When an employee leaves a company, it is important to have an exit agreement in place. An exit agreement is a document that outlines the terms and conditions of the employee’s departure, including any severance pay, benefits, and other considerations. Having an exit agreement can help protect both the employee and the employer from legal disputes, and it can also help ensure a smooth transition.
If you are an employer, it is important to have an exit agreement template that you can use for different situations. A good exit agreement should be clear and concise, and it should cover all the important details. Here is a sample exit agreement that you can use as a starting point:
Exit Agreement Sample
This Exit Agreement (the “Agreement”) is made and entered into on [Date] by and between [Employer] (“Employer”) and [Employee] (“Employee”).
1. Resignation
Employee hereby resigns from his/her position as [Job Title] with Employer, effective as of [Date].
2. Severance Pay
Employer agrees to pay Employee [Severance Pay Amount] in severance pay, provided that Employee signs a release of claims in favor of Employer. The severance pay will be paid in [Number] installments over [Number] weeks, beginning on [Date].
3. Benefits
Employee’s benefits will continue in accordance with the terms of the benefit plans, policies, and programs of Employer, subject to the terms of this Agreement. Employee acknowledges that he/she is not entitled to any additional benefits beyond those provided by the benefit plans, policies, and programs of Employer.
4. Non-Disparagement
Employee agrees not to make any disparaging comments or statements about Employer, its officers, directors, employees, products, or services, whether oral or written.
5. Cooperation
Employee agrees to cooperate fully with Employer in the transition of his/her job responsibilities, including but not limited to training and hand-over of duties and responsibilities, and in any legal matters related to his/her employment with Employer.
6. Confidentiality
Employee agrees to preserve the confidentiality of all confidential and proprietary information of Employer, and not to disclose such information to any third party without the prior written consent of Employer.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the state of [State].
8. Entire Agreement
This Agreement represents the entire agreement between the parties and supersedes all prior negotiations, understandings, and agreements, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
Employer: _____________________________
[Employer Name]
[Title]
Employee: _____________________________
[Employee Name]
[Title]
Please note that this exit agreement sample is for informational purposes only and should not be considered legal advice. You should consult with a qualified attorney before using this or any other legal document.