The Executive Severance Agreement serves as a critical document in Canadian corporate governance, designed to manage the separation of senior executives from an organization in a manner that protects both parties' interests and ensures legal compliance. This agreement becomes necessary when an executive's employment is terminated without cause, during organizational restructuring, or in mutual separation scenarios. It must comply with Canadian federal and provincial employment standards, particularly regarding minimum notice periods and severance calculations. The document typically includes comprehensive details about financial compensation, benefit continuation, equity treatment, and post-employment restrictions, while addressing specific Canadian tax implications and regulatory requirements. The agreement should be customized based on the executive's position, tenure, and specific provincial jurisdiction, as employment laws vary across Canadian provinces.
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Key Requirements PROMPT example:
Executive Severance Agreement
"I need an Executive Severance Agreement for our Toronto-based Chief Technology Officer who will be departing due to a planned retirement in March 2025, including provisions for ongoing technical consulting services and the treatment of unvested stock options."
1. Parties: Identifies the company and the executive who are parties to the agreement
2. Background: Recitals explaining the context of the agreement, including executive's position and reason for separation
3. Definitions: Key terms used throughout the agreement including 'Cause', 'Good Reason', 'Change in Control', etc.
4. Termination Date: Specifies the effective date of employment termination
5. Severance Payments: Details of all monetary compensation including salary continuation, bonus payments, and payment schedule
6. Benefits Continuation: Description of health, dental, and other benefits to be continued post-termination
7. Equity Treatment: Handling of stock options, RSUs, and other equity-based compensation
8. Release of Claims: Mutual release of claims between parties
9. Confidentiality: Ongoing obligations regarding company confidential information
10. Return of Company Property: Requirements for returning company assets and information
11. Non-Disparagement: Mutual agreements regarding non-disparagement
12. Restrictive Covenants: Non-compete, non-solicitation, and other restrictive provisions
13. Cooperation: Executive's obligations to assist with transition and future matters
14. Tax Matters: Treatment of tax withholdings and compliance with Section 409A if applicable
15. General Provisions: Standard legal provisions including governing law, amendments, and severability
16. Execution: Signature blocks and date of agreement
1. Change in Control Provisions: Additional provisions that apply if termination is related to a change in control
2. Retirement Benefits: Special arrangements for retirement benefits or pension
3. Consulting Arrangements: Terms for post-employment consulting services if applicable
4. Board Resignation: Required if executive serves on company boards
5. Outplacement Services: Details of career transition assistance if provided
6. Legal Fee Reimbursement: Terms for company paying executive's legal fees for agreement review
7. Disability Provisions: Special provisions if termination is related to disability
8. Death Benefits: Provisions regarding payment to estate in case of death
9. Dispute Resolution: Alternative dispute resolution procedures if desired
10. Garden Leave: Provisions for paid non-active duty period if applicable
1. Schedule A - Severance Calculation: Detailed calculation of severance amounts and payment schedule
2. Schedule B - Benefits Summary: Comprehensive list of benefits to be continued and their duration
3. Schedule C - Equity Awards: Detailed list of outstanding equity awards and their treatment
4. Schedule D - Release Agreement: Form of release agreement to be signed
5. Schedule E - Company Property Checklist: List of company property to be returned
6. Schedule F - Restrictive Covenant Details: Detailed terms of non-compete and non-solicitation provisions
7. Appendix 1 - Definitions: Extended definitions if too lengthy for main agreement
8. Appendix 2 - Tax Treatment Summary: Detailed explanation of tax treatment of various payments
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Technology
Manufacturing
Healthcare
Retail
Energy
Mining
Telecommunications
Professional Services
Real Estate
Consumer Goods
Transportation
Education
Media & Entertainment
Biotechnology
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Board Secretariat
Compensation & Benefits
Corporate Governance
Talent Management
Risk & Compliance
Internal Communications
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Executive Vice President
Senior Vice President
Division President
Managing Director
Regional Director
Executive Director
General Manager
Country Manager
Head of Department
Senior Partner
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