Employment Agreement between Autoliv Inc. and Staffan Olsson (EVP, Operations)
This agreement is between Autoliv Inc. and Staffan Olsson, appointing him as Executive Vice President, Operations, effective June 1, 2024. Olsson will work primarily in Stockholm, Sweden, and is required to devote full time to the company. The agreement outlines his salary, bonus eligibility, equity incentives, benefits, and pension contributions. Either party may terminate employment with six months' notice, except for immediate termination for cause. The agreement also includes confidentiality obligations and standard employment conditions.
Exhibit 10.2
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into by and between Autoliv Inc., a Delaware corporation (the “Company”), and Staffan Olsson (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
The Company desires to engage the Executive as the Executive Vice President (“EVP”), Operations of the Company from and after the Effective Date, in accordance with the terms of this Agreement. 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:
IF " DOCVARIABLE "SWDocIDLocation" " = "1" " DOCPROPERTY "SWDocID" ACTIVE 228444634v.2" ""
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A termination by the Executive shall not constitute termination for Good Reason unless the Executive shall first have delivered to the Company written notice setting forth with specificity the occurrence deemed to give rise to a right to terminate for Good Reason (which notice must be given no later than 90 days after the initial occurrence of such event), and there shall have passed a reasonable time (not less than 30 days) within which the Company may take action to correct, rescind or otherwise substantially reverse the occurrence supporting termination for Good Reason as identified by the Executive. The Executive’s termination for Good Reason must occur within a period of 160 days after the occurrence of an event of Good Reason. The Executive’s right to terminate employment for Good Reason shall not be affected by the Executive’s incapacity due to physical or mental illness. The Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. Good Reason shall not include the Executive’s death.
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If to the Executive: Staffan Olsson
Strandvägen 1A, 619 35
Trosa
If to the Company: Autoliv, Inc.
WTC, Klarabergsviadukten 70,
111 64 Stockholm, Sweden
Attention: Secretary
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.
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[Signature Page Follows.]
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IN WITNESS whereof this Agreement has been executed as of the later of the two dates below.
Staffan Olsson
Date:
Mikael Bratt
President and CEO
Date:
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