Resignation and Severance Agreement

Resignation and Severance Agreement between Employer and Employee

AGREEMENT made this day of , 20 between corporation, hereinafter called the AEmployer,@ and John Doe, who resides at hereinafter called the AEmployee.@

WHEREAS, Employee is presently employed by Employer as ; and

WHEREAS, Employee desires to resign from this position effective immediately;

NOW, THEREFORE, in consideration of their mutual promises set forth herein, the parties hereby agree as follows:

1. Employee hereby resigns from his position as effective immediately. This resignation shall be considered to be an irrevocable resignation by Employee, which has been accepted by Employer.

2. Employee and Employer agree that Employee, in addition to his salary for the time he has worked for the month of , will receive severance pay in an amount equal to his present salary for the remainder of the month of and for the months of and less Federal, State, and Social Security withholding, which net amounts shall be paid to Employee in equal payments on . In other words, Employee shall receive a check from Employer for the months of and as if he were still employed by the Employer. However employee shall not be entitled to continue to participate in Employer=s group health plan, but Employee may exercise his COBRA rights.

3. Employee acknowledges that he is resigning from his employment from Employer voluntarily, and acknowledges that this resignation may make him ineligible for unemployment compensation.

4. For good and valuable consideration as above set forth, the receipt and sufficiency of which is hereby acknowledged, the undersigned John Doe, does hereby release and forever discharge Employer, and all of its officers, directors, 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 Employer 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 Employer and Employee, or any other claim that Employee has against Employer, whether arising by contract, tort, or otherwise. It is the intent of Employer and Employee that this agreement be a release of all claims of Employee against Employer, whether they arise under State law, Federal law, or otherwise.

WITNESS OUR SIGNATURES, as of the day and date first above stated.