Document:

Award under the GMAC Long Term Incentive Plan

 Exhibit 10.40 
 

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

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

  

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

  

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

  

	4.	Your Award is an RSU Award with 4.15 bps. 

  

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

  

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

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

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

  

 Page 1 of 2 

 William Muir 
 September 15, 2008 
  

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

  

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

  

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

  

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

  

	
	Sincerely yours,
	
	

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

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

							
	  
	 		 	  
	 	
	Beneficiary	 		 	Social Security Number	 	

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

			
	/s/ William Muir                	  	September 25, 2008
	 William Muir
	  	     Date

  

 Page 2 of 2S. Gupta Letter Agreement

 Exhibit 10.41 
 

 
 767 Fifth Avenue, 24th Floor, New York, NY. 10153-0013 
 January 28, 2008 
 Mr. Sanjay Gupta 
 Dear Sanjay: 
 I am pleased to confirm the details of our offer to you to fill the role of Chief Marketing Officer – GMAC Financial Services. You will report to Al de Molina, Chief
Operating Officer. 
 In this role, you will be responsible for all GMAC marketing activities, including cross sell opportunities, driving and executing our
strategy to develop a full electronic banking platform, and developing a deposit-taking funding platform. 
 Commensurate with this appointment, your annual
salary will be $400,000. Additionally, you will be paid a $600,000 signing bonus (less applicable taxes and deductions); this payment will be paid within thirty days of the commencement of your employment. Your annual cash incentive target for 2008
will be $750,000. Additionally, future salary, bonus, cash incentive targets, MPI awards, and LTIP awards will be regularly reviewed and set in accordance with your level of responsibility, performance, and annual incentive plan compensation
planning process. You will also participate in the GMAC Management LLC Class C Membership Interest Plan (known as “MPI”) and the GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan (known as “LTIP”). Your MPI grant
will be 12 basis points and subject to the terms and conditions of the Plan, including your execution of an associated Award Agreement and the required IRC §83(b) election. Should you make the IRC §83(b) election within 30 days of your MPI
grant as required by the IRS and as a condition of your grant, GMAC will pay all taxes associated with the election, based on the fair market value on the date of the grant. 
 Your LTIP grant for the 2008-2010 performance period will be 4 basis points and subject to the terms and conditions of the Plan, including your execution of an associated Award Agreement. 
 Your eligibility for most of the employee benefits commences the first day of the month following 30 days of employment. GMAC will reimburse you for your actual COBRA
coverage costs and other reasonable benefit bridging costs with respect to lost coverage under your prior employer’s plans on a tax neutral basis. The GMAC Retirement Savings Investment Plan is a qualified 401(k) plan, which for 2008 provides a
two percent company contribution of your eligible monthly base salary, which commences following twelve months of employment. In 2008, you will be eligible for 30 days of paid time off, and seven paid holidays. The GMAC benefit plans are very
competitive relative to other global financial service companies. 

 Also as discussed, you will be eligible to participate in the GMAC Senior Management Vehicle Program, subject to the
program terms and conditions, as well as any program changes as they may affect other managers at your level of responsibility. The program is currently under review and further details will be shared with you once they are finalized. 
 Notwithstanding any of the terms of this offer, your employment at GMAC will be at-will. Both you and GMAC may terminate your employment at any time, with or without
cause. Additionally, GMAC reserves the right to amend, modify, or terminate each of its compensation and benefit plans at any time. In the event that you are involuntarily terminated you will be eligible to receive a minimum of six months separation
pay. Should you voluntarily leave, you acknowledge and agree that for a period of one year following your termination date from GMAC, you will not solicit directly or indirectly any employee of GMAC. In addition, you will not become employed by or
consult with a company that GMAC considers as a competitor. 
 This offer is contingent upon completion of an employment application, and a satisfactory
reference and background check (including drug screen) that will be conducted after your acceptance of the offer and permission to contact your current employer. We will want to schedule these procedures as soon as you have accepted our offer, so
that you can begin working with us as soon as practically possible, ideally March 1, 2008. 
 I am really looking forward to working closely with you in
this very important role. I am confident that your leadership will help us create significant value for GMAC. 
 Please call me at 313-401-9039, or Ken
Ulrich at 313-610-6471, should you have any questions about this offer. On behalf of the GMAC leadership team, I look forward to having you join us in a very important and strategic role. It will be great to have someone of your experience and
knowledge at GMAC, during a crucial point in the development of a world-class business. 
 Very truly yours, 
 Anthony S. Marino 
 Chief Human Resources Officer 
  

			
	Cc:	  	Al de Molina
		  	Ken Ulrich

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

					
	 /S/ SANJAY GUPTA
	 		 	February 20, 2008
	Sanjay Gupta	 		 	            Date

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