Add page in the Severance Agreement

Aug 6th, 2022
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How to add page in the Severance Agreement

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[Music] hi im matt lockaby im the managing partner of lockaby pllc here in lexington kentucky we represent employees and employers in nearly every aspect of labor and employment and workplace law for employees we review and evaluate all types of employment-related contracts like employment agreements themselves non-compete and non-solicitation agreements as well as severance and separation agreements which is what were going to talk about today now what is a severance or separation agreement its just a document that governs the separation of employment between an employee and his or her employer separation may come about because of the employers termination of an employee it may be the result of a mutual parting of ways between them and of course it could also be the result of a corporate reorganization or a group layoff or reduction in force perhaps a plant closure but in a garden variety severance agreement the employer will offer a benefit usually in the form of wages to which

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A severance agreement is a contract between an employer and an employee that contains rules and guidelines for when an employee is terminated. A severance agreement template should include details like how much pay the employee will be entitled to after termination, when benefits will be discontinued, etc.
Updated July 28, 2023. Severance agreements are legal documents that lay out the conditions of termination. Although the content of these documents varies, they usually explain the conditions that the employer and employee must meet and describe any remuneration to be provided.
Elements of a severance package that might be up for negotiation: Amount of severance pay. How severance is paid (installments or lump sum) Coverage of healthcare plan costs. Exact date of termination. Vesting in a retirement plan or stock options. Outplacement or job-training services.
For example, entry-level employees might be given one week of pay per year worked, while senior-level employees might be offered a month of pay for every year of service. Mid-level employees might expect two to three weeks, while CEOs and other C-suite employees may expect even more compensation.
If an employer offers severance to two or more employees who are 40 years of age or older as part of a group layoff or reduction in force, the employer must provide the employees with an OWBPA disclosure.
Some employers choose to offer severance pay to employees who are terminated, either involuntarily or voluntarily. The primary reasons for offering a severance package are to soften the blow of an involuntary termination and to avoid future lawsuits by having the employee sign a release in exchange for the severance.
Fraud, misrepresentation, duress, or unconscionability are common defenses you can use if you want to void a severance agreement that you already signed.

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