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Severance Agreement

This Agreement maximizes Shareholder Entrepreneur Employee benefits and salary in assuming new management responsibilities as a secondary officer.

Severance Agreement
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This is the form you need if you are an Employer and you want to remove the original founding shareholder from the Chief Executive Officer (or President) position so you can bring in new management.
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Form Overview
The Employer Severance Agreement structures the terms for transitioning an original founding shareholder entrepreneur to new management responsibilities in the technology enterprise. The agreement documents the resignation of the employee as President and Chief Executive Officer of the corporation. The arrangement includes a transition term of sixty days during which the employee continues to receive full salary and benefits. The employer also agrees to conduct good faith negotiations with the employee during the transition term concerning a new position in the organization. The severance arrangement includes severance pay and redemption of stock held by the employee at a negotiated price and buy-out period. The agreement documents extensive intellectual property rights for the employer as well as employee noncompete, employee pirating and indemnification obligations. You can find answers to your questions using our extensive library of audio questions and answers
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