An executive severance agreement is one that is entered into between an executive cadre employee and the management of the company. A severance pay is one which is paid to the executive when the executive employee quits from employment. The severance agreement provides for all the conditions under which the executive employee will be paid the benefits as agreed upon at the time of joining employment. The payment of severance amount will commence from the month subsequent to the termination from the job without any reasonable cause specified by the management. The severance package acts as a financial backup for the executive when job is terminated suddenly.
Some of the points that are included in an executive severance package are name of the executive, salary payable on termination, bonus payable on termination, date of termination, executive’s annual base salary, period for payment of severance package, general release and waiver clause as agreed upon by the executive, payment of severance in the form of stock options if agreed by executive employee etc.
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