Document:

Bucyrus International, Inc. Executive Deferred Compensation Plan

 Exhibit 10.4 
 BUCYRUS INTERNATIONAL, INC. 
 DEFERRED COMPENSATION
PLAN 
 Effective January 1, 2007 
 Amended and Restated Effective February 1, 2010 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE I. DEFINITIONS AND CONSTRUCTION
	  	2
	 Section 1.01.
	  	Definitions	  	2
	 Section 1.02.
	  	Construction and Applicable Law	  	4
		
	 ARTICLE II. PARTICIPATION
	  	6
	 Section 2.01.
	  	Eligibility	  	6
	 Section 2.02.
	  	Initial Participation Date	  	6
		
	 ARTICLE III. EMPLOYEE DEFERRED COMPENSATION
	  	7
	 Section 3.01.
	  	Deferrals of Base Pay	  	7
	 Section 3.02.
	  	Deferrals of Annual Bonus Awards	  	8
	 Section 3.03.
	  	Matching Contribution Credits	  	8
	 Section 3.04.
	  	Cancellation of Deferral Elections	  	9
		
	 ARTICLE IV. ACCOUNTING AND HYPOTHETICAL INVESTMENT ELECTIONS
	  	10
	 Section 4.01.
	  	Investment Options	  	10
	 Section 4.02.
	  	Participant Investment Elections	  	10
	 Section 4.03.
	  	Allocation of Deemed Investment Gain or Loss	  	11
	 Section 4.04.
	  	Accounts are For Record Keeping Purposes Only	  	11
		
	 ARTICLE V. DISTRIBUTION OF ACCOUNTS
	  	12
	 Section 5.01.
	  	Distribution Election and Procedure	  	12
	 Section 5.02.
	  	Hardship Withdrawals	  	14
		
	 ARTICLE VI. GENERAL PROVISIONS
	  	15
	 Section 6.01.
	  	Administration	  	15
	 Section 6.02.
	  	Restrictions to Comply with Applicable Law	  	15
	 Section 6.03.
	  	Claims Procedures	  	15
	 Section 6.04.
	  	Participant Rights Unsecured	  	16
	 Section 6.05.
	  	Distributions for Tax Withholding and Payment	  	17
	 Section 6.06.
	  	Amendment or Termination of Plan	  	17
	 Section 6.07.
	  	Administrative Expenses	  	19
	 Section 6.08.
	  	Successors and Assigns	  	19
	 Section 6.09.
	  	Right of Offset	  	19
	 Section 6.10.
	  	Not a Contract of Employment	  	20
	 Section 6.11.
	  	Miscellaneous Distribution Rules	  	20
	 Section 6.12.
	  	Nontransferability	  	20
	 Section 6.13.
	  	Limitation on Actions	  	20

 BUCYRUS INTERNATIONAL, INC. 
 DEFERRED COMPENSATION PLAN 
 Bucyrus International,
Inc. (the “Company”) has established the Bucyrus International, Inc. Deferred Compensation Plan (the “Plan”) with respect to amounts deferred by eligible participants after December 31, 2006. The Plan is intended to promote
the best interests of the Company and its Affiliates by attracting and retaining key management employees possessing a strong interest in the successful operation of the Company and its Affiliates and encouraging their continued loyalty, service and
counsel to the Company and its Affiliates. The terms and conditions of the Plan are set forth below. 
 The Plan was last
amended and restated effective January 1, 2008, to incorporate the provisions required or permitted by the final regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended, as well as to clarify certain other
provisions of the Plan. 
 The Plan is amended and restated effective February 1, 2010, to modify the rules governing the
eligibility of employees. 

 ARTICLE I. DEFINITIONS AND CONSTRUCTION 
 Section 1.01. Definitions. 
 The following terms have the meanings indicated below unless the context in which the term is used clearly indicates otherwise: 
 (a) Account: The record keeping account or accounts maintained to record the interest of each Participant under the Plan. An Account is established for record keeping purposes only and not to reflect (or
require) the physical segregation of assets on the Participant’s behalf. To the extent relevant with respect to any Participant, the Participant’s overall Account may consist of such subaccounts or balances as the Administrator may
determine to be necessary or appropriate. 
 (b) Administrator: The Bucyrus International, Inc. Benefits Committee or such other
committee as may be appointed by the Committee to administer the Plan. Administrator action under the Plan is subject to the rules and restrictions set forth in Section 6.01. 
 (c) Affiliate: A corporation, partnership, joint venture, trust, association or other trade or business that, with the Company, forms part
of a controlled group of corporations, group of trades or businesses under common control, within the meaning of Code Section 414(b) or (c); provided that, for purposes of determining whether a Participant has incurred a Separation from
Service, the phrase “at least 50 percent” shall be used in place of the phrase “at least 80 percent” each place it appears therein or in the regulations thereunder. 
 (d) Annual Bonus Award: Any cash incentive awarded to an Eligible Employee with respect to a calendar year, whether or not such award is
actually paid to the Eligible Employee during such Plan Year, but not including any commission payments. 
 (e) Annual Bonus
Deferral: See Section 1.01(m)(ii). 
 (f) Base Pay: An Eligible Employee’s taxable cash base compensation (reportable
on Form W-2) for the Plan Year or scheduled pay period, prior to reduction for any contributions by the Eligible Employee to this Plan or amounts deferred by the Eligible Employee under Code Sections 125, 132(f) or 401(k), but exclusive of all forms
of extra compensation such as bonuses, commissions, overtime, moving expenses, pay for unused vacations, excess insurance premiums, safety cash awards, meal allowances, reimbursed expenses, termination pay, moving pay, commuting expenses, severance
pay, non-elective deferred compensation payments or accruals, stock options or restricted stock, or the value of any other employer-provided fringe benefits or coverage, all as determined in accordance with such uniform rules, regulations or
standards as may be prescribed by the Administrator. 
 (g) Base Pay Deferral: See Section 1.01(m)(i). 
 (h) Beneficiary: The person or entity designated by a Participant to be the Participant’s beneficiary for purposes of this Plan. If no
Beneficiary has been designated when Plan benefits become payable upon the death of a Participant, or if the Participant’s designated

  

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Beneficiary(ies) does not survive the Participant, then the Participant’s spouse, or if the Participant is not married on the date of his or her death, the Participant’s estate, shall
be the Beneficiary. Beneficiary designations shall be filed with the Administrator, in writing, in such form as the Administrator may prescribe for this purpose, and shall become effective only if received by the Administrator while the Participant
is living. 
 (i) Board: The Board of Directors of the Company. 
 (j) Code: The Internal Revenue Code of 1986, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect
from time to time. Any reference to a specific provision of the Code shall be deemed to include reference to any successor provision thereto. 
 (k) Committee: The Compensation Committee of the Board. 
 (l) Company: Bucyrus
International, Inc. or any successor thereto. 
 (m) Deferral: An amount credited, in accordance with a Participant’s
election, to the Participant’s Account under the Plan in lieu of the current payment of an equal amount of cash compensation to the Participant. Deferrals include the following: 
  

	 	(i)	Base Pay Deferral: A deferral of a portion of an Eligible Employee’s Base Pay in accordance with Section 3.01. 

  

	 	(ii)	Annual Bonus Deferral: A deferral of a portion of an Eligible Employee’s Annual Bonus Award in accordance with Section 3.02. 

 (n) Eligible Employee: A common law employee of a Participating Employer who satisfies the requirements of Section 2.01. 
 (o) ERISA: The Employee Retirement Income Security Act of 1974, as interpreted by regulations and rulings issued pursuant thereto, all as
amended and in effect from time to time. Any reference to a specific provision of ERISA shall be deemed to include reference to any successor provision thereto. 
 (p) Investment Options: The hypothetical investment options established by the Administrator from time to time (which may, but need not, be based upon one or more of the investment options available under
the Salaried Savings Plan). 
 (q) Matching Contribution Credits: The amounts (if any) credited to a Participant’s Account
in accordance with Section 3.03. 
 (r) Participant: An Eligible Employee (or former Eligible Employee) with an
undistributed Account balance under the Plan. 
 (s) Participating Employer: The Company and each Affiliate that, with the
consent of the Company, participates in the Plan for the benefit of one or more Participants. 
  

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 (t) Plan Year: The 12-month period beginning on January 1 of each year and ending on
December 31 of the same year. 
 (u) Salaried Savings Plan: The Bucyrus International, Inc. Salaried Employees’
Savings Plan, as amended and in effect from time to time, or any successor thereto. 
 (v) Separation from Service: The date on
which a Participant terminates employment from the Company and its Affiliates. A Participant is deemed to have terminated employment as of the date after which the level of bona fide services that the Participant would perform (whether as an
Employee or independent contractor) permanently decreases to 20% or less of the average level of bona fide services performed by the Participant (whether as an Employee or independent contractor) over the immediately preceding 36 month period (or
such lesser period of actual services). Notwithstanding the foregoing, a Participant shall not incur a Separation from Service if the Participant is absent from active employment due to military leave, sick leave or other bona fide leave of absence
if the period of such leave does not exceed the greater of (1) six (6) months, or if the leave of absence is due to the Participant’s medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of six (6) months or more, and such impairment causes the Participant to be unable to perform the duties of his position with the Company or an Affiliate or a substantially similar position of
employment, then the leave period may be extended for up to a total of twenty-nine (29) months; or (2) the period during which the Participant’s right to reemployment by the Company or an Affiliate is provided either by statute or by
contract. If the period of leave exceeds the applicable time period set forth above and the individual does not retain the right to reemployment under an applicable statute or by contract, the employment relationship is deemed terminated on the
first date immediately following the end of the leave period set forth above. Notwithstanding the foregoing, if a Participant is also providing services as an independent contractor of the Company and its Affiliates while an employee, or if the
Participant becomes an independent contractor to the Company or its Affiliates after ceasing employment, the Participant will incur a Separation from Service on the date prescribed by Code Section 409A. The Administrator shall make
determinations regarding whether a Participant has incurred a Separation from Service in accordance with the regulations promulgated under Code Section 409A. 
 (w) Valuation Date: Any date on which a Participant’s Account is valued, which shall be each business day of a Plan Year unless determined otherwise by the Administrator or the Committee. 

Section 1.02. Construction and Applicable Law. 
 (a) Wherever any words are used in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any words are use in the singular or
the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. Titles of articles and sections are for general information only, and the Plan is not to be
construed by reference to such items. 
  

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 (b) This Plan is intended to be a plan of deferred compensation maintained for a select
group of management or highly compensated employees as that term is used in ERISA, and shall be interpreted so as to comply with the applicable requirements thereof. In all other respects, the Plan is to be construed and its validity determined
according to the laws of the State of Wisconsin (without reference to conflict of law principles thereof) to the extent such laws are not preempted by federal law, and any action for benefits under the Plan or to enforce the terms of the Plan shall
be heard in the State of Wisconsin by the court with jurisdiction over the claim. In case any provision of the Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, but the Plan
shall, to the extent possible, be construed and enforced as if the illegal or invalid provision had never been inserted. 
  

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 ARTICLE II. PARTICIPATION 
 Section 2.01. Eligibility. 
 An employee shall be an Eligible Employee only if (a) the employee is classified by a Participating Employer as a U.S. common-law employee and (b) is employed in a position with such global grade as is designated by the Chief
Executive Officer and Senior Vice President of Human Resources of the Company from time to time as being eligible for the Plan; provided, however, that each employee who is an officer of the Company shall be automatically eligible to participate in
the Plan. In addition, in the event of an acquisition by the Company of another entity (“Predecessor Employer”), whether by stock or asset purchase, merger, or otherwise, the Chief Executive Officer and Senior Vice President of Human
Resources of the Company may allow, in their sole discretion, an employee of the Predecessor Employer who becomes employed by a Participating Employer, and who was participating in a deferred compensation program or plan sponsored by such
Predecessor Employer immediately prior to the acquisition, to participate in the Plan with respect to (i) only such employee’s existing balance in the Predecessor Employer’s program or plan, which will be deemed transferred to this
Plan, (ii) only for new contributions to the Plan, or (iii) a combination of (i) and (ii). Notwithstanding any of the foregoing, if an employee ceases to be an Eligible Employee, the deferral election then in effect shall continue to
be honored, but the individual shall not be eligible to make a new deferral election after the date the employee ceases to be an Eligible Employee. 
 Section 2.02. Initial Participation Date. 
 An Eligible Employee shall become a Participant on the first
day of the month coincident with or next following the date the individual first performs an hour of service as an Eligible Employee. 
  

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 ARTICLE III. EMPLOYEE DEFERRED COMPENSATION 
 Section 3.01. Deferrals of Base Pay. 
 (a) Amount. A Participant may elect, in such form and manner as the Administrator may prescribe, to defer payment of a portion of the Base Pay that would otherwise be paid to the Participant. A
Participant’s election shall specify either a fixed dollar amount or a percentage (in increments of 1% to a maximum of 50%, or such other percentage specified by the Administrator) of the Participant’s Base Pay that the Participant wishes
to defer. The Administrator may unilaterally decrease a Participant’s elected Base Pay Deferral amount or percentage, but only if and to the extent that such adjusted amount or percentage is necessary in order to provide the Participant with
non-deferred compensation that is sufficient to accommodate withholdings required under applicable law or other authorized withholdings and if such adjustment is consistent with the requirements of Code Section 409A. The minimum yearly Base Pay
Deferral is $5,000 (or if the Participant has designated a percentage of Base Pay to be deferred, the percentage that, when applied to the Participant’s Base Pay at the time the Base Pay Deferral election is made, is expected to result in an
yearly Annual Pay Deferral of at least $5,000). 
 (b) Timing of Initial Deferral Election. In the case of a Participant
who becomes eligible to participate in the Plan for the first time (and who is not eligible under any other plan that, for purposes of Code Section 409A, is aggregated with this Plan) and who makes a Base Pay Deferral election within thirty
(30) days of his or her initial participation date, the Participant’s validly executed Base Pay Deferral election shall become effective with respect to Base Pay attributable to services to be performed beginning with the payroll period
subsequent to the date on which the Participant’s election is filed with the Administrator. If the Participant does not submit a Base Pay Deferral election during the initial 30-day election period described above, the Participant may
thereafter elect to defer payment of Base Pay by submitting a validly executed Base Pay Deferral election to the Administrator. Such Base Pay Deferral election shall become effective and shall apply only to Base Pay attributable to services
performed on or after January 1 of the calendar year following the calendar year during which the election is received and accepted by the Administrator, or as soon thereafter as practicable; provided that, for this purpose, the first paycheck
in January shall be treated as if it were paid for services performed on and after January 1, even if such paycheck covers services performed in the prior December. 
 (c) Carry-Over of Base Pay Deferral Election from Year to Year. A Participant’s Base Pay Deferral election will not carry over from year to year. A Participant must make a new election in
accordance with subsection (d) with respect to each calendar year. 
 (d) Change In Base Pay Deferral Election. A
Participant may continue or change his or her Base Pay Deferral election only by filing notice of such change with the Administrator, in such form as the Administrator may prescribe, by December 31 (or by such earlier date as the Administrator
shall require) of the calendar year preceding the calendar year in which the continuation of or change in the Participant’s Base Pay Deferral is to take effect. Except as provided in Section 3.04, a Participant’s Base Pay Deferral
election, once effective with respect to a calendar year, may not be revoked or modified with respect to Base Pay attributable to services performed in that calendar year. 
  

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 Section 3.02. Deferrals of Annual Bonus Awards. 
 (a) Amount. A Participant may irrevocably elect, in such form and manner as the Administrator may prescribe, to defer payment of a
portion of the cash Annual Bonus Award that may be awarded and that would otherwise be paid to the Participant with respect to any calendar year. A Participant’s election shall specify either a fixed dollar amount or a percentage (in increments
of 1% to a maximum of 100%, or such other amount or percentage as may be established by the Administrator, or as may be necessary in order to comply with applicable withholding obligations, whether attributable to withholdings required under
applicable law or other authorized withholdings) of the Participant’s Annual Bonus Award that the Participant wishes to defer. 
 (b) Timing of Deferral Election – General Rule. In the case of any Annual Bonus Award that does not constitute performance-based compensation for purposes of Code Section 409A, a validly executed Deferral election shall be
effective only if the Deferral election is received and accepted by the Administrator prior to the last day of the calendar year preceding the calendar year in which the Participant begins to perform the services on which the Annual Bonus Award is
based. 
 (c) Timing of Deferral Election – Performance Award. In the case of any Annual Bonus Award that
constitutes performance-based compensation for purposes of Code Section 409A, a validly executed Deferral election shall become effective with respect to the Annual Bonus Award that may be awarded to the Participant with respect to a calendar
year if the Participant’s Deferral election is received and accepted by the Administrator at least six (6) months prior to the end of the (calendar year) performance period for the bonus, or by such earlier (but not later) date as the
Administrator may establish; provided that the Participant has continuously performed services from the later of the beginning of the performance period or the date the performance criteria are established through the date of such election and, the
election shall not apply to any portion of the Annual Bonus Award that is readily ascertainable as of the date of such election. 
 (d) Change in Deferral Election. Except as provided in Section 3.04, a Participant’s Annual Bonus Award election, once effective with respect to a calendar year, may not be revoked or modified with respect to such Annual
Bonus Award. A Participant’s election to defer an Annual Bonus Award shall be effective only for the performance period to which the election relates, and shall not carry over from year to year. 
 Section 3.03. Matching Contribution Credits. 
 (a) Amount and Timing of Allocation. The Administrator will also credit to the Account of each Participant a Matching Contribution Credit (denominated in cash) on Base Pay Deferrals and/or Annual
Bonus Deferrals made under this Plan during any Plan Year. The Matching Contribution Credit will be equal to fifty percent (50%) of the total amount deferred into the Plan for the Plan Year, provided that such Matching Contribution Credit shall
not exceed

  

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three percent (3%) of the Participant’s Base Pay and Annual Bonus that is in excess of the dollar limit on compensation imposed by Code Section 401(a)(17) for such Plan Year. The
Matching Contribution Credit will be allocated as of the last day of the Plan Year, or on such other periodic basis as is determined by the Administrator. 
 (b) Vesting. A Participant will be vested in any Matching Contribution Credits, and any earnings attributed to them, to the same extent that the Participant would have been vested in such Matching
Contributions Credits, and any earnings thereon, if such Matching Contribution Credits had been made to the Salaried Savings Plan. Service with DBT America Inc. and its affiliates shall count as vesting service under this Plan. 
 Section 3.04. Cancellation of Deferral Elections. 
 Notwithstanding the general rule that a Participant’s deferral election is irrevocable: 
 (a) In the event that a Participant receives a distribution on account of “hardship” under the Salaried Savings Plan or any other qualified plan maintained by the Company or an Affiliate that
includes a qualified cash or deferred arrangement under Code Section 401(k) where such plan requires the Participant to cease non-qualified plan deferrals as a condition of receiving the distribution, then the Participant’s Base Pay
Deferral election under this Plan, and any Annual Bonus Deferral election under this Plan that relates to a bonus to be paid within six (6) months following the date of such hardship distribution, shall be terminated (and not merely suspended).

 (b) In the event that a Participant incurs a disability, the Participant may cancel his or her Base Pay
Deferral election and/or Annual Bonus Deferral election under this Plan, provided such cancellation occurs no later that the end of the calendar year in which the Participant becomes disabled, or if later, by the 15th day of the third month following the date the Participant becomes
disabled. The Participant will be considered disabled if, as a result of any medically determinable physical or mental impairment, the Participant is unable to perform the duties or his or her position or any substantially similar position, where
such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months. A Participant who requests that his or her deferrals cease as a result of a disability shall provide such medical and
other information as is requested by the Administrator in order for the Administrator to make the disability determination. 
 Any Deferral
election made after termination of a Deferral election will be considered an “initial deferral election” that is subject to the rules of Code Section 409A and the regulations promulgated thereunder with respect to “initial
deferral elections.” 
  

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 ARTICLE IV. ACCOUNTING AND HYPOTHETICAL INVESTMENT ELECTIONS 
 Section 4.01. Investment Options. 
 The Administrator may designate two or more Investment Options; provided that until such time as the Administrator has designated two or more Investment Options, a Participant’s undistributed Account
will be credited with interest equivalent at a rate that, for any Plan Year, is the same as the interest crediting rate under the cash balance component of the Bucyrus International, Inc. Salaried Employees’ Retirement Plan . The
Administrator’s designation of an Investment Option does not imply any obligation on the part of Participating Employers to set aside or otherwise invest funds in the designated Investment Option. An Investment Option serves merely as a device
for determining the amount of deemed investment gain or loss to be credited or charged to a Participant’s Account. Further, the Administrator may at any time modify the roster of available Investment Options, including the elimination of any
Investment Option that was previously available under the Plan. 
 Section 4.02. Participant Investment Elections. 
 (a) In accordance with uniform rules prescribed by the Administrator, which shall permit Participants to make investment directions at least
annually, each Participant shall designate, in writing or in such other manner as the Administrator may prescribe, how his or her Account shall be deemed to be invested among the Investment Options. If the Participant fails to make a timely and
complete investment designation, he or she shall be deemed to have elected that 100% of his or her Account (or if applicable, future Deferrals or credits) be credited to the default Investment Option specified by the Administrator. 
 (b) When selecting more than one Investment Option, the Participant shall designate, in whole multiples of 1% or such other percentage
determined by the Administrator, the percentage of his or her Account (or the percentage of future Deferrals or credits) to be allocated to each Investment Option. 
 (c) A Participant’s investment election or deemed investment election shall become effective on the date established by the Administrator for this purpose, and shall remain in effect unless and until
modified by a subsequent election that becomes effective in accordance with the rules of this subsection. 
 (d) Other than a
reallocation of a Participant’s Account pursuant to a revised investment election submitted by the Participant, the deemed investment allocation of a Participant will not be adjusted to reflect differences in the relative investment return
realized by the various hypothetical Investment Options that the Participant has designated, i.e., the Participant’s Account will not be periodically “rebalanced” to return the investment allocation of the Participant’s Account
to the investment allocation in effect on the effective date of the Participant’s more recent investment election. 
  

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 Section 4.03. Allocation of Deemed Investment Gain or Loss. 
 As of each Valuation Date, the Account of each Participant will be credited (or charged) based upon the investment gain (or loss) that the
Participant would have realized with respect to his or her Account since the immediately preceding Valuation Date had the Account been invested in accordance with the terms of the Plan and the Participant’s actual or deemed investment election.

 Section 4.04. Accounts are For Record Keeping Purposes Only. 
 Plan Accounts and the record keeping procedures described herein serve solely as a device for determining the amount of benefits accumulated
by a Participant under the Plan, and shall not constitute or imply an obligation on the part of a Participating Employer to fund such benefits. In any event, a Participating Employer may, in its discretion, set aside assets and/or contribute to a
trust assets equal to part or all of such account balances and invest such assets in life insurance or any other investment deemed appropriate. Any such assets held by a Participating Employer or in a trust shall be and remain the sole property of
the Participating Employer or the trust, as applicable, and a Participant shall have no proprietary rights of any nature whatsoever with respect to such assets. 
  

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 ARTICLE V. DISTRIBUTION OF ACCOUNTS 
 Section 5.01. Distribution Election and Procedure. 
 (a) Election. A Eligible Employee shall make a distribution election with respect to his or her vested Account at the same time the Eligible Employee makes his or her first deferral election, and
such election shall be irrevocable as of the date the Eligible Employee’s first deferral election is irrevocable. The election shall be in such form as the Administrator shall prescribe. The distribution election shall specify whether payment
of the Participant’s benefits are to begin upon the Participant’s Separation from Service, or such later age as is specified by the Participant, and shall specify that distribution of the Participant’s Account will be made in
accordance with one of the following options: 
  

	 	(i)	A single lump sum payment of the vested Account, valued as of the Valuation Date immediately preceding distribution; or 

  

	 	(ii)	5 annual installments of the vested Account, with the amount of each installment equal to the balance of the Participant’s Account as of the December 31
immediately preceding the distribution date divided by the number of installments remaining to be paid (and with the final distribution being equal to the balance in the Participant’s Account as of the Valuation Date immediately preceding the
distribution date); or 

  

	 	(iii)	10 annual installments of the vested Account, with the amount of each installment equal to the balance of the Participant’s Account as of the December 31
immediately preceding the distribution date divided by the number of installments remaining to be paid (and with the final distribution being equal to the balance in the Participant’s Account as of the Valuation Date immediately preceding the
distribution date). 

 In the absence of a distribution election, the Participant will be deemed to have elected to receive
payment in the form of a single lump sum upon Separation from Service. 
 (b) Modified Distribution Election. 

 

	 	(i)	Prior to January 1, 2008. Provided that distribution of a Participant’s Account has not been commenced and is not scheduled to commence during 2007, a
Participant may change his or her distribution election until December 31, 2007. 

  

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	 	(ii)	After December 31, 2007. After December 31, 2007, a Participant may change his or her distribution election (regarding the time or form of payment or
both) only in accordance with the following rules: 

  

	 	(A)	the revised distribution election must be made at least twelve (12) months prior to the date on which the payment was scheduled to be paid (or begin to be paid, if
installments were elected) and may not be given effect until the end of such twelve (12) month period; and 

  

	 	(B)	the date of distribution must be delayed for at least five (5) years from the date on which the payment was scheduled to be paid (or begin to be paid, if
installments were elected). 

 (c) Distribution Commencement Date. Distribution of the Participant’s
vested Account will be made or commence in the later of (i) February of the calendar year following the calendar year in which the Participant’s Account becomes payable, or (ii) if the Account is payable as a result of the
Participant’s Separation from Service, the seventh month following the month in which the Participant’s Separation from Service occurs (other than as a result of death); or in each case as soon thereafter as is administratively
practicable, but not later than the end of the calendar year in which the payment is scheduled to occur. For any Participant whose vested Account is distributable in annual installments, each annual installment after the initial payment will be paid
in February of each succeeding year, or as soon thereafter as is administratively practicable, but not later than the end of the calendar year. 
 (d) Form of Distribution, All payments shall be made in cash. 
 (e)
Distribution of Small Benefits. Notwithstanding anything to the contrary herein, including any election made by a Participant as to the form or time of distribution, if the balance of a Participant’s Account, when added to the balance of
any other account maintained on behalf of the Participant under a plan that is required to be aggregated with this Plan under Code Section 409A, is equal to or less than $10,000, as of the Valuation Date immediately preceding such
Participant’s Separation from Service, the vested balance of such Participant’s Account shall be distributed in a lump sum upon the Participant’s Separation from Service (subject to the timing rules of Section 5.01(c))

 (f) Acceleration of Payments. Notwithstanding any other provision of the Plan, if the Committee determines that all or
any portion of a Participant’s Account is required to be included in the Participant’s income as a result of a failure to comply with the requirements of Code Section 409A and the regulations promulgated thereunder, the Company or
applicable Affiliate shall immediately make distribution from the Plan to the Participant or Beneficiary, in one lump sum, of the amount (but not exceeding the amount) that is required to be included in income as a result of the failure to comply
with the requirements of Code Section 409A. 
 (g) Distribution of Remaining Account Following Participant’s
Death. In the event of the Participant’s death, the Participant’s remaining undistributed interest will be distributed to

  

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the Participant’s Beneficiary in a single sum on the first day of the fourth month following the month of the Participant’s death (the “Scheduled Payment Date”), or as soon
thereafter as is administratively practicable, but not later than the end of the calendar year in which the Scheduled Payment Date occurs, or if later, by the 15th day of the third month following the Schedule Payment Date. In no event shall the Beneficiary be permitted to
designate the taxable year in which such payment will be made. 
 Section 5.02. Hardship Withdrawals. 
 A Participant who has incurred an “unforeseeable emergency” may request, and the Committee may (but need not) approve a
distribution of part or all of the Participant’s vested Account balance, in accordance with and subject to the limitations set forth in this Section. An “unforeseeable emergency” means a severe financial hardship to the Participant
resulting from any of the following: an illness or accident of the Participant, the Participant’s spouse, or the Participant’s dependent (as defined in Code Section 152 without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)); loss
of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as determined by the Administrator in accordance with Code
Section 409A. The amount authorized by the Committee for distribution with respect to an emergency may not exceed the amounts reasonably necessary to satisfy the emergency plus amounts necessary to pay taxes reasonably anticipated as a result
of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets, to the extent that liquidation
of such assets would not itself cause severe financial hardship, or by cessation of deferrals under the Plan. 
  

 14 

 ARTICLE VI. GENERAL PROVISIONS 
 Section 6.01. Administration. 
 The Committee or, subject to such rules as the Committee may prescribe, the Administrator shall administer and interpret the Plan and supervise preparation of Participant elections, forms, and any amendments thereto. The Committee or,
subject to such rules as the Committee may prescribe, the Administrator may, in their discretion, delegate any or all of their authority and responsibility, and to the extent of any such delegation, any references herein to the Committee and/or the
Administrator shall be deemed references to such delegee; provided that any such delegee shall not act in any non-ministerial fashion in a matter affecting the delegee’s own participation or interest in the Plan. Interpretation of the Plan
shall be within the sole discretion of the Committee or, subject to such rules as the Committee may prescribe, the Administrator, and any interpretations, actions, decisions or findings of the Committee or Administrator shall be final and binding
upon each Participant and Beneficiary. The Committee or, subject to such rules as the Committee may prescribe, the Administrator may adopt and modify rules and regulations relating to the Plan as they deems necessary or advisable for the
administration of the Plan. Notwithstanding anything to the contrary, the Administrator shall not act in any non-ministerial fashion in any matter that affects one or more of the members of the committee that is the Administrator (unless such action
affects all Participants uniformly) and any such action will be taken or decision made by the Committee 
 Section 6.02. Restrictions to
Comply with Applicable Law. 
 Notwithstanding any other provision of the Plan, the Participating Employers shall have no
obligation to make any payment if such payment would violate Federal securities laws or any other applicable law; provided that payment shall be made at the earliest date on which the Company reasonably anticipates that the making of the payment
will not cause such violation. The Committee or the Administrator shall have the right to restrict any transaction, or impose other rules and requirements, consistent with Code Section 409A, to the extent it deems necessary or desirable in
order to comply with any law or exemption. 
 Section 6.03. Claims Procedures. 
 (a) If a Participant or Beneficiary (the “claimant”) believes that he or she is entitled to a payment under the Plan that is not
provided, the claimant or his or her legal representative shall file a written claim for such payment with the Administrator; provided that if the claimant is a member of the committee that comprises the Administrator, the claim shall be submitted
directly to the Committee and all references in this subsection (a) to the Administrator shall instead refer to the Committee. Such claim shall be filed no later than 90 days following the latest date on which the payment should have been made.
The Administrator shall review the claim within 60 days following the date of receipt of the claim. If the claimant’s claim is denied in whole or part, the Administrator shall provide written notice to the claimant of such denial. The written
notice shall include the specific reason(s) for the denial; reference to specific Plan provisions upon which the denial is based; 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

  

 15 

 
necessary; and a description of the Plan’s review procedures (as set forth in subsection (b)) and the time limits applicable to such procedures, including a statement of the claimant’s
right to bring a civil action under section 502(a) of ERISA following an adverse determination upon review. 
 (b) The claimant
has the right to appeal the Administrator’s decision by filing a written appeal to the Committee within 60 days after claimant’s receipt of the decision or deemed denial, but in order to avoid penalties under Code Section 409A, no
later than 180 days after the latest date the payment at issue should have been made. The claimant will have the opportunity, upon request and free of charge, to have reasonable access to and copies of all documents, records and other information
relevant to the claimant’s appeal. The claimant may submit written comments, documents, records and other information relating to his or her claim with the appeal. The Committee will review all comments, documents, records and other information
submitted by the claimant relating to the claim, regardless of whether such information was submitted or considered in the initial claim determination. The Committee shall make a determination on the appeal within 60 days after receiving the
claimant’s written appeal; provided that the Administrator may determine that an additional 60-day extension is necessary due to circumstances beyond the Committee’s control, in which event the Committee shall notify the claimant prior to
the end of the initial period that an extension is needed, the reason therefor and the date by which the Committee expects to render a decision. If the claimant’s appeal is denied in whole or part, the Committee shall provide written notice to
the claimant of such denial. The written notice shall include the specific reason(s) for the denial; reference to specific Plan provisions upon which the denial is based; 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 to the claimant’s claim; and a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA. 
 (c) If the Administrator fails to render a decision on a claimant’s initial claim for benefits under the Plan or the Committee fails to
render a decision on the claimant’s subsequent appeal of the Administrator’s decision, such claim or appeal will be deemed to be denied. 
 Section 6.04. Participant Rights Unsecured. 
 (a) Unsecured Claim. The right of a Participant or the
Participant’s Beneficiary to receive a distribution hereunder shall be an unsecured claim, and neither the Participant nor any Beneficiary shall have any rights in or against any amount credited to his or her Account by a Participating Employer
or to any other specific assets of a Participating Employer. The right of a Participant or Beneficiary to the payment of benefits under this Plan shall not be assigned, encumbered, or transferred, except by will or the laws of descent and
distribution. The rights of a Participant hereunder are exercisable during the Participant’s lifetime only by the Participant or his or her guardian or legal representative. 
 (b) Contractual Obligation. Each Participating Employer shall be responsible for the payment of benefits attributable to Participants
in its employ. A Participating Employer may authorize the creation of a trust or other arrangements to assist it in meeting the obligations created under the Plan. However, any liability to any person with respect to the Plan shall be based solely
upon any contractual obligations that may be created pursuant to the Plan. No

  

 16 

 
obligation of a Participating Employer shall be deemed to be secured by any pledge of, or other encumbrance on, any property of a Participating Employer. Nothing contained in this Plan and no
action taken pursuant to its terms shall create or be construed to create a trust of any kind, or a fiduciary relationship between a Participating Employer and any Participant or Beneficiary, or any other person. 
 Section 6.05. Distributions for Tax Withholding and Payment. 
 (a) Notwithstanding the time or schedule of payments otherwise applicable to the Participant, the Administrator may direct that distribution from a Participant’s vested Account be made (i) to
pay the Federal Insurance Contributions Act (“FICA”) tax imposed under Code Sections 3101, 3121(a) and 3121(v)(2) with respect to compensation deferred under the Plan, (ii) to pay the income tax at source on wages imposed under
Code Section 3401 or the corresponding withholding provisions of applicable state, local, or foreign tax laws as a result of the payment of FICA taxes, and (iii) to pay the additional income tax at source on wages attributable to the
“pyramiding” of Code Section 3401 wages and taxes; provided that the total amount distributed under this provision must not exceed the aggregate of the FICA tax and the income tax withholding related to such FICA tax. In addition or
in the alternative, the Administrator may direct that all FICA taxes owed in connection with any allocation hereunder be withheld from other compensation owed to the Participant. 
 (b) The amount actually distributed to the Participant will be reduced by applicable tax withholding except to the extent such withholding
requirements previously were satisfied in accordance with subsection (a) above. 
 Section 6.06. Amendment or Termination of
Plan. 
 (a) The Committee may at any time amend the Plan, including but not limited to modifying the terms and conditions
applicable to (or otherwise eliminating) Deferrals, Matching Contribution Credits or other credits to be made on or after the amendment date; provided, however, that no amendment or termination may reduce or eliminate any Account balance accrued to
the date of such amendment or termination (except as such Account balance may be reduced as a result of investment losses allocable to such Account) and no amendment or termination may result in the cancellation of a deferral election except as set
forth below. 
 (b) There shall be no time limit on the duration of the Plan. The Board may terminate the Plan at any time. In
connection with the irrevocable termination of the Plan, amounts deferred under the Plan may be distributed in a lump sum, without regard to any distribution election in effect for a Participant or Beneficiary, if: 
  

	 	(i)	 The lump sum distributions are paid at the time selected by the Board, which must be at least 12, but not more than 24, months after the Board takes
all action to irrevocably terminate the Plan and (A) the termination of the Plan does not occur proximate to a downturn in the financial health of the Company and its Affiliates; (B) all plans or arrangements maintained by the Company and

  

 17 

	 	 
its Affiliates that would be required to be aggregated with this Plan under Code Section 409A are terminated and all benefits accrued thereunder paid in a lump sum; (C) no payments
other than those payable under the pre-existing terms of the Plan are made within 12 months of the date on which the Plan is terminated; and (D) the Company and its Affiliates do not, for three years following the date of termination, maintain
an arrangement that would be required to be aggregated with this Plan under Code Section 409A. 

  

	 	(ii)	The Plan is terminated within the 30 day period preceding a “change in control event” (in its entirety or only with respect to those Participants who
experienced the change in control event) and (A) lump sum distributions are made to all Participants (or the Beneficiary of deceased Participants) who experience the change in control event; and (B) all other arrangements maintained by the
Company and its Affiliates that are required to be aggregated with this Plan under Code Section 409A immediately following the change in control event are terminated and liquidated with respect to the Participants (or Beneficiaries of deceased
Participants) who experienced the change in control event. For purposes of this Paragraph (ii), the term “change in control event” has the meaning specified by the Secretary of the Treasury for purposes of Code Section 409A. Payment
shall be made no later than ten (10) business days following the occurrence of the change in control event. If payment is delayed beyond such payment deadline for any reason, the balance to be paid out shall become fixed and shall equal the
balance of the Participant’s Account as of the date of the change in control event, except that such amount shall be increased in an amount equivalent to interest on such fixed amount, to the date of actual payment, at a rate equal to two times
the applicable federal rate, as determined under Code Section 1274 as of the date of payment. 

  

	 	(iii)	 The Plan is terminated within 12 months of a corporate dissolution that is taxed under Code Section 331 or upon approval of a bankruptcy court
pursuant to Section 503(b)(1)(A) of Title 11 of the United States Code, and the lump sum payments are made at the time specified by the Board or approved by the bankruptcy court and must be included in the gross income of Participants and
Beneficiaries by the latest of (i) the calendar year in

  

 18 

	 	 
which the Plan termination occurs, (ii) the first calendar year in which the amounts are no longer subject to a substantial risk of forfeiture, or (iii) the first calendar year in which
the payment is administratively practicable. 

  

	 	(iv)	Except as provided in Paragraphs (i), (ii) and (iii) above or as otherwise permitted in regulations promulgated by the Secretary of the Treasury under Code
Section 409A, any action that purports to terminate the Plan shall instead be construed as an amendment to discontinue further benefit accruals, other than for deferral elections in effect at the time of the Plan’s termination, but the
Plan will continue to operate, in accordance with its terms as from time to time amended and in accordance with applicable Participant elections, with respect to the Participant’s benefit accrued through the date of termination, and in no event
shall any such action purporting to terminate the Plan form the basis for accelerating distributions to Participants and Beneficiaries or cancelling deferral elections then in effect. 

  

	 	(v)	If amounts will be distributed upon the Plan’s termination, each Participant who is employed by the Company or an Affiliate immediately prior to the date of such
Plan termination will become fully vested in his or her Account. 

 Section 6.07. Administrative Expenses. 

Costs of establishing and administering the Plan will be paid by the Participating Employers. 
 Section 6.08. Successors and Assigns. 
 This Plan shall be binding upon and inure to the benefit of the Participating Employers, their successors and assigns and the Participants and their heirs, executors, administrators, and legal
representatives. 
 Section 6.09. Right of Offset. 
 The Participating Employers shall have the right to offset from the benefits payable hereunder any amount that the Participant owes to the Company or an Affiliate or other entity in which the Company or
an Affiliate maintains an ownership interest. The Company may effectuate the offset without the consent of the Participant (or, in the event of the Participant’s death, without the consent of the Participant’s spouse or Beneficiary).

  

 19 

 Section 6.10. Not a Contract of Employment. 
 This Plan may not be construed as giving any person the right to be retained as an employee of the Company or any Affiliate. 
 Section 6.11. Miscellaneous Distribution Rules. 
 The provisions of this paragraph will supersede any inconsistent distribution provisions of the Plan. If and to the extent that the Company reasonably anticipates that the making of a payment will violate
Federal securities laws or other applicable law, the payment shall be deferred until the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation. For this purpose, the making of a
payment is not treated as a violation of applicable law because the payment would cause the inclusion of amounts in gross income of the recipient or result in a penalty or any provision of the Code being or becoming applicable. 
 Section 6.12. Nontransferability. 
 Prior to payment thereof, no benefit under the Plan shall be assignable or subject to any manner of alienation, sale, transfer, claims of creditors, pledge, attachment or encumbrance of any kind.

 Section 6.13. Limitation on Actions. 
 Any action or other legal proceeding with respect to the Plan may be brought only after the claims and appeals procedures of Section 6.03 are exhausted and only within the period ending on the
earlier of (i) one year after the date the claimant receives notice or deemed notice of a denial upon appear under Section 6.03(b), or (ii) the expiration of the statute of limitations period under applicable federal law. 

 

			
	BUCYRUS INTERNATIONAL, INC.
		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

  

 20 

 APPENDIX A 
 409A TRANSITION RULES 
 Participants were permitted to elect a deferral with respect to their 2006
bonus, payable in early 2007, by filing a deferral election no later than December 31, 2006. 
  

 21 

 APPENDIX B 
 DBT AMERICA PLANS 
 Effective as of December 31, 2007, the following nonqualified deferred
compensation arrangements were terminated: 
  

	•	 	 The DBT America Inc. Executive Deferred Compensation Plan; 

  

	•	 	 The Deferred Compensation Agreement between DBT America Inc. and William S. Tate, dated March 10, 2005; and 

  

	•	 	 The Deferred Compensation Agreement between DBT America Inc. and Luis DeLeon as amended and restated effective January 1, 2005 (collectively, the
“DBT Plans”). 

 On December 31, 2007, the accounts maintained under the DBT Plans shall be valued and
transferred to this Plan, and shall be subject to all terms and conditions of this Plan thereafter. Any deferral election in effect under the DBT America, Inc. Executive Deferred Compensation Plan with respect to 2007 bonus amounts that will be paid
in 2008 shall be honored (including for an employee of DBT America, Inc. who is not otherwise eligible to participate in this Plan in 2008) and such deferred amounts shall be credited to the individual’s account under this Plan. 
 On December 31, 2007, the Account of William S. Tate will be credited with an additional employer contribution of $12,500 if the aggregate elective
deferrals made by Mr. Tate under his DBT Deferred Compensation Agreement and under this Plan during 2007 equal or exceed $50,000. 
 Prior
to December 31, 2007, a Participant who is employed by the Company or an Affiliate and who has an account balance under the DBT Plans that is transferred to this Plan shall be given an opportunity to file a distribution election under this
Plan, which distribution election shall become effective on January 1, 2008. 
 If a Participant in the DBT Plans terminates employment
prior to January 1, 2008, the Participant’s DBT Plan account shall be paid in accordance with the distribution election filed (or default form of distribution specified) under the applicable DBT Plan, which form of payment shall be
incorporated into this Plan by reference. 
  

 22Guarantee Agreement

 Exhibit 4.8 
 GUARANTEE AGREEMENT 
 GUARANTEE AGREEMENT, dated as of
February 12, 2010, made by GMAC Inc., a Delaware corporation (the “Company”, which term includes any successor under the Indenture hereinafter referred to) and each of the parties hereto designated on the signature pages hereof
as a Guarantor (including each Person that becomes a party hereto pursuant to Section 3.12, each a “Guarantor”), in favor of the Trustee (as defined below), for its benefit and for the benefit of the holders from time to time
(the “Holders”) of the notes listed on Schedule 1 hereto (the “Guaranteed Notes”, which term shall include any “Additional Notes” as set forth below) of the Company, issued under that certain
indenture dated as of July 1, 1982 (as supplemented or otherwise modified from time to time, the “Indenture”), by and between the Company and The Bank of New York Mellon, as trustee (in such capacity, the
“Trustee”). 
 W I T N E S S E T H: 
 WHEREAS, on the date hereof, the Company issued (the “Issuance”) the Guaranteed Notes, pursuant to the terms and conditions set
forth in the offering memorandum related to the offering of such notes; 
 WHEREAS, each of the Guarantors is a Subsidiary of
the Company and hereby acknowledges that the Issuance shall benefit such Guarantor; 
 WHEREAS, as incentive for the purchasers
of the Guaranteed Notes to purchase such Guaranteed Notes, the Guarantors desire to guarantee the obligations of the Company with respect to the Guaranteed Notes under the Indenture on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase of the Guaranteed Notes by the Holders, the Guarantors hereby agree with the Trustee for
its benefit and for the benefit of the Holders as follows: 
 SECTION 1. 
 DEFINED TERMS 
 1.1 Definitions. 
 (a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in the Indenture.

 (b) The following terms shall have the following meanings: 
 “Affiliate”: as applied to any Person, any other Person directly or indirectly controlling, controlled by,
or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control
with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or
otherwise. 

 “Asset Sale”: 
  

	 	(1)	the conveyance, sale, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or assets of a Guarantor or any of
its Subsidiaries (including, without limitation, any agreement with respect to a transaction that has the effect of conveying or monetizing the value of such property or assets) (each referred to as a “Disposition”); or

  

	 	(2)	the issuance or sale of equity interests (other than directors’ qualifying shares and shares issued to foreign nationals or other third parties to the extent
received by applicable law) of any Subsidiary of a Guarantor (including, without limitation, any agreement with respect to a transaction that has the effect of conveying or monetizing the value of such equity interests) whether in a single
transaction or a series of related transactions; 

 in each case, other than: 
  

	 	(a)	any Disposition of property or assets by a Guarantor or Subsidiary of a Guarantor or issuance of securities by a Subsidiary of a Guarantor to a Guarantor or another
Subsidiary of a Guarantor (other than to Residential Capital, LLC (“ResCap”) or any Subsidiary of ResCap if ResCap or such Subsidiary of ResCap becomes a Guarantor or a Subsidiary of a Guarantor); 

  

	 	(b)	any Disposition of cash or cash equivalents other than the Disposition of any cash or cash equivalents that represent proceeds from the Disposition of property or
assets or the sale or the issuance or sale of equity interests (collectively, “Subject Assets”), and the Disposition of such Subject Assets (if made in lieu of such Disposition of cash or cash equivalents) would not otherwise comply
with Section 2.4(c) of this Guarantee Agreement; 

  

	 	(c)	any Disposition of property or assets by any Guarantor or Subsidiary of a Guarantor or issuance or sale of equity interests of any Subsidiary of a Guarantor which
property, assets or equity interests, as applicable, so sold or issued in any transaction or series of related transactions, have an aggregate fair market value (as determined in good faith by such Guarantor or Subsidiary) of less than
$25 million; 

  

	 	(d)	the granting of any lien permitted by Section 2.4(b) of this Guarantee Agreement; and 

  

	 	(e)	foreclosure on assets or property. 

 “Board of Directors”: with respect to: 
 (1) a
corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 
  

 -2- 

 (2) a partnership, the board of directors of the general partner of the
partnership; 
 (3) a limited liability company, the managing member or members or any controlling committee of
managing members thereof or, if managed by managers, the board of managers or any committee thereof duly authorized to act on behalf of such board; and 
 (4) any other Person, the board of directors or governing body of such Person serving a similar function. 
 “Debt”: with respect to any specified Person, any indebtedness of such Person: (1) in respect of borrowed money of such Person; (2) evidenced by bonds, notes, debentures or
similar instruments issued by such Person; (3) in respect of letters of credit, banker’s acceptances or other similar instruments issued on account of such Person; (4) representing the portion of capital lease obligations (that does
not constitute interest expense) and attributable debt in respect of sale leaseback transactions; (5) representing the balance deferred and unpaid of the purchase price of any property or services acquired by or rendered to such person due more
than six months after such property is acquired or such services are completed; (6) representing obligations of such Person with respect to the redemption, repayment or other repurchase of any preferred stock and (7) hedging obligations in
connection with “Debt” referred to in clauses (1) through (6). 
 “Guarantee
Agreement”: this Guarantee Agreement, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Guarantors”: the collective reference to each Guarantor. 
 “Officer”: with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller,
the Secretary, any Assistant Secretary or any Vice-President of such Person. 
 “Person”: any
individual, corporation, general or limited partnership, limited liability company, joint venture, estate, trust association, organization or other entity of any kind or nature. 
 “Registration Rights Agreement”: the Registration Rights Agreement, relating to the Guaranteed Notes, dated
as of February 12, 2010, among the Company, the Guarantors and Barclays Capital Inc., Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities Inc., as representatives of the several initial purchasers, as such
agreement may be amended, modified or supplemented from time to time in accordance with the terms thereof. 
  

 -3- 

 “Subsidiary”: with respect to any Person, any corporation,
partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any
determination is being made, directly or indirectly, owned, controlled or held or (b) in the case of any partnership, joint venture, limited liability company or similar entity, that is, at the time any determination is made, otherwise
controlled, by such Person or one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person. 
 1.2 Other Definitional Provisions. 
 (a) The words “hereof,” “herein,”
“hereto” and “hereunder” and words of similar import when used in this Guarantee Agreement shall refer to this Guarantee Agreement as a whole and not to any particular provision of this Guarantee Agreement, and Section references
are to this Guarantee Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. 
 SECTION 2. 
 GUARANTEE 
 2.1
Guarantee. 
 (a) Each of the Guarantors hereby irrevocably and unconditionally guarantees (the
“Guarantee”), jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, to the Trustee, each Holder of a Guaranteed Note authenticated and delivered by the Trustee and each of their
successors, transferees and assigns, the performance and punctual payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of the Company in respect of the Guaranteed Notes (pursuant to the terms thereof and of
the Indenture), whether for payment of (w) principal of, or premium, if any, interest or additional interest on the Guaranteed Notes, (x) expenses, (y) indemnification or (z) otherwise (all such obligations guaranteed by such
Guarantors, the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, in accordance with the terms thereof, without notice to or further assent from
it, and that it will remain bound upon its Guarantee notwithstanding any extension or renewal of any Guaranteed Obligations. 
 (b) Except as provided in Section 3.13, with respect to each Guarantor, no payment made by any other Guarantor or any other Person or received or collected by the Trustee or from any other Guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of such
Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Guaranteed Obligations or any payment received or collected from such Guarantor in respect of the Guaranteed
Obligations), remain liable

  

 -4- 

 
for the Guaranteed Obligations up to the maximum liability of such Guarantor hereunder until the Guaranteed Obligations are paid in full. 
 (c) Each of the Guarantors further agrees that its Guarantee hereunder constitutes a guarantee of payment when due and not of collection.

 (d) To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any
defense of the Company or any other Guarantor or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Company or any other Guarantor, other than the payment in
full of all the Guaranteed Obligations or termination or release of the Guarantor’s obligations pursuant to Section 3.13 hereof. 
 2.2 Maximum Liability. Each Guarantor, and by its acceptance of this Guarantee, the Trustee and each Holder, hereby confirms that it is the intention of all such Persons that this Guarantee
and the obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for the purposes of Title 11 of the United States Code, as amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or
similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guarantee and the obligations of each Guarantor hereunder. To effectuate the
foregoing intention, the Trustee and each Holder hereby irrevocably agrees that the obligations of each Guarantor under this Guarantee Agreement shall be limited to the maximum amount that can hereby be guaranteed without rendering the obligations
of such Guarantor under this Guarantee Agreement voidable under applicable law relating to fraudulent conveyance, fraudulent transfer or similar laws affecting the rights of creditors generally. 
 2.3 Execution and Delivery of Guarantee. To evidence its Guarantee set forth in this Guarantee Agreement, each Guarantor
hereby agrees that a notation of such Guarantee substantially in the form attached as Annex 3 hereto shall be endorsed by an Officer of such Guarantor on each Guaranteed Note authenticated and delivered by the Trustee and that this Guarantee
Agreement shall be executed on behalf of such Guarantor by one of its Officers. Each Guarantor hereby agrees that its Guarantee set forth in this Guarantee Agreement shall remain in full force and effect notwithstanding any failure to endorse on
each Guaranteed Note a notation of such Guarantee. If an Officer whose signature is on this Guarantee Agreement or on any notation of any Guarantee no longer holds that office at the time the Trustee authenticates the Guaranteed Note on which a
Guarantee is endorsed, the Guarantee shall be valid nevertheless. The delivery of any Guaranteed Note by the Trustee, after the authentication thereof, shall constitute due delivery of the Guarantee set forth in this Guarantee Agreement on behalf of
the Guarantors. 
 2.4 Covenants of the Guarantors. 
 (a) Guarantors May Consolidate, etc., on Certain Terms. 
 (i) No Guarantor shall merge or consolidate with any other corporation or sell or convey all or substantially all of its
assets to any person, firm or corporation, unless (i) either such Guarantor shall be the continuing corporation, or the successor corporation (if other than such Guarantor) shall expressly assume the guarantee of the due and punctual

  

 -5- 

 
payment, when due, of the Guaranteed Obligations, and the due and punctual performance and observance of all of the covenants and conditions of this Guarantee Agreement to be performed by such
Guarantor by the execution of the Assumption Agreement substantially in the form of Annex 1 hereto, executed and delivered to the Trustee by such corporation, and (ii) such Guarantor or such successor corporation, as the case may be,
shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition. 
 (ii) In the case of any such consolidation, merger, sale or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for such
Guarantor, with the same effect as if it had been named herein as a Guarantor. 
 (iii) The Trustee shall receive
an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale or conveyance, and any such assumption, complies with the provisions of this Guarantee Agreement. 
 (b) Limitation on Liens. 
 (i) No Guarantor, nor any Subsidiary of a Guarantor, shall pledge or otherwise subject to any lien any of its property or assets to secure (A) any Debt of the Company or any direct or indirect parent
of the Company or (B) any Debt incurred to repay, retire, redeem, refund, refinance, replace, defease, cancel, repurchase or exchange any such Debt described in the foregoing clause (A), in each case unless the Guaranteed Notes are secured by
such pledge or lien equally and ratably with such Debt so long as any such other Debt shall be so secured; provided, that financings, securitizations and hedging activities conducted by a Subsidiary of the Company in the ordinary course of
business and not incurred in contemplation of the payment of Debt described in clause (A) prior to its stated maturity shall not be deemed to be covered by clause (B). 
 (ii) No Guarantor, nor any Subsidiary of a Guarantor, shall pledge or otherwise subject to any lien any of its property or
assets to secure any Debt of ResCap or any Subsidiary of ResCap. 
 (c) Limitation on Asset Sales. No Guarantor, nor any
Subsidiary of a Guarantor, shall make an Asset Sale to the Company or any Subsidiary or other Affiliate of the Company that is not a Guarantor or a Subsidiary of a Guarantor, other than: 
 (i) any Asset Sale on terms not less favorable in any material respect to such Guarantor or Subsidiary, as applicable, than
those that might reasonably have been obtained in a comparable transaction at such time on an arm’s length basis from a person who is not the Company or a Subsidiary or other Affiliate of the Company (as determined in good faith by such
Guarantor or Subsidiary or, if the consideration received in connection with such Asset Sale (or series of related Asset Sales) exceeds (x) $250 million, as determined in good faith by the Board of Directors of the Company or (y) exceeds
$500 million, subject to a customary fairness opinion from an independent accounting, appraisal or investment banking firm of national standing to the effect that (i) the financial

  

 -6- 

 
terms of such Asset Sale are fair to such Guarantor or Subsidiary of such Guarantor, as applicable, from a financial point of view or (ii) the financial terms of such Asset Sale are not less
favorable in any material respect to such Guarantor or Subsidiary of such Guarantor, as applicable, than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s length basis from a person who is not
an Affiliate of the Company); 
 (ii) any Asset Sale to a Guarantor or to a Subsidiary of a Guarantor (other than
to ResCap or any Subsidiary of ResCap if ResCap or such Subsidiary of ResCap becomes a Guarantor or a Subsidiary of a Guarantor); 
 (iii) any Asset Sale of the equity interests of a Subsidiary of a Guarantor provided that such Subsidiary shall become a Guarantor as of the time such Asset Sale occurs; 
 (iv) any Asset Sale in connection with financing, securitization and hedging activities conducted by the Company or any
Subsidiary of the Company in the ordinary course of business on terms not less favorable in any material respect to such Guarantor or Subsidiary, as applicable, than those that might reasonably have been obtained in a comparable transaction at such
time on an arm’s-length basis from a person who is not the Company or a Subsidiary or other Affiliate of the Company; or 
 (v) any Asset Sale in connection with the Disposition of all or substantially all of the assets of any Guarantor in a manner permitted pursuant to Section 2.4(a) of this Guarantee Agreement.

 (d) Limitation on Transactions with Affiliates. Each Guarantor shall not, and shall not permit any of its Subsidiaries
to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of related transactions, contract,
agreement, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company involving aggregate consideration in excess of $25 million (each of the foregoing, an “Affiliate Transaction”), unless: (i) such
Affiliate Transaction is on terms that are not less favorable in any material respect to such Guarantor or the relevant Subsidiary than those that could reasonably have been obtained in a comparable arm’s length transaction by such Guarantor or
such Subsidiary with an unaffiliated party; and (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $250 million, such Affiliate Transaction is approved by
the Board of Directors of the Company; and (iii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $500 million, the Company must obtain and deliver to the
Trustee a written opinion of a nationally recognized investment banking, accounting or appraisal firm stating that the transaction is fair to such Guarantor or such Subsidiary, as the case may be, from a financial point of view. 
 The foregoing limitation does not limit, and shall not apply to: 
 (i) any Disposition permitted under Section 2.4(c) of this Guarantee Agreement; 
  

 -7- 

 (ii) the payment of reasonable and customary fees and indemnities to members
of the Board of Directors of the Company or a Subsidiary; 
 (iii) the payment of reasonable and customary
compensation and other benefits (including retirement, health, option, deferred compensation and other benefit plans) and indemnities to officers and employees of the Company or any Subsidiary of the Company; 
 (iv) transactions between or among any Guarantor or Subsidiary of a Guarantor and any other Guarantor or any Subsidiary of a
Guarantor; provided, however, that this exception shall not apply to ResCap or any of its Subsidiaries should ResCap or any such Subsidiaries become Guarantors or Subsidiaries of Guarantors; 
 (v) the issuance of equity interests of any Guarantor otherwise permitted by the Guaranteed Notes and this Guarantee
Agreement and capital contributions to any Guarantor; 
 (vi) any agreement or arrangement as in effect on the
issue date of the Guaranteed Notes and any amendment or modification thereto so long as such amendment or modification is not more disadvantageous to the Holders in any material respect; and 
 (vii) transactions with General Motors Corporation or any of its Subsidiaries, or any customers, clients, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business. 
 (e) Limitation on Guarantees
of Debt. No Guarantor nor any Subsidiary of a Guarantor shall guarantee the payment of any Debt of ResCap or any Subsidiary of ResCap. 
 2.5 Right of Contribution. To the extent permitted by applicable law, each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of
any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution
shall be subject to the terms and conditions of Section 2.7. The provisions of this Section 2.5 shall in no respect limit the obligations and liabilities of any Guarantor to the Trustee and the Holders, and each Guarantor shall remain
liable to the Trustee and the Holders for the full amount guaranteed by such Guarantor hereunder. 
 2.6
Indemnity. In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to section 2.7 hereof), the Company agrees that in the event a payment shall be made by any Guarantor
under this Guarantee Agreement in respect of any Guaranteed Obligations, the Company shall indemnify such Guarantor for the full amount of such payment and such Guarantor shall be subrogated to the rights of the person to whom such payment shall
have been made to the extent of such payment. 
 2.7 No Subrogation. Each Guarantor agrees that it shall not be
entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations until payment in

  

 -8- 

 
full of all Guaranteed Obligations. The Guarantors shall have the right to seek contribution from any non-paying Guarantor or indemnity from the Company so long as the exercise of such right does
not impair the rights of the Holders under the Guarantee. 
 2.8 Amendments, etc., with Respect to the Guaranteed
Obligations. To the fullest extent permitted by applicable law, (i) each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any
Guarantor, any demand for payment of any of the Guaranteed Obligations made by the Trustee or any Holder may be rescinded by the Trustee or such Holder and any of the Guaranteed Obligations continued, (ii) the Guaranteed Obligations, or the
liability of any other Person upon or for any part thereof, or any guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by the Trustee or any Holder, (iii) the Indenture and any other documents executed and delivered in connection with the Issuance may be amended, modified, supplemented or terminated, in whole or in part, as the Trustee
(or the required amount of Holders, as the case may be) may deem reasonably advisable from time to time, and (iv) any guarantee or right of offset at any time held by the Trustee or any Holder for the payment of the Guaranteed Obligations may
be sold, exchanged, waived, surrendered or released. 
 2.9 Guarantee Unconditional. Subject to Section 3.6
hereof, the Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Guaranteed Notes or this Guarantee Agreement, the absence of any action to enforce the same,
any waiver or consent by any Holder of the Guaranteed Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a Guarantor (other than termination or release pursuant to Section 3.13 hereof). Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and agrees, subject to Section 3.13, that this Guarantee Agreement shall not be discharged except
by payment in full of all the Guaranteed Obligations. 
 2.10 Reinstatement. This Guarantee Agreement shall,
subject to Section 3.13 hereof, (i) remain in full force and effect and continue to be effective should any petition be filed by or against the Company or any Guarantor for liquidation or reorganization or equivalent proceeding under
applicable law, should the Company or any Guarantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, or the equivalent of
any of the foregoing under applicable law, and (ii) to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment of the Guaranteed Obligations is, pursuant to applicable law,
rescinded or reduced in amount, or must otherwise be restored or returned by the Company or any Guarantor on the Guaranteed Notes, whether as a voidable preference, fraudulent transfer, or as otherwise provided under similar laws affecting the
rights of creditors generally or under applicable laws of the jurisdiction of formation of the Company or any Guarantor, all as though such payment had not been made. 
  

 -9- 

 2.11 Payments. Each Guarantor hereby guarantees that payments hereunder shall
be paid to the Trustee without set-off or counterclaim in U.S. dollars at its offices at 101 Barclay Street, Floor 8W, New York, New York 10286 Attention: Corporate Trust Administration. 
 SECTION 3. 
 MISCELLANEOUS 
 3.1 Amendments in Writing. The Company, the Guarantors, and the Trustee may from time to time and at any time, without the
consent of the Holders, enter into amendments hereto for one or more of the following purposes: (i) to enter into modifications or amendments to the Guarantee Agreement to add additional Guarantors; (ii) to provide for the assumption by a
successor Guarantor of the obligations under the Guarantee Agreement pursuant to Section 2.4(a) hereof; (iii) to release the Guarantee of any Guarantor in accordance with the terms of the Indenture and this Guarantee Agreement;
(iv) to add further covenants, restrictions, conditions or provisions that the Board of Directors of the Company and the Trustee shall deem to be for the protection of the Holders of the Guaranteed Notes; (v) to cure any ambiguity or to
correct or supplement any provision contained in this Guarantee Agreement which may be defective or inconsistent with any other provision contained herein; (vi) to make such other provisions in regard to matters or questions arising under this
Guarantee Agreement as shall not adversely affect the interests of the Holders of the Guaranteed Notes and (vii) to evidence and provide for a successor trustee. With the consent of the holders of not less than a majority in aggregate principal
amount of the Guaranteed Notes (voting as one class), the Company, the Guarantors, and the Trustee may from time to time and at any time enter into an amendment to this Guarantee Agreement for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Guarantee Agreement or modifying in any manner the rights of the holders of Guaranteed Notes hereunder (x) with respect to the covenants set forth in Section 2.4 and the definitions
of defined terms used therein and (y) with respect to any other term; provided that without the consent of the holder of each Guaranteed Note, no such amendment pursuant to this clause (y) shall, except as otherwise expressly
provided herein, modify the Guarantee or the Guarantee Agreement in any way adverse to the Holders. 
 In determining whether
the Holders of the required aggregate principal amount of Guaranteed Notes have concurred in any direction, consent or waiver under this Guarantee Agreement, Guaranteed Notes which are owned by the Company or any other obligor on the Guaranteed
Notes, or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Guaranteed Notes, shall be disregarded and deemed not to be outstanding for the
purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver only Guaranteed Notes which a responsible officer of the Trustee knows are so
owned shall be so disregarded. Guaranteed Notes so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right
to vote such Guaranteed Notes and that the pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
  

 -10- 

 The Company may from time to time issue “Additional Notes”, as defined in and
issued pursuant to the terms of, any Guaranteed Note. In connection with such issuance, the Company may from time to time furnish to the Trustee an updated Schedule 1 for the purpose of adding “Additional Notes”, which Additional Notes
shall be Guaranteed Notes for all purposes hereunder. 
 3.2 Notices. All notices, requests and demands to or upon
the Trustee, the Company or any Guarantor hereunder shall be effected in the manner provided for in Section 14.03 of the Indenture; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such
Guarantor c/o GMAC Inc. at 200 Renaissance Center, Detroit, Michigan 48265, Attention of GMAC General Counsel (facsimile no. (313) 656-6124) or such other address of which the Trustee has been notified. 
 3.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Trustee nor any Holder shall by any act (except by a
written instrument pursuant to Section 3.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or event of default. No failure to exercise, nor any delay in
exercising, on the part of the Trustee or any Holder, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. A waiver by the Trustee or any Holder of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Trustee or any Holder would
otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
 3.4 Successors and Assigns. This Guarantee Agreement shall be binding upon the successors and assigns of each Guarantor and
shall inure to the benefit of the Trustee and the Holders and their permitted successors, transferees and assigns; provided that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Guarantee Agreement
except as permitted by Section 2.4 hereof. 
 3.5 Counterparts. This Guarantee Agreement may be executed by
one or more of the parties to this Guarantee Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 3.6 Limitation by Law; Severability. All rights, remedies and powers provided in this Guarantee Agreement may be exercised
only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Guarantee Agreement are intended to be subject to all applicable mandatory provisions of law that may be controlling. Any
provision of this Guarantee Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

 -11- 

 3.7 Section Headings. The Section (and Subsection) headings used in this
Guarantee Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 3.8 Integration. This Guarantee Agreement, the Indenture and the Guaranteed Notes represents the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. 
 3.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 3.10 Submission To Jurisdiction; Waivers. Each Guarantor hereby
irrevocably and unconditionally, to the maximum extent not prohibited by law: 
 (a) submits for itself and its
property in any legal action or proceeding relating to this Guarantee Agreement, or for recognition and enforcement of any judgment in respect thereof, to the non exclusive general jurisdiction of the courts of the State of New York, the courts of
the United States of America for the Southern District of New York, and appellate courts from any thereof; 
 (b)
consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such
action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to in Section 3.2 or at such other address of
which the Trustee shall have been notified pursuant thereto; and 
 (d) agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law nor shall limit the right to sue in any other jurisdiction. 
 3.11 Acknowledgements. Each Guarantor hereby acknowledges that the Trustee does not have any fiduciary relationship with or duty to any Guarantor arising out of or in connection with this
Guarantee Agreement, and the relationship between the Guarantors, on the one hand, and the Trustee, on the other hand, in connection herewith or therewith is solely that of debtor and creditor. 
 3.12 Successor Guarantors; Additional Guarantors. Each successor to a Guarantor that is required to become a party to this
Guarantee Agreement pursuant to Section 2.4(a) hereof shall become a Guarantor for all purposes of this Guarantee Agreement upon execution and delivery by such entity of an Assumption Agreement substantially in the form of Annex 1 hereto. Any
Subsidiary of the Company may become a Guarantor for all purposes of this Guarantee Agreement

  

 -12- 

 
upon execution and delivery by such entity of an Assumption Agreement substantially in the form of Annex 2 hereto. The execution and delivery of any such instruments shall not require the consent
of any other party to this Guarantee Agreement. 
 3.13 Termination and Release. 
 (a) Notwithstanding anything to the contrary in this Guarantee Agreement, the Guarantee of a Guarantor and all other obligations of such
Guarantor under this Guarantee Agreement shall terminate and be of no further force or effect and such Guarantor shall be deemed to be automatically released from all such obligations: 
 (i) upon the sale, disposition or other transfer (including through merger or consolidation) of a majority of the equity
interests (including any sale, disposition or other transfer following which the applicable Guarantor is no longer a Subsidiary of the Company) of the applicable Guarantor, provided such sale, disposition or other transfer is made in
compliance with the Indenture; or 
 (ii) with respect to a particular series of Guaranteed Notes, upon the
discharge of the Company’s obligations in respect of such series of Guaranteed Notes in accordance with the terms of the Indenture and the terms of such series of Guaranteed Notes. 
 (b) In connection with any termination or release pursuant to this Section 3.13, the Trustee shall execute and deliver to any
Guarantor, at such Guarantor’s expense, all documents that such Guarantor shall reasonably request to evidence such termination or release; provided, that the Trustee shall not be required to take any actions under this Section 3.13
unless the Guarantor shall have delivered to the Trustee, together with such request, which may be incorporated into such request, a certificate of an Officer of the Company or such Guarantor certifying that the transaction giving rise to such
termination or release is permitted hereby and was consummated in compliance with the Indenture and this Guarantee Agreement. Any execution and delivery of documents pursuant to this Section 3.13 shall be without recourse to or warranty by the
Trustee. 
 3.14 Trustee. The Trustee makes no representations as to the validity or sufficiency of this Guarantee
Agreement. The recitals and statements herein are deemed to be those of the Company and each of the Guarantors and not of the Trustee. 
 [Signature Pages Follow] 
  

 -13- 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee Agreement to be duly
executed and delivered as of the date first above written. 
  

					
	COMPANY
	
	GMAC INC., a Delaware corporation
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Secretary
	
	GUARANTORS
	
	GMAC US LLC, a Delaware limited liability company
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Secretary
	
	IB FINANCE HOLDING COMPANY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Secretary
	
	GMAC LATIN AMERICA HOLDINGS LLC, a Delaware limited liability company
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Secretary

 Guarantee Agreement

					
	GMAC CONTINENTAL LLC, a Delaware limited liability company
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Secretary
	
	GMAC INTERNATIONAL HOLDINGS B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands
		
	By:	 	 /s/ Cathy L. Quenneville

		 	Name:	 	Cathy L. Quenneville
		 	Title:	 	Attorney

 Guarantee Agreement

					
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President

  

 Guarantee Agreement 

 Schedule 1 to  
 Guarantee Agreement 
 Guaranteed Notes 
  

			
	 Title of Note
	 	 CUSIP No.

	8.300% Senior Guaranteed Notes due 2015	 	 Rule 144A No: 36186C CB7
 Reg S No: U36240 AX4

 Annex 1 to  
 Guarantee Agreement 
 ASSUMPTION AGREEMENT, dated as of
                    , 20[    ], made by
                                         
                    (the “Successor Guarantor”), in favor of THE BANK OF NEW YORK MELLON, as trustee (in such capacity, the
“Trustee”). All capitalized terms not defined herein shall have the meaning ascribed to them in such Guarantee Agreement. 
 W I T N E S S E T H : 
 WHEREAS, the Guarantors (other than the Successor Guarantor) have entered into the Guarantee Agreement, dated as of February 12, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Guarantee Agreement”) in favor of the Trustee and the Holders; 
 WHEREAS, the Guarantee Agreement
requires the Successor Guarantor to become a party to the Guarantee Agreement; and 
 WHEREAS, the Successor Guarantor has
agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee Agreement; 
 NOW,
THEREFORE, IT IS AGREED: 
 1. Guarantee Agreement. By executing and delivering this Assumption Agreement, the Successor
Guarantor, as provided in Section 3.12 of the Guarantee Agreement, hereby becomes a party to the Guarantee Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting
the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. 
 2.
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 Annex 1-1 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

					
	[SUCCESSOR GUARANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 Annex 1-2 

 Annex 2 to  
 Guarantee Agreement 
 ASSUMPTION AGREEMENT, dated as of
                    , 20[    ], made by
                                         
                    (the “Additional Guarantor”), in favor of THE BANK OF NEW YORK MELLON, as trustee (in such capacity, the
“Trustee”). All capitalized terms not defined herein shall have the meaning ascribed to them in such Guarantee Agreement. 
 W I T N E S S E T H : 
 WHEREAS, the Guarantors (other than the Additional Guarantor) have entered into the Guarantee Agreement, dated as of February 12, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Guarantee Agreement”) in favor of the Trustee and the Holders; 
 WHEREAS, the Additional Guarantor
has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee Agreement; 
 NOW,
THEREFORE, IT IS AGREED: 
 1. Guarantee Agreement. By executing and delivering this Assumption Agreement, the Additional
Guarantor, as provided in Section 3.12 of the Guarantee Agreement, hereby becomes a party to the Guarantee Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting
the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. 
 2.
Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 Annex 2-1 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

					
	[ADDITIONAL GUARANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 Annex 2-2 

 Annex 3 to  
 Guarantee Agreement 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term includes any successor Person under the Guarantee Agreement) has, irrevocably and
unconditionally guaranteed, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, to the Trustee (as defined below), each Holder of a Guaranteed Note authenticated and delivered by the Trustee and each of
their successors, transferees and assigns, to the extent set forth in the Guarantee Agreement dated as of February 12, 2010 (as amended, supplemented or otherwise modified from time to time, the “Guarantee Agreement”) among
GMAC Inc., the Guarantors party thereto and The Bank of New York Mellon, as Trustee (the “Trustee”), the performance and punctual payment when due, whether at maturity, by acceleration or otherwise, of all payment obligations of
GMAC Inc. in respect of the Guaranteed Notes (pursuant to the terms thereof and of the Indenture), whether for payment of (i) principal of, or premium, if any, interest or additional interest on the Guaranteed Notes, (ii) expenses,
(iii) indemnification or (iv) otherwise. The obligations of the Guarantors to the Holders of Guaranteed Notes and to the Trustee pursuant to the Guarantee Agreement are expressly set forth in the Guarantee Agreement and reference is hereby
made to the Guarantee Agreement for the precise terms of the Guarantee. 
 Capitalized terms used but not defined herein have
the meanings given to them in the Guarantee Agreement. 
  

					
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 Annex 3-1

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