The Severance Agreement outlines the terms under which an employer acknowledges the termination of an employee's employment and the corresponding severance payment. This document can be used to formalize the end of an employment relationship, specifying the rights and obligations of both parties. It includes details such as severance pay amount, non-disparagement clauses, confidentiality, and the return of company property. It serves as a legal contract that ensures both parties have a clear understanding of their post-employment conduct and entitlements, reducing potential disputes.