Document:

exv10w6

 

Exhibit 10.6

767 Fifth Avenue, 24th Floor, New York, NY. 10153-0013

October 31, 2007

Mr. Robert Stuart Hull

16 Alden Road

Wellesley, MA 02481

Dear Rob:

I am pleased to confirm the details of our offer to you to fill the role of Chief Financial Officer
— GMAC Financial Services. In this role, you will be responsible for the financial analysis,
planning, reporting, controls, governance, and tax functions and other activities as they arise.
You will report to Al de Molina, Chief Operating Officer of GMAC and work very closely to fully
support our Chief Executive Officer, Eric Feldstein as well.

Commensurate with this appointment, your annual salary will be at $500,000. Additionally, you will
be paid a $1,300,000 signing bonus (less applicable taxes and deductions), this payment will be
made within thirty days of the commencement of your employment. Your annual cash incentive target
for 2008 will be $900,000. For the 2008 bonus year, your target will be guaranteed. In future
years, your bonus target will be paid in accordance with plan guidelines, individual performance
and company results. Additionally, future salary, bonus, cash incentive targets, MPI awards, and
LTIP awards will be regularly reviewed and set in accordance with your level of responsibility,
performance, and annual incentive plan compensation planning and you will participate in the annual
target setting process. You will also participate in the GMAC Management LLC Class C Membership
Interests Plan (known as “MPI”) and the GMAC Long-Term Incentive Plan LLC Long-Term Phantom
Interest Plan (known as “LTIP”). Your MPI grant will be 18 basis points and subject to the terms
and conditions of the Plan, including your execution of an associated Award Agreement and the
required IRC §83(b) election. Should you make the IRC §83(b) election within 30 days of your MPI
grant as required by the IRS and as a condition of your grant, GMAC will pay all taxes associated
with the election, based on the fair market value on the date of the grant.

Your LTIP grant for the 2007-2009 performance period will be 4 basis points and subject to the
terms and conditions of the Plan, including your execution of an associated Award Agreement.

 

 

Should the MPI or LTIP program be enhanced in the future, you will receive an enhancement
proportionally equivalent to the COO’s or the Treasurer’s, (whichever of the two is greater).

Your eligibility for most of the employee benefits commences the first day of the third month
following your date of hire, with a couple of the benefits requiring six months of service or
longer. GMAC will reimburse you for your actual COBRA coverage costs and other reasonable benefit
bridging costs with respect to lost coverage under your prior employer’s plans on a tax neutral
basis. The GMAC Retirement Savings Investment Plan is a qualified 401(k) plan, which for 2007
provides a two percent automatic contribution of your eligible monthly base salary for retirement
planning. In addition, in 2007 GMAC will provide matching contributions up to six percent of your
eligible monthly base salary. In 2007, you will be eligible for two weeks of paid vacation, based
upon your expected start date in late November. In 2008 we will be moving to a new paid time off
(PTO) plan and you will be provided with 30 PTO days and 7 paid holidays. The GMAC benefit plans
are very competitive relative to other global financial service companies.

Also as discussed, you will be eligible to participate in the GMAC Senior Management Vehicle
Program, subject to the program terms and conditions, as well as any program changes as they may
affect other managers at your level of responsibility. The program currently provides a new GM
vehicle approximately every 12 months, with a Fleet Card to pay for fuel and oil necessary for
commuting to and from work activities, routine maintenance and weekly car washes. Your cost to
participate in the program will be $150 per month. GMAC will reimburse you for reasonable parking
costs proximate to the New York City offices.

Your office will be based in New York City, however, you will be encouraged to set up an office at
one of the GMAC locations in the Boston area. This will allow you to work from Boston as business
needs allow.

For a period of up to two years, GMAC will provide temporary housing in New York as required.
During this period GMAC will also reimburse you for reasonable travel expenses associated with
travel from Boston, Massachusetts to GMAC facilities. At the conclusion of this period, or sooner
at your option, you may relocate to the New York area and this will be administered in accordance
with the company relocation policy for executives at your level of responsibility.

If you are involuntarily terminated during the first 24 months of employment for any reason, other
than for cause, you will be eligible to receive a severance benefit equivalent to one years base
salary and a prorated share of your bonus target. Additionally, involuntary termination includes
but is not limited to salary reduction and/or a change in reporting obligation to individuals other
than the CEO or COO.

 

 

Notwithstanding any of the terms of this offer, your employment at GMAC will be at-will. Both you
and GMAC may terminate your employment at any time, with or without
cause. Additionally, GMAC reserves the right to amend, modify, or terminate each of its
compensation and benefit plans at any time other than those specifically mentioned in this letter.

This offer is contingent upon completion of a drug screen that will be conducted after your
acceptance of the offer and permission to contact your current employer. We will want to schedule
these procedures as soon as you have accepted our offer, so that you can begin working with us as
soon as practically possible.

I am really looking forward to working closely with you in this very important role. I am
confident that your leadership will help us create significant value for GMAC.

Please call me at XXX-XXX-XXXX, should you have any questions about this offer. On behalf of the
GMAC leadership team, I look forward to having you join our team. It will be great to have someone
of your experience and knowledge at GMAC, during a crucial point in the development of a
world-class business.

Very truly yours,

Al DeMolina

Chief Operating Officer

	 	 	 
	cc:

	 	Eric Feldstein

Tony Marino

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

	 	 	 
	 
	 

	 	 
	Rob Hull

	 	Dateexv10w8w1

 

Exhibit 10.8.1

Amendment #1 to

The GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest

Plan

February 13, 2008

          Pursuant to Section 16 of the GMAC Long-Term Incentive Plan LLC Long-Term Phantom Interest
Plan (the “Plan”), the Plan shall be amended as follows:

1. The definition of “Base Value” in Section 2 of the Plan shall be prospectively amended in its
entirety as follows:

““Base Value” means, as determined by the Board pursuant to a consistent
methodology, the sum of (x) the aggregate fair market value set forth in the Award
Agreement of all Class A Membership Interests and Class B Membership Interests
(provided that, with respect to Awards granted during the fiscal year that includes
the Closing Date, the value of all Class A Membership Interests and Class B
Membership Interests shall equal the Agreed Initial Value (as defined in the GMAC
LLC Agreement) increased by an amount equal to a ten percent (10%) per annum
compound rate of return from the Grant Date through the end of the Performance
Period on such amount set forth in this clause (x) and (y) the amount of Capital
Contributions (as defined in the GMAC LLC Agreement) made on or after the Grant Date
with respect to Membership Interests (as defined in the GMAC LLC Agreement) or Other
Equity Securities (as defined in the GMAC LLC Agreement) (other than Preferred
Membership Interests (as defined in the GMAC LLC Agreement)) increased by an amount
equal to a ten percent (10%) per annum compound rate of return from the date of each
such Capital Contributions through the end of the Performance Period on such amount
set forth in clause (y).”

2. Except as amended hereby, all of the terms and conditions of the Plan are hereby
ratified and confirmed, and shall remain in full force and effect.exv10w11

 

Exhibit 10.11

GMAC LONG-TERM INCENTIVE PLAN LLC

LONG-TERM PHANTOM INTEREST PLAN

AWARD AGREEMENT

     This agreement (the “Award Agreement”) is made and entered into as of February ___,
2008 (the “Award Date”), by and among GMAC Long-Term Incentive Plan LLC (the
“Company”), and [    ] (the “Participant”).

W I T N E S S E T H:

     WHEREAS, the Company desires to grant to the Participant, pursuant to the terms of the GMAC
Long-Term Incentive Plan LLC Long-Term Phantom Interest Plan (the “Plan”) an
“Award” (as defined in the Plan) subject to the terms and conditions set forth in this
Award Agreement; and

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

     1. Definitions. Whenever the following terms are used in this Award Agreement, they
shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have
the same meanings as in the Plan.

     “Cause” means, as determined by the Board (or its designee), (i) indictment of the
Participant for a felony, (ii) conduct by the Participant in connection with the Participant’s
employment duties or responsibilities that is fraudulent or grossly negligent, (iii) the
Participant’s willful misconduct on an ongoing basis after written notice from GMAC or any of its
Subsidiaries to the Participant, (iv) the Participant’s contravention of specific written lawful
directions related to a material duty or responsibility which is directed to be undertaken from the
Board or the person to whom the Participant reports which is not cured within twenty (20) days of
the Participant’s receipt of written notice of such contravention, (v) breach of any restrictive
covenants in favor of GMAC to which the Participant is subject, (vi) any acts of dishonesty by the
Participant resulting or intending to result in personal gain or enrichment at the expense of GMAC,
its Subsidiaries or affiliates, or (vii) the Participant’s continued failure to comply with a
material policy of GMAC, its Subsidiaries or affiliates after receiving notice from the Board or
the Chief Executive Officer of GMAC of such failure to comply. An act or failure to act shall not
be “willful” if the Participant reasonably believed that such action or inaction was in the best
interests of GMAC.

     “Change in Control” means the first to occur of any of the following events (1) any
Person who is not an Investor or an Affiliate of an Investor becomes the beneficial owner, directly
or indirectly, more than fifty percent (50%) of the combined voting power of the then issued and
outstanding securities of GMAC or (2) the sale, transfer or other disposition of all or
substantially all of the business and assets of GMAC, whether by sale of assets, merger or
otherwise (determined on a consolidated basis), to a Person other than an Investor or an
Affiliate of an Investor.

 

 

     “Disability” means a determination by a licensed physician mutually selected by GMAC
and the Participant (or the Participant’s legal representative) (either the Participant or GMAC may
request that a licensed physician be selected; provided that if a licensed physician is not
mutually selected within ten (10) business days of a request, GMAC shall select a licensed
physician) in accordance with applicable law that as a result of a physical or mental injury or
illness, the Participant is unable to perform the essential functions of his or her job with or
without reasonable accommodation for a period of (i) one hundred twenty (120) consecutive days; or
(ii) one hundred eighty (180) days in any one (1) year period.

     “Good Reason” means, without the Participant’s consent, (i) a reduction in the
Participant’s annualized base salary or bonus; provided that, GMAC may at any time or from time to
time amend, modify, suspend or terminate any bonus, incentive compensation or other benefit plan or
program provided to the Participant for any reason and without the Participant’s consent if such
modification, suspension or termination (x) is a result of the underperformance of GMAC under its
business plan, (y) is consistent with an “across the board” reduction for all senior executives of
GMAC, and (z) is undertaken in the Board’s reasonable business judgment acting in good faith and
engaging in fair dealing with the Participant, or (ii) a material diminution in the Participant’s
title, duties or responsibilities below a level consistent with the Participant’s performance and
skill level, as determined in good faith by the Board; provided that, a suspension of the
Participant and the requirement that the Participant not report to work shall not constitute Good
Reason if the Participant continues to receive his compensation and benefits. GMAC shall have
thirty (30) days after receipt of notice from the Participant in writing specifying the deficiency
to cure the deficiency that would result in Good Reason.

     “Investors” means FIM Holdings LLC, GM Finance Co. Holdings Inc., General Motors
Corporation and their Affiliates.

     “Transfer” means any transfer, sale, assignment, exchange, charge, pledge, gift,
hypothecation, conveyance, encumbrance, security interest or other disposition (including any
contract therefore), whether direct or indirect, voluntary or involuntary, by operation of law or
otherwise, or the transfer of any other beneficial interest in the Award.

     2. Grant of Award. On the Award Date, the Company grants to the Participant an Award
subject to the terms and provisions of the Plan and this Award Agreement, including the following
terms:

Base Value: $14,512,736,138 , as adjusted pursuant to the Plan.

Award Percentage: XXX Basis Point(s)

Performance Period: January 1, 2008 through December 31, 2010

The Participant shall not possess any incidents of ownership in any equity interests of the Company
or GMAC in respect of the Award.

     3. Relationship to the Plan. The Award is granted pursuant to the Plan and is in all
respects subject to the terms, conditions and definitions of the Plan. The Participant hereby
accepts this Award subject to all the terms and provisions of the Plan and this Award Agreement.
The Participant further agrees that all decisions under and interpretations of the

 

 

Plan by the
Administrator shall be final, binding and conclusive upon the Participant and his or her
beneficiaries. If there is any inconsistency between the terms of this Award Agreement and the
terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of
this Award Agreement.

     4. Transfers of Award by the Participant. The Award may not be Transferred by the
Participant except in accordance with the Plan.

     5. Redemption of Award. Subject to Sections 5.1 and 5.2 below, the Participant shall
be entitled to receive an amount equal to the Redemption Amount if the Participant remains employed
with GMAC or any or its Subsidiaries through the Redemption Date. In such event, the Company shall
provide the Participant with a lump sum cash payment in the amount of the Redemption Amount as soon
as practicable in the year following the applicable Redemption Date.

          5.1. Termination of Employment without Cause or for Good Reason; Termination as a Result
of Death or Disability. If, prior to the Redemption Date, (a) GMAC or any of its Subsidiaries
terminates the Participant’s employment without Cause (other than due to the expiration of the term
of any employment agreement between the Participant and GMAC or any of its Subsidiaries or pursuant
to Section 6.2), (b) the Participant terminates the Participant’s employment with GMAC or any of
its Subsidiaries for Good Reason, or (c) the Participant’s employment with GMAC or any of its
Subsidiaries terminates as a result of the Participant’s death or Disability, the Participant (or
his or her estate) shall be entitled to receive an amount equal to the “Prorated Redemption
Amount” (as defined below) rather than the Redemption Amount. The Prorated Redemption Amount
shall equal the product of the Redemption Amount multiplied by a fraction, the numerator of which
is the number of completed months the Participant was employed with GMAC or any of its Subsidiaries
during the Performance Period and the denominator of which is the number of months in the
Performance Period. In the event of such termination, the Company shall provide the Participant
(or his or her estate) with a lump sum cash payment in the amount of the Prorated Redemption Amount
as soon as practicable in the year following the applicable Redemption Date.

          5.2. Termination for Cause or without Good Reason. If, prior to the Redemption Date,
(a) GMAC or any of its Subsidiaries terminates the Participant’s employment for Cause, (b) the
Participant terminates employment with GMAC or any of its Subsidiaries without Good Reason, or (c)
the Participant’s employment with GMAC or any of its Subsidiaries terminates as a result of the
expiration of the term of any employment agreement between the Participant and GMAC or any of its
Subsidiaries, the Award shall be forfeited without consideration.

     6. Change in Control.

          6.1. In the event of a Change in Control, in consideration for the cancellation of the Award,
the Participant shall be entitled to an amount, subject to the Participant’s continued employment
through the Redemption Date, equal to the product of (A) the Award Percentage multiplied by (B) (x)
the excess, if any, of (a) an amount, as determined by the Board pursuant to a consistent
methodology, equal to (1) the aggregate value of all Class

 

 

A Membership Interests and Class B
Membership Interests as of the Change in Control increased by (2) the distributions received by the
holders of such Class A Membership Interests and Class B Membership Interests (other than
distributions that are deemed attributable to taxes pursuant to the GMAC LLC Agreement) from the
Award Date through the Change in Control and reduced by (3) any taxes paid by the Company relating
to the Plan from the Award Date through the Change in Control (such amount, the “Change in
Control Value”) over (b) the Base Value, increased by (y) interest at the short-term applicable
federal rate compounded annually (as of the Change in Control), from the Change in Control through
the date of payment (the “Change in Control Payment”), payable as soon as practicable in
the year following the applicable Redemption Date; provided, however, that if,
following the Change in Control, the Participant’s employment is terminated by the Company without
Cause or by the Participant with Good Reason, the Participant shall be entitled to the Change in
Control Payment within sixty days following such termination of employment. For the avoidance of
doubt, if, upon a Change in Control, the Base Value equals or exceeds the Change in Control Value
of an Award, such Award shall be forfeited without consideration.

          6.2. In the event of the sale or disposition of a business unit of GMAC or a Subsidiary of
GMAC, a Participant who (i) is employed by such business unit or Subsidiary through the date of
such sale or disposition and (ii) is no longer employed by GMAC or its subsidiaries immediately
following such sale or disposition, shall be entitled to an amount, in consideration for the
cancellation of the Award, equal to the product of (A) the Award Percentage multiplied by (B) the
product of (x) the excess, if any, of (a) an amount, as determined by the Board pursuant to a
consistent methodology, equal to (1) the aggregate value of all Class A Membership Interests and
Class B Membership Interests as of such sale or disposition increased by (2) the distributions
received by the holders of such Class A Membership Interests and Class B Membership Interests
(other than distributions that are deemed attributable to taxes pursuant to the GMAC LLC Agreement)
from the Award Date through the date of such sale or disposition and reduced by (3) any taxes paid
by the Company relating to the Plan from the Award Date through the date of such sale or
disposition (such amount, the “Sale Value”) over (b) the Base Value multiplied by (y) a
fraction, the numerator of which is the number of completed months through the date of such sale or
disposition during the Performance Period and the denominator of which is the number of months in
the Performance Period. For the avoidance of doubt, if, upon a sale or disposition of a business
unit of GMAC or a Subsidiary of GMAC, the Base Value equals or exceeds the Sale Value of an Award,
such Award shall be forfeited without consideration.

     7. Additional Agreements.

          7.1. Amendments and Waivers. Subject to Section 16 of the Plan, the provisions of
this Award Agreement may not be amended, modified, supplemented or terminated, and waivers or
consents to departures from the provisions hereof may not be given, without the written consent of
each of the parties hereto.

          7.2. Successors and Assigns. This Award Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective heirs, successors and permitted assigns.
The Participant may not assign any of its rights or obligations under this Award Agreement without
the prior written consent of the Company. The Company may assign

 

 

its rights, together with its
obligations, to another entity which will succeed to all or substantially all of the assets and
business of the Company.

          7.3. Counterparts. This Award Agreement may be executed in two or more counterparts
or counterpart signature pages, each of which, when so executed and delivered, shall be deemed to
be an original, but all of which counterparts, taken together, shall constitute one and the same
instrument.

          7.4. Withholding. The Company or GMAC shall have the right to deduct from any payment
due under this Award Agreement, any applicable withholding taxes or other deductions required by
law to be withheld with respect to such payment and to take such action as may be necessary in the
opinion of the Company to satisfy all obligations for the payment of such taxes.

          7.5. No Employment or Service Contract. Nothing in this Award Agreement or in the
Plan shall confer upon the Participant any right to continue such Participant’s relationship with
GMAC, nor shall it give any Participant the right to be retained in the employ of GMAC or interfere
with or otherwise restrict in any way the rights of GMAC, which rights are hereby expressly
reserved, to terminate any Participant’s employment at any time for any reason.

          7.6. Section 409A. Any and all payments under this Award Agreement are intended to
comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and
the regulations issued thereunder, and to the extent that based on subsequent regulations or
guidance provided by the Internal Revenue Service, the Company believes that any payments under
this Award Agreement may not comply with Section 409A, the Company and the Participant agree to
negotiate in good faith to amend the Award Agreement to comply with Section 409A and to preserve as
much as possible the economic intent of the parties.

          7.7. Severability. In the event that any one or more of the provisions, paragraphs,
words, clauses, phrases or sentences contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or
sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses,
phrases or sentences hereof shall not be in any way impaired, it being intended that all rights,
powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by
law.

          7.8. Governing Law. This Award Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the conflict of laws
principles thereof.

          7.9. Consent to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally agrees that any action, suit or proceeding, at law or equity, arising out of or
relating to the Plan, this Award Agreement or any agreements or transactions contemplated hereby
shall only be brought in any federal court of the Southern District of New

 

 

York or any state court
located in New York County, State of New York, and hereby irrevocably and unconditionally expressly
submits to the personal jurisdiction and venue of such courts for the purposes thereof and hereby
irrevocably and unconditionally waives (by way of motion, as a defense or otherwise) any and all
jurisdictional, venue and convenience objections or defenses that such party may have in such
action, suit or proceeding. Each party hereby irrevocably and unconditionally consents to the
service of process of any of the aforementioned courts.

          7.10. Waiver of Jury Trial. THE PARTIES HERETO HEREBY WAIVE, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF THIS AWARD AGREEMENT OR THE VALIDITY, INTERPRETATION OR ENFORCEMENT HEREOF.
THE PARTIES HERETO AGREE THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS AWARD
AGREEMENT AND WOULD NOT ENTER INTO THIS AWARD AGREEMENT IF THIS SECTION WERE NOT PART OF THIS AWARD
AGREEMENT.

          7.11. Entire Agreement. This Award Agreement together with the Plan (the terms of
which are hereby incorporated by reference) are intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, representations, warranties, covenants or undertakings relating to such
subject matter, other than those set forth or referred to herein. This Award Agreement supersedes
all prior agreements and understandings between the parties hereto with respect to such subject
matter.

          7.12. Prior Awards. In consideration of the grant of the Award pursuant to this
Agreement, the Participant agrees that Base Value with respect to any Award granted to the
Participant under the Plan prior to the date hereof shall have the meaning of Base Value in the
Plan, as amended on February 15, 2008.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Award Agreement to be duly executed as
of the date first above written.

	 	 	 	 	 	 	 
	 	 	GMAC LONG-TERM INCENTIVE PLAN LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 

	 	Name:

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