of this Agreement, unless, paper files, customer information, product or service data, and confidential Company information, data, correspondence, or work-product. To the extent that Employee still has possession of, or has d all of Company's tangible or intangible property that has been in his possession. This includes, but is not limited to, any cell phone, pager, computer or computer accessory, software, computer fileate Employee for all accrued vacation time and unused sick days, pursuant to Company's policy. 3. Existing Employee Obligations. Employee represents and warrants that he has returned to Company any anr which he is entitled to, but has not yet received, reimbursement. The list of such unreimbursed expenses is attached below as Schedule A. c. Accrued vacation time and sick time. Company will compensthe pay period completed prior to the Termination Date. b. Expenses. Company will reimburse Employee for any unreimbursed business expenses. Employee has notified Company in writing of all expenses fory up until the Termination Date. If the Termination Date falls before the end of Employee's scheduled pay period, then Employee shall be paid a pro rata amount compensating him for the percentage of bligations. These obligations are owed to Employee, and are in no way contingent upon Employee's execution (or lack thereof) of this Agreement. a. Salary. Company will pay to Employee his regular salaas of , 20 (the "Termination Date"), the employment relationship between Employee and Company will be terminated. 2. Existing Company Obligations. Company is responsible for fulfilling the following oHEREFORE, for and in consideration of the mutual covenants herein contained and other good and valuable consideration, the Parties hereby agree as follows: 1. Termination Date. The Parties agree that ollectively, the "Company") and "Parties"). WHEREAS, Company and Employee have determined that is in their mutual best interests that Employee's employment relationship with Company be severed; NOW, TEmployee) This Severance Agreement (the "Agreement") is made as of the day of , 20 , by and between ,a (State of Incorporation) (Entity type; i.e., corporation, LLC, etc) , (the (the "Employee," and c. These types of provisions are generally highly fact specific, and require specific drafting to the circumstances of your situation. Information for Severance Agreement 2 SEVERANCE AGREEMENT for (h an issue. In some cases, the company will forgive all or a portion of the debt. In other cases, the severance agreement will spell out repayment terms for the payment of the debt owed to the companyn he leaves. Loans (Optional, Not Included Below) If the employee has any loans that he/she owes to the company at the time of termination, a severance agreement can be a useful way of addressing suc of an employee is a non-solicitation covenant. This kind of provision prohibits a terminated or resigning employee from taking any of the employers customers, clients, or other employees with him wheprovision. In exchange for the mutual promises and benefits, the parties guarantee each other that they will not defame or disparage the other in the future. Non-Solicitation Another promise expectede employees using the agreement is 40 or older, and thus protected under the ADEA. Mutual Non-Disparagement Generally, both the employer and the employer will agree to some form of non-disparagement re advised to have a competent attorney review any severance agreement prior before you sign it or offer it to an employee for the employee's signature in any case, but especially if one or more of thection must state the ages of all employees who are in the same position or organizational unit within the company, but who were not terminated, or who were not eligible for any exit incentives. You ait incentive, or the criteria used to dismiss the class of employees. Second, it must state the job titles and ages of all employees that were subject to exit incentives or termination. Lastly, this ses are being are resigning pursuant to an exit incentive program, or where multiple employees are being terminated as a class. First, the section must state the eligibility requirements for such an exviewing court ruling the waiver unenforceable. Exit Incentives and Group Terminations In the context of a waiver of claims under the ADEA, additional language may be required where one or more employery specific language that must be included in the release. The Equal Employment Opportunity Commission has issued guidelines for this language, and any substantial deviation from it may result in a re against individuals 40 years of age or older in the employment context. In order for an employee to validly release any claim that he or she might have in the future against the employer, there is vettorney in your state review this agreement prior to signing it. Information for Severance Agreement 1 Waiver of ADEA Claims The Age Discrimination in Employment Act (ADEA) prohibits discrimination important to note that the laws of your state may require additional language in order to ensure that the employee's release is knowing and valid. You are advised to have a competent employment law aase of claims. This release will prevent the employee from filing any sort of lawsuit, employment-related or otherwise, against the employer, for causes arising out of the employee's employment. It istil the employee finds a new job and is enrolled in a new health insurance plan. Release One of the primary promises that an employee is expected to make in exchange for a severance payment is a relender federal COBRA laws. This extension can be anywhere up to 36 months. In some cases, an employer will pay for the employee's COBRA-extended health insurance premiums for a set period of time, or unrance agreement, and for his acceptance of the promises and covenants contained in that agreement. Health Insurance In most cases, employees are entitled to continue their health insurance coverage uerance payments are payments or conferral of privileges or bonuses for which the employee is not otherwise entitled. They are given to the employee in exchange for the employee's execution of the sevext of severance. The employer will want to be assured that the employee has wound up all affairs relating to his/her employment, and has returned all of the employer's property. Severance Bonuses Sevment for accrued vacation or sick days, and reimbursement for unreimbursed business expenses. Existing Employee Obligations The employee generally will also have pre-existing obligations in the conte of a severance agreement and thus, does not constitute consideration for any promises the employee would make to the employer in such an agreement. More examples of these kinds of obligations are payss of severance terms. For example, the employee is generally entitled to be paid his salary or wages up until the date of termination. Such obligations are not dependent upon the employee's executionist you in drafting a suitable agreement. Existing Company Obligations In the context of an employee's severance, the employer generally has certain obligations that are owed to the employee regardleore common issues that can arise in the context of an employee termination/resignation. If your situation requires treatment of more complex issues, you should consult a competent attorney who can assa Severance Agreement can address. Below is a general overview of the significance and meaning of the clauses included in this kit's sample Severance Agreement form. This form addresses a few of the m) arising in any way out of the use of these materials. An attorney should be consulted for all serious legal matters. 1 Instructions for Severance Agreement There are a wide variety of issues that s or services; loss of use, data, or profits; or business interruption) however caused and on any theory of liability, whether in contract, strict liability, or tort (including negligence or otherwises or publishers of the forms, be responsible or liable for any direct, indirect, incidental, special, exemplary, or consequential damages (including, but not limited to, procurement of substitute goodfor any of the materials for your particular needs. The materials are used at your own risk. In no event will: i) FindLegalForms, Inc, its agents, partners, or affiliates, or ii) the providers, author the "Disclaimers and Terms of Use" found at findlegalforms.com. These materials are provided "AS-IS." We do not give any express or implied warranties of merchantability, suitability or completeness r signature. Disclaimer: No Attorney-Client relationship is created by use of these materials. FindLegalForms, Inc. does not provide legal advice. The purchase and use of these materials is subject tog a basic severance agreement document, but that you are advised to consult a competent employment law attorney before either signing any such agreement or before offering it to an employee for his/hetand each provision of the agreement so that you can make revisions as necessary to meet your specific circumstances. Please note that this form is intended to assist you in understanding and preparinponsibility to return all property in his possession that belong to the employer. This kit includes a sample form of a severance agreement, along with general instructions that will help you to undersself, or for the promises and covenants contained in the agreement. Such obligations include the employer's responsibility to pay employee's wages up until the termination date, and the employee's resemployer and the employee. These provisions are intended to clarify obligations that exist independent of the severance package, and thus do not constitute consideration for the severance agreement ithe employer after termination. Other promises include nonsolicitation and non-disparagement provisions. Additionally, severance agreements will generally set forth the pre-existing obligations of the exchange for which the employee makes certain promises to the employer. The most important of these promises is generally a release of claims, preventing the employee from bringing a lawsuit against tdetailing the terms under which the employee's relationship with the employer will be terminated. The employer usually pays the employee a certain amount of money in the form of a severance bonus, in Severance Agreement ­ Kit Information This kit provides tools and guidelines for drafting an employee's severance agreement. A severance agreement is an agreement between an employer and an employee,