Deferred Salary Agreement

Deferred Salary Agreement Template for Denmark

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Document background

The Deferred Salary Agreement is utilized when an employer and employee in Denmark wish to establish a formal arrangement for postponing the payment of a portion of the employee's compensation to a future date. This arrangement is commonly implemented for senior executives, as part of retention strategies, or for tax planning purposes. The document must comply with Danish employment law, including the Danish Contracts Act, Salaried Employees Act, and relevant tax legislation. It typically includes detailed provisions about deferral amounts, investment options, payment triggers, and tax implications. The agreement is particularly relevant in scenarios involving long-term incentive plans, retirement planning, or when companies wish to align employee interests with long-term business objectives.

Suggested Sections

1. Parties: Identification of the employer and employee entering into the agreement

2. Background: Context of the agreement and purpose of the salary deferral arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Deferral Terms: Core terms of the salary deferral including amounts, timing, and calculation method

5. Payment Mechanism: Details of how and when deferred salary will be paid out

6. Tax Treatment: Explanation of tax implications and responsibilities

7. Employment Status: Relationship between the agreement and ongoing employment

8. Termination Provisions: Circumstances and process for terminating the arrangement

9. Applicable Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

10. Signatures: Execution block for all parties

Optional Sections

1. Investment Options: Details of any investment choices available for deferred amounts

2. Performance Conditions: Any performance-related conditions affecting the deferral or payout

3. International Provisions: Special provisions for international employees or cross-border implications

4. Pension Implications: Impact on and interaction with pension arrangements

5. Change of Control: Provisions dealing with company ownership changes

6. Clawback Provisions: Terms under which deferred salary might need to be repaid

7. Holiday Pay Calculations: Specific provisions regarding holiday pay implications

Suggested Schedules

1. Schedule 1 - Deferral Calculations: Detailed methodology for calculating deferred amounts

2. Schedule 2 - Payment Schedule: Timeline and amounts of scheduled payments

3. Schedule 3 - Tax Examples: Illustrative examples of tax treatment in different scenarios

4. Appendix A - Consent Form: Employee's written consent to salary deferral arrangement

5. Appendix B - Investment Options: Details of available investment options if applicable

6. Appendix C - Notice Forms: Template forms for various notices under the agreement

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