A Severance Settlement Agreement serves as a comprehensive resolution of the employment relationship upon termination. This document is typically used when an employer wishes to provide severance benefits in exchange for the employee's release of potential legal claims. The agreement must comply with various U.S. federal and state laws, including the Age Discrimination in Employment Act for employees over 40. A properly drafted Severance Settlement Agreement protects both parties by clearly defining severance payments, continuing obligations, and addressing potential future disputes. It's particularly important in situations involving high-level employees, reductions in force, or where there might be potential employment-related claims.
Severance Settlement Agreement for the United States
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Severance Settlement Agreement
"I need a Severance Settlement Agreement for a senior software engineer leaving our tech company after 5 years of service, including a non-compete clause and provisions for continued health benefits through March 2025."
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background/Recitals: Brief history of employment relationship and circumstances leading to separation
3. Definitions: Key terms used throughout the agreement including 'Separation Date', 'Severance Payment', 'Released Claims'
4. Severance Payment: Details of severance amount, payment schedule, and tax treatment
5. Release of Claims: Comprehensive release of all potential claims against employer
6. Continuing Obligations: Ongoing duties including confidentiality and return of company property
7. Acknowledgments: Employee's confirmation of understanding and voluntary acceptance
1. Non-Compete Provisions: Restrictions on future employment - use when protecting legitimate business interests is crucial and state law permits
2. Non-Solicitation: Restrictions on soliciting employees or customers - use when protecting customer relationships and workforce stability is important
3. Benefits Continuation: Details of ongoing benefits including health insurance - use when extending benefits beyond separation date
4. Outplacement Services: Details of career transition support - use when providing additional support services
5. Reference Provision: Terms for future employment references - use when agreeing on specific reference terms
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Benefits Summary: Summary of continuing benefits and COBRA information
3. Schedule C - Company Property Checklist: List of company property to be returned
4. Appendix 1 - ADEA Disclosure: Required age discrimination disclosure for employees over 40
5. Appendix 2 - State-Specific Notices: Required notices based on applicable state law
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