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Severance Payment Agreement

Severance Payment Agreement Template for Austria

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Key Requirements PROMPT example:

Severance Payment Agreement

"I need a Severance Payment Agreement under Austrian law for a senior IT executive's voluntary resignation, including provisions for stock option vesting and continued health benefits until March 2025."

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Document background
The Severance Payment Agreement is a crucial document used in Austrian employment relationships when an employment contract is being terminated, whether by mutual consent, resignation, or dismissal. This agreement is particularly important under Austrian law, which has specific requirements for severance payments (Abfertigung) based on length of service and circumstances of termination. The document needs to comply with the Austrian Severance Pay Act (BMSVG) and related employment legislation, including provisions for both the "old" and "new" severance pay systems. It typically includes detailed calculations of the severance amount, treatment of outstanding benefits, tax considerations, and any special arrangements regarding company property or ongoing obligations. The agreement serves to prevent future disputes by clearly documenting all aspects of the final settlement between employer and employee.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names, addresses, and relevant registration numbers

2. Background: Context of the severance agreement, including employment history, reason for termination, and reference to original employment contract

3. Definitions: Key terms used in the agreement, including 'Severance Payment', 'Termination Date', 'Final Salary', etc.

4. Termination of Employment: Confirmation of employment termination date and nature of termination (mutual agreement, resignation, etc.)

5. Severance Payment Amount: Specification of the total severance payment amount and its calculation basis

6. Payment Terms: Timeline and method of severance payment, including tax treatment and social security implications

7. Final Settlement: Details of final salary, pro-rated bonuses, and outstanding vacation days

8. Waiver and Release: Mutual release of claims and obligations post-payment

9. Return of Company Property: Requirements and timeline for returning company assets

10. Confidentiality: Ongoing obligations regarding confidential information

11. Governing Law: Confirmation of Austrian law application and jurisdiction

12. Signatures: Execution clause and signature blocks for all parties

Optional Sections

1. Post-Employment Restrictions: Non-compete and non-solicitation clauses, if applicable to the employee's position

2. Special Benefits Continuation: Any continuation of benefits like health insurance or company car during a transition period

3. Reference Letter: Terms regarding the provision of employment references (Dienstzeugnis)

4. Works Council Approval: Required when works council involvement is necessary under Austrian law

5. Outplacement Support: Details of any career transition services offered

6. Special Circumstances: Provisions for specific situations like long-term illness or partial retirement

7. Stock Options/Share Rights: Treatment of any outstanding equity compensation

8. Pension Arrangements: Details of any company pension adjustments or settlements

Suggested Schedules

1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation, including years of service, salary basis, and applicable multipliers

2. Schedule 2 - Outstanding Payments: List of all outstanding payments including pro-rated bonuses, overtime, and vacation compensation

3. Schedule 3 - Company Property Inventory: List of company property to be returned

4. Schedule 4 - Benefits Summary: Summary of any benefits being continued or terminated

5. Appendix A - Tax Information: Information about tax treatment of the severance payment

6. Appendix B - Original Employment Contract: Copy of the original employment contract for reference

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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