[{"data":1,"prerenderedAt":533},["ShallowReactive",2],{"document-retirement-agreement-D13035":3},{"document":4,"label":21,"preview":11,"thumb":22,"thumb600":23,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":24,"breadcrumb":28,"related":34,"customDescModule":176,"customdescription":6,"mdFm":177,"mdProseHtml":532},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"RETIREMENT AGREEMENT This Retirement Agreement (hereinafter referred to as the \"Agreement\") is entered into effective [DATE], BETWEEN: [NAME OF THE EMPLOYER] (the \"Employer\"), a Company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its office located at: [YOUR COMPLETE ADDRESS] AND: [NAME OF THE EMPLOYEE] (the \"Employee \"), having place of residence at: [COMPLETE ADDRESS] WHEREAS, the Employee has been employed by the Company in various capacities and is currently holding the position of [JOB TITLE]; WHEREAS, the Parties acknowledge it is in their individual and mutual best interests for the Employee to retire as an employee of the Company effective [RETIREMENT DATE]; WHEREAS, the Parties wish to define the terms and conditions of the Employee's retirement and separation from employment with the Company; NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the undersigned Parties, intending to be legally bound, hereby agree as follows: RETIREMENT The Employee agrees to retire from, and thereby terminate, his employment with the Company effective [RETIREMENT DATE]. On the Retirement Date, the Employee's employment with the Company and all further compensation, remuneration, and eligibility of the Employee under Company benefit plans shall terminate, except as otherwise provided in this Agreement or by applicable law. EMPLOYMENT PRIOR TO RETIREMENT DATE Until the Retirement Date, the Employee shall continue to be employed by the Company in the position of [JOB TITLE] and shall continue to receive base salary payments totaling [SALARY AMOUNT] per [SALARY PERIOD], along with all current employment benefits. Any retroactive payment in connection with the adjustment of base salary shall be paid to the Employee on or before [PAYMENT DATE]. SEVERANCE BENEFITS FOLLOWING RETIREMENT DATE For the [NUMBER]-year period commencing on the Retirement Date, the Company will pay to the Employee, in normal payroll installments, a total sum equal to [NUMBER] years of his base salary immediately prior to the Retirement Date. The Company further agrees to reimburse the Employee's cost of continuing medical and dental insurance benefits for the Employee and the Employee's eligible dependents, if any, under the relevant laws of [COUNTRY]. NO MITIGATION None of the foregoing benefits will: (a) be subject to any mitigation obligation on the Employee's part; or (b) be terminated or diminished if the Employee should accept other employment prior to [RETIREMENT DATE], otherwise in accordance with this Agreement. EMPLOYEE COVENANTS Unauthorized Disclosure. The Employee shall not, during his employment with the Company and thereafter, make any Unauthorized Disclosure. For purposes of this Agreement, \"Unauthorized Disclosure\" shall mean disclosure by the Employee without the prior written consent of the Company to any person, other than an employee of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Employee of duties as an employee or as may be legally required, of any confidential information with respect to any of the Company's customers, products, methods of distribution, strategies, business and marketing plans, business policies and practices, litigation strategies or defenses, and plans for new business concepts; provided, however, that such term shall not include the use or disclosure by the Employee, without consent, of any information known generally to the public. This confidentiality covenant has no temporal, geographical, or territorial restriction. Non-Solicitation. During the No-Raid Period described below, the Employee shall not, either directly or indirectly, alone, or in conjunction with another party, intentionally interfere with or harm, or intentionally attempt to interfere with or harm, the relationship of the Company, its subsidiaries and/or affiliates, with any person who at any time was an employee, customer or supplier of the Company, its subsidiaries and/or affiliates or otherwise had a business relationship with the Company, its subsidiaries and/or affiliates, nor shall the Employee knowingly hire or cause to be hired any person who is employed by the Company. The \"No-Raid Period\" means the one year period following the Retirement Date. Non-Competition. During the one (1) year period following the Retirement Date, the Employee shall not, directly or indirectly, without the prior written consent of the Company, own, manage, operate, join, control, be employed by, consult with or participate in the ownership, management, operation or control of, or be connected with (as a stockholder, partner, or otherwise), any business, individual, partner, firm, corporation, or other entity that competes, directly or indirectly, with the Company or any division, subsidiary or affiliate of the Company (\"Competing Entity\"). Remedies. The Employee agrees that any breach of the terms of this Agreement would result in irreparable injury and damage to the Company, for which the Company would have no adequate remedy at law. In the event of the Employee violating any terms of this Agreement, the Company shall be entitled to immediately cease further payments to the Employee under this Agreement. The Employee and the Company further agree that the provisions of the covenants not to compete and solicit are reasonable and that the Company would not have entered into this Agreement but for the inclusion of such covenants herein. Should a court or arbitrator determine, however, that any provision of the covenants is unreasonable, either in a period of time, geographical area, or otherwise, the Parties hereto agree that the covenant should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable. COOPERATION, NON-DISPARAGEMENT AND INDEMNITY Neither the Employee nor the officers of the Company shall state or otherwise publish anything about the other Party which would adversely affect the reputation, image, or business relationships and goodwill of the other Party in its or his market and community at large. The Employee shall fully cooperate with the Company in defense of legal claims asserted against the Company and other matters requiring the testimony or input and knowledge of the Employee, and the Company agrees to reimburse the Employee for reasonable costs and expenses incurred as a result thereof. The Company agrees to indemnify the Employee for liabilities and costs incurred by the Employee by reason of his employment with the Company, on the same basis as it does in similar circumstances with other employees. 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Both parties are interested in an amicable severance of their employer/employee relationship. We therefore make the following agreement: In consideration of Employee signing of this agreement and the attached letter of resignation, [his or her] employment will voluntarily end effective [date], Employer agrees to pay [Amount] to Employee on signing this agreement and the letter of resignation and delivering those funds to Employee by [Date and time]. The payment made under to Paragraph 1 will be subject to normal withholding for applicable taxes. Employee agrees not to discuss the terms of this agreement with anyone except [his or her] legal and financial counsel. Employee violation of this part of the agreement will require the forfeiture of all monies paid to [him or her] by [YOUR COMPANY NAME]. Employee agrees to return to Employer any company property, documents or copies of company documents or other confidential information presently in [his or her] possession. Employee understands that the failure to do so could result in prosecution.","Severance Agreement","2",34,"https://templates.business-in-a-box.com/imgs/1000px/severance-agreement-D525.png","https://templates.business-in-a-box.com/imgs/250px/525.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#525.xml",{"title":6,"description":6},[93,96],{"label":94,"url":95},"Human Resources","human-resources",{"label":97,"url":98},"Employee Termination","employee-termination","severance agreement","/template/severance-agreement-D525",{"description":102,"descriptionCustom":6,"label":103,"pages":104,"size":9,"extension":10,"preview":105,"thumb":106,"svgFrame":107,"seoMetadata":108,"parents":110,"keywords":109,"url":114},"SEPARATION AGREEMENT This Separation Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [PARTNER A FULL NAME], (\"Partner A\") an individual with their main address located at: [YOUR COMPLETE ADDRESS] AND: [PARTNER B FULL NAME], (\"Partner B\") an individual with their main address located at: [YOUR COMPLETE ADDRESS] Collectively, Partner A and Partner B shall be referred to as the \"Parties.\" WHEREAS, the Parties are partners in a partnership for the purpose of [SPECIFY THE PURPOSE OF BUSINESS] and entered into a written agreement dated [DATE]. WHEREAS, Partner A (the \"SEPARATING PARTNER\") desires and has agreed upon a separation from the partnership and is entering into this Separation Agreement with Partner B in order to effectuate the same. WHEREAS, Partner B shall manage the affairs of the Business solely after the effective date of this Agreement. NOW, THEREFORE, the Parties hereby agree as follows: SEPARATION Partner A shall separate himself from the partnership, effective on [DATE] and thereafter promptly halt involvement in the affairs of the Business, and incur no further obligations on behalf of the Business after the effective date of this Agreement. Partner B shall manage the affairs of the Business solely after the effective date of this Agreement. The Parties shall mutually determine the extent and whereabouts of all partnership assets, inventory, liabilities, debts and tax obligations. Accounting. A statement of account shall be prepared which will include a list of all the inventories, assets, liabilities and debts, and such statement of account shall be treated as a matter of record and the Parties may access the said statement when necessary or desired. On completion of the accounting, the Separating Partner shall pay his share of liabilities, debts, taxes and other pending expenditures, if any. After the obligation of the Separating Partner to pay the liabilities is fulfilled, the remaining amount shall be distributed in the proportion of the contribution of the Separating Partner towards the capital of the Business. In such division, any amounts paid earlier or due to the Separating Partner according to the books of the partnership shall be taken into account. RELEASE AND INDEMNIFICATION Partner B releases Partner A from any and all known claims, actions and demands arising as a result of the Business. This release does not prevent a Party from bringing suit under this Separation Agreement, should this Agreement not be fulfilled according to the rules set forth. The Parties agree to indemnify the other Party from claims, damages, or obligations of any kind with regard to their duties in distribution of assets and liabilities, unless the claims or losses come as a result of a Party's breach of contract, unethical behavior, and/or grossly negligent actions. CONFIDENTIALITY The Separating Partner agrees to hold the provisions of this Agreement in strictest confidence and agrees not to publicize or disclose any confidential or proprietary information of the other Party or the Business, its subsidiaries or affiliated entities and not to solicit the Business's employees, and, to the extent permitted by applicable law, not to solicit the Business's customers. NON-DISPARAGEMENT ","Separation Agreement","4","https://templates.business-in-a-box.com/imgs/1000px/separation-agreement-D13184.png","https://templates.business-in-a-box.com/imgs/250px/13184.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13184.xml",{"title":109,"description":6},"separation agreement",[111,113],{"label":18,"url":112},"business-legal-agreements",{"label":18,"url":112},"/template/separation-agreement-D13184",{"description":116,"descriptionCustom":6,"label":117,"pages":118,"size":9,"extension":10,"preview":119,"thumb":120,"svgFrame":121,"seoMetadata":122,"parents":124,"keywords":129,"url":130},"CONSULTING AGREEMENT This Consulting Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [CONSULTANT NAME] (the \"Consultant\"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] In the event of a conflict in the provisions of any attachments hereto and the provisions set forth in this Agreement, the provisions of such attachments shall govern. In consideration of the foregoing and of the mutual promises set forth herein, and intending to be legally bound, the parties hereto agree as follows: RECITALS Consultant has expertise in the area of the Company's business and is willing to provide consulting services to the Company. The Company is willing to engage Consultant as an independent contractor, and not as an employee, on the terms and conditions set forth herein. The Company desires to obtain the services of Consultant by means of services provided by Consultant's employees dispatched by Consultant to provide services to Company hereunder (\"Agents\"), on its own behalf and on behalf of all existing and future Affiliated Companies (defined as any corporation or other business entity or entities that directly or indirectly controls, is controlled by, or is under common control with the Company), and Consultant desires to provide consulting services to the Company upon the following terms and conditions. The Company has spent significant time, effort, and money to develop certain Proprietary Information (as defined below), which the Company considers vital to its business and goodwill. The Proprietary Information will necessarily be communicated to or acquired by Consultant and its Agents in the course of providing consulting services to the Company, and the Company desires to obtain the services of Consultant, only if, in doing so, it can protect its Proprietary Information and goodwill. SERVICES Consultant agrees to perform for Company the services listed in the Scope of Services section in Exhibit A, attached hereto and executed by both Company and Consultant. Such services are hereinafter referred to as \"Services.\" Company agrees that consultant shall have ready access to Company's staff and resources as necessary to perform the Consultant's services provided for by this contract. CONSULTING PERIOD Basic Term The Company hereby retains the Consultant and Consultant agrees to render to the Company those services described in Exhibit A for the period (the \"Consulting Period\") commencing on the date of this Agreement and ending upon the earlier of (i) [APPLICABLE DATE], (the \"Term Date\"), and (ii) the date the Consulting Period is terminated in accordance with Section 7. The Company shall pay the Consultant the compensation to which it is entitled under Section 5 through the end of the Consulting Period, and, thereafter, the Company's obligations hereunder shall end. Renewal Subject to Section 7, the Consulting Period will be automatically renewed for an additional [AGREED UPON NUMBER OF MONTHS] month period (without any action by either party) on the Term Date and on each anniversary thereof, unless one party gives to the other written notice [NUMBER] days in advance of the beginning of any [AGREED UPON NUMBER OF MONTHS] month renewal period that the Consulting Period is to be terminated, provided, that in no event shall the Consulting Period extend beyond [DEADLINE DATE]. Either party's right to terminate the Consulting Period, instead of renewing the Agreement, shall be with or without cause. DUTIES AND RESPONSIBILITIES Consultant hereby agrees to provide and perform for the Company those services set forth on Exhibit A attached hereto. Consultant shall devote its best efforts to the performance of the services and to such other services as may be reasonably requested by the Company and hereby agrees to devote, unless otherwise requested in writing by the Company, (a minimum of at least [AGREED UPON NUMBER OF HOURS] hours of service per week/or assign [AGREED UPON NUMBER OF INDIVIDUALS] individuals to provide services to the Company). Consultant shall use its best efforts to furnish competent Agents possessing a sufficient working knowledge of the Company's research, development and products to fulfill Consultant's obligations hereunder. Any Agent of Consultant who, in the sole opinion of the Company, is unable to adequately perform any services hereunder shall be replaced by Consultant within [AGREED UPON NUMBER OF DAYS] days after receipt of notice from the Company of its desire to have such Agent replaced. Consultant shall use its best efforts to comply with, and to ensure that each of its Agents comply with, all policies and practices regarding the use of facilities at which services are to be perform hereunder. Consultant agrees and shall cause each of its Agents to agree to the Acknowledgement and Inventions Assignment attached hereto as Exhibit B, and Consultant shall deliver a signed original of such Acknowledgement and Inventions Assignment to Company prior to such Agent's commencement of the provision of services for the Company. Consultant shall obtain for the benefit of the Company, as an intended third-party beneficiary thereof, prior to the performance of any services hereunder by any of the Agents, the written agreement of Agent to be bound by terms no less restrictive than the terms of Sections 2, 5, 6, and 7 of this Agreement. Personnel supplied by Consultant to provide services to Company under this Agreement will be deemed Consultant's employees or agents and will not for any purpose be considered employees or agents of Company. Consultant assumes full responsibility for the actions of such personnel while performing services pursuant to this Agreement, and shall be solely responsible for their supervision, daily direction and control, provision of employment benefits (if any) and payment of salary (including all required withholding of taxes). COMPENSATION, BENEFITS AND EXPENSES Compensation In consideration of the services to be rendered hereunder, including, without limitation, services to any Affiliated Company, Consultant shall be paid [AMOUNT], payable at the time and pursuant to the procedures regularly established, and as they may be amended, by the Company during the course of this Agreement. Benefits Other than the compensation specified in this 5.1, neither Consultant nor its Agents shall be entitled to any direct or indirect compensation for services performed hereunder. Expenses The Company shall reimburse Consultant for reasonable travel and other business expenses incurred by its Agents in the performance of the duties hereunder in accordance with the Company's general policies, as they may be amended from time to time during the course of this Agreement. INVOICING Company shall pay the amounts agreed to herein upon receipt of invoices which shall be sent by Consultant, and Company shall pay the amount of such invoices to Consultant. TERMINATION OF CONSULTING RELATIONSHIP By the Company or the Consultant At any time, either the Company or the Consultant may terminate, without liability, the Consulting Period for any reason, with or without cause, by giving [AGREED UPON NUMBER OF DAYS] days advance written notice to the other party. If the Consultant terminates its consulting relationship with the Company pursuant to Sections 2, 3 and 4, the Company shall have the option, in its complete discretion, to terminate Consultant immediately without the running of any notice period","Consulting Agreement Long","12","https://templates.business-in-a-box.com/imgs/1000px/consulting-agreement---long-D12543.png","https://templates.business-in-a-box.com/imgs/250px/12543.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12543.xml",{"title":123,"description":6},"consulting agreement long",[125,126],{"label":18,"url":112},{"label":127,"url":128},"Consulting Agreements","consulting-agreement","consulting agreement   long","/template/consulting-agreement---long-D12543",{"description":132,"descriptionCustom":6,"label":133,"pages":134,"size":9,"extension":10,"preview":135,"thumb":136,"svgFrame":137,"seoMetadata":138,"parents":140,"keywords":139,"url":146},"EMPLOYMENT AGREEMENT - AT WILL EMPLOYEE This Employment Agreement for \"At Will\" Employee (the \"Agreement\") is made and effective this [DATE], BETWEEN: [EMPLOYEE NAME] (the \"Employee\"), an individual with his main address at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Corporation\"), an entity organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] RECITALS In consideration of the covenants and agreements herein contained and the moneys to be paid hereunder, the Corporation hereby employs the Employee and the Employee hereby agrees to perform services as an employee of the Corporation, on an \"at will\" basis, upon the following terms and conditions: APPOINTMENT The Employee is hereby employed by the Corporation to render such services and to perform such tasks as may be assigned by the Corporation. The Corporation may, in its sole discretion, increase or reduce the duties, or modify the title and job description, of the Employee from time to time, and any such increase, reduction or modification shall not be deemed a termination of this Agreement. ACCEPTANCE OF EMPLOYMENT Employee accepts employment with the Corporation upon the terms set forth above and agrees to devote all Employee's time, energy and ability to the interests of the Corporation, and to perform Employee's duties in an efficient, trustworthy and business-like manner. DEVOTION OF TIME TO EMPLOYMENT The Employee shall devote the Employee's best efforts and substantially all of the Employee's working time to performing the duties on behalf of the Corporation. The Employee shall provide services during the hours that are scheduled by the Corporation management. The Employee shall be prompt in reporting to work at the assigned time. NO CONFLICT OF INTEREST Employee shall not engage in any other business while employed by the Corporation. Employee shall not engage in any activity that conflicts with the Employees duties to the Corporation. Employee shall not provide any service or lend any aid or assistance to any party that competes with the services offered by the Corporation. Employee shall not provide any services to clients or prospective clients of the Corporation outside of the provision of services for the Corporation, whether such services are provided with or without compensation or remuneration. CORPORATION PROPERTY Employee acknowledges and agrees that while employed by the Corporation the Employee may be provided with use of computer equipment and other property of the Corporation. The use and possession of the such items shall be subject to any policies, requirements or restrictions established by the Corporation. Such items may only be used in performance of the Employee's duties for the corporation. On request of the Corporation, the Employee shall immediately deliver any such items to the Corporation. Upon termination of employment, Employee shall have the affirmative duty to return any such item to the Corporation whether a request is made or not. The obligation to return Corporation property shall extend and include any and all work product, client property, proprietary rights, intangible property, and all other property of the corporation regardless of the form or medium. COMPENSATION The Corporation shall pay the Employee such hourly compensation as determined by the Corporation. Payment shall be at the same time as the Corporations usual payroll to other employees. BONUS & BENEFITS Payment of any bonuses shall be at the complete discretion of the Corporation. No guarantee or representation that any bonuses will be paid has been made to the Employee. Standard benefits that are provided to other non-management employees shall be offered to the Employee, subject to the Corporation's policies and the terms and conditions of such benefits. WITHHOLDING All sums payable to Employee under this Agreement will be reduced by all federal, state, local, and other withholdings and similar taxes and payments required by applicable law. QUALIFICATIONS OF EMPLOYEE The employee shall satisfy all of the qualification that are established by the Corporation. TERM OF AGREEMENT There shall be no guaranteed term of employment. Employer acknowledges and agrees that Employee shall be an \"At Will\" Employee and that Employee's employment may be terminated at any time by the Corporation, with or without cause. FEES FROM EMPLOYEE'S WORK The Corporation shall have exclusive authority to determine the fees, or a procedure for establishing the fees, to be charged to clients by the Corporation for services that are provided by the Employee. All sums paid to the Employee or the Corporation in the way of fees, in cash or in kind, or otherwise for services of the Employee, shall, except as otherwise specifically agreed by the Corporation, be and remain the property of the Corporation and shall be included in the Corporation's name in such checking account or accounts as the Corporation may from time to time designate. CLIENTS AND CLIENT RECORDS The Corporation shall have the authority to determine who will be accepted as clients of the Corporation, and the Employee recognizes that such clients accepted are clients of the Corporation and not the Employee. All client records and files of any type concerning clients of the Corporation shall belong to and remain the property of the Corporation, notwithstanding the subsequent termination of the employment. POLICIES AND PROCEDURES The Corporation shall have the authority to establish from time to time the policies and procedures to be followed by the Employee in performing services for the Corporation. This may include, but is not necessarily limited to, employment policies, computer use policies, Internet access policies, email policies, and all other policies, procedures, directives, and mandates established by the Corporation, whether or not in written form or formally adopted. Employee shall abide by the provisions of any contract entered into by the Corporation under which the Employee provides services. Employee shall comply with the terms and conditions of any and all contracts entered by the Corporation. TERMINATION Employee acknowledges and agrees that Employee is an \"at will\" employee of the Corporation. As such, no term of employment is created hereby and employee may be terminated at any time in the sole discretion of the Corporation, whether there exists any cause for termination or not. CREATIONS AND INVENTIONS Employee acknowledges and agrees that any and all work product of the Employee that is conceived or created during the Employee's employment with the Corporation is the exclusive property of the Corporation. This shall include any and all copyrights, trade secrets, confidential information, patents, trademarks, trade dress, ideas, concepts, plans, business plans, business concepts, techniques, inventions, drawings, artwork, logos, graphics, web pages, databases, software, programs, CGI's, plug ins, applications, brochures, inventions, marketing plans and concepts, and all other ideas and work product of the Employee. The Employee acknowledges and agrees that all creations shall be \"works made for hire\" as defined in the [ACT OR CODE]. Notwithstanding the fact that this material may be considered to be a work made for hire, Employee agrees, during Employee's employment and thereafter, which covenant shall survive any termination of the employment relationship, to execute any and all documents requested by the Corporation to confirm the Corporation's ownership and control of all such material, including but not limited to assignments of copyright, confirmations of work for hire status, waivers of proprietary rights, copyright application, and any other documents requested by Corporation. RESTRICTIVE COVENANTS","Employment Agreement_At Will Employee","7","https://templates.business-in-a-box.com/imgs/1000px/employment-agreement_at-will-employee-D541.png","https://templates.business-in-a-box.com/imgs/250px/541.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#541.xml",{"title":139,"description":6},"employment agreement_at will employee",[141,142,145],{"label":94,"url":95},{"label":143,"url":144},"Hire an Employee","hire-employee",{"label":18,"url":112},"/template/employment-agreement_at-will-employee-D541",{"description":148,"descriptionCustom":6,"label":149,"pages":118,"size":150,"extension":10,"preview":151,"thumb":152,"svgFrame":153,"seoMetadata":154,"parents":155,"keywords":159,"url":160},"EMPLOYMENT AGREEMENT FOR AN EXECUTIVE This Employment Agreement for an Executive (the \"Agreement\") is made and effective this [Date], BETWEEN: [EXECUTIVE NAME] (the \"Executive\"), an individual with his main address at: AND: [COMPANY NAME] (the \"Company\"), an entity organized and existing under the laws of the [STATE/PROVINCE], with its head office located at: Recitals In consideration of the covenants and agreements herein contained and the moneys to be paid hereunder, the Company hereby employs the Executive and the Executive hereby agrees to perform services as an Executive of the Company, upon the following terms and conditions: TERM The Company hereby employs Executive to serve as [position] and to serve in such additional or different position or positions as the Company may determine in its sole discretion. The term of employment shall be for a period of [NUMBER] years (\"Employment Period\") to commence on [DATE], unless earlier terminated as set forth herein. The effective date of this Agreement shall be the date first set forth above, and it shall continue in effect until the earlier of: The effective date of any subsequent employment agreement between the Company and the Executive; The effective date of any termination of employment as provided elsewhere herein; or [NUMBER] year(s) from the effective date hereof, provided, that this Employment Agreement shall automatically renew for successive periods of [NUMBER] years each unless either party gives written notice to other that it does not wish to automatically renew this Agreement, which written notice must be received by the other party no less than [NUMBER] days and no more than [NUMBER] days prior to the expiration of the applicable term. Duties and Responsibilities Executive will be reporting to [IDENTIFY]. Within the limitations established by the By-laws of the Company, the Executive shall have each and all of the duties and responsibilities of that position and such other or different duties on behalf of the Company, as may be assigned from time to time by [identify what person or body may assign additional responsibilities]. Location The initial principal location at which Executive shall perform services for the Company shall be [location]. Acceptance of Employment Executive accepts employment with the Company upon the terms set forth above and agrees to devote all Executive's time, energy and ability to the interests of the Company, and to perform Executive's duties in an efficient, trustworthy and business-like manner. Devotion of Time to Employment The Executive shall devote the Executive's best efforts and substantially all of the Executive's working time to performing the duties on behalf of the Company. The Executive shall provide services during the normal business hours of the Company as determined by the Company. Reasonable amounts of time may be allotted to personal or outside business, charitable and professional activities and shall not constitute a violation of this Agreement provided such activities do not materially interfere with the services required to be rendered hereunder. QUALIFICATIONS The Executive shall, as a condition of this Agreement, satisfy all of the qualification that are reasonably and in good faith established by the Board of Directors. Compensation Base Salary Executive shall be paid a base salary (\"Base Salary\") at the annual rate of [salary], payable in bi-weekly installments consistent with Company's payroll practices. The annual Base Salary shall be reviewed on or before [DATE] of each year, unless Executive's employment hereunder shall have been terminated earlier pursuant to this Agreement, starting on [agreed upon date] by the Board of Directors of the Company to determine if such Base Salary should be increased for the following year in recognition of services to the Company. In consideration of the services under this Agreement, Executive shall be paid the aggregate of basic compensation, bonus and benefits as hereinafter set forth. Payment Payment of all compensation to Executive hereunder shall be made in accordance with the relevant Company policies in effect from time to time, including normal payroll practices. Bonus From time to time, the Company may pay to Executive a bonus out of net revenues of the Company. Payment of any bonus compensation shall be at the sole discretion of the Board of Directors or the Executive committee of the Board of Directors and the Executive shall have no entitlement to such amount absent a decision by the Company as aforesaid to make such bonus compensation. Executive shall also be entitled to a bonus determined as follows: [DESCRIBE] Benefits The Company shall provide Executive with such benefits as are provided to other senior management Of the Company. Benefits shall include at a minimum (i) paid vacation of [NUMBER] days per year, at such times as approved by the Board of Directors, (ii) health insurance coverage under the same terms as offered to other Executives of the Company, (iii) retirement and profit sharing programs as offered to other Executives of the Company, (iv) paid holidays as per the Company's policies, and (v) such other benefits and perquisites as are approved by the Board of Directors. The Company has the right to modify conditions of participation, terminate any benefit, or change insurance plans and other providers of such benefits in its sole discretion. The Executive shall be reimbursed for out of pocket expenses that are pre-approved by the Company, subject to the Company's policies and procedures therefore, and only for such items that are a necessary and integral part of the Executive's job functions. NonDeductible Compensation In the event a deduction shall be disallowed by the Internal Revenue Service or a court of competent jurisdiction for federal income tax purposes for all or any part of the payment made to Executive by the Company or any other shareholder or Executive of the Company, shall be required by the Internal Revenue Service to pay a deficiency on account of such disallowance, then Executive shall repay to the Company or such other individual required to make such payment, an amount equal to the tax imposed on the disallowed portion of such payment, plus any and all interest and penalties paid with respect thereto. The Company or other party required to make payment shall not be required to defend any proposed disallowance or other action by the Internal Revenue Service or any other state, federal, or local taxing authorities. Withholding All sums payable to Executive under this Agreement will be reduced by all federal, state, local, and other withholdings and similar taxes and payments required by applicable law. Other Employment Benefits Business Expenses Upon submission of itemized expense statements in the manner specified by the Company, Executive shall be entitled to reimbursement for reasonable travel and other reasonable business expenses duly incurred by Executive in the performance of his duties under this Agreement. Benefit Plans Executive shall be entitled to participate in the Company's medical and dental plans, life and disability insurance plans and retirement plans pursuant to their terms and conditions. Executive shall be entitled to participate in any other benefit plan offered by the Company to its Executives during the term of this Agreement (other than stock option or stock incentive plans, which are governed by Section 3(d) below). Nothing in this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any Executive benefit plan or program from time to time. Vacation Executive shall be entitled to [agreed upon number of time] weeks of vacation each year of full employment, exclusive of legal holidays, as long as the scheduling of Executive's vacation does not interfere with the Company's normal business operations.","Employment Agreement Executive",97,"https://templates.business-in-a-box.com/imgs/1000px/employment-agreement_executive-D543.png","https://templates.business-in-a-box.com/imgs/250px/543.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#543.xml",{"title":6,"description":6},[156,157,158],{"label":94,"url":95},{"label":143,"url":144},{"label":18,"url":112},"employment agreement executive","/template/employment-agreement-executive-D543",{"description":162,"descriptionCustom":6,"label":163,"pages":164,"size":9,"extension":10,"preview":165,"thumb":166,"svgFrame":167,"seoMetadata":168,"parents":170,"keywords":169,"url":175},"NON-DISCLOSURE AGREEMENT (NDA) This Non-Disclosure Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Disclosing Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [RECEIVING PARTY NAME] (the \"Receiving Party\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS, Receiving Party has been or will be engaged in the performance of work on [DESCRIBE]; and in connection therewith will be given access to certain confidential and proprietary information; and WHEREAS, Receiving Party and Disclosing Party wish to evidence by this Agreement the manner in which said confidential and proprietary material will be treated. NOW, THEREFORE, it is agreed as follows: NON-DISCLOSURE OF CONFIDENTIAL INFORMATION Both Parties understand and agree that each Party may have access to the confidential information of the other party. For the purposes of this Agreement, \"Confidential Information\" means proprietary and confidential information about the Disclosing Party's (or it's suppliers') business or activities. Such information includes all business, financial, technical, and other information marked or designated by such Party as \"confidential\" or \"proprietary.\" Confidential Information also includes information which, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential. For the purposes of this Agreement, Confidential Information does not include: Information that is currently in the public domain or that enters the public domain after the signing of this Agreement. Information a Party lawfully receives from a third Party without restriction on disclosure and without breach of a non-disclosure obligation. Information that the Receiving Party knew prior to receiving any Confidential Information from the Disclosing Party. Information that the Receiving Party independently develops without reliance on any Confidential Information from the Disclosing Party. Each Party agrees that it will not disclose to any third Party or use any Confidential Information disclosed to it by the other Party except when expressly permitted in writing by the other Party. Each Party also agrees that it will take all reasonable measures to maintain the confidentiality of all Confidential Information of the other Party in its possession or control. TERM The term of this Agreement is [number] of [years/months] from the date of execution by both Parties. TITLE The Receiving Party agrees that all Confidential Information furnished by the Disclosing Party shall remain the sole property of the Disclosing Party. DISCLAIMER","Non Disclosure Agreement Nda","3","https://templates.business-in-a-box.com/imgs/1000px/non-disclosure-agreement-nda-D12692.png","https://templates.business-in-a-box.com/imgs/250px/12692.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#12692.xml",{"title":169,"description":6},"non disclosure agreement nda",[171,172],{"label":18,"url":112},{"label":173,"url":174},"Confidentiality Agreements","confidentiality-agreement","/template/non-disclosure-agreement-nda-D12692",false,{"seo":178,"reviewer":191,"legal_disclaimer":195,"quick_facts":196,"at_a_glance":198,"personas":202,"variants":227,"glossary":254,"clauses":291,"how_to_fill":342,"common_mistakes":383,"faqs":408,"industries":436,"comparisons":461,"diy_vs_lawyer":475,"jurisdictions":488,"related_template_ids_curated":509,"schema":519,"classification":520},{"meta_title":179,"meta_description":180,"primary_keyword":181,"secondary_keywords":182},"Retirement Agreement Template (Free Word)","Free retirement agreement template covering last day of work, severance, benefits continuation, release of claims, and post-retirement consulting. Free Word and PDF download.","retirement agreement template",[183,184,185,186,187,188,189,190],"retirement agreement template word","employee retirement agreement","retirement severance agreement","retirement transition agreement","retirement agreement free download","retirement release of claims","retirement consulting agreement","employer retirement agreement template",{"name":192,"credential":193,"reviewed_date":194},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":197,"legal_review_recommended":195,"signature_required":195,"notarization_required":176},"advanced",{"what_it_is":199,"when_you_need_it":200,"whats_inside":201},"A Retirement Agreement is a legally binding document between an employer and a retiring employee that records every material term of the separation — the official last day of work, transition or severance payments, benefits continuation, a mutual release of claims, and any post-retirement consulting or advisory arrangement. This free Word download gives you a structured, attorney-ready starting point you can edit online and export as PDF to execute before the employee's retirement date.\n","Use it whenever a long-tenured employee is retiring and both parties want a written record of agreed terms — especially when severance, equity vesting, benefits continuation, or a post-retirement consulting arrangement is part of the deal. It is also critical when the employer needs a valid release of employment claims in exchange for enhanced separation benefits.\n","Retirement date, transition payment schedule, COBRA or benefits continuation terms, vesting acceleration or equity treatment, a mutual release of claims with ADEA/OWBPA-compliant language where required, non-disparagement and confidentiality obligations, and an optional post-retirement consulting or advisory scope.\n",[203,207,211,215,219,223],{"title":204,"use_case":205,"icon_asset_id":206},"HR managers","Documenting agreed retirement terms before a long-tenured employee's last day","persona-hr-manager",{"title":208,"use_case":209,"icon_asset_id":210},"Small business owners","Formalizing a founder or key employee's retirement without an in-house legal team","persona-small-business-owner",{"title":212,"use_case":213,"icon_asset_id":214},"Corporate counsel","Ensuring the release of claims and ADEA notice periods are legally compliant","persona-corporate-counsel",{"title":216,"use_case":217,"icon_asset_id":218},"Operations directors","Coordinating a planned knowledge-transfer period and consulting arrangement","persona-operations-director",{"title":220,"use_case":221,"icon_asset_id":222},"Retiring executives","Confirming severance, equity treatment, and advisory scope in writing before signing","persona-ceo",{"title":224,"use_case":225,"icon_asset_id":226},"Staffing and HR consultants","Advising clients on compliant retirement separation packages for employees over 40","persona-staffing-agency",[228,232,236,239,243,247,250],{"situation":229,"recommended_template":230,"slug":231},"Retiring employee is 40 or older and receives enhanced separation benefits","Retirement Agreement with ADEA/OWBPA Waiver","retirement-agreement-D13035",{"situation":233,"recommended_template":234,"slug":235},"No severance is offered but both parties want a clean documented separation","Separation Agreement (No Severance)","severance-agreement-D525",{"situation":237,"recommended_template":238,"slug":231},"Retiring C-suite executive with equity, golden parachute, or clawback terms","Executive Retirement Agreement",{"situation":240,"recommended_template":241,"slug":242},"Post-retirement consulting or advisory engagement is the primary need","Consulting Agreement","consulting-agreement---long-D12543",{"situation":244,"recommended_template":245,"slug":246},"Employee is being separated involuntarily and a release of claims is needed","Severance Agreement and Release","separation-and-release-agreement-D524",{"situation":248,"recommended_template":249,"slug":231},"Phased retirement with a reduced schedule over 6–12 months","Phased Retirement Agreement",{"situation":251,"recommended_template":252,"slug":253},"Group retirement incentive program offered to multiple employees simultaneously","Early Retirement Incentive Program (ERIP) Agreement","customer-incentive-program-announcement-D1387",[255,258,261,264,267,270,273,276,279,282,285,288],{"term":256,"definition":257},"Retirement Date","The specific calendar date on which the employee's active employment ends and retirement status begins.",{"term":259,"definition":260},"Separation Payment","A lump sum or series of payments made by the employer to the retiring employee as part of the retirement package, beyond final salary.",{"term":262,"definition":263},"COBRA Continuation Coverage","A US federal law allowing former employees to continue employer-sponsored health insurance for up to 18 months after separation, typically at full premium cost.",{"term":265,"definition":266},"ADEA (Age Discrimination in Employment Act)","A US federal law prohibiting employment discrimination against individuals 40 and older — a retirement agreement's release of claims must comply with ADEA to be enforceable.",{"term":268,"definition":269},"OWBPA (Older Workers Benefit Protection Act)","A US federal statute requiring that any waiver of ADEA claims be knowing and voluntary, with a 21-day consideration period and a 7-day revocation window.",{"term":271,"definition":272},"Release of Claims","A contractual provision in which the employee waives the right to bring legal claims — such as discrimination or wrongful termination — against the employer in exchange for consideration.",{"term":274,"definition":275},"Consideration","Something of value — money, benefits, or services — exchanged between parties to make a contract legally enforceable; in a retirement agreement, severance or enhanced benefits typically serve as consideration for the release.",{"term":277,"definition":278},"Vesting Acceleration","A provision that causes unvested equity awards to vest immediately upon retirement, rather than on the original schedule.",{"term":280,"definition":281},"Non-Disparagement Clause","A mutual or one-sided restriction preventing either party from making negative public statements about the other following separation.",{"term":283,"definition":284},"Consulting Retainer","A fixed monthly or project fee paid to the retired employee for agreed advisory services performed after the retirement date.",{"term":286,"definition":287},"Garden Leave","A paid notice period during which the employee does not perform active duties, preventing access to sensitive clients or information before the retirement date.",{"term":289,"definition":290},"Integration Clause","A provision stating that the retirement agreement supersedes all prior agreements, offer letters, and verbal understandings between the parties.",[292,297,302,307,312,317,322,327,332,337],{"name":293,"plain_english":294,"sample_language":295,"common_mistake":296},"Parties, recitals, and retirement date","Identifies the employer and retiring employee as legal parties, states the basis for the agreement, and records the official retirement date.","This Retirement Agreement ('Agreement') is entered into as of [EXECUTION DATE] between [EMPLOYER LEGAL NAME], a [STATE] [ENTITY TYPE] ('Company'), and [EMPLOYEE FULL NAME] ('Employee'). Employee's employment will end on [RETIREMENT DATE] ('Retirement Date').","Using the employee's hire date or a trade name instead of the employer's registered legal entity name — this can create ambiguity about which entity is bound by the release and payment obligations.",{"name":298,"plain_english":299,"sample_language":300,"common_mistake":301},"Transition period and final duties","Specifies whether the employee will continue in full capacity, on reduced duties, or on garden leave between execution and the retirement date, and what deliverables or knowledge transfer is expected.","Between the Execution Date and the Retirement Date, Employee shall [continue in full duties / perform the transition duties set out in Schedule A / remain available for consultation only]. Employee shall complete [SPECIFIC DELIVERABLES] by [DATE].","Leaving the transition scope undefined, which leads to disputes about whether the retiring employee met their obligations — and whether the severance payment is owed.",{"name":303,"plain_english":304,"sample_language":305,"common_mistake":306},"Separation payment and schedule","States the total separation payment, whether it is paid as a lump sum or in installments, the payment dates, and whether it is subject to standard payroll tax withholding.","In consideration of Employee's execution of this Agreement, Company shall pay Employee a separation payment of $[AMOUNT], less applicable withholdings, payable as a lump sum on [DATE] / in [X] equal installments of $[AMOUNT] on the [DAY] of each month beginning [DATE].","Not specifying the withholding treatment. Separation payments are typically subject to ordinary income tax and FICA; failing to address this creates payroll compliance risk and surprises for the employee at tax time.",{"name":308,"plain_english":309,"sample_language":310,"common_mistake":311},"Benefits continuation","Describes what health, dental, vision, life insurance, and retirement plan benefits continue after the retirement date, for how long, and who pays the premiums.","Company shall continue Employee's group health coverage under COBRA for [X] months following the Retirement Date, with the Company paying [X]% of the premium. All other benefits terminate on the Retirement Date. Employee's 401(k) account shall be administered per plan terms.","Promising to 'continue benefits' without specifying which plans, the duration, and the premium-split — creating open-ended financial obligations the employer never intended to take on.",{"name":313,"plain_english":314,"sample_language":315,"common_mistake":316},"Equity treatment and vesting","Addresses the fate of unvested stock options, RSUs, or other equity awards at retirement — whether they accelerate, lapse, or continue on their original schedule.","Notwithstanding the terms of the [PLAN NAME] Equity Incentive Plan, all unvested stock options and RSUs held by Employee shall [vest in full on the Retirement Date / continue vesting per the original schedule for [X] months / be forfeited as of the Retirement Date]. Vested options shall remain exercisable for [X] months following the Retirement Date.","Omitting an equity clause entirely when the employee holds any equity awards — causing the employee to lose unvested grants with no agreed outcome, creating post-retirement disputes.",{"name":318,"plain_english":319,"sample_language":320,"common_mistake":321},"Release of claims","The employee releases all employment-related legal claims against the employer in exchange for the separation benefits; for employees 40 or older, the release must comply with ADEA and OWBPA requirements.","Employee, on behalf of themselves and their heirs, releases and forever discharges Company from any and all claims arising out of or relating to Employee's employment, including but not limited to claims under Title VII, the ADEA, the ADA, and any applicable state law. Employee acknowledges receipt of this Agreement at least 21 days before signing and understands their right to revoke within 7 days of signing.","Using a single-paragraph general release without ADEA/OWBPA-specific language for employees over 40 — making the entire release of age-discrimination claims legally invalid regardless of the other terms.",{"name":323,"plain_english":324,"sample_language":325,"common_mistake":326},"Confidentiality and non-disparagement","Requires the employee to maintain confidentiality of the agreement's terms and the company's proprietary information, and prohibits either party from making disparaging public statements about the other.","Employee agrees to keep the terms of this Agreement confidential, except as required by law or as necessary to consult with legal or financial advisors. Neither party shall make public statements that disparage the other party's reputation, products, or services.","Making the non-disparagement clause one-sided — applying only to the employee while leaving the employer free to comment on the retirement — which some jurisdictions treat as unconscionable.",{"name":328,"plain_english":329,"sample_language":330,"common_mistake":331},"Post-retirement consulting arrangement","If agreed, sets out the scope of advisory services the retired employee will provide, the consulting fee or retainer, the term, and how either party can terminate the arrangement.","Following the Retirement Date, Employee agrees to provide consulting services as described in Schedule B for a period of [X] months, at a retainer of $[AMOUNT] per month. Either party may terminate this arrangement with [30] days' written notice. Employee shall perform services as an independent contractor and shall not be entitled to employee benefits.","Failing to classify the post-retirement consulting relationship explicitly as independent contractor — exposing the employer to payroll tax liability, benefit claims, and workers' compensation obligations.",{"name":333,"plain_english":334,"sample_language":335,"common_mistake":336},"Return of company property","Requires the employee to return all company equipment, credentials, documents, and confidential materials by the retirement date.","On or before the Retirement Date, Employee shall return to Company all property, including but not limited to laptops, mobile devices, access credentials, client files, and any documents containing Confidential Information, in whatever form held.","No specific deadline for property return — employees sometimes keep equipment for months post-retirement, complicating device security, data compliance, and insurance coverage.",{"name":338,"plain_english":339,"sample_language":340,"common_mistake":341},"Governing law, integration, and revocation notice","Specifies which jurisdiction's law governs, confirms the agreement supersedes all prior arrangements, and — for ADEA-compliant releases — restates the 7-day revocation right and effective date.","This Agreement is governed by the laws of [STATE/PROVINCE/COUNTRY]. It constitutes the entire agreement between the parties and supersedes all prior agreements. This Agreement becomes effective on the eighth day following Employee's signature ('Effective Date'), provided Employee has not revoked it in writing within 7 days of signing.","Stating the agreement is 'effective upon signing' for a US employee over 40 — the OWBPA mandates a 7-day revocation period, and an immediate-effectiveness clause renders the ADEA waiver unenforceable.",[343,348,353,358,363,368,373,378],{"step":344,"title":345,"description":346,"tip":347},1,"Enter legal entity names and confirm the retirement date","Use the employer's full registered corporate name and the employee's legal name as it appears on payroll records. Enter the exact retirement date — this is the anchor for every other timeline in the agreement.","Confirm the retirement date against pension plan, 401(k) vesting, and benefits plan cutoff dates before locking it in — a one-day difference can change entitlements significantly.",{"step":349,"title":350,"description":351,"tip":352},2,"Define the transition period and deliverables","Specify whether the employee works full duties, reduced duties, or garden leave between execution and the retirement date. List specific knowledge-transfer tasks or deliverables in Schedule A.","Attach a written knowledge-transfer checklist as Schedule A — it sets clear expectations and gives the employer a documented basis to withhold separation payments if key handoffs are not completed.",{"step":354,"title":355,"description":356,"tip":357},3,"Set the separation payment amount and schedule","Enter the total payment, whether lump sum or installments, and the exact payment dates. Confirm with payroll that the withholding treatment is correct — separation payments are subject to ordinary income tax and FICA.","If paying in installments, include a clause stating that future payments cease if the employee breaches the agreement — this gives the employer practical leverage to enforce the release and confidentiality terms.",{"step":359,"title":360,"description":361,"tip":362},4,"Complete the benefits continuation block","Specify each benefit plan by name, the continuation period, and the premium split. For US employees, reference COBRA by statute and set the number of months the employer will subsidize the premium.","Do not promise to 'match active-employee benefits' — plan terms change annually. Reference benefits by category and include language stating continuation is subject to plan terms as amended.",{"step":364,"title":365,"description":366,"tip":367},5,"Address all equity awards explicitly","Pull the employee's current equity schedule and document the treatment of each grant — vesting acceleration, forfeiture, or post-retirement exercise window. Cross-reference the equity plan document to confirm the agreement's terms are permitted under the plan.","Many equity plans require board approval for vesting acceleration. Confirm approval is in place before including acceleration language in the agreement.",{"step":369,"title":370,"description":371,"tip":372},6,"Draft the release of claims with ADEA compliance if applicable","For any retiring employee aged 40 or older in the US, include ADEA/OWBPA-compliant release language with the 21-day consideration period and 7-day revocation right. State the Effective Date as the eighth day following signature.","The OWBPA also requires that the employee be advised in writing to consult an attorney. Include this advisory in the agreement — even one line suffices and is mandatory.",{"step":374,"title":375,"description":376,"tip":377},7,"Attach the consulting scope as Schedule B if applicable","If a post-retirement consulting arrangement is agreed, describe the services, deliverables, fee, term, and termination rights in Schedule B. Classify the relationship explicitly as independent contractor.","Keep the consulting retainer separate from the separation payment and pay it on a monthly invoice cycle — commingling the two payments creates payroll tax ambiguity.",{"step":379,"title":380,"description":381,"tip":382},8,"Execute before the retirement date and observe the revocation window","Both parties must sign before the retirement date. For ADEA-compliant releases, the agreement cannot become effective until the 7-day revocation period expires. Do not release separation payments until the Effective Date has passed.","Send the agreement at least 25–30 days before the retirement date to give the employee the full 21-day consideration period and still have time to process final payments before the last day.",[384,388,392,396,400,404],{"mistake":385,"why_it_matters":386,"fix":387},"Skipping ADEA/OWBPA compliance for employees over 40","A release of age-discrimination claims that does not meet OWBPA requirements — 21-day consideration period, 7-day revocation, written attorney-consultation advisory — is void, exposing the employer to ADEA claims even after the agreement is signed.","Include the full OWBPA-compliant release block, explicitly state the 21-day review period and 7-day revocation right, advise the employee in writing to consult an attorney, and set the Effective Date as the eighth day following signature.",{"mistake":389,"why_it_matters":390,"fix":391},"Failing to define the transition period scope","Without a documented transition scope, the employer cannot demonstrate that the employee met their pre-retirement obligations, making it difficult to justify withholding or clawing back a separation payment.","List specific deliverables, handoff milestones, and knowledge-transfer tasks in a Schedule A attached to the agreement, and tie the final payment tranche to completion.",{"mistake":393,"why_it_matters":394,"fix":395},"Omitting equity award treatment entirely","If the agreement is silent on equity, the default terms of the equity plan govern — which typically means forfeiture of unvested grants, a short post-termination exercise window, and potential disputes if the employee expected different treatment.","Pull the employee's full equity schedule before drafting, document the agreed treatment of every grant explicitly, and confirm any acceleration requires board approval under the plan.",{"mistake":397,"why_it_matters":398,"fix":399},"Classifying post-retirement consulting as employment","Continuing to treat a retired consultant as an employee — same supervision, set hours, benefits eligibility — creates payroll tax liability, benefit-plan exposure, and potential re-employment claims that unwind the entire retirement separation.","State explicitly in the agreement and Schedule B that the post-retirement relationship is independent contractor, issue a 1099 rather than a W-2, and ensure the consultant controls their own hours and methods.",{"mistake":401,"why_it_matters":402,"fix":403},"Releasing separation payments before the OWBPA revocation period expires","Paying before the 7-day revocation window closes means the employer has disbursed funds the employee could still legally return — and if the employee does revoke, recouping the payment requires litigation.","Set the payment date as the later of the Effective Date (day 8 post-signature) or the next scheduled payroll cycle, and instruct payroll not to issue the payment before confirming the revocation window has closed.",{"mistake":405,"why_it_matters":406,"fix":407},"Using a one-sided non-disparagement clause","A clause that binds only the employee while leaving the employer free to comment on the circumstances of the retirement is increasingly challenged by employees and regulators as unconscionable, particularly in jurisdictions with strong implied-covenant protections.","Draft non-disparagement as a mutual obligation — both parties agree not to make negative public statements about the other — which is also more likely to be enforced by a court.",[409,412,415,418,421,424,427,430,433],{"question":410,"answer":411},"What is a retirement agreement?","A retirement agreement is a legally binding document between an employer and a retiring employee that records the terms of the separation — the official retirement date, any separation or transition payments, benefits continuation, equity treatment, a release of employment claims, and any post-retirement consulting arrangement. It protects both parties by converting informal understandings into enforceable written obligations before the employee's last day.\n",{"question":413,"answer":414},"Is a retirement agreement the same as a severance agreement?","Not exactly. Both documents can include separation payments and releases of claims, but a retirement agreement is used for a planned, voluntary departure and often includes additional elements unique to retirement — equity vesting treatment, pension coordination, benefits continuation, and a post-retirement consulting scope. A severance agreement typically addresses involuntary terminations and focuses narrowly on the payment and release. If the retirement includes enhanced separation benefits, the documents overlap significantly and both should contain ADEA-compliant release language for employees over 40.\n",{"question":416,"answer":417},"Does a retirement agreement need to comply with ADEA and OWBPA?","Yes, if the retiring employee is 40 or older and the agreement includes a waiver of age-discrimination claims in exchange for benefits, US law requires OWBPA compliance. That means a written release specifically referencing ADEA claims, a minimum 21-day period for the employee to consider the agreement, a written advisement to consult an attorney, and a 7-day revocation window after signing. A release that omits any of these elements is not enforceable with respect to ADEA claims, regardless of whether the employee accepts payment.\n",{"question":419,"answer":420},"Can a retirement agreement include a non-compete clause?","Yes, but enforceability depends on the jurisdiction and the scope of the restriction. In most US states, a non-compete tied to a voluntary retirement is held to a reasonableness standard — duration typically 6–12 months, geography limited to markets the employee actually served, and activity limited to direct competitive roles. California, Minnesota, and several other states prohibit or severely limit post-employment non-competes. The consideration offered — enhanced severance or a consulting retainer — strengthens enforceability compared to a bare non-compete with no additional benefit.\n",{"question":422,"answer":423},"What happens to unvested equity when an employee retires?","The default outcome is governed by the equity plan document — typically, unvested options and RSUs are forfeited upon separation and vested options must be exercised within 90 days. A retirement agreement can override these defaults by providing for vesting acceleration or an extended exercise window, but the plan itself must permit such modifications and board approval is often required. Omitting equity treatment from the retirement agreement almost always leads to post-retirement disputes.\n",{"question":425,"answer":426},"What is the 21-day consideration period and can the employee sign early?","The OWBPA gives employees over 40 a minimum of 21 days to review a retirement or severance agreement before signing, specifically to ensure the release of ADEA claims is knowing and voluntary. The employee may choose to sign before the 21 days expire, but the employer cannot pressure or condition benefits on an early signature. For group separation programs involving multiple employees, the consideration period extends to 45 days.\n",{"question":428,"answer":429},"Should the post-retirement consulting arrangement be in the same document?","It can be included as a schedule to the retirement agreement or executed as a separate consulting agreement. Including it as Schedule B in the same document simplifies execution and makes the overall package clear to both parties. However, for complex or long-term consulting arrangements, a standalone consulting agreement gives more flexibility to amend the scope and fee without triggering a formal amendment to the entire retirement agreement.\n",{"question":431,"answer":432},"What consideration is required to make the release enforceable?","For a release of claims to be enforceable, the employer must provide consideration beyond what the employee is already entitled to receive at separation — final salary, accrued vacation, and vested retirement benefits are not sufficient consideration because the employee is owed them regardless. Typical valid consideration includes a separation payment, enhanced benefits continuation, vesting acceleration, or a consulting retainer. Without genuine additional consideration, courts in most jurisdictions will void the release.\n",{"question":434,"answer":435},"Do I need a lawyer to prepare a retirement agreement?","For standard retirements of non-executive employees with straightforward severance and no complex equity, a well-drafted template reviewed by an employment attorney is typically sufficient. Legal review becomes essential when the employee is over 40 (ADEA compliance), when the package includes equity acceleration requiring board approval, when the employee works in a heavily regulated industry, or when the separation payment exceeds six figures. A 1–2 hour review typically costs $300–$700 and is worth it to confirm the release will hold.\n",[437,441,445,449,453,457],{"industry":438,"icon_asset_id":439,"specifics":440},"Technology / SaaS","industry-saas","Equity vesting acceleration and extended option exercise windows are standard retirement negotiation points for senior engineers and executives with large unvested grants.",{"industry":442,"icon_asset_id":443,"specifics":444},"Financial Services","industry-fintech","Client non-solicitation and book-of-business transition obligations, FINRA registration surrender, and deferred compensation or bonus clawback provisions are common retirement agreement elements.",{"industry":446,"icon_asset_id":447,"specifics":448},"Healthcare","industry-healthtech","Credentialing wind-down, patient transition protocols, and DEA registration surrender must be coordinated with the retirement date and documented in the transition scope.",{"industry":450,"icon_asset_id":451,"specifics":452},"Professional Services","industry-professional-services","Partner or shareholder buy-out terms, client transition obligations, and non-solicitation of firm clients are typically the most negotiated clauses in professional services retirement agreements.",{"industry":454,"icon_asset_id":455,"specifics":456},"Manufacturing","industry-manufacturing","Pension plan coordination, union agreement interaction, and safety certification transfers are key operational considerations tied to the retirement date.",{"industry":458,"icon_asset_id":459,"specifics":460},"Retail / Hospitality","industry-retail","High proportion of hourly and long-tenured store managers retiring; agreements focus on accrued PTO payout, benefits termination timing, and any profit-sharing or bonus proration.",[462,465,468,471],{"vs":85,"vs_template_id":463,"summary":464},"severance-agreement-D12893","A severance agreement addresses involuntary termination — layoffs, restructuring, or mutual separations — and focuses on the payment and release of claims. A retirement agreement covers a planned voluntary departure and adds retirement-specific elements: equity treatment, pension coordination, benefits continuation planning, and an optional post-retirement consulting scope. Both require ADEA-compliant release language for employees over 40, but the context and tone differ significantly.",{"vs":103,"vs_template_id":466,"summary":467},"separation-agreement-D12894","A separation agreement is a general-purpose document used for any employment ending — voluntary or involuntary — and typically omits retirement-specific provisions like consulting retainers, pension references, and vesting acceleration. A retirement agreement is narrower in scope but more detailed on the post-employment relationship and long-service benefits that apply only to planned retirements.",{"vs":241,"vs_template_id":469,"summary":470},"consulting-agreement-D12832","A consulting agreement governs an independent contractor engagement and addresses scope, deliverables, fees, IP, and termination — but does not cover the employment separation itself. A retirement agreement can incorporate a consulting arrangement as a schedule, but the core document also handles the release of employment claims, severance, and benefits — which a standalone consulting agreement does not. Use both when the post-retirement engagement is complex or long-term.",{"vs":472,"vs_template_id":473,"summary":474},"Employment Contract","employment-agreement_at-will-employee-D541","An employment contract governs the active employment relationship from hire to termination. A retirement agreement governs the end of that relationship. The two documents should be consistent — the retirement agreement's severance and release clauses should not contradict existing contractual obligations — and the retirement agreement typically supersedes the employment contract on any point of conflict at separation.",{"use_template":476,"template_plus_review":480,"custom_drafted":484},{"best_for":477,"cost":478,"time":479},"Standard retirement of a non-executive employee under 40, or where no release of claims is needed","Free","30–60 minutes",{"best_for":481,"cost":482,"time":483},"Employees over 40 requiring ADEA/OWBPA compliance, or packages including equity acceleration or extended benefits","$300–$700 (1–2 hour employment attorney review)","2–5 days",{"best_for":485,"cost":486,"time":487},"C-suite executives with complex equity, deferred compensation, golden parachute provisions, or multi-jurisdiction employment","$2,000–$8,000+","1–3 weeks",[489,494,499,504],{"code":490,"name":491,"flag_asset_id":492,"note":493},"us","United States","flag-us","The OWBPA requires that any waiver of ADEA claims by an employee 40 or older be accompanied by a 21-day consideration period, a 7-day revocation window, and a written advisement to consult an attorney. Group separation programs extend the consideration period to 45 days. Separation payments are subject to ordinary income tax and FICA withholding. Non-compete enforceability varies sharply by state — California bans most post-employment restrictions.",{"code":495,"name":496,"flag_asset_id":497,"note":498},"ca","Canada","flag-ca","Provincial Employment Standards Acts set minimum termination and severance pay entitlements that apply regardless of the reason for separation — a retirement agreement must meet or exceed these floors. Common-law reasonable notice for long-tenured employees can reach 24 months, making documented voluntary retirement agreements particularly valuable. Quebec agreements must be in French for provincially-regulated employers, and the province has distinct rules on non-compete enforceability.",{"code":500,"name":501,"flag_asset_id":502,"note":503},"uk","United Kingdom","flag-uk","There is no mandatory retirement age in the UK; employers cannot force retirement and must treat it as a voluntary resignation. A settlement agreement (the UK equivalent of a US separation agreement) must be signed with the benefit of independent legal advice to be binding — the employer typically contributes a fixed amount toward the employee's legal fees. Payments within the £30,000 statutory exemption may be tax-free; anything above is subject to income tax and NICs.",{"code":505,"name":506,"flag_asset_id":507,"note":508},"eu","European Union","flag-eu","EU member states generally prohibit mandatory retirement ages below the statutory pension age, and several countries require consultation with works councils before executing individual retirement agreements. Separation payments above statutory minimums are often subject to social security contributions as well as income tax. Non-compete clauses in retirement agreements typically require financial compensation to the employee — ranging from 25% to 100% of salary for the restriction period depending on the member state.",[235,510,242,473,511,512,513,514,515,516,517,518],"separation-agreement-D13184","employment-agreement-executive-D543","non-disclosure-agreement-nda-D12692","employee-dismissal-letter-D508","job-offer-letter-long-D12769","independent-contractor-agreement-D160","general-non-compete-agreement-D882","employee-handbook-D712","release-of-liability-waiver-D12892",{"emit_how_to":195,"emit_defined_term":195},{"primary_folder":112,"secondary_folder":521,"document_type":522,"industry":523,"business_stage":524,"tags":525,"confidence":531},"transfers-terminations-and-releases","agreement","general","all-stages",[526,527,528,529,530],"termination","employment","retirement","severance","separation",0.95,"\u003Ch2>What is a Retirement Agreement?\u003C/h2>\n\u003Cp>A \u003Cstrong>Retirement Agreement\u003C/strong> is a legally binding document between an employer and a retiring employee that records every material term of the separation in writing: the official retirement date, any transition or separation payment, benefits continuation terms, the treatment of unvested equity, a release of employment-related legal claims, and any post-retirement consulting or advisory arrangement. Unlike a casual letter of acknowledgment or a simple resignation acceptance, a properly drafted retirement agreement creates enforceable obligations on both sides — protecting the employer from future claims and giving the employee documented confirmation of every benefit promised. For employees aged 40 or older in the United States, the agreement must also satisfy the specific requirements of the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act to make the release of age-discrimination claims valid.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a written retirement agreement, the employer has no enforceable release of employment claims — leaving the door open to age-discrimination, wrongful termination, or wage disputes long after the employee's last day. Verbal assurances about severance, benefits continuation, or consulting fees have no legal weight, and when the person who made those promises has left the company, the dispute becomes a credibility contest. Long-tenured employees frequently hold unvested equity worth significant sums; without explicit agreement language, the default plan terms govern — typically forfeiture — creating avoidable post-retirement litigation. The cost of getting this right is a one-time template review; the cost of getting it wrong can be a six-figure ADEA claim or a protracted dispute over a consulting retainer that was never put in writing.\u003C/p>\n",1781185959311]