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Severance Pay Agreement
"I need a Severance Pay Agreement for a senior technology executive leaving the company, including non-compete provisions and extended health benefits, with severance paid over 12 months starting March 2025."
1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the employment termination and purpose of the agreement, including employment history and termination date
3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Severance Payment', 'Released Claims', etc.
4. Severance Payment Terms: Detailed terms of severance payment including amount, payment schedule, tax treatment, and conditions for payment
5. Release of Claims: Comprehensive release of legal claims against the employer, including specific statutes and types of claims being waived
6. Confidentiality Obligations: Terms regarding non-disclosure of agreement terms and continued protection of company confidential information
7. Return of Company Property: Requirements and timeline for returning all company property, documents, and information
8. Governing Law: Specification of jurisdiction and applicable law governing the agreement
9. Acknowledgments: Employee acknowledgments regarding voluntary acceptance, time for review, and right to counsel
1. Non-Compete Provisions: Restrictions on future employment and competitive activities, used when protecting business interests is crucial
2. Non-Solicitation Provisions: Restrictions on soliciting employees, customers, or suppliers, used when protecting business relationships is important
3. Outplacement Services: Terms of career transition support services, included when offering additional transition assistance
4. Benefits Continuation: Terms for continuing health insurance or other benefits, including COBRA details, used when extending benefits beyond termination
5. Reference and Communication: Terms regarding future employment references and communication about the separation, used when parties want to control messaging
1. Schedule A - Calculation of Severance Payment: Detailed breakdown of severance amount calculation, including base salary, bonuses, and other compensation elements
2. Schedule B - Company Property Checklist: Comprehensive list of company property to be returned, including devices, documents, and access credentials
3. Schedule C - Benefits Continuation Details: Specific details of any continued benefits, including coverage periods and payment responsibilities
4. Appendix 1 - Release of Claims Form: Detailed release form incorporating all statutory requirements and specific claims being waived
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