Document:

formofreststock1

    EXHIBIT
      10.1

    

    BORGWARNER
      INC.

    AMENDED
      AND RESTATED

    2004
      STOCK INCENTIVE PLAN

    Restricted
      Stock Agreement

    For
      Non-Employee Directors

    

    THIS
      Restricted Stock Agreement (the “Agreement”) dated as of [INSERT DATE], by and
      between BORGWARNER INC., a Delaware corporation (the “Company”) and [NAME] (the
“Director”), is entered into as follows:

    

    WITNESSETH:

    

    WHEREAS,
      the Company has established the BorgWarner Inc. Amended and Restated 2004 Stock
      Incentive Plan (the “Plan”), a copy of which is attached hereto or which has
      been previously provided to the Director;

    

    WHEREAS,
      the Corporate Governance Committee of the Board of Directors of the Company
      has
      recommended that the Director be granted shares of Restricted Stock pursuant
      to
      the terms of the Plan and the terms of this Agreement, and the Board of
      Directors of the Company has approved such recommendation;

    

    NOW
      THEREFORE, in consideration of the foregoing and the mutual covenants
      hereinafter set forth:

    

    
      	1.  	
              Award
                of Restricted Stock.
                The Company hereby awards to Director on this date, ____ shares of
                its
                common stock, par value $.01 (“Stock”), subject to the terms and
                conditions set forth in the Plan and this Agreement (the
                “Award”).

            

    

    

    
      	2.  	
              Issuance
                of Share Certificates or Book Entry Record.
                The Company shall, as soon as administratively feasible after execution
                of
                this Agreement by the Director, either (1) issue one or more certificates
                in the name of the Director representing the shares of Restricted
                Stock
                covered by this Award, or (2) direct the Company’s transfer agent for the
                Stock to make a book entry record showing ownership for the Restricted
                Stock in the name of the Director, subject to the terms and conditions
                of
                the Plan and this Agreement.

            

    

    

    
      	3.  	
              Custody
                of Share Certificates During the Restriction Period.
                In the event that the Company issues one or more certificates for
                the
                Restricted Stock covered by this Award in lieu of book entry, during
                the
                Restriction Period described below:

            

    

    

    
      	a.  	
              The
                certificate or certificates shall bear the following
                legend:

            

    

    

    “The
      transferability of this certificate and the shares of stock represented hereby
      are subject to the terms and conditions (including forfeiture) of the 2004
      Amended and Restated Stock Incentive Plan and a Restricted Stock Agreement.
      Copies of such Plan and Restricted Stock Agreement are on file at the
      headquarters offices of BorgWarner Inc.”

    

    
      	b.  	
              The
                certificates shall be held in custody by the Company until the
                restrictions set forth herein shall have lapsed;
                and

            

    

    

    
      	c.  	
              As
                a condition to receipt of this Award, the Director hereby authorizes
                the
                Company to issue such instructions to the transfer agent as the Company
                may deem necessary or proper to comply with the intent and purposes
                of
                this Agreement and the Plan, including their provisions regarding
                forfeiture, and that this paragraph shall be deemed to constitute
                the
                stock power, endorsed in blank, contemplated by Section 8(b) of the
                Plan.

            

    

    

    
      	4.  	
              Terms
                of the Plan Shall Govern.
                The Award is made pursuant to, and is subject to the Plan, including,
                without limitation, its provisions governing a Change in Control
                and
                Cancellation and Rescission of Awards. In the case of any conflict
                between
                the Plan and this Agreement, the terms of the Plan shall control.
                Unless
                otherwise indicated, all capitalized terms contained in this Agreement
                shall have the meaning assigned to them in the
                Plan.

            

    

    

    
      	5.  	
              Restriction
                Period.
                The Restriction Period for the Restricted Stock awarded to the Director
                under this agreement shall commence with the date of this Agreement
                set
                forth above and shall end, for the percentage of the shares indicated
                below, on the date when the Restricted Stock shall have vested in
                accordance with the following
                schedule:

            

    

    

    

    Date     Vested
      Percentage

    

    _______     ______%

     

    During
      the Restriction Period, the Director shall not be permitted to sell, assign,
      transfer, pledge or otherwise encumber the Restricted Stock awarded
      herein.

     

    

    
      	6.  	
              Shareholder
                Rights.
                Subject to the restrictions imposed by this Agreement and the Plan,
                the
                Director shall have, with respect to the Restricted Stock covered
                by this
                Award, all of the rights of a stockholder of the Company holding
                Stock,
                including the right to vote the shares and the right to receive any
                cash
                dividends.

            

    

    

    
      	7.  	
              Forfeiture
                of Shares.
                Upon the Director’s Termination of Employment during the Restriction
                Period, all shares of Stock covered by this Award that remain subject
                to
                restriction shall be forfeited by the Director; provided however,
                that in
                the event of the Director’s Retirement during the Restriction Period, the
                Compensation Committee shall have the discretion to waive, in whole
                or in
                part, any or all remaining restrictions with respect to any or all
                of the
                Restricted Stock covered by this
                Award.

            

    

    

    
      	8.  	
              Change
                in Control.
                In the event of a Change in Control, the restrictions applicable
                to any
                shares of Stock covered by this Award shall lapse, and such shares
                of
                Stock shall become free of all restrictions and become fully vested
                and
                transferable.

            

    

    

    
      	9.  	
              Delivery
                of Shares.
                At the Director’s request, if and when the Restriction Period expires for
                a share or shares of Restricted Stock without a prior forfeiture,
                the
                Company will deliver certificate(s) for such share(s) to the
                Director.

            

    

    

    
      	10.  	
              Acquisition
                of Shares For Investment Purposes Only.
                By his or her signature hereto, the Director hereby agrees with the
                Company as follows:

            

    

    

    
      	a.  	
              The
                Director is acquiring the shares of Stock covered by this Award for
                investment purposes only and not with a view to resale or other
                distribution thereof to the public in violation of the Securities
                Act of
                1933, as amended (the “1933 Act”), and shall not dispose of any of the
                shares of the Stock in transactions which, in the opinion of counsel
                to
                the Company, violate the 1933 Act, or the rules and regulations
                thereunder, or any applicable state securities or “blue sky”
                laws;

            

    

    

    
      	b.  	
              If
                any of the shares of Stock covered by this Award shall be registered
                under
                the 1933 Act, no public offering (otherwise than on a national securities
                exchange, as defined in the Exchange Act) of any such shares shall
                be made
                by the Director (or any other person) under such circumstances that
                he or
                she (or any other such person) may be deemed an underwriter, as defined
                in
                the 1933 Act; and

            

    

    

    
      	c.  	
              The
                Company shall have the authority to endorse upon the certificate
                or
                certificates representing the Stock covered by this Agreement such
                legends
                referring to the foregoing
                restrictions.

            

    

    

    
      	11.  	
              No
                Right to Continued Service.
                Nothing contained in the Plan or this Agreement shall confer upon
                the
                Director any right to continue as a director of the
                Company.

            

    

    

    

    

    
      	12.  	
              Withholding
                of Taxes.
                If applicable, no later than the date as of which an amount first
                becomes
                includible in the Director’s gross income for Federal income tax purposes,
                the Director shall pay to the Company or make arrangements satisfactory
                to
                the Company regarding the payment of, any Federal, state, local,
                or
                foreign taxes of any kind required by law to be
                withheld.

            

    

    

    
      	13.  	
              Governing
                Law.
                The Award made and actions taken under the Plan and this Agreement
                shall
                be governed by and construed in accordance with the laws of the State
                of
                Delaware without taking into account its conflict of laws
                provisions.

            

    

    

    
      	14.  	
              Acceptance
                of Award.
                By the Director’s signature below, the Director accepts the terms of the
                Award, as set forth in this Agreement and in the Plan. Unless the
                Company
                otherwise agrees in writing, this Agreement shall not be effective
                as a
                Restricted Stock Award if a copy of this Agreement is not signed
                and
                returned to the Company.

            

    

    

    
      	15.  	
              Binding
                Effect.
                Subject to the limitations stated above, this Agreement shall be
                binding
                upon and inure to the benefit of the parties’ respective heirs, legal
                representatives, successors, and
                assigns.

            

    

    

    * * * * *

    

    IN
      WITNESS WHEREOF, BORGWARNER INC. and the Director have executed this Agreement
      to be effective as of the date first written above.

    

    BORGWARNER
      INC.

    

    

    By:
            

    

    Title:

    

    I
      acknowledge receipt of a copy of the Plan (either as an attachment hereto or
      that has been previously received by me) and that I have carefully read this
      Agreement and the Plan. I agree to be bound by all of the provisions set forth
      in this Agreement and the Plan.

    

     

    Date      Directorex10-1.htm

    SOMERSET
      HILLS BANCORP

    

    FORM
      OF RESTRICTED STOCK GRANT

    

    GRANT

    
      
        
          	
                  Grantee:

                	 
	
                  Address:

                	 
	 	 	 
	
                  Total
                    Shares Subject to Grant:

                	 
	
                  Date
                    of Grant:

                	 

        

      

    

    

    TERMS

     

    1.      Grant
      of Restricted Stock.  Somerset Hills Bancorp, a New Jersey
      corporation (the “Company”), hereby grants (the “Grant”) to the grantee named
      above (“Grantee”) a total of _________ shares of common stock, no par value
      (“Common Stock”), of the Company (the “Shares”), subject to all of the terms and
      conditions of this Agreement and the Company’s 2007 Equity Incentive Plan, as
      amended to the date hereof (the “Plan”).  Unless otherwise defined
      herein, capitalized terms used herein shall have the meanings ascribed to them
      in the Plan.

    

    2.           Vesting
      of Grant.

    

    a.           Vesting
      Schedule.  The Grant will be subject to forfeiture as provided
      herein in the event the Grantee ceases employment with the Company for
      any

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    reason
      prior to the date such portion of the Grant vests.  The Grant shall
      vest in accordance with the following vesting schedule:

    

    
      	
               

            	
              i.

            	
              _______
                shares, or any part thereof, will first vest, and risk of forfeiture
                of
                such shares will terminate on
                _______________;

            

    

    

    
      	
               

            	
              ii.

            	
              _______
                shares, or any part thereof, will first vest, and risk of forfeiture
                of
                such shares will terminate on
                _______________;

            

    

    

    
      	
               

            	
              iii.

            	
              _______
                shares, or any part thereof, will first vest, and risk of forfeiture
                of
                such shares will terminate on
                _______________;

            

    

    

    
      	
               

            	
              iv.

            	
              _______
                shares, or any part thereof, will first vest, and risk of forfeiture
                of
                such shares will terminate on
                _______________;and

            

    

    

    
      	
               

            	
              v.

            	
              _______
                shares, or any part thereof, will first vest, and risk of forfeiture
                of
                such shares will terminate on
                _______________.

            

    

    

    

    Prior
      to
      the date of vesting of Shares, Grantee shall be entitled to vote the Shares
      and
      to receive cash and stock dividends declared on the Shares, provided, however
      that any stock dividends declared on unvested Shares shall be subject to
      forfeiture in the same manner as the Shares with regard to which the stock
      dividend was issued. As of the date of vesting of any Shares, Grantee shall
      be
      deemed to own such shares, and be entitled to all benefits of ownership of
      the
      Shares, including the right to transfer such shares, subject to the terms of
      this Agreement and the Plan.

    

    3.           Changes
      in Vesting Schedule.  Notwithstanding the above, if the Company is
      subject to Change in Control (as defined in the Plan), the Shares will no longer
      be subject to forfeiture pursuant to Section 2(a) herein and shall be deemed
      fully vested.

    

    

    4.           Withholding
      Taxes.  The Company shall have the right, in its sole discretion,
      to either (i) require Grantee to remit to the Company or (ii) withhold from
      any
      salary, wages or other compensation payable by the Company or any affiliated
      entities to Grantee, an amount sufficient to satisfy Federal, state, and local
      withholding tax requirements. Whenever payments are to be made in cash, such
      payments shall be net of an amount sufficient to satisfy Federal, state and
      local withholding tax requirements and authorized deductions.

    

    5.           Nontransferability
      of Unvested Shares.  Until the vesting of Shares pursuant to
      Section 2 herein or any other provision hereof, such Shares shall not be
      transferable by Grantee and the Company shall refuse to recognize any such
      purported transfer.  The terms of this Grant and the Plan shall be
      binding upon the executors, administrators, successors and assigns of
      Grantee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.           No
      Right to Continued Employment.  No grant of Common Stock hereunder
      shall confer upon Grantee any right with respect to continuance of Grantee’s
      employment or affiliation with the Company or any affiliated entity nor shall
      it
      interfere in any way with the right of the Company or any such affiliated entity
      to terminate Grantee’s employment or affiliation at any time.

    

    7.           Issuance
      of Certificates.  The Company may cause the Shares to be issued in
      either book entry form or certificated form at its sole
      discretion.  Unvested Shares that are issued in book entry form will
      be maintained in an account at the Company’s transfer agent, and only released
      to Grantee upon the termination of the vesting period.  Any stock
      certificates issued in respect of the Grant shall be registered in the name
      of
      Grantee and, unless otherwise determined by the Board, deposited by Grantee,
      together with a stock power endorsed in blank, with the Company (or its
      designee).  At the expiration of the vesting period regarding such
      certificated Shares, the Company (or such designee) shall deliver the
      certificates representing such bested Shares to Grantee or if Grantee has died,
      to the beneficiary designated, in a manner determined by the Board, by Grantee
      to receive amounts due or exercise rights of Grantee in the event of Grantee’s
      death (the “Designated Beneficiary”).  In the absence of an effective
      designation by Grantee, Designated Beneficiary shall mean Grantee’s
      estate.

    

    8.           Entire
      Agreement.   The Plan attached hereto as Exhibit A is
      incorporated herein by this reference.  The Grant and the Plan
      constitute the entire agreement of the parties hereto and supersede all prior
      undertakings and agreements with respect to the subject matter
      hereof.

    

    
      
        	 	
                SOMERSET
                  HILLS BANCORP

              	 
	 	
                By:

              	 	 
	 	
                Name:

              	 	 
	 	
                Title:

              	 	 
	 	 	 	 

      

    

    ACCEPTANCE

     

    Grantee
      hereby acknowledges receipt of a copy of the Plan, represents that Grantee
      has
      read and understands the terms and provisions thereof, and accepts the Grant
      subject to all the terms and conditions of the Plan and this
      agreement.  Grantee acknowledges that there may be adverse tax
      consequences upon disposition of the Shares and that Grantee should consult
      a
      tax adviser prior to such disposition.

    
      	 	
              GRANTEE

            	 
	 	 	 
	 	
              Signature

            	 
	 	 	 
	 	 	 
	 	
              Print
                Name

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