Employment Contract

concerning [target company]

has today been made between

[company name]
CVR no. [company cvr number]
[company address]
DK - [company zip code]
(the ”Company”)

and

[employee name]
CPR no. [employee cpr number]
[employee address]
DK - [employee zip code]
(the ”Employee”)

(The Company and the Employee hereinafter jointly referred to as the ”Parties” and individually as the “Party”).

Background

The Employee has been employed as [job title] with the Company since [employment date] (hereinafter the “Employment Date”).

The Employee shall continue His or Her position as [job title] as from [commencement date] (hereinafter referred to as the “Commencement Date”) on the terms set forth in this Employment Contract (hereinafter “the Agreement”). Thus, this Agreement replaces all previous agreements and amendments entered into between the Parties and represents the sole contractual basis between the Parties.

or

The Employee shall be employed from [commencement date] on the following terms.

Job Title and Main Responsibilities

The Employee shall be employed under the title of [job title] and shall be in charge of a number of tasks for the Company. The tasks shall be carried out with responsibility and reference to the person(s) appointed by the Company’s management at any given time.

The Employee’s tasks shall primarily consist of:

[description of employee's tasks]

Remuneration

The Employee’s salary is DKK [monthly salary amount] per month paid in arrears on the last business day of every month, the first time being on [first salary payment date], to a bank account assigned by the Employee.

The Employee shall be covered by the Company’s pension scheme in force at any given time. From [start date of company pension], the Company makes a pension contribution of [company pension contribution percentage]% of the Employee’s yearly salary. The Company’s share of the pension contribution shall be paid in addition to the salary described under clause 2.1 and as adjusted under clause 2.3. From [start date of compulsory pension contribution], the Employee’s share of the compulsory pension contribution shall be [compulsory pension contribution %]% of the Employee’s yearly salary as described under clause 2.1 and as adjusted under clause 2.3. The Company shall arrange for payment of the total pension contribution to the pension insurance company.

Adjustment of the salary is renegotiated for the first time in [date of first salary adjustment] and hereinafter once every year in [month of salary adjustments]. Any adjustments will take effect on [date on which salary adjustments take effect].

The Company refunds reasonable travel and representation expenses in connection with the Employee’s work defrayed after prior approval by the Company. The Employee shall no later than by the end of a month settle expenses regarding the previous month with attached receipts with the Company.

The Company will not impose upon the Employee multimedia tax in accordance with the taxation rules in force from time to time in accordance with clause 3.

Employee Benefits and Company Car

The Company shall pay all reasonable expenses in connection with the Employee’s mobile phone, home computer and internet connection.

The Company shall provide a company car with a value of DKK [company car value] at the Employee’s disposal and shall pay all reasonable expenses in connection with the maintenance of the car.

Against compensation equivalent to the tax value, the Company shall be entitled to request that the Employee returns the company car and above-mentioned employee benefits during a period of notice, if the Employee has been released from his or her obligations to attend work during this period.

The tax consequences of the Employee’s use of the company car and above-mentioned employee benefits are of no concern to the Company.

Workplace and Working Hours

The Employee’s workplace shall be at the Company’s address, [workplace address]. However, the Employee is obliged to participate in meetings and other events outside the workplace. Furthermore, the Employee shall anticipate some travel activity in and outside normal working hours.

The Employee’s normal working hours shall be 37 or The Employee is employed with an all-inclusive salary ("Jobløn”) . Work outside normal working hours may occur, and the Employee is obliged to work the number of hours required. The Employee will not receive specific overtime compensation or be entitled to take any days in lieu.

Duties during the Employment

During the Employee’s employment with the Company, he or she shall not be entitled to be the owner of or actively or passively participate in any other business or to have any other paid work or to assume paid duties without the written consent of the Company’s Managing Director in each case. A similar obligation shall apply to unpaid/ duties which to a high degree may interfere with the Employee’s work obligations.

In-Service Training

The Employee shall be entitled to in-service training that is appropriate for his or her position. The Company shall pay for the in-service training. The training program shall be adapted to the program of the other employees of the Company and shall be agreed with the Company’s Managing Director.

The Danish Holidays Act

The Employee shall be subject to the Danish Holidays Act and shall consequently be entitled to five weeks’ holiday.

In addition thereto, the Employee is entitled to five extra days of holiday. These days are earned and shall be taken in accordance with the Danish Holidays Act. If the extra holidays are not taken prior to the cessation of the employment, the extra holidays will lapse without the Employee being entitled to compensation in lieu hereof.

The Employee shall determine he or she holiday periods in consultation with the Company’s management.

Intellectual Property Rights, etc.

All intellectual property rights including, but not limited to, copyrights, photo rights, patent rights, design rights and trademark rights - in creations of any kind, such as text, computer software or marketing principles, etc., which have been created as part of the general employment or which are the result of the Employee’s assignment for the Company, shall belong to the Company, subject to mandatory statutory rules.

The Company shall thus be fully entitled to exercise said rights and make use of said creations, and the Company shall also be fully entitled to reassign the rights and creations to any third party.

Any assignment of rights shall be conclusive and shall not lapse at the end of the employment.

Duty of Confidentiality

During the employment, confidential information about the Company will come to the Employee’s knowledge. If such information comes to the knowledge of the Company’s competitors, it may cause material damage to the Company.

The Employee shall have a duty of confidentiality regarding any confidential information about the Company and the Company’s operations which may come to the knowledge of the Employee during he or she employment with the Company, unless the information is of such a nature that it should be disclosed to a third party.

The Employee is not entitled to use or disclose confidential information to a third party.

Confidential information includes, e.g. information about the Company’s customers and suppliers, prices and discounts, marketing surveys and strategies, product development, manufacturing processes and research, which is not accessible to the public.

The duty of confidentiality and the prohibition against the use of confidential information shall apply during the employment and after the termination of the employment, cf. Sections 1 and 19 of the Danish Marketing Practices Act.

Any breach of the duty of confidentiality or the prohibition against the use of confidential information constitutes a material breach and may result in the termination of the employment by the Company.

Termination

This employment may be terminated according to the provisions of the Danish Salaried Employees Act.

Therefore, the Company may terminate the employment in writing with at least (i) 1 month’s notice, if the notice is given before the expiry of 5 months’ employment, (ii) 3 months, if notice is given before the expiry of 2 years and 9 months’ employment, (iii) 4 months, if notice is given before the expiry of 5 years and 8 months’ employment and (iv) 5 months, if notice is given before the expiry of 8 years and 7 months’ employment. Subsequently, the Company may terminate the Employee with 6 months’ notice.

For new employees only:

However, the Parties have agreed that the first three months from the Employment Date shall be considered a trial period, during which the Parties may terminate the contract at 14 days’ notice.

The employment shall cease without notice at the end of the month in which the Employee attains the age of 70.

Illness

The Company shall be notified immediately in the case of absence due to illness. Notification shall be given in accordance with the Company’s Employee Handbook (Appendix 1) in force from time to time.

If the Employee due to illness, has been unable to work for a period of 120 days during 12 consecutive months and has received salary during this period, the Employee may be terminated at one month’s notice at the end of a month, cf. Section 5(2) of the Danish Salaried Employees Act.

Personal Data

As part of the employment, the Company shall process a number of general personal data about the Employee. The processing shall be in accordance with both good practice for processing data, as well as the Danish Act of Processing Personal Data in force from time to time.

Employee Handbook

In connection with the employment, the Employee has received a copy of the Company’s Employee Handbook (Appendix 1). Furthermore, the Employee accepts the fact that the Employee’s use of Internet and emails shall take place in accordance with the terms described in the Employee Handbook.

By signing this Agreement, the Employee confirms having read and accepted the terms described in the Employee Handbook, which is part of the Employee’s employment conditions.

Applicable Law and Venue

This Agreement shall be governed by Danish law, including the Danish Salaried Employees Act and shall be construed in accordance therewith.

Disputes of any nature arising in connection with this Agreement shall be brought before the ordinary Danish courts.

Appendices

Appendix 1: Employee Handbook

Insert employee handbook

This Agreement has been drawn up in two copies which have been distributed to the Employee and the Company, respectively.

This Agreement is a translation of the Danish agreement. Only the Danish version shall have validity. This translation shall thus not be valid and shall in no circumstances be used as an aid in interpreting the Danish valid version.

[company execution place and date]

On behalf of the Company:

_________________________

[company signatory name]

[employee execution place and date]

The Employee:

_________________________

[employee name]