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The Severance Agreement And General Release is a crucial document used in Austrian employment relationships when formalizing the termination of employment through mutual agreement. It serves as a comprehensive settlement instrument that outlines the terms of separation, including mandatory severance payments under Austrian law, treatment of benefits, and mutual releases of claims. This document is particularly important in Austria's employee-protective legal framework, where specific statutory requirements must be met regarding notice periods, severance calculations (Abfertigung), and social security considerations. It's commonly used in scenarios involving executive departures, redundancies, or mutually agreed separations, providing legal certainty to both parties while ensuring compliance with Austrian labor laws, including the AVRAG and BMSVG. The agreement typically includes provisions for confidentiality, post-employment obligations, and specific terms regarding company property and final settlements.

1. Parties: Identification of the employer and employee, including full legal names and addresses

2. Background: Brief description of the employment relationship, including start date, position, and reason for termination

3. Definitions: Key terms used throughout the agreement including 'Effective Date', 'Termination Date', and other relevant terms

4. Termination of Employment: Specific details about the termination including last working day and handover requirements

5. Severance Payment: Details of the severance payment amount, calculation method, payment date, and tax treatment under Austrian law

6. Final Salary and Benefits: Treatment of final salary, accrued vacation, bonuses, and other benefits

7. Company Property: Requirements for returning company property and documents

8. Confidentiality Obligations: Ongoing obligations regarding confidential information and trade secrets

9. General Release: Mutual release of claims, specifically adapted to rights that can be waived under Austrian law

10. Post-Employment Obligations: Continuing obligations including non-disparagement and cooperation with ongoing matters

11. Tax Matters: Tax treatment of payments and respective responsibilities of the parties

12. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction for disputes

13. Entire Agreement: Integration clause confirming this agreement supersedes prior agreements regarding the subject matter

14. Execution: Signature blocks and date of agreement