Employment and HRAgreement
Severance agreement template
End an employment relationship on agreed terms: the final day, what is paid and when, what happens to benefits and equipment, and the release of claims, with time for the employee to take advice.
Opens in the Salsox editor with 7 signing fields already placed for Employer and Employee. Add their emails and send. The free plan sends 3 documents a month.
Who signs
- Employer (you)
- Employee
Preview
Severance Agreement
This agreement is made on 24 October 2026 between Cobalt Freight Inc., of 400 Lakeshore Boulevard, Chicago, IL 60611, USA (the "Employer"), and James Whitfield (the "Employee"), employed as Operations Analyst.
1. End of employment
The Employee's employment ends on 15 November 2026 (the "Separation Date").
2. Final pay
Whether or not the Employee signs this agreement, the Employer will pay salary to the separation date and 6 days of accrued, unused vacation, less required deductions, on the next regular payday after the Separation Date.
3. Severance
If the Employee signs this agreement and does not revoke it, the Employer will pay USD 18,000, equal to 12 weeks of base salary, less required deductions, in one lump sum on the first regular payday after the release takes effect. In addition, the employer pays the employer share of health insurance premiums for three months after the separation date.
4. Company property
By the Separation Date the Employee will return all company property, including laptop, phone, access card and any company documents or files, and will not keep copies of company information.
5. Reference
On request, the Employer will provide a written reference confirming dates of employment, job title and that the employee left by mutual agreement.
6. Release of claims
In exchange for the severance in section 3, the Employee releases the Employer, its affiliates and their employees from all claims arising from the employment or its ending, up to the date the Employee signs, to the fullest extent the law allows.
7. What is not released
This agreement does not release claims that cannot be waived by law, rights to vested retirement or pension benefits, rights under this agreement, or claims arising after signing. Nothing in it prevents the Employee from reporting possible violations of law to, or cooperating with, any government agency or regulator.
8. Non-disparagement
The Employee will not make false or disparaging statements about the Employer. The Employer will instruct its senior managers not to make disparaging statements about the Employee.
9. Time to consider and revoke
The Employee has 21 days to consider this agreement and is advised to consult a lawyer before signing. After signing, the Employee may revoke it within 7 days by written notice to the Employer; the release takes effect only once that period ends without revocation.
10. General
This agreement is the whole agreement about the ending of the employment and is governed by the law of the State of Illinois, USA.
Employee initials: Initials · Employee
Signatures
For the Employer: Signature · Employer Date: Date · Employer Name: Name · Employer
Employee: Signature · Employee Date: Date · Employee Name: Name · Employee
These templates are general starting points, not legal advice. Laws differ between countries and states: check that a template suits your situation, or ask a lawyer, before you rely on it.
About the Severance agreement template
A severance agreement sets the terms on which employment ends: the final day, what the employee is paid beyond their final wages, and, usually, the employee's agreement not to bring legal claims about the employment in exchange for that extra pay. It gives both sides certainty, and done well, it lets people part on decent terms.
This template separates what the employee is owed anyway, final pay and accrued holiday, from the severance that is conditional on signing. It covers benefits, return of property, an agreed reference and a mutual promise not to disparage, and it lists the claims that cannot be released by law, such as rights to vested pension benefits or to report wrongdoing to a regulator.
Many laws protect employees signing a release. Some require a period to consider the agreement, a period to revoke it after signing, or independent legal advice before the release is valid. The consideration and revocation periods here follow a common US standard for older workers; adjust them, and anything else, to the law where the employee works.
- Signers
- 2
- Signing fields placed
- 7
- Details to fill in
- 15
How to use this template
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Used in
Questions
Does an employer have to offer severance?
It depends on the country and the contract. Some laws require severance or notice pay on dismissal; elsewhere it is a matter of contract or policy. This agreement records whatever has been agreed.
Why does the employee get time to consider it?
Some laws require it before a release of claims is valid, and it is fair practice everywhere. The employee may sign sooner if they choose.
Can the employee still report illegal conduct?
Yes. Section 7 makes clear the agreement does not stop the employee from reporting to a government agency or regulator, which most laws protect regardless of what an agreement says.
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