Document:

Exhibit 10.17 2013 Yastine DSU

  
200 Renaissance Center, M/C482-B14-D46, Detroit, MI. 48265

May 10, 2013

Barbara Yastine

Re: Ally Deferred Stock Units 

Dear Barbara:

Consistent with the recent determination from the Office of the Special Master for TARP Executive Compensation, effective January 1, 2013 through June 30, 2013 (the “Investment Date”), a portion of your annualized 2013 base compensation, $2,293,679, will be deferred and invested in Deferred Stock Units (DSUs).  Effective July 1, 2013 through December 31, 2013, $2,034,311 will be deferred and invested in DSUs for an annual DSU grant value of $4,327,989 for 2013. 

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 Ally’s sole discretion.   

Investment in any DSUs for 2013 occurs at the end of each 2013 payroll cycle (the “Investment Date”).  The value of 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”) will be the value of a Restricted Stock Unit as defined in and determined pursuant to the LTECIP.  The value of a DSU may change from the Investment Date to the Settlement Date due to increases or decreases in Ally’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 becoming one of Ally’s 25 highest compensated employees or otherwise restricted by the TARP Rules.  

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”:

		
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	1/3 of the total 2013 DSUs granted in 2013 will be paid in a lump sum in the final payroll of calendar year 2013.

		
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	The remaining 2/3rds of the 2013 DSUs granted will be paid to you ratably over the following 24 months through the end of 2015. 

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

By signing below, you acknowledge and agree to this settlement schedule for any 2013 DSUs.  You also 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 May 31, 2013.  Please return the signed copy to Thelma Socia; thelma.socia@ally.com, Phone (313) 656-6156.

	
			
	 
	Sincerely yours,
	 

	 
	 
	 

	 
	 
	 

	 
	James J. Duffy
	 

	 
	Ally Group VP and Chief HR Officer
	 

	 
	May 10, 2013
	 

	
			
	/s/ Barbara Yastine
	 
	May 30, 2013

	Signature
	 
	DateExhibit 10.18 2013 Yastine IRSU

Ally Financial Inc.
200 Renaissance Center, M/C482-B16-C55 Detroit, MI. 48265

December 18, 2013

Barbara Yastine

Re: Ally Financial Inc. Long-Term Equity Compensation Incentive Plan 

Dear Barbara:

		
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	You have been granted an Award under the Ally Financial Inc. Long-Term Equity Compensation Incentive Plan (the “Plan”).  The grant date of your Award is December 18, 2013 (“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.

		
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	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.

		
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	Your Award will become effective after you have signed and dated one copy of this Award Letter and have returned (all pages) of the signed copy to:

Thelma Socia
thelma.socia@ally.com
Phone:  313 656 6156

If you do not sign and return this Award Letter by close of business on February 1, 2014, 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.

		
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	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 of 28.8186500 Units.  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 Units 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.   

Ally Financial Confidential                                                                                                  1

		
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	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 vests, as follows:

		
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	2/3 vests on December 18, 2015; and

		
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	1/3 vests on December 18, 2016.

Your non-forfeitable RSU Awards will be settled and paid as soon as practicable, but in no event later than 75 days following the date on which they become non-forfeitable; provided, however, that RSU payment is also subject to the Company’s repayment of its TARP financial assistance, as follows:

		
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	Upon repayment of at least 25% of TARP assistance, 25% of RSUs will be paid, if non-forfeitable

		
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	Upon repayment of at least 50% of TARP assistance, 50% of RSUs will be paid, if non-forfeitable

		
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	Upon repayment of at least 75% of TARP assistance, 75% of RSUs will be paid, if non-forfeitable

		
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	Upon repayment of at least 100% of TARP assistance, 100% of RSUs will be paid, if non-forfeitable

Amounts becoming payable upon satisfaction of the relevant TARP repayment threshold will be paid as soon as practicable thereafter, but in no event later than 75 days following such repayment.  

		
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	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.    

		
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	If your employment is terminated due to death or Disability, any unvested portion of your Award will become non-forfeitable immediately, and all non-forfeitable RSUs will be settled and paid in accordance with the Plan.  You must designate a beneficiary using the Ally Long-Term Equity Compensation Incentive Plan (LTECIP) Beneficiary Designation Form located on the Ally HR Portal (included in this packet for your convenience).  If no beneficiary is designated, or if the Company determines that the beneficiary designation is unclear, or that the designated beneficiary cannot be located, any payments as a result of your death will be made to your estate.  The Ally LTECIP Beneficiary Form may also be used for any subsequent change in your beneficiary designation. 

		
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	If you reach age 65, or reach age 55 and have a combination of age and service to the Company and its Subsidiaries totaling 70 or more, and your employment terminates two years or more subsequent to Grant Date, other than for Cause, or due to a Change in Control or a Sale of a Business Unit, Ally’s Compensation, Nominating and Governance Committee may, for good cause, elect to continue to vest your Unvested Awards as if you had not terminated employment, provided that such Vesting shall not accelerate or change the Payment of any award; and that such continued Vesting and Payment fully complies with Internal Revenue Code Section 409A.

		
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	To the extent not prohibited by the 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, during the one-year period immediately following a Change-in-Control Date, 100% of your Unvested 

Ally Financial Confidential                                                                                                  2

Award will immediately Vest on the date of your termination of employment by the Company without Cause.

		
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	If your employment is terminated for any reason other than death or Disability or pursuant to the age and service provisions described above, or pursuant to the Change-in-Control provision described above, your entire unvested Award will be immediately forfeited.  

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

		
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	Your 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 February 1, 2014.

                            
	
			
	 
	Sincerely yours,
	 

	 
	 
	 

	 
	 
	 

	 
	James Duffy
	 

	 
	Ally Group VP and Chief HR Officer
	 

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

	
			
	/s/ Barbara Yastine
	 
	January 31, 2014

	Participant Signature (Required)
	 
	Date (Required)

	Barbara Yastine
	 
	 

	Printed Name (Required)
	 
	 

 

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Ally Financial Confidential                                                                                                  3

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