A Standard Severance Agreement is commonly used when employment relationships are terminated to provide clarity and finality for both parties. The agreement typically outlines severance compensation, benefits continuation, and releases of claims, while ensuring compliance with U.S. federal and state employment laws. It serves to protect both employer and employee interests by clearly defining post-employment obligations and rights. The document is particularly important in situations involving layoffs, restructuring, or voluntary separation programs, and must be carefully drafted to comply with various regulations including ADEA, OWBPA, and state-specific requirements.
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1. Parties: Identification of employer and employee
2. Background: Context of employment termination and purpose of agreement
3. Definitions: Key terms used throughout the agreement including Separation Date, Effective Date, and Released Claims
4. Severance Payment: Amount, timing, and method of severance payment, including tax implications
5. Release of Claims: Employee's comprehensive waiver of legal claims against employer, including statutory and common law claims
6. Confidentiality: Terms regarding non-disclosure of agreement and company information
7. Return of Company Property: Requirements and timeline for returning company assets and materials
8. Governing Law: Specification of applicable jurisdiction and choice of law
9. Entire Agreement: Integration clause confirming this agreement supersedes all prior agreements
1. Non-Compete: Restrictions on future employment in competing businesses for a specified period and geographic area
2. Non-Solicitation: Restrictions on soliciting employees, customers, or vendors for a specified period
3. Outplacement Services: Details of career transition assistance and support services provided
4. Benefits Continuation: Terms for continued health insurance (COBRA) and other benefits post-termination
5. References: Agreement on how future employment references will be handled
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment calculation and payment schedule
2. Schedule B - Company Property List: Itemized list of company property to be returned by the employee
3. Appendix 1 - ADEA Disclosure: Required age discrimination disclosure for workers 40 and older
4. Appendix 2 - State-Specific Releases: Additional release language required by specific state laws
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