BorgWarner Inc. 2004 Deferred Compensation Plan, as amended and restated, effective January 1, 2009

EX-10.29 11 a1029borgwarnerinc2004de.htm EXHIBIT 10.29 a1029borgwarnerinc2004de

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6HFWLRQ%HQHILFLDU\ VKDOOPHDQWKHSHUVRQRUSHUVRQVRUHQWLW\GHVLJQDWHGE\WKH3DUWLFLSDQWWRUHFHLYHWKH balance of the Participant’s Account in the event of the Participant’s death. The designation may be in favor of one RUPRUH%HQHILFLDULHVPD\LQFOXGHFRQWLQJHQWDVZHOODVSULPDU\GHVLJQDWLRQVDQGQDPHGRUXQQDPHGWUXVWHHVXQGHU DQ\ZLOORUWUXVWDJUHHPHQWPD\DSSRUWLRQWKHEHQHILWVSD\DEOHLQDQ\PDQQHUDPRQJWKH%HQHILFLDULHVSURYLGHG however, that a married Participant’s primary Beneficiary shall EHDWDOOWLPHVZKLOHWKH3DUWLFLSDQWLVPDUULHGWKH Participant’s current spouse unless the spouse consents in writing, properly notarized or witnessed by a member of WKH$GPLQLVWUDWLYH&RPPLWWHHRULWVGHOHJDWHHWRWKHQDPLQJE\WKH3DUWLFLSDQWRIVRPHRQHRWKHUWKDQWKHVSRXVHDV DSULPDU\%HQHILFLDU\DQGWKHFRQVHQWDFNQRZOHGJHVWKHILQDQFLDOHIIHFWRIWKHZDLYHUDQGIXUWKHUDFNQRZOHGJHVWKH QRQVSRXVHEHQHILFLDU\LHVFODVVRIEHQHILFLDULHVRUFRQWLQJHQWEHQHILFLDU\LHVDQGWKHVSHFLILFIRUPRISD\PHQWLI any, chosen by the Participant. A Participant’s designation of one or more Beneficiaries shall be made in writing in a PDQQHUGHVLJQDWHGE\WKH$GPLQLVWUDWLYH&RPPLWWHHDQGVKDOOQRWEHHIIHFWLYHXQWLOUHFHLYHGE\WKH$GPLQLVWUDWLYH &RPPLWWHH,ID3DUWLFLSDQWZKRLVXQPDUULHGDWWKHWLPHRIKLVRUKHUGHDWKIDLOVWRSURSHUO\GHVLJQDWHD%HQHILFLDU\ RULIWKHGHVLJQDWHGEHQHILFLDULHVRIVXFKXQPDUULHG3DUWLFLSDQWVKDOOKDYHSUHGHFHDVHGWKH3DUWLFLSDQWWKH Participant’s estate shall be the Beneficiary. If a married Participant’s spouse has validly consented to the GHVLJQDWLRQRID%HQHILFLDU\LHVRWKHUWKDQVXFKVSRXVHDQGVXFKGHVLJQDWHGEHQHILFLDULHVVKDOOKDYHSUHGHFHDVHG the Participant, the Participant’s spouse shall be the Beneficiary. Subject to the provisions of the preceding paragraph requiring spousal consent to a married Participant’s designation of a Beneficiary other than such Participant’s spouse, a Participant may change his or her Beneficiary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individual, the term “Board of Directors” shall also include such committee or individual. 6HFWLRQ%:6WRFN8QLW VKDOOPHDQDPHDVXUHRISDUWLFLSDWLRQXQGHUWKH3ODQZKLFKKDVDYDOXHEDVHGRQ Common Stock. Each BW Stock Unit credited to a Participant’s Account represents an obligation of the Company RUUHOHYDQW(PSOR\HUWRPDNHDSD\PHQWRIFDVKHTXDOWRWKHIDLUPDUNHWYDOXHRIDVKDUHRI&RPPRQ6WRFNWRVXFK Participant at such time as the Participant’s Account shall become distributable to him or her under the terms of the 3ODQ,QWKHHYHQWRIDQ\&RPSDQ\VWRFNVSOLWVWRFNGLYLGHQGUHFDSLWDOL]DWLRQUHRUJDQL]DWLRQPHUJHU FRQVROLGDWLRQFRPELQDWLRQH[FKDQJHRIVKDUHVOLTXLGDWLRQVSLQRIIRURWKHUVLPLODUFKDQJHLQFDSLWDOL]DWLRQRU HYHQWRUDQ\GLVWULEXWLRQWRKROGHUVRI&RPPRQ6WRFNRWKHUWKDQDUHJXODUFDVKGLYLGHQGWKHQXPEHURI%:6WRFN 8QLWVFUHGLWHGWR3DUWLFLSD nts’ Accounts under the Plan shall be appropriately adjusted by the Board of Directors. 7KHGHFLVLRQRIWKH%RDUGRI'LUHFWRUVUHJDUGLQJDQ\DGMXVWPHQWVKDOOEHILQDOELQGLQJDQGFRQFOXVLYH

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