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Severance Pay Agreement

Severance Pay Agreement Template for Denmark

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Severance Pay Agreement

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The Severance Pay Agreement is a crucial document used in Danish employment relationships when an employment relationship is terminated and severance compensation is to be paid. It serves as a legally binding contract that clearly defines the terms of the severance package, ensuring compliance with Danish employment law, particularly the Danish Salaried Employees Act (Funktionærloven). This document is typically used during voluntary departures, redundancies, or negotiated exits, providing both parties with clear understanding and legal certainty regarding the severance arrangement. The agreement includes detailed information about payment amounts, timing, tax treatment, benefit continuations, and any post-employment obligations, while ensuring all terms align with Danish legal requirements and market practices.
Suggested Sections

1. Parties: Identification of the employer and employee, including full legal names, addresses, and relevant registration numbers

2. Background: Context of the agreement, including reference to the termination of employment and basis for the severance payment

3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Severance Payment', and other relevant terms

4. Severance Payment Amount: Specification of the total severance amount and its components

5. Payment Terms: Timing and method of severance payment, including any installment arrangements

6. Tax Treatment: Statement on tax handling and responsibilities regarding the severance payment

7. Holiday Pay and Other Benefits: Treatment of accrued holiday pay and other employment benefits

8. Full and Final Settlement: Confirmation that the payment represents full settlement of all claims

9. Confidentiality: Obligations regarding confidentiality of the agreement terms

10. Applicable Law: Confirmation of Danish law as governing law and jurisdiction

11. Signatures: Execution provisions and signature blocks for both parties

Optional Sections

1. Non-Disparagement: Mutual obligations not to make negative statements, included when reputation protection is important

2. Reference Provision: Terms regarding future employment references, included when agreed as part of the settlement

3. Ongoing Obligations: Post-employment obligations such as confidentiality of trade secrets, used when specific continuing duties exist

4. Company Property: Provisions regarding return of company property, included when there are outstanding items to be returned

5. Outplacement Support: Details of any career transition services offered, included when such support is part of the package

6. Competition Restrictions: Reference to any post-employment restrictions, included when existing non-compete clauses remain valid

7. Legal Advice: Acknowledgment of independent legal advice, included when the agreement is complex or high-value

Suggested Schedules

1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance payment calculation including basic salary, bonuses, and other components

2. Schedule 2 - Benefits Summary: List of benefits and their treatment post-termination

3. Schedule 3 - Tax Calculation Overview: Summary of tax treatment for different components of the severance package

4. Appendix A - Referenced Employment Agreement: Copy or relevant excerpts from the original employment agreement

5. Appendix B - Legal Requirements Reference: Reference to relevant sections of Danish employment law affecting the severance terms

Authors

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Relevant legal definitions






























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Relevant Industries
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Relevant Roles
Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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