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Severance Pay Non Compete Agreement
"I need a Severance Pay Non Compete Agreement for a departing Senior Sales Director in Singapore, who will receive 6 months' salary as severance and should be restricted from working with competitors in Southeast Asia for 12 months from March 2025."
1. Parties: Identification of employer and employee with full legal names and addresses
2. Background: Context of the agreement, including reference to termination of employment
3. Definitions: Key terms including 'Restricted Period', 'Restricted Area', 'Competitive Business', 'Confidential Information'
4. Severance Payment: Details of severance amount, payment schedule, and conditions
5. Non-Compete Obligations: Specific restrictions on competitive activities, duration, and geographical scope
6. Confidentiality Obligations: Ongoing obligations regarding confidential information
7. Governing Law: Singapore law clause and jurisdiction
1. Garden Leave: Terms of garden leave during notice period, including duration and conditions
2. Non-Solicitation: Restrictions on soliciting employees, customers, or suppliers of the company
3. Return of Company Property: Process and timeline for returning company assets and confidential documents
4. Tax Provisions: Specific provisions regarding tax treatment of severance payment and obligations
1. Schedule 1 - Severance Payment Calculation: Detailed breakdown of severance payment computation and payment schedule
2. Schedule 2 - Restricted Territory: Detailed map or list of geographical areas covered by non-compete restrictions
3. Schedule 3 - Restricted Clients: List of specific clients covered by non-solicitation provisions
4. Appendix A - Acknowledgment Form: Employee acknowledgment of receiving severance and understanding restrictions
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