Fill and Sign the Termination Agreement College Employee Form

TERMINATION AGREEMENT AGREEMENT made this ______________ day of ______________ , between ______________ , hereinafter called " ______________ ," and ______________ , hereinafter called "Employee." WHEREAS, Employee is presently employed by ______________ as ______________ ; and WHEREAS, ______________ desires that Employee's employment with ______________ be terminated effective the ______________ day of ______________ . NOW, THEREFORE, in consideration of their mutual promises set forth herein, the parties hereby agree as follows: 1. ______________ and Employee hereby mutually agree that Employee's employment with ______________ is hereby terminated effective the ______________ day of ______________ , and that all rights to benefits as an employee of ______________ shall cease on that day, including health insurance benefits except as required by COBRA. 2. Employee and ______________ agree that the consideration for this Termination Agreement is payment by __________ to Employee of the sum of ______________ Dollars ($ ______________ ), said payment to be made in seven equal monthly installments of ______________ Dollars ($ ______________ ). 3. The undersigned ______________ does hereby release and forever discharge ______________ College, and all of its officers, trustees and employees of and from all claims, demands, actions, causes of actions, and liabilities whatsoever, in law or in equity, which Employee had, or now has, against ______________ College 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 ______________ and Employee that this Termination Agreement is a release of all claims of Employee against ___________ , whether they arise under State law, Federal law, or otherwise. IN WITNESS WHEREOF, the undersigned ______________ and ______________ have executed this Termination Agreement on the ______________ day of ______________ . ______________ By: ______________ Acting President ______________