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SEVERANCE AGREEMENT



This Severance Agreement (the Agreement) is made and effective [DATE],


BETWEEN:  [EMPLOYEE NAME] (the "Employee"), an individual with his main address at:

  [COMPLETE ADDRESS] 


AND:  [YOUR COMPANY NAME] (the "Employer"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

  [YOUR COMPLETE ADDRESS]


Whereas Employee is presently employed by Employer. Both parties are interested in an amicable severance of their employer/employee relationship.


We therefore make the following agreement:

In consideration of Employee signing of this agreement and the attached letter of resignation, [HIS OR HER] employment will voluntarily end effective [DATE], Employer agrees to pay [AMOUNT] to Employee on signing this agreement and the letter of resignation and delivering those funds to Employee by [DATE AND TIME].

The payment made under to Paragraph 1 will be subject to normal withholding for applicable taxes.

Employee agrees not to discuss the terms of this agreement with anyone except [HIS OR HER] legal and financial counsel. Employee violation of this part of the agreement will require the forfeiture of all monies paid to [HIM OR HER] by [YOUR COMPANY NAME].

Employee agrees to return to Employer any company property, documents or copies of company documents or other confidential information presently in [HIS OR HER] possession. Employee understands that the failure to do so could result in prosecution.

Employee agrees to pay any and all of Employer attorney fees should [HIS OR HER] actions lead Employer to enforce any provisions of this agreement.

None of the terms or conditions of this agreement will be altered, amended, waived, or abandoned, except by the parties written agreement, and no delay by Employer in enforcing any of its rights will be deemed a waiver of such rights.

This Agreement sets forth the parties entire understanding, and supersedes any and all prior agreements, arrangements and understandings relating to this subject matter.

Nothing contained in this Agreement will be construed as an admission of liability by Employer, all such liability being hereby specifically denied.

This Agreement will be executed in one or more counterparts, and all such counterparts will constitute one and the same instrument.

This Agreement is entered into under the laws of the [State/Province] of [STATE/PROVINCE] and the rights and obligations of these parties will be governed and determined according to its laws.

Employee specifically acknowledges that [HE OR SHE] has had adequate time to reflect on the advisability of this action, has read this document, and has entered into this Agreement voluntarily.


These parties have executed this agreement and/or authorized same to be executed by their duly authorized representatives as of the date shown below the respective signatures. This Agreement becomes effective as of the later date.


EMPLOYEE            COMPANY



                          
Authorized Signature  Authorized Signature

                          
Print Name and Title          Print Name and Title


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