Employment Settlement Agreement Template for Austria

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Employment Settlement Agreement

"I need an Employment Settlement Agreement under Austrian law for a senior software developer leaving our Vienna-based tech company by mutual consent on March 1, 2025, including provisions for ongoing project handover and treatment of unvested stock options."

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What is a Employment Settlement Agreement?

The Employment Settlement Agreement is a crucial document used in Austrian employment contexts when an employer and employee mutually agree to terminate their employment relationship. It serves as a comprehensive record of the termination terms, typically used in situations involving voluntary departures, redundancies, or negotiated exits. The document must comply with Austrian labor law requirements, including specific provisions regarding notice periods, severance payments, and works council involvement where applicable. It addresses various aspects such as financial compensation, continued obligations, benefit treatments, and release of claims. This agreement is particularly important in preventing future disputes by clearly documenting all agreed terms and ensuring both parties understand their rights and obligations. The document must be carefully drafted to ensure enforceability under Austrian law while protecting both parties' interests.

What sections should be included in a Employment Settlement Agreement?

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

2. Background: Brief history of employment relationship, including start date, position, and reason for termination

3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Settlement Sum', and other relevant definitions

4. Termination of Employment: Formal statement of employment termination, specifying the last day of employment and immediate actions required

5. Settlement Payments: Detailed breakdown of all payments to be made, including final salary, severance pay, and any additional compensation

6. Tax Treatment: Clarification of tax handling for various payment components in accordance with Austrian tax law

7. Company Property: Requirements for return of company property and confirmation of data deletion

8. Confidentiality Obligations: Ongoing confidentiality obligations post-employment

9. Full and Final Settlement: Mutual release of claims and waiver of rights, subject to Austrian legal requirements

10. Reference and Communications: Agreement on employment references and internal/external communications about the departure

11. Governing Law: Specification of Austrian law as governing law and jurisdiction

12. Execution: Signature blocks and execution requirements

What sections are optional to include in a Employment Settlement Agreement?

1. Post-Termination Restrictions: Non-compete and non-solicitation clauses, if applicable under existing employment contract and Austrian law

2. Ongoing Projects: Provisions for handover of ongoing work and projects, if applicable

3. Benefits Continuation: Details of any benefits extending beyond termination date

4. Intellectual Property: Specific provisions regarding intellectual property created during employment

5. Legal Costs: Agreement on payment of legal costs for agreement review

6. Works Council Approval: Required if works council involvement is necessary under Austrian law

7. Stock Options/Share Rights: Treatment of any outstanding equity compensation

8. Insurance Continuation: Details of any insurance coverage extensions or conversions

What schedules should be included in a Employment Settlement Agreement?

1. Schedule 1 - Payment Calculation: Detailed breakdown of all payment components including salary, severance, and benefits

2. Schedule 2 - Company Property: Itemized list of company property to be returned

3. Schedule 3 - Benefits Summary: Summary of benefits and their treatment post-termination

4. Schedule 4 - Outstanding Claims: List of any outstanding claims or disputes being settled

5. Appendix A - Resignation Letter: Form of resignation letter to be signed by employee

6. Appendix B - Reference Letter: Agreed form of employment reference

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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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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