general release agreement
a separation and general release agreement is a legal agreement between a company and typically an executive that outlines the terms and conditions of the company and executive terminating their employment agreement. the lump-sum payment will be paid to executive six months and one day following his termination of employment with the company. it is understood and agreed that this is a compromise settlement of a disputed claim or claims and that neither this agreement itself nor the furnishing of the consideration for this agreement shall be deemed or construed as an admission of liability or wrongdoing of any kind by the company. he therefore waives any claim now or in the future to other employment or reemployment with the company, or any of its related entities, and agrees that he will not apply for nor accept employment with the company or any of its related entities in the future.