A Termination Settlement Agreement is used when an employer and employee agree to end their employment relationship on mutually agreed terms. This document, governed by English and Welsh law, provides legal certainty by settling any potential claims and clearly defining the financial and practical arrangements of the separation. It must meet specific statutory requirements to be valid, including independent legal advice for the employee. The agreement typically covers settlement payments, tax treatment, confidentiality obligations, and post-termination restrictions.
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1. Parties: Identification of the employer and employee
2. Background: Context of employment and circumstances leading to termination
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date employment ends and final working day if different
5. Settlement Payments: Details of all payments to be made including statutory and ex-gratia amounts
6. Tax Treatment: Tax status of payments and related indemnities
7. Waiver of Claims: Employee's waiver of employment-related claims
8. Confidentiality: Obligations regarding confidentiality of agreement terms
1. Post-Termination Restrictions: Restatement or variation of existing restrictive covenants - use when existing restrictions need to be preserved or modified
2. Company Property: Return of company property provisions - use when employee has company equipment or documents
3. Reference: Terms of employment reference - use when agreed form of reference is part of settlement
4. Share Options: Treatment of existing share options or awards - use when employee has share-based incentives
1. Schedule 1: Claims: List of statutory claims being settled
2. Schedule 2: Adviser's Certificate: Independent legal adviser's certification
3. Schedule 3: Agreed Reference: Form of reference to be provided when reference terms are agreed
4. Schedule 4: Company Property: List of items to be returned when detailed inventory needed
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