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Employers might use an employment termination agreement to ease an employee's transition rather than abruptly firing them. It's also an opportunity to ask the employee to agree to certain terms, such as non-compete, non-disclosure, or non-disparagement clauses.
An executive employment agreement is a legal contract between an employer and an executive that outlines the terms of their working relationship. These agreements include information about salary, benefits, stock options or awards, vacation time allotment and more.
This usually means giving them a letter of termination. The letter of termination should provide the ground(s) for dismissal, along with the date the contract will be terminated and details of the notice period. The employee should also be informed of their right to appeal the dismissal.
However, employment offers are just letters that propose the position to the candidate. In comparison, employment contracts are legally binding documents that allow the candidate to accept the job. Employment contracts are a part of an employment offer letter once the candidate decides to accept the job offer.
An employment termination agreement is an arrangement which both sides, employer and employee, agree on to end a period of employment. Being fired, by contrast, is a one-sided decision. Similarly, if an employee decides to quit their job and hand in their notice they are making a one-sided decision.
A severance agreement is a contract that an employer may ask an employee to sign when they are terminated from a job. Severance pay is often offered in exchange for an employee's release of their claims against the employer.
The state's Personnel Files Act (CGS § 31-128a et seq.), as amended by PA 13-176, also requires an employer to immediately provide an employee with a copy of any documented notice of the employee's termination of employment.
The term ?Termination for Cause? shall mean termination because of Executive's personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or ...