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Severance and Release Agreement

Agreement providing severance pay in exchange for the employee's release of legal claims against the employer. Includes non-disparagement and confidentiality provisions.

Instructions

Instructions

  • Parties: Employer entity and departing employee
  • Severance Benefits: Specify the severance amount, payment schedule, and extended benefits
  • Release of Claims: The employee releases all claims (discrimination, wrongful termination, wage claims)
  • ADEA Compliance: For employees 40+, provide 21 days to consider (45 days for group layoffs) and 7 days to revoke
  • Non-Disparagement: Both parties agree not to make negative statements about each other
  • Confidentiality: The terms of the agreement remain confidential
  • Return of Property: Confirm return of all company property and data
  • Reference: Specify what the company will say in response to reference requests
    • Note: Employees over 40 have specific rights under the Older Workers Benefit Protection Act (OWBPA). Failure to comply can invalidate the release.