Bonus Agreement

Bonus Agreement Template for Denmark

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Document background

The Bonus Agreement serves as a crucial document in Danish employment relationships where variable compensation forms part of the total remuneration package. This document is typically implemented when companies wish to establish performance-based incentives for employees, align individual goals with organizational objectives, or create structured reward systems. The agreement must comply with Danish employment law, including the Salaried Employees Act (Funktionærloven) and Equal Treatment Act (Ligebehandlingsloven), while providing clear terms for bonus calculations, payment schedules, and eligibility criteria. It is particularly relevant for new hires, during compensation reviews, or when implementing company-wide incentive schemes. The Bonus Agreement should be carefully drafted to ensure transparency, fairness, and legal compliance while maintaining flexibility for business needs.

Suggested Sections

1. Parties: Identification of the employer company and the employee

2. Background: Context of the bonus agreement and its relationship to the employment contract

3. Definitions: Clear definitions of key terms used in the agreement, including types of bonuses, performance metrics, and calculation periods

4. Bonus Structure: Detailed explanation of the bonus scheme, including types of bonuses offered

5. Performance Criteria: Specific metrics and targets that determine bonus eligibility and amounts

6. Calculation Method: Formula and methodology for calculating bonus payments

7. Payment Terms: Timing and method of bonus payments, including any deferral arrangements

8. Eligibility Criteria: Conditions that must be met to qualify for bonus payments

9. Term and Termination: Duration of the bonus agreement and implications of employment termination

10. Clawback Provisions: Circumstances under which the company may reclaim paid bonuses

11. Confidentiality: Requirements regarding confidentiality of bonus terms and calculations

12. Governing Law: Confirmation of Danish law application and jurisdiction

Optional Sections

1. Tax Treatment: Specific provisions regarding tax handling of bonus payments, used when special tax arrangements apply

2. Stock Options: Include when bonus includes or is linked to stock options or share schemes

3. International Aspects: Required for employees working across multiple jurisdictions

4. Group Company Provisions: Include when bonus is linked to group company performance or involves multiple entities

5. Good/Bad Leaver Provisions: Detailed provisions for bonus treatment under different departure scenarios

6. Change of Control: Include when specific provisions apply in case of company ownership changes

7. Discretionary Adjustments: Framework for management discretion in adjusting bonus calculations, if applicable

8. Holiday Pay Impact: Specific provisions about how bonus payments affect holiday pay calculations

Suggested Schedules

1. Bonus Calculation Examples: Detailed examples showing how different bonus scenarios are calculated

2. Performance Metrics Definition: Detailed description of each performance metric and measurement methodology

3. Target Setting Process: Process and timeline for setting and reviewing performance targets

4. Bonus Payment Schedule: Timeline of measurement periods and corresponding payment dates

5. Historical Data Reference: Reference data used for relative performance measurements, if applicable

6. Corporate KPIs: Details of company KPIs relevant to bonus calculations

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