Termination of Employment Contract

TERMINATION OF EMPLOYMENT CONTRACT

This Termination of Employment Contract (this Agreement) is made effective as of Effective Date: by and between Employer Name: (Employer) and Employee Name: (Employee).

RECITALS

WHEREAS, Employee has been employed by Employer pursuant to an employment relationship that commenced on Employment Start Date: ; and

WHEREAS, the parties wish to set forth the terms and conditions of the termination of that employment relationship and to resolve certain obligations and claims between them as set forth below; and

WHEREAS, the parties acknowledge that this Agreement constitutes a negotiated settlement of their respective obligations and that it is intended to be a complete and final resolution of the matters addressed herein.

NOW THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement and other good and valuable consideration, the sufficiency of which is acknowledged, the parties agree as follows:

1. TERMINATION

1.1 Termination Date. The employment relationship between Employer and Employee shall terminate effective on Termination Date: (Termination Date).

1.2 Basis for Termination. The termination is designated as: For Cause Without Cause By Mutual Agreement. If For Cause is selected, Employer shall provide a written statement of the grounds for cause upon Employee's written request.

2. FINAL COMPENSATION

2.1 Final Wages. Employer shall pay Employee all earned but unpaid base wages and commissions through the Termination Date, less required withholdings, payable on Final Pay Date: .

2.2 Accrued Paid Time Off. Employer shall pay Employee for accrued and unused paid time off and vacation in the gross amount of $, payable on the Final Pay Date.

3. SEVERANCE PAYMENT

3.1 Severance Consideration. Employer shall provide a severance payment to Employee only if Employee executes and does not revoke the Release described in Section 6. The gross severance amount shall be $ , subject to standard tax and other withholdings.

3.2 Payment Timing. The severance payment shall be paid in a lump sum on Payment Date: , provided that Employee has timely executed the Release and the revocation period described below has expired without revocation.

3.3 Release Condition. Employee shall have Revocation Period (days) to consider the Release: days from the date Employee signs the Release. If executed and not timely revoked, the Release will become effective on the date specified therein.

4. BENEFITS

4.1 Employer-sponsored health and welfare benefits will cease on Benefits End Date: , except to the extent continuation is available and elected by Employee, and except for benefits that, by their terms, survive termination.

5. RETURN OF PROPERTY

5.1 Employee shall return to Employer on or before Return By Date: all Employer property in Employee's possession, including but not limited to keys, identification badges, electronic devices, documents and records.

5.2 Employee represents that all electronic files and confidential information in Employee's possession have been returned or deleted except for copies retained solely for the purpose of complying with law, and Employee will certify such return or deletion upon Employer's request.

6. RELEASE

6.1 Mutual Release. Subject to Employee's execution and non-revocation of the Release, Employee, on behalf of Employee and Employee's heirs, executors, administrators and assigns, hereby releases and forever discharges Employer and its affiliates, officers, directors, employees and agents from any and all claims, demands, causes of action, suits, obligations and liabilities, known or unknown, asserted or unasserted, arising out of or related to Employee's employment or the termination thereof through the Effective Date, except as expressly preserved in this Agreement.

6.2 Reserved Claims. Notwithstanding the foregoing release, nothing in this Agreement shall be construed to waive Employee's rights to enforce this Agreement, rights to vested benefits under any benefit plan, rights that cannot be waived by applicable law, or rights to unemployment compensation.

7. CONFIDENTIALITY AND NON-DISPARAGEMENT

7.1 Confidential Information. Employee acknowledges and reaffirms Employee's continuing obligation to hold in confidence Employer's trade secrets and confidential information. Employee shall not disclose such information or use it for any purpose other than as required by law.

7.2 Non-Disparagement. The parties agree that neither shall make any statement that disparages the other or their respective officers, directors, or employees. This provision is subject to truthful testimony given under oath or compelled by legal process.

8. TAXES

All payments made under this Agreement shall be subject to applicable federal, state, and local tax withholdings and deductions as required by law. Employer makes no representation regarding the tax consequences of any payment and Employee acknowledges responsibility for Employee's own tax reporting obligations.

9. COOPERATION

Employee agrees to cooperate reasonably with Employer following the Termination Date with respect to transition matters and any pending matters that relate to Employee's duties prior to termination, provided that such cooperation does not unreasonably interfere with Employee's subsequent employment.

10. NOTICES

Any notice required or permitted under this Agreement shall be in writing and shall be deemed given when delivered personally or sent by certified mail, return receipt requested, to the addresses set forth above or to such other address as either party may designate by notice in accordance with this Section.

11. AMENDMENT; WAIVER; COUNTERPARTS

This Agreement may be amended or modified only by a writing signed by both parties. Failure by either party to insist upon strict performance of any provision of this Agreement shall not be a waiver of that provision or any other provision. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument. Facsimile or electronically transmitted signatures shall be treated as originals.

12. GOVERNING LAW; SEVERABILITY; ENTIRE AGREEMENT

12.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to choice of law principles.

12.2 Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect and the invalid provision shall be reformed only to the minimum extent necessary to make it enforceable.

12.3 Entire Agreement. This Agreement, together with the Release when executed, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.

13. ACKNOWLEDGMENTS

Employee acknowledges that Employee has had a reasonable opportunity to review and consider this Agreement and, if Employee chose, to consult with an attorney prior to signing. Employee further acknowledges that Employee understands the terms of this Agreement and signs it voluntarily and with full knowledge of its legal consequences.

MISCELLANEOUS PROVISIONS

The headings in this Agreement are for convenience only and shall not affect the interpretation of the provisions. The obligations and benefits contained in this Agreement shall bind and inure to the benefit of the parties and their respective successors and permitted assigns.

Sign Now