This retirement agreement template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our retirement agreement template:
RETIREMENT AGREEMENT This Retirement Agreement (hereinafter referred to as the "Agreement") is entered into effective [DATE], BETWEEN: [NAME OF THE EMPLOYER] (the "Employer"), a Company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF THE EMPLOYEE] (the "Employee "), having place of residence at: [COMPLETE ADDRESS] WHEREAS, the Employee has been employed by the Company in various capacities and is currently holding the position of [JOB TITLE]; WHEREAS, the Parties acknowledge it is in their individual and mutual best interests for the Employee to retire as an employee of the Company effective [RETIREMENT DATE]; WHEREAS, the Parties wish to define the terms and conditions of the Employee's retirement and separation from employment with the Company; NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the undersigned Parties, intending to be legally bound, hereby agree as follows: RETIREMENT The Employee agrees to retire from, and thereby terminate, his employment with the Company effective [RETIREMENT DATE]. On the Retirement Date, the Employee's employment with the Company and all further compensation, remuneration, and eligibility of the Employee under Company benefit plans shall terminate, except as otherwise provided in this Agreement or by applicable law. EMPLOYMENT PRIOR TO RETIREMENT DATE Until the Retirement Date, the Employee shall continue to be employed by the Company in the position of [JOB TITLE] and shall continue to receive base salary payments totaling [SALARY AMOUNT] per [SALARY PERIOD], along with all current employment benefits. Any retroactive payment in connection with the adjustment of base salary shall be paid to the Employee on or before [PAYMENT DATE]. SEVERANCE BENEFITS FOLLOWING RETIREMENT DATE For the [NUMBER]-year period commencing on the Retirement Date, the Company will pay to the Employee, in normal payroll installments, a total sum equal to [NUMBER] years of his base salary immediately prior to the Retirement Date. The Company further agrees to reimburse the Employee's cost of continuing medical and dental insurance benefits for the Employee and the Employee's eligible dependents, if any, under the relevant laws of [COUNTRY]. NO MITIGATION None of the foregoing benefits will: (a) be subject to any mitigation obligation on the Employee's part; or (b) be terminated or diminished if the Employee should accept other employment prior to [RETIREMENT DATE], otherwise in accordance with this Agreement. EMPLOYEE COVENANTS Unauthorized Disclosure. The Employee shall not, during his employment with the Company and thereafter, make any Unauthorized Disclosure. For purposes of this Agreement, "Unauthorized Disclosure" shall mean disclosure by the Employee without the prior written consent of the Company to any person, other than an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Employee of duties as an employee or as may be legally required, of any confidential information with respect to any of the Company's customers, products, methods of distribution, strategies, business and marketing plans, business policies and practices, litigation strategies or defenses, and plans for new business concepts; provided, however, that such term shall not include the use or disclosure by the Employee, without consent, of any information known generally to the public. This confidentiality covenant has no temporal, geographical, or territorial restriction. Non-Solicitation. During the No-Raid Period described below, the Employee shall not, either directly or indirectly, alone, or in conjunction with another party, intentionally interfere with or harm, or intentionally attempt to interfere with or harm, the relationship of the Company, its subsidiaries and/or affiliates, with any person who at any time was an employee, customer or supplier of the Company, its subsidiaries and/or affiliates or otherwise had a business relationship with the Company, its subsidiaries and/or affiliates, nor shall the Employee knowingly hire or cause to be hired any person who is employed by the Company. The "No-Raid Period" means the one year period following the Retirement Date. Non-Competition. During the one (1) year period following the Retirement Date, the Employee shall not, directly or indirectly, without the prior written consent of the Company, own, manage, operate, join, control, be employed by, consult with or participate in the ownership, management, operation or control of, or be connected with (as a stockholder, partner, or otherwise), any business, individual, partner, firm, corporation, or other entity that competes, directly or indirectly, with the Company or any division, subsidiary or affiliate of the Company ("Competing Entity"). Remedies. The Employee agrees that any breach of the terms of this Agreement would result in irreparable injury and damage to the Company, for which the Company would have no adequate remedy at law. In the event of the Employee violating any terms of this Agreement, the Company shall be entitled to immediately cease further payments to the Employee under this Agreement. The Employee and the Company further agree that the provisions of the covenants not to compete and solicit are reasonable and that the Company would not have entered into this Agreement but for the inclusion of such covenants herein. Should a court or arbitrator determine, however, that any provision of the covenants is unreasonable, either in a period of time, geographical area, or otherwise, the Parties hereto agree that the covenant should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable. COOPERATION, NON-DISPARAGEMENT AND INDEMNITY Neither the Employee nor the officers of the Company shall state or otherwise publish anything about the other Party which would adversely affect the reputation, image, or business relationships and goodwill of the other Party in its or his market and community at large. The Employee shall fully cooperate with the Company in defense of legal claims asserted against the Company and other matters requiring the testimony or input and knowledge of the Employee, and the Company agrees to reimburse the Employee for reasonable costs and expenses incurred as a result thereof. The Company agrees to indemnify the Employee for liabilities and costs incurred by the Employee by reason of his employment with the Company, on the same basis as it does in similar circumstances with other employees. CONFIDENTIALITY
