Document:

Exhibit 10.38

 Exhibit 10.38 
 AUTOLIV, INC. 
 NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

Effective January 1, 2012 

The following shall remain in effect until changed by the Board: 
  

					
	 Annual Base Retainer*
	 			
	 All Non-Employee Directors other than Chairman
	 	$	170,000	  
	 Chairman
	 	$	340,000	  
	 Lead Director Annual Supplemental Retainer
	 	$	25,000	  
	 Committee Chair Annual Supplemental Retainers
	 			
	 Audit Committee
	 	$	20,000	  
	 Compensation Committee
	 	$	20,000	  
	 Nominating and Corporate Governance Committee
	 	$	10,000	  
	 Compliance Committee
	 	 
 
 
	As determined
by the Board on an
annual basis.
	  
  
  

  

	*	The Annual Base Retainer will be paid in arrears, as follows: 

 Two-thirds (2/3) of the applicable Annual Base Retainer will be paid in cash (the “Cash Payment”). The Cash Payment will be split and paid in two equal payments in each calendar year
(each date a “Cash Payment Date”), and will be prorated using the Proration Factor (as defined below). 
 Subject to share
availability under the Autoliv, Inc. 1997 Stock Incentive Plan, as the same may be amended from time to time (the “Plan”), one-third (1/3) of the applicable Annual Base Retainer will be paid in the form of fully-vested shares
of Common Stock (as defined in the Plan) (the “Annual Stock Grant”) on the date in each calendar year when the Company grants its annual incentives for employees for the coming year (the “Grant Date”, typically in
February). The number of shares in the Annual Stock Grant will be determined by multiplying the Proration Factor (as defined below) by the amount determined by (A) dividing the amount that is one-third (1/3) of the applicable Annual Base
Retainer by the Fair Market Value (as defined in the Plan) of the Common Stock on the Grant Date, and (B) rounding to the nearest whole number. The Annual Stock Grants will be granted under, and subject to the terms and conditions of, the Plan.

 The “Proration Factor” is a fraction, (a) the numerator of which is the number of full months of service as a
non-employee director during, as applicable, (i) the calendar year immediately preceding the calendar year of the Grant Date or (ii) the 6 month period immediately preceding the 6 month period of the Cash Payment Date and (b) the
denominator of which is, as applicable, (i) 12, as to the Annual Stock Grant or (ii) 6, as to the Cash Payment. 
 Non-employee
directors are required to hold shares of Common Stock granted pursuant to the Annual Stock Grants until he or she has met the ownership requirements set forth in the Autoliv, Inc. Stock Ownership Policy for Non-Employee Directors.Exhibit 10.9

 Exhibit 10.9 
 FIRST AMENDMENT TO 
 SERVICES EXHIBIT TO OMNIBUS TRANSITION SERVICES
AGREEMENT 
 THIS FIRST AMENDMENT TO SERVICES EXHIBIT TO OMNIBUS TRANSITION SERVICES AGREEMENT
(this “Amendment”), dated as of the 10th
day of October, 2012, is made by and between MARRIOTT INTERNATIONAL, INC., a Delaware corporation (“MII”), and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (“MVWC”). 

RECITALS 
 A. MII and MVWC are parties to that certain Omnibus Transition Services Agreement, effective as of November 21, 2011 (the “Agreement”), pursuant to which MII and its Affiliates
agreed to provide certain services to MVWC on a temporary basis. 
 B. The services to be provided by MII to MVWC are described
on exhibits (each a “Services Exhibit”) to the Agreement. 
 C. MII and MVWC desire to execute this Amendment
to revise certain terms and conditions of the Services Exhibit related to Golf Services (the “Golf Services Exhibit”). 
 D. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the agreements, provisions and covenants herein contained, MII and MVWC hereby agree as follows: 

1. The term of the Golf Services Exhibit is hereby extended until the end of MVWC’s 2017 fiscal year, subject to earlier termination
as provided in the Agreement and the Golf Services Exhibit. 
 2. Section 4.a. of the Golf Services Exhibit is hereby
amended by adding the following as the second sentence thereto: 
 “Beginning with MVWC’s 2013 fiscal year, and for
each fiscal year thereafter during the term of the Golf Services Exhibit, the annual Golf Services Fee payable by MVWC to MII shall be equal to the Golf Services Fee payable for the immediately prior fiscal year, plus that amount times the lesser
of: (i) the annual percentage change in the GDP Deflator (as defined below) or (ii) three percent (3.0%). For purposes of this Amendment, the term “GDP Deflator” means the “Gross Domestic Product Implicit Price
Deflator” issued from time to time by the United States Bureau of Economic Analysis of the Department of Commerce.” 

  
 1 

 3. The parties each represent that they have obtained all corporate authorizations, consents
and approvals necessary to enter into this Amendment and to perform their respective obligations under the Agreement, as amended. 
 4. Except as modified by this Amendment, all other terms and conditions of the Agreement (including but not limited to the Services Exhibits), as amended, modified, restated or supplemented shall remain
in full force and effect. 
 5. This Amendment may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signature thereto and hereto were on the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have executed this Amendment as of the day and year first above written. 
  

			
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	 /s/ James P. Connelly

	Name:	 	James P. Connelly
	Title:	 	Vice President and Chief Financial Officer, The Americas
	
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 /s/ Ralph Lee Cunningham

	Name:	 	Ralph Lee Cunningham
	Title:	 	Executive Vice President

  
 2Exhibit 10.11

 Exhibit 10.11 
 AMENDMENT TO PAYROLL SERVICES AGREEMENT 
 This AMENDMENT (“Amendment”) to
the PAYROLL SERVICES AGREEMENT (“Agreement”) dated November 17, 2011, by and between MARRIOTT INTERNATIONAL, INC., a Delaware corporation (“MII”), and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation
(“MVWC”) is made and entered into on November 5, 2012. Capitalized terms used herein but not defined shall have the meaning ascribed to them in the Agreement. 
 WHEREAS, Section 4.3 of the Agreement provides, in part, that MVWC and its affiliates (collectively, “Client) may terminate the Agreement for any reason or no reason upon one hundred twenty
(120) days notice to MII and its affiliates (collectively “Service Provider”). 
 WHEREAS, Client is currently negotiating a
contract for the provision of outsourcing services, including payroll services, with ADP, Inc., and anticipates that negotiations, contract execution, testing and implementation will proceed over the next 90 to 120 days. 

WHEREAS, Client desires to ensure that payroll services, including without limitation payroll payments, be delivered in a timely and accurate manner
throughout the period of transition from Service Provider to ADP. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained in this Amendment, Service Provider and Client hereby agree that the Agreement be, and hereby is, amended as follows: 
  

	1.	Client may give the notice of termination specified in Section 4.3 subject to an extension of the termination date upon further notice by Client on or before
November 16, 2012, to the end of the first, second, third or fourth Marriott payroll quarter in 2013; provided that, (i) Client maintains its current platform with AonHewitt for PeopleSoft HR and employee benefits administration for the
period Services are performed under this amendment; (ii) any subsequent notification by Client shall be subject to the notice periods in Section 4.3; and provided that (iii) any Services performed after the fourth payroll quarter in
2012 shall exclude the following: 

  

	 	•	 	 translation of payroll accounting data for posting to the general ledger from level 1 to level 5 or Level 3 to Level 5 

 

	 	•	 	 transmittal of General Ledger data in an automated way 

 

	 	•	 	 programming changes to Marrpay including but not limited to changes in existing interfaces, leave accruals, addition of new benefit plan deductions,
interfaces to new third-party providers, etc. 

  

	 	•	 	 period-end reporting (all reporting will be monthly) 

  
 1 

	2.	Except as otherwise provided in paragraph 1 above, Service Provider and Client mutually agree that this Amendment does not constitute a waiver of any of their rights
under the Agreement. 

  

	3.	Except as specifically modified by this Amendment, all provisions of the Agreement remain in full force and effect. 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year
first written above. 
  

					
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 /s/ Michael E. Yonker

		 	Name:	 	 Michael E. Yonker

		 	Title:	 	 Chief Human Resources Officer

	
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	 /s/ Michael Cullen

		 	Name:	 	 Michael Cullen

		 	Title:	 	 Senior Vice President

  
 2Exhibit 10.13

 Exhibit 10.13 
 AMENDMENT TO HUMAN RESOURCES AND INTERNAL 
 COMMUNICATIONS
TRANSITION SERVICES AGREEMENT 
 This AMENDMENT (“Amendment”) to the HUMAN RESOURCES AND INTERNAL COMMUNICATIONS TRANSITION
SERVICES AGREEMENT (“Agreement”) dated November 19, 2011, by and between MARRIOTT INTERNATIONAL, INC., a Delaware corporation (“MII”), and MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (“MVWC”)
is made and entered into on October 26, 2012. Capitalized terms used herein but not defined shall have the meaning ascribed to them in the Agreement. 
 WHEREAS, Section 1 of the Agreement provides, in part, that MVWC may terminate the Agreement for any reason or no reason upon one hundred twenty (120) days notice to MII. 

WHEREAS, Client is currently negotiating a contract for the provision of outsourcing services, including human resources services, with ADP, Inc., and
anticipates that negotiations, contract execution, testing and implementation will proceed over the next 90 to 120 days. 
 WHEREAS, Client
desires to ensure that human resources transition services be delivered in a timely and accurate manner throughout the period of transition from Service Provider to ADP. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Amendment, Service Provider and Client hereby agree that the Agreement be, and hereby is, amended as
follows: 
  

	1.	Client may give the notice of termination specified in Section 1 subject to an extension of the termination date upon further notice by Client on or before
November 16, 2012, to the end of the first, second, third or fourth Marriott payroll quarter in 2013; provided that, (i) Client maintains its current platform with AonHewitt for PeopleSoft HR and employee benefits administration for the
period Services are performed under this amendment; (ii) any subsequent notification by Client shall be subject to the notice period in Section 1; and provided that (iii) any Services performed after the fourth payroll quarter in 2012
shall exclude the following: 

  

	 	•	 	 Talent Acquisition Services 

  

	 	•	 	 Merit and Bonus Processing 

  

	 	•	 	 Commissions Processing 

	2.	Except as otherwise provided in paragraph 1 above, MII and MVWC mutually agree that this Amendment does not constitute a waiver of any of their rights under the
Agreement. 

  

	3.	Except as specifically modified by this Amendment, all provisions of the Agreement remain in full force and effect. 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year
first written above. 
  

					
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 /s/ Michael E. Yonker

		 	Name:	 	 Michael E. Yonker

		 	Title:	 	 Executive Vice President &

		 		 	 Chief Executive Human Resources Officer

	
	MARRIOTT INTERNATIONAL, INC.
		
	By:	 	 /s/ David A. Rodriguez

		 	Name:	 	 David A. Rodriguez

		 	Title:	 	 Executive Vice President &

		 		 	 Chief Executive Human Resources Officer

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