Severance Agreement
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Severance Agreement Information
What
is a Severance Agreement?
A severance
agreement is a contract between the employer and the executive.
The employer promises to give the executive certain benefits. These may
include money (in forms such as a lump sum payment, salary continuation
or payment of continued healthcare (COBRA) premiums), outplacement services
and a good letter of reference.
In exchange, the executive gives the employer a release of any legal claims
the executive may have, including claims for disputed wages or bonuses,
wrongful discharge and discrimination.
For a severance agreement to be enforceable, the employer must give the
executive something more than what he/she is already due. It is not sufficient,
for example, for an employer to seek a release from an executive in exchange
for wages, salaries, commissions, bonuses and vacation pay that the executive
has already earned or accrued.
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