Appendix B: Sample Employment Termination Agreement to Be Used for More Than One Individual 40 Years of Age or Older


This Agreement can be modified for Early Retirement benefits by substituting Early Retirement for Separation Pay, inserting the date of Early Retirement and specifying that the Early Retirement is voluntary.

Separation Agreement And General Release

ABC Company (“ABC”) and _______________(“Employee”) agree as follows:

  1. In consideration for Employee signing this Agreement and Release, ABC has agreed to pay Employee an additional ________ of salary ($______, less deductions required by law) as “Separation Pay.”

  2. GENERAL RELEASE—In return for the consideration set forth above, Employee agrees not to sue or file any action, claim or lawsuit against ABC, agrees not to pursue, seek to recover or recover any alleged damages, seek to obtain or obtain any other form of relief or remedy with respect to, and will take action to cause the dismissal or withdrawal of, any lawsuit, action, claim or charge against ABC, and Employee agrees to waive all claims and release and forever discharge ABC, its officers, directors, shareholders, partners and employees from any and all claims, demands, actions, causes of action or liabilities for compensatory damages or any other relief or remedy, and obligations of any kind or nature whatsoever, whether known or unknown, fixed or contingent, liquidated or unliquidated, and whether arising from tort, statute, or contract, including, but not limited to, any claims arising under or pursuant to Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Civil Rights Act of 1866, as amended, the Americans With Disabilities Act, the Rehabilitation Act, the Family and Medical Leave Act, the Occupational Safety & Health Act, the Employee Retirement Income Security Act of 1974, as amended, the Age Discrimination in

    Employment Act, Executive Orders 11246 and 11375, the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act, any other federal, state, city, county, municipal, or local governmental unit statute, rule, regulation, ordinance or order, any claim for future consideration for employment with ABC, any claims for attorneys’ fees and costs and any employment rights or entitlement law, and any claims for wrongful discharge, intentional infliction of emotional distress, defamation, libel or slander, payment of wages, outrageous behavior, breach of contract or any duty allegedly owed to Employee, and any other theory of recovery. It is the intention of the parties to make this release as broad and as general as the law permits.

  3. This Release may not be introduced in any legal or administrative proceeding, except one concerning a breach of this Release.

  4. Employee agrees to maintain confidentiality regarding the terms of this Release. Employee may disclose information regarding the terms of this Release to her spouse, accountant, lawyer and financial advisor, provided that such individuals shall first agree to maintain confidentiality regarding the terms disclosed to them.

  5. Employee is advised to consult with an attorney, at Employee’s own expense, prior to signing this release.

  6. Employee acknowledges that Employee has fully read this Release, understands the contents of this Release, and agrees to its terms and conditions of Employee’s own free will, knowingly and voluntarily, and without any duress or coercion.

  7. Employee understands that this is a final general release, and that Employee can make no further claims against ABC concerning her employment and/or with respect to the matters referred to herein. Employee also agrees that Employee will fully waive receiving any damages or other relief as a result of any lawsuit, grievance, charge or claim that may be brought on Employee’s behalf and arising out of Employee’s employment with ABC, or Employee’s separation from employment with ABC. Employee does not release rights that may arise after signing this agreement.

  8. Employee acknowledges that Employee is receiving adequate consideration (that is in addition to what Employee is entitled to) for signing this Release.

  9. Employee has had a period of up to forty-five (45) days to consider whether to accept and sign this Release. Pursuant to section 626(f)(1)(H) of the ADEA, ABC has provided disclosure in Attachment A of this Agreement*, concerning the availability of this severance package to other employees.

  10. Employee will have seven (7) days from the date Employee signs this Release to revoke Employee’s acceptance of this Release.

  11. If any provision of this Release is judicially held to be invalid, unenforceable or void, such holding shall not have the effect of invalidating or voiding the remainder of this Release, provided that the remaining provisions provide for the realization of the principal legal rights and benefits afforded by this Release.

  12. This Release constitutes the complete understanding between Employee and ABC. No other promises or Releases will be binding unless signed by Employee and ABC.

    ABC Company

    Employee

    By:_______________________

    ___________________________

    _____________________, 2003

    _______________________, 2003

    *If a group of employees is terminated, federal law requires that the employer must also inform the terminated employees of all individuals covered by this exit program, eligibility factors of this program, time limits applicable to this program, job titles and ages of all individuals eligible or selected for this program, and the ages of all individuals in the same job classification or organizational unit who are eligible or selected for this program.




The Headcount Solution. How to Cut Compensation Costs and Keep Your Best People
The Headcount Solution : How to Cut Compensation Costs and Keep Your Best People
ISBN: 0071402993
EAN: 2147483647
Year: 2002
Pages: 143

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