A Severance Waiver is utilized when an employer wishes to provide severance benefits to a departing employee while protecting against potential future legal claims. This document type is crucial in U.S. employment law, particularly during downsizing, restructuring, or individual terminations. The waiver must meet strict requirements under federal and state laws, including specific provisions for employees over 40 under the ADEA and OWBPA. It must clearly outline the consideration offered, rights being waived, and include mandatory review periods. The document typically includes comprehensive releases of claims, details of severance payments, and may incorporate non-compete or confidentiality provisions.
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1. Introduction and Parties: Identifies the employer and employee entering into the agreement
2. Background: States the context of the separation and purpose of the agreement
3. Definitions: Key terms used throughout the document
4. Severance Payment: Details of the compensation being offered
5. Release of Claims: Comprehensive release of legal claims against the employer
6. Consideration Period: Specified time period for review and consideration
7. Revocation Rights: Right to revoke acceptance within specified period
1. Non-Compete Provisions: Restrictions on future employment - include when protecting legitimate business interests
2. Confidentiality Obligations: Ongoing duties regarding confidential information - include when sensitive information was accessed during employment
3. Non-Disparagement: Agreement not to make negative statements - include when protecting company reputation is important
4. Return of Property: Requirements for returning company property - include when employee had access to company property/equipment
1. Schedule A - Severance Payment Details: Breakdown of severance payment structure and timing
2. Schedule B - Released Claims: Detailed list of specific claims being waived
3. Schedule C - Company Property: Inventory of company property to be returned
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