Kings New York Mutual Release Agreement between Corporate Employer and Executive upon Termination of Employment

• Category: Employment - Termination
• State: Multi-State
• County: Kings
• Control #: US-13349BG
• Format: Word; Rich Text

Description

This form is a sample of a mutual release agreement between a corporate employer and an executive of the employer upon the termination of the employment of the executive. A Kings New York Mutual Release Agreement is a legally binding contract that outlines the terms and conditions agreed upon between a corporate employer and an executive upon termination of employment. This agreement aims to establish a mutually beneficial separation arrangement for both parties involved. One type of Kings New York Mutual Release Agreement that commonly arises is the Severance Agreement. A severance agreement is created when an executive is terminated involuntarily or due to a redundancy, providing them with a package that includes financial compensation, continuation of benefits, or the allowance for the use of company resources like outplacement services and office space. Another variation is the Retirement Agreement, which is specifically designed for executives who voluntarily retire from their position. This agreement outlines the terms of the executive's retirement, including the financial benefits, continuation of certain benefits, and any other negotiated terms agreed upon by both parties. Key elements often found in a Kings New York Mutual Release Agreement include: 1. Termination Date: This specifies the exact date when the executive's employment will officially end and when the agreement comes into effect. 2. Consideration: The mutual release agreement typically provides a financial consideration, whereby the executive receives a lump sum payment or a series of payments in exchange for waiving any rights to bring legal action against the employer. 3. Release of Claims: This section signifies that both parties agree to release each other from any potential claims, losses, or damages arising from the executive's employment or its termination. It serves to mitigate the risk of future legal disputes. 4. Confidentiality: This clause ensures that the executive maintains strict confidentiality regarding any sensitive or proprietary information obtained during their employment. It may also prohibit the executive from discussing the details of the termination arrangement with anyone except legal advisors or immediate family members. 5. Non-Compete/Non-Solicitation: If applicable, this provision restricts the executive from engaging in similar business activities, directly competing with the former employer, or poaching employees or clients for a specified period of time and within a specific geographic location. 6. Governing Law and Jurisdiction: This section states that the agreement is governed by the laws of New York and any legal disputes arising from the agreement will be resolved within the jurisdiction of New York courts. It is essential for both parties to review and fully understand the terms and conditions of a Kings New York Mutual Release Agreement before signing it. Seeking legal advice is highly recommended ensuring that the agreement serves the best interests of both the corporate employer and the executive.

A Kings New York Mutual Release Agreement is a legally binding contract that outlines the terms and conditions agreed upon between a corporate employer and an executive upon termination of employment. This agreement aims to establish a mutually beneficial separation arrangement for both parties involved. One type of Kings New York Mutual Release Agreement that commonly arises is the Severance Agreement. A severance agreement is created when an executive is terminated involuntarily or due to a redundancy, providing them with a package that includes financial compensation, continuation of benefits, or the allowance for the use of company resources like outplacement services and office space. Another variation is the Retirement Agreement, which is specifically designed for executives who voluntarily retire from their position. This agreement outlines the terms of the executive's retirement, including the financial benefits, continuation of certain benefits, and any other negotiated terms agreed upon by both parties. Key elements often found in a Kings New York Mutual Release Agreement include: 1. Termination Date: This specifies the exact date when the executive's employment will officially end and when the agreement comes into effect. 2. Consideration: The mutual release agreement typically provides a financial consideration, whereby the executive receives a lump sum payment or a series of payments in exchange for waiving any rights to bring legal action against the employer. 3. Release of Claims: This section signifies that both parties agree to release each other from any potential claims, losses, or damages arising from the executive's employment or its termination. It serves to mitigate the risk of future legal disputes. 4. Confidentiality: This clause ensures that the executive maintains strict confidentiality regarding any sensitive or proprietary information obtained during their employment. It may also prohibit the executive from discussing the details of the termination arrangement with anyone except legal advisors or immediate family members. 5. Non-Compete/Non-Solicitation: If applicable, this provision restricts the executive from engaging in similar business activities, directly competing with the former employer, or poaching employees or clients for a specified period of time and within a specific geographic location. 6. Governing Law and Jurisdiction: This section states that the agreement is governed by the laws of New York and any legal disputes arising from the agreement will be resolved within the jurisdiction of New York courts. It is essential for both parties to review and fully understand the terms and conditions of a Kings New York Mutual Release Agreement before signing it. Seeking legal advice is highly recommended ensuring that the agreement serves the best interests of both the corporate employer and the executive.