Document:

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EXHIBIT
10(p)

AMENDED GENERAL MOTORS CORPORATION 2006 Cash-Based Restricted Stock Unit Plan

As Amended October 1, 2007

SECTION 1. PURPOSE The purpose of the Amended General Motors Corporation 2006 Cash-Based Restricted
Stock Unit Plan (“the Plan”) is to provide incentives to Employees for the creation of stockholder
value through awards of Cash-Based Restricted Stock Units. The Corporation believes that these
incentives will stimulate the efforts of Employees toward the long-term success of the Corporation
and its Subsidiaries, as well as assist in the recruitment of new Employees. Capitalized terms as
used in the Plan shall have the definitions as set forth in Section 12 of the Plan.

SECTION 2. ADMINISTRATION The Plan shall be administered by the Committee. The Committee shall have
full discretionary power and authority, subject to such orders or resolutions not inconsistent with
the provisions of the Plan as may from time to time be adopted by the Board, to (a) select the
Employees of the Corporation and its Subsidiaries to whom Awards may from time to time be granted
hereunder; (b) determine the number of Shares relating to each Award granted hereunder; (c)
determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award
granted hereunder; (d) determine whether, to what extent and under what circumstances Awards may be
canceled; (e) determine whether, to what extent, and under what circumstances payment with respect
to an Award shall be deferred by the Committee or at the election of the Participant in a manner
consistent with the General Motors Deferred Compensation Plan for Executive Employees and Section
409A of the Code; (f) interpret and administer the Plan and any instrument or agreement entered
into under the Plan; (g) establish such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; and (h) make any other determination
and take any other action that the Committee deems necessary or desirable for administration of the
Plan.

     The Committee may, in its sole discretion, and subject to the provisions of the Plan and
applicable law, from time to time delegate any or all of its authority to administer the Plan to
the Corporation’s Chief Executive Officer. The Chief Executive Officer may only grant Awards in
accordance with the terms established by the Committee.

     The decisions of the Committee shall be final, conclusive, and binding with respect to the
interpretation and administration of the Plan and any grant made under it. The Committee shall
make, in its sole discretion, all determinations arising in the administration, construction, or
interpretation of the Plan and Awards under the Plan, including the right to construe disputed or
doubtful Plan or Award terms and provisions, and any such determination shall be conclusive and
binding on all Persons.

     In the event of any merger, reorganization, consolidation, re-capitalization, stock dividend,
or other change in Corporate structure affecting the Corporation’s Shares the Committee shall
consistent with Section 409A of the Code make such adjustments in the aggregate number of Shares
underlying such awards outstanding under this Plan, the individual Award maximums, and the number
of units subject to Awards granted under this Plan (provided the number of units subject to any
Award shall always be a whole number), as may be determined to be appropriate by the Committee in
order to prevent unintended enhancement or diminution of the benefits to participants of Awards
hereunder, and any such adjustment may, in the sole discretion of the Committee, take the form of
Awards covering more than one class of General Motors capital stock.

SECTION 3. ELIGIBILITY Any Employee shall be eligible to be selected as a Participant. Substitute
Awards may be granted to any holder of an award granted by a company acquired by the Corporation or
with which the Corporation combines.

SECTION 4. CONDITIONS PRECEDENT Except for Awards that vest pursuant to Section 6 of this Plan or
Awards that vest pursuant to Section 5(c)(ii), settlement of any Award (or portion thereof) shall
be subject to the satisfaction of the following conditions precedent that such Participant: (i)
continue to render services as an Employee for a period of 12 months following the date of the
Award (unless this condition is waived by the Committee), (ii) refrain from engaging in any
activity which, in the opinion of the Committee, is competitive with any activity of the
Corporation or any Subsidiary (except that employment at the request of the Corporation with an
entity in which the Corporation has, directly or indirectly, a substantial ownership interest, or
other employment specifically approved by the Committee, shall not be considered to be an activity
which is competitive with any activity of the Corporation or any Subsidiary)
and from otherwise acting, either prior to or after termination of employment with the Corporation
or any Subsidiary, in any manner inimical or in any way contrary to the best interests of the
Corporation, and (iii) furnish to the Corporation such information with respect to the satisfaction
of the foregoing conditions precedent as the Committee or Corporation shall request. If the
Committee shall determine that such Participant has failed to satisfy any of the foregoing
conditions precedent, all Awards granted to such Participant shall be immediately canceled.

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     As used in this Section 4, the term Participant shall include the beneficiary or beneficiaries
designated by such Participant as provided in Section 10(b) hereof, or if no such designation of
any beneficiary or beneficiaries has been made, the Participant’s legal representative or other
person(s) entitled to any payment or benefit with respect to the Participant pursuant to this Plan.
As a further condition precedent to the vesting and settlement of all or any portion of an Award,
the Committee may, among other things, require a Participant to enter into such agreements as the
Committee considers appropriate and in the best interests of the Corporation.

SECTION 5. CASH-BASED RESTRICTED STOCK UNITS

(a) Any Award shall be subject to the following terms and conditions and to such other terms and
conditions as the Committee shall deem advisable or appropriate, consistent with the provisions of
the Plan as herein set forth.

(b) Cash-Based Restricted Stock Unit Awards shall be paid as soon as practicable, but not later
than 90 days following the vesting thereof, in an amount, for each Share underlying the portion of
the Award so vesting, equal to the Fair Market Value of such Share. Payments of Awards will be
made solely in cash.

(c) Awards granted under this Plan shall, in addition to the other terms and conditions of the
Plan, be subject to the following provisions:

(i) Vesting. Except for Awards that vest pursuant to Section 6 of this Plan, or that vest
in the case of death as set forth in Section 5(c)(ii)(C) below,, no portion of any Award
shall vest prior to the first anniversary date of the Award date (unless otherwise
established by the Committee or its delegate(s)). Unless the Committee shall establish a
shorter or longer vesting period or different vesting schedule, beginning on the first
anniversary date of the Award one-third of the Award will vest and be paid, on the second
anniversary date of the Award one-third of the original Award will vest and be paid, and on
the third anniversary date of the Award, the final one-third of the original Award will vest
and be paid provided that the Participant remains employed through the relevant anniversary
date.

(ii) Termination of Employment. If the Participant’s employment terminates for any reason
before an Award vests, the unvested portion of such Award then held by such Participant will
be terminated, except as follows:

(A) This provision shall apply to awards granted prior to February 5, 2007.
If, after the first anniversary of the Award’s grant date, a Participant retires
from the Corporation at age 62 or older with ten or more years of credited service
(or equivalent normal retirement age in countries outside the United States),
subject to the other terms and conditions of the Plan, payment of such Award shall
be delivered in accordance with the original payment schedule set forth in such
Award. A retirement prior to age 62 shall be treated as a voluntary resignation,
governed by the general rule set forth in Section 5(c)(ii) above, unless the
Committee approves other treatment of the Award at the time of grant.

(B) This provision shall apply to awards granted on or after February 5, 2007. If a
Participant retires from the Corporation at age 55 or older with ten or more years
of credited service (or equivalent normal retirement age in countries outside the
United States), subject to the other terms and conditions of the Plan, payment of
outstanding Award(s) shall be prorated based on the number of months employed during
the vesting period provided that such employee shall have remained employed through
December 31 of the year of grant and payment of such prorated Award will be made in
accordance with the original payment schedule set forth in such Award.

(C) If a Participant’s employment is terminated by reason of death, all Awards shall
vest upon death and be prorated based on the number of months employed during the
vesting period, and cash will be delivered in payment of such prorated Award as
promptly as is practicable but no later than 90 days following death.

(D) If a Participant’s employment is terminated through a mutually satisfactory
release or other voluntary termination with the consent of the Corporation or
divestiture of a business unit in which the Participant is employed, provided that
such employee shall have remained employed through the first anniversary date of
grant, all unvested Awards shall be prorated based on the number of months employed
during the vesting period, and payment of such prorated Award will be made in
accordance with the original payment schedule set forth in such Award.

(E) If a Participant becomes disabled or begins any other type of approved leave of
absence (excluding a leave for civilian local, state or federal governmental
service, in which case Awards will

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be forfeited), unvested Awards will continue to
vest and be paid in accordance with the original payment schedule set forth in such
Award while the Employee remains on the approved leave.

(F) Specified Employees. Participants determined to be Specified Employees (as
determined by the Committee) shall not be entitled to be paid any portion of any
Award payable on account of a termination of employment until the later of the
original payment date or the expiration of six months from date of termination (or,
if earlier, death). The value of the Award(s) shall be payable without interest.

Notwithstanding the foregoing provisions, the Committee may at any time determine that
Awards shall vest or terminate on the date of notice of employment termination, or such
later date, as it may deem appropriate. In addition, the Committee may from time to time
determine in its discretion that Participants retiring from the Corporation during specified
time periods under specified circumstances may retain some portion of those Awards granted
in the year the retirement occurs, and the Award shall vest and be paid in accordance with
the original payment schedule set forth in such Award.

SECTION 6. CHANGE IN CONTROL PROVISIONS

     Upon the occurrence of a Change in Control (as defined in Section 12(d)) and upon the
occurrence of a termination of a Participant’s employment by the Corporation (other than for gross
negligence or deliberate misconduct which demonstrably harms the Corporation) or termination of
employment by the participant for Good Reason within 36 months following the Change in Control:

(a) All unvested Awards shall be prorated based on the number of months employed during the vesting
period, and such prorated Awards shall vest and be paid in accordance with the original payment
schedule set forth in such Award.

(b) The preceding provisions of this Section 6 shall apply notwithstanding any other provision of
the Plan to the contrary, unless the Committee shall have expressly provided in any applicable
Award for different provisions to apply in the event of a Change in Control. For the avoidance of
doubt, any such different provisions may be more or less favorable to either of the parties to the
Award, but if the application of such different provisions is unclear, uncertain, or ambiguous, the
provisions of this Section 6 shall govern.

SECTION 7. AMENDMENTS AND TERMINATION The Board may amend, alter discontinue, or terminate the
Plan or any portion thereof in a manner consistent with Section 409A of the Code at any time
provided, however that no such amendment, alteration, ,discontinuation or termination shall be
made without (a) stockholder approval if such approval is necessary to comply with the rules of
the New York Stock Exchange or (b) following a Change in Control, the consent of the affected
Participant, if such action would materially impair the rights of such Participant under any
outstanding Award. The Committee shall not discontinue or terminate the Plan if such
discontinuance or termination would result in tax and penalties under Section 409A of the Code.
Further, the Corporation shall not be liable to Participants for an inadvertent violation of
Section 409A of the Code.

The Committee may amend the terms of any Award granted under the Plan, prospectively or
retroactively, in a manner consistent with Section 409A of the Code, but following a Change in
Control, no such amendment shall materially impair the rights of any Participant without his or her
consent.

     The Committee may delegate to another committee, as it may appoint, the authority to take any
action consistent with the terms of the Plan, either before or after an Award has been granted,
which such other committee deems necessary or advisable to comply with any government laws or
regulatory requirements of a foreign country, including, but not limited to, modifying or amending
the terms and conditions governing any Awards or establishing any local country plans as sub-plans
to this Plan. In addition, under all circumstances, the Committee may make non-substantive administrative changes to the Plan so as to conform with or take advantage of
governmental requirements, statutes or regulations.

SECTION 8. DIVIDEND EQUIVALENTS Subject to the provisions of the Plan, the recipient of an Award
will receive, at the time declared by the Corporation, cash payments in amounts equivalent to cash
or stock dividends on Shares underlying an Award.

     Except as specifically provided at the time of the Award grant, no holder of any Award shall
have any other rights of a stockholder with respect to Shares subject to the Award.

SECTION 9. RECOUPMENT OF INCENTIVE PAY Notwithstanding anything in this Plan to the contrary, any
Award made to a Participant under this Plan is subject to being called for repayment to the
Corporation in any situation where the Board of Directors or a committee thereof determines that
fraud, negligence, or intentional misconduct by

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the participant was a significant contributing
factor to the Corporation having to restate all or a portion of its financial statement(s). The
determination regarding Employee conduct and repayment under this provision shall be within the
sole discretion of the Committee and shall be final and binding on the Participant and the
Corporation.

SECTION 10. GENERAL PROVISIONS

(a) An Award may not be sold, exercised, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by will or by the laws of descent or distribution.

(b) A Participant holding an Award under this Plan may make a written designation of beneficiary or
beneficiaries on a form prescribed by and filed with the Secretary of the Committee. In the event
of the death or legal incapacity of the Participant, such beneficiary or beneficiaries or, if no
such designation of any beneficiary or beneficiaries has been made, the Participant’s legal
representative(s) or such other person(s) entitled thereto as determined by a court of competent
jurisdiction, may receive payment, in accordance with and subject to the provisions of Sections 5
or 8, respectively, pursuant to the vesting of all or any portion of Award. A designation of
beneficiary may be replaced by a new designation or may be revoked by the Participant at any time.

(c) No Employee shall have the right to be selected to receive an Award under this Plan or, having
been so selected, to be selected to receive a future Award. Neither the Award nor any benefits
arising out of this Plan shall constitute part of a Participant’s employment or service contract
with the Corporation or any Subsidiary and, accordingly, this Plan and the benefits hereunder may
be terminated at any time in the sole discretion of the Corporation without giving rise to
liability on the part of the Corporation or any Subsidiary for severance payments. The Awards under
this Plan are not intended to be treated as compensation for any purpose under any other
Corporation plan.

(d) The prospective recipient of any Award under the Plan shall not, with respect to such Award, be
deemed to have become a Participant, or to have any rights with respect to such Award, until and
unless such recipient shall have accepted any Award. By accepting an Award pursuant to the Plan a
Participant accepts and agrees to all of the terms and provisions of this Plan. Unless
affirmatively rejected within [30] days of the date of grant, the Award will be deemed accepted.

(e) Nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an
employment or service contract or confer or be deemed to confer on any Employee or Participant any
right to continue in the employ or service of, or to continue any other relationship with, the
Corporation or any Subsidiary or limit in any way the right of the Corporation or any Subsidiary to
terminate an Employee’s employment or a Participant’s service at any time, with or without cause.

(f) No Award granted hereunder shall be construed as an offer by the Corporation to sell securities
of the Corporation.

(g) The Corporation and its Subsidiaries shall be authorized to withhold from any Award granted or
payment due under the Plan the amount of withholding taxes due in respect of an Award or payment
hereunder and to take such other action as may be necessary in the opinion of the Corporation or
its Subsidiaries to satisfy all obligations for the payment of such taxes.

(h) Nothing contained in the Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to stockholder approval if such approval is required; and such
arrangements may be either generally applicable or applicable only in specific cases.

(i) The provisions of the Plan shall be construed, regulated and administered according to the laws
of the State of Delaware without giving effect to principles of conflicts of law, except to the
extent superseded by any controlling Federal statute.

(j) If any provision of the Plan is or becomes or is deemed invalid, illegal or unenforceable in
any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to applicable laws or if
it cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan, or violating Section 409A of the Code, it shall be stricken and
the remainder of the Plan shall remain in full force and effect.

(k) For purposes of vesting under this Plan, a qualifying leave of absence (excluding a leave for
civilian, local, state or federal governmental service,) shall not constitute a termination of
employment. If approved by the Committee in its sole discretion, a Participant’s absence or leave
because of military service, disability or other reason shall not be considered an interruption of
employment for purposes of vesting under the Plan.

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(l) If the Corporation shall have any unpaid claim against the Participant arising out of or in
connection with such Participant’s employment with the Corporation, such claim may be offset
against Awards under this Plan in an amount up to $5,000 a year. Such claim may include, but is
not limited to, unpaid taxes, or corporate business credit card charges.

(m) Notwithstanding any provision of this Plan, no Plan provisions will be allowed or implemented
against any individual Plan Participant if they would cause such otherwise eligible Plan
Participant to be subject to tax (including interest and penalties) under Section 409A of the Code.
Further, the Corporation shall not be liable to the Participant for an inadvertent violation of
Section 409A of the Code.

SECTION 11. TERM OF PLAN The Plan shall terminate on May 31, 2007.

SECTION 12. DEFINITIONS As used in the Plan, the following terms shall have the meanings set forth
below:

(a) “Award” shall mean any award hereunder of Cash-Based Restricted Stock Units.

(b) “Board” shall mean the Board of Directors of the Corporation.

(c) “Cash-Based Restricted Stock Unit” shall mean a unit valued by reference to a designated number
of Shares representing a contractual right (subject to such restrictions and conditions as the
Committee may impose) to receive a cash payment upon settlement of such Award or portion thereof in
accordance with the terms of the Plan. Any payment by the Corporation in respect of such Unit will
be made in cash.

(d) “Change in Control”, “Good Reason”, and “Notice of Termination” shall have the same meanings as
those contained in the General Motors 2002 Annual Incentive Plan, as amended December 4, 2006.

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto, and any reference to any section of the Code shall also include any successor
provision thereto.

(f) “Committee” shall mean the Executive Compensation Committee of the Board or such other persons
or committee to whom it has delegated any authority, as may be appropriate.

(g) “Corporation” shall mean General Motors Corporation, a Delaware corporation.

(h) “Director” shall mean a member of the Board.

(i) “Effective Date” shall mean October 1, 2007, the date this Plan was last amended.

(j) “Employees” shall mean persons (A) who are employed by the Corporation or any Subsidiary (as
such term is defined herein), or (B) who accept (or previously have accepted) employment, at the
request of the Corporation, with any entity not described in (A) above but in which the Corporation
has, directly or indirectly, a substantial
ownership interest. The rights reserved herein shall, among other things, permit the Committee to
determine when, and to what extent, individuals otherwise eligible for consideration shall become
or cease to be, as the case may be, Employees for purposes of this Plan and to determine when, and
under what circumstances, any individual shall be considered to have terminated employment for
purposes of this Plan. To the extent determined by the Committee, the term Employees shall be
deemed to include former Employees and any beneficiaries thereof.

     The term “Employee” shall not include the following classes of individuals, regardless of
whether the individual is a common-law employee of the Corporation: (1) Any individual who provides
services to the Corporation where there is an agreement with a separate company under which the
services are provided. Such individuals are commonly referred to by the Corporation as “contract
employees”, “contract workers” or “bundled- services workers or employees”; (2) Any individual who
has signed an independent contractor agreement, consulting agreement, or other similar personal
service contract with the Corporation; (3) Any individual that the Corporation classifies as an
independent contractor, consultant, contract employee, contract worker, or bundled services worker
or employee during the period the individual is so classified by the Corporation.

(k) “Employer” shall mean as applicable to any Participant, the Corporation or Subsidiary that
employs the Participant

(l) “Fair Market Value” shall mean, with respect to Shares, as of any date, the average of the high
and low trading prices for the Shares as reported on the New York Stock Exchange Composite Tape for
that date or, if no such prices are reported for that date, the average of the high and low trading
prices on the immediately preceding date for which such prices were reported, unless otherwise
determined by the Committee.

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(m) “Participant” shall mean an Employee who is selected by the Committee or the Board from time to
time in their sole discretion to receive an Award under the Plan.

(n) “Person” shall mean any individual, corporation, partnership, association, limited liability
corporation, joint-stock corporation, trust, unincorporated organization or government or political
subdivision thereof, including any Employee or Participant of the Corporation and its Subsidiaries.

(o) “Shares” shall mean shares of GM Common Stock of the Corporation, $1 2/3 par value.

(p) “Subsidiary” shall mean (A) a corporation of which capital stock having ordinary voting power
to elect a majority of the board of directors of such corporation is owned, directly or indirectly,
by the Corporation or (B) any unincorporated entity in respect of which the Corporation can
exercise, directly or indirectly, comparable control.

(q) “Substitute Awards” shall mean Awards granted by the Corporation in assumption of, or in
substitution or exchange for, awards previously granted, or the right or obligation to make future
awards, by a corporation acquired by the Corporation or with which the Corporation combines.

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EXHIBIT
10(q)

GENERAL MOTORS CORPORATION 2007 Cash-Based Restricted Stock Unit Plan

As Amended October 1, 2007

SECTION 1. PURPOSE The purpose of the Amended General Motors Corporation 2007 Cash-Based Restricted
Stock Unit Plan (“the Plan”) is to provide incentives to Employees for the creation of stockholder
value through awards of Cash-Based Restricted Stock Units. The Corporation believes that these
incentives will stimulate the efforts of Employees toward the long-term success of the Corporation
and its Subsidiaries, as well as assist in the
recruitment of new Employees. Capitalized terms as used in the Plan shall have the definitions as
set forth in Section 12 of the Plan.

SECTION 2. ADMINISTRATION The Plan shall be administered by the Committee. The Committee shall have
full discretionary power and authority, subject to such orders or resolutions not inconsistent with
the provisions of the Plan as may from time to time be adopted by the Board, to (a) select the
Employees of the Corporation and its Subsidiaries to whom Awards may from time to time be granted
hereunder; (b) determine the number of Shares relating to each Award granted hereunder; (c)
determine the terms and conditions, not inconsistent with the provisions of the Plan, of any Award
granted hereunder; (d) determine whether, to what extent and under what circumstances Awards may be
canceled; (e) determine whether, to what extent, and under what circumstances payment with respect
to an Award shall be deferred by the Committee or at the election of the Participant in a manner
consistent with the General Motors Deferred Compensation Plan for Executive Employees and Section
409A of the Code; (f) interpret and administer the Plan and any instrument or agreement entered
into under the Plan; (g) establish such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; and (h) make any other determination
and take any other action that the Committee deems necessary or desirable for administration of the
Plan.

     The Committee may, in its sole discretion, and subject to the provisions of the Plan and
applicable law, from time to time delegate any or all of its authority to administer the Plan to
the Corporation’s Chief Executive Officer. The Chief Executive Officer may only grant Awards in
accordance with the terms established by the Committee.

     The decisions of the Committee shall be final, conclusive, and binding with respect to the
interpretation and administration of the Plan and any grant made under it. The Committee shall
make, in its sole discretion, all determinations arising in the administration, construction, or
interpretation of the Plan and Awards under the Plan, including the right to construe disputed or
doubtful Plan or Award terms and provisions, and any such determination shall be conclusive and
binding on all Persons.

     In the event of any merger, reorganization, consolidation, re-capitalization, stock dividend,
or other change in Corporate structure affecting the Corporation’s Shares the Committee shall,
consistent with Section 409A of the Code, make such adjustments in the aggregate number of Shares
underlying such awards outstanding under this Plan, the individual Award maximums, and the number
of units subject to Awards granted under this Plan (provided the number of units subject to any
Award shall always be a whole number), as may be determined to be appropriate by the Committee in
order to prevent unintended enhancement or diminution of the benefits to participants of Awards
hereunder, and any such adjustment may, in the sole discretion of the Committee, take the form of
Awards covering more than one class of General Motors capital stock.

SECTION 3. ELIGIBILITY Any Employee shall be eligible to be selected as a Participant. Substitute
Awards may be granted to any holder of an award granted by a company acquired by the Corporation or
with which the Corporation combines.

SECTION 4. CONDITIONS PRECEDENT Except for Awards that vest pursuant to Section 6 of this Plan or
Awards that vest pursuant to Section 5(c)(ii), settlement of any Award (or portion thereof) shall
be subject to the satisfaction of the following conditions precedent that such Participant: (i)
continue to render services as an Employee for a period of 12 months following the date of the
Award (unless this condition is waived by the Committee), (ii) refrain from engaging in any
activity which, in the opinion of the Committee, is competitive with any activity of the
Corporation or any Subsidiary (except that employment at the request of the Corporation with an
entity in which the Corporation has, directly or indirectly, a substantial ownership interest, or
other employment specifically approved by the Committee, shall not be considered to be an activity
which is competitive with any activity of the Corporation or any Subsidiary) and from otherwise
acting, either prior to or after termination of employment with the Corporation or any Subsidiary,
in any manner inimical or in any way contrary to the best interests of the Corporation, and (iii)
furnish to the Corporation such information with respect to the satisfaction of the foregoing
conditions precedent as the Committee or Corporation shall request. If the Committee shall
determine that such Participant has failed to satisfy any of the foregoing conditions precedent,
all Awards granted to such Participant shall be immediately canceled.

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     As used in this Section 4, the term Participant shall include the beneficiary or beneficiaries
designated by such Participant as provided in Section 10(b) hereof, or if no such designation of
any beneficiary or beneficiaries has been made, the Participant’s legal representative or other
person(s) entitled to any payment or benefit with respect to the Participant pursuant to this Plan.
As a further condition precedent to the vesting and settlement of all or any portion of an Award,
the Committee may, among other things, require a Participant to enter into such agreements as the
Committee considers appropriate and in the best interests of the Corporation.

SECTION 5. CASH-BASED RESTRICTED STOCK UNITS

(a) Any Award shall be subject to the following terms and conditions and to such other terms and
conditions as the Committee shall deem advisable or appropriate, consistent with the provisions of
the Plan as herein set forth.

(b) Cash-Based Restricted Stock Units shall be settled or paid as soon as practicable following the
vesting thereof, in an amount, for each Share underlying the portion of the Award so vesting, equal
to the Fair Market Value of such Share. Payments of Awards will be made solely in cash.

(c) Awards granted under this Plan shall, in addition to the other terms and conditions of the
Plan, be subject to the following provisions:

(i) Vesting. Except for Awards that vest pursuant to Section 6 of this Plan, or that vest
in the case of death, as set forth in Section 5(c)(ii)(B) below no portion of any Award
shall vest prior to the first anniversary date of the Award date (unless otherwise
established by the Committee or its delegate(s)). Unless the Committee shall establish a
shorter or longer vesting period or different vesting schedule, beginning on the first
anniversary date of the Award one-third of the Award will vest and be paid, on the second
anniversary date of the Award one-third of the original Award will vest and be paid, and on
the third anniversary date of the Award, the final one-third of the original Award will vest
and be paid provided that the Participant remains employed through the relevant anniversary
date.

(ii) Termination of Employment. If the Participant’s employment terminates for any reason
before an Award vests, the unvested portion of such Award then held by such Participant will
be terminated, except as follows:

(A) If a Participant retires from the Corporation at age 55 or older with ten
or more years of credited service (or equivalent normal retirement age in countries
outside the United States), subject to the other terms and conditions of the Plan,
payment of outstanding Award(s) shall be prorated based on the number of months
employed during the vesting period provided that such employee shall have remained
employed through December 31 of the year of grant and payment of such prorated Award
will be made in accordance with the original payment schedule set forth in such
Award.

(B) If a Participant’s employment is terminated by reason of death, all Awards shall
be prorated based on the number of months employed during the vesting period, and
cash will be delivered in payment of such prorated Award as promptly as is
practicable but not later than 90 days following death.

(C) If a Participant’s employment is terminated through a mutually satisfactory
release or other voluntary termination with the consent of the Corporation or
divestiture of a business unit in which the Participant is employed, provided that
such employee remain employed through the first anniversary date of grant, all
unvested Awards shall be prorated based on the number of months employed during the
vesting period, and payment of such prorated Award will be made in accordance with
the original payment schedule set forth in such Award.

(D) If a Participant becomes disabled or begins any other type of approved leave of
absence (excluding a leave for civilian local, state or federal governmental
service, in which case Awards will be forfeited), unvested Awards will continue to
vest and be paid in accordance with the original payment schedule set forth in such
Award while the Employee remains on the approved leave.

(iii) Specified Employees. Participants determined to be Specified Employees (as determined
by the Committee) shall not be entitled to be paid any portion of an Award payable on
account of a termination of employment until the expiration of six months from date of
termination (or, if earlier, death). The value of the Award(s) (without interest) shall be
payable on the first day of the seventh full month following termination.

Notwithstanding the foregoing provisions, the Committee may at any time determine
that Awards shall vest or terminate on the date of notice of employment termination,
or such later date, as it

2

 

may deem appropriate. In addition, the Committee may from
time to time determine in its discretion that Participants retiring from the
Corporation during specified time periods under specified circumstances may retain
some portion of those Awards granted in the year the retirement occurs,
and the Award shall vest and be paid n accordance with the original payment schedule
set forth in such Award.

SECTION 6. CHANGE IN CONTROL PROVISIONS

     Upon the occurrence of a Change in Control (as defined in Section 12(d)) and upon the
occurrence of a termination of a Participant’s employment by the Corporation (other than for gross
negligence or deliberate misconduct which demonstrably harms the Corporation) or termination of
employment by the participant for Good Reason within 36 months following the Change in Control:

(a) All unvested Awards shall be prorated based on the number of months employed during the vesting
period, and such prorated Awards shall vest and be paid in accordance with the original payment
schedule set forth in such Award.

(b) The preceding provisions of this Section 6 shall apply notwithstanding any other provision of
the Plan to the contrary, unless the Committee shall have expressly provided in any applicable
Award for different provisions to apply in the event of a Change in Control. For the avoidance of
doubt, any such different provisions may be more or less favorable to either of the parties to the
Award, but if the application of such different provisions is unclear, uncertain, or ambiguous, the
provisions of this Section 6 shall govern.

SECTION 7. AMENDMENTS AND TERMINATION The Board may amend, alter, suspend, discontinue, or
terminate the Plan or any portion thereof in a manner consistent with Section 409A of the Code at
any time provided, however that no such amendment, alteration, suspension, discontinuation or
termination shall be made without (a) stockholder approval if such approval is necessary to comply
with the rules of the New York Stock Exchange or (b) following a Change in Control, the consent of
the affected Participant, if such action would materially impair the rights of such Participant
under any outstanding Award.

     The Committee may amend the terms of any Award granted under the Plan, prospectively or
retroactively in a manner consistent with Section 409A of the Code, but following a Change in
Control, no such amendment shall materially impair the rights of any Participant without his or
her consent.

     The Committee may delegate to another committee, as it may appoint, the authority to take any
action consistent with the terms of the Plan, either before or after an Award has been granted,
which such other committee deems necessary or advisable to comply with any government laws or
regulatory requirements of a foreign country, including, but not limited to, modifying or amending
the terms and conditions governing any Awards or establishing any local country plans as sub-plans
to this Plan. In addition, under all circumstances, the Committee may make non-substantive
administrative changes to the Plan so as to conform with or take advantage of governmental
requirements, statutes or regulations.

SECTION 8. DIVIDEND EQUIVALENTS Subject to the provisions of the Plan, the recipient of an Award
will receive, at the time declared by the Corporation, cash payments in amounts equivalent to cash
or stock dividends on Shares underlying an Award.

     Except as specifically provided at the time of the Award grant, no holder of any Award shall
have any other rights of a stockholder with respect to Shares subject to the Award.

SECTION 9. RECOUPMENT OF INCENTIVE PAY Notwithstanding anything in this Plan to the contrary, any
Award made to a Participant under this Plan is subject to being called for repayment to the
Corporation in any situation where the Board of Directors or a committee thereof determines that
fraud, negligence, or intentional misconduct by the participant was a significant contributing
factor to the Corporation having to restate all or a portion of its financial statement(s). The
determination regarding Employee conduct and repayment under this provision shall be within the
sole discretion of the Committee and shall be final and binding on the Participant and the
Corporation.

SECTION 10. GENERAL PROVISIONS

(a) An Award may not be sold, exercised, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by will or by the laws of descent or distribution.

(b) A Participant holding an Award under this Plan may make a written designation of beneficiary or
beneficiaries on a form prescribed by and filed with the Secretary of the Committee. In the event
of the death or legal
incapacity of the Participant, such beneficiary or beneficiaries or, if no such designation of any
beneficiary or

3

 

beneficiaries has been made, the Participant’s legal representative(s) or such other
person(s) entitled thereto as determined by a court of competent jurisdiction, may receive payment,
in accordance with and subject to the provisions of Sections 5 or 8, respectively, pursuant to the
vesting of all or any portion of Award. A designation of beneficiary may be replaced by a new
designation or may be revoked by the Participant at any time.

(c) No Employee shall have the right to be selected to receive an Award under this Plan or, having
been so selected, to be selected to receive a future Award. Neither the Award nor any benefits
arising out of this Plan shall constitute part of a Participant’s employment or service contract
with the Corporation or any Subsidiary and, accordingly, this Plan and the benefits hereunder may
be terminated at any time in the sole discretion of the Corporation without giving rise to
liability on the part of the Corporation or any Subsidiary for severance payments. The Awards under
this Plan are not intended to be treated as compensation for any purpose under any other
Corporation plan.

(d) The prospective recipient of any Award under the Plan shall not, with respect to such Award, be
deemed to have become a Participant, or to have any rights with respect to such Award, until and
unless such recipient shall have accepted any Award. By accepting an Award pursuant to the Plan a
Participant accepts and agrees to all of the terms and provisions of this Plan. Unless
affirmatively rejected within [30] days of the date of grant, the Award will be deemed accepted.

(e) Nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an
employment or service contract or confer or be deemed to confer on any Employee or Participant any
right to continue in the employ or service of, or to continue any other relationship with, the
Corporation or any Subsidiary or limit in any way the right of the Corporation or any Subsidiary to
terminate an Employee’s employment or a Participant’s service at any time, with or without cause.

(f) No Award granted hereunder shall be construed as an offer by the Corporation to sell
securities of the Corporation.

(g) The Corporation and its Subsidiaries shall be authorized to withhold from any Award
granted or payment due under the Plan the amount of withholding taxes due in respect of an Award or
payment hereunder and to take such other action as may be necessary in the opinion of the
Corporation or its Subsidiaries to satisfy all obligations for the payment of such taxes.

(h) Nothing contained in the Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to stockholder approval if such approval is required; and such
arrangements may be either generally applicable or applicable only in specific cases.

(i) The provisions of the Plan shall be construed, regulated and administered according to the laws
of the State of Delaware without giving effect to principles of conflicts of law, except to the
extent superseded by any controlling Federal statute.

(j) If any provision of the Plan is or becomes or is deemed invalid, illegal or unenforceable in
any jurisdiction, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to applicable laws or if
it cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan, or violating Section 409A of the Code, it shall be stricken and
the remainder of the Plan shall remain in full force and effect.

(k) For purposes of vesting under this Plan, a qualifying leave of absence (excluding a leave for
civilian, local, state or federal governmental service,) shall not constitute a termination of
employment. If approved by the Committee in its sole discretion, a Participant’s absence or leave
because of military service, disability or other reason shall not be considered an interruption of
employment for purposes of vesting under the Plan.

(l) If the Corporation shall have any unpaid claim against the Participant arising out of or in
connection with such Participant’s employment with the Corporation, such claim may be offset
against Awards under this Plan in an amount up to $5,000 a year. Such claim may include, but is
not limited to, unpaid taxes, or corporate business credit card charges.

(m) Notwithstanding any provision of this Plan, no Plan provisions will be allowed or implemented
against any individual Plan Participant if they would cause such otherwise eligible Plan
Participant to be subject to tax (including interest and penalties) under Section 409A of the Code.
Further, the Corporation shall not be liable to a Participant for an inadvertent violation of
Section 409A of the Code.

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SECTION 11. TERM OF PLAN The Plan shall terminate on May 31, 2012.

SECTION 12. DEFINITIONS As used in the Plan, the following terms shall have the meanings set forth
below:

(a) “Award” shall mean any award hereunder of Cash-Based Restricted Stock Units.

(b) “Board” shall mean the Board of Directors of the Corporation.

(c) “Cash-Based Restricted Stock Unit” shall mean a unit valued by reference to a designated number
of Shares representing a contractual right (subject to such restrictions and conditions as the
Committee may impose) to receive a cash payment upon settlement of such Award or portion thereof in
accordance with the terms of the Plan. Any payment by the Corporation in respect of such Unit will
be made in cash.

(d) “Change in Control”, “Good Reason”, and “Notice of Termination” shall have the same meanings as
those contained in the General Motors 2007 Annual Incentive Plan.

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto, and any reference to any section of the Code shall also include any successor
provision thereto.

(f) “Committee” shall mean the Executive Compensation Committee of the Board or such other persons
or committee to whom it has delegated any authority, as may be appropriate.

(g) “Corporation” shall mean General Motors Corporation, a Delaware corporation.

(h) “Director” shall mean a member of the Board.

(i) “Effective Date” shall mean January 1, 2008.

(j) “Employees” shall mean persons (A) who are employed by the Corporation or any Subsidiary (as
such term is defined herein), or (B) who accept (or previously have accepted) employment, at the
request of the Corporation, with any entity not described in (A) above but in which the Corporation
has, directly or indirectly, a substantial ownership interest. The rights reserved herein shall,
among other things, permit the Committee to determine when, and to what extent, individuals
otherwise eligible for consideration shall become or cease to be, as the case may be, Employees for
purposes of this Plan and to determine when, and under what circumstances, any individual shall be
considered to have terminated employment for purposes of this Plan. To the extent determined by the
Committee, the term Employees shall be deemed to include former Employees and any beneficiaries
thereof.

     The term “Employee” shall not include the following classes of individuals, regardless of
whether the individual is a common-law employee of the Corporation: (1) Any individual who provides
services to the Corporation where there is an agreement with a separate company under which the
services are provided. Such individuals are commonly referred to by the Corporation as “contract
employees”, “contract workers” or “bundled- services workers or employees”; (2) Any individual who
has signed an independent contractor agreement, consulting agreement, or other similar personal
service contract with the Corporation; (3) Any individual that the Corporation classifies as an
independent contractor, consultant, contract employee, contract worker, or bundled services worker
or employee during the period the individual is so classified by the Corporation.

(k) “Employer” shall mean as applicable to any Participant, the Corporation or Subsidiary that
employs the Participant

(l) “Fair Market Value” shall mean, with respect to Shares, as of any date, the average of the high
and low trading prices for the Shares as reported on the New York Stock Exchange Composite Tape for
that date or, if no such prices are reported for that date, the average of the high and low trading
prices on the immediately preceding date for which such prices were reported, unless otherwise
determined by the Committee.

(m) “Participant” shall mean an Employee who is selected by the Committee or the Board from time to
time in their sole discretion to receive an Award under the Plan.

(n) “Person” shall mean any individual, corporation, partnership, association, limited liability
corporation, joint-stock corporation, trust, unincorporated organization or government or political
subdivision thereof, including any Employee or Participant of the Corporation and its Subsidiaries.

(o) “Shares” shall mean shares of GM Common Stock of the Corporation, $1 2/3 par value.

5

 

(p) “Subsidiary” shall mean (A) a corporation of which capital stock having ordinary voting power
to elect a majority of the board of directors of such corporation is owned, directly or indirectly,
by the Corporation or (B) any unincorporated entity in respect of which the Corporation can
exercise, directly or indirectly, comparable control.

(q) “Substitute Awards” shall mean Awards granted by the Corporation in assumption of, or in
substitution or exchange for, awards previously granted, or the right or obligation to make future
awards, by a corporation acquired by the Corporation or with which the Corporation combines.

6

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