Document:

Document

Exhibit 10.11
Ally Financial Inc.

Ally Financial Inc.
500 Woodward Avenue, MC : MI-01-10-HR Detroit, MI 48226

<DATE>

<NAME>

Re:   Ally Financial Inc. Incentive Compensation Plan Award – Key Contributor Stock Unit Award

Dear <FIRST NAME>:

1.You have been granted an Award under the Ally Financial Inc. Incentive Compensation Plan (the “Plan”).  A copy of the Plan is included on the Shareworks website or such other website as may be designated by the Company. Capitalized terms not defined in this Award Agreement will have the meaning set forth 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. By accepting this Award, you consent to any and all Plan amendments, vesting restrictions, and revisions to any other term or condition of this Award Agreement that may be required to comply with federal law or regulation governing compensation, whether such amendments, restrictions, or revisions are applied prospectively or retroactively to this or prior Awards. By accepting this Award, you also acknowledge and agree that it is subject to all of the requirements set forth in the Enterprise Compensation Policy and that you are subject to all of the restrictive covenants set forth in Section 13 of the Plan (i.e., non-solicit, confidentiality, non-disparagement).

3.Your Award is being made in the form of Restricted Stock Units. Your Award is comprised of the following:
Grant Date: [INSERT]
Total Award: [INSERT]
									
	Units
	Vesting Date
	Settlement Date

	[INSERT: total units]
	[INSERT: three years from grant date]
	[INSERT: three years from grant date]

4.This Award Agreement will become effective after you have electronically accepted it via the Shareworks website or such other website as may be designated by the Company. If you do not accept this Award Agreement within 45 days of notification, you will be deemed to have rejected the Award and this Award Agreement will be null and void and without any further force or effect.

5.The Plan provides the Company with discretion to determine whether your Award will be settled in in the form of Shares, cash, other Awards, other property, net settlement, or any combination thereof. It is currently the Company’s intention that your Award will be settled in Shares.  Subject to requirements of any federal laws or regulations and Company policies that govern compensation, see paragraph 2 above, your Award will vest and be settled as soon as practical after the date(s) noted above. If and when a change to the vesting date(s) noted above is required, you will be notified in writing.

6.If on the Grant Date you are considered a material risk taker (“MRT”), in connection with regulatory guidance and in support of its corporate governance principles, to the extent that any portion of the Award remains unpaid, the Company reserves the right to adjust downward the amount of this Award without your consent to reflect adverse outcomes attributable to inappropriate, excessive, or imprudent risk taking in 

Exhibit 10.11
Ally Financial Inc.

which you participated and which was the basis for this Award. Your Award is also subject to cancellation, recovery, forfeiture, or repayment consistent with the Company’s recoupment policy contained in the Enterprise Compensation Policy.

7.If your employment is terminated by the Company without Cause, then any unvested tranches of your Award will Vest and be Paid as determined by the schedule above. Additionally, Section 11(c)(i)’s special vesting provision relating to a Termination of Service by reason of Retirement will not apply to your Key Contributor Stock Unit Award (i.e., your age and service will not be a factor in determining whether your award vests). Otherwise, Section 11 of the Plan governs the effect of a Termination of Service on your Award.

8.If the Company pays a dividend on Shares prior to the Vesting Date, you will be entitled to a dividend equivalent payment in the same amount as the dividend you would have received if you held the number of Shares, if any, as earned and vested as of the Vesting Date. These dividends will vest and be paid to you on the Settlement Date (or such other vesting and settlement date applicable under this Award), subject to the vesting of your Award. No dividends or dividend equivalents will be paid to you with respect to any portion of your Award that is canceled or forfeited. The Company will decide on the form of payment and may pay dividends or dividend equivalents in Shares, in cash or in a combination thereof, subject to applicable law.

9.The restrictions in Section 13(a) of the Plan on your ability to solicit any Company client, customer, or employee for 24 months following your Termination of Service is grounded in the Company’s significant investment of time, effort, and expense in establishing client, customer, and employee relationships across the Company’s lines of business. As this applies to you, the scope of the restriction on your ability to solicit Company clients or customers will run commensurate with the scope of your responsibilities while employed by the Company of any Affiliate. That is, the terms “client or customer” as used in Section 13(a) (i.e., “(i) solicit any client or customer of the Company or any Affiliate with respect to a Competitive Activity”) mean those clients or customers (whether current or prospective): (i) with whom you had direct or indirect personal contact within the last 12 months of your employment with the Company or any Affiliate; or (ii) about whom you learned confidential or proprietary information (including trade secrets) by virtue of your employment with the Company or any Affiliate during the last 12 months of your employment. The term “solicit” also will include any communication or other interaction between you and a client or customer (whether current or prospective) that takes place to make sales to, perform services for, or otherwise further the business relationship with that client or customer (whether current or prospective). Notwithstanding Section 21 of the Plan, Section 13(a) is governed by Michigan law without regard to its conflict of laws provision. An action to enforce or seek damages for breach of Section 13(a) may only be brought in a federal or state court of competent jurisdiction in Michigan.

10.You may designate a beneficiary using the Shareworks website or such other website as may be designated by the Company. If no beneficiary is designated, or if the Company determines that the beneficiary designation is unclear, or that the designated beneficiary cannot be located, any settlement as a result of your death will be made to your estate. The Shareworks website or such other website as may be designated by the Company may also be used for any subsequent change in your beneficiary designation.

11.By accepting this Award, you understand and acknowledge that your Award is subject to the rules under Internal Revenue Code Section 409A and Section 19 of the Plan, and agree and accept all risks (including increased taxes and penalties) resulting from Internal Revenue Code Section 409A.

12.Except as prohibited by any federal law or regulation that governs compensation, see paragraph 2 above, 
your Award is subject to and governed by the terms and conditions of this Award Agreement and the Plan.

13.By accepting this Award, as evidenced by your signature below, you agree to abide by the terms and conditions of this Award Agreement and the Plan.

Exhibit 10.11
Ally Financial Inc.

                                Sincerely yours,
                

                                      Kathleen Patterson    
                                Chief HR Officer
                                «Date»

I HAVE READ THE PLAN DOCUMENT AND THIS AWARD AGREEMENT AND I ACCEPT THE AWARD REFERENCED ABOVE SUBJECT TO THE TERMS AND CONDITIONS OF THIS AWARD AGREEMENT AND THE ALLY FINANCIAL INC. INCENTIVE COMPENSATION PLAN. 

															
			
	Participant Signature (Required)		Date (Required)
			
			
	Last Four Digits of SSN or National ID (Required)exhibit10-13rsuagreement

INSPIRE MEDICAL SYSTEMS, INC.  2018 INCENTIVE AWARD PLAN  RESTRICTED STOCK UNIT AWARD GRANT NOTICE AND RESTRICTED STOCK UNIT  AGREEMENT  Inspire Medical Systems, Inc., a Delaware corporation (the “Company”), pursuant to its 2018  Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed below  (“Participant”) the number of Restricted Stock Units set forth below (the “RSUs”).  The RSUs are subject  to the terms and conditions set forth in this Restricted Stock Unit Grant Notice (the “Grant Notice”), the  Restricted Stock Unit Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of  which is incorporated herein by reference.  Unless otherwise defined herein, the terms defined in the Plan  shall have the same defined meanings in the Grant Notice and the Agreement.  Participant: [  ]  Grant Date: [  ]  Vesting Start Date: [  ]  Number of RSUs: [  ]  Type of Shares Issuable: Common Stock  Vesting Schedule: [            ]  By Participant’s signature below, Participant agrees to be bound by the terms and conditions of the  Plan, the Agreement and the Grant Notice.  Participant has reviewed the Agreement, the Plan and the Grant  Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant  Notice and fully understands all provisions of the Grant Notice, the Agreement and the Plan.  Participant  hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator  upon any questions arising under the Plan, the Grant Notice or the Agreement.  INSPIRE MEDICAL SYSTEMS, INC.  By:  Print Name:  Title:  [  ]  [  ]  PARTICIPANT  By:  Print Name: [  ]  Exhibit 10.13 

 

  EXHIBIT A  TO RESTRICTED STOCK UNIT AWARD GRANT NOTICE  RESTRICTED STOCK UNIT AWARD AGREEMENT  Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to  Participant the number of RSUs set forth in the Grant Notice.    ARTICLE I.  GENERAL  Section 1.1 Defined Terms.  Capitalized terms not specifically defined herein shall have the  meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,  (a) “Cause” shall mean a Company Group Member having “Cause” to terminate  Participant’s employment or services, as such term is defined in any relevant employment agreement  between Participant and a Company Group Member; provided that, in the absence of such agreement  containing such definition, a Company Group Member shall have “Cause” to terminate Participant’s  employment or services upon: (i) Participant’s dishonesty, fraud, misrepresentation, embezzlement or  deliberate injury or attempted injury, in each case related to the Company Group, (ii) any unlawful or  criminal activity of a serious nature by Participant, (iii) Participant’s intentional breach of a duty or duties  that, individually or in the aggregate, are material in relation to Participant’s overall duties, or (iv)  Participant’s material breach of any employment, service, confidentiality or non-compete agreement  entered into with a Company Group Member.  Whether or not an event giving rise to “Cause” occurs will  be determined by the Board in its sole discretion.   (b) “Cessation Date” shall mean the date of Participant’s Termination of Service  (regardless of the reason for such termination).  (c) “Company Group” shall mean the Company and its Subsidiaries.    (d) “Company Group Member” shall mean each member of the Company Group.    (e) “Disability” shall have the meaning ascribed to such term in any relevant  employment agreement between Participant and a Company Group Member; provided that, in the absence  of such agreement containing such definition, “Disability” shall mean the disability of Participant such as  would entitle the Participant to receive disability income benefits pursuant to the long-term disability plan  of the Company Group Member then covering Participant or, if no such plan exists or is applicable to  Participant, the permanent and total disability of Participant within the meaning of Section 22(e)(3) of the  Code.    Section 1.2 Incorporation of Terms of Plan.  The RSUs and the shares of Common Stock issued  to Participant hereunder (“Shares”) are subject to the terms and conditions set forth in this Agreement and  the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and  this Agreement, the terms of the Plan shall control.   ARTICLE II.  AWARD OF RESTRICTED STOCK UNITS  Section 2.1 Award of RSUs   

 

  (a) In consideration of Participant’s past and/or continued employment with or service  to a Company Group Member and for other good and valuable consideration, effective as of the grant date  set forth in the Grant Notice (the “Grant Date”), the Company has granted to Participant the number of  RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan  and this Agreement, subject to adjustment as provided in Section 12.2 of the Plan.  Each RSU represents  the right to receive one Share at the times and subject to the conditions set forth herein.  However, unless  and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto.   Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company,  payable only from the general assets of the Company.    Section 2.2 Vesting of RSUs.    (a) Subject to Participant’s continued employment with or service to a Company  Group Member on each applicable vesting date and subject to the terms of this Agreement, the RSUs shall  vest in such amounts and at such times as are set forth in the Grant Notice.    (b) In the event Participant incurs a Termination of Service, except as may be  otherwise provided herein or by the Administrator or as set forth in a written agreement between Participant  and the Company, Participant shall immediately forfeit any and all RSUs granted under this Agreement that  have not vested or do not vest on or prior to the date on which such Termination of Service occurs, and  Participant’s rights in any such RSUs that are not so vested shall lapse and expire.   (c) Notwithstanding the Grant Notice or the provisions of Section 2.2(a) and Section  2.2(b), in the event Participant incurs a Termination of Service for Cause or, except as may be otherwise  provided by the Administrator or as set forth in a written agreement between Participant and the Company,  Participant shall immediately forfeit any and all RSUs granted under this Agreement (whether or not  vested), and Participant’s rights in any such RSUs shall lapse and expire.  Section 2.3    (a) Distribution or Payment of RSUs.  Participant’s RSUs shall be distributed in  Shares (either in book-entry form or otherwise) on or within 5 business days following each applicable  vesting date.  Notwithstanding the foregoing, the Company may delay a distribution or payment in  settlement of RSUs if it reasonably determines that such payment or distribution will violate federal  securities laws or any other Applicable Law, provided that such distribution or payment shall be made at  the earliest date at which the Company reasonably determines that the making of such distribution or  payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and  provided further that no payment or distribution shall be delayed under this Section 2.3(a) if such delay will  result in a violation of Section 409A.   (b) All distributions shall be made by the Company in the form of whole Shares, and  any fractional share shall be distributed in cash in an amount equal to the value of such fractional share  determined based on the Fair Market Value as of the date immediately preceding the date of such  distribution.  Section 2.4 Conditions to Issuance of Certificates.  The Company shall not be required to issue  or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form  prior to the fulfillment of all of the following conditions:  (a) the admission of the Shares to listing on all  stock exchanges on which such Shares are then listed, (b) the completion of any registration or other  qualification of the Shares under any state or federal law or under rulings or regulations of the Securities  and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its  absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from  

 

  any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine  to be necessary or advisable, (d) the receipt by the Company of full payment for such Shares, which may  be in one or more of the forms of consideration permitted under Section 2.5, and (e) the receipt of full  payment of any applicable withholding tax in accordance with Section 2.5 by the Company Group Member  with respect to which the applicable withholding obligation arises.  Section 2.5 Tax Withholding.  Notwithstanding any other provision of this Agreement:  (a) The Company Group shall have the authority and the right to deduct or withhold,  or to require the Participant to remit to the Company, an amount sufficient to satisfy all applicable federal,  state and local taxes required by law to be withheld with respect to any taxable event arising in connection  with the Restricted Stock Units.  Notwithstanding any other provision of this Agreement, the Company  shall not be obligated to deliver any new certificate representing Shares to the Participant or the Participant’s  legal representative or enter such Shares in book entry form unless and until the Participant or the  Participant’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state  and local taxes applicable to the taxable income of the Participant resulting from the grant or vesting of the  Restricted Stock Units or the issuance of Shares.  This Section 2.5(a) shall terminate not later than the date  on which all tax withholding obligations arising in connection with the vesting of the Award have been  satisfied.    (b) Participant is ultimately liable and responsible for all taxes owed in connection  with the RSUs, regardless of any action the Company or any other Company Group Member takes with  respect to any tax withholding obligations that arise in connection with the RSUs.  No Company Group  Member makes any representation or undertaking regarding the treatment of any tax withholding in  connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares.  The  Company Group Members do not commit and are under no obligation to structure the RSUs to reduce or  eliminate Participant’s tax liability.  Section 2.6 Rights as Stockholder.  Neither Participant nor any person claiming under or  through Participant will have any of the rights or privileges of a stockholder of the Company in respect of  any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in  book-entry form) will have been issued and recorded on the records of the Company or its transfer agents  or registrars and delivered to Participant (including through electronic delivery to a brokerage account).   Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all  the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the  right to receipt of dividends and distributions on such Shares.  ARTICLE III.  OTHER PROVISIONS  Section 3.1 Administration.  The Administrator shall have the power to interpret the Plan, the  Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and  application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret,  amend or revoke any such rules.  All actions taken and all interpretations and determinations made by the  Administrator will be final and binding upon Participant, the Company and all other interested persons.  To  the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be  personally liable for any action, determination or interpretation made with respect to the Plan, the Grant  Notice or this Agreement.  Section 3.2 RSUs Not Transferable.  The RSUs may not be sold, pledged, assigned or  transferred in any manner other than by will or the laws of descent and distribution, unless and until the  

 

  Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed.   No RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements  of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation,  anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary  or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or  equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void  and of no effect, except to the extent that such disposition is permitted by the preceding sentence.   Notwithstanding the foregoing, with the consent of the Administrator, the RSUs may be transferred to  Permitted Transferees, pursuant to any such conditions and procedures the Administrator may require.  Section 3.3 Adjustments.  The Administrator may accelerate the vesting of all or a portion of  the RSUs in such circumstances as it, in its sole discretion, may determine.  Participant acknowledges that  the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in  certain events as provided in this Agreement and the Plan, including Section 12.2 of the Plan.   Section 3.4 Notices.  Any notice to be given under the terms of this Agreement to the Company  shall be addressed to the Company in care of the Secretary of the Company at the Company’s principal  office, and any notice to be given to Participant shall be addressed to Participant at Participant’s last address  reflected on the Company’s records.  By a notice given pursuant to this Section 3.4, either party may  hereafter designate a different address for notices to be given to that party.  Any notice shall be deemed  duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with  postage prepaid) in a post office or branch post office regularly maintained by the United States Postal  Service or similar foreign entity.  Section 3.5 Titles.  Titles are provided herein for convenience only and are not to serve as a  basis for interpretation or construction of this Agreement.  Section 3.6 Governing Law.   The laws of the State of Delaware shall govern the interpretation,  validity, administration, enforcement and performance of the terms of this Agreement regardless of the law  that might be applied under principles of conflicts of laws.  Section 3.7 Conformity to Securities Laws.  Participant acknowledges that the Plan, the Grant  Notice and this Agreement, are intended to conform to the extent necessary with all Applicable Laws,  including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all  regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state  securities laws and regulations.  Notwithstanding anything herein to the contrary, the Plan shall be  administered, and the RSUs are granted, only in such a manner as to conform to Applicable Law.  To the  extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement, shall be deemed  amended to the extent necessary to conform to Applicable Law.  Section 3.8 Amendment, Suspension and Termination.  To the extent permitted by the Plan,  this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any  time or from time to time by the Administrator or the Board, provided that, except as may otherwise be  provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall  adversely affect the RSUs in any material way without the prior written consent of Participant.  Section 3.9 Successors and Assigns.  The Company may assign any of its rights under this  Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors  and assigns of the Company.  Subject to the restrictions on transfer set forth in Section 3.2 and the Plan,  this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives,  successors and assigns of the parties hereto.  

 

  Section 3.10 Limitations Applicable to Section 16 Persons.  Notwithstanding any other  provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the  Plan, the RSUs, the Grant Notice and this Agreement shall be subject to any additional limitations set forth  in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule  16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule.  To the extent  permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform  to such applicable exemptive rule.  Section 3.11 Not a Contract of Employment.  Nothing in this Agreement or in the Plan shall  confer upon Participant any right to continue to serve as an employee or other service provider of any  Company Group Member or shall interfere with or restrict in any way the rights of any Company Group  Member, which rights are hereby expressly reserved, to discharge or terminate the services of Participant  at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly provided  otherwise in a written agreement between a Company Group Member and Participant or (ii) where such  provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or  local laws shall control.  Section 3.12 Entire Agreement.  The Plan, the Grant Notice and this Agreement (including any  exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior  undertakings and agreements of the Company and Participant with respect to the subject matter hereof.  Section 3.13 Section 409A.  The intent of the parties is that the payments and benefits under  this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as  amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and,  accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance  therewith.    Section 3.14 Agreement Severable.  In the event that any provision of the Grant Notice or this  Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or  unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice  or this Agreement.  Section 3.15 Limitation on Participant’s Rights.  Participation in the Plan confers no rights or  interests other than as herein provided.  This Agreement creates only a contractual obligation on the part of  the Company as to amounts payable and shall not be construed as creating a trust.  Neither the Plan nor any  underlying program, in and of itself, has any assets.  Participant shall have only the rights of a general  unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with  respect to the RSUs.  Section 3.16 Counterparts.  The Grant Notice may be executed in one or more counterparts,  including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an  original and all of which together shall constitute one instrument.  * * * * *

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