This Severance Payment Agreement template is designed for use under Danish employment law when an organization needs to formalize the termination of employment and associated severance arrangements. The document is particularly relevant when implementing mutually agreed separations or redundancies, ensuring compliance with Danish labor regulations and the "flexicurity" model. It includes comprehensive details about severance payments, notice periods, holiday pay, and other entitlements as required by Danish law. The agreement serves to protect both parties' interests by clearly documenting all termination terms, helping prevent future disputes, and ensuring proper handling of tax implications and social security contributions. This template should be customized based on the specific circumstances of the termination, the employee's seniority, and any applicable collective agreements.
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Severance Payment Agreement
I need a Severance Payment Agreement under Danish law for a senior IT executive's mutual termination, including provisions for share options and a 6-month non-compete clause, with the termination date set for March 1, 2025.
1. Parties: Identification of the employer and employee, including full legal names, addresses, and any registration numbers
2. Background: Brief context of the employment relationship and the circumstances leading to the severance agreement
3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Severance Payment', and other relevant terms
4. Termination Date: Specific date when the employment relationship officially ends
5. Severance Payment: Details of the severance amount, calculation method, payment date(s), and tax treatment
6. Final Salary and Benefits: Treatment of final salary payment, accrued holiday pay, and other benefits
7. Company Property: Requirements for returning company property and handling of company information
8. Confidentiality: Ongoing obligations regarding confidential information
9. Tax and Social Security: Tax treatment of payments and responsibility for social security contributions
10. Full and Final Settlement: Confirmation that the agreement represents full and final settlement of all claims
11. Governing Law: Confirmation that the agreement is governed by Danish law
12. Signatures: Execution block for both parties
1. Post-Employment Restrictions: Non-compete and non-solicitation clauses, if applicable and agreed upon
2. Reference and Communication: Terms regarding employment references and agreed communication about the departure
3. Outplacement Support: Details of any career transition services provided
4. Share Options/Awards: Treatment of existing share options or awards, if applicable
5. Insurance Continuation: Details of any continued insurance coverage
6. Legal Costs: Terms regarding payment of legal fees for reviewing the agreement
7. Garden Leave: Terms of any garden leave period before the termination date
8. Pension Arrangements: Special provisions regarding pension schemes and contributions
1. Schedule 1 - Payment Calculation: Detailed breakdown of severance payment calculation
2. Schedule 2 - Benefits Summary: List of benefits and their treatment post-termination
3. Schedule 3 - Company Property List: Itemized list of company property to be returned
4. Appendix A - Tax Documentation: Relevant tax forms and information
5. Appendix B - Release of Claims: Detailed release of claims document
6. Appendix C - Reference Letter: Agreed form of reference letter, if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Technology
Financial Services
Manufacturing
Retail
Healthcare
Professional Services
Education
Construction
Energy
Telecommunications
Transport and Logistics
Media and Entertainment
Real Estate
Pharmaceuticals
Consumer Goods
Agriculture
Relevant Teams
Human Resources
Legal
Finance
Executive Leadership
Compensation and Benefits
Employee Relations
People Operations
Compliance
Payroll
Relevant Roles
HR Manager
Legal Counsel
Chief Human Resources Officer
Employment Lawyer
HR Business Partner
Compensation and Benefits Manager
HR Director
Chief Executive Officer
Chief Financial Officer
General Counsel
HR Operations Manager
Talent Management Director
People Operations Manager
Employee Relations Manager
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