Fill and Sign the Severance Agreement and Release Sample Form

AGREEMENT AND RELEASE AGREEMENT made this _____day of , 20___, between __________________, hereinafter called the A_________,  and __________, hereinafter called the A_________.  WHEREAS, _________ has been employed by Employer as ______________________; and WHEREAS, Employee s employment with Employer has been terminated effective the ____day of _____________, 20___; NOW, THEREFORE, in consideration of their mutual promises set forth herein, the parti es hereby agree as follows: 1. Employee and Employer agree that Employee, in addition to his salary for the ti me he has worked for the month of _______, will receive a check in the amount of $________ which is the amount that Employee has vested in his retirement account. Employee will also recei ve a check in the amount of $_________ which represents the unvested amount in his retirement account, from which will be deducted Federal, State, and Social Security withholding. Employee shall also rece ive severance pay in the amount of $_________ per month for the next three months less Federal, State, and Social Sec urity withholding, which net amounts shall be paid to Employee on the first day of each month for the next three months; provided, however, severance payments shall be permanently discontinued and any amounts already paid immediately refunded to Employer, should Employee or a member of hi s immediate family ever publicly make disparaging statements about Employer. Notwit hstanding the foregoing, said severance payments will be reduced by the amounts that Employee receive s as unemployment compensation pursuant to the ___________ Employment Security Act. 2. The undersigned_______________, does hereby release and forever discharge _______, _____________, and all of its officers, trustees and employees of and from all claims, demands, ac tions, causes of actions, and liabilities whatsoever, in law or in equity, which Employee had, or now has, against _____________ and said above-named persons, for, upon, and by reason of any matter, cause or thing whatsoever, including, but not limited to, any oral or written contract between ____________ and Employee. It is the intent of Employer and Employee that this agreement be a re lease of all claims of Employee against Employer, whether they arise under State law, Federal law, or otherwi se. The undersigned _______________acknowledges that his attorney, ____________, has reviewed this agreement and that he is executing this agreement pursuant to his counsel. WITNESS OUR SIGNATURES, this the ____day of ___________, 20__. ___________________ __________________________________ BY:____________________________________ _____________________ __________________, President