Document:

Form of Ally Financial Inc. 2011 Incentive Compensation Plan

 Exhibit 10.27 
 ALLY FINANCIAL INC. 
 2011 INCENTIVE COMPENSATION PLAN 

SECTION 1. Purpose. The purpose of the Ally Financial Inc. 2011 Incentive Compensation Plan (the “Plan”) is
to motivate and reward those employees and other individuals who are expected to contribute significantly to the success of Ally Financial Inc. (the “Company”) and its Affiliates to perform at the highest level and to further the
best interests of the Company and its shareholders. 
 SECTION 2. Definitions. As used in the Plan, the following
terms shall have the meanings set forth below: 
 (a) “Affiliate” means (i) any entity that owns or
controls, is owned or controlled by, or is under common control with, the Company and (ii) any entity in which the Company, directly or indirectly, has a significant equity interest; in each case as determined by the Committee. 

(b) “Award” means any Option, SAR, Restricted Stock, RSU, Performance Award or Other Stock-Based Award granted under the
Plan. 
 (c) “Award Agreement” means any agreement, contract or other instrument or document evidencing any
Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 
 (d)
“Beneficiary” means a person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no
Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s
estate. 
 (e) “Board” means the board of directors of the Company. 

(f) “Business Unit” means a single business or product line or related group of businesses or product lines of the
Company that, in the ordinary course of the Company’s business, managerial and financial reporting are considered and managed as a division, including, but not limited to, the Company’s North American Auto Finance, International
Operations, Mortgage Operations, Insurance and Commercial Finance divisions, and which consist of a group of legal entities rolling up to a holding company that is a wholly-owned subsidiary of the Company. 

 (g) “Cause” means, with respect to any Participant, “cause” as
defined in any employment agreement between such Participant and the Company or an Affiliate, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement, such Participant’s: 

(i) felony indictment or misdemeanor conviction; 

(ii) failure to perform any material responsibility of the leadership position; 

(iii) a course of conduct which would tend to hold the Company or any of its affiliates in disrepute or scandal, as
determined by the Board in its sole discretion; 
 (iv) failure to follow lawful directions of the Board;

 (v) any material breach of fiduciary duty to the Company; 

(vi) gross negligence; 
 (vii) willful misconduct; 
 (viii) failure to comply with a
material Company policy; 
 (ix) any act of fraud, theft, or dishonesty; 

(x) breach of any restrictive covenants set forth in Section 13; or 

(xi) failure to promptly repay any Award payment that is determined to be owed to the Company pursuant to
Section 19(c) below. 
 (h) “Change in Control” means the occurrence of any one or more of the following
events: 
 (i) any “person” (as defined in Section 13(d) of the Exchange Act), other than an
employee benefit plan or trust maintained by the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 30% of the combined
voting power of the Company’s outstanding securities entitled to vote generally in the election of directors; 
 (ii) at any time during a period of 12 consecutive months, individuals who at the beginning of such period constituted the Board and any new member of the Board whose election or nomination for election
was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or whose 

  
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election or nomination for election was so approved, cease for any reason to constitute a majority of members of the Board; provided that, notwithstanding the foregoing, no such individual whose
initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 or Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of an individual, corporation, partnership, group, associate or other entity or “person” other than the Board shall in any event be considered to be a director in office at the beginning of such period; or

 (iii) the consummation of (A) a merger or consolidation of the Company or any of its subsidiaries with
any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding
or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 60% of the combined voting power and total fair market value of the securities of the Company or such surviving entity or
parent outstanding immediately after such merger or consolidation, or (B) any sale, lease, exchange or other transfer to any “person” (other than an affiliate of the Company) of assets of the Company and/or any of its subsidiaries, in
one transaction or a series of related transactions, having a total gross fair market value equal to or more than 40% of the total gross fair market value of the Company and its subsidiaries immediately prior to such transaction(s). 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and
guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 
 (j)
“Committee” means the Compensation, Nominating and Governance Committee of the Board or such other committee as may be designated by the Board. For purposes of satisfying the requirements of Section 162(m) of the Code and the
regulations thereunder, the Committee shall be comprised solely of two or more “outside directors” as such term is defined in Section 162(m) of the Code. If the Board does not designate the Committee, references herein to the
“Committee” shall refer to the Board. 
 (k) “Competitive Activity” means an activity that is in
direct competition with the Company or any of its subsidiaries or affiliates in any of the states within the United States, or countries within the world, in which the Company or any of its subsidiaries or affiliates conducts business with respect
to a business in which the Company or any of its subsidiaries or affiliates engaged or 

  
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was preparing to engage during employment and on the date of the termination of employment. 
 (l) “Covered Employee” means an individual who is (i) either a “covered employee” or expected by the Committee to be a “covered employee,” in each case within the
meaning of Section 162(m)(3) of the Code or (ii) expected by the Committee to be the recipient of compensation (other than Section 162(m) Compensation) in excess of $1,000,000 for the tax year of the Company with regard to which a
deduction in respect of such individual’s Award would be claimed. 
 (m) “Disability” means, with respect
to any Participant, except as may otherwise be provided in such Participant’s Award Agreement: 
 (i) a
long-term disability that entitles the Participant to disability income payments under any long-term disability plan or policy provided by the Company under which the Participant is covered, as such plan or policy is then in effect; or 

(ii) if such Participant is not covered under a long-term disability plan or policy provided by the Company at such time
for whatever reason, then the term “Disability” means disability within the meaning of Treasury Reg. Sec. 1.409A-3(i)(4). 
 (n) “Effective Date” means the date on which the Plan is or has been both adopted by the Board and approved by the shareholders of the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations
and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 
 (p)
“Fair Market Value” means (i) with respect to a Share, the closing price of a Share on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the
principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, the fair market value of a Share as determined by the Committee, and (ii) with respect to any property other than Shares, the
fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 
 (q) “Incentive Stock Option” means an option representing the right to purchase Shares from the Company, granted in accordance with the provisions of Section 6, that meets the
requirements of Section 422 of the Code. 
 (r) “Intrinsic Value” with respect to an Option or SAR Award

  
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means (i) the excess, if any, of the price or implied price per Share in a Change in Control or other event over the exercise or hurdle price of such Award multiplied by
(ii) the number of Shares covered by such Award. 
 (s) “Non-Qualified Stock Option” means an option
representing the right to purchase Shares from the Company, granted in accordance with the provisions of Section 6, that is not an Incentive Stock Option. 
 (t) “Option” means an Incentive Stock Option or a Non-Qualified Stock Option. 
 (u) “Other Stock-Based Award” means an Award granted in accordance with the provisions of Section 10. 
 (v) “Participant” means the recipient of an Award granted under the Plan. 
 (w) “Performance Award” means an Award granted in accordance with the provisions of Section 9. 
 (x) “Performance Period” means the period established by the Committee at the time any Performance Award is granted or at any time thereafter during which any performance goals specified
by the Committee with respect to such Award are measured. 
 (y) “Qualifying Termination” means a Termination
of Service as a result of any of the following: 
 (i) Elimination of current position or reduction in the total
number of employees in the same department performing the same or similar job. 
 (ii) Substantial change in
current duties for which the employee no longer qualifies. 
 (iii) Substantial change in current duties which
results in a twenty percent (20%) or more reduction in salary. 
 (iv) Declining a geographic transfer to a
new position offered to employee upon the elimination of current position as an alternative to termination, provided that the expenses associated with the transfer would qualify for receipt of benefits under the Company’s Relocation Program.

 (z) “Replacement Award” means an Award granted in assumption of, or in substitution for, an outstanding
award previously granted by a company or other business acquired by the Company or with which the Company, directly or indirectly, combines. 

  
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 (aa) “Retirement” means Termination of Service other than for Cause
following attainment of (i) age 55, and the total of age and years of service to the Company and its Affiliates equals or exceeds 70, or (ii) age 65. 
 (bb) “Restricted Stock” means any Share granted in accordance with the provisions of Section 8. 
 (cc) “RSU” means a contractual right, granted in accordance with the provisions of Section 8, that is denominated in Shares. Each RSU represents a right to receive the value of one
Share. Awards of RSUs may include the right to receive dividend equivalents. 
 (dd) “Sale of a (or such) Business
Unit” means whether effected directly or indirectly, or in one transaction or a series of transactions: 

(i) any merger, consolidation, reorganization or other business combination pursuant to which a Business Unit and an
acquirer and/or all or a substantial portion of their respective business operations are combined in a manner that results in a “change of control” of the Business Unit (utilizing the criteria described in the Section 2(h) Change in
Control definition but substituting Business Unit for Company); or 
 (ii) the sale, transfer or other
disposition of all or substantially all of the capital stock or assets of the subsidiaries of the Company included in the Business Unit by way of negotiated purchase, tender or exchange offer, option, leveraged buyout, joint venture over which the
Company does not exercise voting control or otherwise. 
 (ee) “SAR” means any right, granted in accordance
with the provisions of Section 7, to receive upon exercise by a Participant or settlement the excess of (i) the Fair Market Value of one Share on the date of exercise or settlement over (ii) the exercise or hurdle price of the right
on the date of grant, or if granted in connection with an Option, on the date of grant of the Option. 
 (ff) “Section
162(m) Compensation” means “qualified performance-based compensation”, within the meaning of Section 162(m) of the Code. 
 (gg) “Shares” means shares of the Company’s common stock. 

(hh) “TARP” means the Troubled Asset Relief Program of the U.S. Department of the Treasury. 

(ii) “Termination of Service” means, in the case of a Participant who is an employee of the Company or an Affiliate,
cessation of the employment relationship such that the Participant is no longer an employee of the Company or Affiliate, or, in the case of a Participant who is an independent 

  
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contractor or other service provider, the date the performance of services for the Company or an Affiliate has ended; provided, however, that in the case of an employee, the transfer of
employment from the Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to another Affiliate or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of
services for the Company or an Affiliate as a director of the Board or an independent contractor shall not be deemed a cessation of service that would constitute a Termination of Service. 

SECTION 3. Eligibility.  
 (a) Any employee, consultant or other advisor of, or any other individual who provides services to, the Company or any Affiliate shall be eligible to be selected to receive an Award under the Plan.

 (b) Holders of options and other types of awards granted by a company acquired by the Company or with which the Company
combines are eligible for grants of Replacement Awards under the Plan. 
 SECTION 4. Administration.  

(a) The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than
three directors of the Board. To the extent necessary to comply with applicable regulatory regimes, any action by the Committee shall require the approval of Committee members who are (i) independent, within the meaning of and to the extent
required by applicable rulings and interpretations of the principal stock market or exchange on which the Shares are quoted or traded; (ii) each a non-employee director within the meaning of Rule 16b-3 under the Exchange Act; and
(iii) each an outside director within the meaning of Section 162(m) of the Code. The Board may designate one or more directors as a subcommittee who may act for the Committee if necessary to satisfy the requirements of this Section. To the
extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the authority to grant Awards, except that such delegation shall not be applicable to any Award for a person then covered by Section 16 of the
Exchange Act. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. 
 (b) Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of
Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be calculated in connection with)
Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent and under what circumstances Awards may be settled or exercised in cash, Shares, 

  
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other Awards, other property, net settlement, or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled,
forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or
at the election of the holder thereof or of the Committee; (vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (viii) establish, amend, suspend or waive such rules and
regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration
of the Plan. 
 (c) All decisions of the Committee shall be final, conclusive and binding upon all parties, including the
Company, its shareholders and Participants and any Beneficiaries thereof. 
 SECTION 5. Shares Available for Awards.
 
 (a) Subject to adjustment as provided in Section 5(c), the maximum number of Shares available for issuance under
the Plan shall not exceed              Shares. No Participant may receive under the Plan in any three consecutive calendar year period (A) Options and SARs that relate to more
than              Shares; (B) if and to the extent that any such Awards are intended to constitute Section 162(m) Compensation, Restricted Stock, RSUs, Performance Awards
or Other Stock-Based Awards that in the case of any such Award denominated in Shares, relate to more than              Shares. Shares underlying Replacement Awards and Shares
remaining available for grant under a plan of an acquired company or of a company with which the Company combines, appropriately adjusted to reflect the combination or acquisition transaction, shall not reduce the number of Shares remaining
available for grant hereunder. The maximum number of Shares available for issuance under Incentive Stock Options shall be              and shall not be increased by operation of
Section 5(b). 
 (b) Any Shares subject to an Award or to an equity-based award granted under a prior plan of the Company
(other than a Replacement Award and any Award granted out of the authorized shares of an acquired plan), that expires, is canceled, forfeited or otherwise terminates without the delivery of such Shares, including (i) the number of Shares
surrendered or withheld in payment of any grant, purchase, exercise or hurdle price of any such Award or award or taxes related to an Award or award and (ii) any Shares subject to an Award or award to the extent that Award or award is settled
without the issuance of Shares, shall again be, or shall become, available for issuance under the Plan. 
 (c) In the event
that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other securities), 

  
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recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, or
other similar corporate transaction or event affecting the Shares, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall
adjust equitably any or all of: 
 (i) the number and type of Shares (or other securities) which thereafter may
be made the subject of Awards, including the aggregate and individual limits specified in Section 5(a); 

(ii) the number and type of Shares (or other securities) subject to outstanding Awards; and 

(iii) the grant, purchase, exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision
for a cash payment to the holder of an outstanding Award; 
 provided, however, that the number of Shares subject to any Award
denominated in Shares shall always be a whole number. 
 (d) Any Shares delivered pursuant to an Award may consist, in whole or
in part, of authorized and unissued Shares or Shares acquired by the Company. 
 SECTION 6. Options. The Committee
is authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a) The exercise price per Share under an Option shall be determined by the Committee; provided, however, that, except in
the case of Replacement Awards, such exercise price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. 
 (b) The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such Option. 
 (c) The Committee shall determine the time or times at which an Option may be exercised in whole or in part. 
 (d) The Committee shall determine the method or methods by which, and the form or forms, including cash, Shares, other Awards, other property, net settlement, or any combination thereof, having a Fair
Market Value on the exercise date equal to the relevant exercise price, in which payment of the exercise price with respect thereto may be made or deemed to have been made. 

  
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 (e) The terms of any Incentive Stock Option granted under the Plan shall comply in all
respects with the provisions of Section 422 of the Code. 
 SECTION 7. Stock Appreciation Rights. The Committee
is authorized to grant SARs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) SARs may be granted under the Plan to Participants either alone (“freestanding”) or in addition to other Awards granted
under the Plan (“tandem”) and may, but need not, relate to a specific Option granted under Section 6. 
 (b) The
exercise or hurdle price per Share under a SAR shall be determined by the Committee; provided, however, that, except in the case of Replacement Awards, such exercise or hurdle price shall not be less than the Fair Market Value of a
Share on the date of grant of such SAR (or if granted in connection with an Option, on the date of grant of such Option). 
 (c)
The term of each SAR shall be fixed by the Committee but shall not exceed 10 years from the date of grant of such SAR. 
 (d)
The Committee shall determine the time or times at which a SAR may be exercised or settled in whole or in part. 
 (e) The
Committee shall determine the method or methods by which, and the form or forms, including cash, Shares, other Awards, other property, net settlement, or any combination thereof, in which payment of the amount owing upon exercise or settlement of an
SAR may be made. 
 SECTION 8. Restricted Stock and RSUs. The Committee is authorized to grant Awards of Restricted
Stock and RSUs to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(a) Shares of Restricted Stock and RSUs shall be subject to such restrictions as the Committee may impose (including any limitation on
the right to vote a Share of Restricted Stock or the right to receive any dividend, dividend equivalent or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the
Committee may deem appropriate. Without limiting the generality of the foregoing, if the Award relates to Shares on which dividends are declared during the period that the Award is outstanding, the Award shall not provide for the payment of such
dividend (or a dividend equivalent) to the Participant prior to the time at which such Award, or applicable portion thereof, becomes nonforfeitable. 

  
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 (b) Any share of Restricted Stock granted under the Plan may be evidenced in such manner as
the Committee may deem appropriate, including book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of shares of Restricted Stock granted under the Plan, such certificate
shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock. 

(c) If and to the extent that the Committee intends that an Award granted under this Section 8 shall constitute or give rise to
Section 162(m) Compensation, such Award may be structured in accordance with the requirements of Section 9, including the performance criteria set forth therein, and any such Award shall be considered a Performance Award for purposes of
the Plan. 
 (d) The Committee may provide in an Award Agreement that an Award of Restricted Stock is conditioned upon the
Participant making or refraining from making an election with respect to the Award under Section 83(b) of the Code. If a Participant makes an election pursuant to Section 83(b) of the Code with respect to an Award of Restricted Stock, the
Participant shall be required to file promptly a copy of such election with the Company. 
 (e) The Committee may determine the
form or forms (including cash, Shares, other property or any combination thereof) in which payment of the amount owing upon settlement of any RSU Award may be made. 
 SECTION 9. Performance Awards. The Committee is authorized to grant Performance Awards to Participants with the following terms and conditions and with such additional terms and conditions, in
either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 
 (a) Performance Awards may be
denominated as a cash amount, number of Shares or a combination thereof and are Awards which may be earned upon achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other
Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the
Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any
Performance Period, the length of any Performance Period, the amount of any Performance Award granted and the amount of any payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. If the Performance
Award relates to Shares on which dividends are declared during the Performance Period, the Performance Award shall not provide 

  
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for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or applicable portion thereof, is earned. 

(b) Every Performance Award shall, if the Committee intends that such Award should constitute Section 162(m) Compensation, include a
pre-established formula, such that payment, retention or vesting of the Award is subject to the achievement during a Performance Period or Performance Periods, as determined by the Committee, of a level or levels of, or increases in, in each case as
determined by the Committee, one or more of the following performance measures with respect to the Company: overhead costs, general and administration expense, market price of a Share, cash flow, reserve value, net asset value, earnings, net income,
operating income, cash from operations, revenue growth, margin, EBITDA (earnings before interest, taxes, depreciation and amortization), net capital employed, return on assets, stockholder return, reserve replacement, return on equity, return on
capital employed, production, assets, unit volume, sales, market share, or strategic business criteria consisting of one or more objectives based on meeting specified goals relating to acquisitions or divestitures, each as determined in accordance
with generally accepted accounting principles, where applicable, as consistently applied by the Company. Performance criteria may be measured on an absolute (e.g., plan or budget) or relative basis. Relative performance may be measured
against a group of peer companies, a financial market index or other acceptable objective and quantifiable indices. Except in the case of an award intended to qualify as Section 162(m) Compensation, if the Committee determines that a change in
the business, operations, structure (including capital structure) of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the
performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance measures may vary from Performance Award to Performance Award, and from Participant to
Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section 9(b) as it may deem necessary or appropriate to
ensure that such Awards satisfy all requirements for Section 162(m) Compensation. The maximum amount of any Performance Award denominated in cash that is intended to constitute Section 162(m) Compensation that may be earned in any calendar
year shall not exceed $10,000,000. 
 (c) Settlement of Performance Awards; Other Terms. Settlement of Performance Awards
shall be in cash, Shares, other Awards, other property, or any combination thereof, in the discretion of the Committee. Performance Awards will be settled only after the end of the relevant Performance Period. The Committee may, in its discretion,
increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award but 

  
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may not exercise discretion to increase any amount payable to a Covered Employee in respect of a Performance Award intended to qualify as Section 162(m) Compensation. 

SECTION 10. Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to
Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that may influence the value of Shares, including convertible or exchangeable
debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or business units thereof or any other factors designated by the Committee.
The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 10 shall be purchased for such consideration, paid for at such times, by
such methods and in such forms, including cash, Shares, other Awards, other property, or any combination thereof, as the Committee shall determine, provided that the purchase price therefor shall not be less than the Fair Market Value of such Shares
on the date of grant of such right. 
 SECTION 11. Effect of Termination of Service 

Except as may otherwise specifically be provided in an Award Agreement, Awards granted hereunder shall be subject to the following
provisions in the event Participant incurs a Termination of Service while such Award is outstanding and prior to the settlement thereof. 
 (a) If a Participant incurs a Termination of Service as a result of his death or Disability, all unvested Awards shall become nonforfeitable on the date of such Termination of Service; Awards other than
SARs and Options shall be settled within 75 days of becoming nonforfeitable, and Options and SARs shall become exercisable and remain outstanding for one year from the date of Termination of Service. 

(b) Notwithstanding any other provision of the Plan or any Award Agreement, if a Participant incurs a Termination of Service by the
Company for Cause, all Awards shall be immediately cancelled. 
 (c) If (i) a Participant’s Termination of Service is
by reason of Retirement, (ii) in the case of a Participant employed by a Business Unit, the Participant’s Termination of Service is as a result of a Sale of such Business Unit, or (iii) a Participant who is employed primarily in
connection with a Business Unit but incurs a Termination of Service without Cause by the Company or a Qualifying Termination solely as a result of a Sale of such Business Unit (as determined by the Committee) during the twelve months following the
Sale of such Business Unit, all unvested Awards will become nonforfeitable on the date of such Termination of Service; Awards other than Options and SARs shall be 

  
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paid in accordance with their terms (including, without limitation, all applicable restrictive covenants) and Options and SARs shall be immediately exercisable and shall remain outstanding for
one year from the date of Termination of Service. Notwithstanding the foregoing, any Award intended to be Section 162(m) Compensation shall be paid only if applicable performance conditions are satisfied. 

(d) If a Participant incurs a Termination of Service by the Company without Cause or otherwise in a Qualifying Termination, all unvested
Awards, other than those portions of any Award scheduled to become nonforfeitable within the twelve months following the date of Termination of Service, shall be forfeited. Awards and portions thereof not forfeited in accordance with the preceding
sentence shall immediately become nonforfeitable; Awards other than Options and SARs shall be paid in accordance with their terms (including, without limitation, all applicable restrictive covenants) and Options and SARs shall be immediately
exercisable and shall remain outstanding for one year from the date of Termination of Service. Notwithstanding the foregoing, any Award intended to be Section 162(m) Compensation shall be paid only if applicable performance conditions are
satisfied. 
 (e) If a Participant’s Termination of Service is not described in Sections 11(a)-(d), all unvested Awards
shall be forfeited upon his Termination of Service. 
 SECTION 12. Effect Of Change In Control On Awards. 

 Notwithstanding the treatment of Awards provided in Section 11, in the event of a Change in Control, unless otherwise
specifically provided in an Award Agreement, outstanding Options and SARs shall be treated as described in subsection (a) and outstanding RSUs shall be treated as described in subsection (b). 

(a) (i) If in connection with the Change in Control, any outstanding Option or SAR is not continued in effect or converted into an option
to purchase or right with respect to stock of the survivor or successor parent corporation in a manner that complies with Sections 424 and 409A of the Code, such outstanding Option(s) and SAR(s) shall vest and become fully exercisable. 

(ii) If outstanding Options or SARs are continued or converted as described in subsection (a)(i), then upon the
occurrence of a Termination of Service by the Company without Cause or a Qualifying Termination of the Participant within twelve months following the Change in Control, such Options shall vest and become exercisable and shall remain exercisable for
one year. 
 (b) (i) If in connection with the Change in Control, any outstanding RSU is not continued in effect or converted
into a unit representing 

  
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an interest in stock of the survivor or successor parent corporation on a basis substantially equivalent to the consideration received by shareholders of the Company in connection with the Change
in Control, such outstanding RSU(s) shall vest and be immediately due and payable. 
 (ii) If any outstanding
RSU(s) is continued or converted as described in subsection (b)(i), then upon the occurrence of a Termination of Service by the Company without Cause or a Qualifying Termination of the holder thereof within twelve months following the Change in
Control, such RSU(s) shall vest in full and shall be immediately due and payable. 
 (c) For purposes of subsections
(a) and (b) hereof, no Option, SAR or RSU shall be treated as “continued or converted” on a basis consistent with the requirements of subsections (a)(i) or (b)(i), as applicable, unless the stock underlying such award after such
continuation or conversion consists of securities of a class that is widely held and publicly traded on a U.S. national securities exchange. 
 (d) This Section 12(d) shall apply if a Participant would be entitled to amounts under the Plan which, together with any other payments or benefits to such Participant, would constitute a
“parachute payment” as defined in Section 280G of the Code. Notwithstanding any provision of this Plan or any Award, payments in respect of any Award will be reduced (after first reducing any cash payment, excluding any cash payment
with respect to the acceleration of any Award, that is otherwise payable to the Participant and exempt from Section 409A of the Code and then reducing any other payments or benefits otherwise payable to the Participant on a pro rata
basis or in such other manner that complies with Section 409A of the Code) if and to the extent that such reduction would result in a greater “Net After-Tax Amount”, as hereinafter defined, than such Participant would be entitled to
in the absence of such reduction. For purposes hereof, “Net After-Tax Amount” shall mean the net amount of all amounts to which such Participant is entitled that would or could constitute a “parachute payment”, after
giving effect to all taxes applicable to such payments, including without limitation, any tax under Section 4999 of the Code. The determination of whether and how any such payment reduction shall be effected shall be made by a nationally
recognized accounting firm acceptable to the Participant and the Company. 
 SECTION 13. Restrictive Covenants.

 Except to the extent the provisions of any Award Agreement specifically provide to the contrary, by accepting an Award
hereunder, the Participant agrees to abide by the following covenants at all times that any Award is outstanding, and for a period of twenty-four months after the termination of employment. Each Participant further agrees, by acceptance of an Award,
that the breach of any such covenant during such period will entitle the Company to cancel the Award 

  
 15 

 
without consideration, and/or recoup and recover any amount previously paid or benefit realized upon exercise or settlement thereof. 

(a) Participant shall not at any time, directly or indirectly, whether on behalf of himself or herself or any other person or entity
(i) solicit any client and/or customer of the Company or any subsidiary with respect to a Competitive Activity; provided, however, that a subsidiary, division, segment, unit, etc. of the Participant’s subsequent employer(s) being in
direct competition with the Company or any subsidiary or affiliate shall not constitute a Competitive Activity so long as the Participant has no direct or indirect responsibility or involvement in such subsidiary, division, segment, unit, etc., or
(ii) solicit or employ any employee of the Company or any subsidiary, or any person who was an employee of the Company or any subsidiary during the 60-day period immediately prior to the Participant’s Termination of Service, for the
purpose of causing such employee to terminate his or her employment with the Company or such subsidiary. 
 (b) Participant
shall not disclose to anyone or make use of any trade secret or proprietary or confidential information of the Company, including such trade secret or proprietary or confidential information of any customer or client or other entity to which the
Company owes an obligation not to disclose such information, which he or she acquires during his or her employment with the company, including but not limited to records kept in the ordinary course of business, except: 

(i) as such disclosure or use may be required or appropriate in connection with his or her work as an employee of the
Company; or 
 (ii) when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him or her to divulge, disclose or make accessible such information; or 

(iii) as to such confidential information that become generally known to the public or trade without his or her violation
of this covenant; 
 (iv) to the Participant’s spouse, attorney, and/or his or her personal tax and
financial advisors as reasonably necessary or appropriate to advance the participant’s tax, financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of any
trade secret or proprietary or confidential information of the Company by an Exempt Person shall be deemed to be a breach of this Section 13(b) by the Participant. 

  
 16 

 (c) Participant shall not make any statements or express any views that disparage the
business reputation or goodwill of the Company and/or any of its subsidiaries, affiliates, investors, shareholders, officers, or employees. 
 (d) If a Participant violates or threatens to violate any provisions of this Section 13, the Company shall not have an adequate remedy at law. Accordingly, the Company shall be entitled to such
equitable and injunctive relief, without the posting of a bond, as may be available to restrain the Participant and any business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the
violation of the provisions of this Section 13. Nothing in the Plan shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity for breach or threatened breach of this Section 13, including
the recovery of damages. If the Company is successful in enforcing its rights under this provision, the affected Participant shall reimburse the Company for its legal fees and costs associated with such enforcement action. 

SECTION 14. General Provisions Applicable to Awards.  

(a) Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.

 (b) Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other
Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same
time as or at a different time from the grant of such other Awards or awards. 
 (c) Subject to the terms of the Plan, payments
or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, or any combination thereof, as determined by the Committee in its discretion, and may be
made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include provisions for the payment or crediting of
reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 
 (d) Except as may specifically be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award and no right under any Award shall be assignable, alienable, saleable or
transferable by a Participant otherwise than by will or pursuant to Section 14(e) and (ii) during a Participant’s lifetime, each Award, and each right under any Award, shall be exercisable only by the Participant or, if permissible
under applicable law, by the Participant’s guardian or legal representative, provided, however, that the Committee shall not permit, and an Award Agreement shall not provide for, any

  
 17 

 
Award to be transferred or transferable to a third party for value or consideration without the approval of shareholders. The provisions of this Section 14(d) shall not apply to any Award
that has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 
 (e) A Participant may designate a Beneficiary or change a previous Beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the
Committee for that purpose. 
 (f) All certificates for Shares and/or other securities delivered under the Plan pursuant to any
Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any
stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. 
 SECTION 15. Amendments and Termination.  

(a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the
Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without
(i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or (ii) the consent of the affected Participant, if such
action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable
law, stock market or exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve
its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations. 
 (b) The
Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or
Beneficiary of an Award; provided, however, that no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award theretofore granted under the Plan, except to the extent any
such action is made to cause the Plan to comply 

  
 18 

 
with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; provided further that, except as provided in Section 5(c), the
Committee shall not without the approval of the Company’s shareholders (a) lower the exercise price per Share of an Option or SAR after it is granted or take any other action that would be treated as a repricing of such Award under the
rules of the principal U.S. stock market on which the Company’s Shares are traded, or (b) cancel an Option or SAR when the exercise price per Share exceeds the Fair Market Value in exchange for cash or another Award (other than in
connection with a Change in Control); and provided further, that the Committee’s authority under this Section 15(b) is limited by the provisions of Section 14(d) and, in the case of Awards subject to Section 9(b), as
provided in Section 9(b). 
 (c) Except as provided in Section 9(b), the Committee shall be authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in
applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan. 
 (d) The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award
in the manner and to the extent it shall deem desirable to carry the Plan into effect. 
 SECTION 16. Miscellaneous.
 
 (a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to
provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in
any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement. 

(c) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation

  
 19 

 
arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 
 (d) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant
the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable withholding taxes due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the
Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.

 (e) If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in
any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan
and any such Award Agreement shall remain in full force and effect. 
 (f) Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award,
such right shall be no greater than the right of any unsecured general creditor of the Company. 
 (g) No fractional Shares
shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto
shall be canceled, terminated or otherwise eliminated. 
 (h) Awards may be granted to Participants who are foreign nationals or
employed or providing services outside the United States, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in the United States as may, in the judgment of the
Committee, be necessary or desirable to recognize differences in local law or tax policy. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax
equalization for Participants on assignments outside their home country. 

  
 20 

 SECTION 17. Effective Date of the Plan. The Plan shall be effective as of the
Effective Date. 
 SECTION 18. Term of the Plan. No Award shall be granted under the Plan after the earliest to
occur of (i) the tenth year anniversary of the Effective Date, (ii) the maximum number of Shares available for issuance under the Plan have been issued or (iii) the Board terminates the Plan in accordance with Section 15(a).
However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue or terminate
any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 
 SECTION 19. Regulatory Matters.  
 (a) With respect to Awards subject
to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of
Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be
interpreted and deemed amended so as to avoid this conflict.  
 (b) Awards hereunder may be subject to the requirements
of any Federal law or regulation that may govern executive compensation and apply to the Company, including but not limited to the American Recovery and Reinvestment Act of 2009 and regulations issued by the U.S. Department of the Treasury
thereunder and administered under the supervision and interpretation of the Office of the Special Master for TARP Executive Compensation. Notwithstanding any provision of Section 15 to the contrary, the Company will have the right to change
this Plan or any Award, or interpret their respective provisions, so as to comply with such requirements. 
 (c) Notwithstanding
any provision of this Plan to the contrary, any Award, and any amount of cash or Shares delivered in settlement thereof to a Participant under this Plan is subject to being called for repayment to the Company in accordance with the Company’s
policy on the recoupment of incentive compensation, as in effect from time to time, and as may be directed by the Special Master or otherwise required by any Federal law or regulation that may govern executive compensation and apply to the Company.

 SECTION 20. Governing Law. The Plan and each Award Agreement shall be governed by the laws of the State of
Michigan, without application of the conflicts of law principles thereof. 

  
 21Form of Ally Financial Inc. Employee Stock Purchase Plan

 Exhibit 10.28 
 FINAL 
 ALLY FINANCIAL INC. 

EMPLOYEE STOCK PURCHASE PLAN 
 (Effective             , 2011) 

 EMPLOYEE STOCK PURCHASE PLAN 

1. Purpose. The purpose of the Plan is to provide employees of the Company, its Designated Subsidiaries, and Designated Affiliates
with an opportunity to purchase Shares. This Plan includes two components: a Code Section 423 Component (the “423 Component”) for U.S.-based employees and a non-Code Section 423 Component (the “Non-423 Component”) for
employees based outside the U.S. The Plan’s terms are defined in Section 2 below. 
 (a) The 423 Component of the Plan
is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Accordingly, the 423 Component will be construed so as to extend and limit participation in a uniform and nondiscriminatory basis consistent
with the requirements of Section 423 of the Code. 
 (b) Purchase rights under the Non-423 Component will be granted
pursuant to rules, procedures, or sub-plans set forth by the Company so as to achieve such tax, legal, or other objectives for Eligible Employees and the Company as the Company deems appropriate. Except as otherwise provided in this Plan, the
Non-423 Component will operate and be administered in the manner that is consistent with the 423 Component. 
 2.
Definitions. 
 (a) “Affiliate” means (a) any entity that, directly or indirectly, is controlled
by, controls or is under common control with, the Company and (b) any entity in which the Company has a significant equity interest, whether now or hereafter existing. 
 (b) “Board” means the Board of Directors of the Company. 
 (c)
“Change in Control” means: 
  

	 	(i)	a change in the ownership of the Company in accordance with Treasury Regulation Section 1.409A-3(i)(5)(v); or 

 

	 	(ii)	a change in effective control of the Company in accordance with Treasury Regulation Section 1.409A-3(i)(5)(vi); or 

 

	 	(iii)	a change in the ownership of a substantial portion of the Company’s assets in accordance with Treasury Regulation Section 1.409A-3(i)(5)(vii).

 (d) “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder. 
 (e) “Committee” means the Compensation Nominating and Governance Committee of the
Board. 
 (f) “Company” means Ally Financial Inc., a Delaware corporation. 

(g) “Compensation” means base pay, whether paid in cash, salary stock, or deferred cash, including regular base salary,
overtime pay, regularly paid wage premiums (such as evening or shift premiums), and commissions, but excluding income from stock options or equity 

  
 - 2 -

 EMPLOYEE STOCK PURCHASE PLAN 

 

 
compensation awards, bonuses, and other compensation that is not part of base pay, unless otherwise determined by the Committee. For Participants outside the U.S., Compensation also
includes 13th/14th month payments or similar concepts under applicable local law and
such other wage components as determined by the Committee. The Committee may not delegate its responsibility regarding the meaning of “Compensation”. 
 (h) “Designated Affiliate” means any Affiliate selected by the Committee as eligible to participate in the Non-423 Component. The Committee may not delegate this responsibility.

 (i) “Designated Subsidiary” means any Subsidiary selected by the Committee as eligible to participate in the
423 Component. The Committee may not delegate this responsibility. 
 (j) “Director” means a member of the
Board. 
 (k) “Effective Date” means the date the Plan becomes effective in accordance with Section 24.

 (l) “Eligible Employee” means any individual who is treated as an active employee in the records of the
Company, any Designated Subsidiary, or any Designated Affiliate, as applicable, in each case regardless of any subsequent reclassification by the Company, any Designated Subsidiary, any Designated Affiliate, any governmental agency, or any court;
provided, however, in all cases, only after the first month following the completion of at least 30 days of service as an active employee of the Company, Designated Subsidiary, or Designated Affiliate. 

 

	 	(i)	The Company may, prior to a particular Offering Date for a particular Offering and for all purchase rights to be granted on such Offering Date under such Offering,
determine that the definition of Eligible Employee will or will not include an individual if such individual customarily works not more than twenty (20) hours per week or not more than five (5) months in any calendar year (or, in each
case, such lesser period of time as the Company may determine); provided, however that any such exclusion is applied with respect to each Offering in a uniform manner to all similarly-situated employees who otherwise would be Eligible
Employees for that Offering. 

  

	 	(ii)	For purposes of the 423 Component, the employment relationship will be treated as continuing intact while the individual is on military or sick leave or other bona fide
leave of absence approved by the Company or the Designated Subsidiary so long as the leave does not exceed three (3) months or if longer than three (3) months, the individual’s right to reemployment is provided by statute or has been
agreed to by contract or in a written policy of the Company or the Designated Subsidiary which provides for a right of reemployment following the leave of absence. 

  
 - 3 -

 EMPLOYEE STOCK PURCHASE PLAN 

 

	 	(iii)	The employment relationship will be treated as continuing intact where an Eligible Employee transfers employment between the Company, Designated Subsidiaries, or
Designated Affiliates; provided, however, that an individual who is not employed by the Company or a Designated Subsidiary on the Offering Date and through a date that is no more than three (3) months prior to the Purchase Date may
participate only in the Non-423 Component unless the individual continues to have a right to reemployment with the Company or a Designated Subsidiary provided by statute or contract or in a written policy of the Company which provides for a right of
reemployment following the leave of absence. 

  

	 	(iv)	The Company may establish rules to govern other transfers into the 423 Component, and between any separate Offerings consistent with the applicable requirements of
Section 423 of the Code. 

 (m) “Fair Market Value” means, with respect to the Shares, as of
any date, (i) the closing per-share sales price of the Shares (A) as reported by the NYSE composite tape for such date or (B) if the Shares are no longer listed on the NYSE but are listed on any other national stock exchange or
national market system, as reported on the stock exchange composite tape for securities traded on such exchange for such date, or, with respect to each of clauses (A) and (B), if there were no sales on such date, on the closest preceding date
on which there were sales of Shares, or, (ii) in the event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith by the Company upon the reasonable application of a
reasonable valuation method. 
 (n) “NYSE” means the New York Stock Exchange or any successor thereto.

 (o) “Offering” means an offer under the Plan of a purchase right that may be exercised during an Offering
Period as further described in Section 2(q). For purposes of this Plan, the Company may designate separate Offerings under the Plan (the terms of which need not be identical) in which Eligible Employees, or subsets thereof, will participate,
even if the dates of the applicable Offering Periods of each such Offering are identical. 
 (p) “Offering
Date” means the first Trading Day of each Offering Period. 
 (q) “Offering Period” means for any
period following the Initial Offering Period as defined in Section 4, a period of six months during which a purchase right granted pursuant to the Plan may be offered, or such different period for the offer of the purchase right as may be
established by the Committee. In no event may an Offering Period exceed 27 months. The duration and timing of Offering Periods may be changed pursuant to Section 4. 
 (r) “Parent” means a “parent corporation” of the Company whether now or in the future as defined in Section 424(e) of the Code. 

(s) “Participant” means any Eligible Employee who participates in the Plan as described in Section 5. 

  
 - 4 -

 EMPLOYEE STOCK PURCHASE PLAN 

 

 (t) “Participation Election” means any written agreement(s), form(s),
contract(s), or other instrument(s) or document(s) (in each case in paper or electronic form) established by and satisfactory to the Company evidencing that an Eligible Employee has elected to become a Participant in the Plan, which may, but need
not necessarily, require execution by a Participant. 
 (u) “Plan” means the Ally Financial Inc. Employee Stock
Purchase Plan, including both the 423 Component and Non-423 Component. 
 (v) “Purchase Date” means the last
Trading Day of each Offering Period. 
 (w) “Purchase Price” means a per-Share amount to be paid by a
Participant to purchase a Share on any Purchase Date. Such Purchase Price will be no less than the lower of (i) eighty-five percent (85%) of the Fair Market Value of a Share on the Offering Date for the relevant Offering Period or
(ii) eighty-five percent (85%) of the Fair Market Value of a Share on the Purchase Date for the relevant Offering Period. Such Purchase Price may be established by the Committee by any manner or method the Committee determines and subject
to (i) with respect to the 423 Component, compliance with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), or (ii) with respect to the Non-423 Component, such
manner or method as determined by the Committee to comply with applicable local law. 
 (x) “Share” means a
share of common stock of the Company or such other security of the Company (i) into which such share will be changed by reason of a recapitalization, merger, consolidation, split-up, combination, exchange of shares or other similar transaction,
or (ii) as may be determined by the Company. 
 (y) “Subsidiary” means a “subsidiary
corporation” of the Company whether now or in the future existing, as defined in Section 424(f) of the Code. 
 (z)
“Trading Day” means a day on which the NYSE or, if the Shares are no longer listed on the NYSE, but are listed on any other national stock exchange or national market system, a day on which such other national stock exchange or
national market system on which the Shares are listed is open for trading. 
 3. Eligibility. Any Eligible Employee on a
given Offering Date is eligible to participate in the Plan; provided, however, that employees who are citizens or residents of a non-U.S. jurisdiction may be excluded from participation in the Plan or an Offering if participation is
prohibited under applicable local law or if complying with applicable local laws would cause the Plan or an Offering to violate Section 423 of the Code. Further, notwithstanding any provisions of the Plan to the contrary, no Eligible Employee
may be granted a purchase right under the 423 Component of the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to
Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding purchase rights to purchase capital stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the
capital stock of the Company or of any Subsidiary, or (ii) to the extent that his or her rights to purchase capital stock under all employee stock purchase plans of the 

  
 - 5 -

 EMPLOYEE STOCK PURCHASE PLAN 

 

 
Company and its subsidiaries accrues at a rate that exceeds Twenty-Five Thousand Dollars (US$25,000) worth of such stock (determined at the fair market value of the shares of such stock at the
time such purchase right is granted) for each calendar year in which such purchase right is both outstanding and exercisable. 

4. Offering Periods. The Initial Offering Period under the Plan will commence as soon as practicable after the consummation of the
Company’s initial public offering. Subsequently, the Plan will be implemented by consecutive Offering Periods with a new Offering Period commencing approximately every six months, as determined by the Committee. Within the limitations set forth
in Section 2(q), the Committee will have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future Offerings without stockholder approval if such change is announced prior to the
scheduled beginning of the first Offering Period to be affected thereafter; provided however, that the Initial Offering Period may not expire less than six months after the consummation of the Company’s initial public offering. The Committee
may not delegate this responsibility. 
 5. Participation. An Eligible Employee may become a Participant in the Plan by
completing, within any prescribed enrollment period prior to the applicable Offering Date, a Participation Election. 
 6.
Payroll Deductions or Contributions. 
 (a) At the time a Participant completes any Participation Election, he or she may
elect to have payroll deductions made on each pay day during the Offering Period in an amount not exceeding 10% of the Compensation that he or she receives on each pay day during the Offering Period; provided, however, that should a pay day
occur on a Purchase Date, a Participant will have the payroll deductions made on such day applied to his or her account under the new Offering Period, unless otherwise provided by the Company and subject to withdrawal by the Participant as provided
in Section 10. The Company may permit Eligible Employees participating in a specified Offering to contribute amounts to the Plan through payment by cash, check or other means to comply with non-U.S. requirements; provided, however, that
such contributions do not exceed 10% of the Compensation received each pay day, during the Offering Period. If elected by the Participant, enrollment in the Plan remains in effect for successive Offering Periods unless terminated as provided in
Section 10. 
 (b) Payroll deductions or contributions, as applicable, for a Participant will commence on the first day of
the full pay period on or following the Offering Date and end on the last pay day as determined by the Company in the Offering Period to which such authorization is applicable (subject to subsection 6(a)), unless sooner terminated by the Participant
as provided in Section 10. 
 (c) Any payroll deductions or contributions made by a Participant will be in whole
percentages only. 
 (d) A Participant may discontinue his or her participation in the Plan as provided in Section 10 by
completing any forms and following any procedures for withdrawal from the Plan as may be established by the Company. However, except to the extent necessary to comply with 

  
 - 6 -

 EMPLOYEE STOCK PURCHASE PLAN 

 

 
Section 423(b)(8) of the Code as described in Section 3, a Participant’s payroll deductions or contributions may not be increased or decreased during an Offering Period.

 (e) At the time that Shares are purchased under the Plan, or at the time some or all of the Shares issued under the Plan are
disposed of, the Participant must make adequate provision for the Company’s, its Subsidiary’s, or its Affiliate’s federal, state, or any other tax liability payable to any authority, national insurance, social security,
payment-on-account or other tax obligations, if any, which arise as a result of participation in the Plan, including any liability of the Participant to pay an employer tax or social insurance contribution obligation which liability has been shifted
to the Participant as a matter of law or contract. At any time, the Company, Subsidiary, or Affiliate, as applicable, may, but is not be obligated to, withhold from the Participant’s Compensation the amount necessary for the Company,
Subsidiary, or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make available to the Company, its Subsidiary, or Affiliate, as applicable, any tax deductions or benefits attributable to
sale or early disposition of Shares by the Eligible Employee. In addition, the Company, its Subsidiary, or Affiliate, as applicable, may withhold from the proceeds of the sale of Shares (i) a sufficient whole number of Shares otherwise issuable
following purchase having an aggregate fair market value to pay applicable withholding obligations or (ii) by any other means set forth in the applicable Participation Election. Where necessary to avoid negative accounting treatment, the
Company, its Subsidiary, or Affiliate will withhold taxes at the applicable statutory minimum withholding rates. 
 7. Grant
of Purchase Right. On the Offering Date of each Offering Period, each Eligible Employee participating in such Offering Period will be granted a right to purchase on each Purchase Date during such Offering Period (at the applicable Purchase
Price) up to a number of Shares determined by dividing such Eligible Employee’s payroll deductions or contributions accumulated prior to such Purchase Date by the applicable Purchase Price; provided, however, that in no event will an
Eligible Employee be permitted to purchase during each Offering Period more than 100,000 Shares subject to adjustment pursuant to Section 15, and provided further that such purchase is subject to the limitations set forth in Sections 3
and 14. The Committee may, for future Offering Periods, increase or decrease the maximum number of Shares that an Eligible Employee may purchase during each Offering Period. The Committee may not delegate this responsibility. The purchase of Shares
pursuant to the purchase right will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. Each purchase right expires on the last day of the Offering Period. 

8. Purchase of Shares. 
 (a) Unless a Participant withdraws from the Plan as provided in Section 10, on the Purchase Date, the maximum number of Shares as may be purchased with the accumulated payroll deductions or
contributions in the Participant’s account will be purchased for such Participant at the applicable Purchase Price, subject to the limitations in Section 7 and Section 8(b). Fractional shares may not be purchased and in such event,
any payroll deductions or contributions accumulated in a Participant’s account which are not sufficient to purchase a full Share will, at the discretion of the Company, be returned to the Participant or be retained in the Participant’s
account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. During a 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 
Participant’s lifetime, Shares may be purchased pursuant to the Participant’s purchase right only by the Participant. 

(b) No Participant in the 423 Component of the Plan is permitted to purchase shares under all employee stock purchase plans of the
Company and its subsidiaries at a rate that exceeds $25,000 in Fair Market Value (determined at time the purchase right is granted) for each calendar year in which any stock purchase right is both outstanding and exercisable. 

(c) If the Company determines that, on a given Purchase Date, the number of Shares with respect to which purchase rights are to be
exercised may exceed (i) the number of Shares that were available for sale under the Plan on the Offering Date of the applicable Offering Period, or (ii) the number of Shares available for sale under the Plan on such Purchase Date, the
Company may make a pro-rata allocation of the Shares available for purchase on such Purchase Date in as uniform a manner as practicable to be equitable among all Participants exercising purchase rights on such Purchase Date. The Company may make a
pro-rata allocation of the Shares available on the Offering Date of any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the Company’s
stockholders subsequent to such Offering Date. 
 9. Delivery. By enrolling in the Plan, each Participant is deemed to
have authorized the establishment of a brokerage account on his or her behalf at a securities brokerage firm selected by the Company. As soon as reasonably practicable after each Purchase Date on which a purchase of Shares occurs, the Company will
arrange for the delivery to each Participant of the Shares purchased upon exercise of his or her purchase right to the Participant’s brokerage or Plan share account in a form determined by the Company. Notwithstanding any other provision of the
Plan, unless otherwise determined by the Company or required by any applicable law, rule or regulation, the Company will not deliver to any Participant certificates evidencing Shares issued in connection with any purchase under the Plan, and instead
such Shares will be recorded in the books of the brokerage firm selected by the Company, its transfer agent, or such other outside entity which is not a brokerage firm. 
 10. Withdrawal. 
 (a) A Participant may decide not to purchase Shares on a
given Purchase Date and opt to withdraw all, but not less than all, the payroll deductions or contributions credited to his or her account and not yet used to purchase Shares under the Plan by giving notice in a form or manner and time prescribed by
the Company prior to each Purchase Date. All of the Participant’s payroll deductions or contributions credited to his or her account will (i) be retained in Participant’s account and used to purchase Shares at the next Purchase Date
or (ii) be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and such Participant’s purchase right for the Offering Period will be terminated automatically, and no further payroll deductions
or contributions for the purchase of Shares shall be made for such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions or contributions will not resume at the beginning of the succeeding Offering Period unless he
or she completes the process to re-enroll in the Plan. 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 (b) A Participant’s withdrawal from an Offering Period will have no effect upon his
or her eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offerings which commence after the termination of the Offering Period from which he or she has withdrawn. 

11. No Right to Employment. Participation in the Plan may not be construed as giving a Participant the right to be retained as an
employee of the Company, Subsidiary, or Affiliate, as applicable. 
 12. Termination of Employment. Unless otherwise
determined by the Company, upon a Participant’s employment termination for any reason, he or she will be deemed to have elected to withdraw from the Plan and the payroll deductions or contributions credited to such Participant’s account
during the Offering Period but not yet used to purchase Shares under the Plan will be returned to such Participant or, in the case of his or her death, to the person(s) entitled under Section 17, and such Participant’s purchase right will
be terminated automatically. 
 13. Interest. No interest will accrue on the contributions of a Participant in the Plan,
except as may be required by applicable law or as determined by the Company. If interest is required to accrue by the laws of a particular jurisdiction, such interest will apply to all Participants in the relevant Offering except to the extent
exclusion is permitted by U.S. Treasury Regulation Section 1.423-2(f). 
 14. Shares Available for Purchase
under the Plan. 
 (a) Basic Limitation. Subject to adjustment pursuant to Section 15, the aggregate number of
Shares authorized for sale under the Plan is             . For avoidance of doubt, the limitation set forth in this section may be used to satisfy purchases of Shares under
either the 423 Component or the Non-423 Component. 
 (b) Rights as an Unsecured Creditor. Until the Shares are issued
(as evidenced by the appropriate entry on the books of the Company or of a duly-authorized transfer agent of or broker selected by the Company), a Participant will only have the rights of an unsecured creditor with respect to such Shares, and no
right to vote or receive dividends or any other rights as a stockholder will exist with respect to such Shares. 
 (c)
Sources of Shares Deliverable at Purchase. Any Shares issued after purchase may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 
 15. Adjustments for Changes in Capitalization and Similar Events. 
 (a)
Changes in Capitalization. Subject to any required action by the stockholders of the Company, the maximum number of Shares that may be made available for sale under the Plan, the maximum number of Shares that each Participant may purchase
during the Offering Period (pursuant to Section 7) or over a calendar year under the $25,000 limitation (pursuant to Section 8(b)), and the per Share price used to determine the Purchase Price will be proportionately adjusted for any
increase or decrease in the number of issued Shares resulting from any nonreciprocal transaction between the Company and its stockholders, (such as a stock dividend, stock split, spin-

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 
off, rights offering or recapitalization through a large, nonrecurring cash dividend), that affects the Shares (or other securities of the Company) or the price of Shares (or other securities)
and causes a change in the per share value of the Shares underlying outstanding purchase rights. Such adjustment will be made by the Committee, whose determination in that respect is final, binding and conclusive. The Committee may not delegate its
authority to make adjustments pursuant to this paragraph. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class will affect, and no adjustment by
reason thereof may be made with respect to, the number or price of Shares subject to a purchase right. 
 (b) Dissolution or
Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress will be shortened by setting a new Purchase Date (the “New Purchase Date”), and terminate immediately prior to
the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Company. The New Purchase Date will occur before the date of the Company’s proposed dissolution or liquidation. The Company will notify each
Participant in writing, at least ten (10) U.S. business days prior to the New Purchase Date, that the Purchase Date for the Participant’s purchase right has been changed to the New Purchase Date and that Shares will be purchased
automatically for the Participant on the New Purchase Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10. 
 (c) Change in Control. In the event of a Change in Control, the Offering Period then in progress will be shortened by setting a New Purchase Date and will end on the New Purchase Date. The New
Purchase Date will be before the date of the Company’s proposed merger or Change in Control. The Company will notify each Participant in writing, at least ten (10) U.S. business days prior to the New Purchase Date, that the Purchase Date
for the Participant’s purchase right has been changed to the New Purchase Date and that Shares will be purchased automatically for the Participant on the New Purchase Date, unless prior to such date the Participant has withdrawn from the
Offering Period as provided in Section 10. The Committee may provide for an alternative process in regard to any Offering Period in progress at the time of the Change in Control that provides Participants with the economic equivalent (as
determined by the Committee in its sole discretion) of the benefits contemplated in this Section 15(c). 
 16.
Administration. 
 (a) Authority of the Committee. Subject to the terms of the Plan and applicable law, the
Committee has the discretionary authority on behalf of the Company to: 
  

	 	(i)	interpret, construe, apply, and make final determinations (include fact finding) regarding the Plan; 

 

	 	(ii)	resolve any and all disputes and questions that may arise under the Plan; 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

	 	(iii)	adopt rules of procedure, administrative guidelines, and take such other actions as may be necessary to implement and consistent with the terms of the Plan;

  

	 	(iv)	construe, interpret, reconcile any inconsistency in, correct any default in, and supply any omission in the Plan; 

 

	 	(v)	apply the terms of the Plan and any Participation Election or other instrument or agreement relating to the Plan; 

 

	 	(vi)	determine eligibility under the Plan, including whether Eligible Employees may participate in the 423 Component or the Non-423 Component and which entities will be
Designated Subsidiaries or Designated Affiliates; 

  

	 	(vii)	determine the terms and conditions of any purchase right to purchase Shares under the Plan; 

 

	 	(viii)	establish, amend, suspend or waive such rules and regulations and appoint such agents as it deems appropriate for the proper administration of the Plan;

  

	 	(ix)	amend an outstanding purchase right or grant a replacement purchase right for a purchase right previously granted under the Plan if, in the Committee’s discretion,
it determines that: 

 (A) the tax consequences of such purchase right to the Company or the Participant differ
from those consequences that were expected to occur on the date the purchase right was granted; or 
 (B) clarifications or
interpretations of, or changes to, tax law or regulations permit purchase rights to be granted that have more favorable tax consequences other than initially anticipated; and 

 

	 	(vi)	make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

(b) Delegation. Except as otherwise provided in the Plan, the Committee may delegate such of its administrative responsibilities
as it deems appropriate provided such delegation is in writing. 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

	 	(i)	As of the Effective Date, by this Plan document, the Committee delegates to the Company’s Chief Human Resources Officer & Group Vice President, the Senior
Vice President, Total Rewards, and such of their direct reports as either deems appropriate, the authority to administer the Plan consistent with its terms, subject to any limitations set forth in the Plan, and subject to further review as the
Committee deems appropriate. 

  

	 	(ii)	Persons to whom the Committee delegates its authority have, subject to the Committee’s reviewing authority, the same authority as the Committee with regard to Plan
administration. 

  

	 	(iii)	Written sub-delegations are permitted. 

 (c) Non-423 Component. Notwithstanding any provision to the contrary in this Plan, the Company may adopt rules or procedures relating to the operation and administration of the Plan to accommodate
the specific requirements of local laws and procedures for jurisdictions outside of the U.S. Without limiting the generality of the foregoing, the Company specifically is authorized to adopt rules, procedures and sub-plans, which, for purposes of
the Non-423 Component, may be outside the scope of Section 423 of the Code, regarding, without limitation, eligibility to participate, the definition of Compensation, handling of payroll deductions, making of contributions to the Plan
(including, without limitation, in forms other than payroll deductions), establishment of bank or trust accounts to hold payroll deductions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of
beneficiary-designation requirements, withholding procedures and handling of Share issuances, which may vary according to local requirements. 
 (d) Decisions. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with respect to the Plan or any purchase right to
purchase Shares granted under the Plan made by the Committee or its delegate will be final, conclusive, and binding upon all persons, including the Company, Designated Subsidiary, Designated Affiliate, Participant, Eligible Employee, or any
beneficiary of such person, as applicable. 
 (e) Indemnification. To the extent allowable pursuant to applicable law,
the Board, each Director, the Committee, the Company’s Chief Human Resources Officer & Group Vice President, the Vice President, Total Rewards, and such of their direct reports to whom authority has been delegated under this Plan (each
such person, a “Covered Person”) will be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such Covered Person in connection with or resulting
from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in
satisfaction of judgment in such action, suit, or proceeding against him or her; provided, however, that he or she has acted in accordance with his or her duties and responsibilities to the Company under applicable law, and provided
that he or she gives the Company an opportunity, at its own expense, to handle and defend any claim, action, suit, or proceeding to which 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 
he or she is a party before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of
indemnification to which such Covered Persons may be entitled pursuant to the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

 17. Death. Unless otherwise provided in an enrollment form or procedures established by the Company from time to time,
in the event of the Participant’s death, any accumulated payroll deductions and other contributions not used to purchase Shares will be paid to and any Shares credited to his or her brokerage or Plan share account will be transferred to
Participant’s heirs or estate as soon as reasonably practicable following the Participant’s death. 
 18.
Transferability. Payroll deductions, contributions credited to a Participant’s account, and any other rights with regard to the purchase of Shares pursuant to a purchase right or to receive Shares under the Plan may not be assigned,
alienated, pledged, attached, sold or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 17). Any such attempt at assignment, transfer, pledge or other disposition will be
without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10. 
 19. Use of Funds. All payroll deductions or contributions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company is not obligated to
segregate such payroll deductions or contributions except as may be required by applicable local law, as determined by the Company, and if so required by the laws of a particular jurisdiction, will apply to all Participants in the relevant Offering
except to the extent otherwise permitted by U.S. Treasury Regulation Section 1.423-2(f). Until Shares are issued, Participants will only have the rights of an unsecured creditor, although Participants in specified Offerings may have
additional rights where required under local law, as determined by the Company. 
 20. Amendment and Termination.

 (a) Subject to any applicable law or government regulation and to the rules of the NYSE or any successor exchange or
quotation system on which the Shares may be listed or quoted, the Plan may be amended, modified, suspended or terminated by the Board without the approval of the shareholders of the Company. This termination authority may not be further delegated.
Except as provided in Section 15, no amendment may make any change in any purchase right previously granted which adversely affects the rights of any Participant or any beneficiary, as applicable, without the consent of the affected Participant
or beneficiary. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law, regulation or stock exchange rule), the Company will obtain shareholder approval of any amendment in
such a manner and to such a degree as required. 
 (b) Without shareholder approval and without regard to whether any
Participant rights may be considered to have been “adversely affected,” the Committee may change the Offering Periods, limit the frequency or number of changes in the amount withheld during an Offering Period, establish the exchange rate
applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant to adjust for delays or 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 
mistakes in the Company’s processing of any properly completed Participation Election(s), establish reasonable waiting and adjustment periods, accounting, or crediting procedures to ensure
that amounts applied toward the purchase of Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Committee determines. The powers
referred to in this Section 20(b) may not be delegated. 
 21. Notices. All notices or other communications by a
Participant to the Company under or in connection with the Plan will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt
thereof. 
 22. Conditions Upon Issuance of Shares. 

(a) Shares may not be issued with respect to a purchase right unless the purchase of Shares pursuant to such purchase right and the
issuance and delivery of such Shares comply with applicable law. This may include, without limitation, U.S. and non-U.S. laws, state and local laws, the rules and regulations promulgated under U.S. securities laws, and the requirements of any stock
exchange upon which the Shares may then be listed. Share issuance is subject to the approval of counsel for the Company with respect to such compliance. Any payroll deductions or contributions will be promptly refunded to the relevant Participant or
beneficiary, as applicable. 
 (b) As a condition to the purchase of Shares pursuant to a purchase right, the Company may
require the person on whose behalf Shares are purchased to represent and warrant at the time of any such purchase that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the
opinion of counsel for the Company, such a representation is required by any of the applicable provisions of law described in subsection (a) above. 
 23. Share Issuance. All Shares delivered under the Plan pursuant to the exercise of a purchase right to purchase Shares are subject to such stop-transfer orders and other restrictions as the
Company may deem advisable under the Plan or the rules, regulations, and other requirements of the U.S. Securities and Exchange Commission, the NYSE or any other stock exchange or quotation system upon which such Shares or other securities are then
listed or reported and any applicable Federal or state laws, and the Company may take whatever steps are necessary to effect such restrictions. 
 24. Term of Plan. The Plan is effective upon the latter of its adoption by the Board or its approval by the stockholders of the Company. Unless sooner terminated by the Board in accordance with
Section 20, the Plan will terminate on the date on which all purchase rights are exercised in connection with a dissolution or liquidation pursuant to Section 15(b) or Change in Control pursuant to Section 15(c). No further purchase
rights will be granted or Shares purchased, and no further payroll deductions or contributions will be collected under the Plan following such termination. 
 25. Stockholder Approval. The Plan will be subject to the approval by stockholders of the Company within twelve (12) months prior to or after the Effective Date. Such shareholder approval will
be obtained in the manner and to the degree required under applicable law. 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 26. Code Section 409A; Tax Qualification. 

(a) Purchase rights granted under the 423 Component are exempt from the application of Section 409A of the Code. Purchase rights
granted under the Non-423 Component to U.S. taxpayers are intended to be exempt from the application of Section 409A under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent.
Subject to Section 26(b), purchase rights granted to U.S. taxpayers under the Non-423 Component are subject to such terms and conditions that will permit such purchase rights to satisfy the requirements of the short-term deferral exception
available under Section 409A, including the requirement that the Shares subject to a purchase right be delivered within the short-term deferral period. Subject to Section 26(b), in the case of a Participant who would otherwise be subject
to Section 409A, to the extent the Company determines that a purchase right or the exercise, payment, settlement or deferral thereof is subject to Section 409A, the purchase right will be granted, exercised, paid, settled or deferred in a
manner that will comply with Section 409A, including Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the
Effective Date. Anything in the foregoing to the contrary notwithstanding, the Company shall have no liability to a Participant or any other party if the purchase right that is intended to be exempt from, or compliant with Section 409A is not
so exempt or compliant or for any action taken by the Company with respect thereto. 
 (b) Although the Company may endeavor to
(i) qualify a purchase right for favorable tax treatment under the laws of the U.S. or jurisdictions outside of the U.S. or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation
to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Section 26(a). The Company is not constrained in its corporate
activities without regard to the potential negative tax impact on Participants under the Plan. 
 27. Severability. If
any particular provision of this Plan is found to be invalid or otherwise unenforceable, such determination will not affect the other provisions of the Plan, but the Plan will be construed in all respects as if such invalid provision is omitted.

 28. Governing Law. Except to the extent that provisions of this Plan are governed by applicable provisions of the Code
or any other substantive provision of federal law, this Plan will be construed in accordance with the laws of the State of Michigan, without giving effect to Michigan’s conflict of laws principles. 

29. TARP Compliance. The Plan is intended to comply fully with the Emergency Economic Stabilization Act of 2008
(“EESA”), the American Recovery and Reinvestment Act of 2009 (“ARRA”), the rules and regulations of the Troubled Asset Relief Program, and any other federal law or regulation that may govern executive compensation to the extent
that, and for as long as, such statutes, rules, and regulations are applicable to the Company. The Company may unilaterally take whatever actions, or refrain from taking any action, that it considers in its sole discretion is necessary to comply
with these requirements. 

  
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 EMPLOYEE STOCK PURCHASE PLAN 

 

 30. Headings. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings may not be deemed in any way material or relevant to the construction or interpretation of the Plan. 

  
 - 16 -

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