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Severance Pay Release Of Claims
"I need a Severance Pay Release of Claims agreement for a senior technology executive's mutual termination in Saudi Arabia, including non-compete provisions and handling of unvested stock options, with the termination effective March 15, 2025."
1. Parties: Identification of the employer and employee, including full legal names, addresses, and relevant identification numbers
2. Background: Brief description of employment history, termination context, and purpose of the agreement
3. Definitions: Key terms used throughout the agreement, including 'Claims', 'Effective Date', 'Settlement Payment', and 'Released Parties'
4. Severance Payment: Details of the severance payment calculation, payment method, and timing in accordance with Saudi Labor Law
5. Release of Claims: Comprehensive description of claims being released, including all employment-related claims under Saudi Labor Law
6. Employee Acknowledgments: Employee's confirmation of understanding the agreement, receiving legal advice, and voluntary execution
7. Confidentiality: Obligations regarding confidentiality of the agreement terms and company information
8. Return of Company Property: Confirmation of return of all company property and confidential information
9. Governing Law and Jurisdiction: Specification of Saudi Law as governing law and Saudi courts for dispute resolution
10. Execution: Signature blocks and execution requirements in compliance with Saudi legal requirements
1. Non-Compete and Non-Solicitation: Include when the employee has had access to sensitive information or significant customer relationships
2. Continuing Obligations: Include when certain obligations from the employment contract need to survive termination
3. Reference Provision: Include when parties agree on the content and handling of future employment references
4. Remaining Benefits: Include when addressing continuation or termination of benefits like health insurance or stock options
5. Tax Provisions: Include when there are specific tax implications that need to be addressed
6. Cooperation in Transition: Include when the employee needs to assist in transitioning their duties
7. Social Media and Public Statements: Include when there are concerns about public communications regarding the separation
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance calculation including basic salary, end of service benefits, and any additional payments
2. Schedule 2 - List of Specific Claims: Itemized list of any specific claims or disputes being settled
3. Schedule 3 - Company Property Checklist: List of company property to be returned
4. Appendix A - Compliance Certificate: Employee's certification of compliance with return of property and confidentiality obligations
5. Appendix B - Payment Schedule: If payment is to be made in installments, detailed schedule of payment dates and amounts
Authors
Banking & Finance
Technology
Manufacturing
Professional Services
Healthcare
Education
Retail
Construction
Energy & Resources
Telecommunications
Real Estate
Hospitality
Transportation & Logistics
Media & Entertainment
Human Resources
Legal
Compliance
Executive Leadership
Finance
Payroll
Employee Relations
Talent Management
Risk Management
Corporate Governance
HR Director
HR Manager
Legal Counsel
Compliance Officer
Chief Human Resources Officer
Employment Lawyer
HR Business Partner
Compensation and Benefits Manager
Employee Relations Manager
Chief Legal Officer
HR Operations Manager
Talent Management Director
Department Manager
Line Manager
Senior Executive
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