Can we add company-specific information to the employment agreement? Will Velocity Global review these updates?
No. Your company name and address are stated, but further company-specific information cannot be added.
What are the types of employment agreements we can offer? (e.g., fixed-term, indefinite, project-based)
Fixed-term and indefinite employment agreements are possible in Germany. Fixed-term agreements may be no longer than two years. Within those two years, three extensions are possible. However, due to the 18-month limit on the leasing agreement, it is not advisable to have a two-year employment agreement.
Can we recognize seniority in Germany?
We can't honor any seniority in our employment agreements due to AUG License, however, we can put additional language in the agreement to give more severance for a termination.
Can we include benefits in the employment agreement?
Yes, benefits can be included in the employment agreement as long as they have a fixed amount (if applicable) and a fixed date (end of the agreement).
Can we add variable compensation to the employment agreement?
Yes, we can add variable compensation to an employment agreement. Any variable compensation must be put in writing in a variable compensation plan.
If equity is to be included as part of the variable compensation agreement, please see the bottom of the Employment Agreement Adjustments in Germany article for more information.