Transition And Separation Agreement
1.1 Workers and employers are parties to an employment contract of March 15, 2010 in the revision of the employment contract of December 17, 2010 (together the “modified employment contract”). The parties agree that the worker is entitled to benefits pursuant to Section 6, Point b of the amended employment contract of March 22, 2011. The company asked the employee to enter into a transition service contract with the company until the separation date (defined below) and the employee agreed to accept such an agreement under the terms of this agreement. A separation agreement, if properly developed and negotiated, can provide critical protection and benefits to both employers and outgoing workers. Companies can minimize the risk of litigation, protect themselves from the loss of customers or employees, and protect goodwill and reputation. Outgoing workers, including workers and self-employed contractors, can benefit from payments and ongoing insurance that is useful for any period of unemployment and other intangible benefits such as monitoring the perception of departure. Sometimes employers intend to enter into the separation agreement before the date of termination. In this case, the separation agreement may include the obligation to sign a second authorization after the termination date. This second publication would cover all claims regarding behaviour during this transitional period between the first and second signing of the contract. 2.1 Severance pay. The employer undertakes to provide the employee with the following severance package.
The staff member acknowledges and accepts that the severance package is an appropriate legal consideration for the commitments and assurances he has made in the agreement. Receipt of severance pay is conditional on the employee complying with the following conditions (“Conditions of severance”): (i) the employee must sign the additional agreement and the reciprocal general release (“Additional Version”) within 21 days of his separation date; (ii) the worker cannot revoke the supplementary authorization; and (iii) the additional authorization must be effective and enforceable on the eighth day after the worker has signed the supplementary release (“additional release date”); (iv) the worker must continue to comply with the provisions of the ownership agreements described in point 4.1; (v) the worker must continue to comply with the non-competition or promotion obligations described in point 4.2; and (vi) the worker must make himself available in an appropriate manner to assist, by telephone or in person, the orderly transfer of the worker`s duties to other workers of the employer during the period which occurs on the date of separation and continues during the period of the severance pay. The amount of the transitional allowance to which you are entitled is calculated on the basis of your salary and years of service. Under the Balanced Labour Market Act, you have the right to receive a transitional salary equal to one third of your gross monthly salary for each year of employment, minus a proportional payment for each month and every day that is not for an entire year. The amount of the transitional allowance that you can receive in the Netherlands is currently limited to 83,000 euros or an annual salary, the higher the amount. This is optional and may include a cash payment or not. U.S. law simply requires employees to receive wages because of the last day of work and ongoing leave.
Even the largest companies lay off employees without severance pay. Refer to your employment contract for the terms of redundancy packages. Remember that the company wants you to sign the agreement so that you don`t have any future claims. Think about the value of the proposed severance pay. Check the personnel manual to check the rules and procedures for redundancies.