Severance & Release Agreement (ADEA / OWBPA Compliant)

# Severance & Release Agreement This Severance & Release Agreement (the "Agreement") is entered into as of ___________ by and between ___________ (the "Company") and ___________ (the "Employee"). Employee's date of birth is ___________. The Company and the Employee are referred to collectively as the "Parties" and individually as a "Party." ## 1. Separation Employee's employment with the Company ended, or will end, effective ___________ (the "Separation Date"). As of the Separation Date, Employee ceased to hold any position, office, or directorship with the Company and any affiliated entity. On or before the Separation Date, Employee shall return to the Company all property belonging to the Company, including but not limited to keys, access cards, equipment, computers, mobile devices, documents, records, files, and all copies thereof, and shall not retain any Company property or confidential information in any form. ## 2. Severance Benefits In consideration of the promises and releases set forth in this Agreement, and conditioned on this Agreement becoming effective and irrevocable as described in Section 5, the Company agrees to provide the following severance benefits, to which Employee would not otherwise be entitled: (a) **Severance Pay.** The Company will pay Employee a gross severance amount of ___________, less all applicable withholdings and deductions, paid over a period of ___________ in accordance with the Company's regular payroll practices, commencing on the first regular payroll date following the effective date of this Agreement. (b) **Continued Benefits.** ___________, on the terms communicated separately by the Company and subject to the terms of the applicable benefit plans and governing law. (c) **Equity Treatment.** ___________ Employee acknowledges that the severance benefits described in this Section constitute good and valuable consideration for the release and other promises made by Employee in this Agreement. ## 3. General Release of Claims In exchange for the severance benefits described above, Employee, on behalf of Employee and Employee's heirs, executors, administrators, successors, and assigns, hereby irrevocably and unconditionally releases, acquits, and forever discharges the Company and its parents, subsidiaries, affiliates, predecessors, successors, and assigns, and each of their respective officers, directors, employees, agents, attorneys, insurers, and benefit plans (collectively, the "Released Parties"), from any and all claims, demands, causes of action, damages, liabilities, and obligations of every kind and nature, whether known or unknown, suspected or unsuspected, that Employee now has, ever had, or may have arising out of or relating to any act, omission, event, or condition occurring or existing through the date Employee signs this Agreement. This release includes, but is not limited to, claims arising under: Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act (ADA); the Family and Medical Leave Act (FMLA); the Fair Labor Standards Act (FLSA); the National Labor Relations Act (NLRA); the Employee Retirement Income Security Act (ERISA); the **Age Discrimination in Employment Act (ADEA)**, including the Older Workers Benefit Protection Act (OWBPA); and any and all comparable state and local statutes, ordinances, and common law, including claims for wrongful termination, breach of contract, defamation, and emotional distress. **Waiver of Unknown Claims.** Employee expressly waives all rights and benefits afforded by Section 1542 of the Civil Code of the State of California, and any analogous law of any other jurisdiction. Section 1542 provides: > "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party." Employee understands and acknowledges the significance of this waiver and assumes the risk that claims may exist that Employee does not currently know or suspect. **Excluded Claims.** This release does not waive any claim that cannot be waived as a matter of law, including claims for unemployment or workers' compensation benefits, claims arising after the date Employee signs this Agreement, the right to file a charge with or participate in a proceeding before any government agency, or any vested benefits under a Company benefit plan. ## 4. ADEA Disclosures (OWBPA Compliance) **Employee specifically acknowledges and agrees as follows:** (a) By signing this Agreement, Employee is knowingly and voluntarily waiving and releasing any rights and claims Employee may have under the Age Discrimination in Employment Act (ADEA).