EX-10.28 10 a1028formofamendedcontro.htm EXHIBIT 10.28
Exhibit 10.28 (;FLFDPHQGPHQWKWP&+$1*(,1&21752/ (;+,%,7 $0(1'('$1'5(67$7(' &+$1*(2)&21752/(03/2<0(17$*5((0(17 AGREEMENT by and between BorgWarner Inc., a Delaware corporation (the “Company”) and ____________ (the “Executive”) dated as of the ___ day of _____________, 2009. WHEREAS, the Board of Directors of the Company (the “Board”), has determined t KDWLWLVLQWKH EHVWLQWHUHVWVRIWKH&RPSDQ\DQGLWVVWRFNKROGHUVWRDVVXUHWKDWWKH&RPSDQ\ZLOOKDYHWKHFRQWLQXHGGHGLFDWLRQRI WKH([HFXWLYHQRWZLWKVWDQGLQJWKHSRVVLELOLW\WKUHDWRURFFXUUHQFHRID&KDQJHRI&RQWURODVGHILQHGEHORZ RIWKH &RPSDQ\7KH%RDUGEHOLHYHVLWLVLPSHUDWLYHWRGLPLQLVKWKHLQHYLWDEOHGLVWUDFWLRQRIWKH([HFXWLYHE\YLUWXHRIWKH SHUVRQDOXQFHUWDLQWLHVDQGULVNVFUHDWHGE\DSHQGLQJRUWKUHDWHQHG&KDQJHRI&RQWURODQGWRHQFRXUDJHWKH Executive’s full attention and dedi FDWLRQWRWKH&RPSDQ\FXUUHQWO\DQGLQWKHHYHQWRIDQ\WKUHDWHQHGRUSHQGLQJ &KDQJHRI&RQWURODQGWRSURYLGHWKH([HFXWLYHZLWKFRPSHQVDWLRQDQGEHQHILWVDUUDQJHPHQWVXSRQD&KDQJHRI &RQWUROZKLFKHQVXUHWKDWWKHFRPSHQVDWLRQDQGEHQHILWVH[SHFWDWLRQVRIWKH([HFXWLYHZLOOEHVDWLVILHGDQGZKLFK DUHFRPSHWLWLYHZLWKWKRVHRIRWKHUFRUSRUDWLRQV >:+(5($6EHFDXVHWKH([HFXWLYH>KDV@>ZLOOREWDLQ@LQWLPDWHDQGYDOXDEOHNQRZOHGJHDQG experience in the operation of the Company’s business, as well as techn LFDOILQDQFLDOFXVWRPHUDQGRWKHU confidential information related to the Company’s business, as a condition to the Company’s willingness to enter LQWRWKLV$JUHHPHQWWKH&RPSDQ\KDVUHTXLUHGWKDWWKH([HFXWLYHH[HFXWHDQGGHOLYHUWKH>1RQ&RPSHWH $JUHH ment] attached to this Agreement as Exhibit A (the “Non Compete”), pursuant to which Executive has agreed not to compete with the Company or solicit the Company’s employees and customers during [the term of this Agreement] [Executive’s employment with the &RPSDQ\@DQGGXULQJWKH>RQH\HDU@>PRQWK@SHULRGIROORZLQJ Executive’s termination of employment with the Company.] WHEREAS, the Company would not have entered into this Agreement but for Executive’s H[HFXWLRQRIWKH1RQ&RPSHWHDQGDFFRUGLQJO\FRQWHPSRUDQHRXVZLWKWKHH[HFXWLRQRIWKLV$JUHHPHQWWKH ([HFXWLYHDQGWKH&RPSDQ\KDYHHQWHUHGLQWRWKH1RQ&RPSHWH 12:7+(5()25(,7,6+(5(%<$*5(('$6)2//2:6 &HUWDLQ'HILQLWLRQV D The “Effective Date” shall mean the first date during WKH&KDQJHRI &RQWURO3HULRGDVGHILQHGLQ6HFWLRQE RQZKLFKD&KDQJHRI&RQWURODVGHILQHGLQ6HFWLRQ RFFXUV Anything in this Agreement to the contrary notwithstanding, if (i) the Executive’s employment with the &RPSDQ\LVWHUPLQDWHGE\WKH&RPSDQ\LL WKH'DWHRI7HUPLQDWLRQLVSULRUWRWKHGDWHRQZKLFKD&KDQJHRI &RQWURORFFXUVDQGLLL LWLVUHDVRQDEO\GHPRQVWUDWHGE\WKH([HFXWLYHWKDWVXFKWHUPLQDWLRQRIHPSOR\PHQW$ ZDVDWWKHUHTXHVWRIDWKLUGSDUW\WKDWKDVWDNHQVWHSVUHDVRQDEO\FDOFXODWHGWRHIIHFWD&KDQJHRI&RQWURORU% RWKHUZLVHDURVHLQFRQQHFWLRQZLWKRUDQWLFLSDWLRQRID&KDQJHRI&RQWUROWKHQIRUDOOSXUSRVHVRIWKLV Agreement the “Effective Date” shall mean the date immediately prior to such Date of 7HUPLQDWLRQ E The “Change of Control Period” shall mean the period commencing on the date hereof and HQGLQJRQWKHWKLUGDQQLYHUVDU\RIWKHGDWHKHUHRISURYLGHG KRZHYHU WKDWFRPPHQFLQJRQWKHGDWHRQH\HDUDIWHU WKHGDWHKHUHRIDQGRQHDFKDQQXDODQQLYHUVDU\RIVXFKGDWHVXFKGDWHDQGHDFKDQQXDODQQLYHUVDU\WKHUHRIVKDOOEH hereinafter referred to as the “Renewal Date”), unless previously terminated, the Change of Control Period shall be DXWRPDWLFDOO\H[WHQGHGVRDVWRWHUPLQDWHWKUHH\HDUVIURPVXFK5HQHZDO'DWHXQOHVVDWOHDVWGD\VSULRUWRWKH 5HQHZDO'DWHWKH&RPSDQ\VKDOOJLYHQRWLFHWRWKH([HFXWLYHWKDWWKH&KDQJHRI&RQWURO3HULRGVKDOOQRWEHVR H[WHQGHG &KDQJHRI&RQWURO For the purpose of this Agreement, a “Change of Control” shall me DQ

D 7KHDFTXLVLWLRQE\DQ\LQGLYLGXDOHQWLW\RUJURXSZLWKLQWKHPHDQLQJRI6HFWLRQG RU 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial RZQHUVKLSZLWKLQWKHPHDQLQJRI5XOHGSURPXOJDWHGXQGHUWKH([FKDQJH$FW RIRUPRUHRIHLWKHUL WKH then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the FRPELQHGYRWLQJSRZHURIWKHWKHQRXWVWDQGLQJYRWLQJVHFXULWLHVRIWKH&RPSDQ\HQWLWOHGWRYRWHJHQHUDOO\LQWKH election of directors (the “Outstanding Company Voting Securities”); SURYLGHG KRZHYHU WKDWIRUSXUSRVHVRIWKLV VXEVHFWLRQD WKHIROORZLQJDFTXLVLWLRQVVKDOOQRWFRQVWLWXWHD&KDQJHRI&RQWURO: DQ\DFTXLVLWLRQGLUHFWO\IURP WKH&RPSDQ\; DQ\DFTXLVLWLRQE\WKH&RPSDQ\< DQ\DFTXLVLWLRQE\DQ\HPSOR\HHEHQHILWSODQRUUHODWHG WUXVW VSRQVRUHGRUPDLQWDLQHGE\WKH&RPSDQ\RUDQ\HQWLW\FRQWUROOHGE\WKH&RPSDQ\= DQ\DFTXLVLWLRQ SXUVXDQWWRDWUDQVDFWLRQZKLFKFRPSOLHVZLWKFODXVHVL LL DQGLLL RIVXEVHFWLRQF RIWKLV6HFWLRQ E Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease IRUDQ\UHDVRQWRFRQVWLWXWHDWOHDVWDPDMRULW\RIWKH%RDUGSURYLGHG KRZHYHU WKDWDQ\LQGLYLGXDOEHFRPLQJD director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders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f the foregoing, a “Business Combination”), in each case, unless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such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one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“Employment Period”). The Employment Period shall terminate upon the Executive’s termination of employment IRUDQ\UHDVRQ

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$ the sum of (1) the Executive’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, (2) the Executive’s business expenses that are reimbursable pursuant WR6HFWLRQE )(v) but have not been reimbursed by the Company as of the Date of Termination; (3) the Executive’s $QQXDO%RQXVIRUWKHILVFDO\HDULPPHGLDWHO\SUHFHGLQJWKHILVFDO\HDULQZKLFKWKH'DWHRI7HUPLQDWLRQRFFXUVLI VXFKERQXVKDVEHHQGHWHUPLQHGEXWQRWSDLGDVRIWKH'DWHRI7HUPLQDWLRQ DQ\DFFUXHGYDFDWLRQSD\WRWKH extent not theretofore paid (the sum of the amounts described in subclauses (1), (2), (3) and (4), the “Accrued Obligations”) and (5) an amount equal to the product of (x) the Recent Ave UDJH%RQXVDQG\ DIUDFWLRQWKH QXPHUDWRURIZKLFKLVWKHQXPEHURIGD\VLQWKHFXUUHQWILVFDO\HDUWKURXJKWKH'DWHRI7HUPLQDWLRQDQGWKH denominator of which is 365 (the “Pro Rata Bonus”); SURYLGHG WKDWQRWZLWKVWDQGLQJWKHIRUHJRLQJLIWKH([HFXWLYH KDVPDGHDQLUUHYRFDEOHHOHFWLRQXQGHUDQ\GHIHUUHGFRPSHQVDWLRQDUUDQJHPHQWVXEMHFWWR6HFWLRQ$RIWKH&RGH WRGHIHUDQ\SRUWLRQRIWKH$QQXDO%DVH6DODU\RUWKH$QQXDO%RQXVGHVFULEHGLQFODXVHV RU DERYHWKHQIRU DOOSXUSRVHVRIWKLV6HFWLRQLQFOXGLQJZLWKRXWOLPLWDWLRQ6HFWLRQVE WKURXJKG VXFKGHIHUUDOHOHFWLRQDQG WKHWHUPVRIWKHDSSOLFDEOHDUUDQJHPHQWVKDOODSSO\WRWKHVDPHSRUWLRQRIWKHDPRXQWGHVFULEHGLQVXFKFODXVH RU FODXVH DQGVXFKSRUWLRQVKDOOQRWEHF onsidered as part of the “Accrued Obligations” but shall instead be an “Other Benefit” (as defined below); and % WKHDPRXQWHTXDOWRWKHSURGXFWRI >WZR@>WKUHH@DQG WKHVXPRI[ the Executive’s Annual Base Salary and (y) the Recent Average B RQXVDQG & DQDPRXQWHTXDOWRWKHSURGXFWRI >WZR@>WKUHH@DQG WKHVXPRID the Company Retirement Contributions (as defined in the BorgWarner Inc. Retirement Savings Plan (“RSP”)) that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ection 4(b)(i) and Section 4(b)(ii) of this Agreement (“Limitations” meaning limitations contained in the RSP, the Employee Retirement Income Security Act (“ERISA”) or the Code (including without l LPLWDWLRQWKHFDS RQ&RPSHQVDWLRQ ' for [two] [three] years following the Date of Termination (the “Benefits Period”), the Company shall provide the Executive and his eligible dependents with medical and dental insurance coverage (the “Health Care Benefits”) and life insurance benefits no less favorable to those which the Executive and KLVVSRXVHDQGHOLJLEOHGHSHQGHQWVZHUHUHFHLYLQJLPPHGLDWHO\SULRUWRWKH'DWHRI7HUPLQDWLRQRULIPRUH IDYRUDEOHWRVXFKSHUVRQVDVLQHIIHFWJHQHUDOO\DWDQ\WLPHWKHUHDIWHUZLWKUHVSHFWWRRWKHUSHHUH[HFXWLYHVRIWKH &RPSDQ\DQGWKH$IILOLDWHG&RPSDQLHVSURYLGHG KRZHYHU WKDWWKH+HDOWK&DUH%HQHILWVVKDOOEHSURYLGHGGXULQJ WKH%HQHILWV3HULRGLQVXFKDPDQQHUWKDWVXFKEHQHILWVDUHH[FOXGHGIURPWKH( xecutive’s income for federal income WD[SXUSRVHVSURYLGHG IXUWKHU KRZHYHU WKDWLIWKH([HFXWLYHEHFRPHVUHHPSOR\HGZLWKDQRWKHUHPSOR\HUDQGLV HOLJLEOHWRUHFHLYHKHDOWKFDUHEHQHILWVXQGHUDQRWKHUHPSOR\HUSURYLGHGSODQWKHKHDOWKFDUHEHQHILWVSURYLGHG KHUHXQGHUVKDOOEHVHFRQGDU\WRWKRVHSURYLGHGXQGHUVXFKRWKHUSODQGXULQJVXFKDSSOLFDEOHSHULRGRI HOLJLELOLW\7KHUHFHLSWRIWKH+HDOWK&DUH%HQHILWVVKDOOEHFRQGLWLRQHGXSRQWKH([HFXWLYHFRQWLQXLQJWRSD\WKH $SSOLFDEOH&2%5$3UHPLXPZLWKUHVSHFWWRWKHOHYHORIFRYHUDJHWKDWWKH([HFXWLYHKDVHOHFWHGIRUWKH([HFXWLYH and the Executive’s spouse and eligible dependents ( e.g. VLQJOHVLQJOHSOXVRQHRUIDPLO\ 'XULQJWKHSRUWLRQRI WKH%HQHILWV3HULRGLQZKLFKWKH([HFXWLYHDQGKLVHOLJLEOHGHSHQGHQWVFRQWLQXHWRUHFHLYHFRYHUDJHXQGHUWKH Company’s Health Care Benefits plans, the Company shall pay to the Executive a monthly amount equal to the $SSOLFDEOH&2%5$3UHPLXPLQUHVSHFWRIWKHPD[LPXPOHYHORIFRYHUDJHWKDWWKH([HFXWLYHFRXOGKDYHHOHFWHGWR receive for the Executive and the Executive’s spouse and eligible dependents if the Executive were still an employee RIWKH&RPSDQ\GXULQJWKH%HQHILWV3HULRG e.g. VLQJOHVLQJOHSOXVRQHRUIDPLO\ UHJDUGOHVVRIZKDWOHYHORI FRYHUDJHLVDFWXDOO\HOHFWHGZKLFKSD\PHQWVKDOOEHSDLGLQDGYDQFHRQWKHILUVWSD\UROOGD\RIHDFKPRQWK commencing with the month immediately following the Executive’s Date of Termination. 7KH&RPSDQ\VKDOOXVH LWVUHDVRQDEOHEHVWHIIRUWVWRHQVXUHWKDWIROORZLng the end of the Benefit Period, the Executive and the Executive’s VSRXVHDQGHOLJLEOHGHSHQGHQWVVKDOOEHHOLJLEOHWRHOHFWFRQWLQXHGKHDOWKFRYHUDJHSXUVXDQWWR6HFWLRQ%RIWKH

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