The Executive Severance Agreement is a critical document used when terminating the employment relationship with senior executives in Denmark. It serves as a comprehensive framework for managing executive departures, whether through mutual agreement, retirement, or other circumstances. The agreement must comply with Danish employment law, particularly the Salaried Employees Act (Funktion脙茠脗娄rloven), while addressing complex compensation elements including base salary continuation, bonus treatments, equity compensation, and benefits. This document is essential for risk management and ensuring clear terms for both parties, typically incorporating specific Danish legal requirements regarding notice periods, holiday pay calculations, and tax treatments. The agreement becomes particularly important in situations involving listed companies or regulated industries where transparency and proper governance of executive departures is crucial.
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Key Requirements PROMPT example:
Executive Severance Agreement
I need an Executive Severance Agreement under Danish law for our departing CFO, who will leave by mutual agreement on March 1, 2025, including provisions for unvested stock options and continued health benefits for 6 months.
1. Parties: Identification of the company and the executive, including their respective addresses and registration details
2. Background: Brief context of the executive's employment and the circumstances leading to the severance agreement
3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Severance Period', and 'Cause'
4. Termination Date and Status: Specification of the last day of employment and immediate transition arrangements
5. Severance Payment: Details of the severance package, including base salary continuation, calculation method, and payment schedule
6. Statutory and Contractual Payments: Treatment of accrued holiday pay, bonus payments, and other statutory entitlements under Danish law
7. Benefits Continuation: Details of any continued benefits during the severance period, including health insurance and company perks
8. Tax and Social Security: Tax treatment of payments and respective obligations of the parties regarding social security contributions
9. Confidentiality Obligations: Ongoing duties regarding company confidential information and trade secrets
10. Company Property: Requirements for return of company property and documentation
11. Release of Claims: Mutual release of claims between parties, subject to Danish law requirements
12. Reference and Communications: Agreement on employment references and internal/external communications regarding the departure
13. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction for disputes
14. Entire Agreement: Standard integration clause confirming this agreement supersedes previous arrangements
1. Equity Compensation: Treatment of stock options, RSUs, or other equity-based compensation, used when the executive has equity incentives
2. Non-Competition and Non-Solicitation: Post-employment restrictions, only included if new or modified restrictions are agreed upon
3. International Assignment: Special provisions for executives who have worked internationally, addressing tax equalization and repatriation
4. Outplacement Services: Details of career transition support, if offered as part of the package
5. Board Positions: Resignation from board positions, required when executive serves on company boards
6. Pension Arrangements: Special provisions for pension schemes beyond statutory requirements
7. Retention Bonus: Terms for any additional payment for staying until a specific date, if applicable
8. Legal Fees: Company's contribution to executive's legal fees for reviewing the agreement
1. Schedule 1 - Severance Calculation: Detailed breakdown of severance payment calculation, including base salary, average bonus, and other components
2. Schedule 2 - Benefits Summary: List of continued benefits and their duration during the severance period
3. Schedule 3 - Company Property: Itemized list of company property to be returned
4. Schedule 4 - Equity Awards: Summary of outstanding equity awards and their treatment
5. Schedule 5 - Release Agreement: Form of release agreement compliant with Danish law
6. Schedule 6 - Communications Plan: Agreed announcement and communication templates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Technology
Manufacturing
Healthcare
Retail
Energy
Telecommunications
Professional Services
Real Estate
Consumer Goods
Industrial
Life Sciences
Media and Entertainment
Transportation and Logistics
Relevant Teams
Human Resources
Legal
Finance
Executive Office
Corporate Governance
Compensation & Benefits
Board Secretariat
Compliance
Corporate Communications
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Chief Technology Officer
Chief Marketing Officer
Chief Human Resources Officer
Managing Director
Executive Vice President
Senior Vice President
Division President
Country Manager
Regional Director
General Manager
Chief Legal Officer
Chief Investment Officer
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