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Related to severance agreement: Severance package
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|Noun||1.||severance agreement - an agreement on the terms on which an employee will leave|
agreement, understanding - the statement (oral or written) of an exchange of promises; "they had an agreement that they would not interfere in each other's business"; "there was an understanding between management and the workers"
golden handshake - a lucrative severance agreement offered to an employee (usually as an incentive to retire)