Document:

Compensation Statement, dated September 25, 2008, for Alvaro G. de Molina

 Exhibit 10.26 
 

 
 Anthony S. Marino 
 Group VP Human
Resources and 
 Chief Human Resources Officer 
 September 25, 2008 
 Dear Alvaro: 
 On behalf of the
Compensation & Leadership Committee of GMAC (the “Committee”), this letter outlines actions recently taken by the Committee relative to your compensation as CEO of GMAC. 
 First, by mutual agreement and at your request, you have agreed to waive your rights under your former employment agreement dated September 1, 2007. You will become a
participant in the GMAC LLC Senior Leadership Severance Plan as described in your Participation Agreement. 
 Based on its review of the competitive market for CEO
positions at comparable firms, the Committee has decided to maintain your current annual base salary of $1.2 million and to increase your AIP Target Bonus to $4 million, effective for calendar year 2008. As you know, actual bonus amounts are
determined at year-end and are at the discretion of the Committee. 
 As outlined in your Award Letter dated September 15, 2008, you have also been awarded 9.73
bps of Restricted Stock Units (RSUs) under the GMAC Long-Term Incentive Plan LLC Long-Term Equity Compensation Incentive Plan (the “Plan”). 
 The Committee
has also determined that you will continue to be provided with access to private jet transportation for business and personal use under the following terms. Personal use will be reported as W-2 income consistent with Treasury Regulations.
Additionally, the incremental cost of providing the aircraft for personal use during your employment when you or your guests are passengers will be deducted from any compensation that becomes payable to you from any grants of Stock Appreciation
Rights (SARs) that are granted to you under the Plan. This means than GMAC will reduce the amount otherwise payable to you by March 15, 2013 from your grants of SARs by the amount of the incremental costs incurred by GMAC for the personal use
of aircraft during your employment when you or your guests are passengers. In no case, however, shall you be responsible for payment for any personal use that exceeds the value of your compensation that becomes payable from SARs granted under the
Plan. 
 Please acknowledge your understanding and acceptance of these terms by signing below and returning to me. 
 Sincerely, 
  

	
	Anthony S. Marino
	Chief Human Resources Officer

 Acknowledged and agreed: 
  

							
	   /s/ Alvaro de Molina
	 		 	 Sept. 30, 2008
	 	
	Alvaro de Molina	 		 	DateGMAC LLC Senior Leadership Severance Plan Participation Agreement

 Exhibit 10.27 
 Dear Alvaro: 
 You have been designated by GMAC LLC (“GMAC”) to become a participant in the GMAC LLC Senior Leadership Severance Plan
(the “Plan”). You will become a participant in the Plan by signing this letter agreement. If you do not sign this letter agreement, then you will not become a participant in the Plan. 
 If you become a participant in the Plan, your participation will be subject to and governed by the terms and conditions of the Plan, a copy of which is attached to this
letter agreement. Generally, under the Plan and in accordance with this Participation Agreement, if your employment is terminated by GMAC without Cause, or by you for Good Reason, your: 
  

	•	 	 Severance Multiple (expressed as a percentage) will be 100%; 

	•	 	 CIC Severance Multiple (expressed as a percentage) will be 100%; 

	•	 	 Your Protection Period will begin three months immediately prior to a Change in Control and will end 12 month(s) immediately following such Change in Control.

 Please refer to the Plan for more specificity regarding your severance benefits and your post-termination obligations to GMAC.

 You agree and accept all risks (including increased taxes and penalties) resulting from Code Section 409A if the Plan is found to be subject to Code
Section 409A. 
 As a participant in the Plan, you agree to abide by the terms and conditions of the Plan, specifically but not limited to the
obligations enumerated in Section V of the Plan. Please indicate your receipt of the Plan document, and your acceptance of and agreement to the terms and conditions of the Plan, by signing in the indicated space below and return to Rhonda Carey, 200
Renaissance Center, M/C: 482-B14-D64, Detroit, MI 48265. 
  

	
	Sincerely yours,
	
	

	
	Anthony Marino
	Group VP and Chief HR Officer

 I ACCEPT AND AGREE TO BECOME A PARTICIPANT IN, 
 AND WILL ABIDE BY THE TERMS AND CONDITIONS OF, 
 THE GMAC LLC SENIOR
LEADERSHIP SEVERANCE PLAN. 
  

							
	 Alvaro de Molina
	 		 	 September 17, 2008
	 	
	Alvaro de Molina    	 		 	 DatePurchase Offer - GMAC Management LLC Class C Membership Interests

 Exhibit 10.28 
 

 
 200 Renaissance Center, MC 482-B14-D46, Detroit, MI. 48265 
 September 15, 2008 
 Alvaro de Molina 
 Re: Purchase Offer – GMAC Management LLC Class C Membership Interests  
 Dear
Alvaro: 
 GMAC LLC hereby offers to purchase your profit interests granted under the GMAC Management LLC Class C Membership Interests Plan (the “MPI Plan”).
This is an offer at current fair market value that you may accept or decline. If you accept this Purchase Offer, all of your profit interests described below will be purchased by GMAC and you will receive a cash payment within 30 days of acceptance.
Upon receipt of the Total Cash Payment, you will have no further rights or interests under the MPI Plan. In order to accept this Purchase Offer you must sign and return your acceptance within 30 days. You may only accept this Purchase Offer for all
of your profit interests described herein. You may not accept on a partial basis. 
 By accepting this Purchase Offer, you agree that: 
  

	 	1.	At all times during your employment and within 24 months of the date of payment, even if your employment terminates, you shall not at any time, directly or indirectly, whether on behalf of
yourself or any other person or entity, engage in a Competitive Activity. “Competitive Activity” shall mean an activity in which you engage directly or indirectly (whether as a principal, agent, partner, member, employee, investor, owner,
consultant, board member or otherwise) that is in direct competition with GMAC LLC or any of its subsidiaries or affiliates in any of the States within the United States, or countries within the world, in which GMAC LLC or any of its subsidiaries or
affiliates conducts business with respect to a business in which GMAC LLC or any of its subsidiaries or affiliates engaged or was preparing to engage during your employment and on the date of your termination of employment; provided, however, that
an ownership interest of 1% or less in any publicly held company shall not constitute a Competitive Activity; and further provided, however, that you may be employed by or otherwise associated with a business or entity of which a subsidiary,
division, segment, unit, etc. is in direct competition with GMAC LLC or any subsidiary or affiliate but as to which such subsidiary, division, segment, unit, etc. you have no direct or indirect responsibilities or involvement so long as you do not
breach the covenant of confidentiality contained herein; and 

  

	 	2.	At all times during your employment and within 24 months of the date of payment, even if your employment terminates, you shall not at any time, directly or indirectly, whether on behalf of
yourself or any other person or entity (i) solicit any client and/or customer of GMAC LLC or any subsidiary with respect to a Competitive Activity or (ii) solicit or employ any employee of GMAC LLC or any subsidiary, or any person who was
an employee of GMAC LLC or any subsidiary during the 60-day period immediately prior, for the purpose of causing such employee to terminate his or her employment with GMAC LLC or such subsidiary; and 

  

	 	3.	At all times during your employment and at all times thereafter, you shall not disclose to anyone or make use of any trade secret or proprietary or confidential information of GMAC LLC,
including such trade secret or proprietary or confidential information of any customer or client or other entity to which GMAC LLC owes an obligation not to disclose such information, which you acquire during your employment with GMAC LLC, including
but not limited to records kept in the ordinary course of business, except: 

  

	 	(a)	as such disclosure or use may be required or appropriate in connection with your work as an employee of GMAC LLC; or 

  

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	 	(b)	when required to do so by a court of law, by any governmental agency having supervisory authority over the business of GMAC LLC or by any administrative or legislative body (including a
committee thereof) with apparent jurisdiction to order you to divulge, disclose or make accessible such information; or 

  

	 	(c)	as to such confidential information that becomes generally known to the public or trade without your violation of this paragraph 3; or 

  

	 	(d)	to your spouse, attorney, and/or your personal tax and financial advisors as reasonably necessary or appropriate to advance your tax, financial and other personal planning (each an
“Exempt Person”), provided, however, that any disclosure or use of any trade secret or proprietary or confidential information of GMAC LLC by an Exempt Person shall be deemed to be a breach of this paragraph 3 by you; and

  

	 	4.	At all times during your employment and within 24 months of the date of payment, even if your employment terminates, you shall not make any statements or express any views that disparage the
business reputation or goodwill of GMAC LLC and/or any of its subsidiaries, affiliates, investors, members, officers, or employees. 

 If you materially
violate any provision contained in paragraphs 1 through 4, you will immediately repay GMAC LLC the entire Total Cash Payment and shall reimburse GMAC LLC for its legal fees and costs associated with recovery of the Total Cash Payment. Additionally,
if you violate or threaten to violate any provision contained in paragraphs 1 through 4, GMAC LLC shall not have an adequate remedy at law. Accordingly, GMAC LLC shall be entitled to such equitable and injunctive relief, without the posting of a
bond, as may be available to restrain you and any business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of the provisions of these paragraphs 1 through 4. Nothing in this
Purchase Offer shall be construed as prohibiting GMAC LLC from pursuing any other remedies available at law or in equity for breach or threatened breach of these paragraphs 1 through 4, including the recovery of damages. If GMAC LLC is successful in
enforcing its rights herein, you shall reimburse GMAC LLC for its legal fees and costs associated with such enforcement action. 
 By accepting this Purchase Offer,
you also agree that if you voluntarily terminate your employment or if you are terminated for cause within one year of the cash payment, you will repay GMAC LLC the entire Total Cash Payment. If you voluntarily terminate or are terminated for cause
after one year but within two years of the cash payment, you will repay GMAC 50% of the Total Cash Payment. Additionally, any severance payment you may receive during these time periods will be reduced by these repayment obligations on a comparable
after-tax basis. A termination of employment for any other reason, such as death, disability, or a sale of your business unit, will not trigger a repayment obligation. 
 Subject to the above terms and conditions, GMAC LLC hereby offers to purchase the following profit interests at the purchase price described below: 
  

			
	50.00 bps series C-1	  	
	  
 30.00 bps series C-2
	  	
	  
 50.00 bps series C-2A
	  	
	  
 Total Cash Payment
	  	  
 $4,640,000.00

  

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	Sincerely yours,
	
	

	Anthony S. Marino
	Group VP and Chief HR Officer

  
 I ACCEPT AND AGREE TO THE TERMS AND
CONDITIONS OF THIS PURCHASE OFFER AND HEREBY RELINQUISH ALL RIGHT, TITLE AND INTEREST WITH RESPECT TO ANY AND ALL PROFIT INTERESTS AND AWARD AGREEMENTS ASSOCIATED WITH THESE PROFIT INTERESTS DESCRIBED IN THIS PURCHASE OFFER. ADDITIONALLY, I AGREE TO
ABIDE BY THE RESTRICTIVE COVENANTS AND OTHER TERMS AND CONDITIONS DESCRIBED IN THIS PURCHASE OFFER. 
  

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

  

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