Corporate Executive Severance Agreement
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
This Corporate Executive Severance Agreement sets forth an executive's resignation from a company and the desire to render consulting services. It sets out the consultation services to be rendered and fees paid.
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This letter agreement sets forth the consulting services to be rendered, location of the services and fees paid for the consultation services. It also sets forth the benefits (such as health and life insurance) that the executive will continue to receive and how expenses for travel and entertainment will be reimbursed. It also specifies that consultant will now be considered an independent contractor and not a company employee.
This Corporate Executive Severance Agreement contains the following:
- Resignation: Acknowledges receipt of the individual's letter of resignation and its effective date;
- Consulting: Sets out that he or she will provide consulting services for the company and the time period and specific services to be provided;
- Fees: Specifies the amount paid for the consultations and that fees will be payable in equal biweekly installments;
- Independent Contractor: Consultant is considered as an independent contractor and not an employee of company;
- Confidential Information: Consultant acknowledges receipt of confidential information while employed with the company and that this information will not be disclosed or communicated to others;
- Restrictive Covenants: Restrictions under which the consultant agrees including consulting with other business competitors;
- Signatures: Both parties must sign this letter agreement.
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This attorney-prepared packet contains:
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- Corporate Executive Severance Agreement
Corporate Executive Severance Agreement
Product Details
| Product | Corporate Executive Severance Agreement |
| Country | United States |
| Pages | 8 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Severance & Termination Agreements |
| Product number | #43661 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
A Corporate Executive Severance Agreement is a legal document that outlines the terms under which an executive resigns from a company and agrees to provide consulting services. It details the services to be rendered, compensation, and other important terms.
This agreement is suitable for executives who are resigning from their positions but wish to continue working with the company in a consulting capacity. It is also beneficial for companies looking to retain valuable expertise during transitions.
Key components include the resignation acknowledgment, details of consulting services, payment terms, independent contractor status, confidentiality obligations, and any restrictive covenants that apply.
The agreement includes clauses that require the consultant to maintain confidentiality regarding any sensitive information obtained during their employment. This helps protect the company's proprietary information.
Yes, the agreement can be modified if both parties agree to the changes in writing. It's important to document any amendments to ensure clarity and legal enforceability.
If the consultant breaches the agreement, the company may seek legal remedies, which could include damages or an injunction to prevent further breaches. The specific consequences should be outlined in the agreement.
Yes, it is advisable for both parties to seek legal counsel before signing the agreement to ensure that their rights are protected and that they fully understand the terms.
The duration of the consulting relationship is typically specified in the agreement. It can vary based on the needs of the company and the agreement reached between the parties.
Is This Form Right For You?
Use This Form If:
- Individuals who have recently resigned from a corporate position may need this agreement to formalize their transition to a consulting role. This document ensures that both the executive and the company have a clear understanding of the terms of the consulting services and compensation involved.
- Situations requiring a structured exit strategy for executives often call for this severance agreement. It provides a framework for the executive to continue contributing to the company while protecting the company's interests through confidentiality and non-compete clauses.
- For those negotiating their departure from a company, this agreement serves as a critical tool to outline the terms of their severance and ongoing relationship with the employer. It helps in clarifying expectations regarding fees, services, and benefits that will continue post-resignation.
- Companies looking to retain the expertise of departing executives may utilize this agreement to secure consulting services. This ensures that valuable knowledge and skills remain accessible to the organization while also providing a smooth transition for the executive.
- Executives facing an amicable separation from their employer may find this agreement beneficial to formalize their consulting role. It helps in establishing the legal parameters of their new position, including payment structures and confidentiality obligations.
Do Not Use If:
- – This form is not appropriate for situations where the separation between the executive and the company is contentious. In such cases, a more comprehensive legal approach may be necessary to address disputes.
- – If the executive is being terminated for cause, this agreement may not be suitable. Termination for cause typically involves different legal considerations and may not allow for a consulting arrangement.
- – In circumstances where the executive does not wish to provide consulting services, this agreement would not be applicable. The document is specifically designed for those who intend to continue a relationship with the company.
- – For companies that do not wish to engage former executives as consultants, this agreement is unnecessary. It is intended for situations where the company values the executive's expertise and wants to retain it.
- – If the executive is moving to a direct competitor, this agreement may not be appropriate due to potential conflicts of interest and legal restrictions that could arise from sharing confidential information.
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