Employment Termination Agreement Template

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EMPLOYMENT TERMINATION AGREEMENT
BETWEEN:
.........................................................................................................................
!
1
.........................................................................................................................
..........................................................................................................................
(hereinafter referred to as the “Employer”)
AND:
.........................................................................................................................
!
2
.........................................................................................................................
.........................................................................................................................
(hereinafter referred to as the “Employee”)
(the Employer and the Employee hereinafter collectively referred to as the
“Parties”)
PREAMBLE
WHEREAS the Employer has decided to terminate its employment relationship with the
Employee;
OR
WHEREAS the Employee has decided to terminate its employment relationship with the
Employer;
WHEREAS the Parties wish to settle the terms and conditions of the Employee’s termination and
departure;
WHEREAS the Parties wish to avoid any litigation resulting from their employment relationship
or from the events having occurred in the course of this relationship;
WHEREAS the Parties wish to evidence their agreement in writing;
WHEREAS the Parties are duly authorized and have the capacity to enter into and perform this
Agreement;
NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1.00
PREAMBLE
The preamble hereto shall form an integral part hereof.
2.00
OBJECT
2.01
Termination
The Parties agree that pursuant to the Employer’s (or: the Employee’s) request, the
Employee, who holds (or: held) the position of ....................., will cease his employment.
Employer
Employee
3290
EMPLOYMENT TERMINATION AGREEMENT
BETWEEN:
.........................................................................................................................
!
1
.........................................................................................................................
..........................................................................................................................
(hereinafter referred to as the “Employer”)
AND:
.........................................................................................................................
!
2
.........................................................................................................................
.........................................................................................................................
(hereinafter referred to as the “Employee”)
(the Employer and the Employee hereinafter collectively referred to as the
“Parties”)
PREAMBLE
WHEREAS the Employer has decided to terminate its employment relationship with the
Employee;
OR
WHEREAS the Employee has decided to terminate its employment relationship with the
Employer;
WHEREAS the Parties wish to settle the terms and conditions of the Employee’s termination and
departure;
WHEREAS the Parties wish to avoid any litigation resulting from their employment relationship
or from the events having occurred in the course of this relationship;
WHEREAS the Parties wish to evidence their agreement in writing;
WHEREAS the Parties are duly authorized and have the capacity to enter into and perform this
Agreement;
NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1.00
PREAMBLE
The preamble hereto shall form an integral part hereof.
2.00
OBJECT
2.01
Termination
The Parties agree that pursuant to the Employer’s (or: the Employee’s) request, the
Employee, who holds (or: held) the position of ....................., will cease his employment.
Employer
Employee
3290
- 2 -
2.02
Date of Termination
The Employee shall terminate (or: has terminated) his employment as of the
............................. (hereafter called the "Termination Date").
!
3
2.03
Notice
The Employee acknowledges having received a ........... (.....) weeks written notice from
the Employer prior to the Termination Date, as required by law.
OR
The Employer acknowledges having received a ........... (.....) week written notice from the
Employee prior to the Termination Date, as required by law.
OR
The Employee acknowledges having received from the Employer a sum of ............
dollars ($.......) representing ............... (......) weeks of salary, minus statutory payroll
taxes. This amount is in lieu of any termination notice and of any departure indemnity
which may be applicable to this matter.
!
4
2.04
Amounts Owing to the Employee
The Employee acknowledges having received from the Employer all amounts that may
have been owed to him, after deduction of statutory payroll taxes. More specifically, but
without limitation, the Employee acknowledges having received the following amounts
(specify for each item):
a) salary:
......................... dollars ($..............)
b) commissions:
......................... dollars ($..............)
c) performance bonus:
......................... dollars ($..............)
d) profit sharing plan:
......................... dollars ($..............)
e) accumulated vacations days:
......................... dollars ($..............)
f) accumulated sick days:
......................... dollars ($..............)
g) accumulated holidays:
......................... dollars ($..............)
h) reimbursement of expenses:
......................... dollars ($..............)
i)
automobile allowance:
......................... dollars ($..............)
j)
.....................................:
..........................dollars ($..............)
2.05
Amounts Owing to the Employer
The Employer acknowledges having received from the Employee all amounts that may
have been owed to him.
More specifically, but without limitation, the Employer
acknowledges having received the following amounts (specify for each item):
a) loan:
........................... dollars ($..............)
b) exceeding advances on salary or commissions: ........................... dollars ($..............)
c) petty cash loan:
........................... dollars ($..............)
d) merchandise purchased from the Employer:
........................... dollars ($..............)
e) Employer’s credit card (personal purchases):
........................... dollars ($..............)
f) .................................:
........................... dollars ($..............)
2.06
Pension Plan
Amounts currently accumulated in the Employee’s pension plan are ...............dollars
($......). Within a maximum delay of .......... (......) days from the date of signing of this
Agreement, this amount shall be transferred to ....................., following the Employee’s
request.
Employer
Employee
3290

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