Document:

fourthamend.htm

    FOURTH
AMENDMENT

    Dated
as of April 25, 2008

    To

    SECOND
AMENDED AND RESTATED RECEIVABLES LOAN AGREEMENT

    

    

    This Fourth Amendment (the “Amendment”), dated
as of April 25, 2008, is entered into among BWA Receivables Corporation (the
“Borrower”), BorgWarner Inc. (“BWI” and in its capacity as Collection Agent, the
“Collection Agent”), Windmill Funding Corporation, a Delaware corporation
(“Windmill”), the Bank listed on the signature page hereof (the “Bank”) and ABN
AMRO Bank N.V., as agent for Windmill, and the Bank (the “Agent”).

    

    Reference is hereby made to that certain Second
Amended and Restated Receivables Loan Agreement, dated as of December 6, 2004
(as amended, supplemented or otherwise modified through the date hereof, the
“Loan Agreement”), among the Borrower, the Collection Agent, Windmill, the Bank
and the Agent.  Terms used herein and not otherwise defined herein
which are defined in each Amended Agreement or the other Transaction Documents
(as defined in the Loan Agreement) shall have the same meaning herein as defined
therein.

    

    For good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto hereby
agree as follows:

    

    Section 1.  Upon execution by the
parties hereto in the space provided for that purpose below, the Loan Agreement
shall be, and it hereby is, amended as follows:

    

    
      	
              (a)  

            	
              The date
      “April 25, 2008” appearing in clause (iv) of the defined term “Bank
      Termination Date” appearing in Article I to the Loan Agreement is deleted
      and replaced with the date “April 24,
2009:.

            

    

    

    
      	
              (b)  

            	
              The date
      “April 25, 2008” appearing in clause (i) of the defined term “Loan
      Amortization Date” appearing in Article I of the Loan Agreement is deleted
      and replaced with the date “April 24,
2009”.

            

    

    

    Section
2.  This Amendment shall become effective as of the date first stated
above once the Agent has received executed counterparts hereof from each of the
parties hereto.

    

    Section 3.  The Loan Agreement, as
amended and supplemented hereby or as contemplated herein, and all rights and
powers created thereby and thereunder or under the other Transaction Documents
(as defined in the Loan Agreement) and all other documents executed in
connection therewith, are in all respects ratified and
confirmed.  From and after the date hereof, the Loan Agreement shall
be amended and supplemented as herein provided, and, except as so amended and
supplemented, the Loan Agreement, each of the other Transaction Documents and
all other documents executed in connection therewith shall remain in full force
and effect.

    

    Section 4.  This Amendment may be
executed in two or more counterparts, each of which shall constitute an original
but both or all of which, when taken together, shall constitute but one
instrument.

    

    Section 5.  This Amendment shall be
governed and construed in accordance with the internal laws of the State of
Illinois.

    

    IN
WITNESS WHEREOF, the parties have caused this Amendment to be executed and
delivered by their duly authorized officers as of the date first above
written.

    

    ABN AMRO BANK N.V.,
as the Agent and as a Bank

    

    By: /s/ ABN AMRO
BANK N.V.

    Title:

    

    WINDMILL FUNDING
CORPORATION

    

    By: /s/ WINDMILL
FUNDING CORPORATION

    Title:

    

    BWA RECEIVABLES
CORPORATION

    

    By: /s/ BWA
RECEIVABLES CORPORATION

    Title:

    

    BORGWARNER
INC.

    By: /s/ BORGWARNER
INC.

    Title:exv10w3waw15

 

Exhibit [10(iii)(A)(15)]

2002 RESTRICTED STOCK UNIT PLAN

	1.	 	Plan Purpose:
	 
	 	 	The purpose of the Restricted Stock Unit Plan (the “Plan”) is to provide an incentive to
selected key employees and to nonemployee directors to promote optimum individual
contribution to sustained improvement in the Company’s business performance and shareholder
value, and to motivate them to remain with the Company, its wholly owned subsidiaries or a
Designated Employer, as these terms are defined in clause 4 of this Plan document.
	 
	2.	 	Description of Units:
	 
	 	 	This incentive is provided by the grant of Restricted Stock Units (“RSU”), which give the
Plan participant the right, subject to the terms and conditions herein, on the first
Exercise Date, as defined in clause 4, to receive from the Company, upon exercise in the
prescribed manner, an amount in respect of each RSU, which is equal to the Exercise Price,
as defined in clause 4 and on the last Exercise Date to receive from the Company, upon
exercise in the prescribed manner, Common Shares as defined in clause 4, or to elect to
receive a cash amount in respect of each RSU, which is equal to the Exercise Price.
	 
	3.	 	Eligibility and Awards:
	 
	 	 	RSUs will be granted only to key employees and to nonemployee directors of the Company or
to key employees of a Designated Employer, as defined in clause 4. Frequency and level of
awards to individual participants will be determined by the Company. Individual awards
under this plan will not necessarily be granted annually. The entitlement to the formula
amounts of benefits in clause 2 and clause 6 arises from services rendered from the Grant
Date to the date of payment.
	 
	4.	 	Definitions:
	 
	 	 	In this Plan document, except where the context otherwise indicates, the following
definitions apply:

	 	(a)	 	“Common Share” means a common share in the capital of the Company.
	 
	 	(b)	 	“Company” means Imperial Oil Limited.
	 
	 	(c)	 	“Continued Employment” means continued employment after the RSU Grant Date
with any one or more of the Company, its wholly owned subsidiaries or a Designated
Employer, and for nonemployee directors means the period of time while serving as a
director of Imperial Oil Limited.
	 
	 	(d)	 	“Designated Employer” means an employer which is an affiliate of the Company
and which is designated as such for the purposes of this Plan by the Company.
	 
	 	(e)	 	“Exercise Date” means, in respect of an RSU being exercised pursuant to
clause 8, the dates on which the RSU is vested, the date of death of a Grantee or
the date of deferral of exercise, as applicable.
	 
	 	(f)	 	“Exercise Price” for a particular RSU means the average of the weighted
average price (as determined by the Toronto Stock Exchange) of Common Shares of the
Company on the Toronto Stock Exchange on the Exercise Date and the four consecutive
trading days immediately prior to the Exercise Date, or if there is no weighted
average price on any such day or days, the weighted average price on the Toronto Stock
Exchange on the day or days immediately preceding the fourth trading day prior to the
Exercise Date shall be included in computing such average.

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	 	(g)	 	“Grant Date” means the date specified in the Grant Instrument that an RSU is
granted under the Plan.
	 
	 	(h)	 	“Grant Instrument” means the document given by the Company to an employee and
nonemployee director governing a grant of Restricted Stock Units.
	 
	 	(i)	 	“Grantee” means the recipient of a Grant Instrument.
	 
	 	(j)	 	“Dividend Equivalents” means cash payments pursuant to clause 6 corresponding
in amount and timing to the cash dividend that is paid by the Company on a Common
Share of the Company.
	 
	 	(k)	 	“Legal Representatives” means a Grantee’s executors or administrators.

	5.	 	Vesting of Units:
	 
	 	 	Subject to the restrictions in clause 7 or the deferral of exercise in clause 8, the total
RSUs granted under a particular Grant Instrument vest and become exercisable in accordance
with the following schedule:

	 	(a)	 	50% of the RSUs will be exercised on the third anniversary following the
Grant Date.
	 
	 	(b)	 	The remaining 50% of the RSUs will be exercised on the seventh anniversary
following the Grant Date, provided that if the Grantee elects to receive a cash
payment as provided in sub-clause 9(a), the remaining 50% of the RSUs will be
exercised on December 4, 2009.

	6.	 	Dividend Equivalents:
	 
	 	 	The Company will pay the Grantee cash with respect to each unexercised RSU granted to the
Grantee corresponding in amount and timing to the cash dividend that is paid by the Company
on a Common Share of the Company.
	 
	7.	 	Restrictions on Exercise:

	 	(a)	 	No RSU will be exercised other than in accordance with the provisions of
clauses 5, 7 and 8.
	 
	 	(b)	 	Except as provided hereinafter, an RSU will be exercised only during
Continued Employment.
	 
	 	(c)	 	In case the Grantee becomes entitled on or after the Grant Date to payment of
extended disability benefits under the Company’s extended disability benefit plan, the
RSUs or the balance remaining will be exercised in accordance with the provisions of
clause 5.
	 
	 	(d)	 	In case of death of the Grantee, the unexercised RSUs will be exercised by
the Company as of the date of death and paid to the Grantee’s Legal Representatives.
	 
	 	(e)	 	In case the Grantee’s Continued Employment terminates on or after, the third
anniversary of the Grant Date and the Grantee becomes entitled to an annuity under
section 2 of the Company’s retirement plan (or the provision in any plan or plans of
the Company substituted therefor), the RSUs or the balance remaining will be exercised
by the Company in accordance with the provisions of clauses 5, 7 and 8.
	 
	 	(f)	 	Notwithstanding anything to the contrary in this Plan, the Company, at its
discretion, may determine that the Grantee’s RSUs, or the balance remaining, are
forfeited and are not exercisable as a consequence of any of the following situations:

2

 

	 	(i)	 	the Company believes that the Grantee intends to terminate
Continued Employment and sub-clauses 7(c), 7(d) and 7(e) would not be
applicable, or
	 
	 	(ii)	 	during Continued Employment or during the period of 24 months
after the termination of the Grantee’s Continued Employment, the Grantee,
without the written consent of the Company, directly or indirectly is employed
in, or as principal, agent, partner or otherwise engages in any business that
is in competition with the Company, as determined by the Company, or otherwise
engages in any activity that is detrimental to the Company, as determined by
the Company.

	 	(g)	 	Except as provided in sub-clauses 7(c), 7(d), and 7(e), the RSUs, or the
balance remaining, if not forfeited earlier, will be forfeited and will not be
exercisable after the last day of Continued Employment.
	 
	 	(h)	 	Notwithstanding any other provision of this clause 7, the Company may
determine that a Grantee’s RSUs will not be forfeited in whole or in part after the
cessation of Continued Employment.

	8.	 	Method and Deferral of Exercise:
	 
	 	 	The RSUs will be exercised by the Company in accordance with clauses 5 and 7, provided
however, the Company may, at its discretion, defer the exercise of any RSUs to a later date
in the event that a ban on trading, imposed by the Company or applicable law, in Common
Shares of the Company by a director of the Company or an employee of the Company, its
wholly owned subsidiaries or a Designated Employer is in effect on the exercise dates
described in clauses 5 and 7.
	 
	9.	 	Issue of Common Shares

	 	(a)	 	One Common Share will be issued by the Company for each RSU that is exercised
on the last Exercise Date unless the Grantee notifies the Company, in such manner and
within such period of time as may be determined by the Company from time-to-time, that
the Grantee elects to receive a cash payment for the RSUs equal to the Exercise Price
for each RSU exercised.
	 
	 	(b)	 	The aggregate number of Common Shares that may be issued pursuant to the
exercise of RSUs shall not exceed 10.5 million Common Shares, provided that this
number shall be reduced by the number of Common Shares that may be issued on the last
Exercise Date with respect to all RSUs that are exercised on the last Exercise Date,
notwithstanding that one or more of the Grantees of such RSUs has elected to receive a
cash amount in respect of any RSU that is exercised on the last Exercise Date as
provided in subclause 5(b) , provided that

	 	(i)	 	the number of Common Shares issuable to insiders (as defined
by the Toronto Stock Exchange), at any time, under all security based
compensation arrangements, cannot exceed 10% of the issued and outstanding
Common Shares; and
	 
	 	(ii)	 	the number of Common Shares issued to insiders (as defined by
the Toronto Stock Exchange), within any one year period, under all security
based compensation arrangements, cannot exceed 10% of the issued and
outstanding Common Shares.

3

 

	10.	 	Method of Payment:

	 	a)	 	The issue of share certificates or the cash payment of the benefit arising on
the exercise of an RSU will normally be made as soon as practicable after the Exercise
Date.
	 
	 	(b)	 	Cash payment of the Dividend Equivalents described in clause 6 will be made
as soon as practicable after the Company pays a dividend on the Common Shares of the
Company.
	 
	 	(c)	 	Payments will be reduced by any amount required to be withheld by any
government authority.

	11.	 	Repayments:
	 
	 	 	Notwithstanding the exercise of an RSU by the Grantee, in the event any of the situations
described in sub-clause 7(f)(ii) are applicable to the Grantee, the Company, at its
discretion, may require the Grantee to repay to the Company any cash payments resulting
from the exercise of that RSU during a period up to 180 days prior to termination of the
Grantee’s Continued Employment.
	 
	12.	 	Significant Changes:
	 
	 	 	In the case of any subdivision, consolidation, or reclassification of the shares of the
Company or other relevant change in the capitalization of the Company, the Company, in its
discretion, may make appropriate adjustments in the calculation of the amount payable per
RSU, and an adjustment by the Company shall be conclusive as to the amount payable per RSU
and shall be final and binding upon all persons.
	 
	13.	 	Other:

	 	(a)	 	An RSU award does not carry any benefits associated with the Company’s
benefit plans.
	 
	 	(b)	 	No right created by the granting of an RSU can be pledged in any
circumstance, nor can it be assigned. Any attempt to pledge or assign may, in the
discretion of the Company, result in forfeiture of the rights created herein.
	 
	 	(c)	 	A Restricted Stock Unit means a unit equivalent in value to a Common Share of
the Company, credited by means of a book entry on the Company’s books.
	 
	 	(d)	 	Under no circumstances shall the RSUs be considered Common Shares or other
securities of the Company, nor shall they entitle any Grantee to exercise voting
rights or any other rights attaching to the ownership of the Common Shares or other
securities of the Company, nor shall any Grantee be considered the owner of the Common
Shares by virtue of the award of the RSUs.
	 
	 	(e)	 	The Company will determine conclusively all questions arising in the
administration or interpretation of this Plan and such a determination shall be final
and binding upon all persons.
	 
	 	(f)	 	The Company’s obligation to issue Common Shares in accordance with the Plan
is subject to compliance with applicable securities laws and the rules and regulations
of applicable securities regulatory authorities and stock exchanges regarding the
issuance and distribution of such Common Shares and to the listing of such additional
Common Shares on any stock exchange on which the Common Shares are then listed.

	14.	 	Amendments to the Plan
	 
	 	 	The Board of Directors of the Company may without the approval of the shareholders (i)
amend the Plan with respect to RSUs previously issued and (ii) amend the Plan with respect
to RSUs to be issued in the future without the approval of shareholders, provided that no
amendment that:

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	 	(a)	 	increases the number of Common Shares reserved for issuance under the Plan;
	 
	 	(b)	 	increases the Exercise Price, expressed as either a cash amount or the number
of Common Shares,with respect to RSUs previously granted or to be granted, provided
that in the case of any subdivision, consolidation, or reclassification of the Common
Shares of the company or other relevant change in the capitalization of the Company,
the Company in its discretion, may make appropriate adjustments in the number of
Common Shares to be issued and in the calculation of the amount payable per unit;
	 
	 	(c)	 	extends eligibility to participate in the Plan to any persons not
contemplated by clause 3, provided that the company may at any time designate
affiliates of the Company as Designated Employers, the employees of which may be
eligible to receive units;
	 
	 	(d)	 	Extends the right of the Grantee to transfer or assign RSUs; or
	 
	 	(e)	 	adjusts the Exercise Date of any RSUs previously granted,

	 	 	shall be made without securing approval by the shareholders of the Company.

Imperial Oil Limited

February 2008

5

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