Document:

Exhibit 10.45 (10-K)

EXHIBIT 10.45

DEFERRAL AGREEMENT
Joseph Patrick Grimes, Jr.

TVA’s President and Chief Executive Officer has approved your participation in TVA’s Long-Term Deferred Compensation Plan (Plan) under the following terms:

	
		
	Duration of deferral agreement
	Two years and four months

	First compensation credit
	$250,000 (09/01/2013)

	Second and third compensation credits
	$150,000 each (01/01/2014 and 01/01/2015)

	Total credits over service period
	$550,000

	Expiration date
	12/31/2015

Please read the following provisions carefully and indicate your approval by signing at the designated place below.
___________________________________________________________________________________________
As a participant in the Plan, I hereby agree to be bound by the following terms and conditions:

Annual deferred compensation credits as stated above will be made to an account in my name to cover a service period beginning September 1, 2013 and ending on December 31, 2015, provided that I remain employed by TVA through the expiration of the agreement on December 31, 2015.  Upon the expiration of this agreement, the entire amount credited to my account, including interest or return as provided below, will be paid to me in a lump sum unless I elect below to have the balance of my Long-Term Deferred Compensation Plan (LTDCP) account transferred to my TVA deferred compensation account.

I understand that I must be an employee of TVA at the time of the expiration of this agreement, or no payments or transfers under the Plan will be made by TVA, and any credits to my account will be extinguished.  However, in the event that TVA terminates my employment during the term of this agreement through no act or delinquency of my own, this agreement is terminated as of the date of my termination and no further credits will be made under it and any credits in my account from this agreement, including interest or return as provided below, at the time of termination will become vested.  If I elect below to have the balance of my LTDCP account transferred to my TVA deferred compensation account, all credits from this agreement will be paid out to me in accordance with my deferral election applicable to such credits or in accordance with otherwise applicable IRS rules.  If TVA terminates my employment for cause prior to the expiration of this agreement, no payments will be made and my account balance will be extinguished.  In the event of my death during the term of this agreement, my account balance will be paid to the person identified on my beneficiary designation form or, in the absence of such designation, to my estate, in a manner permitted by applicable IRS rules.

Interest will be credited to the balance reflected in my LTDCP account on the same basis as interest is calculated and credited under the TVA Deferred Compensation Plan.  In the alternative, I may choose to have the balance of my LTDCP account adjusted based on the return of the funds I select under the same conditions as are contained in TVA’s Deferred Compensation Plan.  I understand that I am solely responsible for the risk associated with any return elections that I make.

The Plan may be amended or discontinued by the Board.  If the Board elects to discontinue the Plan, any credits to my account as of the date of termination of the Plan will be paid to me in accordance with applicable IRS rules.  I elect the following option for payment upon expiration of this agreement:  

______   Balance of account to be paid to me in a lump sum 

___X__   Balance of account to be transferred to my TVA Deferred Compensation Plan account

I understand that nothing contained in this agreement shall be construed as conferring the right to continue in the employment of TVA as an executive or in any other capacity and that the payment election I have made is final (not revocable).  

/s/ Joseph Patrick Grimes, Jr.                             9.5.13                              
Joseph Patrick Grimes, Jr.                    DateEX-4.1

 Exhibit 4.1 

UNANIMOUS WRITTEN CONSENT OF THE 

EXECUTIVE COMMITTEE OF ALLY FINANCIAL INC. 

THE UNDERSIGNED, being all of the members of the Executive Committee consisting of the Chief Financial Officer and the Senior Executive Vice
President of Finance and Corporate Planning (the “Executive Committee”) of Ally Financial Inc., a Delaware corporation (“Ally”), acting pursuant to a resolution duly adopted by the Board of Directors of the Company,
after careful consideration of all the facts, do hereby consent in writing, without a meeting, as of the date of the last signature hereon, that the following preamble and resolutions shall have the same force and effect as if adopted at a meeting
of the Executive Committee: 
 WHEREAS, the Executive Committee, acting pursuant to a resolution duly adopted by the Board of Directors of
the Company, has duly and validly adopted resolutions authorizing, among other things, the issuance and sale in an underwritten public offering (the “Offer”) of up to $1.0 billion aggregate principal amount of Senior Notes of Ally
in one or more tranches in such final amount, at such rate of interest, at such price, and with such final maturity date as determined by the Executive Committee; 

Approval of Terms; Establishment of Series 

NOW, THEREFORE, BE IT RESOLVED, that a series of securities is hereby established, the title of which shall be 3.750% Senior Notes due 2019
(the “Notes”), which shall be issued pursuant to the indenture dated as of July 1, 1982 (as supplemented or otherwise modified from time to time, the “Indenture”), among Ally and The Bank of New York Mellon (successor
to Morgan Guaranty Trust Company of New York), as trustee (the “Trustee”), and shall have the terms (the “Pricing Terms”) set forth in the preliminary prospectus supplement dated November 12, 2014 attached hereto as
Exhibit A, as supplemented by the pricing term sheet attached hereto as Exhibit B; 
 NOW, THEREFORE, BE IT RESOLVED, that the
form and terms of the Notes substantially in the form filed as an exhibit to the Company’s registration statement on Form S-3 (333-193070) filed with the U.S. Securities and Exchange Commission (the “SEC”), as supplemented by
the Pricing Terms, are hereby approved for issuance and sale; 
 Additional Actions 

FURTHER RESOLVED, that the Proper Officers are, and each of them hereby is, authorized and directed, for and on behalf of Ally, to file or
cause to be filed with the SEC, in compliance with Rule 424(b) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, a final prospectus supplement relating to the Notes in such form and
with such changes and 

 
modifications from the preliminary prospectus supplement dated November 12, 2014 as are deemed appropriate and necessary in the judgment of such officer, such approval to be conclusively
evidenced by the filing of the final prospectus supplement with the SEC; 
 FURTHER RESOLVED, that the underwriting agreement to be dated as
of November 12, 2014 by and among Ally and the underwriters (the “Underwriting Agreement”) relating to the Notes, substantially in the form presented to the Executive Committee is hereby approved by Ally, and each of the Proper
Officers be, and each of them hereby is, authorized and directed to execute and deliver in the name and on behalf of Ally, (i) the Underwriting Agreement and (ii) such other documents as may be necessary or advisable in connection with the
Underwriting Agreement, in each case in such form and having such terms as may be approved by the Proper Officer executing the same, such approval to be conclusively evidenced by such officer’s execution thereof; 

FURTHER RESOLVED, that the Proper Officers of Ally or any of them acting alone be, and each of them is, authorized and empowered in the name
and on behalf of Ally, (i) to make modifications and amendments to and to execute and deliver all documents and instruments related to and in furtherance of the foregoing resolutions, and (ii) from time to time, to execute and deliver such
other and further agreements, certificates, notices and other instruments or documents, and do and perform such acts and things, including, without limitation, causing to be paid any fees or expenses in connection with the Offer, as any of them, in
his or her discretion, may deem necessary or advisable in connection with these resolutions, the Offer, or any related instruments; 

FURTHER RESOLVED, that the Executive Committee adopts and incorporates by reference any form of specific resolution to carry into effect the
purpose and intent of the foregoing resolutions, or covering authority included in matters authorized in the foregoing resolutions, including forms of resolutions in connection therewith that may be required by the SEC, and any federal, state,
local, foreign or transnational, inspection person or agency, and the Secretary of Ally is directed to insert a copy thereof in the records of the Board of Directors and to certify the same as having been duly adopted by the Executive Committee;

 FURTHER RESOLVED, that all actions heretofore taken by any of the directors, officers, employees, representatives or agents of Ally or
any of its affiliates by and in connection with the Offer and any other actions, or contemplated by the Offer or otherwise referred to in the foregoing resolutions, be, and each of the same is, ratified, confirmed and approved in all respects as the
act and deed of Ally; and 
 FURTHER RESOLVED, that for the purposes of all of the foregoing resolutions the President, Chief Executive
Officer, the Chief Financial Officer, the Chief Risk Officer, any Executive Vice President and any Vice President, the Secretary and any Assistant Secretary, the Treasurer and any Assistant Treasurer of Ally is each a “Proper
Officer” and, collectively, the “Proper Officers.” 

 IN WITNESS WHEREOF, the undersigned members of the Executive Committee of Ally Financial Inc.
have executed and delivered this Unanimous Written Consent. This Unanimous Written Consent may be executed in counterparts. Facsimile and any other electronic signature of this Unanimous Written Consent is deemed to constitute original signature.
The Secretary of Ally Financial Inc. is hereby directed to file a signed copy of this Unanimous Written Consent in the books of the Board of Directors. 
  

					
			
	/s/ Christopher Halmy	 		 	/s/ Bradley Brown
	 By: Christopher Halmy
 Dated: November 12,
2014
	 		 	 By: Bradley Brown
 Dated: November 12,
2014

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