A Severance Release Form is utilized when an employer terminates an employee and offers severance benefits in exchange for the employee's agreement not to pursue legal claims. The document must carefully comply with U.S. federal and state employment laws, particularly when dealing with employees over 40 years old. The form typically includes specific consideration periods, revocation rights, and detailed explanations of benefits. It serves as protection for both the employer and provides clarity for the departing employee regarding their rights and benefits.
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1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of employment relationship, termination circumstances, and purpose of agreement
3. Definitions: Key terms used throughout the agreement including 'Released Claims', 'Effective Date', and 'Severance Payment'
4. Severance Payment: Details of severance amount, payment schedule, tax treatment, and conditions for payment
5. Release of Claims: Comprehensive release of all known and unknown claims against employer and related entities
6. Consideration Period: Statutory review period (21 days for individual termination, 45 days for group termination)
7. Revocation Rights: 7-day revocation period and process for revocation as required by ADEA
8. Acknowledgments: Employee acknowledgments regarding understanding of rights, voluntary acceptance, and consultation with counsel
9. Governing Law: Specification of applicable state law and jurisdiction for disputes
1. Non-Compete Provisions: Restrictions on future employment and business activities, when permitted by state law
2. Confidentiality Obligations: Requirements for maintaining confidentiality of company information and terms of agreement
3. Benefits Continuation: Terms of continued health insurance, COBRA rights, and other benefits
4. Non-Disparagement: Mutual or one-way obligations to refrain from making negative statements
5. Return of Company Property: Requirements and timeline for returning company equipment, documents, and materials
1. Schedule A - Severance Calculation: Detailed breakdown of severance payment including base salary, bonuses, and deductions
2. Schedule B - Benefits Summary: Comprehensive list of continued benefits, duration, and terms
3. Appendix A - State-Specific Provisions: Additional provisions required by applicable state law
4. Appendix B - ADEA Disclosure: Required disclosure for employees over 40, including eligibility factors and time limits
Relevant legal definitions
Agreement
Company
Effective Date
Employee
Employer
Release
Released Claims
Released Parties
Severance Payment
Severance Period
Termination Date
Consideration Period
Revocation Period
Confidential Information
Cause
Benefits
COBRA Coverage
Accrued Obligations
Restricted Period
Competing Business
Intellectual Property Rights
Trade Secrets
Company Property
Claims
Dispute
Governing Law
Non-Disparagement
Company
Effective Date
Employee
Employer
Release
Released Claims
Released Parties
Severance Payment
Severance Period
Termination Date
Consideration Period
Revocation Period
Confidential Information
Cause
Benefits
COBRA Coverage
Accrued Obligations
Restricted Period
Competing Business
Intellectual Property Rights
Trade Secrets
Company Property
Claims
Dispute
Governing Law
Non-Disparagement
Clauses
Release of Claims
Severance Payments
Benefits Continuation
Non-Disparagement
Confidentiality
Return of Company Property
Consideration Period
Revocation Rights
Non-Competition
Non-Solicitation
Intellectual Property Rights
Cooperation
Tax Matters
COBRA Rights
General Provisions
Governing Law
Entire Agreement
Amendment
Severability
Acknowledgment
Future Employment
References
Waiver of Rights
Assignment
Dispute Resolution
Survival
Severance Payments
Benefits Continuation
Non-Disparagement
Confidentiality
Return of Company Property
Consideration Period
Revocation Rights
Non-Competition
Non-Solicitation
Intellectual Property Rights
Cooperation
Tax Matters
COBRA Rights
General Provisions
Governing Law
Entire Agreement
Amendment
Severability
Acknowledgment
Future Employment
References
Waiver of Rights
Assignment
Dispute Resolution
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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