Amendment to Employment Agreement between Autoliv, Inc. and Appointee (2012)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Autoliv, Inc. and the employee (Appointee) regarding pension and insurance benefits. It replaces the previous pension clause, specifying retirement at age 60, details on pension and sickness insurance, group life insurance entitlement, and the company's obligation to pay pension and insurance fees equal to 35% of base salary plus taxes. The amendment clarifies that the pension is a defined contribution plan with no guaranteed benefit levels. All other terms of the original agreement remain unchanged.

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EX-10.26 3 d222650dex1026.htm FORM OF AMENDMENT TO EMPLOYMENT AGREEMENT Form of Amendment to Employment Agreement

Exhibit 10.26

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT (this “Amendment”) to the Employment Agreement between Autoliv, Inc. and [—] (“Appointee”), dated as of [—] (the “Agreement”) was made and entered into on [—] day of [—] 2012.

 

1. The Agreement is hereby amended by deleting Clause 7 of the Agreement regarding pension contribution in its entirety and replacing it with the following:

“The Appointee has the right, and if not otherwise agreed upon, the obligation to retire on the last day of the month preceding his 60th birthday. Pension- and complementary sickness insurance is described in the enclosed “Pensionsförmåner” of even date hereof. In addition the Appointee is entitled to TGL (group life insurance). As of January 1, 2011, the Company shall pay pension- and sick insurance fees corresponding to 35% of the base salary plus additional tax payments on premiums. Pension contribution can be increased via a cost neutral gross deduction from the salary. This is a defined contribution solution hence no levels of benefits are guaranteed.”

 

2. Except as expressly amended hereby, the Agreement shall be and remain unchanged and the Agreement as amended hereby shall remain in full force and effect.

IN WITNESS WHEREOF, Autoliv, Inc. has caused this Amendment to be executed by its duly authorized representative as of the day and year first above written.

 

The Company:       The Appointee:
Autoliv Inc.      

 

 

Mats Adamson

     

 

[—]

Group Vice President     
Human Resources