Document:

EX-10.1

 

Exhibit 10.1

[Letterhead of American International Group, Inc.]

May 8, 2008

Steven J. Bensinger

American International Group, Inc.

70 Pine Street

New York, New York 10270

			
	     Re:     	 	Employment Agreement Amendment

Steve:

     We write to confirm the agreement we have reached regarding the amendment to your employment
agreement with American International Group, Inc. (“AIG”).

     This letter is an amendment to your Employment Agreement with AIG, dated June 27, 2005 (the
“Employment Agreement”) and the extension of the Employment Agreement with AIG, dated March 12,
2008 (the “Extension Agreement”). If you agree that this letter appropriately represents our
understanding, please sign and return this letter, which will become a binding agreement on our
receipt.

1. Position

     Section 2(a) of the Employment Agreement is hereby modified to provide that you shall serve as
Vice Chairman-Financial Services of AIG, effective May 8, 2008, and that you shall continue to
serve as Chief Financial Officer of AIG until the appointment of a successor as Chief Financial
Officer.

2. Good Reason

     AIG
agrees that appointment of your successor as Chief Financial Officer
of AIG and/or the change in your duties or responsibilities will
constitute Good Reason events pursuant to Section 9(c) of the Employment Agreement. Your
execution of this letter or any future acceptance of any changes to your employment status that may
constitute Good Reason under the Employment Agreement shall not constitute a waiver or acquiescence
on your part of your rights as a result of the preceding sentence.

     Section 9(c) and (d) of the Employment Agreement are hereby modified to provide that a
termination by Executive with Good Reason shall be effective provided that Executive delivers a
Notice of Termination for Good Reason at any time up to and including March 13, 2009, and shall be
effective even if such Notice is not delivered within thirty (30) days following Executive’s first
becoming aware of the circumstances giving rise to Good Reason.

3.. Compliance with Section 409A

     Section 6 of the Extension Agreement is modified to add the following:

 

 

     To the extent applicable, it is intended that this letter comply with the provisions of
Section 409A of the Internal Revenue Code (hereinafter referred to as “Section 409A”). In the
event that it is determined that any payment or distribution of any type to or for your benefit,
whether paid or payable or distributed or distributable, pursuant to the terms of the Employment
Agreement, the Extension Agreement, or this letter (the “Total Payments”), would be subject to the
additional tax and interest imposed by section 409A of the Internal Revenue Code of 1986, as
amended, or any interest or penalties with respect to such additional tax (such additional tax,
together with any such interest or penalties, are collectively referred to as the “409A Tax”), then
you shall be entitled to receive an additional payment (a “409A Tax Restoration Payment”) in an
amount that shall fund the payment by you of any 409A Tax on the Total Payments as well as all
income taxes imposed on the 409A Tax Restoration Payment, any 409A Tax imposed on the 409A Tax
Restoration Payment and any interest or penalties imposed with respect to taxes on the 409A Tax
Restoration Payment or any 409A Tax.

4. Additional Agreements

     In connection with your change in position, AIG agrees to address and attempt to resolve in
good faith your rights under AIG’s Partners Plan, AIG’s Senior Partners Plan and the Starr
International Company, Inc. Plans (collectively, the “Plans”) before March 13, 2009, so that you
can retain your rights in the earned benefits granted under the Plans and can continue to vest in
all earned but unvested benefits under the Plans after your employment with AIG terminates.

5. General Provisions

     This letter supplements and amends your Employment Agreement and Extension Agreement. Except
as expressly modified by this letter, the terms of your Employment Agreement and Extension
Agreement will remain in effect for the duration of your Employment Term (as modified by the
Extension Agreement). Capitalized terms used in this letter that are not defined in this letter
have the meanings as used or defined in your Employment Agreement.

     Section 15 of your Employment Agreement will apply to this letter as if incorporated herein in
its entirety (substituting references to “this Agreement” with references to “this letter”), except
that Section 15(d) of your Employment Agreement will apply to this letter substituting references
to “this Agreement” with references to “your Employment Agreement, as extended, supplemented and
amended by the Extension Agreement, and as supplemented and amended by this letter” and, for
purposes of the last sentence of Section 15(d), Section 2 of this letter will survive the
termination of your employment.

* * *

  The Company appreciates your efforts and contributions the past three years. We look forward
to your continued leadership.

	 	 	 	 	 	 	 
	     	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	Sincerely,
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Andrew J. Kaslow
	 

	 	 	 	 	 	 
	Accepted and agreed:	 	 	 	 
	 
	 	 	 	 	 	 
	/s/
Steven J. Bensinger

	 	May 8, 2008	 	 	 	 
	 	 	 	 	 	 	 
	Steven J. Bensingerexv10w1

 

Exhibit 10.1

GMAC LLC

767 Fifth Avenue

New York, NY 10153

March 20, 2008

Mr. Eric A. Feldstein

GMAC LLC

767 Fifth Avenue

New York, New York 10153

Dear Eric:

     This letter agreement (this “Letter Agreement”) memorializes our agreement with respect to the
termination of your employment with GMAC LLC (“GMAC” or the “Company”) effective at the close of
business on March 31, 2008 (the “Termination Date”). On or prior to that date, you will resign
from all board and officer positions held on behalf of the Company within the Company or any
affiliate or subsidiary, by executing Exhibit B.

     On the Termination Date you will be entitled to receive any unpaid Base Salary, earned but
unpaid bonuses, unreimbursed business expenses, and earned but unused PTO days in accordance with
Company policy. In addition, the Company will pay to you $5,086,269 (the “Severance Amount”) in
cash in accordance with the schedule below and in compliance with Internal Revenue Code Section
409A:

	 	 	 	 	 	 	 
	 	 	Amount	 	Date Paid
	 
	 

	 	$2,864,936	 	on March 31, 2008 or within seven days of the expiration of the 7-day revocation
period described below.
	 
	 

	 	$2,221,333	 	on January 2, 2009
	 
	TOTAL

	 	$5,086,269	 	 

     To receive the above amounts, you must sign and not revoke within the required 7-day
revocation period the General Release contained in Exhibit A attached to this Letter Agreement. In
addition, upon the execution of this Letter Agreement, the Company and you agree to terminate as of
the Termination Date your (i) GMAC Management LLC Class C Membership Interest Plan Award Agreement
dated January 3, 2007, (ii) GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan Award
Agreement dated January 3, 2007, and (iii) GMAC Long-Term Incentive Plan LLC Long-Term Phantom
Interest Plan Award Agreement dated January 30, 2007, and you will not be entitled to any
compensation or benefits under such Award Agreements..

     In addition, the Company will provide you with outplacement services through a mutually
agreeable provider, which will include things such as telephone, computer and email access, and
part-time use of office space and administrative support, through December 31, 2008.

     You will be under no obligation to seek other employment after your termination of employment
with the Company and the obligations of the Company to you which arise upon the termination of your
employment pursuant to this Letter Agreement shall not be subject to mitigation or offset.

     You agree that you will not at any time publish or communicate to any person or entity any
Disparaging (as defined below) remarks, comments or statements concerning the Company, its parent,
subsidiaries and affiliates, and their respective present and former members, partners, directors,
officers, shareholders, employees, agents, attorneys, successors and assigns. The Company agrees to
instruct its executive officers and directors to refrain from publishing or communicating to any
person or entity any Disparaging remarks, comments or statements concerning you at any time,

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 2 of 7

provided that, nothing shall prevent the Company from (a) responding in a truthful manner to
inquiries regarding your employment or the termination thereof, from investors, regulators, the
Company’s auditors or insurers, or as otherwise may be required by applicable law, rules or
regulations, or (b) disclosing information concerning your or the termination of your employment to
officers of the Company or its affiliates who, at the discretion of the Company, should know such
information. “Disparaging” remarks, comments or statements are those that impugn the character,
honesty, integrity or morality or business acumen or abilities in connection with any aspect of the
operation of business of the individual or entity being disparaged.

     During the course of your employment by the Company, you have had and will have access to
certain trade secrets and confidential information relating to the Company and its subsidiaries
(the “Protected Parties”) which is not readily available from sources outside the Company. The
confidential and proprietary information and, in any material respect, trade secrets of the
Protected Parties are among their most valuable assets, including but not limited to, their
customer, supplier and vendor lists, databases, competitive strategies, computer programs,
frameworks, or models, their marketing programs, their sales, financial, marketing, training and
technical information, their product development (and proprietary product data) and any other
information, whether communicated orally, electronically, in writing or in other tangible forms
concerning how the Protected Parties create, develop, acquire or maintain their products and
marketing plans, target their potential customers and operate their retail and other businesses.
The Protected Parties invested, and continue to invest, considerable amounts of time and money in
their process, technology, know-how, obtaining and developing the goodwill of their customers,
their other external relationships, their data systems and data bases, and all the information
described above (hereinafter collectively referred to as “Confidential Information”), and any
misappropriation or unauthorized disclosure of Confidential Information in any form would
irreparably harm the Protected Parties. You acknowledge that such Confidential Information
constitutes valuable, highly confidential, special and unique property of the Protected Parties.
You shall hold in a fiduciary capacity for the benefit of the Protected Parties all Confidential
Information relating to the Protected Parties and their businesses, which shall have been obtained
by you during your employment by the Company or its subsidiaries and which shall not be or become
public knowledge (other than by acts by you or your representatives in violation of this Letter
Agreement). You shall not, during the period you are employed by the Company or its subsidiaries
or at any time thereafter, disclose any Confidential Information, directly or indirectly, to any
person or entity for any reason or purpose whatsoever, nor shall you use it in any way, except (i)
in the course of your employment with, and for the benefit of, the Protected Parties, (ii) to
enforce any rights or defend any claims hereunder or under any other agreement to which you are a
party, provided that such disclosure is relevant to the enforcement of such rights or defense of
such claims and is only disclosed in the formal proceedings related thereto, (iii) when required to
do so by a court of law, by any governmental agency having supervisory authority over the business
of the Company or by any administrative or legislative body (including a committee thereof) with
jurisdiction to order you to divulge, disclose or make accessible such information; provided that
you shall give prompt written notice to the Company of such requirement, disclose no more
information than is so required, and cooperate with any attempts by the Company to obtain a
protective order or similar treatment, (iv) as to such Confidential Information that becomes
generally known to the public or trade without your violation of this paragraph of this Letter
Agreement or (iv) to your spouse, attorney and/or your personal tax and financial advisors as
reasonably necessary or appropriate to advance your tax, financial and other personal planning
(each an “Exempt Person”), provided, however, that any disclosure or use of Confidential
Information by an Exempt Person shall be deemed to be a breach of this paragraph of this Letter
Agreement by you. You shall take all reasonable steps to safeguard the Confidential Information
and to protect it against disclosure, misuse, espionage, loss and theft. You understand and agree
that you shall acquire no rights to any such Confidential Information.

     All files, records, documents, drawings, specifications, data, computer programs, evaluation
mechanisms and analytics and similar items relating thereto or to the Business (for the purposes of
this Letter Agreement, “Business” shall be as defined below), as well as all customer lists,
specific customer information, compilations of product research and marketing techniques of the
Company and its subsidiaries, whether prepared by you or otherwise coming into your possession,
shall remain the exclusive property of the Company and its subsidiaries.

     It is understood that while employed by the Company or its subsidiaries, you will promptly
disclose to it, and assign to it your interest in any invention, improvement or discovery made or
conceived by you, either alone or jointly with others, which arises out of your employment. At the
Company’s request and expense, you will assist the Company and its subsidiaries during the period
of your employment by the Company or its subsidiaries and thereafter (but subject to reasonable
notice and taking into account your schedule) in connection with any controversy or legal
proceeding relating to such invention, improvement or discovery and in obtaining domestic and foreign patent
or other protection covering the same.

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 3 of 7

     As requested by the Company and at the Company’s expense, from time to time and upon the
termination of your employment with the Company for any reason, you will promptly deliver to the
Company and its subsidiaries all copies and embodiments, in whatever form, of all Confidential
Information in your possession or within your control (including, but not limited to, memoranda,
records, notes, plans, photographs, manuals, notebooks, documentation, program listings, flow
charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential
Information) irrespective of the location or form of such material. If requested by the Company,
you will provide the Company with written confirmation that all such materials have been delivered
to the Company as provided herein.

     Following the Termination Date, you will give your assistance and cooperation willingly, upon
reasonable advance notice with due consideration for your other business or personal commitments,
in any matter relating to your position with the Company, or your expertise or experience as the
Company may reasonably request, including your attendance and truthful testimony where deemed
appropriate by the Company, with respect to any investigation or the Company’s defense or
prosecution of any existing or future claims or litigations or other proceedings relating to
matters in which you were involved or potentially had knowledge by virtue of your employment with
the Company. In no event shall our cooperation materially interfere with your services for a
subsequent employer or other similar service recipient.

     To the extent permitted by law, the Company agrees that (i) it will promptly reimburse you for
your reasonable and documented expenses in connection with your rendering assistance and/or
cooperation under this paragraph upon your presentation of documentation for such expenses and (ii)
you will be reasonably compensated for any continued material services as required under this
paragraph.

     During the 12-month period following the Termination Date, you shall not (a) directly or
indirectly solicit or attempt to solicit or induce, directly or indirectly, (x) any party who is a
customer of the Company or its subsidiaries, who was a customer of the Company or its subsidiaries
at any time during the 12-month period immediately prior to the date your employment terminates or
who is a prospective customer that has been identified and targeted by the Company or its
subsidiaries, for the purpose of marketing, selling or providing to any such party any services or
products offered by or available from the Company or its subsidiaries (provided that if you intend
to solicit any such party for any other purpose, you shall notify the Company of such intention),
or (y) any supplier to the Company or any subsidiary to terminate, reduce or alter negatively its
relationship with the Company or any subsidiary or in any manner interfere with any agreement or
contract between the Company or any subsidiary and such supplier or (b) directly or indirectly
solicit or attempt to solicit any employee of the Company or any of its subsidiaries (a “Current
Employee”) or any person who was an employee of the Company or any of its subsidiaries during the
12-month period immediately prior to the date your employment terminates (a “Former Employee”) to
terminate such employee’s employment relationship with the Protected Parties in order, in either
case, to enter into a similar relationship with you, or any other person or any entity or hire any
employee or Former Employee, provided, however, that Current Employees and Former Employees do not
include your personal assistant(s) or your administrative support personnel.

     During the period beginning on the Termination Date and ending on September 30, 2008, you will
not, whether individually, as a director, manager, member, stockholder, partner, owner, employee,
consultant or agent of any business, or in any other capacity, other than on behalf of the Company
or a subsidiary, organize, establish, own, operate, manage, control, engage in, participate in,
invest in, permit your name to be used by, act as a consultant or advisor to, render services for
(alone or in association with any person, firm, corporation or business organization), or otherwise
assist any person or entity that engages in or owns, invests in, operates, manages or controls any
venture or enterprise which engages or proposes to engage in any business conducted by the Company
or any of its subsidiaries on the date of your termination of employment or within 12 months of
your termination of employment in the geographic locations where the Company and its subsidiaries
engage or propose to engage in such business (the “Business”). Notwithstanding the foregoing,
nothing in this Letter Agreement shall prevent you from (i) being employed by any affiliate of
Cerberus Capital Management, L.P. in any capacity, provided that you shall not perform any activity
directly or indirectly for Chrysler Financial, (ii) owning for passive investment purposes not
intended to circumvent this Letter Agreement, less than five percent (5%) of the publicly traded
common equity securities of any company engaged in the Business (so long as you have no power to
manage, operate, advise, consult with or control the competing enterprise and no power, alone or in
conjunction with other affiliated parties, to select a director, manager, general partner, or
similar governing official

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 4 of 7

of the competing enterprise other than in connection with the normal and
customary voting powers afforded you in
connection with any permissible equity ownership), (iii) being employed by or otherwise associated
with an organization or entity of which a subsidiary, division, segment, unit, etc. is engaged in
the Business (a “Competing Division”), provided that (x) you have no direct or indirect
responsibilities or involvement with such Competing Division and (y) the Competing Division does
not account for more that 5% of the gross revenues of such organization or entity for its prior
fiscal year or (iv) being employed by or otherwise associated with an organization or entity
engaged in the Business; provided that the Business that is competitive with the Company or any of
its Subsidiaries does not account for more than 5% of the gross revenues of the Company and its
Subsidiaries.

     You acknowledge that all originals and copies of materials, records and documents generated by
you or coming into your possession during your employment by the Company or its subsidiaries are
the sole property of the Company and its subsidiaries (“Company Property”). During the Employment
Period, and at all times thereafter, you shall not remove, or cause to be removed, from the
premises of the Company or its subsidiaries, copies of any record, file, memorandum, document,
computer related information or equipment, or any other item relating to the business of the
Company or its subsidiaries, except in furtherance of your duties under this Letter Agreement.
When your employment with the Company terminates, or upon request of the Company at any time, you
shall promptly deliver to the Company all copies of Company Property in your possession or control.

     We both acknowledge and agree that your breach or threatened breach of any of the restrictions
set forth in this above 8 paragraphs of this Letter Agreement will result in irreparable and
continuing damage to the Protected Parties for which there may be no adequate remedy at law and
that the Protected Parties shall be entitled to seek equitable relief, including specific
performance and injunctive relief as remedies for any such breach or threatened or attempted
breach, without requiring the posting of a bond. You hereby consent to the grant of an injunction
(temporary or otherwise) against you or the entry of any other court order against you prohibiting
and enjoining you from violating, or directing you to comply with any provision of the above 8
paragraphs of this Letter Agreement, if such is determined by a court of competent jurisdiction.
You also agree that such remedies shall be in addition to any and all remedies, including damages,
available to the Protected Parties against you for such breaches or threatened or attempted
breaches. In addition, without limiting the Protected Parties’ remedies for any breach of any
restriction on you set forth in the above 8 paragraphs of this Letter Agreement, except as required
by law, you shall not be entitled to any payments set forth in this Letter Agreement if you have
breached the covenants applicable to you contained in the above 8 paragraphs of this Letter
Agreement, you will immediately return to the Protected Parties any such payments previously
received under this Letter Agreement upon such a breach, and, in the event of such breach, the
Protected Parties will have no obligation to pay any of the amounts that remain payable by the
Company under this Letter Agreement.

     The Company agrees, to the extent permitted by applicable law and its organizational
documents, to indemnify, defend and hold you harmless from and against any and all losses, suits,
actions, causes of action, judgments, damages, liabilities, penalties, fines, costs or claims of
any kind or nature (“Indemnified Claim”), including reasonable legal fees and related costs
incurred by you in connection with the preparation for or defense of any Indemnified Claim, whether
or not resulting in any liability, to which you may become subject or liable or which may be
incurred by or assessed against you, relating to or arising out of your employment by the Company
or the services to be performed pursuant to this Letter Agreement, provided that the Company shall
only defend, but not indemnify or hold you harmless, from and against an Indemnified Claim in the
event there is a final, non-appealable, determination that your liability with respect to such
Indemnified Claim resulted from your willful misconduct or gross negligence. The Company’s
obligations under this paragraph shall be in addition to any other right, remedy or indemnification
that you may have or be entitled to at common law or otherwise. During the Employment Period and
for a period of 6 years after the termination of your employment, the Company agrees to continue
and maintain a directors and officers’ liability insurance policy covering you to the extent the
Company provides such coverage for its managers, directors and/or other executive officers.

     Any notice or other communication required or which may be given hereunder shall be in writing
and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by
certified, registered or express mail, postage prepaid or overnight mail and shall be deemed given
when so delivered personally, telegraphed, telexed, or sent by facsimile transmission or, if
mailed, 4 days after the date of mailing or one day after overnight mail, as follows:

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 5 of 7

If to the Company, to:

GMAC LLC

200 Renaissance Center

Tower 200, 9th Floor

MC 482-B09-B11

Detroit, MI 48265

Attention: General Counsel

Telephone: (313) 656-6128

Fax: (313) 656-6189

If to you, to your home address reflected in the Company’s records.

     This Letter Agreement contains the entire agreement between you and the Company with respect
to the subject matter hereof and supersedes all prior agreements, written or oral, with respect
thereto.

     You represent and warrant that you are not a party to or subject to any restrictive covenants,
legal restrictions or other agreements in favor of any entity or person which would in any way
preclude, inhibit, impair or limit your ability to perform your obligations under this Letter
Agreement, including, but not limited to, non-competition agreements, non-solicitation agreements
or confidentiality agreements. The Company represents and warrants that it is fully authorized and
empowered to enter into this Letter Agreement and that the performance of its obligations under
this Letter Agreement will not violate any agreement between it and any other person, firm or
organization.

     This Letter Agreement may be amended, modified, superseded, canceled, renewed or extended, and
the terms and conditions hereof may be waived, only by a written instrument signed by both you and
the CEO or, in the case of a waiver, by the party waiving compliance. No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial
exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof
or the exercise of any other right, power or privilege hereunder.

     This Letter Agreement shall be governed and construed in accordance with the laws of the State
of New York applicable to agreements made and not to be performed entirely within such state,
without regard to conflicts of laws principles, unless superseded by federal law.

     We both agree irrevocably to submit to the exclusive jurisdiction of the federal courts or, if
no federal jurisdiction exists, the state courts, located in the City of New York, Borough of
Manhattan, for the purposes of any suit, action or other proceeding brought by any party arising
out of any breach of any of the provisions of this Letter Agreement and hereby waive, and agree not
to assert by way of motion, as a defense or otherwise, in any such suit, action, or proceeding, any
claim that it is not personally subject to the jurisdiction of the above-named courts, that the
suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action
or proceeding is improper, or that the provisions of this Letter Agreement may not be enforced in
or by such courts. In addition, we both agree to waive trial by jury.

     This Letter Agreement, and the rights and obligations hereunder, may not be assigned by the
Company or by you without written consent signed by the other party, provided that the Company may
assign this Letter Agreement to any successor that continues the business of the Company.

     This Letter Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same instrument.

     If any term, provision, covenant or restriction of this Letter Agreement, or any part thereof,
is held by a court of competent jurisdiction of any foreign, federal, state, county or local
government or any other governmental, regulatory or administrative agency or authority to be
invalid, void, unenforceable or against public policy for any reason, the remainder of the terms,
provisions, covenants and restrictions of this Letter Agreement shall remain in full force and
effect and shall in no way be affected or impaired or invalidated. You acknowledge that the
restrictive covenants contained in this Letter Agreement are a condition of this Letter Agreement
and are reasonable and valid in temporal scope and in all other respects.

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 6 of 7

     If any court determines that any of the restrictive covenants contained in this Letter
Agreement, or any part of any of them, is invalid or unenforceable, the remainder of such covenants
and parts thereof shall not thereby be affected
and shall be given full effect, without regard to the invalid portion. If any court determines
that any of such covenants, or any part thereof, is invalid or unenforceable because of the
geographic or temporal scope of such provision, such court shall reduce such scope to the minimum
extent necessary to make such covenants valid and enforceable.

     The Company or other payor is authorized to withhold from any benefit provided or payment due
hereunder, the amount of withholding taxes due any federal, state or local authority in respect of
such benefit or payment and to take such other action as may be necessary in the opinion of the
Company to satisfy all obligations for the payment of such withholding taxes.

     Notwithstanding any other provision of this Letter Agreement, if at the time of the
termination your employment you are a “specified employee” (as defined in Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”)) and any payments under this Letter
Agreement will result in additional tax or interest to you under Section 409A, you will not be
entitled to receive such payments until the date which is six (6) months after the termination of
your employment for any reason, other than as a result of your death or disability (as such term is
defined in Section 409A). In addition, if any provision of this Letter Agreement would subject you
to any additional tax or interest under Section 409A, then the Company shall reform such provision;
provided that the Company shall (x) maintain, to the maximum extent practicable, the original
intent of the applicable provision without subjecting you to such additional tax or interest and
(y) not incur any additional compensation expense as a result of such reformation.

Sincerely,

Anthony S. Marino

Chief Human Resources Officer

GMAC LLC

Accepted and Agreed:

                                             

Eric A. Feldstein

                                             

Date

 

 

Mr. Eric A. Feldstein

March 20, 2008

Page 7 of 7

Exhibit A

GENERAL RELEASE

     I, Eric A. Feldstein, in consideration of and subject to the terms and conditions set forth in
the letter agreement from Anthony S. Marino to me dated March 20, 2008 (the “Letter Agreement”) to
which this General Release is attached, and other good and valuable consideration, do hereby
release and forever discharge GMAC LLC (the “Company”) and its current and former officers,
directors, partners, members, shareholders, investors, employees, attorneys, agents, predecessors,
successors, affiliates, assigns and legal representatives (together, the “Company Released
Parties”), from any and all claims, charges, manner of actions and causes of action, suits, debts,
dues, accounts, bonds, covenants, contracts, agreements, judgments, charges, claims, and demands
whatsoever which I, my heirs, executors, administrators and assigns have, or may hereafter have
against the Company Released Parties arising out of or by reason of any cause, matter or thing
whatsoever, whether known or unknown, from the beginning of the world to March 31, 2008 (“Claims”)
in connection with or relating to, my employment or termination of employment with the Company and
its subsidiaries, the Letter Agreement and Employment Agreement dated November 30, 2006, all
employment-related matters arising under any federal, state or local statute, rule or regulation or
principle of contract law or common law and any claims of employment discrimination, unlawful
harassment or retaliation claims and claims arising under Title VII of the Civil Rights Act of
1964, 42 U.S.C. § 2000 et seq., the Employee Retirement Income Security Act of
1974, 29 U.S.C. § 1001 et seq., the Fair Labor Standards Act (to the extent allowed
by law), 29 U.S.C. § 201 et seq., Age Discrimination in Employment Act of 1967, 29
U.S.C. § 621, et seq., the Reconstruction Era Civil Rights Act, 42 U.S.C. § 1981
et seq., the Americans with Disabilities Act of 1993, 42 U.S.C. § 12900 et
seq., the Family and Medical Leave Act of 1990 (to the extent allowed by law), 42 U.S.C. §
12101, et seq., the New York State Human Rights Law, N.Y. Exec. Law § 290
et seq., the New York State Labor Law, N.Y. Labor Law § 1 et seq.,
and the New York City Human Rights Law, N.Y.C. Admin. Code § 8-107 et seq.

     This General Release does include any claim arising under or in connection with any existing
obligation of the Company (i) to pay or provide any compensation or benefit required to be paid or
provided under the Letter Agreement, (ii) to indemnify me for my acts as an officer or director of
the Company in accordance with the bylaws of the Company and the policies and procedures of the
Company that are presently in effect, or (iii) to me and my eligible, participating dependents or
beneficiaries under any existing welfare, retirement or other fringe-benefit plan or program of the
Company in which I and/or my dependents are participants.

     I acknowledge that I have been advised to consult with legal counsel. I acknowledge that I
have been provided with the opportunity to review and consider this General Release for twenty-one
(21) days from the date it was provided to me. If I elect to sign before the expiration of the
twenty-one (21) days, I acknowledge that I will have chosen, of my own free will without any
duress, to waive my right to the full twenty-one (21) day period. I understand that I may revoke
this General Release within seven (7) days after my execution by sending a written notice of
revocation to Mr. Anthony S. Marino, Group Vice President and Chief Human Resources Officer, GMAC
LLC, 200 Renaissance Center, Tower 200, 14th Floor, MC 482-B14-D46, Detroit, MI 48265, received
within the seven-day revocation period.

     I acknowledge that I have not relied on any representations or statements not set forth in the
Letter Agreement or in this General Release. Unless otherwise publicly filed by the Company, I will
not disclose the contents or substance of this General Release to any third parties, other than my
attorneys, accountants, or as required by law, and I will instruct each of the foregoing not to
disclose the same. I am signing this General Release knowingly, voluntarily and with full
understanding of its terms and effects.

     This General Release will be governed by and construed in accordance with the laws of the
State of New York. If any provision in this General Release is held invalid or unenforceable for
any reason, the remaining provisions shall be construed as if the invalid or unenforceable
provision had not been included.

     In witness hereof, I have executed this General Release this ___day of
                    ,
2008.

	 	 	 	 	 
	 	 	 
	 	                                     
 	 
	 	Eric A. Feldstein

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