Document:

10-K

Exhibit 10.29

XCEL ENERGY INC. 
EXECUTIVE ANNUAL INCENTIVE AWARD SUBPLAN 
pursuant to the
XCEL ENERGY INC. 2015 OMNIBUS INCENTIVE PLAN 
ARTICLE 1.    STATUS OF THE SUBPLAN
This Xcel Energy Inc. Executive Annual Incentive Award Subplan (the “Subplan”) is considered a “subplan” of the Xcel Energy Inc. 2015 Omnibus Incentive Plan (the “Plan”) as such term is used in the Plan, and a successor plan to the Xcel Energy Inc. Executive Annual Incentive Award Plan.  The terms and conditions of this Subplan shall be considered part of an Award Agreement under the Plan with respect to any Incentive Award to any Subplan Participant.  Except as otherwise provided herein, any capitalized term used herein shall have the same meaning as given to the term in the Plan.
ARTICLE 2.    DEFINITIONS 
2.1    “Incentive Award” means a Cash-Based Award under the Plan that is payable to a Participant pursuant to the terms of the Subplan, including such an Award that is intended to be Performance-Based Compensation. 
2.2    "Participant" has the meaning set forth in Article 4 hereof. 
2.3    "Payment Date" means the date following the conclusion of a particular Performance Period on which the Committee certifies that applicable performance goals have been satisfied and authorizes payment of Incentive Awards for such Performance Period. 
2.4    "Stock" means the common stock, par value $2.50 per share, of the Company, and "Share" means a share of the Stock.
2.5    “Special Incentive Award” means an Incentive Award that is granted under this Subplan to a Covered Employee, is intended to be Performance-Based Compensation, and is subject to Article 15 of the Plan and Article 9 of this Subplan.
2.5    “Subplan” means this Executive Annual Incentive Subplan of the Company. 
2.6    "Target Incentive Award" means the amount determined by multiplying a Participant's base salary as of the last day of the applicable Performance Period by a percentage designated by the Committee at the time the award is granted, which percentage need not be the same for each Participant. 
ARTICLE 3.    ADMINISTRATION 
The Subplan shall be administered by the Committee in accordance with Article 3 of the Plan, provided that with respect to any Award granted to an employee of the Company who is not an executive officer, a designee of the Committee may grant, administer and exercise discretion with respect to Awards. For Awards granted to such non-executive officers, all references to the Committee herein shall mean such designee. 
ARTICLE 4.    ELIGIBILITY AND PARTICIPATION
The Committee shall determine for each Performance Period those officers and salaried employees of the Company and its Affiliates who shall be eligible to participate in the Subplan (the "Participants") for such Performance Period based upon such factors as the Committee shall determine.  Participation in the Subplan in any Performance Period by any Participant shall not require continued participation by such Participant in any subsequent Performance Period. 
ARTICLE 5.    DETERMINATION OF INCENTIVE AWARDS 
Subject to Article 9 hereof, the amount and terms of each Incentive Award to a Participant and the Performance Period to which it relates shall be determined by and in the discretion of the Committee.  The Committee will condition the earning and payment of an Incentive Award upon the attainment of one or more specified performance goals, measured over the applicable Performance Period, which may result in a payout which may be less than or greater than the Participant’s Target Incentive Award.  Such performance goals may relate to the Participant or the Company, or any Affiliate, division or department of the Company or Affiliate for or within which the Participant is primarily employed, or upon such other factors or criteria as the Committee 

shall determine, and may be different for each Participant.  Incentive Awards may be payable in cash, Shares, Awards of Restricted Stock, or any combination thereof.  Except as limited by the Plan and this Subplan with respect to Special Incentive Awards, the Committee may adjust the terms and conditions of Incentive Awards under the circumstances described in Section 21.2 of the Plan, including exercising the discretion to decrease the amount otherwise payable under an Incentive Award. Subject to any deferral election as provided in Section 11(a) of this Subplan, Incentive Awards determined to be earned and payable will be paid between January 1st and March 15th of the year following the last day of the applicable Performance Period. 
ARTICLE 6.    ELECTIONS OF FORM OF PAYMENT OF INCENTIVE AWARDS 
(a)As part of and to the extent provided in an Incentive Award, including a Special Incentive Award, at the time of grant under the Plan, the Committee may permit a Participant to elect, prior to the beginning of the Performance Period or at such other time, to receive the amount payable under the Incentive Award in (i) cash, (ii) Shares, (iii) an Award of Restricted Stock, or (iv) any combination thereof.  Subject to the maximum amount payable to any Participant who is a Covered Employee as provided in Section 4.3 of the Plan or as specified by the Committee in connection with any Performance Period, to the extent a Participant elects to receive payment of an Incentive Award in Shares, the amount of the Incentive Award so payable shall be increased by five percent (5%), and to the extent a Participant elects to receive payment of an Incentive Award in an Award of Restricted Stock, the amount of the Incentive Award payable in Restricted Stock shall be increased by twenty percent (20%). The number of Shares comprising the payment of an Incentive Award in Shares or in an Award of Restricted Stock shall be determined based on the Fair Market Value of a Share on the applicable Payment Date. 
(b)    An Award of Restricted Stock granted in payment of an Incentive Award shall be subject to such terms and conditions as the Committee shall determine consistent with the Plan, but shall be subject to at least the following: 
(1)    Shares of Restricted Stock may not be sold, assigned, transferred, pledged, or otherwise encumbered by the Participant, except by will or the laws of descent and distribution, prior to their applicable vesting date. 

(2)    The vesting period of such a Restricted Stock Award shall commence on the Payment Date, which shall be the Grant Date of the Restricted Stock Award, and continue with respect to one-third of the Shares subject to the Restricted Stock Award until March 1 of each of the three calendar years next following the calendar year in which the Payment Date occurs. 

(3)    Such a Restricted Stock Award shall vest on the applicable vesting dates or upon the occurrence of an earlier Change in Control or a Termination of Service of the Participant due to death or Disability.

(4)    Except as provided above, if a Participant experiences a Termination of Service during the vesting period applicable to such a Restricted Stock Award, all unvested Shares subject to such a Restricted Stock Award will be forfeited to Company. 

		
	ARTICLE 7.
	TERMINATION OF SERVICE 

If a Participant experiences a Termination of Service for any reason other than Cause during the Performance Period applicable to an Incentive Award, a prorated portion (based on the portion of the Performance Period occurring prior to the Participant’s Termination of Service) of the Incentive Award amount that would otherwise have been payable based on actual achievement of the applicable performance goals if the Participant had not experienced a Termination of Service shall be payable to the Participant in cash (notwithstanding any election pursuant to Article 6 to receive Shares or Restricted Stock).  Notwithstanding the foregoing, if a Termination of Service during a Performance Period is due to a Participant's death or Disability, 

the prorated payout described above shall be based on the Participant’s Target Incentive Award amount.  A Participant who experiences a Termination of Service other than for Cause after the end of a Performance Period but before the applicable Payment Date for the applicable Incentive Award shall be entitled to receive the payout amount with respect to such Incentive Period in cash and without regard to any election to the contrary pursuant to Article 6 to receive Shares or Restricted Stock. 
ARTICLE 8.    AMENDMENT AND DISCONTINUANCE 
The Board or the Committee shall have the right to amend, alter, discontinue or otherwise modify the Subplan or any Incentive Award hereunder from time to time in accordance with the provisions of Article 21 of the Plan applicable to Awards and Award Agreements thereunder. 
ARTICLE 9.    SPECIAL INCENTIVE AWARDS 
(a)The vesting and payment of Special Incentive Awards under the Plan to Participants who are Covered Employees for the applicable Performance Period shall be subject to the achievement of one or more pre-established, objective performance goals based on one or more of the Performance Measures set forth in Section 15.2 of the Plan.  The Committee will select the applicable Performance Measure(s) and specify the performance goal(s) based on those Performance Measures for any Performance Period, specify in terms of an objective formula or standard the method for calculating the amount of a Special Incentive Award payable to a Participant if the performance goal(s) are satisfied, and certify the degree to which applicable performance goals have been satisfied and any amount that vests and is payable in connection with a Special Incentive Award, all within the time periods prescribed by and consistent with the other requirements of Code Section 162(m).

(b)Any evaluation of performance against performance goals applicable to Special Incentive Awards may exclude the impact on reported financial results of the Company of any of the following events that occurs during a Performance Period if the Committee so designates when establishing such goals: (i) asset write-downs, (ii) litigation or claim judgments or settlements, (iii) changes in tax laws, accounting principles or other laws or provisions, (iv) reorganization or restructuring programs, (v) acquisitions or divestitures, (vi) foreign exchange gains and losses, and (g) gains and losses related to events that are considered unusual in nature or infrequently occurring under Accounting Standards Codification Topic 225.

(c)    The Committee shall have no discretion to increase the amount payable pursuant to Special Incentive Awards beyond the amount that would otherwise be payable upon attainment of the applicable performance goal(s).  The Committee does, however, retain the discretion to decrease the amount payable pursuant to such Special Incentive Awards below the amount that would otherwise be payable upon attainment of the applicable performance goal(s), either on a formula or discretionary basis or any combination, as the Committee determines, in its sole discretion.

		
	ARTICLE 10.
	CHANGE IN CONTROL 

Notwithstanding any other provision of this Subplan, (i) upon a Change in Control, each Participant who is employed by the Company or an Affiliate immediately before the Change in Control shall be entitled to receive a payment in cash equal to his or her Target Incentive Award (determined as if the Participant's base salary as of the day immediately preceding the date of the Change in Control were his or her base salary as of the last day of the Performance Period) for the Performance Period that includes the date of the Change in Control.  Incentive Award payments made in connection with a Change in Control will be made within 30 days following the Change in Control.

ARTICLE 11.    OTHER PROVISIONS 
(a)Subject to all the terms and conditions of the Company's Deferred Compensation Plan, a Participant may elect under such Deferred Compensation Plan to defer the receipt of the payment of Incentive Awards payable hereunder in cash. 
(b)    This Subplan is subject to all the terms and conditions of the Plan, and to the extent there is any conflict or inconsistency between the terms of this Subplan and those of the Plan, the terms of the Plan shall control.EX-10.37

 Exhibit 10.37 
  

 
 (1) Autoliv Inc. 
 (2)
Fredrik Peyron 
  
  

Separation Agreement 
  

 
  

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

BETWEEN: 
  

	(1)	Autoliv Inc. referred to as “the Company”; 

  

	(2)	Fredrik Peyron, personal identification number (            ) referred to as “the Executive”; together referred to as “the Parties”.

  

	1.	Background 

  

	1.1	The Executive is employed by the Company pursuant to the terms and conditions outlined in the Executive’s employment agreement dated September 9, 2014 (“the employment agreement”) and in the
indemnification agreement dated September 19, 2014 (the “indemnification agreement”. 

  

	1.2	The Company has given the Executive written notice of termination on September 1, 2015 (the “agreement effective date”). 

 

	1.3	The Company and the Executive have agreed that the employment of the Executive shall cease on the terms set out in this agreement. 

  

	1.4	Apart from what is explicitly stated below, this agreement supersedes all earlier oral or 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.

  

	1.5	The provisions of this Separation Agreement, including for the avoidance of doubt section 5.6 below, shall not waive or terminate any rights to indemnification Executive may have under the Company’s Restated
Certificate of Incorporation, Restated 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 ceases six (6) calendar months after the agreement effective date (“the termination date”). 

 

	2.2	The Executive shall be released from all duties linked to the Company latest on December 1, 2015 except for being reasonably available over the phone and email to answer any questions that the Company may have.

  

	2.3	The Executive is entitled to take up other employment or engage in other business immediately upon having been released from his duties as set forth above without such employment effecting his right to compensation
under this agreement provided that the employment or business does not contravene the Executive’s duties under section 4.1 below. 

  

	3.	Compensation 

  

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

  
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	3.2	The Executive shall be entitled to “the Short Term Incentive” in accordance with the Company’s policy, for the full performance year 2015 paid in March 2016. The short term incentive payment does not
constitute any form of pension entitlement or right to vacation pay. 

 Not later than one month after the agreement effective
date the Executive is entitled to the STI compensation as stated in the employment agreement, earned with the Executive previous employer Swedish Match and related to the financial year 2014. 

 

	3.3	Not later than one month following the termination date the Company shall pay to the Executive a lump sum severance payment equal to 1.5 times the Executive’s annual base salary (“the Severance Pay”) as
described in section 11 of the employment agreement. The payment does not constitute any form of pension entitlement or right to vacation pay. 

  

	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 the month following the termination date, the Company shall pay any vacation pay accrued until the agreement effective date. 

 

	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 alia,
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 also recognises that he will adhere to section 9 of the employment agreement
regarding intellectual property rights. 

  

	4.3	To avoid any misunderstandings, the Company hereby releases the Executive from the non-competition obligation under section 13 of the employment agreement. The Company will thereby have no obligation to pay the
compensation outlined under section 13 of the employment agreement. 

  

	5.	Other Issues and Final Settlement 

  

	5.1	The executive participates in Autoliv, Inc. 1997 Stock Incentive Plan (“Incentive Plan”). The parties acknowledge that the Executive’s entitlement under the incentive plan will be handled in accordance
with the rules and regulations prescribed by the incentive plan. With reference to the rules of the plan, the parties note that the Executive’s Restricted Stock Units promised shall be forfeited as of the termination date and that the
Executive’s unvested Non-Statutory Stock Options (“Options”) under the Stock Incentive Plan will not become exercisable 

  

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

  
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	5.3	The separation between Executive and the Company is based on mutual trust and the parties agree that they shall use their best endeavours 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 this 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 securities laws in the U.S. or Sweden. 

  

	5.4	On the date the Executive is released from all duties, the Executive shall return to the Company all keys, credit cards, documents, mobile phone, laptop computer and all other property which the Executive may have in
his possession and which belongs to the Company or its associated companies other than his company car which shall be returned to the Company not later than the termination date. 

 

	5.5	The Company shall remove the Executive from all boards of directors or similar directorship in the Company or in any other associated companies without delay following the agreement date and the Executive shall without
delay sign any resignation or other document necessary to effect such removal. 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 employees in connection with the position as 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. For the avoidance of doubt this section
5.5 does not apply to the Executive’s potential future claims on the Company under the indemnification agreement. 
  

	5.6	Through the signing of this agreement and the fulfilment 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 salary, vacation pay, bonus, 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. 
  
  

 

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

 Place; Stockholm, Sweden 
 Date; August 28, 2015 

On behalf of Autoliv, Inc. 
  

							
	 /s/ Karin Eliasson
	 		  	 /s/ Fredrik Peyron
	  	
	Karin Eliasson	 		  	Fredrik Peyron	  	
	GVP Human Resources	 		  		  	

  
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