Document:

Award under the GMAC Long-Term Incentive Plan LLC

 Exhibit 10.29 
 

 
 GMAC Long-Term Incentive Plan LLC 
 200 Renaissance Center, M/C482-B14-D46, Detroit, MI. 48265 
 September 15, 2008 
 Alvaro de Molina 
 Re: GMAC Long-Term Incentive Plan LLC Long-Term Equity Compensation
Incentive Plan  
 Dear Alvaro: 
  

	1.	You have been granted an Award under the GMAC Long-Term Incentive Plan LLC Long-Term Equity Compensation Incentive Plan (the “Plan”). The grant date of your Award is
September 15, 2008 (“Grant Date”). A copy of the Plan is attached. Capitalized terms not defined in this Award Letter will have the meanings as defined in the Plan. 

  

	2.	Your Award is granted to you as a matter of separate inducement and is not in lieu of salary or other compensation for your services. Your Award is granted to you in exchange for your
relinquishment of any right, title and interest with respect to any and all of your grants under the GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan (LTIP). 

  

	3.	Your Award will become effective after you have signed and dated one copy of this Award Letter and have returned the signed copy to Rhonda Carey, 200 Renaissance Center, M/C: 482-B14-D64,
Detroit, MI 48265. If you do not sign and return this Award Letter within 30 days of the date of this Award Letter, then we will assume that you do not want this Award, and this Award will be null and void and without any further force or effect.

  

	4.	Your Award is an RSU Award with 9.73 bps. 

  

	5.	Your RSU Award Vests as follows, and will be Paid as elected by you below: 

  

						
	 •   20% on December 31, 2008;
	  	 ̈	 	 	within 75 days of the Vesting Date, or
			
		  	 ̈	 	 	on the Deferral Payment Date (March 15, 2013)
			
	 •   20% on December 31, 2009;
	  	 ̈	 	 	within 75 days of the Vesting Date, or
			
		  	 ̈	 	 	on the Deferral Payment Date (March 15, 2013)
			
	 •   20% on December 31, 2010;
	  	 ̈	 	 	within 75 days of the Vesting Date, or
			
		  	 ̈	 	 	on the Deferral Payment Date (March 15, 2013)
			
	 •   20% on December 31, 2011;
	  	 ̈	 	 	within 75 days of the Vesting Date, or
			
		  	 ̈	 	 	on the Deferral Payment Date (March 15, 2013)
			
	 •   20% on December 31, 2012.
	  	 ̈	 	 	within 75 days of the Vesting Date, or
			
		  	 ̈	 	 	on the Deferral Payment Date (March 15, 2013)

 All elections made in this paragraph 5 are irrevocable. Failure to make an election in this paragraph 5 will
result in all payments being made within 75 days of the Vesting Date. 
  

	6.	If your employment is terminated due to death or Disability, then the next 20% tranche of your Unvested Award will immediately Vest and be Paid within 75 days of this new Vesting Date. The
remaining Unvested portion of your Award will be forfeited. You must designate a beneficiary where indicated in this Award Letter. Your failure to do so will result in any payments as a result of your death being made to your estate. Any subsequent
change in your beneficiary designation must be made in writing and communicated to the Plan Administrator at the address above. 

  

 Page 1 of 2 

	7.	If your employment is terminated by the Company Without Cause, then the next 20% tranche of your Unvested Award will Vest as determined by the schedule above and the remaining Unvested
portion of your Award will be forfeited. However, the Payment of your Award will be determined based on the most recent Valuation preceding your termination of employment. 

  

	8.	During the 1-year period immediately following a Change-in-Control Date, 100% of your Unvested Award will immediately Vest on the date of your termination of employment by the Company without
Cause. 

  

	9.	You understand and acknowledge that your Award is subject to the rules under Code Section 409A, and that you agree and accept all risks (including increased taxes and penalties)
resulting from Code Section 409A. 

  

	10.	Your FY 2008 Award will be subject to and governed by the terms and conditions of this Award Letter and the Plan. As a Participant, you agree to abide by the terms and conditions of this
Award Letter and the Plan. Please indicate your receipt of the Plan, your deferral payment election, and your acceptance of and agreement to the terms and conditions of this Award Letter and the Plan, by signing in the indicated space below within
30 days of the date of this Award Letter. 

  

	
	Sincerely yours,
	
	

	Anthony S. Marino
	GMAC Group VP and Chief HR Officer
	September 15, 2008

 I ACCEPT AND AGREE TO BECOME A PARTICIPANT IN THE GMAC LONG-TERM INCENTIVE PLAN LLC LONG-TERM EQUITY COMPENSATION
INCENTIVE PLAN (“PLAN”) AND WILL ABIDE BY THE TERMS AND CONDITIONS OF THE PLAN AND THIS AWARD LETTER. 
 I HEREBY DESIGNATE THE FOLLOWING BENEFICIARY
TO RECEIVE ANY PAYMENTS SUBSEQUENT TO MY DEATH. 
  

							
	  
	 		 	  
	 	
	Beneficiary	 		 	Social Security Number	 	

 IN ADDITION, I RELINQUISH ALL RIGHT, TITLE AND INTEREST WITH RESPECT TO ANY AND ALL LTIP AWARD AGREEMENTS, ALL OF WHICH
SHALL HAVE NO FURTHER FORCE OR EFFECT. 
  

					
	/s/ Alvaro de Molina	 	September 15, 2008	 	
	Alvaro de Molina	 	Date	 	

  

 Page 2 of 2S. Ramsey Letter Agreement, dated September 11, 2007

 Exhibit 10.30 
 

 
 September 11, 2007 
 Mr. Samuel Ramsey 
 430 Clement Avenue 
 Charlotte,
NC 28204 
 Dear Sam: 
 I am pleased to confirm the details of
our offer to you to fill the role of GMAC Treasurer. In this role, you will be responsible for leading all treasury and global funding activities across the GMAC enterprise. You will report directly to me. 
 Commensurate with this appointment, in your role as GMAC Treasurer your annual salary will be at $500,000. Additionally, you will be paid a $300,000 signing bonus,
payable in your January 31, 2008 paycheck. Your annual cash incentive target for 2007 will be $900,000. Future salary, bonus, cash incentive targets, MPI awards, and LTIP awards will be regularly reviewed and set in accordance with your level
of responsibility, performance, and annual incentive plan compensation planning. You will also participate in the GMAC Management LLC Class C Membership Interests Plan (known as “MPI”) and the GMAC Long-Term Incentive Plan LLC Long-Term
Phantom Interest Plan (known as “LTIP”). Your MPI grant will be 11 basis points and subject to the terms and conditions of the Plan, including your execution of an associated Award Agreement and the required IRC §83(b) election.
Should you make the IRC §83(b) election within 30 days of your MPI grant as required by the IRS and as a condition of your grant, GMAC will pay all taxes associated with the election, based on the fair market value on the date of the grant.

 Your LTIP grant for the 2007-2009 performance period will be 2.2 basis points and subject to the terms and conditions of the Plan, including your
execution of an associated Award Agreement. 
 You will be based in New York with office facilities in New York and Detroit, and if appropriate, in
Minneapolis. 
 Your eligibility for most of the employee benefits commences the first day of the third month following your date of hire, with a couple of
the benefits requiring six months of service or longer. GMAC will reimburse you for your actual COBRA coverage costs and other reasonable benefit bridging costs with respect to lost coverage under your prior employer’s plans on a tax neutral
basis. The GMAC Retirement Savings Investment Plan is a qualified 401(k) plan, which for 2007 provides a two percent automatic contribution of your eligible monthly base salary for retirement planning. In addition, in 2007 GMAC will provide matching
contributions up to six percent of your eligible monthly base salary. In 2007, you will be eligible for two weeks of paid vacation, based upon your start date of September 5, 2007. The GMAC benefit plans are very competitive relative to other
global financial service companies. 
 

 

 Mr. Samuel Ramsey 
 September 11, 2007 
  Page
 2
 
  

 Also as discussed, you will be eligible to participate in the GMAC Senior Management Vehicle Program, subject to the
program terms and conditions, as well as any program changes as they may affect other managers at your level of responsibility. The program currently provides a new GM vehicle approximately every 12 months, with a Fleet Card to pay for fuel and oil
necessary for commuting to and from work activities, routine maintenance and weekly car washes. Your cost to participate in the program will be $150 per month. GMAC will reimburse you for reasonable parking costs proximate to the New York City
offices. 
 Additionally, GMAC will provide you with a full relocation package to assist you in relocating from Charlotte, NC to New York City. GMAC Global
Relocation Services will be available to assist you with your relocation and temporary housing needs. 
 Notwithstanding any of the terms of this offer, your
employment at GMAC will be at-will. Both you and GMAC may terminate your employment at any time, with or without cause. Additionally, GMAC reserves the right to amend, modify, or terminate each of its compensation and benefit plans at any time.

 This offer is contingent upon completion of an employment application, and a satisfactory reference and background check (including drug screen) that will
be conducted after your acceptance of the offer and permission to contact your current employer. We will want to schedule these procedures as soon as you have accepted our offer, so that you can begin working with us by September 5, 2007.

 I am really looking forward to working closely with you in this very important role. I am confident that your leadership will help us create significant
value for GMAC. 
 Please call Allyson Parker at (313) 656-3849, should you have any questions about this offer. On behalf of the GMAC leadership team,
I look forward to having you join our team. It will be great to have someone of your experience and knowledge working on our team. 
  

	
	Very truly yours,
	
	Al de Molina
	GMAC Chief Operating Officer

  

			
	cc:	 	Eric Feldstein
		 	Glenn A. Gienko

 

 

 Mr. Samuel Ramsey 
 September 11, 2007 
  Page
 3
 
  

 I accept the foregoing terms of this offer as outlined above. 
  

									
	   /s/ Samuel Ramsey
	 		 		 	 September 11, 2007
	 	
	Samuel Ramsey	 		 		 	            Date

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