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A severance agreement is a contract between an employer and a departing employee that provides severance pay and benefits in exchange for the employee releasing legal claims against the employer.
In most US states, severance pay is not legally required unless specified in an employment contract. However, it is often offered to reduce the risk of lawsuits.
Key elements include severance amount and payment schedule, benefits continuation, non-disparagement clause, release of claims, confidentiality, and return of company property.
Under the ADEA (for employees over 40), employers must give at least 21 days to review and 7 days to revoke. For others, 5–10 business days is standard practice.
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