[Company Letterhead]
[Date]
[Name of Employee]
[Address]
[Address]
[Address]
Subject: Termination of Employment
Dear [Name of Employee],
In follow up to our meeting on [Date], this letter is to inform you that your employment with [Employer Name] will be terminated effective [Date of Termination] (“Effective Date”) for [Termination Reason].
The following terms apply to your termination. Except as set forth in this letter, no other compensation or benefits will be provided to you.
Final Compensation
You will receive all of your unpaid wages in accordance with [State] law, [including but not limited to __ days of accrued unused vacation days [PTO]], through the Effective Date. All payments will be subject to applicable deductions and withholdings required by law and paid [Date and Method of Payment].
Benefits and COBRA Coverage
Your [family medical, dental and vision] insurance will terminate [End Date of Coverage]. Except as otherwise set forth below, all other benefits from [Employer], including any [Life Insurance or Accidental Death and Dismemberment insurance], will cease on the Effective Date. [Stock Options]
Employee will be provided with all requisite paperwork, pursuant to the Consolidated Omnibus Budget Reconciliation Act ("COBRA";), necessary to elect continued group health insurance coverage at your expense. Your eligibility for COBRA will begin on [COBRA Effective Date].
Return of Property
You must promptly return all [Employer Name] property, including identification cards or badges, access codes or devices, keys, laptops, computers, telephones, mobile phones, hand-held electronic devices, credit cards, electronically stored documents or files, physical files, any other [Employer Name] property and information in your possession, any other materials of any nature pertaining to your work, and any documents or data of any description (or any reproduction of any documents or data) containing or pertaining to any proprietary or confidential material of [Company Name]. Please return this property and information to [Contact Person] by the Effective Date.
Ongoing Obligations
Remember that you have signed the attached [Confidentially and Proprietary Rights Agreement, Non-Compete Agreement, etc.] (collectively, “Restrictive Covenant Agreements”). The Restrictive Covenant Agreements are enforceable and binding and remain in full force and effect in accordance with their terms.
If you have any questions about this letter or the attached agreement[s], please contact [Name] at [Contact Information].
Sincerely,
______________
[Company Name]
[Name of Authorized Signatory]
[Title of Authorized Signatory]
[Date]
[Acknowledged and Agreed]:
____________
[Employee Name]
[Date]
This form has been prepared for general informational purposes only. It does not constitute legal advice, advertising, a solicitation, or tax advice. Transmission of this form and the information contained herein is not intended to create, and receipt thereof does not constitute formation of, an attorney-client relationship. You should not rely upon this document or information for any purpose without seeking legal advice from an appropriately licensed attorney, including without limitation to review and provide advice on the terms of this form and other legal issues contemplated by this form or applicable law.
