The date of this agreement is [Day] of [Month], 20[Year]
This is an agreement between:
- [Company Name] with its registered company number [Insert company number](“Employer” in this agreement); and
- [Individual Name] of [Address] (“Employee” in this agreement).
- 2.1 The termination date set out in Schedule 2 refers to the date that the Employee’s employment with the Employer ends [Termination Date].
- 2.2 The Employee is entitled to his basic salary and other contractual benefits for the period up to and including the Termination Date less tax and National Insurance contributions and Schedule 2 confirms what if anything remains due to the Employee as a result.
- 3.1 The Employer will pay to the Employee the sum set out in Schedule 2 following the termination of his employment (“Termination Payment”).
- 3.2 The Termination Payment will be made to the Employee within 21 days of the Termination Date or (if it happens later than this) the receipt by the Employer of a copy of this agreement signed by the Employee, including the certificate signed by the Employee’s adviser which is set out at Schedule 3. The Termination Payment will be made to the Employee after his P45 document has been issued.
- 3.3 Other than income tax and employee’s National Insurance contributions deducted by the Employer, the Employee is responsible for any income tax and employee’s national insurance contributions due on the Termination Payment or other payments made to the Employee by the Employer under this Agreement, as well as any fines, penalties and interest due. The Employee will pay back the Employer an amount equal to any payments that the Employer has to make if the Employee fails to pay any income tax, employee’s national insurance contributions, fines, penalties and interest due on the Termination Payment.
Also included in this document:
6. Return of Property
7. Employee Promise
8. Confidentiality and Other Restrictions
9. Legal Advice and Fees
10. Entire Agreement
11. Governing Law and Dispute
12. Subject to Contract and Without Prejudice