THIS SEVERANCE AGREEMENT is made on the day of 08 September 2024

BETWEEN

(1)               PARTY_1_NAME of PARTY_1_ADDRESS_SINGLE_LINE ("Employee") and

(2)               PARTY_2_NAME of PARTY_2_ADDRESS_SINGLE_LINE ("Company")

 

WHEREAS 

(A) The Employee was employed by the Company pursuant to the employment contract dated EMPLOYEMENT_DATE (the "Employment Agreement")

(B) The Employer and Employee amicably agreed to terminate their employer/employee relationship. 

 THE PARTIES HAVE AGREED AS FOLLOWS:-

1. In consideration of the promises and covenants made in this Agreement, the Company shall pay the sum of CURRENCY SEVERANCE_AMOUNT ("Severance Amount") as severance benefit to the Employee. Employee understands and agrees that the Severance Amount will not be due or made if the Employee revokes this Agreement during the period set out in clause 9 of the Agreement.  

2. Except for this Severance Amount, the Employee acknowledges and agrees that he is entitled to receive no other payments, benefits, or compensation from the Company. Employee represents that there are no outstanding advances or other sums due to the Company from the Employee. However, the Employee understands and agrees that the Severance Amount shall be subject to appropriate tax deductions in accordance with the applicable laws.    

3. The Company shall deliver a lawyers’ cheque or cashiers’ order in the amount of CURRENCYSEVERANCE_AMOUNT to the Employee by PAYMENT_DATE . 

4.  The Employee acknowledges that the Severance Amount is a valuable consideration to which they would not be entitled except that they have consented to the terms of this Agreement, including the release of claims as described in this Agreement.

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