In fact the dutchs, belgians and luxemburguese after the fall of France had been disposed to made a peace with Germany even with the surely concessions of these governments to the victorious germans.
Unfortunately for the germans, Hitler considered the whole Europe as a field for sack and get resources for his war, so Hitler not considered the idea of making peaces with the governments in the exile of these nations as a "logic idea" he considered that after the fall of France, the british would demanded a surrender, the negotiations of peace would be based in the fact that british maintains his empire and Hitler controls all Europe, so for Hitler the idea of trying to profit the moment of the fall of France to make peaces with the nations of the Benelux was "stupid" so all the propositions that were given to Germany were clearly refused.
But what if Hitler dies at the bombing of november 1939, although some could say that this had seen a compromise peace between the new leadership and the Western allies, there is another possibility, as nowadays know the economical exchanges between Soviet Union and Germany and another consecuences of the collaboration between Soviet Union and Germany (for example the use of a soviet Harbour as germany naval base for permitting his ships use the north artic route to elude allied warships in sending germany corsairs and merchants in direction of Asia) had permitted to Germany defeat the economic blockade of the Allies (in fact Germany obtained far more resources and benefits of the collaboratiaon with the soviets during the period of september 1939-june 1941 -the last train with soviet resources to Germany was sent... the 22nd june 1941! few hours before the german invasion of Soviet Union- that with the the sacking of the occupated regions of the Soviet Union during 1941-44) so what if the new leadership (Goering or could be some kind of nazi junta) had delayed the invasion of the West until had studied better the plans, what if Guderina had succeeded in convincing the new nazi leaders in implement his plan, the invasion schedule had could be concentrated in invading The West in april (no Scandinavian campaign), if the germans suceed in defeat the french, the nazi leaders without Hitler could be more receptive to peace offers from the netherlands and belgians, forming some kind of Vichy governments in this region that would be recognised even in the case of Free government in the exile by some important governments as the legals goverments (USA for example maintained diplomatic relationships with Vichy France and was very reluctant to acknowledge the Free France of De Gaulle), plus more the existance of all a seried of Vichy Governemnts in the West that would be backed by important sectors of the political parties or institutions would give more legitimity to these goverments in front of possible free governments in the exile, in these case the NEI would easily aligned with the Vichy government of Netherlands.