Severance agreement & release

Severance Agreement & Release

Effective

This Agreement is between (the "Company") and (the "Employee").

1. Termination of employment

The Employee's last day of employment is after years of service.

2. Statutory minimum

The Company will pay the Employee's statutory minimum entitlements () regardless of whether this Agreement is signed. These statutory amounts are paid separately and are not consideration for the release.

3. Enhanced package

Subject to the Employee signing and not revoking this Agreement, the Company will provide a total enhanced package of , in addition to the statutory amounts.

4. Benefits

5. Transition support

6. Consideration period & legal advice

You have at least 14 days from the date of this letter to consider this Agreement. We strongly encourage you to obtain independent legal advice before signing. The amounts described in this Agreement are in addition to your statutory minimums under the Ontario Employment Standards Act, which will be paid regardless of whether you sign.

7. Release of claims

In consideration of the enhanced package described above (which exceeds your statutory entitlements under the Employment Standards Act, 2000), you (the "Releasor") release and discharge the Company, its affiliates, officers, directors, employees, and agents (collectively, the "Releasees") from any and all claims, demands, causes of action, and liabilities arising out of or related to your employment with the Company or its termination, whether known or unknown, except: (a) your statutory minimum entitlements under the ESA, which the Company has paid in full; (b) any rights to vested benefits under qualified retirement or savings plans; (c) any claims that cannot be released as a matter of law (including human rights claims that arise after the date of this Agreement); and (d) any claim to enforce this Agreement itself. This release is made with full knowledge of your right to seek independent legal advice.

8. Surviving obligations

The Employee's obligations of confidentiality, intellectual-property assignment, and non-solicitation under any agreements signed during employment continue to apply. The Employee will return all Company property by the last day of employment.

9. Non-disparagement

Each party agrees not to make disparaging statements, in any forum (including social media), about the other party. Nothing in this clause prevents either party from making truthful statements in legal proceedings, to a regulator, or as required by law.

10. Acceptance

If this Agreement is acceptable, please sign and return it by . After this date, the enhanced package described in section 3 will not be available — though the Company will, of course, still pay the statutory minimum amounts identified in section 2.

Made with WalnutsHR Paper · Reviewed for Ontario · April 2026