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Document

Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 2 TO CREDIT AGREEMENT 
(DOLLAR LIBOR TRANSITION) 

This AMENDMENT NO. 2 TO CREDIT AGREEMENT (DOLLAR LIBOR TRANSITION) (this “Agreement”), dated as of August 31, 2022 (the “Amendment Effective Date”), is entered into among BORGWARNER INC., a Delaware corporation (the “Borrower”) and BANK OF AMERICA, N.A., as administrative agent (the “Administrative Agent”).  
RECITALS
WHEREAS, the Borrower, the lenders from time to time party thereto (the “Lenders”), and Bank of America, N.A., as Administrative Agent, have entered into that certain Fourth Amended and Restated Credit Agreement dated as of March 13, 2020 (as amended, modified, extended, restated, replaced, or supplemented from time to time prior to the date hereof, the “Credit Agreement”);
WHEREAS, certain loans and/or other extensions of credit (the “Loans”) under the Credit Agreement denominated in Dollars (the “Impacted Currency”) incur or are permitted to incur interest, fees, commissions or other amounts based on the London Interbank Offered Rate as administered by the ICE Benchmark Administration (“LIBOR”) in accordance with the terms of the Credit Agreement; and
WHEREAS, applicable parties under the Credit Agreement have determined in accordance with the Credit Agreement that LIBOR for the Impacted Currency should be replaced with a successor rate in accordance with the Credit Agreement and, in connection therewith, the Administrative Agent has determined that certain conforming changes are necessary or advisable.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.     Defined Terms.  Capitalized terms used herein but not otherwise defined herein (including on any Appendix attached hereto) shall have the meanings provided to such terms in the Credit Agreement, as amended by this Agreement.
2.    Agreement.  Notwithstanding any provision of the Credit Agreement, the other Loan Documents or any other document related thereto to the contrary, the parties hereto hereby agree that the terms set forth on Appendix A shall apply to the Impacted Currency.  For the avoidance of doubt, to the extent provisions in the Credit Agreement apply to the Impacted Currency and such provisions are not specifically addressed by Appendix A, the provisions in the Credit Agreement shall continue to apply to the Impacted Currency.  
3.    Conflict with Loan Documents.  In the event of any conflict between the terms of this Agreement and the terms of the Credit Agreement, the other Loan Documents or any other document related thereto, the terms hereof shall control. 
4.    Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Lenders, as of the date hereof, as follows:
(a)the execution, delivery and performance by the Borrower of this Agreement have been duly authorized by all necessary corporate action and do not and will not (i) violate (A) any applicable Law or (B) the charter, by-laws or other organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (ii) violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (iii) result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries (other than Liens permitted by Section 6.2 of the Credit Agreement); except with respect to any violation or default referred to in clause (i)(A) or (ii) above, to the extent that such violation or default could not reasonably be expected to have a Material Adverse Effect; 
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(b)this Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; 
(c)the Credit Agreement and the other Loan Documents, after giving effect to this Agreement, constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(d)the representations and warranties of the Borrower set forth in the Credit Agreement and contained in each of the other Loan Documents are true and correct in all material respects (or, with respect to any representation and warranty qualified by materiality, Material Adverse Effect or similar language, in all respects (after giving effect to any qualification therein)) on and as of the Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (or, with respect to any representation and warranty qualified by materiality, Material Adverse Effect or similar language, in all respects (after giving effect to any qualification therein)) as of such earlier date, and except that (i) for purposes of this clause (d), the representations and warranties contained in Section 3.4(a) of the Credit Agreement shall be deemed to refer to the most recent annual and quarterly financial statements furnished pursuant to Sections 5.1(a) and (b) of the Credit Agreement, respectively, and (ii) the representations and warranties contained in Sections 3.4(b) and 3.6 shall not need to be true and correct and shall not be made as of the Amendment Effective Date; and
(e)no Default or Event of Default exists or is continuing immediately before (including under the Credit Agreement) or after the effectiveness of this Agreement on the Amendment Effective Date.
5.    Conditions Precedent.  This Agreement shall become effective upon receipt by the Administrative Agent of counterparts of this Agreement, properly executed by the Borrower and the Administrative Agent.
6.    Payment of Expenses.  The Borrower agrees to pay in accordance with and subject to the limitations in Section 9.3 of the Credit Agreement all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates in connection with the preparation, execution, delivery and administration of this Agreement, including, subject to the limitations set forth in Section 9.3 of the Credit Agreement, the reasonable fees, charges and disbursements of counsel to the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and responsibilities hereunder.
7.    Miscellaneous.
(a)The Loan Documents, and the obligations of the Borrower under the Loan Documents, are hereby ratified and confirmed and shall remain in full force and effect according to their terms.  This Agreement is a Loan Document.
(b)The Borrower (i) acknowledges and consents to all of the terms and conditions of this Agreement, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Agreement and all documents executed in connection herewith do not operate to impair or discharge its obligations under the Loan Documents.
(c)This Agreement may be in the form of an electronic record (in “.pdf” form or otherwise) and may be executed using electronic signatures, which shall be considered as originals and shall have the same legal effect, validity and enforceability as a paper record.  This Agreement may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts shall be one and the same Agreement.  For the avoidance of doubt, the authorization under this paragraph may include, 
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without limitation, use or acceptance by the Administrative Agent of a manually signed Agreement which has been converted into electronic form (such as scanned into “.pdf” format), or an electronically signed Agreement converted into another format, for transmission, delivery and/or retention.  
(d)Any provision of this Agreement held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of the remaining provisions hereof and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
(e)The terms of the Credit Agreement with respect to governing law, submission to jurisdiction, waiver of venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms.
[Remainder of page intentionally left blank]

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Each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.
BORROWER:    BORGWARNER INC.

By:    /s/ Craig D. Aaron        
Name:  Craig D. Aaron
Title:  Vice President and Treasurer

Signature Page
Amendment No. 2 to Credit Agreement (Dollar LIBOR Transition)

ADMINISTRATIVE AGENT:    BANK OF AMERICA, N.A.,
as Administrative Agent
By:    /s/ Brian Lukehart        
Name: Brian Lukehart
Title:   Managing Director
Signature Page
Amendment No. 2 to Credit Agreement (Dollar LIBOR Transition)

Appendix A

TERMS APPLICABLE TO TERM SOFR LOANS

1.    Defined Terms.  The following terms shall have the meanings set forth below: 
“Administrative Agent’s Office” means, with respect to Dollars, the Administrative Agent’s address and, as appropriate, account specified in the Credit Agreement with respect to Dollars, or such other address or account with respect to Dollars as the Administrative Agent may from time to time notify the Borrower and the Lenders.
“Alternate Base Rate” means the Alternate Base Rate as defined in the Credit Agreement.
“Applicable Rate” means the Applicable Rate as defined in the Credit Agreement.
“Base Rate Loans” means a Loan that bears interest at a rate based on the Alternate Base Rate.
“Borrowing” means a Borrowing as defined in the Credit Agreement.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located.
“CME” means CME Group Benchmark Administration Limited as administrator of the forward-looking SOFR term rate (or any successor administrator satisfactory to the Administrative Agent).
“Conforming Changes” means, with respect to the use, administration of or any conventions associated with SOFR, Term SOFR or any proposed Successor Rate for Dollars, as applicable, any conforming changes to the definitions of “Alternate Base Rate”, “SOFR”, “Term SOFR” and “Interest Period”, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the definitions of “Business Day” and “U.S. Government Securities Business Day”, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the reasonable good faith discretion of the Administrative Agent, to reflect the adoption and implementation of such applicable rate(s) and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice for Dollars (or, if the Administrative Agent determines reasonably and in good faith that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such rate for Dollars exists, in such other manner of administration as the Administrative Agent determines reasonably and in good faith is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).
“Dollar” and “$” mean lawful money of the United States.
“Eurocurrency Rate” means Eurocurrency Rate, LIBOR, Adjusted LIBOR Rate, LIBOR Rate or any similar or analogous definition in the Credit Agreement.
“Eurocurrency Rate Loans” means a Loan denominated in Dollars that bears interest at a rate based on the Eurocurrency Rate.
“Interest Payment Date” means, as to any Term SOFR Loan, the last day of each Interest Period applicable to such Loan and the applicable maturity date set forth in the Credit Agreement and, in the case of a Term SOFR Loan with an Interest Period of more than three months’ 
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duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period.
“Interest Period” means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter (in the case of each requested Interest Period, subject to availability), as selected by the Borrower in its Loan Notice; provided that:
    (a)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless, in the case of a Term SOFR Loan, such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;
    (b)    any Interest Period pertaining to a Term SOFR Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and
    (c)     no Interest Period shall extend beyond the Maturity Date.
“LC Disbursement” means an LC Disbursement as defined in the Credit Agreement.
“Loan” means a Loan as defined in the Credit Agreement.
“Loan Notice” means a Borrowing Request as defined in the Credit Agreement, and such term shall be deemed to include the Loan Notice attached hereto as Exhibit A.
“Notice of Loan Prepayment” means a Notice of Loan Prepayment as defined in the Credit Agreement.
“Required Lenders” means the Required Lenders as defined in the Credit Agreement.
“SOFR” means the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator).
“SOFR Adjustment” means 0.10% (10.0 basis points) per annum for an Interest Period of one month, three-months or six months.
“Successor Rate” means the Successor Rate, LIBOR Successor Rate or any similar or analogous definition in the Credit Agreement. 
“Swingline Loan” means Swingline Loan as defined in the Credit Agreement.
“Term SOFR” means:
    (a)    for any Interest Period with respect to a Term SOFR Loan, the rate per annum equal to the Term SOFR Screen Rate two U.S. Government Securities Business Days prior to the commencement of such Interest Period with a term equivalent to such Interest Period; provided that if the rate is not published prior to 11:00 a.m. on such determination date then Term SOFR means the Term SOFR Screen Rate on the first U.S. Government Securities Business Day immediately prior thereto, in each case, plus the SOFR Adjustment for such Interest Period; 
    (b)    for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term of one month commencing that day; and
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    (c)    for any interest calculation with respect to a Swingline Rate Loan on any date, the rate per annum equal to the Term SOFR Screen Rate with a term of one month commencing that day, plus the SOFR Adjustment; 
provided that if Term SOFR determined in accordance with any of the foregoing provisions (a), (b) or (c) of this definition would otherwise be less than zero, Term SOFR shall be deemed zero for purposes of this Agreement.
“Term SOFR Loan” means a Loan that bears interest at a rate based on Term SOFR other than a Base Rate Loan with respect to which the Alternate Base Rate is determined at a rate based on Term SOFR.
“Term SOFR Screen Rate” means the forward-looking SOFR term rate administered by CME and published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent in its reasonable good faith discretion from time to time).
“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Term SOFR Loan.
“U.S. Government Securities Business Day” means any Business Day, except any Business Day on which any of the Securities Industry and Financial Markets Association, the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business because such day is a legal holiday under the federal laws of the United States or the laws of the State of New York, as applicable.
2.    Terms Applicable to Term SOFR Loans.  From and after the Amendment Effective Date, the parties hereto agree as follows:
(a)    Impacted Currency.  (i) Dollars shall not be considered a currency for which there is a published LIBOR rate and (ii) any request for a new Eurocurrency Rate Loan denominated in Dollars, or to continue an existing Eurocurrency Rate Loan denominated in Dollars, shall be deemed to be a request for a new Loan bearing interest at Term SOFR; provided, that, to the extent any Loan bearing interest at the Eurocurrency Rate is outstanding on the Amendment Effective Date, such Loan shall continue to bear interest at the Eurocurrency Rate  until the end of the current Interest Period or payment period applicable to such Loan.
(b)     References to Eurocurrency Rate and Eurocurrency Rate Loans in the Credit Agreement and Loan Documents.  
(i)     References to the Eurocurrency Rate with respect to Dollars and Eurocurrency Rate Loans denominated in Dollars in provisions of the Credit Agreement and the other Loan Documents that are not specifically addressed herein (other than the definitions of Eurocurrency Rate and Eurocurrency Rate Loan) shall be deemed to include Term SOFR and Term SOFR Loans, as applicable.  In addition, references to the Eurocurrency Rate in the definitions of Alternate Base Rate and Swingline Rate in the Credit Agreement shall be deemed to refer to Term SOFR.
(ii)     For purposes of any requirement for the Borrower to compensate Lenders for losses in the Credit Agreement resulting from any continuation, conversion, payment or prepayment of any Loan on a day other than the last day of any Interest Period (as defined in the Credit Agreement), references to the Interest Period (as defined in the Credit Agreement) shall be deemed to include any relevant interest payment date or payment period for a Term SOFR Loan.
(c)      Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to any reference rate referred to herein or 
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with respect to any rate (including, for the avoidance of doubt, the selection  of such rate and any related spread or other adjustment) that is an alternative or replacement for or successor to any such rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or the effect of any of the foregoing, or of any Conforming Changes.  The Administrative Agent and its affiliates or other related entities may engage in transactions or other activities unrelated to the Credit Agreement or the Borrower that affect any reference rate referred to herein, or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing) or any related spread or other adjustments thereto, in each case, in a manner adverse to the Borrower.  The Administrative Agent may select information sources or services commonly used in the banking industry for such purposes in its reasonable good faith discretion to ascertain any reference rate referred to herein or any alternative, successor or replacement rate (including, without limitation, any Successor Rate) (or any component of any of the foregoing), in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or other action or omission related to or affecting the selection, determination, or calculation of any rate (or component thereof) provided by any such information source or service.
(d)    Borrowings, Conversions, Continuations and Prepayments of Term SOFR Loans.  In addition to any other borrowing or prepayment requirements set forth in the Credit Agreement:
(i)    Term SOFR Loans. Each Borrowing, each conversion of Loans (other than Swingline Loans) from one Type to the other, and each continuation of Term SOFR Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone or (B) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (Eastern time) (1) two Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Term SOFR Loans or of any conversion of Term SOFR Loans to Base Rate Loans or (2) on the date of any proposed Borrowing of Base Rate Loans; provided that any such notice of a Borrowing of Base Rate Loans to finance the reimbursement of an LC Disbursement as contemplated by Section 2.5(c) of the Credit Agreement may be given not later than 1:00 p.m., New York City time, on the date of the proposed Borrowing.  Each Borrowing of, conversion to or continuation of Term SOFR Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof.  Each Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Term SOFR Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Term SOFR Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Term SOFR Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
(ii)    Conforming Changes.  With respect to SOFR or Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein, in the Credit Agreement or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement, the Credit Agreement or any other Loan Document; provided that, with 
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respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such Conforming Changes to the Borrower and the Lenders promptly upon such amendment becoming effective. 

(iii)    Loan Notice. For purposes of a Borrowing of Term SOFR Loans, or a continuation of a Term SOFR Loan, the Borrower shall use the Loan Notice attached hereto as Exhibit B.
(e)    Interest.  
    (i)    Subject to the provisions of the Credit Agreement with respect to default interest, each Term SOFR Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of Term SOFR plus the Applicable Rate.
    (ii)    Interest on each Term SOFR Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified in the Credit Agreement; provided, that any prepayment of any Term SOFR Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 2.16 of the Credit Agreement.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any debtor relief law.
(f)     Computations.  All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to Term SOFR) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of fees and interest with respect to Term SOFR Loans shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to the provisions in the Credit Agreement addressing payments generally, bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent demonstrable error.
(g)    Successor Rates.  The provisions in the Credit Agreement addressing the replacement of a current Successor Rate for Dollars shall be deemed to apply to Term SOFR Loans and Term SOFR, as applicable, and the related defined terms shall be deemed to include Dollars and Term SOFR, as applicable.
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Exhibit A

FORM OF LOAN NOTICE
(Term SOFR Loans and Base Rate Loans)
Date:  ___________, _____1
To:    Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Fourth Amended and Restated Credit Agreement, dated as of March 13, 2020 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among BorgWarner Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

The undersigned hereby requests (select one):2

															
	Indicate:
Borrowing,
Conversion or Continuation
	Indicate:
Borrower Name
	Indicate:
Requested Amount
	Indicate:
Term SOFR Loans or Base Rate Loans
	For Term SOFR  Loans Indicate:

Interest Period (e.g., 1, 3 or 6 month interest period)

					
					
					

The Borrowing, if any, requested herein complies with the requirements set forth in the Credit Agreement.
BORGWARNER INC.
By:    
Name:  [Type Signatory Name]
Title:  [Type Signatory Title]

1 Note to Borrower.  All requests submitted under a single Loan Notice must be effective on the same date.  If multiple effective dates are needed, multiple Loan Notices will need to be prepared and signed.
2 Note to Borrower.  For multiple borrowings, conversions and/or continuations for a particular facility, fill out a new row for each borrowing/conversion and/or continuation.
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Exhibit 10.2

Employment Agreement

This Employment Agreement (the “Agreement”) is entered into on this 9th day of September, 2022 by and between BorgWarner Inc. and Frederic B. Lissalde (“Executive”). Unless the context indicates otherwise, the term “Company” means and includes BorgWarner Inc., its successors, assigns, parents, subsidiaries, divisions and/or affiliates (whether incorporated or unincorporated), and all of its other related entities.

WHEREAS, Executive currently serves as the President and Chief Executive Officer of the Company and a member of its Board of Directors (the “Board”); and

WHEREAS, the Company and Executive desire to set forth their mutual agreement with respect to all matters relating to Executive’s continued employment with the Company followed by his retirement from the Company and as a member of the Board.

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree as follows:

1.Term of Employment.

Subject to Section 4, the Company shall continue to employ Executive through August 30, 2025. The Company, following action by the Board, and Executive may mutually agree to extend Executive’s employment beyond August 30, 2025 for one or more one (1) year periods prior to the expiration of the then-existing term of employment. The period from the date hereof through August 30, 2025 and any subsequent one-year extension periods is referred to herein as the “Term,” and the last day of the Term, assuming Executive remains employed until such date and has complied with the provisions hereof, shall be referred to herein as the “Retirement Date”.

2.Duties.

Executive shall serve as the President and Chief Executive Officer of the Company until the effective date of the Board’s appointment of a President and Chief Executive Officer of the Company to succeed Executive (the “Successor CEO”). In the event of such appointment prior to the Retirement Date, Executive shall serve as a consultant to the Company effective on the effective date of the appointment of the Successor CEO (the “Transition Date”), and effective on the Transition Date, Executive shall resign from all positions he holds with the Company, including as a member of the Board, but he shall remain an employee of the Company until the end of the Term. From and after the Transition Date until the end of the Term (the “Transition Period”), Executive shall serve as a consultant to the Board and support the transition of his duties, as reasonably requested by the Successor CEO or by the Board from time to time, to ensure an orderly transition of such duties, including, but not limited to, providing transition advice to the Successor CEO upon request of the Successor CEO, assisting in communications with investors and analysts and, as agreed to by the parties or as necessary to perform a specific duty, advising and supporting the Company’s leadership team members.
4863-7670-8654.17

3.Compensation and Benefits.

(a)Base Salary. Prior to the Transition Date, Executive’s base salary will be as determined by the Compensation Committee of the Board from time to time. During the Transition Period, the Company shall pay Executive base salary at an annual rate equal to sixty- seven percent (67%) of his annual rate of base salary as in effect immediately prior to the Transition Date.

(b)Management Incentive Plan (“MIP”). Prior to the Transition Date, Executive shall be entitled to participate in the MIP at a level commensurate with his position, and while his employment continues during the Term, he shall be entitled to receive payments under the MIP, if any, as determined by the Compensation Committee of the Board in respect of any performance period that ended prior to the Transition Date. If Executive is employed at the Transition Date, then at the time the Company makes a payment under the MIP for the performance period in effect as of the Transition Date, Executive shall be entitled to receive a payment under the MIP for such performance period in an amount equal to the amount determined based on the achievement of the applicable performance goals multiplied by a fraction, the numerator of which is the number of days Executive served as Chief Executive Officer during such performance period and the denominator of which is 365. Executive will not participate in the MIP with respect to any performance period commencing on or after the Transition Date.

(c)Treatment of Equity Awards. During the Term (including after the Transition Date), Executive shall be eligible to receive awards under the BorgWarner Inc. 2018 Stock Incentive Plan or any successor plan thereto (the “Stock Incentive Plan”), if any, as determined by the Compensation Committee of the Board at a level commensurate with the position of Chief Executive Officer and a base salary rate equal to his then current salary rate as Chief Executive Officer or, if after the Transition Date, his most recent base salary rate as Chief Executive Officer. Provided Executive terminates employment from the Company on the Retirement Date and complies with Sections 6 through 10, as determined by the Chair of the Compensation Committee of the Board, the Company shall treat such termination to be by reason of Retirement within the meaning of the Stock Incentive Plan and will treat Executive’s outstanding awards under the Stock Incentive Plan as follows:

(i)Restricted Stock. As soon as practicable after the date the release described in Section 10 becomes effective, Executive shall vest in his restricted stock that was granted under the Stock Incentive Plan within twelve (12) months prior to the Retirement Date in an amount equal to the number of such shares of restricted stock multiplied by a fraction, the numerator of which is the number of months Executive was employed from January 1 of the year in which the grant date occurred through the Retirement Date and the denominator of which is 12. The restricted stock granted under the Stock Incentive Plan more than twelve (12) months prior to the Retirement Date shall vest in an amount equal to the number of such shares of restricted stock multiplied by a fraction, the numerator of which is the number of months Executive was employed from the grant of such restricted stock through the Retirement Date and the denominator of which is the number of months in the applicable restriction period.

			
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(ii)    Performance Shares. (A) With respect to Executive’s performance shares granted more than twelve (12) months prior to the Retirement Date that are still outstanding and unvested immediately prior to the Retirement Date, following the end of the applicable performance period occurring after the Retirement Date (but not prior to the date the release described in Section 10 becomes effective), Executive shall be entitled to vest in the number of performance shares earned, based on actual achievement of the applicable performance goals. Such payment, if any, shall not be pro-rated. (B) With respect to Executive’s performance shares granted within twelve (12) months prior to the Retirement Date that are still outstanding and unvested, following the end of the performance period (but not prior to the date the release described in Section 10 becomes effective), Executive shall be entitled to vest in the number of performance shares earned, based on actual achievement of the applicable performance goals, multiplied by a fraction, the numerator of which is the number of months Executive was employed from January 1 of the year in which the grant date occurred through the Retirement Date and the denominator of which is 12. For the avoidance of doubt, vesting of Performance Shares shall occur following the end of the applicable performance period based on actual achievement of the applicable performance goals.

(iii)    Effect of Change in Control. If on or after the Transition Date the Executive’s restricted shares and performance shares will vest upon a change in control of the Company pursuant to the terms of the Stock Incentive Plan or upon a change of control of the Company pursuant to the Change of Control Employment Agreement dated June 21, 2022 in effect between Executive and the Company (the "COC Agreement"), then the number of restricted shares and performance shares that will vest will be the greater of (i) the number determined under the Stock Incentive Plan or the COC Agreement, as applicable, or (ii) the number determined under clauses (i) and (ii), calculated as if the Retirement Date occurred on the date of such change in control.

(d)    Financial Planning and Tax Expenses. During the Term, Executive shall be entitled to reimbursement for reasonable expenses incurred for international financial planning and advice and international tax preparation services through the Retirement Date.

(e)    Benefits. During the Term, (i) Executive shall be eligible for benefits the Company may provide from time to time to similarly situated employees, and (ii) Executive shall continue to be eligible to participate in the benefit plans and allowances for which the Executive is eligible as of the date hereof, including health care and dental benefits for Executive and his family, to the extent the Company continues to provide such benefits to employees in general. Following the Retirement Date, Executive shall continue to receive health care and other benefits as set forth in the Company's welfare benefit plans.

(f)    Repatriation. Provided Executive terminates employment from the Company on the Retirement Date and has complied with Sections 6 through 10, as determined by the Chair of the Compensation Committee of the Board, the Company shall provide Executive with its standard repatriation benefits for senior executive officers in connection with Executive’s

			
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relocation to France in accordance with the terms of such benefits, including with respect to the continued qualification of Executive to participate in the French health care system upon his return to France.

4.Termination of Employment.

(a)    Termination Date. Executive’s employment may be terminated prior to the Retirement Date by (i) Executive, for any reason or no reason at all, upon ninety (90) days’ prior written notice to the Company; (ii) mutual agreement of the parties, which shall be in writing; or
(iii) the Company upon Executive’s breach of any material provision of this Agreement or his engaging in illegal conduct or gross misconduct in connection with his employment, by providing written notice to Executive. While the Company may appoint the Successor CEO as this Agreement contemplates, the Company may not terminate Executive’s employment or this Agreement other than pursuant to clause (iii). Executive’s employment will automatically terminate prior to the Retirement Date upon Executive’s death or Disability. “Disability” shall mean that Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. If Executive remains employed until the Retirement Date, his employment will automatically cease on such date which will be deemed a retirement on the part of Executive.

(b)        Payments on Termination.

(i)Upon Executive’s termination of employment for any reason, he shall be entitled to receive any (A) accrued but unpaid base salary to the date of termination, (B) accrued but unused vacation, and (C) reimbursements for reasonable and necessary business expenses in accordance with the Company’s payroll practices and reimbursement policies.

(ii)If Executive’s termination of employment occurs on the Retirement Date, Executive shall also be entitled to the payment under Section 3(b) of any prorated MIP earned as Chief Executive Officer if not yet paid, vesting of equity awards described in Sections 3(c)(i) and (ii) and the repatriation benefits under Section 3(f) (collectively, the “Retirement Benefits”).

For the avoidance of any doubt, Executive shall not be entitled to benefits under the BorgWarner Inc. Transitional Income Plan upon reaching the Transition Date or thereafter.

5.Company Property.

Upon Executive’s termination of employment for any reason, Executive shall return to the Company all documents and other property belonging to the Company, including items such as his cellular phone and laptop, computer equipment and software, as well as all data, files, records, forms and other information of whatever kind, either electronic or hard copy, that constitute Confidential Information (as defined below) of the Company that have not already been

			
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returned by Executive. Executive agrees not to make or retain any copies, electronic or otherwise, of the Confidential Information (as defined in Section 8) of the Company.

6.Cooperation.

(a)Cooperation. During the Term and for a period of two (2) years following the end of the Term, Executive will cooperate in the development and execution of pending agreements and other documents that pertain to actions for the period he was employed. Further, if requested by the Company, and without additional consideration except as set forth in the following sentence, Executive will make himself available, during the Term and for a period of two (2) years thereafter, to cooperate with the defense or prosecution of any claims filed by or against the Company or its affiliates and will furnish his testimony if required by subpoena or when deemed reasonable and necessary by counsel for the Company, provided such times are scheduled so as not to interfere with the performance of his duties for another employer. The Company will pay Executive an hourly witness fee of $250.00 for his time following the end of the Term during which he provides cooperation services pursuant to this subsection; provided, however, that should Executive be required to provide such services for more than twenty (20) days (two (2) or more hours of service per day) during a calendar year following the end of the Term, then the Company shall pay Executive an hourly fee of $500.00 for such services (in excess of two (2) hours per day) for any day in excess of the twentieth (20th) day of services for that calendar year. The Company will, within thirty (30) days of receipt of a statement of expenses and/or documentation of all time incurred, reimburse Executive for all of his out-of-pocket expenses reasonably incurred by him pursuant to this subsection, including travel, transportation, lodging and meals as well as related miscellaneous costs if such travel is requested of Executive by the Company.

(b)Effect of Subpoena. Executive further agrees that, in the event Executive is subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding or otherwise) that in any way relates to Executive’s employment with the Company, Executive will give prompt notice of such request to the Company’s general counsel and will make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.

7.Non-Competition and Non-Solicitation.

(a)    Non-Competition. Commencing on the date of this Agreement and for a period of two (2) years following the end of the Term or earlier termination of this Agreement, Executive shall not, directly or indirectly, be employed by, consult with or otherwise perform services for a Competitor (as defined below) or own any interest in, manage or participate in the management (as an officer, director, partner, member or otherwise) of a Competitor. Executive acknowledges that, due to the nature of the Company’s business and his role as Chief Executive Officer, this non-competition provision applies in any state, county, city or part thereof in the United States and/or any foreign country in which the Company (x) does business on the date of this Agreement or at any time thereafter until the end of the Term or earlier termination of this Agreement or (y) has engaged, in the year prior to the Transition Date or during the Term, in substantial plans to do business. For purposes of this Agreement, (i) “Competitor” means a person

			
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or entity that is directly or indirectly Engaged in a Competing Business or is an affiliate of a person or entity that is directly or indirectly Engaged in a Competing Business, (ii) “Engaged” means to engage in, maintain, operate, assist, be occupied or associated with, have any financial or beneficial interest in, or otherwise participate in a specified business or activity, whether as an owner, stockholder, member, partner, lender, director, manager, officer or employee, licensor, advisor or consultant, or otherwise, and (iii) “Competing Business” means any business that develops, manufactures or markets technology solutions for combustion, hybrid or electric vehicles that help improve vehicle performance, propulsion efficiency, stability or air quality for sale to original equipment manufacturers of light vehicles, commercial vehicles or off-highway vehicles, to Tier One vehicle systems suppliers or into the aftermarket for light, commercial and off-highway vehicles. Notwithstanding the foregoing, at his sole discretion, the Chair of the Board may waive this non-competition covenant in whole or in part if the Chair determines that its enforcement is not required to protect the Company’s legitimate business interests. Any such waiver shall be in writing.

(b)    Non-Solicitation. Commencing on the date of this Agreement and for a period of two (2) years following the end of the Term, Executive hereby agrees not to, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any employee of the Company with whom Executive has had contact or with respect to whom Executive has learned confidential information during Executive’s employment with the Company to perform services for any Competitor or attempt to induce any such employee to leave the employ of the Company. Executive acknowledges that, due to the nature of the Company’s business and his role as former Chief Executive Officer, this non-solicitation provision applies in any county, city or part thereof in the United States and/or any foreign country in which the Company does business.

(c)    Ancillary Agreements. Executive agrees that the foregoing restrictions are reasonable in scope, area and duration, are necessary for the protection of the Company’s legitimate business interests and will not result in any undue hardship for Executive. Executive agrees that the restrictions will be construed independent of any other covenant or provision of this Agreement and the existence of any claims Executive may have against the Company, whether or not arising from this Agreement, will not constitute a defense to the enforcement by the Company of such restrictions.

(d)    Non-disparagement. Executive agrees that, commencing on the date of this Agreement and at any time thereafter, he will not, directly or indirectly, individually or in concert with others, engage in any conduct or make any statement calculated or likely to have the effect of undermining, disparaging or otherwise reflecting poorly upon the Company, any member of its Board of Directors or any executive officer of the Company (the “Protected Persons”) or the Company’s business. Without limitation, Executive shall not publish, communicate, post or blog disparaging or confidential information about the Protected Persons. The Company agrees that, commencing on the date of this Agreement and at any time thereafter, no member of its Strategy Board, as it existed on the Transition Date, will, directly or indirectly, individually or in concert with others, engage in any conduct or make any statement calculated or likely to have the effect of undermining, disparaging or otherwise reflecting poorly upon Executive. However, each may give truthful and non-malicious testimony if properly subpoenaed to testify under oath.

			
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8.Confidentiality.

The relationship between Executive and the Company is and shall continue to be one in which the Company reposes special trust and confidence in Executive and one in which Executive has and shall have a fiduciary relationship to the Company. The parties acknowledge that during Executive’s employment with the Company, including, but not limited to, during the Term, the Company will disclose to Executive or provide Executive with access to trade secrets, proprietary or confidential information (“Confidential Information”) of the Company; and/or place Executive in a position to develop business goodwill on behalf of the Company; and/or entrust Executive with business opportunities of the Company. As part of the consideration for the compensation and benefits to be paid to Executive hereunder, to protect the trade secrets and Confidential Information of the Company that have been and will in the future be disclosed or entrusted to Executive, the business goodwill of the Company and its affiliates that has been and will in the future be developed in Executive, or the business opportunities that have been and will in the future be disclosed or entrusted to Executive by the Company and its affiliates, and as an additional incentive for the Company to enter into this Agreement, the Company and Executive agree that Executive shall not, whether during the Term or thereafter, disclose to any person or entity, other than an executive of the Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Executive of his duties hereunder, any Confidential Information of the Company unless disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body with jurisdiction to order Executive to disclose or make accessible any information. Executive further acknowledges that use of Confidential Information of the Company by persons who are not employees, directors, officers, advisors, or consultants of the Company would provide said persons an unfair competitive advantage that they would not have without the use of such proprietary or confidential information and that such advantage would cause the Company irreparable harm. Executive further acknowledges that because of this unfair competitive advantage, and the Company’s legitimate business interests, which include its need to protect its goodwill and the proprietary and Confidential Information, Executive has agreed to the restrictions in this Section 8.

Nothing in this Agreement is intended to interfere with or discharge a good faith disclosure to any governmental entity related to a suspected violation of law. Executive understands that he cannot and will not be held criminally or civilly liable under any federal or state trade secrets laws for disclosing otherwise protected trade secrets and/or confidential or proprietary information as long as the disclosure is made in (i) confidence to a federal, state, or local government official, directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) a complaint or other document filed in a lawsuit or other proceeding, as long as such filing is made under seal.

During the Term, Executive will not trade in securities of the Company until such time as permitted by applicable securities laws and will adhere to and be bound by all insider trading policies now or hereafter adopted by the Company, including preclearance policies and blackout periods established by the Company and applicable to designated insiders pursuant to such policies.

			
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9.Injunctive Relief.

Executive acknowledges that a breach of the covenants contained in Sections 6, 7, and 8 will cause irreparable harm to the Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Executive agrees that in the event of a breach of any of the covenants in Sections 6, 7, and 8, and in addition to any other remedy that may be available at law or in equity, the Company will be entitled to specific performance and injunctive relief.

10.Requirement for Release Upon Termination.

Notwithstanding anything herein contained to the contrary, Executive shall not be entitled to receive the Retirement Benefits unless and until Executive has executed and delivered to the Company, within sixty (60) days following his Retirement Date, and has not revoked within the time period set forth therein, a general release in the form to be provided by the Company to Executive, which shall be substantially the same in substance as the release set forth in Exhibit A. The Company shall provide the form of release to Executive no later than ten (10) business days following his Retirement Date. Any payments or benefits that are contingent on the effectiveness of the release will be paid or provided as soon as practicable, but not more than thirty (30) days, after the release becomes effective; provided that if the period described herein during which Executive may consider and revoke the release spans two calendar years, then to the extent required by Section 409A of the Internal Revenue Code, any payment or benefit that is contingent on the effectiveness of such release will in all events be paid in the second calendar year.

11.Indemnification.

Nothing in this Agreement is intended to affect any obligation the Company may have under applicable law or its governing documents or through an individual agreement to indemnify Executive. For the avoidance of doubt, notwithstanding the end of the Term or any provision herein to the contrary, the Company shall honor its obligations under all indemnification agreements and its charter and bylaw provisions providing for indemnification or advance of expenses to Executive.

12.Miscellaneous.

(a)Assignment. Neither the Company nor Executive may assign this Agreement, except that the Company’s obligations hereunder shall be binding legal obligations of any successor to all or substantially all of the Company’s business by purchase, merger, consolidation or otherwise.

(b)Executive Acknowledgement. Executive represents and warrants that Executive has the sole right and exclusive authority to execute this Agreement; that the provisions of this Agreement shall be binding upon Executive and Executive’s heirs, executors, administrators and other legal representatives; that Executive has not relied upon any promise or representation that is not contained within this Agreement; and that the obligations imposed upon Executive in this Agreement shall not prevent Executive from earning a satisfactory livelihood.

			
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(c)    Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other provision of this Agreement and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein.

(d)    Interaction with COC Agreement. If a “Change of Control” as defined in the COC Agreement occurs prior to the Transition Date, then effective upon such Change of Control, this Agreement shall terminate automatically and Executive shall be entitled to the rights and benefits provided by the COC Agreement. From and after the Transition Date, the only provisions under the COC Agreement that shall apply to Executive if a “Change of Control” (as defined in the COC Agreement) occurs on or after the Transition Date are Sections 3 and 10 of the COC Agreement; otherwise, this Agreement shall continue in full force and effect.

Except as provided above, this Agreement contains the entire understanding between the Company and Executive relating to the subject matter hereof and supersedes any contrary provision in any other document, including any prior employment agreement, offer letter or memorandum of understanding between Executive and the Company, whether written or oral. However, the terms of applicable benefit plans and award agreements shall continue to apply except to the extent this Agreement. But, in the event of any inconsistency between the terms of this Agreement and the terms of any applicable benefit plan or award agreement, the terms of this Agreement shall control.

(e)    Applicable Law. This Agreement shall be construed and interpreted pursuant to the internal laws of the State of Michigan, without regard to principles of conflicts of laws. In the event of a breach or threatened breach of any of the covenants in Sections 6, 7, and 8 the Company will be entitled to immediate, temporary or preliminary injunctive relief in any court located in the State of Michigan without proof of actual damages.

(f)    Waiver. No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by the other party shall be deemed a waiver of any other provisions or conditions at the same time or at any prior or subsequent time.

(g)    Section 409A Compliance. It is intended that any amounts payable under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code, and Treasury Regulations relating thereto, so as not to subject Executive to the payment of any interest and tax penalty which may be imposed under Section 409A of the Internal Revenue Code, and this Agreement shall be interpreted and construed accordingly where possible.

(h)    Amendment. No amendment or modification of the terms of this Agreement shall be binding upon either of the parties hereto unless reduced to writing and signed by each of the parties hereto.

(i)    Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original.

			
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(j)    Successors. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective heirs, representatives and successors and, if this Agreement shall continue in effect following a “Change of Control” (as defined in the COC Agreement), shall be assumed by any successor to the Company in the event of such a “Change of Control”.

(k)    Notices. Notices required under this Agreement shall be in writing and sent by registered U.S. mail, return receipt requested, to the following addresses or to such other address as the party being notified may have previously furnished to the other by written notice:

						
	If to the Company:
	BorgWarner Inc. 3850 Hamlin Road
Auburn Hills, MI 48326 Attn: General Counsel

	If to Executive:
	At the most recent address on file with the Company

(l)    Headings. The headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of any provision of this Agreement.

(m)    Tax Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment or other benefit received under this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

BORGWARNER INC.

By   /s/ Tonit Calaway    
Name: Tonit Calaway
Title: Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
Date: September 9, 2022

EXECUTIVE

By   /s/ Frederic B. Lissalde    
Frederic B. Lissalde

			
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EXHIBIT A RELEASE OF CLAIMS
1.Release of Claims

Frederic B. Lissalde (“Executive”) hereby waives, releases and forever discharges BorgWarner Inc. (the “Company”), its subsidiaries and affiliates and their present, former and future employees, officers, directors, agents, successors and assigns (hereinafter collectively referred to as the "Released Parties") from any and all matters, claims, actions, demands, causes of actions, attorney’s fees and costs, debts, accounts, obligations, or liabilities, of every nature and kind whatsoever in law, equity, tort or contract, whether liquidated or unliquidated, whether now known or unknown (by way of illustration, but without limitation, any and all claims arising under Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act, as amended; the Age Discrimination in Employment Act (ADEA); the Elliot Larsen Civil Rights Act; the Michigan Persons with Disabilities Civil Rights Act; the Michigan Worker’s Disability Compensation Act; the Reconstruction Era Civil Rights Acts (42 U.S.C. §§ 1981-1988); Executive Order 11246; the Rehabilitation Act of 1973; the Civil Rights Act of 1991; the Employee Retirement Income Security Act of 1974; federal, state, and local family and medical leave laws including, but not limited to, the Family and Medical Leave Act; federal, state, and local wage and hour laws including, but not limited to, the Fair Labor Standards Act; federal, state, and local whistleblower laws; the National Labor Relations Act; the Occupational Health and Safety Act; and any other laws of the United States and/or the State of Michigan) against the Released Parties, arising out of Executive’s employment with the Company that Executive now has or may have had (the "Released Claims"). The Released Claims include any claim to rescind this Release of Claims (“Release”) once the seven (7) day revocation period described below has expired. Executive understands that nothing in this Release, generally, prevents him from filing a charge (including a challenge to the validity of this Release) with the EEOC or participating in an EEOC investigation or proceeding. Executive understands and agrees, however, that he is waiving his right to monetary relief or other personal relief as a result of any such EEOC proceedings or any subsequent legal action brought by the EEOC.

2.Requirement Not to Sue

Executive also agrees not to sue the Released Parties pursuant to any provision of the United States Code (specifically including, but not limited to, any and all rights created by or under the Age Discrimination in Employment Act, as amended), any state law, or any other cause or action whatsoever in law, equity, tort, or contract with respect to any and all of the Released Claims or to participate in any other such cause or action against the Released Parties.

3.Representations

Executive  represents  that  he  received  the  original  of  this  Release  on
____________; that he was advised, at that time, to seek information and guidance from such persons as he deems appropriate, including, but not limited to, an attorney-at-law, regarding the content and effect of each provision of this Release; and that Executive was informed that he would have twenty-one (21) days (through __________) to consider execution of this Release.

Exhibit A

4863-7670-8654.17

Executive represents that, since ____________, Executive has negotiated changes to the original of this Release offered by the Company. Executive agrees that, whether the negotiated changes are material or not material, they will not and do not restart the twenty-one (21) day consideration period. Even if the changes are considered material, by signing this Release, Executive voluntarily agrees to waive the restarting of the twenty-one (21) day consideration period that Executive would otherwise have to consider any new offer by the Company. Executive further agrees that the original twenty-one (21) day consideration period will continue to apply and that Executive has until _____________to consider execution of this Release and that, by signing this Release prior to such date, Executive voluntarily agrees to waive the twenty-one (21) day consideration period. Further, if Executive executes this Release, Executive may revoke it by written notice to the Company within a period of seven (7) days from the date of execution. If Executive exercises his revocation right, then this Release shall become null and void retroactive to its effective date.

EXECUTIVE

/s/ Frederic B. Lissalde    
Frederic B. Lissalde                                       Date

Exhibit A

4863-7670-8654.17

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