This Severance Contract template is designed for use in the United States when an employment relationship is being terminated and the employer wishes to provide severance benefits in exchange for certain agreements from the employee. The document complies with federal laws including the Age Discrimination in Employment Act (ADEA), Older Workers Benefit Protection Act (OWBPA), and state-specific requirements. It is typically used in situations involving voluntary separation, reduction in force, or negotiated departures. The agreement includes essential provisions for severance payment, benefits continuation, release of claims, confidentiality obligations, and other post-employment responsibilities. Special considerations are incorporated for employees over 40 years old, ensuring compliance with federal age discrimination protections and mandatory review periods.
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1. Parties: Identification of the employer and employee entering into the agreement
2. Background: Brief context of employment relationship and reason for agreement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date employment ends and final day of work
5. Severance Payment: Amount, timing, and method of severance payment(s)
6. Benefits Continuation: Details of any continued benefits, including health insurance and COBRA rights
7. Release of Claims: Employee's release of legal claims against employer
8. Confidentiality: Obligations regarding confidential information and trade secrets
9. Return of Company Property: Requirements for returning company equipment, documents, and materials
10. Non-Disparagement: Mutual or one-way agreement not to make negative statements
11. References: Agreement on how future employment references will be handled
12. Governing Law: Jurisdiction and choice of law provisions
13. Entire Agreement: Integration clause confirming this is the complete agreement
14. Signature Page: Execution blocks for all parties
1. ADEA/OWBPA Provisions: Required for employees over 40, including specific time periods for consideration and revocation
2. Non-Competition: Restrictions on future employment, if permitted by state law and appropriate to circumstances
3. Non-Solicitation: Restrictions on soliciting employees or customers
4. Cooperation: Requirements to assist with transition or future matters
5. Outplacement Services: Details of any career transition assistance provided
6. Equity/Stock Options: Treatment of outstanding equity compensation
7. Unemployment: Agreement regarding non-contest of unemployment benefits
8. Tax Provisions: Detailed treatment of tax implications, particularly for Section 409A compliance
9. Reaffirmation: Provision for employee to reaffirm release at termination date
10. Group Termination Provisions: Additional disclosures required for group layoffs under OWBPA
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation
2. Schedule B - Benefits Summary: List of continued benefits and duration
3. Schedule C - OWBPA Disclosure: Required disclosure of age and job titles for group terminations
4. Appendix 1 - State-Specific Notices: Required notices and disclosures under state law
5. Appendix 2 - Company Property Checklist: List of items to be returned to employer
6. Appendix 3 - Outplacement Services Details: Description of provided career transition services
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