Document:

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EXHIBIT 10.5

GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM PHANTOM INTEREST PLAN

     1. Purpose. The purpose of the GMAC Long-Term Incentive Plan LLC Long-Term Phantom
Interest Plan is to motivate and retain certain employees of GMAC LLC (“GMAC”) and its Subsidiaries
who are responsible for the attainment of the primary long-term performance goals of GMAC and its
Subsidiaries.

     2. Definitions. When used herein, the following terms shall have the following
meanings.

          “Administrator” means the Manager or the Board.

          “Affiliate” means any Person that controls, is controlled by, or is under common
control with such Person. As used herein, the term “control” (including the terms “controlling,”
“controlled by” and “under common control with”) means the possession, directly or indirectly, of
the power to direct or to cause the direction of the management and policies of a Person, whether
through ownership of voting securities or other interests, by contract or otherwise.

          “Award” means, with respect to a Performance Period, the right to receive the
Redemption Amount, as set forth in the Award Agreement.

          “Award Agreement” means a written agreement entered into by the Company and each
Participant setting forth the terms and provisions applicable to an Award.

          “Award Date” means the date on which the Company grants an Award to a Participant.

          “Award Percentage” means, with respect to an Award, a percentage determined by the
Administrator and set forth in the Award Agreement.

          “Award Value” means the excess, if any, of the Redemption Value over the Base Value.

          “Base Value” means, as determined by the Board pursuant to a consistent methodology,
(x) the aggregate fair market value of all Class A Membership Interests and Class B Membership
Interests as of the end of the fiscal year prior to the Award Date (provided that, with respect to
Awards granted during the fiscal year that includes the Closing Date, the value of all Class A
Membership Interests and Class B Membership Interests shall equal the Agreed Initial Value (as
defined in the GMAC LLC Agreement) increased by (y) an amount equal to a ten percent (10%) per
annum compound rate of return through the end of the Performance Period on the amount set forth in
clause (x) reduced from time to time by the distributions received by the holders of such Class A
Membership Interests and Class B Membership Interests (other than distributions that are deemed
attributable to taxes pursuant to the GMAC LLC Agreement) during the Performance Period.

          “Board” means the Board of Managers of GMAC.

 

 

          “Class A Membership Interests” has the meaning ascribed to it in the GMAC LLC
Agreement.

          “Class B Membership Interests” has the meaning ascribed to it in the GMAC LLC
Agreement.

          “Closing Date” has the meaning ascribed to it in the Purchase and Sale Agreement by
and among General Motors Corporation, General Motors Acceptance Corporation, GM Finance Co.
Holdings Inc., and FIM Holdings LLC, dated as of April 2, 2006.

          “Company” means GMAC Long-Term Incentive Plan LLC, a Delaware limited liability
company.

          “Effective Date” means the date set forth in Section 21 hereof.

          “GMAC LLC Agreement” means the Amended and Restated Limited Liability Company
Operating Agreement of GMAC LLC, dated as of November 30, 2006, as may be amended from time to
time.

          “IPO” means an underwritten sale to the public of the equity securities of GMAC (or
its successor) pursuant to an effective registration statement filed with the SEC on Form S-1 and
after which GMAC’s (or its successor’s) equity securities are listed on the New York Stock Exchange
or the American Stock Exchange or are quoted on The NASDAQ Stock Market; provided that an
IPO shall not include any issuance of equity securities in any merger or other business
combination, and shall not include any registration of the issuance of equity securities to
existing securityholders or employees of GMAC (or its successor) on Form S-4 or Form S-8.

          “LLC Agreement” means the Limited Liability Company Agreement of GMAC Long-Term
Incentive Plan LLC, dated as of November 30, 2006, as may be amended from time to time.

          “Manager” has the meaning ascribed to it in the LLC Agreement.

          “Participant” means any employee of GMAC or any of its Subsidiaries who is selected to
participate in the Plan in accordance with Section 4 hereof.

          “Performance Period” means the performance period set forth in the Award Agreement.

          “Person” means any individual, partnership, firm, trust, corporation, limited
liability company or other similar entity. When two or more Persons act as a partnership, limited
partnership, syndicate or other group for the purpose of acquiring, holding or disposing of shares
or similar equity interest of GMAC, such partnership, limited partnership, syndicate or group shall
be deemed a “Person.”

          “Plan” means this GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan.

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          “Purchase Agreement” means the Purchase and Sale Agreement, by and among General
Motors Corporation, GMAC, GM Finance Co. Holdings Inc., and FIM Holdings LLC, dated as of April 2,
2006.

          “Redemption Amount” means, with respect to an Award, the product of (x) the Award
Percentage multiplied by (y) the Award Value.

          “Redemption Date” means the last day of a Performance Period.

          “Redemption Value” means, as determined by the Board pursuant to a consistent
methodology, (x) the aggregate fair market value of all Class A Membership Interests and Class B
Membership Interests as of the Redemption Date increased by (y) the distributions received by the
holders of such Class A Membership Interests and Class B Membership Interests (other than
distributions that are deemed attributable to taxes pursuant to the GMAC LLC Agreement) during the
Performance Period and reduced by (z) any taxes paid by the Company relating to the Plan during the
Performance Period.

          “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended,
and the Regulations thereunder.

          “Subsidiary” means, with respect to the Company, at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of which would be
consolidated with those of the Company in the Company’s consolidated financial statements if such
financial statements were prepared in accordance with GAAP as of such date, as well as any other
corporation, limited liability company, partnership, association or other entity of which
securities or other ownership interests representing more than 50% of the equity or more than 50%
of the ordinary voting power or, in the case of a partnership, more than 50% of the general
partnership interests are, as of such date, owned, controlled or held, directly or indirectly, by
one or more of the Company and its Subsidiaries.

     3. Administration. The Plan shall be administered by the Administrator. The
Administrator shall have the authority to:

          (a) select the Participants;

          (b) determine the Award Percentage, vesting conditions, and other terms applicable to any
Award; and

          (c) establish from time to time regulations for the administration of the Plan, interpret the
Plan, accelerate the payment of an Award, waive any conditions with respect to an Award (including
vesting), delegate in writing administrative matters to committees of the Manager or to other
persons, as appropriate, and make such other determinations and take such other action as it deems
necessary or advisable for the administration of the Plan.

          All decisions, actions and interpretations of the Administrator shall be final, conclusive and
binding upon all Participants and their beneficiaries.

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     4. Participation. Participants in the Plan shall be limited to those employees of
GMAC or any of its Subsidiaries who have been notified in writing by the Administrator that they
have been selected to participate in the Plan.

     5. Redemption of Awards. Except as otherwise provided in an Award Agreement, with
respect to each Award, a Participant shall be entitled to receive an amount equal to the Redemption
Amount, if any, subject to the Participant’s continued employment with GMAC or any of its
Subsidiaries through the Redemption Date of each such Award. Payment of the Redemption Amount
shall be made in a lump sum cash payment to the Participant as soon as practicable in the year
following the applicable Redemption Date.

     6. Forfeiture of Awards. Except as otherwise provided in an Award Agreement, all
rights to an Award held hereunder by a Participant will be forfeited without consideration, and
there will be no further obligation of the Company or GMAC to such Participant, upon the
Participant’s termination of employment with GMAC or any of its Subsidiaries for any reason prior
to the applicable Redemption Date. To the extent that, on a Redemption Date, the Base Value equals
or exceeds the Redemption Value of an Award, such Award shall be forfeited without consideration.

     7. Adjustment.

          (a) In the event of any change in the capital structure of GMAC by reason of any
reorganization, recapitalization, merger, consolidation, reclassification investment by any third
party or equity holder of GMAC, or any transaction similar to the foregoing, the Administrator
shall equitably adjust, as it deems necessary, any term of an Award, including but not limited to,
the Award Percentage and the components of the Redemption Amount.

          (b) In the event of an IPO of GMAC or an entity formed for the purpose of holding equity
securities of GMAC (the “IPO Company”), each Award shall be equitably converted, based on the Award
Value as of the date of the IPO (rather than the Redemption Date), as determined by the Board, into
phantom stock units of the IPO Company. Each phantom stock unit shall represent one share of the
IPO Company registered in connection with such IPO (a “Share”) and such phantom stock units shall
be payable in cash or in Shares, as determined in the sole discretion of the Administrator, at such
time and under such conditions applicable to the underlying Award.

     8. Nontransferability. Awards granted under the Plan, and any rights and
privileges pertaining thereto, may not be transferred, assigned, pledged or hypothecated in any
manner, by operation of law or otherwise, other than by will or by the laws of descent and
distribution.

     9. Plan and Awards Not to Confer Rights with Respect to Continuance of Employment or
Service. Neither the Plan nor any action taken thereunder shall be construed as giving any
Participant any right to continue such Participant’s relationship with GMAC or any of its
Subsidiaries, nor shall it give any Participant the right to be retained by GMAC or any of its
Subsidiaries, or interfere in any way with the right of GMAC or any of its Subsidiaries to
terminate any Participant’s employment or relationship, as the case may be, at any time for any
reason.

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     10. No Claim or Right Under the Plan to Awards. No employee of GMAC or any of its
Subsidiaries shall at any time have the right to be selected as a Participant in the Plan nor,
having been selected as a Participant and granted an Award, to be granted any additional Award
pursuant to the Plan. In addition, at no time shall a Participant receiving an Award under the
Plan have a right to any equity interest of the Company or GMAC pursuant to this Plan. The terms
and conditions of Awards and the Administrator’s determinations and interpretations with respect
thereto need not be the same with respect to each Participant (whether or not such Participants are
similarly situated).

     11. Unsecured Interest. No particular assets shall be segregated or
earmarked to represent a Participant’s Award and no Participant shall have any interest in any fund
or specific asset of the Company by reason of the Plan. A Participant’s sole and exclusive claim,
if any, shall be that of a general unsecured creditor against the general assets of the Company for
the payment of any amount which may be due under the Plan.

     12. Tax Withholding. The Company or GMAC shall have the right to deduct from all
amounts paid pursuant to the Plan any taxes or other deductions required by law to be withheld with
respect to such payments and to take such action as may be necessary in the opinion of the Company
or GMAC to satisfy all obligations for the payment of such taxes.

     13. Offsets. Notwithstanding any provisions of the Plan to the contrary, the
Administrator may, if the Administrator in its sole and absolute discretion shall so determine,
offset any amount to be paid to a Participant under the Plan (to the extent permitted by law)
against any amounts that the Participant may owe to the Company, GMAC or any of their Subsidiaries.

     14. Voting and Distribution Rights. A Participant shall not be entitled to any voting
rights, distributions or any other rights or privileges of an equity holder as a result of the
grant of an Award.

     15. No Liability of Administrator. No member of the Administrator shall be personally
liable by reason of any contract or other instrument executed by such member or on his or her
behalf in his or her capacity as a member of the Administrator or for any mistake of judgment made
in good faith, and the Company shall indemnify and hold harmless each such member and each
employee, officer or director of the Company to whom any duty or power relating to the
administration or interpretation of the Plan may be allocated or delegated against any cost or
expense (including counsel fees) or liability (including any sum paid in settlement of a claim with
the approval of the Manager) arising out of any act or omission to act in connection with the Plan
unless such act arises out of such person’s own fraud or willful misconduct.

     16. Amendment or Termination. The Administrator may, with prospective or retroactive
effect, amend, suspend or terminate the Plan or any portion thereof at any time and for any reason;
provided, however, that, subject to Section 7, no amendment, suspension, or termination may affect
adversely any then outstanding Award without the written consent of the affected Participant.
Notwithstanding any terms of the Plan to the contrary, the Plan may be amended or modified by the
Administrator at any time to the extent necessary to prevent non-compliance with Section 409A.

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     17. Compliance with Section 409A. At all times, the Plan shall operate in accordance
with the requirements of Section 409A. Any action that may be taken (and, to the extent possible,
any action actually taken) by the Company or a Participant shall not be taken (or shall be void and
without effect), if such action violates the requirements of Section 409A. Any provision in this
Plan that is determined to violate the requirements of Section 409A shall be void and without
effect. In addition, any provision that is required by Section 409A to appear in this Plan that is
not expressly set forth shall be deemed to be set forth herein, and this Plan shall be administered
in all respects as if such provision were expressly set forth.

     18. Captions. The captions preceding the sections of the Plan have been inserted
solely as a matter of convenience and shall not in any manner define or limit the scope or intent
of any provision of the Plan.

     19. Governing Law. The Plan and all rights thereunder shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

     20. Severability. In the event that any provision of the Plan shall be held illegal
or invalid for any reason, such illegality or invalidity shall not affect the remaining parts of
the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had
not been included.

     21. Effective Date. The Plan shall become effective as of December 18, 2006.

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EXHIBIT 10.6

GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM PHANTOM INTEREST PLAN

AWARD AGREEMENT

          This agreement (the “Award Agreement”) is made and entered into as of January ___,
2007 (the “Award Date”), by and among GMAC Long-Term Incentive Plan LLC (the
“Company”), and [  ] (the “Participant”).

W I T N E S S E T H:

          WHEREAS, the Company desires to grant to the Participant, pursuant to the terms of the GMAC
Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan (the “Plan”) an
“Award” (as defined in the Plan) subject to the terms and conditions set forth in this
Award Agreement; and

          NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

          1. Definitions. Whenever the following terms are used in this Award Agreement, they
shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have
the same meanings as in the Plan.

          “Cause” means, as determined by the Board (or its designee), (i) indictment of the
Participant for a felony, (ii) conduct by the Participant in connection with the Participant’s
employment duties or responsibilities that is fraudulent or grossly negligent, (iii) the
Participant’s willful misconduct on an ongoing basis after written notice from GMAC or any of its
Subsidiaries to the Participant, (iv) the Participant’s contravention of specific written lawful
directions related to a material duty or responsibility which is directed to be undertaken from the
Board or the person to whom the Participant reports which is not cured within twenty (20) days of
the Participant’s receipt of written notice of such contravention, (v) breach of any restrictive
covenants in favor of GMAC to which the Participant is subject, (vi) any acts of dishonesty by the
Participant resulting or intending to result in personal gain or enrichment at the expense of GMAC,
its Subsidiaries or affiliates, or (vii) the Participant’s continued failure to comply with a
material policy of GMAC, its Subsidiaries or affiliates after receiving notice from the Board or
the Chief Executive Officer of GMAC of such failure to comply. An act or failure to act shall not
be “willful” if the Participant reasonably believed that such action or inaction was in the best
interests of GMAC.

          “Change in Control” means the first to occur of any of the following events (1) any
Person who is not an Investor or an Affiliate of an Investor becomes the beneficial owner, directly
or indirectly, of fifty percent (50%) or more of the combined voting power of the then issued and
outstanding securities of GMAC or (2) the sale, transfer or other disposition of all or
substantially all of the business and assets of GMAC, whether by sale of assets, merger or
otherwise (determined on a consolidated basis), to a Person other than an Investor or an
Affiliate of an Investor.

 

 

          “Disability” means a determination by a licensed physician mutually selected by GMAC
and the Participant (or the Participant’s legal representative) (either the Participant or GMAC may
request that a licensed physician be selected; provided that if a licensed physician is not
mutually selected within ten (10) business days of a request, GMAC shall select a licensed
physician) in accordance with applicable law that as a result of a physical or mental injury or
illness, the Participant is unable to perform the essential functions of his or her job with or
without reasonable accommodation for a period of (i) one hundred twenty (120) consecutive days; or
(ii) one hundred eighty (180) days in any one (1) year period.

          “Good Reason” means, without the Participant’s consent, (i) a reduction in the
Participant’s annualized base salary or bonus; provided that, GMAC may at any time or from time to
time amend, modify, suspend or terminate any bonus, incentive compensation or other benefit plan or
program provided to the Participant for any reason and without the Participant’s consent if such
modification, suspension or termination (x) is a result of the underperformance of GMAC under its
business plan, (y) is consistent with an “across the board” reduction for all senior executives of
GMAC, and (z) is undertaken in the Board’s reasonable business judgment acting in good faith and
engaging in fair dealing with the Participant, or (ii) a material diminution in the Participant’s
title, duties or responsibilities below a level consistent with the Participant’s performance and
skill level, as determined in good faith by the Board; provided that, a suspension of the
Participant and the requirement that the Participant not report to work shall not constitute Good
Reason if the Participant continues to receive his compensation and benefits. GMAC shall have
thirty (30) days after receipt of notice from the Participant in writing specifying the deficiency
to cure the deficiency that would result in Good Reason.

          “Investors” means FIM Holdings LLC, GM Finance Co. Holdings Inc., General Motors
Corporation and their Affiliates.

          “Transfer” means any transfer, sale, assignment, exchange, charge, pledge, gift,
hypothecation, conveyance, encumbrance, security interest or other disposition (including any
contract therefore), whether direct or indirect, voluntary or involuntary, by operation of law or
otherwise, or the transfer of any other beneficial interest in the Award.

          2. Grant of Award. On the Award Date, the Company grants to the Participant an Award
subject to the terms and provisions of the Plan and this Award Agreement, including the following
terms:

Base Value:   the Agreed Initial Value (as defined in the GMAC LLC Agreement)

Award Percentage:   [       %]

Performance Period:   3 years

The Participant shall not possess any incidents of ownership in any equity interests of the Company
or GMAC in respect of the Award.

          3. Relationship to the Plan. The Award is granted pursuant to the Plan and is in all
respects subject to the terms, conditions and definitions of the Plan. The Participant hereby
accepts this Award subject to all the terms and provisions of the Plan and this Award

 

 

Agreement.
The Participant further agrees that all decisions under and interpretations of the Plan by the
Administrator shall be final, binding and conclusive upon the Participant and his or her
beneficiaries. If there is any inconsistency between the terms of this Award Agreement and the
terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of
this Award Agreement.

     4. Transfers of Award by the Participant. The Award may not be Transferred by the
Participant except in accordance with the Plan.

     5. Redemption of Award. Subject to Sections 5.1 and 5.2 below, the Participant shall
be entitled to receive an amount equal to the Redemption Amount if the Participant remains employed
with GMAC or any or its Subsidiaries through the Redemption Date. In such event, the Company shall
provide the Participant with a lump sum cash payment in the amount of the Redemption Amount as soon
as practicable in the year following the applicable Redemption Date.

               5.1. Termination of Employment without Cause or for Good Reason; Termination as a Result
of Death or Disability. If, prior to the Redemption Date, (a) GMAC or any of its Subsidiaries
terminates the Participant’s employment without Cause (other than due to the expiration of the term
of any employment agreement between the Participant and GMAC or any of its Subsidiaries), (b) the
Participant terminates the Participant’s employment with GMAC or any of its Subsidiaries for Good
Reason, or (c) the Participant’s employment with GMAC or any of its Subsidiaries terminates as a
result of the Participant’s death or Disability, the Participant (or his or her estate) shall be
entitled to receive an amount equal to the “Prorated Redemption Amount” (as defined below)
rather than the Redemption Amount. The Prorated Redemption Amount shall equal the product of the
Redemption Amount multiplied by a fraction, the numerator of which is the number of completed
months the Participant was employed with GMAC or any of its Subsidiaries during the Performance
Period and the denominator of which is the number of months in the Performance Period. In the
event of such termination, the Company shall provide the Participant (or his or her estate) with a
lump sum cash payment in the amount of the Prorated Redemption Amount as soon as practicable in the
year following the applicable Redemption Date.

               5.2. Termination for Cause or without Good Reason. If, prior to the Redemption Date,
(a) GMAC or any of its Subsidiaries terminates the Participant’s employment for Cause, (b) the
Participant terminates employment with GMAC or any of its Subsidiaries without Good Reason, or (c)
the Participant’s employment with GMAC or any of its Subsidiaries terminates as a result of the
expiration of the term of any employment agreement between the Participant and GMAC or any of its
Subsidiaries, the Award shall be forfeited without consideration.

     6. Change in Control.

          6.1. In the event of a Change in Control, in consideration for the cancellation of the Award,
the Participant shall be entitled to an amount, subject to the Participant’s continued employment
through the Redemption Date, equal to the product of (A) the Award Percentage multiplied by (B) (x)
the excess, if any, of (a) an amount, as determined

 

 

by the Board pursuant to a consistent
methodology, equal to (1) the aggregate value of all Class A Membership Interests and Class B
Membership Interests as of the Change in Control increased by (2) the distributions received by the
holders of such Class A Membership Interests and Class B Membership Interests (other than
distributions that are deemed attributable to taxes pursuant to the GMAC LLC Agreement) from the
Award Date through the Change in Control and reduced by (3) any taxes paid by the Company relating
to the Plan from the Award Date through the Change in Control (such amount, the “Change in
Control Value”) over (b) the Base Value, increased by (y) interest at the short-term applicable
federal rate compounded annually (as of the Change in Control), from the Change in Control through
the date of payment (the “Change in Control Payment”), payable as soon as practicable in
the year following the applicable Redemption Date; provided, however, that if,
following the Change in Control, the Participant’s employment is terminated by the Company without
Cause or by the Participant with Good Reason, the Participant shall be entitled to the Change in
Control Payment within sixty days following such termination of employment. For the avoidance of
doubt, if, upon a Change in Control, the Base Value equals or exceeds the Change in Control Value
of an Award, such Award shall be forfeited without consideration.

          6.2. In the event of the sale or disposition of a business unit of GMAC or a Subsidiary of
GMAC, a Participant who (i) is employed by such business unit or Subsidiary through the date of
such sale or disposition and (ii) is no longer employed by GMAC or its subsidiaries immediately
following such sale or disposition, shall be entitled to an amount, in consideration for the
cancellation of the Award, equal to the product of (A) the Award Percentage multiplied by (B) the
product of (x) the excess, if any, of (a) an amount, as determined by the Board pursuant to a
consistent methodology, equal to (1) the aggregate value of all Class A Membership Interests and
Class B Membership Interests as of such sale or disposition increased by (2) the distributions
received by the holders of such Class A Membership Interests and Class B Membership Interests
(other than distributions that are deemed attributable to taxes pursuant to the GMAC LLC Agreement)
from the Award Date through the date of such sale or disposition and reduced by (3) any taxes paid
by the Company relating to the Plan from the Award Date through the date of such sale or
disposition (such amount, the “Sale Value”) over (b) the Base Value multiplied by (y) a
fraction, the numerator of which is the number of completed months through the date of such sale or
disposition during the Performance Period and the denominator of which is the number of months in
the Performance Period. For the avoidance of doubt, if, upon a sale or disposition of a business
unit of GMAC or a Subsidiary of GMAC, the Base Value equals or exceeds the Sale Value of an Award,
such Award shall be forfeited without consideration.

     7. Additional Agreements.

          7.1. Amendments and Waivers. Subject to Section 16 of the Plan, the provisions of
this Award Agreement may not be amended, modified, supplemented or terminated, and waivers or
consents to departures from the provisions hereof may not be given, without the written consent of
each of the parties hereto.

          7.2. Successors and Assigns. This Award Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, successors and permitted assigns.
The Participant may not assign any of its rights or obligations under this

 

 

Award Agreement without
the prior written consent of the Company. The Company may assign its rights, together with its
obligations, to another entity which will succeed to all or substantially all of the assets and
business of the Company.

          7.3. Counterparts. This Award Agreement may be executed in two or more counterparts
or counterpart signature pages, each of which, when so executed and delivered, shall be deemed to
be an original, but all of which counterparts, taken together, shall constitute one and the same
instrument.

          7.4. Withholding. The Company or GMAC shall have the right to deduct from any payment
due under this Award Agreement, any applicable withholding taxes or other deductions required by
law to be withheld with respect to such payment and to take such action as may be necessary in the
opinion of the Company to satisfy all obligations for the payment of such taxes.

          7.5. No Employment or Service Contract. Nothing in this Award Agreement or in the
Plan shall confer upon the Participant any right to continue such Participant’s relationship with
GMAC, nor shall it give any Participant the right to be retained in the employ of GMAC or interfere
with or otherwise restrict in any way the rights of GMAC, which rights are hereby expressly
reserved, to terminate any Participant’s employment at any time for any reason.

          7.6. Section 409A. Any and all payments under this Award Agreement are intended to
comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and
the regulations issued thereunder, and to the extent that based on subsequent regulations or
guidance provided by the Internal Revenue Service, the Company believes that any payments under
this Award Agreement may not comply with Section 409A, the Company and the Participant agree to
negotiate in good faith to amend the Award Agreement to comply with Section 409A and to preserve as
much as possible the economic intent of the parties.

          7.7. Severability. In the event that any one or more of the provisions, paragraphs,
words, clauses, phrases or sentences contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses,
phrases or sentences hereof shall not be in any way impaired, it being intended that all rights,
powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by
law.

          7.8. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the conflict of laws
principles thereof.

          7.9. Consent to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally agrees that any action, suit or proceeding, at law or equity, arising out of or
relating to the Plan, this Award Agreement or any agreements or transactions

 

 

contemplated hereby
shall only be brought in any federal court of the Southern District of New York or any state court
located in New York County, State of New York, and hereby irrevocably and unconditionally expressly
submits to the personal jurisdiction and venue of such courts for the purposes thereof and hereby
irrevocably and unconditionally waives (by way of motion, as a defense or otherwise) any and all
jurisdictional, venue and convenience objections or defenses that such party may have in such
action, suit or proceeding. Each party hereby irrevocably and unconditionally consents to the
service of process of any of the aforementioned courts.

          7.10. Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF THIS AWARD AGREEMENT OR THE VALIDITY, INTERPRETATION OR ENFORCEMENT HEREOF.
THE PARTIES HERETO AGREE THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS AWARD
AGREEMENT AND WOULD NOT ENTER INTO THIS AWARD AGREEMENT IF THIS SECTION WERE NOT PART OF THIS AWARD
AGREEMENT.

          7.11. Entire Agreement. This Award Agreement together with the Plan (the terms of
which are hereby incorporated by reference) are intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, representations, warranties, covenants or undertakings relating to such
subject matter, other than those set forth or referred to herein. This Award Agreement supersedes
all prior agreements and understandings between the parties hereto with respect to such subject
matter.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Award Agreement to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 
	 	 	GMAC LONG-TERM INCENTIVE PLAN LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 
Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT:	 	 
	 
	 	 	 	 	 	 
	 	 	  	 	 
	 	 	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]