Exhibit 10.37
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into by and between Autoliv Switzerland GmbH (the “Company”), and Magnus Jarlegren (the “Executive”), to be effective as of the Effective Date, as defined in Section 1. References herein to the “Company” shall, as applicable, be deemed to include the Company’s affiliates.
BACKGROUND
Autoliv, Inc. engaged the Executive as President, Autoliv Europe from and after June 1, 2023, in accordance with the terms of his employment agreement dated January 15, 2019 and amended on June 1, 2023 (the “Prior Agreement”). Autoliv, Inc. and the Executive now agree that the principal workplace for the Executive shall be in Switzerland and so this Agreement includes the relevant terms and conditions for the Executive’s employment by the Company as of the Effective Date and that this Agreement effectively supersedes and replaces the Prior Agreement between the Executive and Autoliv, Inc. as set forth by Section 18. The Executive is willing to serve as such in accordance with the terms and conditions of this Agreement.
NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Exhibit 10.37
the foregoing, the Executive’s employment shall automatically terminate on the earlier occurrence of the last day of the month preceding the Executive’s 65th birthday (“Retirement”).
2
Exhibit 10.37
3
Exhibit 10.37
4
Exhibit 10.37
the Executive may benefit from an insurance coverage supplementary to the one proposed to standard employees. The insurance terms and conditions apply to those benefits. The Executive may contribute to this supplementary coverage through contributions deducted by the Company from the Executive's gross salary.
5
Exhibit 10.37
termination by the Company of the Executive’s employment shall mean (i) willful and continued failure by the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to the Executive by the Board of Directors of Autoliv, Inc. (the “Board”), which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties, or
(ii) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise.
6
Exhibit 10.37
7
Exhibit 10.37
8
Exhibit 10.37
not (i) accept employment with a competitor of the Company in a capacity in which such competitor can make use of the confidential information relating to the Company that the Executive has obtained in his employment with the Company, (ii) engage as a partner or owner in such competitor of the Company, nor (iii) act as an advisor to such competitor (the “Non- Competition Covenant”).
Competition Covenant; or
9
Exhibit 10.37
10
Exhibit 10.37
the Company of such inventions or designs. The Company shall inform the Executive in writing within 6 months whether it wishes to keep the rights to the invention or the design or to release them to the Executive. In case that the invention or the design is not released to the Executive, the Company shall pay him an appropriate compensation within the meaning of Art. 332 (4) of the Swiss Code of Obligations.
11
Exhibit 10.37
12
Exhibit 10.37
If to the Executive: Magnus Jarlegren
Sormenvägen 65
186 92 Vallentuna, Sweden
If to the Company: Autoliv Switzerland GmbH
Poststrasse 6B,
6300 Zug, Switzerland Attention: Secretary
With a copy to: Autoliv, Inc.
World Trade Center, Klarabergsviadukten 70 111 64 Stockholm, Sweden
Attention: EVP, Human Resources
or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.
13
Exhibit 10.37
IN WITNESS whereof this Agreement has been executed as of the latest of the dates below.
The Executive
Magnus Jarlegren Date:
14
Exhibit 10.37
For the Company
Par-Ola Wirenlind Director
Date:
Andreas Allebert Director
Date:
15