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What is a Separation And General Release Agreement? A separation and general release agreement is a legal agreement between a company and typically an executive that outlines the terms and conditions of the company and executive terminating their employment agreement.A separation agreement and general release is an employment agreement that allows a company and an employee to go their separate ways. A separation and release agreement is a contract between a company and a departing worker, usually an employee. This Separation Agreement and General Release addresses the terms of an employee's separation from employment, and a release of claims against the employer. A severance agreement is a contract that an employer may ask an employee to sign when they are terminated from a job. This is an Agreement between an employer and an employee whose employment is being terminated. (10) In executing this Settlement Agreement and General Release, Employee agrees not to seek reemployment with Employer for six (6) months following Employee's. If Employee revokes this. Agreement during the revocation period, however, he or she will not receive the consideration set forth above. 2.