The Severance Agreement And General Release is a crucial document used in Canadian employment terminations to formalize the end of an employment relationship and provide certainty to both parties. It is typically used in both voluntary and involuntary terminations where a severance package exceeding statutory minimums is offered. The agreement must comply with federal and provincial employment standards, human rights legislation, and common law requirements. It should be presented with sufficient time for employee review and independent legal advice, particularly given Canadian courts' scrutiny of releases. The document typically includes detailed severance calculations, benefit continuation terms, release of claims, and confidentiality provisions, while ensuring compliance with tax regulations regarding treatment of various payment components.
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1. Parties: Identifies the employer and employee who are parties to the agreement
2. Background: States the context of the agreement, including employment history and termination date
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the official end date of employment
5. Severance Payment: Details the severance amount, payment schedule, and tax treatment
6. Benefits Continuation: Outlines any continuation of health benefits, insurance, or other benefits
7. Return of Company Property: Lists company property to be returned and deadline for return
8. General Release: Comprehensive release of claims against the employer
9. Confidentiality: Obligations regarding confidential information and terms of the agreement
10. Non-Disparagement: Mutual obligations not to make negative statements about each other
11. References: Agreement on how employment references will be handled
12. Governing Law: Specifies applicable law and jurisdiction
13. Acknowledgment: Employee's acknowledgment of understanding and voluntary acceptance
14. Execution: Signature blocks and dating of the agreement
1. Ongoing Cooperation: Required when employee needs to assist with transition or future matters
2. Stock Options/Equity: Include when employee has equity compensation that needs addressing
3. Non-Competition: Used when implementing post-employment competition restrictions
4. Non-Solicitation: Used when protecting against solicitation of employees or customers
5. Outplacement Services: Include when providing career transition assistance
6. Legal Fees: When employer is contributing to employee's legal costs for review
7. Resignation from Offices: Required when employee held corporate offices or directorships
8. Pension and RRSP: Include when addressing specific pension or retirement savings arrangements
9. Reinstatement Rights: Used when allowing for potential future re-employment
10. Immigration Status: Include when employment termination affects work permits or immigration status
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculations
2. Schedule B - Outstanding Company Property: Itemized list of company property to be returned
3. Schedule C - Benefit Continuation Details: Specific details of continued benefits and coverage periods
4. Schedule D - Release of Claims: Detailed release language required by provincial law
5. Schedule E - Stock Option/RSU Details: Details of equity compensation treatment
6. Appendix 1 - Certificate of Independent Legal Advice: Confirmation that employee received independent legal advice
7. Appendix 2 - Resignation Letter: Standard form resignation letter if required
8. Appendix 3 - Reference Letter: Agreed form of employment reference
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