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EXHIBIT
10(R)

GENERAL MOTORS CORPORATION

COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

1. Name and Purpose

     The name of this plan is the General Motors Corporation Compensation Plan for Non-Employee
Directors (the “Plan”). Its purpose is to provide Non-Employee Directors (“Directors”) of General
Motors Corporation (the “Corporation”) with an opportunity to defer compensation while providing
them a means to increase their stock ownership. The Plan’s purpose will be accomplished by using
share units of GM $1-2/3 par value Common Stock (“Common Stock”) to ensure that Director
compensation is closely aligned with stockholder interests and the performance of the Corporation.

2. Effective Date

     The Plan became effective January 1, 1996 following approval by stockholders on
May 23, 1997. The Plan as amended on December 4, 2007, shall be effective January 1, 2008.

3. Administration

     The Directors and Corporate Governance Committee of the Corporation’s Board of Directors
(“DCG”) will administer the Plan. The decisions of the DCG with respect to any questions arising
as to the interpretation of the Plan, including the severability of any and all of the provisions
thereof, shall be final, conclusive and binding on all parties.

     The DCG is authorized, subject to the provisions of the Plan, from time to time to establish
such rules and regulations, and to delegate responsibilities, as it deems appropriate for the
proper administration of the Plan.

4. Eligibility

     Eligibility to participate in the Plan is limited to Directors who are not current or former
officers of the Corporation or of a subsidiary of the Corporation.

5. Election of Deferral; Required Deferral

     On or before December 31 of each year prior to the year compensation is to be earned, each
Director, or nominee for election as a Director, must make an irrevocable election to defer receipt
of all or a specified portion of the compensation (exclusive of expense reimbursement) otherwise
payable during the following year for serving on the Board of Directors of the Corporation and its
Committees. The Plan will establish and maintain for each Director an unfunded deferred
compensation account. The Director’s compensation will be credited annually to such Director’s
deferred compensation account on December 31 of the year in which the compensation was earned.

     A Director’s compensation may be deferred into share units of Common Stock a cash-based
alternative, or a combination of the two, as the Director shall elect.

     When a Director is elected to the Board for the first time, the Director’s election under the
Plan for the remainder of the calendar year in which the Director joins the Board must be made
prior to the month in which he or she performs services as a newly elected Director.

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     Each annual deferral election will include the method by which the value of amounts deferred
will be measured and distributed in accordance with Sections 7 and 8 below, respectively.

     A portion, as annually determined by the DCG, of each Director’s annual Board retainer is
required to be deferred in share units of Common Stock, in accordance with Section 7(b) below.

6. Manner of Electing Deferral

     A Director will elect to defer all or a portion of his or her compensation by giving written
notice to the Corporation before January 1 of the year in which the compensation is to be earned.
Such notice will include:

          (a) The mandatory deferral, which will equal a portion of the Director’s annual Board retainer
as determined pursuant to Section 5, and will be deferred in the form of share units of Common
Stock;

          (b) The voluntary deferral, which will be the amount or percentage of the Director’s remaining
compensation that may be credited under share units of Common Stock and/or the cash-based
alternative; and

          (c) The election of a lump sum cash payment or a number of annual cash installments (not to
exceed ten) for distribution of deferred compensation. For purposes of Section 409A of the
Internal Revenue Code, each installment shall be treated as a separate payment.

     In subsequent annual elections, a Director may change any or all of the above elections, but
only with respect to future compensation.

7. Value of Compensation Accounts

     Deferred compensation will be held in the Director’s account and will be credited, pursuant to
the Director’s written instructions, as follows:

          (a) Share Units of Common Stock Deferral Alternative

     Amounts deferred under this alternative will be converted into share units of Common Stock
determined by dividing the amount of compensation deferred each calendar year by the average daily
closing market price of such stock as reported in The Wall Street Journal (or, if such prices are
not reported in The Wall Street Journal, in another reliable, widely available source of such
prices as designated by the DCG) for that calendar year. Dividend equivalents in the form of
additional share units of Common Stock will be credited to the Director’s account annually on
December 31 in an amount equal to the sum of the per share cash dividend multiplied by the number
of share units of Common Stock in the Director’s account on December 31 after giving effect to that
year’s annual credit pursuant to Section 5 above, and then divided by the average market price of
such stock on each dividend payment date. In the event of any change in the number or kind of any
outstanding shares of the Corporation, appropriate adjustments will be made in the number of share
units of Common Stock credited to a Director’s account.

     Amounts credited to the Director’s account will continue to accrue interest and/or dividend
equivalents until distributed in accordance with provisions of the Plan. Share units of Common
Stock will be calculated to the nearest thousandth. Average market price on any valuation date
under the Plan is defined as the mean of the highest and lowest sales prices of GM Common Stock as
reported in The Wall Street Journal.

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     In the event that the Director’s account is credited with share units of Common Stock
calculated as provided in this Section 7, the value of such portion of the account for purposes of
distribution to the Director will be determined by multiplying the number of share units of Common
Stock credited to the account by the average daily closing market price of GM Common Stock as
reported in The Wall Street Journal for the calendar quarter prior to payment.

     As further described in Section 10, a Director will not have any interest in the deferred
compensation held in his or her account until it is distributed in accordance with the Plan. A
Director’s deferred compensation account is an unsecured liability of the Corporation.

          (b) Cash-Based Deferral Alternative

     The crediting rate for this investment option is set each January and applies to all amounts
previously deferred and earmarked for the cash-based deferral alternative. It is based on 120% of
the twelve-month average of the closing rates of Ten-Year United States Treasury Notes on the first
business day of the preceding twelve months.

          (c) Grandfathered Stock Options 

     For Directors who were granted stock options between 1999 and 2002 under the General Motors
Corporation Non-Employee Director Long-Term Stock Incentive Plan (the “Terminated Option Plan”),
the stock options have a term of 10 years and 2 days from the date of grant, subject to earlier
termination as provided herein. Such stock option became exercisable, in one-third increments,
beginning one year from the date of grant. Stock option grants made after January 1, 2001 remain
exercisable for their full term upon a Director’s retirement.

     Stock options granted under the Terminated Option Plan are not transferable other than by will
or by the laws of descent and distribution. A Director’s beneficiary, or if no such designation
has been made, the Director’s legal representative or such other person entitled thereto by a court
of competent jurisdiction, may exercise, in accordance with the Plan’s provisions, all unexercised
options for a period of three years from the date of the Director’s death, subject to earlier
expiration of the stock option by its original terms.

     On the date of exercise the Director must pay the full amount of the stock option exercise
price. The stock option exercise price may be paid by the Director either in cash or shares of the same
type of stock as the stock option to be exercised, or a combination of cash and such shares. If
stock is used to exercise stock options it will be valued at the stock’s fair market value on the
date of exercise. A cashless exercise of such stock options will be permitted in accordance with
the administrative procedures for exercising stock options established pursuant to The Sarbanes
Oxley Act of 2002.

     If a Director leaves the Board while holding unexercised stock options previously granted to
him or her under the Terminated Option Plan, such stock options will immediately be forfeited,
except in the case of the Director’s (i) death, (ii) disability, (iii) retirement after attaining
the minimum age of 70, or (iv) such other conditions as may be approved by the DCG. Stock options
granted to a Director who ceases to be a Director under the circumstances set forth in clauses
(ii), (iii) or (iv) of the preceding sentence will remain exercisable for a period of the lesser of
the term of the grant or five years from the date the Director leaves the Board for options granted
prior to January 1, 2001. Stock option grants made after January 1, 2001 remain exercisable for
their full term upon a Director’s retirement.

8. Method of Distribution of Deferred Compensation

     No distribution will be permitted from a Director’s deferred compensation account except as
provided in this Section 8.

     Amounts deferred and credited under this Plan are not available until after the Director
retires or otherwise separates from the Board. After a Director leaves the Board, payment under
this Plan will be made in cash, based on the number of share units in a Director’s deferred

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compensation account, valued at the market price as provided in Section 7. The value of a
Director’s deferred compensation account invested in share units of Common Stock or the cash-based
alternative is payable in accordance with the Director’s deferral election, in cash, in a lump sum
or in up to ten annual installments as provided in Section 6. If annual installments are elected,
the amount of the first payment will be a fraction of the value of the Participant’s deferred
compensation account as of December 31st of the year preceding payment, the numerator of which is
one and the denominator of which is the total number of installments elected. The amount of each
subsequent payment will be a fraction of the value as of December 31st of the year preceding each
subsequent payment, the numerator of which is one and the denominator of which is the total number
of installments elected minus the number of installments previously paid. The distribution of the
deferred compensation will be made, or will commence, as soon as practicable in January of the year
following a Director’s ceasing to be a Director.

     If a Director leaves the Board with less than five years of service, any deferred compensation
will be paid to such Director in a lump sum in January following separation from the Board, which
will negate the original election of a number of installment payments elected.

9. Distribution Upon Death

     A Director may designate a beneficiary or beneficiaries to receive amounts credited under the
Plan in the event of the Director’s death. A designation of beneficiary or beneficiaries shall be
on a form prescribed by and filed with the Secretary of the DCG. In the event of the Director’s
death, the unpaid amount in such Director’s Plan account will be paid to his or her beneficiary, or
if none has been designated, to his or her estate. Such payment will be made in one lump sum in
cash not later than 90 days following the date of death. The value of the Plan account on the date
of payment will be determined in accordance with the provisions of Section 7 hereof.

10. Participant’s Rights Unsecured

     A Director shall not have any interest in any amounts credited to his or her account(s) until
it is paid in accordance with the Plan. All amounts deferred under the Plan shall remain the sole
property of the Corporation, subject to the claims of its general creditors and available for use
by the Corporation for
whatever purposes are desired. With respect to amounts deferred, a Director shall be merely a
general creditor of the Corporation and the obligation of the Corporation hereunder shall be purely
contractual and may or may not be funded or secured in any way.

11. Non-Assignability

     The right of a Director to the payment of deferred compensation as provided in this Plan shall
not be assigned, transferred, pledged or encumbered or be subject in any manner to alienation or
anticipation, except as provided in Section 9.

12. Statement of Accounts; Statement of Stock Options

     Statements will be sent to each Director as soon as practicable each year as to the value of
his or her deferred compensation accounts as of the end of the previous year, together with a
summary of his or her stock options, if applicable.

13. Business Days

     If any date specified herein falls on a Saturday, Sunday or legal holiday such date shall be
deemed to refer to the next GM business day after that date unless such date is December 31, in
which case such date shall be deemed to refer to the immediately prior GM business day.

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14. Adjustments to Grandfathered Stock Options

     Outstanding stock options and share units of Common Stock awarded under this Plan will be
subject to appropriate adjustment in the event of future stock splits, stock dividends, spin-offs,
split-offs or other changes in capitalization of the Corporation to prevent the dilution or
enlargement of the Director’s rights under the Plan. Such adjustments to stock options will be
made in the same manner as adjustments to stock options issued pursuant to the General Motors
Corporation 2007 Long-Term Incentive Plan or its successor. Such adjustments to share units of
Common Stock will be made in the same manner as adjustments to shares of GM Common Stock contained
in the General Motors Corporation’s Dividend Reinvestment and Stock Purchase Plan or its successor.

15. Amendments and Termination

     This Plan may at any time be amended, modified or terminated by the DCG to comport with
changes in the Internal Revenue Code of 1986, as amended (the “Code”), or the Employee Retirement
Income Security Act of 1974, as amended, or the rules or regulations promulgated thereunder. In
addition the DCG may, in its sole discretion, modify the terms and conditions of the Plan in
response to and consistent with any changes in other applicable law, rule or regulation. The DCG
also reserves the right to modify the Plan from time to time, or to terminate the Plan entirely;
provided, however, that no modification of the Plan, except for such modifications as may be
required by law, rule or regulation, will operate to annul an election already in effect for the
current calendar year or any preceding calendar year. The DCG shall not amend or terminate the
Plan or an account if such action would result in tax and penalties under Section 409A of the Code.

     It is the Corporation’s intent that the Plan complies in all respects with Rule 16b-3 of the
Securities Exchange Act of 1934 (the “Exchange Act”), or its successor, and any regulations
promulgated thereunder. If any provision of the Plan is found not to be in compliance with such
Rule and such
regulations, the provision will be deemed null and void, and the remaining provisions of the Plan
will continue in full force and effect. All transactions under this Plan will be executed in
accordance with the requirements of Section 16 of the Exchange Act and regulations promulgated
thereunder.

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EXHIBIT
10(S)

GENERAL MOTORS CORPORATION 2007 ANNUAL INCENTIVE PLAN

     1. The purposes of the General Motors Corporation 2007 Annual Incentive Plan (this “Plan”) are
to reward performance and provide incentive for future endeavor to employees who contribute to the
success of the business by making them participants in that success.

     2(a). The Executive Compensation Committee of the General Motors Board of Directors (the
“Committee”), as from time to time constituted pursuant to the Bylaws of General Motors Corporation
(the “Corporation”), may, prior to June 1, 2012, authorize the granting to employees of the
Corporation of annual target awards. The Committee, in its sole discretion, shall determine the
performance levels at which different percentages of such awards shall be earned, the collective
amount for all awards to be granted at any one time, and the individual annual grants with respect
to employees who are officers of the Corporation. The Committee may delegate to the Chief Executive
Officer responsibility for determining, within the limits established by the Committee, individual
award grants for employees who are not executive officers of the Corporation. All such awards shall
be denominated and paid in cash (U.S. dollars or local currency equivalent). Further, the
Committee shall determine whether, to what extent, and under what circumstances payment with
respect to an award shall be deferred by the Committee or at the election of an employee in a
manner consistent with the General Motors Deferred Compensation Plan for Executive Employees and
Section 409A of the Internal Revenue Code.

     2(b). Prior to the grant of any target award, the Committee shall establish for each such
award performance levels related to the enterprise (as defined below) at which 100 percent of the
award shall be earned and a range (which need not be the same for all awards) within which greater
and lesser percentages shall be earned. The term “enterprise” shall mean the Corporation and/or any
unit or portion thereof, and any entities in which the Corporation has, directly or indirectly, a
substantial ownership interest.

     2(c). With respect to the performance levels to be established pursuant to paragraph 2(b),
the specific measures for each grant shall be established by the Committee at the time of such
grant. In creating these measures, the Committee may establish the specific goals based upon or
relating to one or more of the following business criteria: asset turnover, cash flow,
contribution margin, cost objectives, cost reduction, earnings per share, economic value added,
increase in customer base, inventory turnover, market price appreciation of the Corporation’s
Common Stock, market share, net income, net income margin, operating profit margin, pre-tax
income, productivity, profit margin, quality, return on assets, return on net assets, return on
capital, return on equity, revenue, revenue growth, total shareholder return and/or warranty. The
business criteria may be expressed in absolute terms or relative to the performance of other
companies or to an index.

     2(d). If any event occurs during a performance period which requires changes to
preserve the incentive features of this Plan, the Committee may make appropriate
adjustments.

     2(e). Except as otherwise provided in paragraph 6, the percentage of each target award to be
distributed to an employee shall be determined by the Committee on the basis of the performance
levels established for such award and the performance of the applicable enterprise or specified
portion thereof, as the case may be, during the performance period. Following determination of the
final payout percentage, the Committee may, upon the recommendation of the Chief Executive Officer,
make adjustments to awards for officers of the Corporation to reflect individual performance during
such period, which for covered officers will involve only negative discretion. A covered officer is
any individual whose compensation in the year of expected payment of an award, or in the year in
which the Corporation will claim a tax deduction in respect of such individual’s award thereunder,
will be subject to the provisions of Section 162(m) of the Internal Revenue Code, as amended, as
determined by the Committee. Adjustments to awards to reflect individual performance for employees
who are not executive officers of the Corporation may be made by the Chief Executive Officer. Any
target award, as determined and adjusted pursuant to this paragraph 2(e) and paragraph 6, is herein
referred to as a “final award.” The total aggregate final award paid to any employee for any one
year shall not exceed $7.5 million. The Committee shall certify the final awards earned by covered
officers in writing prior to any award payments.

     3. Subject to such additional limitations or restrictions as the Committee may impose, the term
“employees” shall mean persons (a) who are employed by the Corporation, or any subsidiary (as such
term is defined below), including employees who are also directors of the Corporation or any such
subsidiary, or (b) who accept (or previously have accepted) employment, at the request of the
Corporation, with any entity not described in 3(a) above but in which the Corporation has, directly
or indirectly, a substantial ownership interest. For purposes of this Plan, the term “subsidiary”
shall mean (i) a corporation of which capital stock having ordinary voting power to elect a
majority of the board of directors of such corporation is owned, directly or indirectly, by the
Corporation, or (ii) any unincorporated entity in respect of which the Corporation can exercise,
directly or indirectly, comparable

 

 

control. The Committee shall, among other things, determine when and to what extent individuals
otherwise eligible for consideration shall become or cease to be, as the case may be, employees for
purposes of this Plan and shall determine when, and under what circumstances, any individual shall
be considered to have terminated employment for purposes of this Plan. To the extent determined by
the Committee, the term employees shall be deemed to include former employees and any beneficiaries
thereof. For purposes of this Plan, a “participant” shall mean an employee who receives an award
hereunder.

     4(a). Awards shall be paid upon vesting. Annual target awards may become final awards, as
determined by the Committee, in the year following the year target awards are granted. Final
awards shall vest and be paid in such following year, unless subject to a vesting schedule
established by the Committee. Except as otherwise provided in this Plan, no final award (or portion
thereof subject to a vesting schedule) shall be paid prior to vesting and the unpaid portion of any
final award shall be subject to the provisions of paragraph 6. The Committee shall have the
authority to modify a vesting schedule as may be necessary or appropriate in order to implement the
purposes of this Plan. As a condition to the vesting of all or any portion of a final award the
Committee may, among other things, require an employee to enter into such agreements as the
Committee considers appropriate and in the best interests of the Corporation, except for awards
that vest pursuant to paragraph 12 of this Plan.

     4(b). With respect to target awards which have become final awards as provided in paragraph
2(e), the Committee may, in its discretion, pay to the participant interest on all portions thereof
which are unvested. No holder of a target award shall have any rights to interest prior to such
target award becoming a final award. Any interest payable with respect to such unvested final
awards shall be paid at such times, in such amounts, and in accordance with such procedures as the
Committee shall determine.

     5(a). An employee shall be eligible for consideration for a target award based on such
criteria as the Committee shall from time to time determine.

     5(b). No target award shall be granted to any director of the Corporation who is not an
employee at the date of grant.

     6(a). Payment of any final award (or portion thereof) to an individual employee shall be
subject to the satisfaction of the conditions precedent that such employee: (i) continue to render
services as an employee (unless this condition is waived by the Committee), (ii) refrain from
engaging in any activity which, in the opinion of the Committee, is competitive with any activity
of the Corporation or any subsidiary (except that employment at the request of the Corporation with
an entity in which the Corporation has, directly or indirectly, a substantial ownership interest,
or other employment specifically approved by the Committee, shall not be considered to be an
activity which is competitive with any activity of the Corporation or any subsidiary) and from
otherwise acting, either prior to or after termination of employment, in any manner inimical or in
any way contrary to the best interests of the Corporation, and (iii) furnish to the Corporation
such information with respect to the satisfaction of the foregoing conditions precedent as the
Committee shall reasonably request. Except as otherwise provided under paragraph 6(c) below, the
failure by any employee to satisfy such conditions precedent shall result in the immediate
cancellation of the unvested portion of any final award previously made to such employee and such
employee shall not be entitled to receive any consideration in respect of such cancellation.

     6(b). If any employee is dismissed for cause or quits employment without the prior consent of
the Corporation, the unvested portion of any final award previously made to such employee shall be
cancelled as of the date of such termination of employment, and such employee shall not be entitled
to receive any consideration in respect of such cancellation.

     6(c). Upon termination of an employee’s employment for any reason other than as described in
(b) above, the Committee may, but shall not in any case be required to, waive the condition
precedent relating to the continued rendering of services in respect of all or any specified
percentage of the unvested portion of any final award, as the Committee shall determine. To the
extent such condition precedent is waived, the Committee may accelerate the vesting of all or any
specified percentage of the unvested portion of any final award.

     6(d). For purposes of this Plan, a qualifying leave of absence, determined in accordance with
procedures established by the Committee, shall not constitute a termination of employment, except
that a final award shall not vest during a leave of absence granted an employee for local, state,
provincial, or federal government service.

     6(e). If employment of an employee is terminated by death, all final awards not currently
vested shall immediately vest.

 

 

     7. Subject to paragraph 6, all final awards which have vested in accordance with the
provisions of this Plan shall be paid in cash promptly following the vesting of such final award
but not later than two and one-half months after the end of the calendar year in which vesting
occurs. If the Corporation shall have any unpaid claim against an employee arising out of or in
connection with the employee’s employment with the Corporation, such claim may be offset against
awards under this Plan. Such claim may include, but is not limited to, unpaid taxes, the obligation
to repay gains pursuant to paragraph 6(c)(iv) of the General Motors Corporation 2007 Long-Term
Incentive Plan, or corporate business credit card charges.

     8. To the extent that any employee, former employee, or any other person acquires a right to
receive payments or distributions under this Plan, such right shall be no greater than the right of
a general unsecured creditor of the Corporation. All payments and distributions to be made
hereunder shall be paid from the general assets of the Corporation. Nothing contained in this 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 Corporation and any employee, former employee, or
any other person.

     9. The expenses of administering this Plan shall be borne by the Corporation.

     10. Except as otherwise determined by the Committee, with the exception of transfer by will or
the laws of descent and distribution, no target or final award shall be assignable or transferable
and, during the lifetime of the employee, any payment in respect of any final award shall be made
only to the employee. An employee shall designate a beneficiary or beneficiaries to receive all or
part of the amounts to be distributed to the employee under this Plan in case of death. A
designation of beneficiary may be replaced by a new designation or may be revoked by the employee
at any time. A designation or revocation shall be on forms prescribed by and filed with the
Secretary of the Committee. In case of the employee’s death, the amounts distributable to the
employee under this Plan with respect to which a designation of beneficiary has been made (to the
extent it is valid and enforceable under applicable law) shall be distributed in accordance with
this Plan to the designated beneficiary or beneficiaries. The amount distributable to an employee
upon death and not subject to such a designation shall be distributed to the employee’s estate or
legal representative. If there shall be any question as to the legal right of any beneficiary to
receive a distribution under this Plan, the amount in question may be paid to the estate of the
employee, in which event the Corporation shall have no further liability to any party with respect
to such amount.

     11. Full power and authority to construe and interpret this Plan shall be vested in the
Committee. To the extent determined by the Committee, administration of this Plan, including, but
not limited to (a) the selection of employees for participation in this Plan, (b) the determination
of the number of installments, and (c) the determination of the vesting schedule for final awards,
may be delegated to the Chief Executive Officer; provided, however, the Committee shall not
delegate to the Chief Executive Officer any powers, determinations, or responsibilities with
respect to executive officers of the Corporation. Any person who accepts any award hereunder agrees
to accept as final, conclusive, and binding all determinations of the Committee and the Chief
Executive Officer. The Committee shall have the right, in the case of participants not employed in
the United States, to vary from the provisions of this Plan in order to preserve the incentive
features of this Plan.

     12(a). Upon the occurrence of a Change in Control and the termination of the employment of an
employee within three years thereafter (i) by the Corporation other than for gross negligence or
deliberate misconduct which demonstrably harms the Corporation or, (ii) by the participant for Good
Reason, all outstanding awards granted under this Plan shall vest and be paid promptly at the
threshold award level, or, if greater, at the level resulting from the Corporation’s actual
performance based on the most recent forecast approved by the Committee immediately prior to the
Change in Control. Awards shall be prorated based on the number of days in the performance period
occurring prior to such payment as a percentage of the total number of days in the performance
period.

     12(b). If a Change in Control shall occur during a performance period, an employee whose
employment terminates during such performance period prior to such Change in Control under
circumstances in which such employee’s award hereunder was prorated and to be paid when final
awards were determined hereunder shall be entitled to receive payment of such final prorated award
at the conclusion of the performance period at the threshold level or, if greater, at the level
resulting from the Corporation’s actual performance. Any such award shall be prorated in the same
manner as in paragraph 12(a).

     12(c). A “Change in Control” shall mean the occurrence of any one of the following:

     (i) any “person” or “group” as those terms are used in the Securities Exchange Act of 1934, as
amended, (the “Exchange Act”), other than any employee benefit plan of GM or a trustee or other
administrator or fiduciary holding

 

 

securities under an employee benefit plan of the Corporation, is or becomes the current
beneficial owner, within the meaning of Rules 13d-3 and 13d-5 promulgated under the Exchange Act,
of GM securities representing in the aggregate 20 percent or more of the combined voting power of
GM’s then outstanding securities entitled to vote in general matters coming before stockholders of
the Corporation, whether in a meeting or otherwise; provided, however, that the provisions of this
subsection (a) are not intended to apply to or include as a Change in Control any transaction that
is specifically excepted from the definition of Change in Control under subsection (iii) below.

     In the event that the application of this subsection (i) to an occurrence that has taken place
or may take place raises interpretive issues regarding the foregoing definitions of “person” and
“group,” a duly adopted resolution of the Board of Directors of the Corporation or the Directors
and Corporate Governance Committee, or a successor thereof (the “DCG Committee”), determining that
a Change in Control, as defined in this subsection (i), has occurred or will occur shall be final,
binding, and conclusive for all purposes under the terms of this Plan, and no revocation of that
decision, rescission of that resolution, or change to the terms hereof shall alter the effect of
the resolution of the Board of Directors or the D&CG Committee that such occurrence does or will
constitute a Change in Control, unless the effect of such rescission, revocation, change, or
alteration shall not have an adverse effect on employees covered by this Plan to the extent they
have benefited or will benefit by reason of such resolution;

     (ii) during any two-year period, Incumbent Directors, as hereinafter defined, cease for any
reason to constitute a majority of the Board. For purposes of this paragraph, “Incumbent Directors”
shall mean the directors of the Corporation on the date of adoption of this Plan and any new
directors whose election by the Board or nomination for election by the Corporation’s stockholders
was approved by at least two-thirds of the directors still in office who were Incumbent Directors
(including individuals whose appointment or election to office after the date of adoption of this
Plan satisfied the requirements of this paragraph); provided, however, that, notwithstanding the
foregoing, no individual whose initial assumption of office occurs as a result of either an actual
or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated
under the Exchange Act or successor statutes or rules containing analogous concepts) or other
actual or threatened solicitation of proxies or consents by or on behalf of an individual,
corporation, partnership, group, associate, or other entity or “person” other than the Board, shall
in any event be considered to be an Incumbent Director;

     (iii) GM merges, consolidates, or combines with any other corporation or other entity, other
than a merger, consolidation, combination, or any similar transaction, without regard to the form
thereof, (A) that would result in all or a portion of the voting securities of GM outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or parent entity thereof) securities
representing more than 50 percent of the combined voting power of the voting securities of GM or
such surviving entity (or parent entity thereof) outstanding immediately after such merger or
consolidation and (B) by which the corporate existence of GM is not affected and following which
GM’s Chief Executive Officer would retain his or her position with GM and the GM directors would
remain on the Board of the Corporation and constitute a majority thereof; provided, however, that
if GM is not the ultimate parent of the controlled group of which it is a member, references to GM
in clause (B) of this subsection shall be deemed to refer to such ultimate parent of the
Corporation or its successor;

     (iv) GM sells or otherwise disposes of all or substantially all of its assets; or

     (v) the stockholders of the Corporation approve a plan of complete liquidation of GM.

     12(d). “Good Reason” for termination by the participant of the participant’s employment shall
mean the occurrence (without the participant’s express written consent) of any one of the following
acts by the Employer, or failures by the Employer to act, following the occurrence of a Change in
Control:

     (i) a significant adverse change in the participant’s authority, duties, responsibilities, or
position from those in effect immediately prior to the Change in Control; provided that,
notwithstanding the foregoing, the following are not “Good Reason:” (A) an isolated, insubstantial,
and inadvertent action not taken in bad faith and which is remedied by the Employer promptly after
receipt of notice thereof given by the participant, or (B) for employees below the level of
executive vice president, a change of less than two levels in the position to which the participant
reports, or (C) a change in the person to whom the participant reports;

     (ii) a reduction in the participant’s annual base salary as in effect immediately prior to the
Change in Control or as the same may be increased from time to time following the Change in
Control, or a reduction in the level of the participant’s incentive opportunity under the incentive
plans as in effect immediately prior to the Change in Control or as the same may be increased from
time to time following the Change in Control;

 

 

     (iii) the Employer’s requiring the participant to change the principal workplace location at
which the participant is based to a location that is greater than 50 miles distant from such
participant’s principal workplace location immediately prior to the date of such change of
location;

     (iv) the failure by the Corporation or the Employer (as applicable) to pay to the participant
(A) any portion of the participant’s annual base salary, (B) any awards earned pursuant to the
incentive plans or (C) any portion of an installment of deferred compensation under any deferred
compensation program of the Corporation or any of its Subsidiaries, in each case within seven days
of the date such compensation is due;

     (v) the failure by the Corporation or the Employer (as applicable) to continue in effect any
compensation plan or program in which the participant participates immediately prior to the Change
in Control and which is material to the participant’s total compensation, including, without
limitation, the incentive plans or any plans or programs adopted in substitution thereof prior to
the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or
alternative plan or program) has been made with respect to such plan or program, or the failure by
the Corporation or the Employer (as applicable) to continue the participant’s participation therein
(or in such substitute or alternative plan or program) on a basis not materially less favorable,
both in terms of the amount of opportunities provided and the level of the participant’s
participation relative to other positions, as existed at the time of the Change in Control;

     (vi) the failure by the Corporation or the Employer (as applicable) to continue to provide the
participant with benefits substantially similar to those enjoyed by the participant in the
aggregate under any of the Corporation’s or the Employer’s (as applicable) pension and retirement,
fringe benefit and welfare plans, including life insurance, medical, health and accident,
disability, and vacation plans and programs in which the participant participates immediately prior
to the Change in Control or the taking of any action by the Corporation or the Employer (as
applicable) which would directly or indirectly materially reduce any of such benefits or deprive
the participant of any material fringe benefits enjoyed by the participant immediately prior to the
Change in Control;

     (vii) the failure by the Corporation or the Employer (as applicable) to continue to provide
the participant with indemnification and insurance coverage under the Corporation’s Certificate of
Incorporation, Bylaws, and any applicable agreement to which the participant is a party or of which
the participant is a beneficiary, which is substantially the same as that enjoyed by the
participant under any such instruments or arrangements immediately prior to the Change in Control;

     (viii) the failure of the Corporation to obtain a satisfactory agreement from any successor to
assume and agree to perform this Plan; or

     (ix) any purported termination of the participant’s employment by the Corporation or the
Employer (as applicable) which is not effected pursuant to a Notice of Termination.

     The participant’s right to terminate the participant’s employment for Good Reason shall not be
affected by the participant’s incapacity due to physical or mental illness.

     The participant’s continued employment shall not constitute consent to, or a waiver of rights
with respect to, any act or failure to act constituting Good Reason hereunder. Notwithstanding the
foregoing, the occurrence of an event that would otherwise constitute Good Reason hereunder shall
cease to be an event constituting Good Reason if (i) the participant fails to provide the
Corporation with notice of the occurrence of any of foregoing within the 90-day period immediately
following the date on which the participant first becomes aware (or reasonably should have become
aware) of the occurrence of such event, (ii) the participant fails to provide the Corporation with
a period of at least 30 days from the date of such notice to cure such event prior to terminating
his or her employment for Good Reason or (iii) Notice of Termination is not provided to the
Corporation by the participant within 90 days following the day on which the 30-day period set
forth in the preceding clause (ii) expires; provided, that the notice period required by clause
(ii) and referred to in clause (iii) shall end two days prior to the third anniversary of the
Change in Control in the event that the third anniversary of the Change in Control would occur
during such thirty-day period.

     12(e). “Employer” shall mean, as applicable to any participant, the Corporation or Subsidiary
that employs the participant.

     12(f). “Notice of Termination” shall mean a notice that indicates the basis for any
termination of employment and sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of a participant’s employment.

 

 

     12(g). “Person” shall mean any individual, corporation, partnership, association, limited
liability corporation, joint-stock corporation, trust, unincorporated organization, or government
or political subdivision thereof, including any employee or participant of the Corporation and its
subsidiaries.

     12(h). “Subsidiary” shall mean (a) a corporation in which capital stock having ordinary voting
power to elect a majority of the board of directors is owned, directly or indirectly, by the
Corporation and (b) any unincorporated entity in respect of which the Corporation can exercise,
directly or indirectly, control comparable to that described in clause (a).

     12(i). The preceding provisions of this section 12 shall apply notwithstanding any other
provision of the Plan to the contrary, unless the Committee shall have expressly provided in any
applicable award for different provisions to apply in the event of a Change in Control. For the
avoidance of doubt, any such different provisions may be more or less favorable to either of the
parties to the award, but if the application of such different provisions is unclear, uncertain, or
ambiguous, the provisions of this section 12 shall govern.

     13. If the implementation of any of the foregoing provisions of this Plan would cause an
employee or participant to incur adverse tax consequences under Section 409A of the Code, the
implementation of such provision shall be delayed until, or otherwise modified to occur on, the
first date on which such implementation would not cause adverse tax consequences under Section
409A.

     14. Notwithstanding anything in this Plan to the contrary, any award made to a participant
under this Plan is subject to being called for repayment to the Corporation in any situation where
the Board of Directors or a committee thereof determines that fraud, negligence, or intentional
misconduct by the participant was a significant contributing factor to the Corporation having to
restate all or a portion of its financial statement(s). The determination regarding employee
conduct and repayment under this provision shall be within the sole discretion of the Committee and
shall be final and binding on the participant and the Corporation.

     15. The Committee, in its sole discretion, may, at any time, amend, modify, suspend, or
terminate this Plan provided that no such action shall (a) adversely affect the rights of an
employee with respect to previous target awards or final awards under this Plan (except as
otherwise permitted under paragraphs 2(d), 4, or 6), and this Plan, as constituted prior to such
action, shall continue to apply with respect to target awards previously granted and final awards
which have not been paid, or (b) without the approval of the stockholders, (i) increase the limit
on the maximum amount of final awards provided in paragraph 2(e), or (ii) render any director of
the Corporation who is not an employee at the date of grant or any member of the Executive
Compensation Committee or the Audit Committee, eligible to be granted a target award, or (iii)
permit any target award to be granted under this Plan after May 31, 2012. For the avoidance of
doubt, the provisions of section 12(c) may be amended by the Board, if necessary, or desirable to
be compliant or consistent with, or to avoid adverse consequences to participants under Section
409A of the Code.

     16. Every right of action by, or on behalf of, the Corporation or by any stockholder against
any past, present, or future member of the Board of Directors, officer, or employee of the
Corporation or its subsidiaries arising out of or in connection with this Plan shall, irrespective
of the place where action may be brought and irrespective of the place of residence of any such
director, officer, or employee, cease and be barred by the expiration of three years from the date
of the act or omission in respect of which such right of action arises. Any and all right of action
by any employee (past, present, or future) against the Corporation arising out of or in connection
with this Plan shall, irrespective of the place where an action may be brought, cease and be barred
by the expiration of three years from the date of the act or omission in respect of which such
right of action arises. This Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware and construed accordingly.

     17. This Plan, as amended, shall be effective on January 1, 2008.

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