This Severance Agreement is between an employer and employee who agree to terminate an existing employment arrangement. This agreement sets forth the effective date of termination, any severance pay employee will receive and any benefits which will continue to be provided. This Severance Agreement must be signed by both the employer and the employee.
This Severance Agreement (the "Agreement") is entered into this _________________ day of ___________________________, 20____________ by and between _________________________________ of ______________________________________________ (the "Employee") and ______________________________ of _____________________________ ________________________________ (the "Employer").
WHEREAS, Employee was employed by Employer under the Employment Agreement dated ________________________________ and now Employee and Employer hereby agree to terminate the existing employment relationship; and
WHEREAS, Employee and Employer desire to resolve any differences and disputes now pending or which the Employee and Employer may have in the future with respect to Employee's employment and the termination thereof
THEREFORE, Employee and Employer acknowledge and voluntarily agree as follows:
1. Effective this _____________________ day of __________________________________, 20_____________ (the "Severance Date") Employee and Employer hereby agree to terminate the employment of Employee with the Employer.
2. Employee acknowledges that the Employer is under no obligation to pay any severance benefits or a severance program, plan or policy to the employee. Employee understands and agrees that he may not be paid any severance benefits unless he signs this Agreement.
3. In consideration of Employee's promises and covenants contained in this Agreement: Employer will pay Employee severance pay in the total amount of $ _____________________________.
4. Employer agrees to continue to provide coverage to Employee under its existing group health, vision and dental plans on the same terms as existed on the Severance Date.
5. Employee hereby accepts and agrees that he is not entitled to and shall not receive any compensation for any sick days, vacation days, personal days, bonus, except as expressly provided under this Agreement.
6. Employee agrees not to disparage Employer or its subsidiaries, affiliates, officers, directors, shareholders, employees, agents or services to any third party, either orally or in writing.
7. In consideration of the mutual agreements and covenants set forth under this Agreement, the receipt and sufficiency of which Employee hereby acknowledges, Employee and his heirs, executors, administrators and assigns hereby voluntarily, completely, unconditionally and irrevocably discharges and releases Employer, its subsidiaries, parent, affiliates, officers, directors, employees, agents, predecessors, employee benefit plans and their fiduciaries, and other representatives of Employer, and their successors and assigns (the "Released Parties"), from any and all claims, demands, causes of action, suits, charges, violation and/or liability whatsoever, known or unknown including attorneys' fees, interest, expenses and costs actually incurred involving any matter arising out of or in any way related, directly or indirectly, to Employee's employment with Employer or the termination thereof. The parties agree and acknowledge that the claims and actions released herein include, but are not limited to, any claim or action based upon any common law tort action, wrongful discharge, breach of contract and/or employment discrimination on the basis of race, color, sex, religion, national origin, age, disability, or any other basis under the Civil Rights Act, Americans With Disabilities Act, Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the Worker Adjustment Retraining and Notification Act, the Employee Retirement Income Security Act, the Fair Labor Standards Act, and Family and Medical Leave Act, all as amended, or their state or local counterparts, or any claim or action under any other federal, state, or local law, rule, or regulation.
8. Employee covenants and agrees that for a period of two (2) years after the Severance Date, Employee will not, directly or indirectly (a) induce or attempt to induce, any person who is an employee of the Company or who had been an employee of the Company at any time during the preceding 12 months to terminate their employment with the Company or to accept employment with another Company.
9. On or before the Severance Date, Employee agrees to return to Employer all of Employer's property in Employee's possession or control, including, but not limited to, Employer documents, materials, computer disks and other records.
10. Employee warrants and agrees not to disclose any confidential or proprietary information concerning Employer which was acquired during the course of Employee's employment to any person, firm, corporation, association or other entity.
11. Employee agrees that nothing in this Agreement is or shall be construed as an admission by Employer of any breach of any agreement or law or any intentional or unintentional wrongdoing of any nature. Employee agrees and acknowledges that Employee has not relied upon any representations of Employer except as set forth in this Agreement.
12. The parties agree that this Agreement shall be governed by and enforced in accordance with the laws of the State of Indiana and all disputes regarding this Agreement shall be brought in the State of _________________________.
IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
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