Document:

General Motors Executive Retirement Plan

 Exhibit 10.20 

 

 

  
 GENERAL MOTORS LLC 

General Motors 

Executive Retirement Plan 

With Modifications through August 2, 2010 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 The Executive Retirement Plan (ERP) is an unfunded, nonqualified deferred compensation
plan. The Plan is structured to qualify for certain exemptions from the eligibility, funding and other requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, further, ERP benefits are computed without regard to compensation
limits imposed under the Internal Revenue Code. 
 Article I. Purpose; Administration; and Effective Date 

Article I, Section I. Purpose of the Plan 

The purpose of the General Motors Executive Retirement Plan (the Plan) is to help provide eligible retiring salaried executive employees
of General Motors LLC (“the Company”), and certain executive employees of Promark, GM Global Steering Holdings LLC, and GM Components Holdings, an overall level of monthly retirement benefits, or lump sum distributions of account balances,
which are competitive with the benefits provided executives retiring from other major U.S. industrial companies. The Company, Promark, GM Global Steering Holdings LLC, and GM Components Holdings are collectively referred to as “GM.”
“Promark” and “GMAM” are used interchangeably. The monthly retirement benefits determined under the tax-qualified General Motors Retirement Program for Salaried Employees (hereinafter referred to as the “Retirement
Program”), or account balances determined under the tax-qualified Savings-Stock Purchase Program (hereinafter referred to as the “S-SPP”), plus any benefits payable under certain other GM-provided benefit programs, may be supplemented
by benefits provided under the formulas of this Plan. It is intended that this Plan, in relevant part, qualify as an “excess benefit plan” under Section 3(36) of ERISA and, in relevant part, as a plan “providing deferred
compensation for a select group of management or highly compensated employees” under Section 201(2) of ERISA. 
  

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 Article I, Section I 

The Plan also provides benefits, but only to the extent required pursuant to (1) the Amended and Restated Master Sale and Purchase
Agreement, dated as of June 26, 2009 (as amended, the “Purchase Agreement”), and (2) the Order (I) Authorizing Sale of Assets Pursuant to Amended and Restated Master Purchase Agreement with NGMCO, Inc., a U.S.
Treasury-Sponsored Purchaser; (II) Authorizing Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection with the Sale; and (III) Granting Related Relief, entered on July 5, 2009 (D.I. 2968) (the
“Sale Order”), to certain individuals who were never Company employees but who retired from General Motors Corporation (hereinafter referred to as the “Corporation”), General Motors Acceptance Corporation (GMAC) and
Promark, formerly known as General Motors Asset Management (GMAM) (hereinafter referred to collectively as the “Corporation and its Related Companies”). 

 

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 Article I, Section II. Administration of the Plan 

 

	 	(a)	This Plan shall at all times be maintained, considered, and administered as a non-qualified plan that is wholly separate and distinct from the Retirement Program and
the S-SPP. 

  

	 	(b)	Benefits under this Plan are not guaranteed. 

  

	 	(c)	The Company is the Plan Administrator. The Plan Administrator has discretionary authority to construe, interpret, apply, and administer the Plan and serves as the first
step of the Plan appeal process. Any and all decisions of the Plan Administrator as to interpretation or application of this Plan shall be given full force and effect unless it is proven that the interpretation or determination was arbitrary and
capricious. 

  

	 	(d)	The Plan Administrator shall have the full power to engage and employ such legal, actuarial, auditing, tax, and other such agents, as it shall, in its sole discretion,
deem to be in the best interest of the Company, the Plan, and its participants and beneficiaries. 

  

	 	(e)	The expenses of administering this Plan are borne by the Company and are not charged against its participants and beneficiaries. 

 

	 	(f)	Various aspects of Plan administration have been delegated to the Plan recordkeeper selected by the Plan Administrator. In carrying out its delegated responsibilities,
the Plan recordkeeper shall have discretionary authority to construe, interpret, apply, and administer the Plan provisions. The discretionary authority delegated to the Plan recordkeeper shall, however, be limited to the Plan terms relevant to its
delegated responsibilities and shall not permit the Plan recordkeeper to render a determination or to make any representation concerning benefits which are not provided by the express terms of the Plan. The Plan recordkeeper’s actions shall be
given full force and effect unless determined by the Plan Administrator to be contrary to the Plan provisions or arbitrary and capricious. 

  

	 	(g)	For purposes of the Plan, a Plan Year shall mean the 12-month period beginning January 1 and ending December 31. 

 

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 Article I, Section III. Effective Date 

The Corporation established the Supplemental Executive Retirement Program (“SERP”) under Article II of this Plan effective
December 1, 1985. The Plan had been amended from time to time prior to the Company becoming the sponsor of it. Effective January 1, 2007, the name of the Plan was changed from the SERP to the “Executive Retirement Plan (ERP)”.
The terms and conditions of the ERP are set forth in Article II. ERP benefits for service through December 31, 2006 were frozen as described in Article II, Section II and Section III and new benefit formulas for service on and after
January 1, 2007 were adopted, as described in Article II, Section IV and Section V. In addition, effective January 1, 2007, the Benefit Equalization Plan (BEP) was merged into this Plan, the terms and conditions of which are set forth
in Article III. 
 The Company became the sponsor of the Plan, subject to the conditions and releases identified in the
Purchase Agreement and Sale Order. 
  

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 Article I, Section IV. Individuals Not Eligible; Suspensions; and Normal Retirement Age 

  

	 	(a)	The following classes of individuals are ineligible to participate in the Plan regardless of any other Plan terms to the contrary, and regardless of whether the
individual is or was a common-law employee of the GM or the Corporation and its Related Companies: 

  

	 	(1)	Any individual who provides services to GM or the Corporation and its Related Companies where there is an agreement with a separate company under which the services are
provided. Such individuals are commonly referred to by the Company as “contract employees” or “bundled-services employees;” 

  

	 	(2)	Any individual who has signed an independent contractor agreement, consulting agreement, or other similar personal services contract with GM or the Corporation and its
Related Companies, and; 

  

	 	(3)	Any individual that the Company, in good faith, classifies as an independent contractor, consultant, contract employee, or bundled-services employee during the period
the individual is so classified by the Company. 

 The purpose of Section IV (a) is to exclude from
participation in the Plan all persons who actually may be common-law employees of GM or the Corporation and its Related Companies, but are not paid as though they are employees of such company regardless of the reason they are excluded from the
payroll, and regardless of whether the exclusion is correct. 
  

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 Article I, Section IV. (b) 

 

	 	(b)	Notwithstanding the provisions of this Section IV, vested benefits will be suspended or forfeited if an executive employee, retired executive employee, or retired
eligible employee, if any, does not satisfy the conditions precedent that such employee: (i) refrain from engaging in any activity which, in the opinion of the Executive Compensation Committee of the General Motors Company Board of Directors,
is in any manner inimical or in any way contrary to the best interests of the Company, (ii) will not, for a period of 12 months following any termination of employment, directly or indirectly, knowingly induce any employee or employee of an
affiliate of the Company to leave their employment for participation, directly or indirectly, with any existing or future business venture associated with such individual, and (iii) furnish to the Company such information with respect to the
satisfaction of the foregoing conditions precedent as the Committee shall reasonably request. 

  

	 	(c)	Normal Retirement Age (NRA) is 65. 

  

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 Article II. Executive Retirement Plan 

Article II, Section I. Eligibility and Vesting 
  

	 	(a)	Date of vesting is the first date the employee satisfies the requirements set forth in Section I (b), (c) and (d), respectively. 

 

	 	(b)	To be eligible for a vested benefit under Section II or III of this Article, payable upon separation from service, an executive employee must meet the following
requirements: 

  

	 	(1)	Be a Regular Active or Flexible Service U.S. executive employee of the Corporation or GMAM or U.S. International Service Personnel executive employee as of
December 31, 2006 (appointments on or after January 1, 2007 are ineligible for benefits under Section II or III) or be a Regular Active or Flexible Service U.S. executive employee of GMAC or U.S. International Service Personnel executive
employee of GMAC as of November 30, 2006 (appointments on or after December 1, 2006 are ineligible for benefits under Section II or III); and 

  

	 	(2)	As of the date of vesting, be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation and its Related Companies or U.S. International
Service Personnel executive employee; and 

  

	 	(3)	As of the date of vesting, have at least 10 years of combined Part B Retirement Program credited service, Part C Retirement Program credited service and credited
service as determined under the Retirement Program accrued on and after January 1, 2007; and 

  

	 	(4)	As of the date of vesting, be at least 55 years old. 

  

	 	(c)	To be eligible for a vested benefit under Section IV of this Article, payable upon separation from service, an employee must meet the following requirements:

  

	 	(1)	Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee on or after
January 1, 2007 with a length of service date prior to January 1, 2001; and 

  

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 Article II, Section I. (c) (2) 

 

	 	(2)	As of the date of vesting, be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive
employee; and 

  

	 	(3)	As of the date of vesting, have at least 10 years of combined Part B Retirement Program credited service and credited service as determined under the Retirement
Program accrued on and after January 1, 2007; and 

  

	 	(4)	As of the date of vesting, be at least 55 years old. 

  

	 	(d)	To be eligible for a vested benefit under Section V of this Article, payable upon separation from service, an employee must meet the following requirements:

  

	 	(1)	Be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive employee on or after
January 1, 2007 with a length of service date on or after January 1, 2001; and 

  

	 	(2)	As of the date of vesting, be a Regular Active or Flexible Service U.S. executive employee of GM or the Corporation or U.S. International Service Personnel executive
employee; and 

  

	 	(3)	As of the date of vesting, have at least 10 years of combined Part C Retirement Program credited service and S-SPP credited service accrued on and after
January 1, 2007; and 

  

	 	(4)	As of the date of vesting, be at least 55 years old. 

  

	 	(e)	Eligible executives will be vested in any frozen SERP and/or ERP benefits under this Article II upon their attainment of age 55 with a minimum of 10 years’
credited service where credited service is defined as: 

  

	 	(1)	A combination of Part B credited service (as defined in the Retirement Program) plus credited service in the Retirement Program on and after January 1, 2007,
or a combination of Part C credited service (as defined in the Retirement Program) plus S-SPP credited service for service on and after January 1, 2007. 

  

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 Article II, Section I. (f) 

 

	 	(f)	General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status may be eligible for
benefits under Section II, IV or V if they meet all eligibility requirements, but are not eligible for benefits under the frozen Alternative SERP formula described in Section III. 

 

	 	(g)	Nothing in this Article II, Section I (a) through (f) is intended to render “ineligible” any participant who was qualified, eligible, and receiving
benefits as of July 10 to participate in the Plan. Nothing this Article II, Section 1 is intended to render “eligible” any participant who was not qualified or eligible to participate in the Plan as of July 10, 2009.

  

	 	(h)	Notwithstanding the above, to be eligible for a benefit under Section II or III of this Article (without regard to the benefit formulas of the Delphi plan), payable
upon separation from service, an executive employee of GM Global Steering Holdings LLC or GM Components Holdings must: 

  

	 	(1)	Be a Regular Active or Flexible Service U.S. executive employee of GM or U.S. International Service Personnel executive employee of GM as of October 7, 2009; and

  

	 	(2)	As of date of vesting, be a Regular Active or Flexible Service U.S. executive employee of Delphi or GM (including their wholly owned subsidiaries), or U.S.
International Service Personnel executive employee of Delphi or GM; and 

  

	 	(3)	Be employed by Delphi as of October 6, 2009 and been eligible to retain a frozen Delphi SERP benefit had the executive remained at Delphi; and

  

	 	(4)	Be a U.S. executive employee of Delphi as of December 31, 2006; and 

  

	 	(5)	Be vested at age 55 or older with at least 10 years of service (including Delphi service) at the time service ends. In case of the sale of an operation, service shall
end on the closing date of the sale of the operation at which an executive works. In the case of the sale of an operation, eligibility is determined on the date of the sale. Age, service, and accruals end on the closing date of the sale.

  

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 Article II, Section II. Calculation of Regular Formula SERP Benefits for Credited Service Accrued
Prior to January 1, 2007 
  

	 	(a)	Regular Formula SERP benefits determined under this Section II as in effect prior to January 1, 2007, shall be frozen as of December 31, 2006. The amount of
the frozen Regular Formula SERP benefits shall be calculated using the following factors: 

  

	 	(1)	Part B or Part C Retirement Program credited service accrued as of December 31, 2006. 

 

	 	(2)	Average monthly base salary for the highest 60 of the 120 months immediately preceding January 1, 2007, as described in Article II, Section II (f).

  

	 	(3)	The sum of all frozen accrued monthly benefits determined under the Retirement Program as of December 31, 2006, prior to reduction for the cost of any survivor
coverage. 

  

	 	(4)	Two percent (2%) of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of actual receipt) multiplied by the executive’s years of
Part A or Part C credited service, determined as of December 31, 2006, under the Retirement Program. 

  

	 	(b)	Regular Formula SERP benefits under this Article II, Section II shall be determined for all executive employees on the active rolls as of December 31, 2006. Those
appointed to executive positions on or after January 1, 2007 are ineligible for SERP benefits under this Section. 

  

	 	(c)	Executives must meet the eligibility and vesting requirements as set forth in Article II, Section I to be eligible for SERP benefits under this Article II,
Section II. 

  

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 Article II, Section II. (d) 

 

	 	(d)	The frozen monthly benefit determined under this Article II, Section II shall be an amount equal to two percent (2%) of average monthly base salary for the highest
60 of the 120 months immediately preceding January 1, 2007 (as described in Article II, Section II (f) below), multiplied by the years of credited service, determined as of December 31, 2006, used to determine the frozen Part B
Supplementary benefit or the frozen benefit under the Account Balance Plan feature under Part C under the Retirement Program (hereinafter referred to as the “ABP”), less the sum of (1) all frozen accrued monthly benefits determined
under the Retirement Program, prior to reduction for the cost of any survivor coverage, and BEP (if any), including the annuitized value of the frozen accrued ABP benefit (as described in Article II, Section II (g) below), (2) two percent
(2%) of the monthly maximum Primary Social Security benefit payable in 2007 (regardless of actual receipt) multiplied by the executive’s years of Part A or Part C credited service, determined as of December 31, 2006, under the
Retirement Program, and (3) any benefits payable under certain other GM-provided benefit programs, such as Extended Disability Benefits. 

  

	 	(e)	The “Special Benefit” provided under the GM Health Care Program is not taken into account in determining the amount of any monthly SERP benefit payable under
this Article II, Section II. 

  

	 	(f)	For purposes of this Article II, Section II, average monthly base salary means the monthly average of base salary for the highest 60 of the 120 months immediately
preceding January 1, 2007. For executives with less than 60 months of base salary history prior to January 1, 2007, the executive’s starting monthly base salary will be imputed for the number of months less than 60.

  

	 	(g)	For purposes of determining the SERP benefits under this Article II, Section II for executives with a length of service date on and after January 1, 2001 who
participate in the ABP, the frozen ABP amount accrued as of December 31, 2006 shall be converted to an annuity for the purpose of offsetting this amount from the target SERP using the following methodology: 

 

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 Article II, Section II. (g) (1) 

 

	 	(1)	First, credit the December 31, 2006 ABP account balance with interest credits until Normal Retirement Age (age 65) using the ABP crediting rate in effect as of
December 31, 2006 to calculate a projected lump sum value at NRA. 

  

	 	(2)	Second, convert the amount determined under (1) above to an annuity using the Retirement Program mortality table and the same ABP crediting rate used in Article
II, Section II (g) (1) above as the discount rate. 

  

	 	a)	Both the mortality table and the crediting rate will be those that were in effect under the Retirement Program as of December 31, 2006. 

 

	 	(3)	Third, offset target frozen SERP with the annuitized amount determined under (2) above. 

 

	 	(h)	For purposes of calculating the SERP benefits under this Article II, Section II, the SERP benefit amounts will not be increased due to any election regarding
commencement of Retirement Program benefits on a reduced for early receipt basis. 

  

	 	(i)	The monthly Social Security offset amount used in paragraph (d) of this Section shall be based upon the maximum 2007 monthly Primary Social Security benefit,
regardless of the executive’s age as of January 1, 2007 or availability to him/her of a U. S. Social Security benefit. This Social Security offset amount shall not be changed for any subsequent Social Security increase.

  

	 	(j)	Any post-retirement increase under the Retirement Program does not reduce any monthly benefit payable under this Plan. For purposes of this subsection, adjustments to
the IRC Section 415 limits are not considered post-retirement increases. 

  

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 Article II, Section III. Calculation of Alternative Formula SERP Benefits for Credited Service
Accrued Prior to January 1, 2007 
  

	 	(a)	Alternative Formula SERP benefits determined under this Article II, Section III as in effect prior to January 1, 2007, shall be frozen as of December 31,
2006. The amount of the frozen benefits shall be calculated using the following factors: 

  

	 	(1)	Part B or Part C Retirement Program credited service accrued as of December 31, 2006 (maximum 35 years). 

 

	 	(2)	Average total direct compensation is the total of: 

  

	 	a)	Average monthly base salary for the highest 60 of the 120 months immediately preceding January 1, 2007, as described in Article II, Section III
(g) below, plus 

  

	 	b)	Average monthly incentive compensation determined by dividing the total of the highest five of the ten years of annual incentive awards received for the period
1997 through 2006, as described in Article II, Section III (h) below, by 60. 

  

	 	(3)	The sum of all frozen accrued monthly benefits determined under the Retirement Program as of December 31, 2006, prior to reduction for the cost of any survivor
coverage. 

  

	 	(4)	One hundred percent (100%) of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of actual receipt). 

 

	 	(b)	Alternative Formula SERP benefits under this Article II, Section IIl shall be determined for all executive employees on the active rolls as of December 31, 2006.
Those appointed to executive positions on or after January 1, 2007 are ineligible for frozen Alternative Formula SERP benefits. 

  

	 	(c)	Executives must meet the eligibility and vesting requirements as set forth in Article II, Section I to be eligible for SERP benefits under this Article II,
Section III. 

  

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 Article II, Section III. (d) 

 

	 	(d)	The frozen monthly benefit determined under this Article II, Section IIl for an eligible retiring executive shall be the greater of the monthly benefit, if any,
determined under either (1) the formula set forth in this Article II Section IIl or (2) the formula described in Article II, Section II. 

  

	 	(e)	The frozen monthly benefit determined under this Article II, Section III will equal 1.5% of average total direct compensation (monthly base salary plus average monthly
annual incentive compensation, as defined in Article II, Section III (g) and Article II, Section III (h) below), multiplied by the executive’s years of credited service (35-year maximum), determined as of December 31, 2006, used
to determine the frozen Part B Supplementary benefits or the frozen ABP benefits, less the sum of (1) all frozen accrued monthly benefits determined under the Retirement Program, prior to reduction for the cost of any survivor coverage, and BEP
(if any), including the annuitized value of any frozen accrued ABP benefit, (as described in Article II, Section III (i) below), (2) 100% of the maximum monthly Primary Social Security benefit payable in 2007 (regardless of
executive’s age in January 2007 or availability to him/her of a U.S. Social Security benefit), and (3) any benefits payable under certain other GM-provided programs, such as Extended Disability. 

 

	 	(f)	The “Special Benefit” provided under the GM Health Care Program is not taken into account in determining the amount of any monthly benefits payable under this
Article II, Section III. 

  

	 	(g)	For purposes of this Article II, Section III, average monthly base salary means the monthly average of base salary for the highest 60 of the 120 months immediately
preceding January 1, 2007. For executives with less than 60 months of base salary history prior to January 1, 2007, the executive’s starting monthly base salary will be imputed for the number of months less than 60.

  

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 Article II, Section III. (h) 

 

	 	(h)	For purposes of this Article II, Section III, average monthly incentive compensation means an amount determined by dividing the total of the highest five of the
ten years of annual incentive awards received for the period 1997 through 2006, by 60. For executives with less than five years of service as of December 31, 2006 or those appointed to executive status within the last five years, the
average of annual incentive compensation awards paid for service through December 31, 2006 divided by the number of years since date of hire or date of appointment to December 31, 2006 shall be imputed for the number of years less than
five. Each annual incentive award amount is the final award amount related to the performance period year for which it was awarded. For purposes of clarity, “annual incentive awards” means those payments under the Annual Incentive Plan.
Moreover, neither Stock Performance Program awards, Stock Incentive Plan grants, Cash-Based Restricted Stock Unit awards nor any other form of incentive payment, are eligible for inclusion in determining a benefit under this Article II, Section III.
Non-consecutive years within the 1997 through 2006 period may be used for determining the blended amount of average monthly (1) base salary, and (2) incentive compensation. 

 

	 	(i)	For purposes of calculating the benefits under this Article II, Section III for executives with a length of service date on and after January 1, 2001 who
participate in the ABP, the frozen ABP account balance accrued as of December 31, 2006 shall be converted to an annuity for the purpose of offsetting this amount from the frozen target Alternative Formula SERP using the following methodology:

  

	 	(1)	First, credit the December 31, 2006 ABP account balance with interest credits until Normal Retirement Age (age 65) using the ABP crediting rate in effect as of
December 31, 2006 to calculate a projected lump sum value at NRA. 

  

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 Article II, Section III. (i) (2) 

 

	 	(2)	Second, convert the amount determined under (1) above to an annuity using the Retirement Program mortality table and the same ABP crediting rate used in Article
II, Section II (g) (1) as the discount rate. 

  

	 	a)	Both the mortality table and the crediting rate will be those that were in effect under the Retirement Program as of December 31, 2006. 

 

	 	(3)	Third, offset frozen target Alternative Formula SERP with the amount determined under (2) above. 

 

	 	(j)	For purposes of calculating the SERP benefits under this Article II, Section III, the SERP benefit amounts will not be increased due to any election regarding
commencement of Retirement Program benefits on a reduced for early receipt basis. 

  

	 	(k)	The monthly Social Security offset amount used in paragraph (e) of this Section shall be based upon the maximum 2007 Primary Social Security benefit, regardless of
the executive’s age as of January 1, 2007 or availability to him/her of a U. S. Social Security benefit. This Social Security offset amount shall not be changed for any subsequent Social Security increase. 

 

	 	(l)	Any post-retirement increase under the Retirement Program does not reduce any monthly frozen Alternative Formula benefit that may become payable. For purposes of this
subsection, adjustments to the IRC Section 415 limits are not considered post-retirement increases. 

  

	 	(m)	General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for
benefits under this Article II, Section III. 

  

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 Article II, Section IV. Calculation of 1.25% Career Average Pay Benefits for Credited Service
Accrued on and after January 1, 2007 for Executives With a Length of Service date Prior to January 1, 2001 
  

	 	(a)	Effective for service on and after January 1, 2007, ERP benefits under this Article II, Section IV for GM or Corporation Regular Active or Flexible Service
U.S. executives, or U. S. International Service Personnel executives, with a length of service date prior to January 1, 2001 will be calculated using a 1.25% Career Average Pay formula as set forth in this Article II, Section IV.

  

	 	(b)	To be eligible for a 1.25% Career Average Pay ERP Benefit, an executive employee must: 

 

	 	(1)	Be a GM or Corporation Regular Active or Flexible Service U.S. executive, or U.S. International Service Personnel executive, on and after January 1, 2007 with a
length of service date prior to January 1, 2001; and 

  

	 	(2)	Be at work for GM or the Corporation on or after January 1, 2007; and 

 

	 	(3)	Meet the eligibility and vesting requirements as set forth in Article II, Section I. 

 

	 	(c)	Eligible executives will accrue benefits under this Article II, Section IV with respect to actual base salary and either Annual Incentive Plan or Short Term Incentive
Plan final awards received while an executive for service on and after January 1, 2007 equal to 1.25% of the total of base salary plus either Annual Incentive Plan or Short Term Incentive Plan final awards received in excess of the compensation
limit under IRC 401(a)(17) in effect for the Retirement Program. As benefits are specified on a career average pay basis, subsequent base salary increases will not impact the value of previously accrued benefits. 

 

	 	(1)	Annual Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2007 and ending before
2010. Short Term Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2010. 

  

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 Article II, Section IV. (c) (2) 

 

	 	(2)	Pro-rata Annual Incentive Plan or Short Term Incentive Plan final awards attributable to the year of retirement will not be used in the calculation of benefits under
this Section. 

  

	 	(3)	General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for
1.25% Career Average Pay ERP benefits calculated with respect to annual incentive compensation. 

  

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 Article II, Section V. Calculation of 4% Defined Contribution Benefits for Credited Service
Accrued on and after January 1, 2007 for Executives With a Length of Service Date on or After January 1, 2001 
  

	 	(a)	Effective for service on and after January 1, 2007, ERP benefits under this Article II, Section V for GM and Corporation Regular Active or Flexible Service
U.S. executives, or U.S. International Service Personnel executives, with a length of service date on and after January 1, 2001 will be accumulated using a 4% defined contribution formula. 

 

	 	(b)	To be eligible for the 4% defined contribution benefits under this Section, an executive employee must: 

 

	 	(1)	Be a GM or Corporation Regular Active or Flexible Service U.S. executive, or U.S. International Service Personnel executive, with a length of service date on or after
January 1, 2001; and 

  

	 	(2)	Be at work for GM or the Corporation on or after January 1, 2007; and 

 

	 	(3)	Meet the eligibility and vesting requirements as set forth in Article II, Section I. 

 

	 	(c)	Eligible executives with a length of service date on and after January 1, 2001 will accrue benefits under this Article II, Section V with respect to actual base
salary and either Annual Incentive Plan or Short Term Incentive Plan final awards received while an executive for service on and after January 1, 2007 equal to 4% of the total of base salary plus either Annual Incentive Plan or Short Term
Incentive Plan final awards received in excess of the annual compensation limit under IRC 401(a)(17) in effect for the S-SPP. Once the total of base salary and either eligible Annual Incentive Plan or Short Term Incentive Plan final awards received
in any Plan Year exceed the compensation limit under IRC 401(a)(17) in effect for the S-SPP for that year, notional contributions shall be allocated each pay period into an unfunded defined contribution account maintained for each eligible executive
on a book reserve basis. 

  

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 Article II, Section V. (c) (1) 

 

	 	(1)	Annual Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2007 and ending before
2010. Short Term Incentive Plan final awards shall include only those paid with respect to performance periods commencing on and after January 1, 2010. 

 

	 	(2)	Pro-rata Annual Incentive Plan or Short Term Incentive Plan final awards attributable to the year of retirement will not be used in the calculation of benefits under
this Section. 

  

	 	(3)	General Motors Asset Management executives who on or after August 4, 2003 are transferred to GMAM or hired or promoted into executive status are ineligible for the
4% benefits calculated with respect to annual incentive compensation. 

  

	 	(d)	The individual amounts for each eligible executive shall be an unfunded, notional defined contribution account that will be credited with earnings based on investment
options as selected by the executive from the list below: 

  

	 	(1)	Promark Income Fund 

  

	 	(2)	Pyramis Strategic Balanced Commingled Pool 

  

	 	(3)	SSgA Large Cap Index 

  

	 	(4)	Fidelity Emerging Markets Fund 

  

	 	(5)	Fidelity Contrafund 

  

	 	(6)	Fidelity Diversified International Fund 

Until such time as the executive makes an eligible investment choice, the executive’s account will be credited with earnings based on
the Pyramis Strategic Balanced Commingled Pool. In the event any of the listed funds are discontinued, absent an election by the executive (if any), the notional amounts in such funds will be transferred to other funds designated by the Plan
Administrator. 
  

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EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. Payment of Benefits 

 

	 	(a)	Payment of benefits determined pursuant to Article II, Section II, III, IV or V of this Plan, are payable in accordance with the provisions of Article II, Section VI
(c) below effective the first day of the month following the employee’s separation from service. 

  

	 	(1)	In the event of disability, as defined under IRC Section 409A, payment of benefits will commence from the first day of the month following twelve months of a
Company approved disability leave of absence. 

  

	 	(2)	Payment of benefits will commence not later than 90 days following separation from service or termination of disability leave of absence. 

 

	 	(3)	In the case where a separate legal entity (e.g. a wholly owned subsidiary) is sold and an eligible employee remains employed with the entity, payment of vested Plan
benefits shall begin only when such employee terminates employment from the sold entity. 

  

	 	(4)	In the case where an eligible employee works for an operation that is not a separate legal entity (e.g., a plant), and such operation is sold and the employee remains
employed at such operation, payment of vested Plan benefits shall begin following the date of sale. 

  

	 	(b)	Prior to an eligible employee’s separation from service, at the discretion of the Plan Administrator, the payment of benefits under this Article II may be reduced,
in an amount up to $5,000 per year, as repayment of amounts that such eligible employee owes GM or any subsidiary, for any reason, including but not limited to benefit overpayments, wage overpayments, and amounts due under all incentive compensation
plans. Following an eligible employee’s separation from service, there shall be no limitation to the amount benefits may be reduced. The eligible employee will be relieved of liability in the amount of the reduction. 

 

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 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. (c) 

 

	 	(c)	Prior to payment, all vested Plan benefits, including any frozen SERP benefits, if applicable, will be converted to a five year monthly annuity form of payment.

  

	 	(1)	For retirements or death in service at or after age 60, the monthly value of benefits under the Plan shall be unreduced for early age receipt. 

 

	 	(2)	For retirements commencing at age 55 to age 59 and 11 months, or death in service at or after age 55 and prior to age 60, the monthly value of any Plan benefits
determined under Article II, Section IV, and any frozen SERP benefits determined under Article II, Section II or III for executives with a length of service date prior to January 1, 2001, shall be reduced for early age receipt prior to
conversion to a five year monthly annuity form of payment. The defined contribution individual account plan benefits under Article II, Section V for executives with a length of service date on or after January 1, 2001 will be converted to a
five year monthly annuity form of payment without applying an early age reduction. 

  

 23 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. (c) (3) 

 

	 	(3)	In the event of disability as defined in Article II, Section VI (a) (1) above, the monthly value of benefits under Article II of this Plan shall be unreduced
for early age receipt and converted to a five year monthly annuity using the following methodology: 

  

	 	a)	First, offset the lifetime monthly annuity value of benefits under this Article II by the amount of any Extended Disability Benefits (EDB) payable to age 65 to
determine the amount of monthly ERP and frozen SERP payable to age 65, if any. 

  

	 	1)	For this purpose, the conversion of any Article II, Section V ERP to a lifetime monthly annuity will use the discount rate specified in Article II, Section VI
(c) (5) below in effect at the date of total and permanent disability retirement. 

  

	 	b)	Second, convert the monthly value of benefits determined in Article II, Section VI (c) (3) a) above to a five year monthly annuity using age at effective
date of total and permanent disability retirement. 

  

	 	c)	Third, convert the lifetime monthly annuity value of benefits under this Article II payable from age 65 to a five year annuity using age 65 as the effective date of
payment. 

  

	 	d)	Fourth, add the five year annuity values calculated in Article II, Section VI (c) (3) (b) plus Article II, Section VI
(c) (3) (c) above to determine the total amount of the five year annuity payment. 

  

	 	(4)	Early receipt reduction factors will be identical to those used under the terms of the Retirement Program. 

 

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 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. (c) (5) 

 

	 	(5)	The conversion of the monthly value of any benefits determined under Article II, Section II, III and IV (after applying any reduction for early age receipt) to a five
year annuity form of payment, shall be made using the July average of the 30-year U.S. Treasury Securities rate and the same mortality tables applicable under the Retirement Program at date of separation from service. The discount rate will be
redetermined each year as the average of the 30-year U.S. Treasury Securities rate for the month of July and be effective for retirements commencing October 1 following each redetermination through September 30 of the succeeding year. The
defined contribution benefits under Article II, Section V for executives with a length of service date on or after January 1, 2001, will not use a mortality table for the conversion to a five year annuity form of payment.

  

	 	(6)	Should the executive die during the five year annuity payment period, the remaining five year annuity payments will be converted to a one-time lump sum and paid to a
beneficiary named at date of retirement. If the executive is married at date of retirement spousal consent will be required to name a beneficiary other than the spouse. If the primary beneficiary has predeceased the executive, any contingent
beneficiaries designated for the executive’s Basic Group Life Insurance (as referred to herein, “Basic Group Life Insurance” includes any successor life insurance plan, including Group Variable Universal Life) will receive the lump
sum payment. If more than one person is named as the eligible beneficiary for the executive’s Basic Group Life Insurance at date of death, the lump sum will be paid at the percentages designated for their respective interests as eligible
beneficiaries of the executive’s Basic Group Life Insurance. If their respective interests are not specified, their interests shall be several and equal. If a non-living entity such as a trust is named as beneficiary, or the executive should
have no living beneficiary, any remaining five year annuity payments will be converted to a one-time lump sum for final payment. 

  

 25 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. (c) (7) 

 

	 	(7)	Should an executive who is vested pursuant to the provisions of Article II, Section I die during active service with GM, any five year annuity benefits payable under
Article II, Section VI (c) (1) and Article II, Section VI (c) (2) will be converted to a one-time lump sum and paid to the executive’s surviving spouse. If the executive is not married at date of death, the person designated
as primary beneficiary for the executive’s Basic Life Insurance will receive the lump sum payment. If the primary beneficiary has predeceased the executive any contingent beneficiaries designated for the executive’s Basic Group Life
Insurance will receive the lump sum payment. If more than one person is named as the eligible beneficiary for the executive’s Basic Group Life Insurance at date of death, the lump sum will be paid at the percentages designated for their
respective interests as eligible beneficiaries of the executive’s Basic Group Life Insurance. If their respective interests are not specified, their interests shall be several and equal. If a non-living entity such as a trust is named as
beneficiary, or the executive should have no living beneficiary, the five year annuity payments will be converted to a lump sum for final payment. 

  

	 	(8)	The obligation to provide benefits under this Article II shall cease at the end of the five year annuity period or upon payment of a present value lump sum to multiple
named beneficiaries, a trust or to the executive’s estate as described in Article II, Section VI (c) (6) and Article II, Section VI (c) (7) above. 

 

 26 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article II, Section VI. (c) (9) 

 

	 	(9)	The Plan benefits under this Article II for active executives who were age 62 and above as of December 31, 2004 with a minimum of 10 years Part B or Part C
credited service under the Retirement Program are grandfathered for benefit amounts accrued and vested through December 31, 2004, in accordance with IRC Section 409A, under the terms of the Plan in effect prior to
January 1, 2007. Benefit amounts accrued and vested after December 31, 2004 for such grandfathered executives are payable only as a lifetime monthly annuity. Such grandfathered executives are not eligible for the five year annuity
form of payment. 

  

 27 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III. Benefit Equalization Plan 

Article III, Section I. Eligibility and Vesting 
  

	 	(a)	Eligibility to participate in this Article III shall be limited solely to those active executive level or separated executive level employees, or the designated
beneficiaries of such active executive level or separated executive level employees, whose aggregate contributions and benefits under the S-SPP are in excess of the maximum limitations on compensation, contributions and benefits imposed by Sections
401(a)(17) and/or 415 of the Code. 

  

	 	(b)	For purposes of this Article III, the terms “designated beneficiary” or “designated beneficiaries” shall include surviving spouses and contingent
beneficiaries. The term “Participant” shall refer to an eligible active executive level employee or a former executive level employee who has separated from service and is otherwise eligible for benefits under this Article III.

  

	 	(c)	Eligible executives were immediately vested in any benefits accrued under Article III, Section II (a) prior to January 1, 2007. 

 

	 	(d)	Eligible executives will become vested in any benefits accrued on and after January 1, 2007 under Article III Section II (a) upon their attainment of age 55
with a minimum of 10 years’ credited service. For this purpose, credited service is as defined in the S-SPP. 

  

 28 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III, Section II. Amount of Benefits 

 

	 	(a)	An executive level employee who is eligible to participate in this Article III, or the designated beneficiary of such a deceased executive level employee who was
eligible to participate in this Article III, shall be eligible to receive the value of the assets that would have been purchased with, if any, GM S-SPP matching contribution amounts and the S-SPP 1% GM Benefit Contribution, if eligible, plus related
earnings on such assets, set forth in Article III, Section II (b) below, but for the maximum benefit limitations imposed under Section 415(c) of the Code and maximum compensation limits imposed under Section 401(a)(17) of the Code.
The portion of the Plan that provides benefits in the event the maximum compensation limits under Section 401(a)(17) of the Code apply is an unfunded plan for the purpose of providing deferred compensation for a select group of management or
highly compensated employees. The value of assets described in this Article III, Section II (a) shall be separately accounted for each employee or designated beneficiary. 

 

 29 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III, Section II (b) 

 

	 	(b)	Prior to April 1, 2007 earnings on the unfunded, notional account assets were valued as though such amounts had been invested in the GM $1-2/3 par value Common
Stock Fund under the S-SPP. Effective April 1, 2007 the value of the assets for each eligible executive shall be maintained in an unfunded, notional account that will be credited with earnings based on investment options as selected by the
executive from the list below. 

  

	 	(1)	Promark Income Fund 

  

	 	(2)	Pyramis Strategic Balanced Commingled Pool 

  

	 	(3)	SSgA Large Cap Index 

  

	 	(4)	Fidelity Emerging Markets Fund 

  

	 	(5)	Fidelity Contrafund 

  

	 	(6)	Fidelity Diversified International Fund 

Commencing effective April 1, 2007, until such time as the executive makes an eligible investment choice, the executive’s
account will be credited with earnings based on the Pyramis Strategic Balanced Commingled Pool. In the event any of the listed funds are discontinued, absent an election by the executive (if any), the notional amounts in such funds and future
contributions that were designated for that fund will be transferred to the fund that such option is mapped to by the S-SPP. 
  

 30 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III, Section III. Payment of Benefits 

 

	 	(a)	For assets accrued and vested on or before December 31, 2004, payment of benefits in the amount determined pursuant to Article III, Section II (a) for
separations prior to January 1, 2007, shall be payable to the Participant in a lump-sum amount on the earlier of the Participant’s request or as soon as practicable following such Participant’s total distribution of their S-SPP
account. Such distributions will be based on the market value on the Business Day on which the request is received or the day in which the participant’s S-SPP account is totally distributed, as confirmed by the GM Benefits & Services
Center provided that the request is received or the S-SPP account is totally distributed before the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. (EST). A withdrawal request received and confirmed by the GM
Benefits & Services Center after the close of business of the NYSE, or on a weekend or holiday observed by the NYSE, will be based on the market value on the next Business Day. 

 

	 	(b)	For separations on and after January 1, 2007, payment of vested plan benefits, in the amount determined pursuant to Article III, Section II (a) will be
converted to a five year monthly annuity form of payment. 

  

	 	1)	Conversion of the account value at date of separation to a five year annuity will use the same discount rate applicable under Article II,
Section VI (c) (5) at date of separation from service. 

  

	 	2)	If the separated executive is eligible for payment of Executive Retirement Plan (ERP) benefits under Article II, payable as a five year annuity, payment of benefits as
a five year annuity under this Article III will be combined with and paid coincident with ERP payments under Article II. 

  

 31 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III, Section III. (c) 

 

	 	(c)	Prior to an eligible Participant’s separation from service, at the discretion of the Plan Administrator, the payment of benefits under Article III, Section III
(a), and (b) above may be reduced in an amount up to $5,000 per year as repayment of amounts that a Participant owes GM or any subsidiary, for any reason, including benefit overpayments, wage overpayments, and amounts due under all incentive
compensation plans. Following an eligible Participant’s separation from service, there shall be no limitation to the amount benefits may be reduced. The Participant will be relieved of liability in the amount of the reduction.

  

 32 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV. Other Matters 

Article IV, Section I. Amendment, Modification, Suspension, or Termination by Company 

 

	 	(a)	The Company reserves the right, by and through the Executive Compensation Committee of the General Motors Company Board of Directors or its delegate, to amend, modify,
suspend, or terminate this Plan in whole or in part, at any time. No oral statements can change the terms of this Plan. This Plan can only be amended, in writing, by the Board of Directors, the Executive Compensation Committee, or an appropriate
individual or committee as designated by the Board of Directors or Executive Compensation Committee. The Company shall not terminate the Plan if such termination would result in tax and penalties under Section 409A of the Code, unless the
Company acknowledges in writing that one of the results of a termination will be tax and penalties under the Code. Absent an express delegation of authority from the Board of Directors or the Executive Compensation Committee, no one has the
authority to commit the Company to any benefit or benefits provision not provided for under this Plan or to change the eligibility criteria or other provisions of this Plan. 

 

	 	(b)	The Company may, from time-to-time and in its sole discretion, adopt limited early retirement provisions to provide retirements (i) during a specified period of
time, (ii) at a specified level of benefits, and (iii) for identified executive employees. Any such early retirement provisions relating to the Plan that may be adopted by the Company are made a part of this Plan as though set out fully
herein. 

  

	 	(c)	The Company may, from time-to-time and in its sole discretion, adjust the amount of an executive’s credited service used to determine the benefits under this Plan,
or the amount of benefits payable to an executive under this Plan. 

  

 33 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV Section II, Special Rules 

 

	 	(a)	Notwithstanding any provision of this Plan, no elections, modifications or distributions will be allowed or implemented if they would cause an otherwise eligible
Participant to be subject to tax (including interest and penalties) under Section 409A of the Code, unless the Committee specifies in writing that such elections, modifications or distributions shall be made notwithstanding the impact of such
tax (e.g. court order, adverse business conditions). 

  

	 	(b)	Specified employees, as defined by IRC 409A, will have a six month waiting period (or, if earlier, the date of death) before commencement of payment of any Plan
benefits payable on account of a separation from service. During the six month waiting period, all amounts payable under this Plan will accumulate without interest and be paid effective with the seventh monthly payment. 

 

	 	(c)	If at the time of separation from service the present value of all benefits under the Plan is less than the dollar limit under Section 402(g) of the Code as
adjusted by the Secretary of the Treasury ($16,500 for 2010) such amount shall be paid in a lump sum within 90 days of such separation. 

  

	 	(d)	Notwithstanding the provisions of the Plan to the contrary, under the provisions of Treasury Regulation Section 1.409A-3(j) benefits may be paid prior to the
applicable payment date in the following events: 

  

	 	1)	Pursuant to the terms of a Qualified Domestic Relations Order, as defined in Section 414(p) of the Code; 

 

	 	2)	To comply with an ethics agreement with the federal government, or to avoid a violation any domestic or foreign ethics law or conflicts law; 

 

	 	3)	To satisfy any Federal Insurance Contributions Act (FICA) tax obligations; 

 

	 	4)	To pay the Participant an amount required to be included in income due to a failure of the Plan to comply with Section 409A of the Code; 

 

	 	5)	Upon termination of the Plan; 

  

	 	6)	To pay state, local or foreign taxes arising from participation in the Plan; and 

 

 34 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV Section II, (d) (7) 

 

	 	7)	To settle a bona fide dispute as to a Participant’s right to a Plan distribution. 

 

	 	(e)	Effective May 1, 2009 monthly benefits payable under Article II, Section VI shall be reduced by 10% on a temporary basis; 

 

	 	1)	For Participants receiving lifetime monthly annuity benefits, including those retired prior to January 1, 2007 and grandfathered executives referred to in Article
II Section VI (c) (9), the 10% reduction shall be applied to the amount of monthly benefits in pay status as of April 2009. 

  

	 	2)	For Participants receiving five year monthly annuity benefits under this subsection (e), 10% of the life annuity value prior to its conversion to a five year annuity
will be subtracted from the five year annuity that would otherwise be payable. 

  

	 	(f)	Effective June 1, 2009 the amount of monthly benefits payable is limited to $8,000, on a temporary basis. 

 

	 	1)	For Participants receiving lifetime monthly annuity benefits, the $8,000 monthly limit is applied to the amount of monthly benefits payable after imposition of the 10%
reduction referred to in subsection (f). 

  

	 	2)	For Participants receiving five year monthly annuity benefits, first reduce the life annuity prior to conversion to a five year annuity by 10% as referred to in Article
IV, Section II, (e) (2). Next, if the remaining life annuity exceeds $8,000 per month, further reduce the five year annuity that would be otherwise payable by the difference between the 10% reduced life annuity and $8,000.

  

 35 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV Section II, (g) 

 

	 	(g)	 In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of this Plan by General Motors LLC, the temporary 10%
reduction under subsection (e) shall become permanent. In addition, for executive retirees who have a combined tax-qualified SRP plus non-qualified benefit under this Plan in excess of $100,000 per annum on a life annuity basis, the amount of
benefits under this Plan over the combined $100,000 per annum threshold shall be reduced by
 2/3rds. 

 

	 	1)	For the purpose of determining the $100,000 threshold for Participants receiving monthly life annuity benefits, such determination shall be made after the reduction of
the monthly benefit for the cost of any survivor option. 

  

	 	2)	For the purpose of determining the $100,000 threshold convert any five year annuity form of payment to a life annuity. After application of any reduction described in
Article IV Section II (g) above, convert the remaining life annuity back to a five year annuity for continued payment using the same five year annuity conversion factors as applied at original benefit commencement date.

  

	 	(h)	In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of this Plan by General Motors LLC as of the date of such sale, the
monthly benefits accrued by active executive employees under Article II, Sections II, III and IV shall be frozen and reduced by 10%. Future benefit accruals for executive employees following the date of sale shall be determined under Article II,
Sections IV and V. 

 Notwithstanding the above, other than suspension or forfeiture as set forth in Article
I, Section IV (b) with respect to any benefits that are vested or in payment pursuant to the terms of this Plan, the prior Benefit Equalization Plan or the prior Supplemental Executive Retirement Program (SERP), no amendment, modification,
suspension, or termination may reduce the vested rights or benefits of participants under this Plan, including benefits being provided to current executive retirees or their surviving spouse, without the participant’s, retiree’s, or
surviving spouse’s written permission, unless such amendment, modification, suspension or termination is required by law. 
  

 36 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV, Section III. Claim Denial Procedures 

This sets forth the mandatory, exclusive appeal procedure. The Plan Administrator will provide adequate notice, in writing, to any
Participant or beneficiary whose claim for benefits under the Plan has been denied, setting forth the specific reasons for such denial. The Participant or beneficiary will be given an opportunity for a full and fair review of a decision by the Plan
Administrator denying a claim for benefits. An appeal may be filed with the Executive Compensation Committee of the Board of Directors, which has been delegated final discretionary authority to construe, interpret, apply, and administer the Plan.
Such appeal to the Executive Compensation Committee must be filed, in writing, within 60 days from the date of the written decision from the Plan Administrator denying the claim for benefits. Such an appeal may be initiated by forwarding the
request to General Motors LLC, 300 Renaissance Center, Mail Code 482-C32-C61, P.O. Box 300, Detroit, Michigan 48265-3000. As a part of this review, the Participant or beneficiary must submit any written comments that may support their
position. The Executive Compensation Committee shall be the final review authority with respect to appeals, and its decision shall be final and binding upon the Company and the participant or beneficiary. 

Article IV, Section IV. Service of Legal Process 

Service of legal process on General Motors LLC may be made at any office of the CT Corporation. The CT Corporation, which maintains
offices in 50 states, is the statutory agent for services of legal process on General Motors LLC. The procedure for making such service generally is known to practicing attorneys. Services of legal process also may be made upon General Motors
LLC, 400 Renaissance Center, Mail Code 482-038-210, Detroit, Michigan 48265-4000. 
  

 37 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV, Section V. Named Fiduciary  

The Executive Compensation Committee of the General Motors Company Board of Directors shall be the Named Fiduciary with respect to the
Plan. The Executive Compensation Committee may delegate authority to carry out such of its responsibilities, as it deems proper, to the extent permitted by ERISA. 

Article IV, Section VI. Non-Assignability 

It is a condition of this Plan, and all rights of each Participant shall be subject thereto, that to the full extent permissible by law no
right or interest of any Participant in this Plan or in his or her account shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, bankruptcy, or in any other manner, and further excluding devolution by death or mental incompetence. No right or interest of any Participant in this Plan or in their account shall be liable for, or subject to, any
obligation or liability of such Participant except as provided in Article II, Section VI (b). 
  

 38General Motors Company 2009 Long-Term Incentive Plan

 Exhibit 10.21 

GENERAL MOTORS COMPANY 2009 LONG-TERM INCENTIVE PLAN 

As Amended October 5, 2010 

SECTION 1. Purpose. The purpose of the General Motors Company 2009 Long-Term Incentive Plan is to motivate and reward
participating Employees toward the long-term success of the business by making them participants in that success. Capitalized terms used in the Plan shall have the definitions set forth in Section 11 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 (i) select the Employees of the Company and its Subsidiaries to whom Awards may be granted
hereunder; (ii) determine the number of Shares to be covered by each Award granted hereunder; (iii) determine whether, to what extent and under what circumstances Awards may be settled in cash, Shares or other property, or canceled, and
(iv) interpret and administer the Plan and any Award Agreement, and establish such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan. The Committee may delegate to an
appropriate Executive Officer of the Company responsibility for determining, within the limits established by the Committee, individual Awards for Employees who are not Executive Committee members or Executive Officers of the Company. 

Terms of Awards granted to Employees subject to compliance with the provisions of the Interim Final Rule and any determinations by the
Special Master for TARP Executive Compensation will be determined by the Committee and will be included in the Award Agreements for those Employees 

SECTION 3. Shares Subject to the Plan. 

(a) Subject to the provisions of Section 3(f) below, the aggregate number of Shares with respect to which Awards may be granted
under this Plan shall not exceed 25,000,000 Shares. Shares subject to awards granted under the General Motors Company Salary Stock Plan and the General Motors Company Short-Term Incentive Plan shall reduce the number of Shares with respect to which
Awards may be granted under this Plan. Each share subject to a Stock Option or Stock Appreciation Right will reduce the number of shares available for issuance under the Plan by one share, and each share subject to a Restricted Stock Unit will
reduce the number of shares available for issuance by two and one-half shares. Subject to the provisions of Section 3(f), for awards that are intended to constitute qualified performance based compensation under 162m, grants of Options or Stock
Appreciation Rights in any calendar year may not cover more than 1,000,000 shares and grants of RSUs in any calendar year may not cover more than 250,000 shares. 

(b) Awards granted under the Plan that are settled in cash will not count against the approved share reserve. Awards, other than
Substitute Awards, that are forfeited or otherwise terminate without the issuance of Shares will no longer be charged against the maximum share limitation and will again be available for future grants. These Shares will return to the available share
pool at the same ratio at which they were granted. 

 (c) Shares withheld by or delivered to the Company to satisfy the exercise or conversion
price of an Award or in payment of taxes will not again be available for future grants. 
 (d) Substitute Awards will not reduce
the number of Shares authorized for grant hereunder. 
 (e) Any Shares delivered in settlement of Awards hereunder may consist,
in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased in the open market or otherwise. 

(f) In the event of any merger, reorganization, consolidation, re-capitalization, stock split or reverse stock split, stock dividend,
extraordinary cash dividend, or other change in corporate structure affecting the Company’s Shares, the Committee shall make such adjustments in the aggregate number of Shares which may be delivered under this Plan and the number of Shares
subject to Awards granted under this Plan (provided the number of Shares 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 or potential benefits intended to be conferred on Participants pursuant to Awards granted hereunder. 
 SECTION 4.
Eligibility. 
 (a) Any Employee shall be eligible to be selected as a Participant. 

(b) Conditions Precedent. As a condition precedent to the vesting and settlement of any portion of an Award, Participants shall:
(i) continue to render services as an Employee (unless this condition is waived by the Committee), (ii) refrain from engaging in any activity which, in the opinion of the Committee, is in any manner inimical or in any way contrary to the
best interests of the Company, (iii) not for a period of 12 months following any voluntary termination of employment, directly or indirectly, knowingly induce any Employee or employee of an affiliate of the Company to leave their employment for
participation, directly or indirectly, with any existing or future business venture associated with such individual, and (iv) furnish to the Company such information with respect to the satisfaction of the foregoing conditions precedent as the
Committee shall reasonably request. Except as otherwise provided under paragraph 6(d)(i) below, the failure by any Participant to satisfy such conditions precedent shall result in the immediate cancellation of the unvested portion of any Award
previously made to such Participant and such Participant shall not be entitled to receive any consideration in respect of such cancellation. 

SECTION 5. The Committee may require a Participant to enter into such agreements as the Committee considers appropriate and in the
best interests of the Company. 
 SECTION 6. Restricted Stock Units.  

(a) Grant and Performance Conditions. The Committee will grant Restricted Stock Unit Awards to Participants, from time to time.
Such Awards shall be valued by reference to a designated number of Shares. An RSU Award shall be subject to the terms and conditions set forth in this Section 6 and the terms set forth in the applicable Award Agreement. In the case of a
discrepancy between the Plan and the RSU Award Agreement, the terms of the RSU Award Agreement will control. 
  

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 (b) Nonforfeitability. No RSU Award shall become nonforfeitable prior to a date
specified by the Committee in the Award Agreement except as set forth in Section 6(d). A Participant must remain continuously employed by the Company or a Subsidiary through the nonforfeitability date specified in the Award Agreement except as
set forth in Section 6(d). Awards shall be conditioned upon the achievement of Performance Conditions, if applicable, as specified in the Award Agreement. 

(c) Payment and Delivery. No Award shall be paid or settled prior to the first applicable Settlement Date, except as provided in
Section 6(d)(i) . 
 (d) Termination of Employment. Except as set forth in this subsection, upon the termination of
a Participant’s employment, any Award (or portion thereof) held by such Participant that has not become nonforfeitable in accordance with Section 6(b) at the time of such termination shall be forfeited. 

(i) In the event that the Participant’s employment terminates as a result of his or her death, a pro rata portion of
the Award held by such Participant shall be retained and become nonforfeitable. The retained portion shall be determined by multiplying the RSUs comprising the Award by a fraction, the numerator of which is the number of full and partial calendar
months elapsed from the Proration Date to the date of death and the denominator of which is the number of months from the Grant Date to the date on which such Award would have become nonforfeitable in accordance with Section 6(b). In no event
will such fraction exceed 1.0. The retained portion of the Award will be settled in the form provided in Section 6(e) and the Settlement Date for such Awards will occur as soon as practicable after the date of death. 

(ii) In the event of the Participant’s Disability, all Awards (or portions thereof) held by such Participant will be
retained and will be subject to the payment and delivery provisions set forth in Section 6(c). The retained Award (or portion thereof) will be settled in the form provided in Section 6(e). 

(iii) In the case of any Award which is not a TARP Award, in the event that the Participant retires from the Company at
age 55 or older with ten or more years of service (or equivalent retirement eligibility in countries outside the United States) or for Awards granted after March 15, 2010 , retirement at age 55 or older with ten or more years of service (or
equivalent retirement eligibility in countries outside the United States) or age 62 or older, subject to other terms and conditions of the Plan, a pro rata portion of the Award held by such Participant shall be retained and become nonforfeitable.
The retained portion shall be determined by multiplying the RSUs comprising the Award by a fraction, the numerator of which is the number of full and partial calendar months elapsed from the Proration Date to the date of retirement and the
denominator of which is the number of months from the Grant Date to the date on which such Award would have become nonforfeitable in accordance with Section 6(b). In no event will such fraction exceed 1.0. The retained Awards will be settled on
the Settlement Date in the form provided in Section 6(e). 
  

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 (iv) In the case of any TARP Award, in the event that the Participant
retires from the Company at age 55 or older with ten or more years of service (or equivalent retirement eligibility in countries outside the United States) or for Awards granted after March 15, 2010 , the Participant retires at age 55 or older
with ten or more years of service (or equivalent retirement eligibility in countries outside the United States) or age 62 or older, and such Participant has remained continuously employed for two years from the Grant Date, subject to other terms and
conditions of the Plan, a prorated portion of the Award held by such Participant shall be retained and become nonforfeitable. The retained portion shall be determined by multiplying the RSUs comprising the Award by a fraction, the numerator of which
is the number of full and partial calendar months elapsed from the Proration Date to the date of retirement and the denominator of which is the number of months from the Grant Date to the date on which such Award would have become nonforfeitable in
accordance with Section 6(b). In no event will such fraction exceed 1.0. The retained Awards will be settled on the Settlement Date in the form provided in Section 6(e). 

(v) Notwithstanding the above provisions, any Participant who retires or separates from the Company or a Subsidiary under
the terms of an approved separation agreement or program will not be entitled to retain any portion of an Award. 
 (e) Form
of Settlement. Each Award shall be settled on any applicable Settlement Date by delivery of Shares. If a Settlement Date for any Award occurs prior to the date which is six months following the consummation of an underwritten public offering of
Shares, the Award shall be settled by the delivery of the Fair Market Value of Shares, in cash. Such delivery shall take place promptly after the applicable Settlement Date; provided, however, that such delivery shall be made in all events not later
than December 31 of the calendar year in which such Settlement Date occurs. 
 (f) No Rights of a Shareholder. No
holder of any Award shall have any rights to dividends or any other rights of a stockholder with respect to Shares subject to the Award prior to becoming the record owner of such Shares. 

(g) Leave of Absence. Notwithstanding Section 6(d), a qualifying leave of absence shall not constitute a termination of
employment. A Participant’s absence or leave shall be deemed to be a qualifying leave of absence if approved by the Committee in its sole discretion. 

SECTION 7. Stock Options and Stock Appreciation Rights 

(a) Grant Price. The Grant Price of any Option or SAR shall not be less than the Fair Market Value (and in no event less than the
par value) of the Shares on the date the Option or SAR is granted, except in the case of Substitute Awards. 
 (b) ISO;
Nonqualified Option. Determination as to whether Options granted shall be “Incentive Stock Options” (“ISO’s), Nonqualified Stock Options, and as to any restrictions 

 

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which shall be placed on Options, shall be made by the Committee under such procedures as it may, from time to time, determine and each Option granted hereunder shall be identified as either an
ISO or a Nonqualified Stock Option at the time of grant. 
 (c) Terms of Options or Stock Appreciation Rights. Options
and SARs granted under this Plan shall be subject to the following provisions, except as otherwise determined by the Committee: 

(i) Vesting and Exercise. Except in the case of death or except as set forth in Section 7(c)(iii)(B) or as set forth
in Section 9, no Option or SAR shall vest or become exercisable prior to the first anniversary of the “Grant Date” (or such other date as may be established by the Committee or its delegate(s)); and after such date Options or SARs
shall be exercisable only in accordance with the terms and conditions established at the time of grant and reflected in the Award Agreement. Unless otherwise specified in the Award Agreement, beginning on the first anniversary of the Grant Date,
Options or SARs will vest and become exercisable in one-third increments. Subject to paragraph 7(c)(iii), each increment will first vest and become exercisable on the first, second and third anniversaries of the Grant Date, respectively. Upon
becoming exercisable, the Option or SAR will remain exercisable until expiration, except as set for in Section 7(c)(iii). 

(ii) Term of Options or SARs. The normal expiration date of an Option or SAR shall be determined at the time of grant,
provided that each Option or SAR shall expire not more than ten years after the Grant Date. 
 (iii) Termination
of Employment. Except as set forth in this subsection, upon the termination of a Participant’s employment, any Award (or portion thereof) held by such Participant that has not vested in accordance with Section 7(c)(i) at the time of such
termination shall be forfeited 
 (A) If the Employee quits employment with the Company or is terminated by the
Company for inadequate job performance, or for willful misconduct harmful to the Company, all unvested and vested Options or SARs held by such Participant shall be forfeited as of the date of such termination, or if earlier, as of the date that such
grounds for termination by the Company first exist. 
 (B) If the Employee retires from the Company at age 55 or
older with ten or more years of credited service (or for a Participant who is a tax resident of a location outside the United States at equivalent normal retirement age in such country) or age 62 or older in the United States, subject to the other
terms and conditions of the Plan, all Options or SARs will vest immediately, and will be exercisable until the expiration date of such Option. Notwithstanding this provision, the Committee may from time to time determine in its discretion that
holders of Options or SARs retiring from the Company during specified time periods under specified circumstances may vest in and retain some portion of their Options or SARs granted in the year the retirement occurs. 

 

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 (C) If employment is terminated by reason of death, all Options shall
immediately vest and remain exercisable until the third anniversary of the date of death or, if earlier, the expiration date of such Option. 

(D) If an employee becomes disabled, Options will continue to vest and become exercisable in accordance with the original
terms of the grant while the Employee remains on the disability leave and, subject to the other terms and conditions of the Plan, vested Options will remain exercisable for the full remaining term. 

(E) If employment terminates for any reason other than as set forth above (including, for the avoidance of doubt,
retirement not meeting the conditions set forth in Section 7(c)(iii)(B) or other voluntary termination with the consent of the Company), subject to the other terms and conditions of the Plan, all vested Options will remain exercisable until the
third anniversary of the date of termination of employment or, if earlier, the expiration date of such Option. 

(F) If employment terminates for any reason (other than death) prior to the first anniversary of the date an Option is
granted, except as provided in Section 7(c)(iii)(B) the Option shall be forfeited and terminate on the date of termination of employment. 

(iv) Leave of Absence. Notwithstanding Section 7(c)(iii), a qualifying leave of absence shall not constitute a
termination of employment. A Participant’s absence or leave shall be deemed to be a qualifying leave of absence if approved by the Committee in its sole discretion. 

(v) Payment of Exercise Price. All Shares purchased upon exercise of any Option shall be paid for in full at the time of
purchase or adequate provision for such payment shall be made. Such payment shall be made (A) in cash, (B) through delivery or constructive delivery of Shares (provided that such Shares may be subject to such holding period or other
requirement as the Committee may impose, (C) a combination of cash and stock or (D) through a broker-assisted cashless exercise facility if established by the Company. Any Shares delivered as a result of an Option exercise shall be valued
at their Fair Market Value on the exercise date of the Option. 
 SECTION 8. Amendments, Termination and Recoupment. 

 (a) The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided,
however; that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) stockholder approval if such approval is necessary to comply with the rules of the New York Stock Exchange or such other national
securities exchange as may be from time to time the principal trading market for Shares, and (ii) except as provided in Section 8(f), the consent of the affected Participant, if such action would materially impair the rights of such
Participant under any outstanding Award. 
  

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 (b) 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. 

(c) The Committee may amend the terms of any Award and any Award Agreement theretofore granted, prospectively or retroactively, but no
such amendment shall materially impair the rights of any Participant without his or her consent except as provided in Section 8(f). 

(d) Notwithstanding any provision of this Plan to the contrary, any Award made and any amount of cash or Shares delivered in settlement
thereof to a Participant under this Plan is subject to being called for repayment to the Company in any situation where the Board of Directors or a Committee thereof determines that the Company’s Policy on Recoupment of Compensation requires
such repayment, or that repayment is otherwise required by the rules of any national securities exchange on which the stock of the Company may be listed. The determination regarding repayment under this provision shall be within the sole discretion
of the Committee and shall be final and binding on the Participant and the Company. 
 (e) If any provision of the Plan or any
Award Agreement is invalid or unenforceable in any jurisdiction, (i) such provision shall be modified or eliminated, but only to the extent necessary to eliminate such invalidity or unenforceability and (ii) such invalidity,
unenforceability, modification or elimination shall not affect the validity or enforceability of such provision in any other jurisdiction and shall not affect the validity or enforceability of any other provision of the Plan or any Award.

 (f) Any Award hereunder that is or becomes a TARP Award is intended to comply with applicable Treasury regulations under TARP
and shall be interpreted and amended as necessary to comply with any interpretations or guidance of the Special Master or his successor. In the event that an Award hereunder becomes a TARP Award, or is otherwise affected by any decision of the
Special Master or his successor, the Company shall inform the affected Participant. 
 SECTION 9. General Provisions.
 
 (a) An Award may not be sold, exercised, pledged, assigned, hypothecated, transferred, or disposed of in any manner.

 (b) Neither the Award nor any benefits arising out of this Plan shall constitute part of a Participant’s employment or
service contract with the Company or any Subsidiary. The Awards under this Plan are not intended to be treated as compensation for any purpose under any other Company plan. 

 

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 (c) No Employee shall have any claim to be granted any Award under the Plan, and there is no
obligation for uniformity of treatment of Participants under the Plan. 
 (d) 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 Company or any
Subsidiary or limit in any way the right of the Company or any Subsidiary to terminate an Employee’s employment or a Participant’s service at any time, with or without cause. 

(e) All Shares delivered under the Plan pursuant to any Award shall be subject to such stock-transfer orders and other restrictions as
the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are then listed, and any applicable federal or state securities law, and the
Committee may cause a legend or legends to be put on any certificates or other indicia of ownership of such Shares to make appropriate reference to such restrictions. 

(f) No Award granted hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding,
unless and until the Committee in its sole discretion has determined that any such offer, if made, would comply with all applicable requirements of the U.S. federal securities laws and any other laws to which such offer, if made, would be subject.

 (g) The Company 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 Company or its Subsidiaries to satisfy all obligations for the payment of such taxes. The Committee
shall be authorized to establish procedures for election by Participants to satisfy such obligation for the payment of such taxes by delivery of or transfer of Shares to the Company (to the extent the Participant has owned the surrendered Shares for
more than six months if such a limitation is necessary to avoid a charge to the Company for financial reporting purposes), or by directing the Company to retain Shares (up to the minimum required tax withholding rate, to the extent such limitation
is necessary to avoid a charge to the Company for financial reporting purposes) otherwise deliverable in connection with the Award. 

(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)
Awards may be granted to Participants who are foreign nationals or employed outside the United States, or both, on such terms and conditions different from those applicable 

 

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to Awards to Employees employed in the United States as may, in the judgment of the Committee, be necessary or desirable in order to recognize differences in local law or tax policy; provided,
however, that amendments deemed necessary under this Section 9(j) may not be made without stockholder approval or Participant approval, if such approval is required by Section 8. The Committee also may impose conditions on the exercise or
vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Employees on assignments outside their home country. 

(k) If the Company shall have any unpaid claim against the Participant arising out of or in connection with the Participant’s
employment with the Company, prior to settlement of an Award, such claim may be offset against Awards under this Plan (up to $5,000 per year) and upon settlement of any Award, such claim may be offset in total. Such claim may include, but is not
limited to, unpaid taxes or corporate business credit card charges. 
 (l) Notwithstanding any provision of this Plan, no Plan
elections, modifications or distributions will be allowed or implemented if they would cause the Participant to be subject to tax (including interest and penalties) under Section 409A of the Code. The settlement of Awards hereunder may be
delayed up to six months following a Participant’s termination of employment if the Participant is a “specified employee” for purposes of Section 409A and such delay is necessary to avoid the imposition of tax (including interest
and penalties) under Section 409A. 
 SECTION 10. Term of Plan. The Plan shall terminate on the day after the date
when all Awards hereunder have been settled in accordance with the terms of the Plan. 
 SECTION 11. Definitions.
As used in the Plan, the following terms shall have the meanings set forth below: 
 (a) “Award” shall mean an
award hereunder of Restricted Stock Units, Options, or Stock Appreciation Rights 
 (b) “Award Agreement” shall mean
the written instrument evidencing the terms of an Award hereunder. 
 (c) “Board” shall mean the Board of Directors of
the Company. 
 (d) “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. 
 (e)
“Committee” shall mean the Executive Compensation Committee of the Board, its named successor, or such other persons or committee to whom the Board has delegated any authority, as may be appropriate. 

(f) “Company” shall mean General Motors Company, a Delaware Company, or its successor. 

 

 9 

 (g) “Disability” shall mean the Participant is unable to engage in any gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

(h) “Employee” shall mean any individual who is employed by the Company or any Subsidiary. 

(i) “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934. 

(j) “Executive Officer” shall mean any Participant required to provide periodic statements of beneficial ownership of Company
equity securities as an executive officer of the Company under Section 16(a) of the Exchange Act. 
 (k) “Fair Market
Value” shall mean the value of a Share, determined as follows: prior to the establishment of when-issued trading of the Shares on a national securities exchange, as determined by the Committee in its discretion; and after the establishment of
when-issued trading of the Shares on a national securities exchange, the average of the high and low trading (or when-issued trading) prices for the Shares as reported on such national securities exchange for the applicable date or, if no such
prices are reported for that date, the average of the high and low trading (or when-issued trading) prices on the immediately preceding date for which such prices were reported. 

(l) “Grant Date” shall mean the grant date specified in the Award Agreement. 

(m) “Grant Price” shall mean the average of the high and low trading price per Share on the Grant Date. 

(n) “Incentive Stock Options” or “ISO” shall mean an Option granted hereunder that is intended to comply with the
provisions of Section 422 of the Code. 
 (o) “Nonqualified Option” shall mean an Option that is not an ISO.

 (p) “Options” or “Stock Options” shall mean any right granted to a Participant under the Plan pursuant to
and described in Section 7 allowing such Participant to purchase Shares at such price or prices and during such period or periods, as the Committee shall determine and shall include ISOs and Nonqualified Options. 

(q) “Participant” shall mean an Employee who is selected by the Committee to receive an Award under the Plan 

(r) “Plan” shall mean this General Motors Company 2009 Long-Term Incentive Plan, as amended from time to time. 

(s) “Performance Conditions” shall mean measures of the operational performance of the Company or other performance criteria
selected by the Committee, the degree of achievement of which will determine the portion of an Award that is earned by the Participant as specified in the Award Agreement. In creating these measures, the Committee may establish the

  

 10 

 
specific goals based upon or relating to one or more of the following business criteria: asset turnover, cash flow, contribution margin, cost objectives, cost reduction, earnings before interest
and taxes (EBIT), earnings before interest, taxes, depreciation and amortization (EBITDA), earnings per share, economic value added, free cash flow, increase in customer base, initial public offering, inventory turnover, liquidity, market share, net
income, net income margin, operating cash flow, operating profit margin, pre-tax income, productivity, profit margin, quality, return on assets, return on net assets, return on capital, return on equity, revenue, revenue growth, and/or warranty. The
business criteria may be expressed in absolute terms or relative to the performance of other companies or to an index. 
 (t)
“Proration Date” shall be a date established by the Committee at the time of grant of an Award and specified in the Award Agreement. If no such date is established, the Proration Date shall be the Grant Date. 

(u) “Restricted Stock Unit” or “RSU” shall mean any unit granted pursuant to and described in Section 6.

 (v) “Settlement Date” shall mean the date on which the Award becomes nonforfeitable and payable in accordance with
the provisions of the Plan and the Award Agreement. 
 (w) “Shares” shall mean shares of the common stock of the
Company, $0.01 par value. 
 (x) “Special Master” shall mean the Office of the Special Master for TARP Executive
Compensation, established by the United States Secretary of the Treasury under the American Recovery and Reinvestment Act of 2009 or any other office or agency which succeeds to the powers thereof. 

(y) “Stock Appreciation Right” shall mean an Award denominated in Shares that entitles the Participant within the exercise
period to receive a payment equal to the increase in value between the Grant Price and the fair market value of the underlying Shares at date of exercise. 

(z) “Subsidiary” shall mean (i) a company of which capital stock having ordinary voting power to elect a majority of the
board of directors of such company is owned, directly or indirectly, by the Company or (ii) any unincorporated entity in respect of which the Company can exercise, directly or indirectly, comparable control to that described in clause (i).

 (aa) “Substitute Award” shall mean an Award granted hereunder in assumption or replacement of an award issued by a
company acquired by the Company or with which the Company or its Subsidiary combines. 
 (bb) “TARP Award” shall mean
an Award hereunder that is at any time required to comply with the requirements for “long-term restricted stock” set forth in Treasury Regulations Section 31 CFR 30.1 (Q-1) and as interpreted and applied by the Special Master.

 (cc) “Unit” shall mean a Restricted Stock Unit or RSU. 

 

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