The Severance Release Form is a crucial document in Canadian employment law, used when an employment relationship is terminated and a severance package is being offered. This document serves multiple purposes: it formalizes the termination agreement, details the compensation and benefits being provided, and obtains a release of claims from the employee. The agreement must comply with minimum standards set by applicable provincial employment legislation (or federal legislation for federally-regulated industries) and should address all aspects of the employment termination, including statutory notice periods, severance pay, benefit continuation, and treatment of any equity compensation. The document is particularly important for risk management, as it helps prevent future legal claims while ensuring all obligations are clearly documented. The Severance Release Form should be customized based on the specific circumstances of the termination, the employee's position, length of service, and applicable legal requirements in the relevant Canadian jurisdiction.
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1. Parties: Identification of the employer and employee, including legal names and addresses
2. Background: Brief statement of employment history, termination date, and context for the agreement
3. Definitions: Key terms used throughout the agreement, including 'Released Parties', 'Claims', and 'Severance Payment'
4. Termination Date: Clear statement of when employment ends and final day of work
5. Severance Payment: Detailed breakdown of all payments and benefits to be provided, including timing
6. Release of Claims: Comprehensive release of all possible claims against the employer and related parties
7. Tax Treatment: Acknowledgment of tax implications and responsibilities
8. Confidentiality: Requirements to keep the terms of the agreement confidential
9. Return of Property: Obligation to return company property and confirmation of compliance
10. Acknowledgments: Employee's confirmation of understanding, opportunity for legal counsel, and voluntary acceptance
11. Governing Law: Specification of applicable Canadian jurisdiction
12. Entire Agreement: Statement that this document represents the complete agreement between parties
13. Execution: Signature blocks and date of agreement
1. Non-Disparagement: Mutual or one-way agreement not to make negative statements, used when reputation protection is important
2. Reference Letter: Terms regarding employment references, used when agreed as part of the settlement
3. Equity Compensation: Treatment of stock options or other equity-based compensation, included if employee has such benefits
4. Post-Employment Restrictions: Non-competition and non-solicitation provisions, used when protecting business interests is crucial
5. Cooperation: Agreement to assist with transition or future matters, used when employee held key position
6. Benefits Continuation: Details of any extended benefits coverage, included if offering continued benefits
7. Re-Employment: Statement regarding future employment possibilities, used when wanting to clarify no right to re-employment
8. Immigration Status: Address impact on work permits or immigration status, used for foreign workers
9. Outplacement Services: Details of career transition support, included if offering such services
10. Release Revocation Period: Required in some jurisdictions or for certain age groups, included when legally necessary
1. Schedule A - Severance Payment Details: Itemized list of all payments, including salary continuation, benefits, and other compensation
2. Schedule B - Returned Property Checklist: List of company property to be returned by the employee
3. Schedule C - Continuing Obligations: Reference to surviving terms from employment agreement or other contracts
4. Schedule D - Benefits Continuation Details: Specific information about any continued benefits coverage and duration
5. Appendix 1 - Reference Letter: Agreed form of employment reference, if applicable
6. Appendix 2 - Outstanding Equity Compensation: Details of any stock options or other equity compensation and their treatment
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