______________________, Referred to as EMPLOYEE, and _____________________, referred to as EMPLOYER, agree:
The parties entered into an employment contract on ____________________, with a stated term beginning on______________ and terminating on _____________________.
The parties desire to enter into a full and final settlement of the obligations under the contract, and in consideration of the mutual covenants and obligations and other considerations, the receipt and sufficiency of which is acknowledged herewith:
Jointly release one another from all claims from the beginning of time until the present.
Nevertheless the following new agreement shall continue in full force and effect:
For a period of _________________________ months from this date, EMPLOYEE shall not engage in the business of ____________________________________ in the following territory:….
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