Severance Payments and Other Matters Related to Separation From Service Clause Samples

This clause defines the terms and conditions under which an employee will receive severance payments and addresses other issues that arise when their employment ends. It typically outlines eligibility criteria for severance, the calculation and timing of payments, and may specify additional benefits such as continued health coverage or outplacement services. By clearly setting out these provisions, the clause ensures both parties understand their rights and obligations upon separation, reducing the risk of disputes and providing financial security to the departing employee.