The Severance Pay Non Compete Agreement is a critical document used when an employee's employment is terminated and the employer wishes to protect its business interests while providing financial compensation. This agreement, structured under Nigerian law, serves two primary purposes: first, it establishes the terms and conditions of the severance package, including payment amount, schedule, and any additional benefits; second, it implements post-employment restrictions to protect the company's confidential information, customer relationships, and competitive position. The document is particularly important in Nigeria's dynamic business environment where employee mobility and market competition are increasing. It must be carefully drafted to ensure compliance with Nigerian labour laws, constitutional provisions, and common law principles regarding restraint of trade to maintain enforceability.
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1. Parties: Identification of the employer and employee, including full legal names and addresses
2. Background: Context of the agreement, including employment history and reason for separation
3. Definitions: Key terms used throughout the agreement, including 'Restricted Business', 'Territory', 'Confidential Information', etc.
4. Severance Payment: Details of the severance amount, payment schedule, and conditions for payment
5. Non-Compete Obligations: Specific restrictions on competitive activities, including geographical scope and duration
6. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers
7. Confidentiality: Ongoing obligations regarding confidential information and trade secrets
8. Return of Company Property: Requirements for returning company assets and information
9. Tax Implications: Statement on tax treatment of severance payments and responsibilities
10. Enforcement and Remedies: Legal remedies available in case of breach, including injunctive relief
11. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
12. General Provisions: Standard clauses including severability, entire agreement, and amendments
1. Garden Leave: Include when the agreement involves a period of paid leave before termination
2. Equity Compensation: Include when dealing with stock options or other equity-based compensation
3. Transition Services: Include when the employee is required to assist in transition of duties
4. Reference Provision: Include when specifying terms of future employment references
5. Legal Fee Reimbursement: Include when employer agrees to cover employee's legal costs for review
6. Outplacement Services: Include when providing career transition assistance
7. Medical Benefits Continuation: Include when extending health benefits beyond termination
1. Schedule 1 - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule 2 - Restricted Territory: Detailed description or map of geographical restrictions
3. Schedule 3 - Restricted Customers: List of specific customers covered by non-solicitation provisions
4. Schedule 4 - Company Property: Inventory of company property to be returned
5. Schedule 5 - Competitive Businesses: List of specific competitors or types of businesses covered by restrictions
6. Appendix A - Release of Claims: Standard form of release to be signed by employee
7. Appendix B - Confidential Information: Detailed description of protected confidential information
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