Document:

REGAL-BELOIT
CORPORATION 
2007 EQUITY INCENTIVE
PLAN 
RESTRICTED STOCK UNIT AWARD 

[Name]
  [Address]  

You have been granted an award of
Restricted Stock Units (an “Award”) under the Regal-Beloit Corporation 2007
Equity Incentive Plan (the “Plan”) with the following terms and conditions: 

	Grant Date: 	
                        __________, 200_ 

	Number of
Restricted Stock Units: 	
      __________________ (_______) Units 

	Vesting Schedule: 	
                  One hundred percent (100%) of your Restricted  Stock Units will vest on
the third                                     anniversary of the Grant Date.

	 	
Upon
your  termination of employment or service,  you will forfeit the Restricted
                                    Stock Units that have not yet vested. 

	Issuance of
Shares:   	                As soon as practicable  after your Restricted  Stock Units vest,
the Company will                                     issue in your name a number of
Shares  equal to the  number of  Restricted  Stock
                                    Units that have vested.

	Change of
Control:  	                 Upon a Change of Control,  the Restricted  Stock Units shall
vest in full and you                                     shall have the right,
 exercisable  by written notice to the Company within sixty
                                    (60) days after the Change of Control,  to receive in
exchange for the  surrender                                     of the Shares you receive
upon vesting of your  Restricted  Stock Units an amount
                                    of cash equal to the Fair Market Value of such Shares.

	Transferability of Shares:  	
                 By accepting  this Award,  you agree not to sell any Shares  acquired
 under this                             Award at a time when applicable laws,
 Company  policies or an agreement  between                                     the
Company and its underwriters prohibit a sale.

	Rights as
Shareholder:  	              You will not be deemed for any purposes to be a  shareholder
 of the Company with                                     respect to any of the
 Restricted  Stock Units unless and until Shares are issued
                                    therefor upon vesting of the units. Accordingly,
 prior to Shares being issued to                                     you upon vesting of
the Restricted  Stock Units,  you may not exercise any voting
                                    rights  and  you  will  not  be  entitled  to
 receive  any  dividends,  dividend                                     equivalent
 payments and other distributions paid with respect to any such Shares
                                    underlying the Restricted Stock Units.

	Transferability of Award:  	          You may not  transfer or assign this Award for any reason,  other than
under your                                     will or as required by  interstate  laws.
 Any  attempted  transfer or assignment                                     will be null
and void.

	Tax  Withholding:	
                   To the extent that the vesting of the  Restricted  Stock Units
 results in income                                     to you for Federal,  state or
local income tax purposes, you shall deliver to the
                                    Company at the time the  Company is  obligated  to
withhold  taxes in  connection                                     with such  vesting,
 such  amount as the  Company  requires  to meet the  minimum
                                    statutory  withholding  obligation under applicable
tax laws or regulations,  and                                     if you fail to do so,
 the  Company  has the  right  and  authority  to deduct or
                                    withhold from other  compensation  payable to you an
amount sufficient to satisfy                                     its  withholding
 obligations.  You may satisfy the withholding  requirement,  in
                                    whole or in part,  in cash or by electing to have the
 Company  withhold  for its                                     own account that number
of Shares  otherwise  deliverable  to you upon vesting of
                                    the  Restricted  Stock Units having an  aggregate
 Fair Market Value equal to the                                     minimum  statutory
 total tax that the Company must withhold in  connection  with
                                    the vesting of such units.  Your election must be
 irrevocable,  in writing,  and                                     submitted to the
 Secretary of the Company  before the  applicable  vesting date.
                                    The  Fair  Market  Value  of  any  fractional  Share
 not  used  to  satisfy  the                                     withholding  obligation
(as determined on the date the tax is determined) will be
                                    paid to you in cash.

	Miscellaneous: 	o	
       As a condition  of the granting of this Award,  you agree,  for yourself
                                             and your legal  representatives or
guardians,  that this Agreement shall                                              be
interpreted by the Administrator  and that any  interpretation by the
                                             Administrator  of the  terms  of  this
 Agreement  or the  Plan  and any
                                             determination  made by the  Administrator
 pursuant  to  this  Agreement                                              shall be
final, binding and conclusive. 

	 	                                    o 	This
Agreement may be executed in counterparts. 

This Restricted Stock Unit Award is
granted under and governed by the terms and conditions of the Plan. Additional provisions
regarding your Award and definitions of capitalized terms used and not defined in this
Award can be found in the Plan. 

BY SIGNING BELOW AND ACCEPTING
THIS RESTRICTED STOCK UNIT AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED
HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN. 

		
	REGAL-BELOIT CORPORATION	 
	

By: _______________________________	___________________________________
	
       Authorized Officer	Participant

2REGAL-BELOIT
CORPORATION 
2007 EQUITY INCENTIVE
PLAN 
STOCK APPRECIATION
RIGHTS AWARD 

[Name]
     [Address]  

You have been granted stock
appreciation rights (the “SARs”) with respect to shares of common stock of
Regal-Beloit Corporation (the “Company”) under the Regal-Beloit Corporation 2007
Equity Incentive Plan (the “Plan”) with the following terms and conditions: 

	Grant Date: 	
                     __________, 200__

	Number of
SARs:  	                 __________________

	Grant Price
per SAR:  	            U.S. $_____________

	Vesting:  	________
 percent  (___%) of your SARs will vest and become  exercisable  on each of
                                 the  first  ______  anniversaries  of the  Grant  Date.
 Upon  your  termination  of                                  employment  from, or
cessation of services to, the Company and its  Affiliates,  the
                                 unvested SARs will terminate.

	Termination Date: 	
               This SAR Award expires at, and cannot be exercised  after,  the close of
business at                                  the Company's headquarters on the earlier to
occur of:

	 	                                 o 	The
tenth (10th) anniversary of the Grant Date; or 

	 	                                 o 	Thirty
(30) days after your  termination  of  employment or service for any
                                          other reason other than for Cause. 

	 	
Your
 entire SAR Award is  terminated  immediately  if the  Company or an  Affiliate
                                 terminates  your  employment  for  Cause,  or  if  your
 employment  or  service  is                                  terminated at a time when
you could be  terminated  for Cause.  In addition,  if you
                                 are not terminated for Cause but the  Administrator
 later determines that you could                                  have been  terminated
 for Cause if all facts had been known at that time,  your SAR
                                 Award will  terminate  immediately  on the date of such
 determination.  If you have                                  submitted a notice of
exercise while the  Administrator  is considering  whether you
                                 should  be (or  could  have  been)  terminated  for
 Cause,  your  exercise  will be                                  suspended  pending such
 determination.  If it is determined  that you are (or could
                                 have been)  terminated  for Cause,  your SAR Award will
terminate and your notice of                                  exercise will be rescinded.

	 	
For
this  purpose,  "Cause"  means (i) the  commission by you of any act or omission
                                 that would constitute a felony under federal,  state or
equivalent foreign law; (ii)                                  fraud, dishonesty, theft,
embezzlement,  disclosure of trade secrets or confidential
                                 information  or other acts or  omissions  that  result
in a breach of any  fiduciary                                  duty of the Company.

	Exercise:  	You
may exercise this SAR Award only to the extent vested and only if the Award has
not terminated. To exercise this SAR Award, you must
complete the "Notice of Stock Appreciation Rights
Exercise" form provided by the Company. The form will be
effective when it is received by the Company. [For
SARs Settled in Shares Only:  However, the SAR will
not be exercised until you pay the Company all applicable
withholding taxes due as a result of the exercise].  

	 	
If
someone else wants to exercise this SAR Award after your death,  that person must
                                 contact  the  Company  and  prove to the  Company's
 satisfaction  that he or she is                                  entitled to do so.

	 	
Your
 ability to exercise the SARs may be  restricted  by the Company if required by
                                 applicable law.

	 	
Upon
exercise of the SAR, the excess of the Fair Market Value of the number of SARs
being exercised (as determined on the date of
exercise) over the Grant Price of such SARs shall be
paid to you in [cash][in Shares having an aggregate Fair Market
Value equal to the amount due]. 

	Change of
Control:  	  Upon a Change of Control (as defined in the Plan):

	 	                                 o 	The
SAR will become fully vested and exercisable, and 

	 	                                 o 	You
will have the  right,  exercisable  by  written  notice to the  Company
                                          within sixty (60) days after the Change of
Control,  to receive in exchange                                           for  surrender
of the SAR an amount of cash equal to the excess of the Fair
                                          Market  Value of the Shares  then  covered by
the SAR over the Grant  Price                                           for such Shares.
 

	Restrictions on
Resale:  	 [For SARs Settled in Shares Only:] 
 By accepting this Award, you agree
not to sell any Shares acquired under this Award at
a time when applicable laws, Company policies or an
agreement between the Company and its underwriters prohibit a sale.  

	Miscellaneous: 	o	
       As a condition of the granting of this Award,  you agree,  for yourself and
                                          your legal  representatives  or  guardians,
 that this  Agreement  shall be                                           interpreted  by
 the  Administrator  and  that  any  interpretation  by the
                                          Administrator  of  the  terms  of  this
 Agreement  or  the  Plan  and  any
                                          determination  made by the Administrator
 pursuant to this Agreement or the                                           Plan shall
be final, binding and conclusive. 

	 	                                 o 	This
Agreement may be executed in counterparts. 

This Award is granted under and
governed by the terms and conditions of the Plan. Additional provisions regarding your
Award and definitions of capitalized terms used and not defined in this Award can be found
in the Plan. 

2 

BY SIGNING BELOW AND ACCEPTING
THIS STOCK APPRECIATION RIGHTS AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS
DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN. 

		
	REGAL-BELOIT CORPORATION	 
	

By: _______________________________	___________________________________
	
       Authorized Officer	Participant

3 

REGAL-BELOIT
CORPORATION 
NOTICE OF STOCK
APPRECIATION RIGHT EXERCISE 

Your completed form should be
sent by mail or fax to:____________________________.  Phone: ___________________  Fax:
_____________________________________. Incomplete forms may cause a delay in processing
your SAR exercise.  

PART 1:   PARTICIPANT INFORMATION:
  Please complete the following. PLEASE WRITE YOUR FULL LEGAL NAME SINCE THIS NAME WILL BE
ON YOUR STOCK CERTIFICATE IF SHARES ARE DELIVERED IN SETTLEMENT OF YOUR SAR.  

Name:
________________________________________________________________________  

Street Address:
________________________________________________________________  

City: _____________________
          State:_________________     Zip Code:_______________ 

Work Phone #: (_____) - _______-
________   Home Phone #: (_____) - _______- __________ 

Social Security #: ______ — _____
— _______  

PART 2:   DESCRIPTION OF SAR(S) BEING
EXERCISED   Please complete the following for each SAR Award that you wish to exercise.  

		
	Date of Grant 	Number of SARs Being Exercised 
	 	 
	 	 
	 	 

PART 3:   CERTIFICATE INSTRUCTIONS  
To be completed only if shares will be issued upon exercise. You must check one.  

Name(s) in
which the certificate for the purchased shares will be issued:  

	|_|  	In
my name only

	|_|  	In
the names of my spouse and myself as community property

	|_|  	In
the names of my spouse and myself as joint tenants with the rights of survivorship

Spouse’s name (if applicable):
_______________________________________________ 

The certificate for the shares should
be sent to the following address (complete only if to be sent to a different address
than specified in Part 1): 

Street Address:
________________________________________________________________  

City: _____________________
          State: _________________    Zip Code:_______________ 

4 

or delivered to the following
account: 

Broker-Dealer Name:
_________________________________________________________ 

Contact Person:
______________________________________________________________  

DWAC – Depository Trust Company
(DTC) #: ____________________________________  

Brokerage Account #:
_________________________________________________________  

Broker Phone #:
(_____)-________-_____________         Broker Fax #:
(_____)-________-_____________  

PART 4:   METHOD OF SATISFYING TAX
WITHHOLDING OBLIGATION   To be completed only if shares are being delivered upon
exercise. If the SARs are exercisable for cash, the cash payment will be automatically
reduced for applicable withholding taxes. Please select only one. You do not need to
complete this Part if you are a non-employee director.  

	|_| 	Cash.
I am enclosing a check or money order payable to “Regal-Beloit Corporation” for
the withholding tax amount. 

	|_| 	Tax
Amount Request. Please notify me of the amount of withholding taxes that will be due
as a result of this SAR exercise. I understand that, after receiving notification of the
withholding tax amount, I must immediately remit a check or money order payable to “Regal-Beloit
Corporation” for that amount. I understand that the Company will not process my SAR
exercise until it receives the check or money order covering the withholding tax amount
due. 

	|_| 	Share
Withholding. I request that Regal-Beloit Corporation withhold a number of shares of
stock otherwise issuable to me as a result of exercising the SAR to cover the statutory
minimum tax withholding amount. I understand that I may be liable for additional
taxes due. The Fair Market Value of any fractional Share not used to satisfy the
withholding obligation (as determined on the date the tax is determined) will be paid to
you in cash. 

PART 5:    ACKNOWLEDGEMENTS AND
SIGNATURE  

	1.  	(If
applicable): I understand that all sales of the Regal-Beloit Corporation
               common stock received upon exercise of this SAR(s) are subject to
compliance                with the company’s policy on securities trades. 

	2.  	I
hereby acknowledge that I have read a copy of the prospectus describing the
               Regal-Beloit Corporation plan under which the SAR(s) listed above were
issued,                and understand the tax consequences of an exercise. 

Signature:
__________________________________________________       Date: _________________________ 

* * * * * * 

To be completed by Treasury
Department:  

Received by: 
_________________________________________________________________________ 

Date received:  
_________________________________________________________________________  

5

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