A Voluntary Severance Agreement is used when an employer and employee in Denmark mutually agree to end their employment relationship under agreed terms. This document is particularly relevant during corporate restructurings, redundancy programs, or when providing enhanced departure terms to employees. The agreement, governed by Danish law, must comply with the Danish Salaried Employees Act (Funktion脙茠脝鈥櫭冣毭偮loven) and other relevant employment legislation. It typically includes comprehensive details about severance payments, benefit treatments, tax considerations, and release of claims. The document serves as protection for both parties by clearly documenting the terms of separation and ensuring all legal requirements are met. It's especially important in situations where enhanced benefits above statutory minimums are being offered or where specific post-employment obligations need to be documented.
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Key Requirements PROMPT example:
Voluntary Severance Agreement
I need a Voluntary Severance Agreement under Danish law for a senior IT director in a technology company, including provisions for share options and a 6-month garden leave period starting March 2025, with enhanced severance package and continuation of health benefits.
1. Parties: Identification of the employer and employee, including full legal names, addresses, and any relevant registration numbers
2. Background: Context of the voluntary severance, including employment history and basis for the agreement
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Specific date when employment will terminate and last working day if different
5. Severance Payment: Details of the severance package, including amount, calculation basis, and payment timing
6. Tax Treatment: Clarification of tax handling of various payment components
7. Final Salary and Benefits: Treatment of regular salary, bonuses, and benefits up to termination
8. Holiday Pay: Calculation and payment of accrued holiday entitlements
9. Company Property: Requirements and timeline for returning company property
10. Confidentiality: Ongoing obligations regarding confidential information
11. Full and Final Settlement: Confirmation that the agreement represents full and final settlement of all claims
12. Governing Law: Specification of Danish law as governing law
13. Signatures: Execution provisions and signature blocks
1. Garden Leave: Used when the employee will remain employed but not required to work during notice period
2. Post-Employment Restrictions: Include when non-compete or non-solicitation provisions are part of the settlement
3. Reference: Terms regarding future employment references if agreed
4. Outplacement Support: Details of any career transition services provided
5. Share Options/Awards: Treatment of existing share options or equity awards if applicable
6. Insurance Continuation: Details of any extended insurance coverage if offered
7. Legal Costs: Include if employer is contributing to employee's legal costs
8. Press Release/Announcement: Include if parties agree on specific communication about the departure
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: Itemized list of company property to be returned
4. Appendix A - Resignation Letter: Form of resignation letter to be signed by employee
5. Appendix B - Tax Declaration: Required tax forms or declarations
6. Appendix C - Release of Claims: Detailed release of claims document if separate from main agreement
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