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Exhibit 10.11

AMENDMENT AND TERMINATION
OF
JOINT VENTURE AGREEMENT
This AMENDMENT AND TERMINATION OF JOINT VENTURE AGREEMENT (this “Amendment”) is made and entered into effective as of October 30, 2019 (the “Effective Date”) by and among (1) Veoneer AB, a Swedish corporation (“Veoneer AB”) and Veoneer US, Inc., a Delaware corporation (“Veoneer US” and together with Veoneer AB, the “Veoneer Parties”), and (2) Nissin Kogyo Co., Ltd., a Japanese corporation (“Nissin”), Nissin Kogyo Holdings USA, Inc., an Ohio corporation (“Nissin Holding”) and Zhongshan Nissin Industry Co., Ltd., a Peoples’ Republic of China company (“NBZ” and together with Nissin and Nissin Holding, the “Nissin Parties”), as an amendment to that certain Joint Venture Agreement dated March 7, 2016 by and among Autoliv ASP, Inc. (“Autoliv ASP”), Autoliv AB (“Autoliv AB”) and Autoliv Holding, Inc. (“Autoliv Holding” and together with Autoliv ASP and Autoliv AB, the “Autoliv Parties”) and the Nissin Parties, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and in effect on the date hereof (the “JV Agreement”).  Capitalized terms not defined in this Amendment shall have the meanings as assigned thereto in the JV Agreement.
RECITALS
(A)The Autoliv Parties and the Nissin Parties entered into the JV Agreement as of March 7, 2016 to engage in the JV Business through Veoneer Nissin Brake Systems Japan, Co., Ltd. (“VNBJ”), Veoneer Nissin Brake Systems America, LLC (whose corporate name has since been changed to Veoneer Brake Systems, LLC, “VNBA”), Veoneer Nissin Brake Systems (Zhongshan), Co., Ltd. (“VNBZ”) and Autoliv Nissin Brake Research Asia Co., Ltd. (“ANRA”);
(B)The Autoliv Parties, the Veoneer Parties and the Nissin Parties entered into that certain Addendum to Joint Venture Agreement as of September 3, 2018 pursuant to which (i) Autoliv ASP assigned the JV Agreement as well as all the rights and obligations thereunder to Veoneer US and ceased to be a party thereto and (ii) each of Autoliv AB and Autoliv Holding assigned the JV Agreement as well as all the rights and obligations thereunder to Veoneer AB and ceased to be a party thereto;
(C)Notwithstanding the preceding paragraph (B), Autoliv AB remains a party to the JV Agreement only in relation to ANRA and only to the extent necessary to deal with the liquidation proceedings of ANRA;
(D)Nissin and the Veoneer Parties entered into that certain VNBA Separation Agreement as of June 14, 2019 pursuant to which, among other things, Nissin Holding sold, and Veoneer Roadscape Automotive, Inc. purchased, as of June 28, 2019, all of Nissin Holding’s membership interests in VNBA;
(E)The Veoneer Parties and the Nissin Parties entered into that certain Amendment to Joint Venture Agreement as of June 28, 2019 pursuant to which, among other things, the JV Agreement ceased to have any application or effect to VNBA as of June 28, 2019; 
(F)Honda Motor Co., Ltd. (“Honda”), as of the Effective Date, Nissin and Veoneer AB entered into those certain (1) VNBJ Share Purchase Agreement, pursuant to which Veoneer AB is selling, and Honda and Nissin are purchasing, all of Veoneer AB’s outstanding shares in VNBJ (the “VNBJ SPA,” and the consummation of the transactions pursuant to the terms of the VNBJ SPA, the “VNBJ Closing”) and (2) VNBZ Share Purchase Agreement, pursuant to which Veoneer AB is selling, and Honda and Nissin are purchasing, all of Veoneer AB’s equity interests in VNBZ (the “VNBZ SPA,” and the consummation of the transactions pursuant to the terms of the VNBZ SPA, the “VNBZ Closing”); and

(A)Upon the later of the VNBJ Closing and the VNBZ Closing, no Veoneer Party will hold any equity interest in any of the Companies.
NOW, THEREFORE, the Veoneer Parties and the Nissin Parties hereby agree as follows:
Article 1.Amendment and Termination of JV Agreement
a.As of the VNBJ Closing, except as expressly set forth in this Amendment, the JV Agreement shall immediately cease to have any application or effect with respect to VNBJ, all rights and obligations with respect to VNBJ under the JV Agreement shall terminate and all references to “Company” or “Companies” in the JV Agreement (either in the body of the JV Agreement or its schedules and other attachments) shall read and be interpreted to mean VNBZ and/or ANRA except as the context otherwise requires.
b.As of the VNBZ Closing, except as expressly set forth in this Amendment, the JV Agreement shall immediately cease to have any application or effect with respect to VNBZ, all rights and obligations with respect to VNBZ under the JV Agreement shall terminate and all references to “Company” or “Companies” in the JV Agreement (either in the body of the JV Agreement or its schedules and other attachments) shall read and be interpreted to mean VNBJ and/or ANRA except as the context otherwise requires.
c.Except as expressly set forth in this Amendment and notwithstanding anything to the contrary contained in the JV Agreement (including Section 9.3.11 (Termination and Survival)), (a) effective as of the later of the VNBJ Closing and the VNBZ Closing, the JV Agreement shall terminate in its entirety with respect to the Veoneer Parties and (b) after the later of the VNBJ Closing and the VNBZ Closing, the Veoneer Parties shall cease to be a party to the JV Agreement and shall have no further obligations with respect thereto.  For clarity, upon the later of the VNBJ Closing and the VNBZ Closing, the JV Agreement will remain in full force and effect in accordance with the terms thereof solely between the Nissin Parties and Autoliv AB with respect to the liquidation proceedings of ANRA.
d.Notwithstanding Article 1.1, Article 1.2 and Article 1.3 above, the termination of the JV Agreement with respect to VNBJ, VNBZ or the Veoneer Parties shall not release any Veoneer Party or any Nissin Party from liability for the breach of any of its representations, warranties, covenants or agreements set forth in the JV Agreement that arise prior to the VNBJ Closing or the VNBZ Closing, as applicable.
Article 2.D&O Indemnity
Notwithstanding Article 1.1, Article 1.2 and Article 1.3 above, the Nissin Parties agree to cause each of VNBJ and VNBZ to comply with Sections 4.3.2 and 4.3.3 of the JV Agreement with respect to the indemnification or reimbursement, as applicable, of all Directors and Officers (except those individuals resigning pursuant to Section 6.2.6 of the VNBJ SPA and Section 6.2.6 of the VNBZ SPA) with respect to any Liabilities arising prior to the VNBJ Closing or the VNBZ Closing, as applicable.
Article 3.Governing Law
This Amendment shall be governed by and construed in accordance with the laws of Japan.
Article 4.Effectiveness
This Amendment shall only become effective upon the VNBJ Closing with respect to Article 1.1 and the VNBZ Closing with respect to Article 1.2, and shall terminate without any force or effect in the event that the VNBJ SPA and the VNBZ SPA are terminated in accordance with the terms thereof.
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IN WITNESS WHEREOF, each of the Veoneer Parties and the Nissin Parties has caused this Amendment to be executed through its duly authorized representative effective as of the date first above written.

Veoneer AB

By: /s/ Mats Backman
Name: Mats Backman
Title: Director

By: /s/ Amelie Wendels
Name: Amelie Wendels
Title: Director

Veoneer US, Inc.

By: /s/ Eric R. Swanson
Name: Eric R. Swanson
Title: President & Secretary

Nissin Kogyo Co., Ltd.

By: /s/ Yasushi Kawaguchi
Name: Yasushi Kawaguchi
Title: Representative Director, President 
for and on behalf of each of the Nissin Parties

Signature Page to Amendment and Termination of Joint Venture Agreement

IN WITNESS WHEREOF, each of the following companies hereby acknowledges and agrees to be bound by the terms and conditions set forth in this Amendment:

Veoneer Nissin Brake Systems Japan Co., Ltd.

By: /s/ John T. Jensen
Name: John T. Jensen
Title: President, Representative Director

Veoneer Nissin Brake Systems (Zhongshan) Co., Ltd.

By: /s/ Steven M. Rodé
Name: Steven M. Rodé
Title: Director

Signature Page to Amendment and Termination of Joint Venture AgreementDocument

Exhibit 10.26

MUTUAL SEPARATION AGREEMENT

This agreement regarding termination of employment, “the Agreement”, is entered into

BETWEEN:
(1)Veoneer, Inc., referred to as “the Company”;
(2)Mikko Taipale, personal identification /700520-1012/ referred to as “the Executive”; together referred to as “the Parties”.

1-Background 

a.The Executive is employed by the Company pursuant to the terms and conditions outlined in the Executive’s employment agreement dated March 21, 2018.

b.The Company and the Executive have agreed that the employment of the Executive shall cease on the terms set out in this agreement. This agreement will take effect on September 12, 2019 “the Agreement Effective Date”.

Unless the Parties agree otherwise, the Executive will continue performing his duties as EVP Human Resources until February 29, 2020. The Executive shall be released from all duties linked to the Company on March 1, 2020, “the Release Date”, except for being reasonably available over the phone and email to answer any questions that the Company may have. Apart from what is explicitly stated below, the agreement supersedes all earlier oral and written agreements between the Company, or any associated company, and the Executive, relating to the employment of the Executive. For the purpose of this agreement, “associated company” means a legal entity directly or indirectly controlling or controlled by or under common control with the Company, irrespective of the country of registration of such legal entity.

The provisions of this Separation Agreement, including the avoidance of doubt section 5.6 below, shall not waive or terminate any rights to indemnification the Executive may have under the Company’s Restated Certificate of Incorporation, Re-stated Bylaws or the Indemnification Agreement between the Executive and the Company.

2-Termination of the Employment

2.1 The Executive’s employment with the Company shall cease 6 calendar months after the Agreement Effective Date, “the Termination Date”. Any change to be requested by the Executive to apply an earlier termination date due to new employment is subject to the written approval of the Company.

3-Compensation

3.1 The Executive shall be entitled to his current monthly salary, pension contribution and other current perquisites until the termination date.

3.2 The Executive shall be entitled to “the Short Term Incentive” in accordance with the Company’s policy for the performance year 2019. The Executive shall also be entitled to Short Term Incentive for performance year 2020 calculated and paid pro rata to the Release Date. The short-term incentive payment does not constitute a basis for any form of pension entitlement or right to vacation pay.

3.3 Not later than one month after the Termination Date, the Company shall pay a lump sum severance payment, “the Severance Payment”, equivalent to 18-months of the Executive’s base salary as in effect immediately prior date of termination as stated in section 11 in the employment agreement. In addition, the Company will pay an extraordinary compensation equal to three (3) monthly base salaries as a recognition of leading the HR function until the Release Date.

3.4 The Company shall withhold income tax for all the compensation components and in addition thereto pay any statutory social security charges, as applicable.

3.5 Not later than one month following the Termination Date, the Company shall pay any vacation pay accrued until the Release Date. Any vacation days earned between the Release Date and the Termination Date will be registered as used by the Executive.

4- Undertakings

4.1 The Executive has an obligation of loyalty that follows by an employment relationship. Accordingly, the Executive has a duty to be loyal to the Company until the Termination Date and thus carry out, inter all, the remaining tasks and assignments the Executive is instructed to carry out as well as not being engaged in any business competing with the Company or its associated companies.

4.2 The Executive will continue to be bound by the confidentiality undertaking under section 8 of the Employment Agreement. The Executive is thereby not allowed to in any way disclose sensitive or otherwise confidential information regarding the Company or any of its associated companies to any other company or individual not employed by the company or its associated companies. This confidentiality undertaking is not limited in time. 

4.3 The Parties agree that the Non-Competition Covenant as described in section 13 of the Executive’s employment agreement dated March 21, 2018 will not become operative.

5-Other Issues and Final Settlement

5.1 The Executive participates in Veoneer, Inc. 2018 Stock Incentive Plan and Autoliv Inc. 1997 Stock Incentive Plan (“Incentive Plans”). The Parties agree that the Executive’s entitlement under the Incentive Plans will be handled in accordance with the rules and regulations prescribed by the Incentive Plans. 

5.2 The Parties agree that the Executive shall have no priority rights to re-employment.

5.3 The separation between the Executive and the Company is based on mutual trust and the Parties agree that they shall use their best endeavors to act in a fair and considerate way regarding all issues relating to this separation, including internal and external communication and other practical matters that have to be resolved as consequence of separation. The Parties have further agreed to keep the contents of this agreement confidential other than such disclosures that are required to comply with applicable laws.

5.4  On the date the Executive and the Company agrees, the Executive shall return the Company all keys, credit cards, documents, mobile phone, laptop computer and all other property the Executive may have in his possession and which belongs to the Company or its associated Companies.

5.5 The Executive shall resign from all board of director or similar directorship in the Company or in any of the associated companies latest on the date the Executive is released. 
The Executive acknowledges that he has no claim whatsoever outstanding against either the Company, its associated companies or any of their respective officers, directors and Executives in connection with the position as a director. To the extent that any such claim exists or may exist, the Executive irrevocably waive such claim and release the Company, its associated companies and each of their respective officers, directors and employees from any liability whatsoever in respect of such claim.

5.6 Through the signing of this agreement and fulfillment of the provisions herein, all unsettled matters between the Parties shall be deemed to be finally settled and the Executive shall have no claims against the Company or any of its associated companies as regards to salary, vacation pay, incentives, pension contributions, damages or otherwise.

6-Governing Law and Disputes

This agreement shall be governed by and construed in accordance with the laws of Sweden. 

This agreement has been duly executed in two original copies, of which each of the Parties has taken a copy.

Stockholm, Sweden

September 12, 2019

On behalf of Veoneer Inc.    The Executive

/s/ Jan Carlson      /s/ Mikko Taipale
--------------------------------     --------------------------------
Jan Carlson      Mikko Taipale
CEO & President

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