This severance agreement (over 40) template has 5 pages and is a MS Word file type listed under our human resources documents.
Sample of our severance agreement (over 40) template:
SEVERANCE AGREEMENT - FOR INDIVIDUALS OVER 40 This Severance Agreement for Individuals Over 40 (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Company"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Employee"), an individual residing at: [COMPLETE ADDRESS] WHEREAS, the Employee has been employed with the Company since [START DATE] and will be terminated from the Company as of [TERMINATION DATE]. WHEREAS, the Parties wish to evidence their contract in writing, NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: TERMINATION OF EMPLOYMENT The Employee's termination from the Company is effective as of [TIME] on [DATE]. The Company will pay the Employee the following: Salary continuation at the Employee's regular rate of pay of [SALARY], at [WEEKLY PAY TOTAL] for a period of [NUMBER OF WEEKS] weeks, ending on [DATE]. The Employee over 40 years of age will be given at least 21 days to review the Severance Agreement offered, as stated in the Older Workers Benefit Protection Act (OWBPA). Such salary continuation shall be contingent upon the execution and non-revocation of this Agreement. The Employee will be paid for such continuation on regular pay periods following the seven (7) day revocation period, provided that this Agreement is not revoked. The Employee's paychecks will be mailed to their residing home address, as specified in this Agreement. REPRESENTATIONS OF THE EMPLOYEE The Employee states that he has not previously filed or joined in any complaints or charges or lawsuits against the Company with any governmental agency or court of law. The Employee agrees to and does release the Company from all claims or demands the Employee may have, based on the Employee's employment with the Company or the termination of that employment. This includes a release of any rights or claims the Employee may have under the applicable laws. This also includes a release by the Employee of any claims for breach of contract, impairment of economic opportunities, intentional infliction of emotional distress, invasion of privacy, wrongful discharge, discharge in violation of public policy, or that the Company has dealt with the Employee unfairly or in bad faith or any other common law contract or tort claim. This release covers both claims that the Employee knows about and those he may not know about. The Employee also represents that he has not given or sold any portion of any claim discussed in this Agreement to anyone else. The Employee promises never to file a lawsuit asserting any claims that are released in section 2.1. If the Employee breaks the clause in section 2.1 of this Agreement and files a lawsuit based on legal claims that the Employee has released, the Employee will pay for all costs incurred by the Company, any related companies or the directors or employees of any of them, including reasonable attorneys' fees, in defending against the Employee's claim. The Employee agrees that he will not seek re-employment with the Company again at any time in the future. The Employee is advised to consult with an attorney of his choice before signing this Agreement. The Employee agrees that the Company shall not be required to pay any of their attorneys' fees for this matter or any related matter or lawsuit, now or later, and that the settlement monies received in section 1 are in full and complete settlement of all matters between the Employee and the Company, including but not limited to, attorneys' fees and costs. REVOCATION 3.1 Employee may revoke this Agreement within seven (7) days of signing. Revocation can be made by delivering a written notice of revocation to the Company address stated in this Agreement, addressed to [RECIPIENT'S NAME]. For such revocation to be effective, notice must be received no later than 5:00 p.m. on the seventh (7th) calendar day after the Employee signs this Agreement. If the Employee revokes this Agreement, it shall not be effective or enforceable, and the Employee will not receive the benefits described in section 1 of this Agreement. OWNERSHIP OF TECHNOLOGY/RIGHTS IN INVENTION PATENTS, COPYRIGHTS AND TRADE SECRETS AND OTHER INTELLECTUAL PROPERTY 4.1 The Company shall be the sole owner of all the Intellectual Property Rights developed by the Employee during its course of Employment. The Employee shall execute such deeds of assignments to these developed Intellectual Properties as shall be required by the Company. CONFIDENTIALITY AND NON-DISCLOSURE The Employee acknowledges that because of his employment with the Company, certain trade secrets and other confidential information of the Company have been disclosed to him. The Employee agrees that, as partial consideration for this Agreement, that the Employee shall not disclose or utilize for their personal benefit, or for the direct or indirect benefit of any other person or entity, or for any other reason, any information, ideas, concepts, improvements, discoveries or other information, whether patentable or not, which have been disclosed to the Employee during the time the Employee was employed with the Company. In addition, all documents, notes, files, data, records, correspondence, manuals, specifications, computer programs, email, voice mail, electronic databases, maps and other writings or materials of any type which have been provided to the Employee because of the Employee's employment with or through the Company, are and shall be the sole and exclusive property of the Company. The Employee shall promptly deliver all such property, including copies, and the personal property listed on Exhibit "A" attached hereto, to the Company within five (5) business days of the date of this Agreement. The Employee agrees to keep the terms, amount, and facts of this Agreement completely confidential. The Employee will not disclose any information concerning this Agreement to anyone, excluding their lawyer(s), who will be informed of and bound by this confidentiality clause. NON-SOLICITATION 6
