Document:

Form of Award Agreement related to the issuance of Restricted Stock Units

 Exhibit 10.20 

 

 

 GMAC Long-Term Incentive Plan LLC 
 200 Renaissance Center, M/C482-B14-D46, Detroit, MI. 48265 
 [Date]

 [Full Name] 
 Re: GMAC Long-Term
Incentive Plan LLC Long-Term Equity Compensation Incentive Plan  
 Dear [Participant’s First Name]: 
  

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

  

	2.	Your Award is granted to you as a matter of separate inducement and is not in lieu of salary or other compensation for your services. By accepting this Award, you
hereby consent to any and all Plan amendments, vesting restrictions, and/or any revision to any other term or condition of this Award Letter that may be required to comply with any Federal law or regulation that may govern executive compensation,
including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program, whether such amendments, restrictions and/or revisions are applied prospectively or retrospectively to this or prior
Awards. 

  

	3.	Your Award will become effective after you have signed and dated one copy of this Award Letter and have returned the signed copy to 

 [Name] 
 [Email
address] 
 [Phone] 
 If you do not sign and return this Award Letter by close of business on [Date], then we will assume that you do not want this Award, and this Award will be null and void and without any further force or
effect. 
  

	4.	Subject to requirements of any Federal laws or regulations that may govern executive compensation, including but not limited to Title VII of the American Recovery and
Reinvestment Act of 2009 and the Troubled Asset Relief Program, your Award is an RSU Award with [            ]bps. Because Title VII of the American Recovery and Reinvestment Act of 2009
currently limits the value of restricted stock that may be awarded to certain executives, the Committee reserves the right to adjust down the bps percentage underlying this Award without your consent in order to comply with Federal law. If and when
such an adjustment may be required, you will be notified in writing. 

  

	5.	Subject to requirements of any Federal laws or regulations that may govern executive compensation, including but not limited to Title VII of the American Recovery and
Reinvestment Act of 2009 and the Troubled Asset Relief Program, your RSU Award fully Vests on [Date] (“Vesting Date”), and will be Paid on the later of the following. 

  

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 [name] 
 [date] 
  

	 	•	 	 Within 75 days of the Vesting Date 

  

	 	•	 	 Within 75 days of and in equal percentages as GMAC repayment of TARP obligations in 25% increments. 

  

	6.	The Committee reserves the right to change the Vesting Date or payment dates shown above in order to comply with Federal Law. If and when such change may be required,
you will be notified in writing. 

  

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

  

	8.	If your employment is terminated for any reason other than death or Disability, your entire unvested or unpaid Award will be immediately forfeited.

  

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

  

	10.	Your FY 2009 Award will be subject to and governed by the terms and conditions of this Award Letter and the Plan. As a Participant, you agree to abide by the terms and
conditions of this Award Letter and the Plan. Please indicate your receipt of the Plan and your acceptance of and agreement to the terms and conditions of this Award Letter and the Plan, by signing in the indicated space below by [Date].

  

	
	Sincerely yours,
	
	

	Anthony S. Marino
	GMAC Group VP and Chief HR Officer
	[Date]

 I ACCEPT AND AGREE TO BECOME A PARTICIPANT
IN THE GMAC LONG-TERM INCENTIVE PLAN LLC LONG-TERM EQUITY COMPENSATION INCENTIVE PLAN (“PLAN”) AND WILL ABIDE BY THE TERMS AND CONDITIONS OF THE PLAN AND THIS AWARD LETTER. 
  

			
	  
	 	  

	Participant Signature (Required)	 	Date (Required)

  

 Page 2 of 2Form of Award Agreement related to the issuance of Long-Term Deferred Stock Unit

 Exhibit 10.21 

 

 

 GMAC Inc. 
 200 Renaissance Center, M/C482-B14-D46, Detroit, MI. 48265 
 [Date] 
 [Full Name] 
  

	Re:	GMAC Inc. Deferred Stock Units  

 Dear
[Participant’s First Name]: 
 As a result of a recent determination from the Office of the Special Master for TARP Executive Compensation,
effective [Date] (the “Investment Date”), a portion of your annualized [Year] cash compensation,
                            , will be deferred and invested in Deferred Stock Units (“DSU”) as
described below. 
 This form of compensation remains subject to revision at any time in order to comply with any Federal law or regulation that
may govern executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009, the Interim final Rules issued pursuant to this law, and the Troubled Asset Relief Program (collectively the “TARP
Rules”). Additionally, the components of your total compensation, as well as the allocation of your total compensation among the various components may be prospectively adjusted at any time at GMAC’s sole discretion. 
 The value a DSU on the Investment Date will be based on the value of a Restricted Stock Unit on the Investment Date (as defined in the Long Term Equity
Compensation Incentive Plan or “LTECIP”). The value at the time of any payment (“Settlement Date”) may differ, depending upon increases or decreases in GMAC’s value, as well as adjustments for recapitalization, merger, etc.
as outlined in Section 6.2 of the LTECIP. 
 Unless otherwise specified in any plan document, DSUs will not determine any potential
severance you may become eligible for. Rather, severance under any applicable plan will be determined based only upon your direct cash compensation in effect prior to the date of this letter. 
 Subject to requirements of any Federal laws or regulations that may govern executive compensation, including but not limited to the TARP Rules, settlement
of your DSUs will be made as follows with each occurrence constituting a “Settlement Date”: 
  

	 	•	 	 For  1/3
 of each investment, on the first payroll following a date 24 months from Investment Date, or as otherwise may be permitted by the TARP Rules 

  

	 	•	 	 For  1/3
 of each investment, on the first payroll following a date 36 months from Investment Date, or as otherwise may be permitted by the TARP Rules 

  

	 	•	 	 For  1/3
 of each investment, on the first payroll following a date 48 months from Investment Date, or as otherwise may be permitted by the TARP Rules 

 These payments are not subject to forfeiture and will be made pursuant to this Settlement schedule, regardless of your employment status. 
  

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 [name] 
 [date] 
 By signing below, you acknowledge your understanding that your DSUs are subject to the rules under Code Section 409A,
and you agree and accept all risks (including increased taxes and penalties) resulting from Code Section 409A. In order to receive these DSUs, your signature is required no later than [Date]. 
  

	
	Sincerely yours,
	
	

	Anthony S. Marino
	GMAC Group VP and Chief HR Officer
	[Date]

  

					
	  
	 		 	  

	Signature	 		 	Date

  

 Page 2 of 2Form of Award Agreement related to issuance of Short-Term Deferred Stock Units

 Exhibit 10.22 

 

 

 GMAC Inc. 
 200 Renaissance Center, M/C482-B14-D46, Detroit, MI. 48265 
 [Date] 
 [Full Name] 
 Re: GMAC Inc. Short-Term Deferred
Stock Units  
 Dear [Participant’s First Name]: 
 As a result of a recent determination from the Office of the Special Master for TARP Executive Compensation, a portion of your [Year] cash compensation,
                            , will be deferred and invested in Short-Term Deferred Stock Units
(“Short-Term DSU”) as described below. 
 This form of compensation remains subject to revision at any time in order to comply with
any Federal law or regulation that may govern executive compensation, including but not limited to Title VII of the American Recovery and Reinvestment Act of 2009, the Interim final Rules issued pursuant to this law, and the Troubled Asset Relief
Program (collectively the “TARP Rules”). Additionally, the components of your total compensation, as well as the allocation of your total compensation among the various components may be prospectively adjusted at any time at GMAC’s
sole discretion. 
 Investment in Short-Term DSUs will occur on [Date]. Any immediate FICA tax obligation will be withheld from the Short-Term
DSUs at this time. The value of the Short-Term DSUs will be based on the value of a Restricted Stock Unit on [Date] and consistent with the Long Term Equity Compensation Incentive Plan or “LTECIP”. The value at the time of any payment
(“Settlement Date”) may differ, depending upon increases or decreases in GMAC’s value, as well as adjustments for recapitalization, merger, etc. as outlined in Section 6.2 of the LTECIP. 
 Unless otherwise specified in any plan document, Short-Term DSUs will not determine any potential severance you may become eligible for. Rather, severance
under any applicable plan will be determined based only upon your direct cash compensation in effect prior to the date of this letter. 
 Subject to requirements of any Federal laws or regulations that may govern executive compensation, including but not limited to the TARP Rules, settlement of your Short-Term DSUs will be made in 26 equal installments beginning with the
first payroll in January 2010, or as otherwise may be permitted by the TARP Rules, with each occurrence constituting a “Settlement Date”. 
 These payments are not subject to forfeiture and will be made pursuant to this Settlement schedule, regardless of your employment status. 
  

	
	Sincerely yours,
	
	

	Anthony S. Marino
	GMAC Group VP and Chief HR Officer
	[Date]

  

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 [Name] 
 [Date] 
  

					
	  
	 		 	  

	Signature	 		 	Date

  

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