The Executive Separation Agreement is a crucial document used when terminating the employment relationship with senior executives or directors under Dutch law. It is typically implemented when an executive-level employee is departing from the organization, whether through mutual agreement, retirement, or other circumstances. The agreement comprehensively addresses all aspects of the separation, including financial settlements, continuing obligations, and protection of company interests, while ensuring compliance with Dutch employment law, corporate governance requirements, and relevant regulatory frameworks. This document is particularly important given the complex nature of executive employment relationships in the Netherlands, which often involve both corporate law (regarding director positions) and employment law aspects. The Executive Separation Agreement helps minimize legal risks, ensures clear documentation of all termination terms, and provides a framework for professional transition while protecting both parties' interests.
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Key Requirements PROMPT example:
Executive Separation Agreement
"I need an Executive Separation Agreement under Dutch law for our CFO's voluntary departure effective March 1, 2025, including garden leave provisions and treatment of unvested stock options, with specific focus on post-termination restrictions for the financial services sector."
1. Parties: Identification of the company and the executive, including formal corporate details
2. Background: Context of the executive's employment and reason for separation
3. Definitions: Key terms used throughout the agreement
4. Termination Date and Position: Specific date of termination and details of positions being terminated
5. Financial Settlement: Details of severance payment, final salary, bonuses, and other financial entitlements
6. Company Property: Requirements for return of company property and information
7. Confidentiality Obligations: Ongoing confidentiality requirements post-termination
8. Post-Termination Restrictions: Non-compete and non-solicitation provisions in accordance with Dutch law
9. Release of Claims: Mutual release of claims between parties
10. Tax Treatment: Tax implications and responsibilities
11. Reference and Announcements: Agreed form of reference and public/internal announcements
12. Governing Law and Jurisdiction: Confirmation of Dutch law application and jurisdiction
13. Entire Agreement: Integration clause and relationship to previous agreements
1. Garden Leave: Used when the executive is placed on garden leave during notice period
2. Share Options and Awards: Include when executive has outstanding equity-based compensation
3. Directorship Resignations: Required when executive holds board positions in group companies
4. Ongoing Cooperation: Used when executive's assistance may be needed for transition or litigation
5. Insurance and Indemnification: Include when extending D&O insurance coverage or specific indemnities
6. Outplacement Support: When providing career transition services
7. Works Council Approval: Required when works council consultation is necessary
8. Pension Arrangements: Include when specific pension provisions need addressing
9. Intellectual Property Rights: When there are specific IP matters to address
10. Housing and Relocation: For expatriate executives with housing benefits
1. Schedule 1 - Calculation of Severance Payment: Detailed breakdown of severance calculation
2. Schedule 2 - Company Property List: Inventory of items to be returned
3. Schedule 3 - Resignation Letters: Template letters for resignations from various positions
4. Schedule 4 - Agreed Announcement: Text of internal and external announcements
5. Schedule 5 - Share Option Details: List of outstanding share options and treatment
6. Schedule 6 - Benefits Summary: Details of continuing or terminating benefits
7. Appendix A - Settlement Agreement Protocol: Formal requirements under Dutch law for valid settlement
8. Appendix B - Legal Advisory Certificate: Confirmation of independent legal advice received
Authors
Relevant legal definitions
Agreement
Appointment
Board
Company
Confidential Information
Effective Date
Executive
Group
Group Company
Intellectual Property Rights
Notice Period
Parent Company
Parties
Restricted Business
Restricted Period
Separation Date
Settlement Sum
Share Plans
Statutory Director
Subsidiaries
Termination Date
Territory
Transition Period
Variable Pay
Works Council
Year of Service
Cause
Good Reason
Company Property
Competitive Business
Corporate Opportunity
Directors and Officers Insurance
Final Salary
Garden Leave
Management Board
Professional Contacts
Severance Payment
Supervisory Board
Trade Secrets
Transition Payment
Appointment
Board
Company
Confidential Information
Effective Date
Executive
Group
Group Company
Intellectual Property Rights
Notice Period
Parent Company
Parties
Restricted Business
Restricted Period
Separation Date
Settlement Sum
Share Plans
Statutory Director
Subsidiaries
Termination Date
Territory
Transition Period
Variable Pay
Works Council
Year of Service
Cause
Good Reason
Company Property
Competitive Business
Corporate Opportunity
Directors and Officers Insurance
Final Salary
Garden Leave
Management Board
Professional Contacts
Severance Payment
Supervisory Board
Trade Secrets
Transition Payment
Clauses
Interpretation
Term and Termination
Resignation from Directorships
Severance Payments
Final Salary and Benefits
Share Options and Awards
Bonus Payments
Pension Arrangements
Company Property Return
Confidentiality
Non-Competition
Non-Solicitation
Non-Disparagement
Intellectual Property
Data Protection
Release of Claims
Tax Indemnity
Legal Costs
Announcements and References
Cooperation
Garden Leave
Works Council Approval
Insurance and Indemnification
Outplacement Support
Continuing Obligations
Waiver
Severability
Amendment
Third Party Rights
Notices
Governing Law
Jurisdiction
Entire Agreement
Counterparts
Term and Termination
Resignation from Directorships
Severance Payments
Final Salary and Benefits
Share Options and Awards
Bonus Payments
Pension Arrangements
Company Property Return
Confidentiality
Non-Competition
Non-Solicitation
Non-Disparagement
Intellectual Property
Data Protection
Release of Claims
Tax Indemnity
Legal Costs
Announcements and References
Cooperation
Garden Leave
Works Council Approval
Insurance and Indemnification
Outplacement Support
Continuing Obligations
Waiver
Severability
Amendment
Third Party Rights
Notices
Governing Law
Jurisdiction
Entire Agreement
Counterparts
Relevant Industries
Financial Services
Technology
Manufacturing
Professional Services
Healthcare
Retail
Energy
Telecommunications
Real Estate
Construction
Transportation
Media and Entertainment
Pharmaceuticals
Consumer Goods
Insurance
Relevant Teams
Legal
Human Resources
Finance
Corporate Governance
Compensation & Benefits
Executive Administration
Corporate Communications
Compliance
Risk Management
Board Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Managing Director
Executive Director
Board Member
Division President
Country Manager
Regional Director
Senior Vice President
Executive Vice President
General Manager
Chief Technology Officer
Chief Legal Officer
Chief Human Resources Officer
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