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Severance Payment Agreement

Severance Payment Agreement Template for Switzerland

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Severance Payment Agreement

"I need a Swiss-law Severance Payment Agreement for our departing CFO, with a severance payment of 12 months' salary plus pro-rated bonus, to be executed by March 2025."

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The Severance Payment Agreement is a crucial document used in Switzerland when an employment relationship is terminated and additional compensation beyond standard entitlements is being provided. This agreement is particularly relevant in scenarios such as corporate restructuring, voluntary redundancy programs, or negotiated exits of senior executives. It must comply with Swiss law, specifically the Swiss Code of Obligations and relevant employment regulations, while addressing tax implications and social security considerations. The document typically includes detailed calculations of the severance payment, treatment of benefits, confidentiality provisions, and release of claims. This type of agreement is essential for protecting both employer and employee interests, ensuring clear documentation of all terms, and preventing future disputes. The Severance Payment Agreement is especially important in the Swiss context due to specific local legal requirements regarding employment termination and compensation structures.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names, addresses, and any relevant registration numbers

2. Background: Context of the severance agreement, including employment history and reason for termination

3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Severance Payment', and other relevant terms

4. Termination of Employment: Formal confirmation of employment termination, including the effective date and manner of termination

5. Severance Payment: Details of the severance payment amount, calculation method, and payment terms

6. Tax and Social Security: Treatment of statutory deductions, including social security contributions and tax withholding obligations

7. Full and Final Settlement: Confirmation that the payment represents a full and final settlement of all claims

8. Confidentiality: Obligations regarding confidentiality of the agreement terms and company information

9. Return of Company Property: Requirements for returning company assets and documents

10. Reference: Terms regarding the provision of employment references

11. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction for disputes

Optional Sections

1. Garden Leave: Applicable if the employee is placed on garden leave during the notice period

2. Post-termination Restrictions: Non-compete and non-solicitation clauses, if applicable under Swiss law

3. Continuing Obligations: Any ongoing duties or obligations that survive termination

4. Benefits Continuation: Details of any benefits that continue post-employment

5. Outplacement Support: Terms of any career transition assistance provided

6. Share Options/Awards: Treatment of outstanding equity compensation

7. Legal Costs: Provisions regarding payment of legal fees for agreement review

8. Insurance Continuation: Details of any insurance coverage extensions

9. Announcement: Terms regarding internal and external communication of the departure

Suggested Schedules

1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation

2. Schedule 2 - Outstanding Benefits: List of accrued benefits and their treatment

3. Schedule 3 - Company Property: Inventory of company property to be returned

4. Appendix A - Release of Claims: Detailed release of claims document

5. Appendix B - Certificate of Independent Legal Advice: Confirmation of independent legal counsel review

6. Appendix C - Tax Summary: Overview of tax implications and calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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