Document:

Ally Financial Inc. Long-Term Equity Compensation Incentive Plan - Exhibit 10.10

ALLY FINANCIAL INC.
LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN

ALLY FINANCIAL INC. 
LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN 
Table of Contents 
Section 1 Definitions 
Section 2 Purpose of Plan 
Section 3 Term of Plan; Amendment and Termination of Plan 
Section 4 Administration 
Section 5 Eligibility and Participation 
Section 6 Units Available under Plan; Common Stock Value 
Section 7 Grants of Awards 
Section 8 Vesting and Payment of Award 
Section 9 Restrictive Covenants 
Section 10 Termination of Employment; Other Payments 
Section 11 Claims 
Section 12 Taxes 
Section 13 Miscellaneous

ALLY FINANCIAL INC. 
LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN 

1.0 DEFINITIONS 

The following terms shall have the following meanings unless the context indicates otherwise: 

1.1 “Ally Financial Inc.” shall mean Ally Financial Inc., a Delaware corporation. 

1.2 “Award" shall mean a compensatory award that is granted in accordance with Section 7 below and that Vests and is paid in accordance with Section 9 or 11 below. 

1.3 “Award Letter" shall mean a written agreement between Ally Financial Inc. and the Participant that establishes the terms, conditions, restrictions and/or limitations applicable to an Award in addition to those established by the Plan and by the Committee's exercise of its administrative powers. 

1.4 “Beneficiary” shall mean a beneficiary designated in writing by a Participant to receive a Payment in the event of a Participant’s death prior to a date of Payment. If no Beneficiary is designated by the Participant, then the Participant's estate shall be deemed to be the Participant's Beneficiary. 

1.5 “Board" shall mean the Board of Directors of the Company. 

1.6 “bps" shall mean a hypothetical ownership interest of the Company Awarded prior to October 1, 2010 and as subsequently adjusted by the Committee in accordance with the Plan (based on basis points, where, for example (i) an Award subject to 1.5 bps would equal an Award relating to a 0.015% hypothetical ownership interest of the Company and (ii) an Award subject to 3.25 bps would equal an Award relating to a 0.0325% hypothetical ownership interest of the Company). 

1.7 "Business Unit" shall mean a single business or product line or related group of businesses or product lines of the Company that, in the ordinary course of the Company's business, managerial and financial reporting are considered and managed as a division, including, but not limited to, the Company's North American Auto Finance, International Operations, Mortgage Operations, Insurance and Commercial Finance divisions, and which consist of a group of legal entities rolling up to a holding company that is a wholly-owned subsidiary of the Company. 

1.8 “Cause” shall mean any one of the following: 

(a) felony indictment or misdemeanor conviction; or 

(b) failure to perform any material responsibility of the leadership position; or 

(c) a course of conduct which would tend to hold the Company or any of its affiliates in disrepute or scandal, as determined by the Board in its sole discretion; or 

(d) failure to follow lawful directions of the Board; or 

(e) any material breach of fiduciary duty to the Company; or 

(f) gross negligence; or 

(g) willful misconduct; or 

(h) failure to comply with a material Company policy; or 

(i) any act of fraud, theft, or dishonesty; or 

(j) breach of any restrictive covenants, including the duty of confidentiality with respect to Company information. 

(k) failure to promptly repay any Award payment that is determined to be owed to the Company pursuant to 8.6 below. 

1.9 “Change in Control” shall mean both: 

(a) a change in the ownership of the Company in accordance with Treasury Regulation Section 1.409A-3(i)(5)(v); or 

(b) a change in effective control of the Company in accordance with Treasury Regulation Section 1.409A-3(i)(5)(vi); or 

(c) a change in the ownership of a substantial portion of the Company’s assets in accordance with Treasury Regulation Section 1.409A-3(i)(5)(vii); 

and either 

(i) any person who is not FIM Holdings LLC, GM Finance Co. Holdings Inc., General Motors Corporation and their affiliates becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of the then issued and outstanding securities or other ownership interests of the Company; or 

(ii) the sale, transfer or other disposition of all or substantially all of the business and assets of the Company, whether by sale of assets, merger or otherwise (determined on a consolidated basis), to a person other than FIM Holdings LLC, GM Finance Co. Holdings Inc., General Motors Corporation and their affiliates. 

1.10 “Change-in-Control Date” shall mean the date a Change in Control occurs. 

1.11 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, including applicable regulations promulgated thereunder. 

1.12 “Committee” shall mean the Board’s Compensation, Nominating and Governance Committee. 

1.13 “Common Stock” shall mean common stock, par value $0.01 per share, of the Company. 

1.14 “Common Stock Value” shall mean the fair market value of a share of the Common Stock as determined in good faith by the Board. 

1.15 “Company” shall mean Ally Financial Inc. 

1.16 “Competitive Activity” shall mean an activity in which the Participant engages directly or indirectly (whether as a principal, agent, partner, member, employee, investor, owner, consultant, board member or otherwise) that is in direct competition with the Company or any of its Subsidiaries or affiliates in any of the States within the United States, or countries within the world, in which the Company or any of its Subsidiaries or affiliates conducts business with respect to a business in which the Company or any of its subsidiaries or affiliates engaged or was preparing to engage during employment and on the date of the 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 the Participant 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 the Company or any Subsidiary or affiliate but as to which such subsidiary, division, segment, unit, etc. the Participant has no direct or indirect responsibilities or involvement so long as the Participant does not breach the covenant of confidentiality contained in Section 11.3 below. 

1.17 “Deferral Payment Date” shall mean March 15, 2013, or any other date specified in an Award Letter. 

1.18 “Disability" or “Disabled” shall mean a “disability” as defined under Code Section 409A(a)(2)(C). 

1.19 “Dividend Equivalent” shall mean an amount equal to the amount of a dividend with respect to Ally Financial Inc. equity that is paid to Ally Financial Inc. equity holders on or after an IPO. 

1.20 “Effective Date” shall mean July 16, 2008, the date approved by the Board. 

1.21 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, including applicable regulations promulgated thereunder. 

1.22 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, including applicable regulations thereunder. 

1.23 “Fair Market Value” shall mean the fair market value of the Company as determined in good faith by the Board and in accordance with Section 6 below. 

1.24 “IPO” shall mean an underwritten sale to the public of the Company’s equity securities pursuant to an effective registration statement filed with the Securities and Exchange Commission on Form S-1 and after which the Company’s equity securities are listed on the New York Stock Exchange or the American Stock Exchange or on the NASDAQ Stock Market; provided, however, that an IPO shall not include any issuance of the Company’s equity securities in any merger or other business combination, and shall not include any registration of the issuance of such equity securities to exiting security holders or employees of the Company on Form S-4 or Form S-8. 

1.25 “Participant” shall mean any employee of the Company or any Subsidiary to whom an Award has been granted by the Committee under the Plan and who is employed by the Company or any Subsidiary as of the date the Award Vests in accordance with Section 8 or 10 below. 

1.26 “Payment” or “Paid” prior to an IPO shall mean a cash payment and subsequent to an IPO shall mean a cash payment or a distribution of Common Stock (to the extent Shareholders have made shares available for employee incentives), as determined by the Committee in its sole discretion, made to a Participant having an aggregate Common Stock Value equal to: 

(a) if with respect to an RSU, the product of (x) the Common Stock Value times (y) the number of Units underlying the RSU subject to the Payment, plus any Dividend Equivalents, if applicable; or 

(b) if with respect to an SAR, the product of (x) the Common Stock Value less the Strike Price times (y) the number of Units underlying the SAR subject to the Payment; and 

1.27 “Plan” shall mean the Ally Financial Inc. Long-Term Equity Compensation Incentive Plan. 

1.28 “RSU” shall mean an Award designated as a full-value compensatory vehicle where compensation attributable to such Award will be measured by the Fair Market Value or Common Stock Value, as the case may be, as of the Payment Date, and which shall be subject to restrictions and limitations imposed by the Committee on the date of grant. 

1.29 “Sale of a Business Unit” shall mean whether effected directly or indirectly, or in one transaction or a series of transactions: 

(a) any merger, consolidation, reorganization or other business combination pursuant to which a Business Unit and an acquirer and/or all or a substantial portion of their respective business operations are combined in a manner that results in a "change of control" of the Business Unit (utilizing the criteria described in the Section 1.9 Change in Control definition but substituting Business Unit for Company); or 
(b) the sale, transfer or other disposition of all or substantially all of the capital stock or assets of the subsidiaries of the Company included in the Business Unit by way of negotiated purchase, tender or exchange offer, option, leveraged buyout, joint venture over which Ally does not exercise voting control or otherwise. 

1.30 “SAR” shall mean an Award designated as an appreciation-only compensatory vehicle where compensation attributable to such Award will be measured by the excess, if any, of the Common Stock Value of the Award as of the Payment Date less the Strike Price, and which shall be subject to restrictions and limitations imposed by the Committee on the date of grant. 

1.31 Shareholder” shall mean a holder of Common Stock. 

1.32 “Strike Price” shall mean the strike price of an SAR as determined by the Committee. 

1.33 “Subsidiary” shall mean a corporation of which the Company directly or indirectly owns more than 50 percent of the Voting Stock or any other business entity in which the Company directly or indirectly has an ownership interest of more than 50 percent. 

1.34 “Treasury Regulation” shall mean the regulations promulgated under the Code by the United States Department of the Treasury, as amended from time to time. 

1.35 “Unforeseeable Emergency” shall mean an “unforeseeable emergency” as defined under Code Section 409A(a)(2)(B)(ii)(I). 

1.36 “Unit” shall mean a phantom share of Common Stock. 

1.37 “Unvested Award’" shall mean the portion of an Award that has not yet Vested. 

1.38 “Vest” shall mean that the Participant has an unrestricted right, title and interest to receive the compensation attributable to the Award (or a portion of such Award) or to otherwise enjoy the benefits underlying such Award without a “substantial risk of forfeiture” (as such term is defined and used in Code Section 409A). 

1.39 “Vesting Date” shall mean the date on which an Award Vests as specified in the Award Letter. 

1.40 “Voting Stock” shall mean the capital stock of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation. 

2.0 PURPOSE OF PLAN 

2.1 Purpose. The purpose of the Plan is to motivate certain employees of the Company and its Subsidiaries to put forth maximum efforts toward the growth, profitability, and success of the Company and its Subsidiaries by providing incentives to such employees through payments that are based on Common Stock Value. In addition, the Plan is intended to provide incentives that will attract 

and retain highly qualified individuals as employees of the Company and its Subsidiaries, and to assist in aligning the interests of such employees with the interests of the Company’s Shareholders. 

2.2 ERISA. The Plan is intended to be an unfunded “employee benefit plan” (as such term is defined and used under ERISA) which is maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of ERISA, and thus the Plan is intended to be treated as and subject to the “top-hat” plan requirements under ERISA. 

2.3 Code Section 409A. The Plan is intended to be a “nonqualified deferred compensation plan” as such term is defined and used under Code Section 409A, and thus the Plan is intended to be fully subject to and fully compliant with Code Section 409A. 

2.4 TARP Compliance. The Plan is intended to fully comply with the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009, the rules and regulations of the Troubled Asset Relief Program, and any other Federal law or regulation that may govern executive compensation for so long as the Company shall remain subject to such laws and regulations. 

3.0 TERM OF PLAN; AMENDMENT AND TERMINATION OF PLAN 

3.1 Term. The Plan shall be effective as of the Effective Date and shall terminate on the earlier of (i) the date that all Awards granted under the Plan are Paid or (ii) the 10th anniversary of the Effective Date, unless sooner terminated by the Board in accordance with Section 3.2 below. 

3.2 Termination of Plan. The Board may suspend or terminate the Plan at any time with or without prior notice; provided, however, that no action authorized by this Section 3.2 shall reduce the amount of any outstanding Award or otherwise adversely change the terms and conditions thereof without the Participant's prior written consent. 

3.3 Amendment of Plan. The Board may amend the Plan at any time with or without prior notice; provided, however, that no action authorized by this Section 3.3 shall reduce the amount of any outstanding Award or otherwise adversely change the terms and conditions thereof without the Participant's prior written consent, except as provided in Section 3.5. 

3.4 Amendment or Cancellation of Award Letters. The Committee may amend or modify any Award Letter at any time; provided, however, that except as provided in Section 3.5, if the amendment or modification adversely affects the Participant, such amendment or modification shall be by mutual agreement between the Committee and the Participant or such other persons as may then have an interest therein. 

3.5 Compliance Amendments. Notwithstanding anything contained in this Section 3 or in the Plan to the contrary, the Plan and/or any Award Letter may be unilaterally amended by the Board or the Committee, as the case may be, – even if such amendment reduces the amount of any outstanding Award or otherwise adversely changes the terms and conditions thereof without the Participant’s prior written consent – if such amendment is required to comply with (i) any Federal law or regulation that may govern executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief program and the regulations thereunder or (ii) Code Section 409A. In addition, any such amendment to the Plan or to any Award Letter that would cause compensation payable under the Plan to be subject to the penalty tax imposed by Code Section 409A shall be null and void and of no effect as if the Plan had never been amended. 

4.0 ADMINISTRATION 

4.1 Responsibility. The Committee shall have the responsibility, in its sole discretion, to control, operate, manage and administer the Plan in accordance with its terms. 

4.2 Award Letter. Each Award granted under the Plan shall be evidenced by an Award Letter, which shall be signed by an authorized agent or officer of Ally Financial Inc. and the Participant; provided, however, that in the event of any conflict between a provision of the Plan and any provision of an Award Letter, the provision of the Plan shall control and prevail. 

4.3 Authority of the Committee. The Committee shall have all the discretionary authority that may be necessary or helpful to enable it to discharge its responsibilities with respect to the Plan, including but not limited to the following: 

(a) to determine eligibility for participation in the Plan; 

(b) to determine the size of an Award granted under the Plan; 

(c) to set vesting schedules for each Award; 

(d) to set the Strike Prices for SARs under the Plan; 

(e) to grant Awards to, and to enter into Award Letters with, Participants; 

(f) to equitably convert outstanding Awards from bps to Units; 

(g) to supply any omission, correct any defect, or reconcile any inconsistency in the Plan in such manner and to such extent as it shall deem appropriate in its sole discretion to carry the same into effect; 

(h) to issue administrative guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time deems proper; 

(i) to make rules for carrying out and administering the Plan and make changes in such rules as it from time to time deems proper; 

(j) to the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions, and limitations; 

(k) to maintain the Plan’s full compliance with Code Section 409A; 

(l) to maintain the Plan’s full compliance with any Federal law or regulation that may govern executive compensation and that applies to the Company, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder; 

(m) to recommend the Common Stock Value to the Board for purposes of the Plan; 

(n) to take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan. 

4.4 Action by the Committee. The Committee may act only by a majority of its members. Any determination of the Committee may be made, without a meeting, by a writing or writings signed by all of the members of the Committee. In addition, the Committee may authorize any one or more of its members to execute and deliver documents on behalf of the Committee. 

4.5 Delegation of Authority. The Committee may delegate to one or more of its members, or to one or more agents, such administrative duties as it may deem advisable; provided, however, that any such delegation shall be in writing. In addition, the Committee, or any person to whom it has delegated 

duties under this Section 4.5, may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan. The Committee may employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or computation received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company or the Subsidiary whose employees have benefited from the Plan, as determined by the Committee. 

4.6 Determinations and Interpretations by the Committee. All determinations and interpretations made by the Committee shall be binding and conclusive on all Participants and their heirs, successors, and legal representatives. 

4.7 Liability. No member of the Committee and no employee of the Company shall be liable for any act or failure to act hereunder, except in circumstances involving his or her bad faith, gross negligence or willful misconduct, and no member of the Committee or employee of the Company shall be liable for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the administration of the Plan have been delegated. 

4.8 Indemnification. The Company shall indemnify members of the Committee and any agent of the Committee against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person's bad faith, gross negligence or willful misconduct. 

5.0 ELIGIBILITY AND PARTICIPATION 

5.1 Eligibility. All employees of the Company and its Subsidiaries shall be eligible to participate in the Plan and to receive Awards. 

5.2 Participation. The Committee in its sole discretion shall designate who shall be a Participant and receive Awards under the Plan. Designation of a Participant in any year shall not require the Committee to designate such person to receive an Award in any other year or, once designated, to receive the same Award as granted to the Participant in any other year. The Committee shall consider such factors as it deems pertinent in selecting Participants and in determining the bps or Units subject to each Award. 

6.0 UNITS AVAILABLE UNDER PLAN; COMMON STOCK VALUE 

6.1 Available Units for Grant. The aggregate number of Units that may be granted under all Awards during the term of the Plan shall not exceed 79,910. The aggregate number of Units that may be granted under all RSU Awards during the term of the Plan shall not exceed 47,946. The aggregate number of Units that may be granted under all SAR Awards during the term of the Plan shall not exceed 31,964. Awards that are cancelled or forfeited may be regranted. 

6.2 Adjustment to Units. As to Awards denominated with reference to Units, if there is any change to the Common Stock, through merger, consolidation, reorganization, recapitalization, dividend, split, reverse split, split-up, split-off, spin-off, combination of Common Stock, exchange of Common Stock, dividend in kind or other like change in capital structure or distribution (other than normal cash dividends) to Shareholders, an adjustment shall be made to each such Award either granted or available for grant under the Plan so that after such adjustment each such Award reflects such change to the Common Stock. In addition, for the purpose of preventing any dilution or enlargement of Participants' rights under the Plan, the Committee shall have the authority to adjust, in an equitable manner, the Units available for grant or granted under the Plan, as well as the Strike Price of outstanding SARs, the Common Stock Value or any other affected term. 

6.3 Common Stock Value. The Board shall determine the Common Stock Value (i) at least once a year and (ii) as of a Change-in-Control Date. The Board may in its sole discretion determine a Common Stock Value at any other time. The Common Stock Value shall take into account the valuation rules under Treasury Regulation Section 1.409A-1(b)(5)(iv) if compliance with such valuation rules are necessary for compliance with Code Section 409A. 

7.0 GRANTS OF AWARDS 

7.1 Grants. The Committee in its sole discretion and at any time may grant Awards to Participants. Each grant of an Award shall be designated by a fixed number of Units underlying the Award. 

7.2 Types of Grants. The Committee in its sole discretion may grant either RSUs, SARs, or a combination of both. 

7.3 Award Letter. Each Award shall be evidenced by an Award Letter, stating: 

(a) the Units underlying the Award; 

(b) if the Award is a SAR, then the Strike Price; 

(c) the Vesting schedule for each Award; 

(d) if the Award is an RSU, whether the Award is subject to a Deferral Payment Date; and 

(e) any other term, condition, restriction and/or limitation with respect to the Award. 

7.4 Deferral. To the extent permitted by the Committee, a Participant may elect to defer compensation attributable to an RSU Award to the Deferral Payment Date, provided that such deferral fully complies with Code Section 409A. 

7.5 Dividend Equivalents. On or after an IPO, Participants who hold RSUs shall be entitled to receive Dividend Equivalents to the same extent and in the same manner as equity holders of the Common Stock, if and when such holders receive dividends under such Common Stock. The Dividend Equivalent shall be deemed to be invested in additional RSUs, based on the Common Share Value on the dividend payment date and such additional RSUs shall be subject to the same Vesting schedule, forfeiture rules, and other terms applicable to the related RSU Award. 

8.0 VESTING AND PAYMENT OF AWARDS 

8.1 Vesting. Each Award shall Vest in accordance with the Vesting schedule contained in each Award Letter, as determined by the Committee in its sole discretion, unless Vesting is accelerated in accordance with Section 8.2 or 10 below or unless Vesting is required to be modified in order to comply with any Federal law or regulation that may govern 

executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder. 

8.2 Vesting Due to a Change in Control Except as prohibited by any Federal law or regulation that may govern executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, during the one-year period immediately following the Change-in-Control Date, a Participant’s unvested Awards shall 100% immediately Vest as of the date of an involuntary termination of the Participant’s employment by the Company without Cause. 

8.3 Payment of RSU Awards. Except as prohibited by any Federal law or regulation that may govern executive compensation, including but not limited to Title VII of the American Recovery and 

Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, and except as provided in Section 10.3, RSUs that Vest shall be Paid to the Participant within 75 days after a Vesting Date, based on the most recent Common Stock Value, provided that if all or a portion of the RSUs are subject to a valid deferral in accordance with Section 7.4 above, then such RSUs shall be Paid in accordance with such Deferral Payment Date based on the most recent Common Stock Value prior to the Deferral Payment Date. 

8.4 Payment of SAR Awards. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, SARs that Vest shall be paid to the Participant by March 15 immediately following the December 31, 2012 final Vesting Date, but not later than 75 days after a Vesting Date based on (i) if the Participant’s employment has not been terminated prior to the date of Payment, then the most recent Common Stock Value or (ii) if the Participant’s employment has been terminated (including termination due to death) prior to the date of Payment, then the most recent Common Stock Value preceding the date of the termination of the Participant’s employment (including a termination due to death). 

8.5 Payment of Dividend Equivalents. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, Dividend Equivalents (if any) shall be Paid when the related RSU Award is paid to the Participant in accordance 

with Section 8.3 above. 

8.6 Repayment of Certain Award Payments. If any Award payment to a Participant who (i) is or was an executive officer (as defined in Rule 3b-7 of the Securities Exchange Act of 1934); or (ii) is a named executive officer (as determined pursuant to Instruction 1 to Item 402(a)(3) of Regulation S-K under the Federal Securities Laws); or (iii) is among the next twenty most highly compensated employees of the Company, is determined to have been based on statements of earnings, revenues, gains, or other performance criteria that are later found to be materially inaccurate, is based on erroneous data that resulted in an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws within the three years prior to payment, or is found to require repayment under the provisions of any other Federal law or regulation that may govern the Company’s executive compensation, such payment shall, upon notice to the Participant, become immediately due and payable in full to the Company. The Committee may, in its discretion, also demand repayment from other Participants based on the same determination. Failure to promptly repay the Company upon demand will constitute Cause for termination of employment. 

9.0 RESTRICTIVE COVENANTS 

9.1 Non-Competition. While the Participant who is awarded SARs, or who participates or participated in the GMAC Management LLC Class C Membership Interests Plan, is employed by the Company or a Subsidiary, and during the 1-year period immediately following the date of any termination of the Participant's employment with the Company or a Subsidiary, such Participant shall not without the prior written consent of the Committee, at any time, directly or indirectly, whether on behalf of himself or herself or any other person or entity, engage in a Competitive Activity. The restrictions in this Section 9.1 do not apply to a Participant who is not awarded SARs, or who does not or did not participate in the GMAC Management LLC Class C Membership Interests Plan unless the restrictions in this Section 9.1 are specified in the Participant's Award Letter. 

9.2 Non-Solicitation of Customers/Clients and Employees. While the Participant is employed by the Company or a Subsidiary, and during the 2-year period immediately following the date of any termination of the Participant’s employment with the Company or a Subsidiary, such Participant shall not at any time, directly or indirectly, whether on behalf of himself or herself or any other person or entity (i) solicit any client and/or customer of the Company or any Subsidiary with respect to a 

Competitive Activity or (ii) solicit or employ any employee of the Company or any Subsidiary, or any person who was an employee of the Company or any subsidiary during the 60-day period immediately prior to the Participant’s termination, for the purpose of 

causing such employee to terminate his or her employment with the Company or such Subsidiary. 

9.3 Confidentiality. While the Participant is employed by the Company or a Subsidiary, and at all times thereafter, a Participant shall not disclose to anyone or make use of any trade secret or proprietary or confidential information of the Company, including such trade secret or proprietary or confidential information of any customer or client or other entity to which the Company owes an obligation not to disclose such information, which he or she acquires during his or her employment with the Company, 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 his or her work as an employee of the Company; or 

(b) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him or her 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 his or her violation of this Section 9.3; or 

(d) to the Participant’s spouse, attorney, and/or his or her personal tax and financial advisors as reasonably necessary or appropriate to advance the Participant’s 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 the Company by an Exempt Person shall be deemed to be a breach of this Section 9.3 by the Participant. 

9.4 Non-Disparagement. While the Participant is employed by the Company or a Subsidiary, and at all times thereafter, a Participant shall not make any statements or express any views that disparage the business reputation or goodwill of the Company and/or any of its Subsidiaries, affiliates, investors, Shareholders, officers, or employees. 

9.5 Enforcement of Section 9. If a Participant materially violates any provision of this Section 9, he or she shall immediately forfeit any right, title and interest to any Award that has not yet been paid. In addition, such Participant shall be required to repay to Ally Financial Inc. a cash amount equal to the value of all Payments made during the 24-month period ending on the date the Company initiates an enforcement action under this Section 9 and shall reimburse the Company for its legal fees and costs associated with 

recovery of these amounts. 

9.6 Enforcement of Non-Competition, Non-Solicitation and Confidentiality Covenants. If a Participant violates or threatens to violate any provisions of this Section 9, the Company shall not have an adequate remedy at law. Accordingly, the Company shall be entitled to such equitable and injunctive relief, without the posting of a bond, as may be available to restrain the Participant and any business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of the provisions of this Section 9. Nothing in the Plan shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity for breach or threatened breach of this Section 9, including the recovery of damages. If the Company is successful in enforcing its rights under this provision, the affected Participant shall reimburse the Company for its legal fees and costs associated with such enforcement action. 

10.0 TERMINATION OF EMPLOYMENT; OTHER DISTRIBUTIONS 

10.1 Death. Except as prohibited by any Federal law or regulation that may govern executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, if a Participant dies prior to a Payment, then the Participant’s Unvested Awards shall Vest (if at all) as of the date of death of such Participant in accordance with the Award Letter. 

10.2 Termination of Employment Due to Disability. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, if a Participant’s employment is terminated due to Disability prior to a Payment, then the Participant’s Unvested Awards shall Vest (if at all) as of the date of such termination of employment in accordance with the Award Letter. 

10.3 Termination of Employment Due to Sale of a Business Unit. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, if a Participant’s employment is terminated, other than for Cause, due to and during the twelve months following a Sale of a Business Unit, then the Participant’s Unvested Awards shall 100% Vest as of the date of such termination of employment. Payment will be made as if vesting was not accelerated by this Section 10.3 and in accordance with any valid deferral election. 

10.4 Termination for Cause. If a Participant’s employment is terminated by the Company or a Subsidiary for Cause prior to a Payment, then the Participant’s Vested and Unvested Awards shall be immediately forfeited as of the date of such termination of employment. 

10.5 Termination without Cause. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, if a Participant’s employment is terminated by the Company or a Subsidiary without Cause, including a Qualified Termination under the Ally Financial Inc. Senior Leadership Severance Plan effective as of June 1, 2008, prior to a Payment, then unless the termination is otherwise a Termination Due to the Sale of a Business Unit under Section 10.3: 

(a) the Participant’s Unvested Award shall Vest (if at all) in accordance with the Award Letter; and 

(b) all other of the Participant’s Unvested Awards shall be immediately forfeited as of the date of such termination of employment. 

10.6 Termination by Participant. Except as provided in Section 10.7, if a Participant’s employment is terminated by the Participant prior to a Payment, then the Participant’s Unvested Awards shall be immediately forfeited as of the date of such termination of employment. 

10.7 Retirement. Except as prohibited by any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder, if a Participant reaches age 65, or reaches age 55 and has a combination of age and service to the Company and its Subsidiaries totaling 70 or more, and the Participant’s employment terminates, other than for Cause or pursuant to Section 8.2 or Section 10.3, the Participant’s Unvested Awards shall continue to vest as if the Participant had not terminated employment, provided that such vesting shall not accelerate or change the Payment of any award; and that such continued Vesting and Payment fully complies with Code Section 409A. 

10.8 Disability. The Committee, in its sole discretion, may provide in the Award Letter or take such unilateral action so that Awards will be Paid if a Participant is Disabled (even if the Participant’s employment with the Company or a Subsidiary is not terminated), provided that such Payment fully complies with Code Section 409A and any Federal law or regulation that may govern the Company’s executive compensation, including but not 

limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder. 

10.9 Unforeseeable Emergency. The Committee, in its sole discretion, may provide in the Award Letter or take such unilateral action so that all or a portion of the Awards will be Paid if a Participant has an Unforeseeable Emergency, provided that such Payment fully complies with Code Section 409A and any Federal law or regulation that may govern the Company’s executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program and the regulations thereunder. 

10.10 Section 409A Mandatory 6-Month Delay. Notwithstanding anything contained in the Plan to the contrary, if the Committee determines that the Participant is a “specified employee” as such term is defined and used under Code Section 409A(a)(2)(B)(i) and Treasury Regulation Section 1.409A-3(i)(2), then all Payments based on a termination of employment shall be subject to a mandatory delay and Paid on the first day of the 7th month following the date that would have been the date of Payment if the Participant had not been determined by the Committee to be a “specified employee” and based on the most recent Common Stock Value as of the date that would have been the date of Payment had the Participant not been determined by the Committee to be a specified employee. 

11.0 CLAIMS 

11.1 Claims Procedure. If any Participant or Beneficiary, or his or her legal representative, has a claim for benefits under the Plan which is not being paid, such claimant may file a written claim with the Committee setting forth the amount and nature of the claim, supporting facts, and the claimant's address. Written notice of the disposition of a claim by the Committee shall be furnished to the claimant within 90 days after the claim is filed. In the event of special circumstances, the Committee may extend the period for determination for up to an additional 90 days, in which case it shall so advise the claimant. If the claim is denied, the reasons for the denial shall be specifically set forth in writing, pertinent pro-visions of the Plan shall be cited, including an explanation of the Plan's claim review procedure, and, if the claim is perfectible, an explanation as to how the claimant can perfect the claim shall be provided. 

11.2 Claims Review Procedure. If a claimant whose claim has been denied wishes further consideration of his or her claim, he or she may request the Committee to review his or her claim in a written statement of the claimant's position filed with the Committee no later than 60 days after receipt of the written notification provided for in Section 11.1 above. The Committee shall fully and fairly review the matter and shall promptly advise 

the claimant, in writing, of its decision within the next 60 days. Due to special circumstances, the Committee may extend the period for determination for up to an additional 60 days, in which case it shall so advise the claimant. 

12.0 TAXES 

12.1 Withholding Taxes. The Company shall be entitled to withhold from any and all payments made to a Participant under the Plan all federal, state, local and/or other taxes or imposts which the Company determines are required to be so withheld from such payments or by reason of any other payments made to or on behalf of the Participant or for his or her benefit hereunder. 

12.2 Golden Parachute Excise Tax Reduction. This 12.2 shall apply if a Participant would be entitled to amounts under the Plan which, together with any other payments or benefits to such Participant, would constitute a “parachute payment” as defined in Section 280G of the Code. Notwithstanding any provision of this Plan or any Award Agreement, payments in respect of any Award will be reduced (after giving effect to reductions of other entitlements with a view to maximizing the value to be 

retained by the Participant) if and to the extent that such reduction would result in a greater “Net After-Tax Amount”, as hereinafter defined, than such Participant would be entitled to in the absence of such reduction. For purposes hereof, “Net After-Tax Amount” shall mean the net amount of all amounts to which such Participant is entitled that would or could constitute a “parachute payment”, after giving effect to all taxes applicable to such payments, including without limitation, any tax under Section 4999 of the Code. The determination of whether and how any such payment reduction shall be effected shall be made by a nationally recognized accounting firm acceptable to the Participant and the Company. 

12.3 Code Section 409A. The Plan is subject to Code Section 409A. Notwithstanding anything contained in the Plan to the contrary, the Committee shall have full authority to operate the Plan and to override or amend any provision in the Plan or any Award Letter in order for the Plan to be fully compliant – both in form and in operation – with Code Section 409A. 

12.4 No Guarantee of Tax Consequences. No person connected with the Plan in any capacity, including, but not limited to, the Company and any Subsidiary and their directors, officers, agents and employees, makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to amounts payable or provided under the Plan, or paid to or for the benefit of a Participant under the Plan, or 

that such tax treatment will apply to or be available to a Participant on account of participation in the Plan. 

13.0 MISCELLANEOUS 

13.1 Listing of Awards and Related Matters. If at any time the Committee shall determine that the listing, registration or qualification of Awards with respect to any Award on any securities exchange or under any applicable law, or the consent or approval of any governmental regulatory authority, is necessary or desirable as a condition of, or in connection with, the granting of an Award, such Award may not be exercised, distributed or paid out, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. 

13.2 No Right, Title, or Interest in Company Assets. Participants shall have no right, title, or interest whatsoever in or to any investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. 

13.3 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. 

13.4 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. 

13.5 No Right to Continued Employment or Service or to Grants. The Participant's rights, if any, to continue to serve the Company or any Subsidiary as an officer, employee, or otherwise, shall not be enlarged or otherwise affected by his or her designation as a Participant under the Plan, and the Company or the applicable Subsidiary reserves the right to terminate the employment of any 

Employee at any time. The adoption of the Plan shall not be deemed to give any Employee or any other individual any right to be selected as a Participant or to be granted an Award. 

13.6 Awards Subject to Foreign Laws. The Committee may grant Awards to individual Participants who are subject to the tax and/or other laws of nations other than the United States, and such Awards may have terms and conditions as determined by the Committee as necessary to comply with applicable foreign laws. The Committee may take any action that it deems advisable to obtain approval of such Awards by the appropriate foreign governmental entity; provided, however, that no such Awards may be granted pursuant to this Section 13.4 and no action may be taken which would result in a violation of the Exchange Act or any other applicable law. 

13.7 Governing Law. The Plan, all Awards granted hereunder, and all actions taken in connection herewith shall be governed by and construed in accordance with the laws of the State of Michigan without reference to principles of conflict of laws, except as superseded by applicable federal law.Exhibit 10.11 Ally Severance Plan (as amended May 2011)

ALLY FINANCIAL INC. SEVERANCE PLAN

PLAN DOCUMENT

AND

SUMMARY PLAN DESCRIPTION

As Amended May 1, 2011

ALLY FINANCIAL INC. SEVERANCE PLAN

TABLE OF CONTENTS

	
				
	 
	 
	Page
	

	I.
	Purpose of the Plan
	4
	

	II.
	Eligibility and Participation
	4
	

	III.
	Qualified Terminations of Employment
	4
	

	IV.
	Plan Benefits
	6
	

	V.
	Participant’s Obligations
	7
	

	VI.
	Tax Matters
	9
	

	VII.
	Administration, Amendment and Termination
	10
	

	VIII.
	Claims Procedure
	10
	

	IX.
	Other Information
	10
	

	X.
	Statement of ERISA Rights
	11
	

	XL.
	Questions Regarding The Plan
	12
	

	XIL.
	Miscellaneous
	12
	

Appendix:     Claims Procedure

ALLY FINANCIAL INC. SEVERANCE PLAN

DEFINITIONS

	
			
	 
	Page
	

	Claimant
	16
	

	Claims Procedure
	10
	

	Code
	9
	

	Committee
	4
	

	Company
	4
	

	ERISA
	4
	

	Exempt Person
	8
	

	General Release Document(s)
	6
	

	Level I Participant
	4
	

	Level II Participant
	4
	

	LTECIP
	4
	

	Non-Solicitation Period
	7
	

	Other Severance Plans
	4
	

	Participant
	4
	

	Plan
	4
	

	Qualified Termination of Employment
	4
	

	Severance Pay
	6
	

	SPD
	4
	

ALLY FINANCIAL INC. SEVERANCE PLAN
PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION

This is the Summary Plan Description (“SPD”) for the Ally Financial Inc. Severance Plan (the “Plan”).  The Compensation and Leadership Committee of the Board of Directors (the “Committee”) of Ally Financial Inc., formerly GMAC Inc. and GMAC LLC, (the “Company”) adopted the Plan with an effective date of January 1, 2009, which has since been amended by the Company’s Employee Benefits Committee.  The Plan is intended to be an employee welfare-benefit plan under and subject to the Employee Retirement Income Security Act of 1974, as amended, and the applicable regulations promulgated thereunder (“ERISA”).  As a SPD, its purpose is to explain the Plan for you and provide you with additional information regarding the Plan.  You should read it carefully.  This document also serves as the “plan document” for the Plan.
		
	I.
	PURPOSE OF THE PLAN

The Plan is intended to provide financial and other benefits in the event of a termination of employment.  Severance payments are not to be viewed as automatic and are not compensation for past services, but instead are intended only as prospective payments that will be offered under certain circumstances. This Plan replaces and supersedes all other plans, programs, policies, agreements and arrangements of the Company (other than individual employment agreements) in which any employee has been eligible or entitled to participate (“Other Severance Plans”), and all such Other Severance Plans are hereby discontinued as of January 1, 2009.
		
	II.
	ELIGIBILITY AND PARTICIPATION

A.All United States employees of the Company will participate in the Plan (“Participants”).  However, the level of participation in the Plan is determined by a Participant’s level of responsibility within the Company as described below.   
B.Employees who do not participate in the Company’s Long-Term Incentive Plan LLC Long-Term Equity Compensation Incentive Plan (“LTECIP”) will participate in this Plan at Benefit Level I described herein and be referred to as Level I Participants. 
C.Employees who participate in the LTECIP, other than those who participate solely as the result of receiving Key Contributor Share Units (“KCSU”), will participate in this Plan at Benefit Level II described herein and be referred to as Level II Participants.  KCSU recipients will participate in the Plan at Benefit Level I described herein and remain Level I Participants.
		
	III.
	QUALIFIED TERMINATIONS OF EMPLOYMENT

A.Plan benefits are payable only upon a “Qualified Termination of Employment,” which means a termination of employment with the Company as a result of any of the following:
		
	1.
	Elimination of current position or reduction in the total number of employees in the same department performing the same or similar job.

		
	2.
	Substantial change in current duties for which the employee no longer qualifies.

		
	3.
	Substantial change in current duties which results in a twenty percent (20%) or more reduction in salary.

		
	4.
	Declining a geographic transfer to a new position offered to employee upon the elimination of current position as an alternative to termination, provided that the expenses associated with the transfer would qualify for receipt of benefits under the Relocation Program.

B.Accordingly, Plan benefits are not payable for an “unqualified” termination of employment as a result of any of the following: 
		
	1.
	Loss of temporary employment

		
	2.
	Termination of employment where an employment or other written agreement provides for severance

		
	3.
	Death

		
	4.
	Disability

		
	5.
	Involuntary termination for cause as determined by the Company in its sole discretion

		
	6.
	Resignation 

		
	7.
	Retirement

		
	8.
	An approved Leave of Absence or failure to return from an approved Leave of Absence

		
	9.
	Transfers from the Company to a Company affiliate.

		
	10.
	The majority of the Company’s assets are sold via an asset purchase agreement or the Company ceases an operation and the same is assumed by another employer, and continued employment is offered with a comparable salary and target incentive or equity compensation opportunity (greater than 80% of current compensation and incentive package).

		
	11.
	A termination of employment for which a Participant has executed a severance and release document or has received benefits pursuant to the terms of any other severance plan.

C.Plan benefits will not be paid unless and until the Participant signs and does not revoke a General Release Document(s) in a form(s) that is satisfactory to, approved by, and provided by the Company.  These documents may be changed from time to time.
IV. PLAN BENEFITS
A.Level I Participants are eligible for the following Severance Pay (meaning  base salary only):

	
				
	Band 3 and Band 4
	Band 2

	Full Years of Unbroken Service
	Weeks of Pay
	Full Years of Unbroken Service
	Weeks of Pay

	Less than 1
	4
	Less than 1
	8

	1
	4
	1
	8

	2
	4
	2
	8

	3
	5
	3
	8

	4
	6
	4
	8

	5
	9
	5
	9

	6
	10
	6
	10

	7
	11
	7
	11

	8
	12
	8
	12

	9
	13
	9
	13

	10
	16
	10
	16

	11
	17
	11
	17

	12
	18
	12
	18

	13
	19
	13
	19

	14
	20
	14
	20

	15
	23
	15
	23

	16
	24
	16
	24

	17
	25
	17
	25

	18
	26
	18
	26

	19
	27
	19
	27

	20 and more
	35
	20 and more
	35

B.Level II Participants are eligible for the following Severance Pay:
		
	•
	0-4 full years of unbroken service: 26 weeks of pay

		
	•
	5-14 full years of unbroken service: 39 weeks of pay

		
	•
	15 and above full years of unbroken service: 52 weeks of pay

C.Base salary for the purpose of determining commission-eligible employees’ Severance Pay is deemed to be $50,000 annually.
D.Any debts or monies Participant owes to the Company or its subsidiaries or affiliates will be deducted from the Severance Pay amounts described in A & B above.
E.Outplacement.  Each Participant shall be eligible to receive outplacement benefits following a Qualified Termination of Employment through an approved vendor, provided that the scope, level, amount, timing, and all other terms and conditions of such outplacement benefits shall be determined by the Committee in its sole discretion and on 

an individual-by-individual or a group-by-group basis.  In addition, outplacement benefits will be tiered based on employee’s level in the organization, market conditions, and/or geographic area.
V.PARTICIPANT’S OBLIGATIONS
A.Non-Solicitation.  At all times prior to and following a Level II Participant’s termination of employment for any reason, including voluntary termination, then during the subsequent twenty-four months (“Non-Solicitation Period”) a Level II Participant shall not at any time, directly or indirectly, whether on behalf of himself or herself or any other person or entity (i) solicit any client and/or customer of the Company or any subsidiary with respect to a Competitive Activity or (ii) solicit or employ any employee of the Company or any subsidiary, or any person who was an employee of the Company or any subsidiary during the 60-day period immediately prior to the Level II Participant’s termination,  for the purpose of causing such employee to terminate his or her employment with the Company or such subsidiary.
B.Confidentiality.  At all times prior to and following the termination date, a Participant shall not disclose to anyone or make use of any trade secret or proprietary or confidential information of the Company, including such trade secret or proprietary or confidential information of any customer or client or other entity to which the Company owes an obligation not to disclose such information, which he or she acquires during his or her employment with the Company, including but not limited to records kept in the ordinary course of business, except:
		
	1.
	as such disclosure or use may be required or appropriate in connection with his or her work as an employee of the Company; or

		
	2.
	when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him or her to divulge, disclose or make accessible such information; or

		
	3.
	as to such confidential information that becomes generally known to the public or trade without his or her violation of this Section V-C; or

		
	4.
	to the Participant’s spouse, attorney, and/or his or her personal tax and financial advisors as reasonably necessary or appropriate to advance the Participant’s 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 the Company by an Exempt Person shall be deemed to be a breach 

of this Section V-C by the Participant.
C.Non-Disparagement.  At all times prior to and following the termination date, a Participant shall not make any statements or express any views that disparage the business reputation or goodwill of the Company and/or any of its subsidiaries, affiliates, investors, members, officers, or employees.
D.Return of Company Property.  Immediately following the termination date, a Participant will immediately return all Company property in his or her  possession, including but not limited to all computer equipment (hardware and software), telephones, facsimile machines, electronic communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company, its customers and clients or its prospective customers and clients.
E.Cooperation.  Following the termination date, a Participant will cooperate willingly, as the Company may reasonably request, including his or her attendance and truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company's defense or prosecution of any existing or future claims or litigations or other proceeding relating to matters in which he or she was involved or potentially had knowledge by virtue of his or her employment with the Company.  
F.Enforcement of Section V.  If a Participant materially violates any provision of this Section V, he or she shall immediately forfeit any right, title and interest to any Severance Pay that has not yet been paid or provided and shall be required to repay to the Company a cash amount equal to the value of the Severance Pay that he or she has already received and shall reimburse the Company for its legal fees and costs associated with recovery of these amounts.
G.Enforcement of Non-Solicitation and Confidentiality Covenants.  If a Participant violates or threatens to violate any provisions of Section V, the Company shall not have an adequate remedy at law.  Accordingly, the Company shall be entitled to such equitable and injunctive relief, without posting a bond, as may be available to restrain the Participant and any business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of the provisions of Section V.  Nothing in the Plan shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity for breach or threatened breach of Section V, including the recovery of damages.  If Company is successful in enforcing its rights under this provision, the affected Participant will reimburse the Company for its legal fees and costs associated with such enforcement action.
		
	VI.
	TAX MATTERS

A.Withholding Taxes.  The Company shall be entitled to withhold from any and all payments made under the Plan all federal, state, local and/or other taxes or imposts which the Company determines are required to be so withheld from such payment.
B.Code Section 409A.  The Plan is not intended to be subject to Code Section 409A.  Notwithstanding anything contained in the Plan to the contrary, the Committee shall have full authority to operate the Plan and to override or amend any provision in the Plan and any Participation Agreement in order for the Plan to be fully compliant – both in form and in operation – with Code Section 409A.
C.No Guarantee of Tax Consequences.  No person connected with the Plan in any capacity, including, but not limited to, the Company and any subsidiary and their directors, officers, agents and employees makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to amounts payable or provided under the Plan, or paid to or for the benefit of a Participant under the Plan, or that such tax treatment will apply to or be available to a Participant on account of participation in the Plan. 
VII.ADMINISTRATION, AMENDMENT AND TERMINATION
The Company has and retains the right to interpret, amend, revise, cancel or terminate the Plan at any time and without prior notice, provided any amendment, revision, cancellation or termination of the Plan will not reduce a Participant’s benefits to which he or she has become entitled due to a Qualified Termination of Employment that has already occurred or is about to occur.  No representations by anyone may extend the Plan to provide severance packages or benefits not covered by the Plan.
The Company, and such other person(s) or entity(ies) to whom such authority has been delegated as a fiduciary of the Plan, shall in its sole discretion determine each employee’s eligibility under the Plan and the amount of Severance Pay or other benefits under the Plan, and in connection therewith in such fiduciary capacity and in its sole discretion shall make factual determinations.  Such determinations shall be made under the Claims Procedure (explained below) when the Claims Procedure is applicable.
The Company, and such other person(s) or entity(ies) to whom such authority has been delegated as a fiduciary of the Plan, acting under the Claims Procedure or otherwise, shall have the authority and responsibility, in its sole discretion, to interpret or construe the terms and provisions of the Plan.
VIII.CLAIMS PROCEDURE

If you believe that you are entitled to severance benefits, you must make a claim for benefits by following the Claims Procedure set forth in the Appendix to this document.
IX.OTHER INFORMATION
Official Plan Name:  Ally Financial Inc. Severance Plan
Name and Address of Employer that Maintains the Plan:   
Ally Financial Inc., 200 Renaissance Center, M/C482-B09-C24, Detroit, MI. 48265.
Employer Identification Number of Employer that Maintains the Plan:  38-0572512
Plan Number:  535
Type of Plan:  Welfare - Severance
Type of Administration:  Self-administered by Ally Financial Inc.    
Funding:  The Plan is unfunded and uninsured.
Sources of Contributions:  The employer, Ally Financial Inc., makes contributions in the amount necessary to pay benefits.
Agent for Service of Legal Process on the Plan and Address at which Process May Be Served:  Ally Financial Inc., 200 Renaissance Center, M/C482-B09-C24, Detroit, MI. 48265.
Date of the End of the Year for Purposes of Maintaining the Plan’s Fiscal Records (that is, the plan year end):  December 31.
		
	X.
	STATEMENT OF ERISA RIGHTS

As a participant in the Ally Financial Inc. Severance Plan, you are entitled to certain rights and protections under ERISA.  ERISA provides that all Plan participants shall be entitled to:
Receive Information about Your Plan and Benefits

		
	•
	Examine, without charge, at the plan administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series), if any, filed by the plan with the U.S. Department of Labor, and available at the Public Disclosure Room of the Employee Benefits Security Administration.

		
	•
	Obtain upon written request to the plan administrator copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if any, and updated summary plan description.  The plan administrator may make a reasonable charge for the copies.

		
	•
	Receive a summary of the Plan’s annual financial report.  The plan administrator is required by law to furnish each participant with a copy of this summary annual report.

Prudent Actions by Plan Fiduciaries
In addition to creating rights for Plan participants ERISA imposes duties upon the people who are responsible for the operation of the Plan.  The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants and beneficiaries.  No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit under the Plan or exercising your rights under ERISA.
Enforce Your Rights
If your claim for a Plan benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.
Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of the plan documents or latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court.  In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator.  If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.  If it should happen that plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file a suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay these costs 

and fees, for example, if it finds your claim is frivolous.
If you have any questions about your Plan, you should contact the plan administrator (see below).  If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 
XI.QUESTIONS REGARDING THE PLAN
Questions regarding the Plan may be directed to: the Vice President of Total Rewards, Ally Financial Inc., 1290 Avenue of the Americas, 3rd Floor, New York, NY 10104.

XII.MISCELLANEOUS
A.No Mitigation.  A Participant shall be under no obligation to seek other employment following the termination date and there will be no offset against amounts due to the Participant under the Plan on account of any compensation attributable to any subsequent employment.
B.Offset.  Any benefits paid under the Plan will be reduced by any payment or benefit made or provided by the Company or any subsidiary to the Participant pursuant to (i) any severance plan, program, policy or arrangement of the Company or any subsidiary not otherwise referred to in the Plan, (ii) the termination-of-employment provisions of any employment agreement between the Company or any subsidiary and the Participant, and (iii) any federal, state or local statute, rule, regulation or ordinance.  
C.No Right, Title, or Interest in Company Assets.  Participants shall have no right, title, or interest whatsoever in or to any assets of the Company or any investments which the Company may make to aid it in meeting its obligations under the Plan.  Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, or his or her beneficiary, legal representative or any other person.  To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company.  Subject to this Section XII-C, all payments to be made hereunder shall be paid from the general funds of the Company and no special or separate 

fund shall be established and no segregation of assets shall be made to assure payment of such amounts
D.No Right to Continued Employment.  A Participant’s rights, if any, to continue to serve the Company as an employee shall not be enlarged or otherwise affected by his or her designation as a participant under the Plan, and the Company or the applicable subsidiary reserves the right to terminate the employment of any employee at any time.  The adoption of the Plan shall not be deemed to give any employee, or any other individual any right to be selected as a participant or to continued employment with the Company or any subsidiary. 
E.Other Rights.  The Plan shall not affect or impair the rights or obligations of the Company or a Participant under any other written plan, contract, arrangement, or pension, profit sharing or other compensation plan, provided however, that if any provision of any agreement, plan, program policy, arrangement or other written document between or relating to the Company and the Participant conflicts with any provision of the Plan, the provision of the Plan shall control and prevail.
F.Governing Law.  The Plan shall be governed by and construed in accordance with the laws of the State of Michigan without reference to principles of conflict of laws, except as superseded by ERISA and other applicable federal law.
G.Severability.  If any term or condition of the Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the Plan, with the exception of such invalid or unenforceable provision, shall not be affected thereby and shall continue in effect and application to its fullest extent.
H.Executive Compensation Requirements.  It is intended that the Plan will fully comply with the Emergency Economic Stabilization Act of 2008 (“EESA”), the American Recovery and Reinvestment Act of 2009 (“ARRA”), any and all regulations promulgated under EESA and ARRA, and any and all other federal and state rules, regulations, and policies regulating executive compensation (collectively “Executive Compensation Requirements”).  The Company may unilaterally take whatever actions, or refrain from taking any action, that it considers in its sole discretion is necessary to comply with the Executive Compensation Requirements.  Such actions include, but are not limited to, requiring repayment of any Plan benefits determined to have been based on statements of earnings, revenues, gains, or other criteria that are later found to be materially inaccurate.  The Committee may, in its discretion, demand repayment from other Plan benefit recipients based on the same determination.
*  *  *  *  *

 APPENDIX

CLAIMS PROCEDURE

		
	1.
	A participant (“claimant”) with an interest in the Ally Financial Inc. Severance Plan (the “Plan”) shall have the right to file a claim for benefits under the Plan and to appeal any denial of a claim for benefits.  Any request for a Plan benefit or to clarify the claimant’s rights to future benefits under the terms of the Plan shall be considered to be a claim.  (However, this claims procedure does not govern casual inquiries about benefits or the circumstances under which benefits might be paid under the terms of the Plan, nor does it govern a request for a determination regarding eligibility for coverage except such a determination as is requested or necessary in connection with a claim for benefits.)  An authorized representative of the claimant may act on behalf of the claimant in pursuing a benefit claim or appeal of an adverse benefit determination.  The individual or individuals responsible for deciding the benefit claim or appeal, as applicable, may require the representative to provide reasonable written proof that the representative has in fact been authorized to act on behalf of the claimant.  The Plan requires no fee or other cost for the making of a claim or appealing an adverse benefit determination. 

		
	2.
	A claim for benefits will be considered as having been made when submitted in writing by the claimant to the plan administrator, in care of:

Vice President Total Rewards
Ally Financial Inc.
1290 Avenue of the Americas, 3rd Floor 
        New York, NY 10104

Your claim should include the following:
Your name, address, telephone number, and social security number.
Your dates of employment with the Company.
Your job title and position with the Company.
The reasons for your termination of employment; and
A statement of the reasons why you are entitled to severance pay under the Plan
		
	3.
	A claim for benefits will be considered as having been made when submitted in writing by the claimant to the plan administrator, in care of: The Vice President of Total Rewards of the Company, acting on behalf of the plan administrator, will determine whether, or to what extent, the claim may be allowed or denied under 

the terms of the Plan.  If the claim is wholly or partially denied, the plan administrator shall notify the claimant of the Plan’s adverse benefit determination within a reasonable period of time, but not later than 90 days after the Plan receives the claim, unless the plan administrator determines that special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 90-day period.  Such extension may not exceed an additional 90 days from the end of the initial 90-day period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the final decision.  For the purposes of this paragraph 3, the period of time within which a benefit determination is required to be made shall begin at the time a claim is filed in accordance with the Plan’s filing requirements, without regard to whether all the information necessary to make a benefit determination accompanies the filing.

		
	4.
	The plan administrator shall provide a claimant with written or electronic notification of any adverse benefit determination.  Any electronic notification shall comply with the standards imposed by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv).  The notification shall set forth, in a manner calculated to be understood by the claimant:

		
	(1)
	The specific reason(s) for the adverse determination;

		
	(2)
	Reference to the specific Plan provisions on which the determination is based;

		
	(3)
	A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and

		
	(4)
	A description of the Plan’s appeal (review) procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under ERISA § 502(a) following an adverse benefit determination on appeal.

		
	5.
	The claimant may appeal an adverse benefit determination to the Vice President of Total Rewards acting on behalf of the plan administrator.  The Vice President of Total Rewards shall conduct a full and fair review of each appealed claim and its denial.  The claimant shall have at least 60 days following receipt of a notification of an adverse benefit determination within which to appeal the determination.

		
	6.
	The appeal of an adverse benefit determination must be made in writing.  In 

connection with making such request, the claimant may submit written comments, documents, records, and other information relating to the claim for benefits.  The claimant shall be provided, free of charge upon written request, reasonable access to, and copies of, all documents, records and other information relevant (as defined in paragraph (k) below) to the claimant’s claim for benefits.  In considering the appeal the Vice President of Total Rewards shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in connection with the initial benefit determination.

General procedure.  The plan administrator shall notify a claimant of the Plan’s benefit determination upon appeal within a reasonable period of time, but not later than 60 days after receipt of the claimant’s appeal.  However, the plan administrator may determine that special circumstances (such as the need to hold a hearing) require an extension of time for processing the claim.  If the plan administrator determines that an extension of time, not to exceed 60 days, for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 60-day period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on appeal.

Calculating time periods.  For the purposes of this paragraph (f), the period of time within which a benefit determination on appeal is required to be made shall begin at the time an appeal is filed in accordance with the Plan’s appeal filing requirements, without regard to whether all the information necessary to make a benefit determination on appeal accompanies the filing.  In the event that a period of time is extended as provided above for the determination of a claim on appeal due to a claimant’s failure to submit information necessary to decide an appeal of an adverse benefit determination, the period for making the benefit determination on appeal shall be tolled from the date on which the notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information. 

Furnishing documents.  In the case of an adverse determination on appeal, the plan administrator shall provide such access to, and copies of, documents, records, and other information described in subparagraphs (g)(3) and (4) below as is appropriate. 

		
	7.
	The plan administrator shall provide a claimant with written or electronic notification of the Plan’s benefit determination on appeal.  Any electronic notification shall comply with the standards imposed by 29 CFR § 2520.104b-1(c)(i), (iii) and (iv).  In the case of an adverse benefit determination on appeal, the 

notification shall set forth, in a manner calculated to be understood by the claimant: 

		
	(1)
	The specific reason(s) for the adverse determination;

		
	(2)
	Reference to the specific Plan provisions on which the benefit determination is based;

		
	(3)
	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in paragraph (k) below) to the claimant’s claim for benefits; and

		
	(4)
	A statement of the claimant’s right to bring a civil action under ERISA § 502(a).

		
	8.
	The claimant must exhaust his or her rights to file a claim and to appeal an adverse benefit determination before bringing any civil action to recover benefits due to him under the terms of the Plan, to enforce his or her rights under the terms of the Plan, or to clarify his or her rights to future benefits under the terms of the Plan.

		
	9.
	The Vice President of Total Rewards shall exercise his or her responsibilities and authority under this claims procedure as a fiduciary and, in such capacity, shall have the discretionary authority and responsibility (1) to interpret and construe the Plan and any rules or regulations under the Plan, (2) to determine the eligibility of employees to participate in the Plan, and the rights of participants and former participants and any other claimants to receive benefits under the Plan, and (3) to make factual determinations in connection with any of the foregoing.  The Vice President of Total Rewards may, in his or her discretion, determine to hold a hearing or hearings in carrying out his or her responsibilities and authority under this claims procedure.

		
	10.
	Benefit claim determinations and decisions on appeals shall be made in accordance with governing Plan documents.  The Plan’s provisions shall be applied consistently with respect to similarly situated claimants.  The Vice President of Total Rewards shall maintain complete records of his or her proceedings in deciding claims and appeals.  

		
	11.
	 Definitions.  For the purposes of this Claims Procedure the following definitions apply:

“Adverse benefit determination” means any of the following:  a denial, reduction, or termination of, or a failure to provide or make payment (in whole or in part) 

for, a benefit, including any such denial, reduction, termination, or failure to provide or make payment that is based on a determination of a participant’s eligibility to participate in the Plan.

A document, record, or other information shall be considered “relevant” to a claimant’s claim if such document, record, or other information (i) was relied upon in making the benefit determination, (ii) was submitted, considered, or generated in the course of making the benefit determination, without regard to whether such document, record, or other information was relied upon in making the benefit determination, or (iii) demonstrates compliance with the administrative processes and safeguards required pursuant to paragraph (j) above in making the benefit determination.

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