Effective 1 July 2015 many of the Dutch rules governing the termination of employment contracts will be amended by the new Work and Security Act (Wet werk en zekerheid). These amendments will also have consequences for shareholders' agreements and investment agreements pursuant to which a manager (which for the purpose of this newsflash could also include directors) employed or engaged by a company has an equity stake in that company. These agreements almost always contain leaver provisions, i.e. contractual undertakings which oblige a manager to offer his/her shares in the company to one or more other shareholders – often the investor(s) – at the end of his/her employment or engagement.
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