Document:

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EXHIBIT
10(T)

GENERAL MOTORS

DEFERRED COMPENSATION PLAN FOR EXECUTIVE EMPLOYEES

Table of Contents

	 	 	 	 	 	 	 
	ARTICLE I	 	 	INTRODUCTION
	 
	 	 	 	 	 	 
	 

	 	 	1.01	 	 	Name
	 

	 	 	1.02	 	 	Purpose
	 

	 	 	1.03	 	 	Effective Date
	 
	 	 	 	 	 	 
	ARTICLE II	 	 	DEFINITIONS
	 
	 	 	 	 	 	 
	ARTICLE III	 	 	ELIGIBILITY AND ELECTION TO DEFER
	 
	 	 	 	 	 	 
	 

	 	 	3.01	 	 	Eligibility
	 

	 	 	3.02	 	 	Deferral Amounts
	 

	 	 	3.03	 	 	Election Timing
	 

	 	 	3.04	 	 	Election to Defer
	 

	 	 	3.05	 	 	Designation of Beneficiaries
	 
	 	 	 	 	 	 
	ARTICLE IV	 	 	ACCOUNTS AND INVESTMENT OPTIONS
	 
	 	 	 	 	 	 
	 

	 	 	4.01	 	 	Establishment of Accounts
	 

	 	 	4.02	 	 	Nature of Accounts and Earnings
	 

	 	 	4.03	 	 	Investment Options
	 

	 	 	4.04	 	 	Treatment of Deferrals
	 

	 	 	4.05	 	 	Transfers Within an Account(s) Eligible for Multiple Investment Options
	 
	 	 	 	 	 	 
	ARTICLE V	 	 	DISTRIBUTIONS
	 
	 	 	 	 	 	 
	 

	 	 	5.01	 	 	Exclusive Entitlement to Distribution
	 

	 	 	5.02	 	 	Timing of Valuation
	 

	 	 	5.03	 	 	Six Month Delay of Distribution for Specified Employees
	 

	 	 	5.04	 	 	Reduction of Distribution
	 

	 	 	5.05	 	 	Form and Timing of Distributions
	 

	 	 	5.06	 	 	Unscheduled Distributions, Forfeiture, and Financial Hardships
	 
	 	 	 	 	 	 
	ARTICLE VI	 	 	MISCELLANEOUS
	 
	 	 	 	 	 	 
	 

	 	 	6.01	 	 	Plan Administration
	 

	 	 	6.02	 	 	Appeal Procedure
	 

	 	 	6.03	 	 	Rights Not Assignable
	 

	 	 	6.04	 	 	Inability to Locate Participants and Beneficiaries
	 

	 	 	6.05	 	 	Withholding Taxes
	 

	 	 	6.06	 	 	Certain Rights Reserved
	 

	 	 	6.07	 	 	Severability
	 

	 	 	6.08	 	 	Titles and Headings Not to Control
	 

	 	 	6.09	 	 	Governing Law
	 

	 	 	6.10	 	 	Limitations
	 

	 	 	6.11	 	 	Statements of Account
	 

	 	 	6.12	 	 	Administrative Expense

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ARTICLE I

INTRODUCTION

	1.01.	 	Name.
	 
	 	 	The Plan shall be known as the General Motors Deferred Compensation Plan for Executive Employees.
	 
	1.02.	 	Purpose.
	 
	 	 	The purpose of the Plan is to provide Eligible Employees the opportunity to defer receipt of a portion of any of their
Eligible Payment(s), including base salary, an Annual Incentive Plan Award, Long-Term Incentive Plan Award, Cash-Based
Restricted Stock Unit Plan Award, and/or any other compensation related payment permitted by the Plan Administrator in
accordance with Section 3.03.
	 
	1.03.	 	Effective Date.
	 
	 	 	The Plan as amended on November 13, 2007, shall be effective January 1, 2008.

ARTICLE II

DEFINITIONS

Unless the context clearly indicates otherwise, the following terms, when used in capitalized form
in the Plan, shall have the meanings set forth below.

	2.01.	 	Account. “Account” or “Accounts” shall mean the hypothetical book-entry Retirement Account
and Optional Account(s) established by General Motors for a Participant with respect to a
Participant’s Deferral.
	 
	2.02.	 	Annual Incentive Plan. “Annual Incentive Plan” shall mean the General Motors 2007 Annual
Incentive Plan and any successor plan.
	 
	2.03.	 	Annual Incentive Plan Award. “Annual Incentive Plan Award” shall mean any award granted
under the Annual Incentive Plan.
	 
	2.04.	 	Article. “Article” shall mean an article of the Plan.
	 
	2.05.	 	Board. “Board” shall mean the Board of Directors of General Motors Corporation.
	 
	2.06.	 	Cash-Based Restricted Stock Unit Plan. “Cash-Based Restricted Stock Unit Plan” shall mean
the General Motors 2007 Cash-Based Restricted Stock Unit Plan and any successor plan.
	 
	2.07.	 	Code. “Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor
statute thereto.
	 
	2.08.	 	Committee. “Committee” shall mean the Executive Compensation Committee of the Board.
	 
	2.09.	 	Corporation. “Corporation” shall mean General Motors Corporation and its wholly owned and
substantially wholly owned subsidiaries.
	 
	2.10.	 	Deferral. “Deferral” shall mean the deferral with respect to an Eligible Payment, elected
by a Participant in accordance with Section 3.03.
	 
	2.11.	 	Disability. “Disability” shall have the meaning determined under Section 409A of the Code.
	 
	2.12.	 	Eligible Employee. “Eligible Employee” shall mean a full time, active eligible executive
employee of the Corporation as chosen by the Plan Administrator.

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	2.13.	 	Eligible Payment. “Eligible Payment” or “Eligible Payments” shall mean base salary, an
Annual Incentive Plan Award, a Long-Term Incentive Plan Award, a Cash-Based Restricted Stock
Unit Plan Award, and/or any other compensation payment permitted by the Plan Administrator to
be deferred during a designated election period.
	 
	2.14.	 	Financial Hardship. “Financial Hardship” shall mean a reason given by a Participant for a
withdrawal that (1) is necessary to meet the Participant’s immediate and heavy financial
needs, (2) is for an amount required to meet such immediate financial need created by the
hardship, and (3) is for an amount not reasonably available to the Participant from other
resources.
	 
	2.15.	 	Long-Term Incentive Plan Award. “Long-Term Incentive Plan Award” shall mean any award
granted under the General Motors 2007 Long-Term Incentive Plan and any successor plan.
	 
	2.16.	 	Optional Account. “Optional Account” shall mean an Account established by a Participant for
distribution at a point in time designated by the Participant before the Participant’s
Separation from Service.
	 
	2.17.	 	Participant. “Participant” shall mean each Eligible Employee who makes an election pursuant
to Section 3.03 and maintains an Account(s) pursuant to Section 4.01.
	 
	2.18.	 	Person. “Person” shall mean any individual, firm, corporation, partnership, joint venture,
association, trust, or other entity.
	 
	2.19.	 	Plan. “Plan” shall mean the General Motors Deferred Compensation Plan for Executive
Employees, as it may be amended from time to time.
	 
	2.20.	 	Plan Administrator. “Plan Administrator” shall mean General Motors or such other Person
designated by the Committee to serve as administrator of the Plan. The address of the Plan
Administrator is:

300 Renaissance Center

Mail Code 482-C32-C66

Detroit, MI 48265-3000

	2.21.	 	Plan Year. “Plan Year” shall mean each calendar year that the Plan is in effect.
	 
	2.22.	 	Retirement Account. “Retirement Account” shall mean the Account established for
distribution upon the Participant’s Separation from Service.
	 
	2.23.	 	S-SPP. “S-SPP” shall mean the General Motors Savings-Stock Purchase Program for Salaried
Employees in the United States, as amended from time to time.
	 
	2.24.	 	Section. “Section” shall mean a section of the Plan.
	 
	2.25.	 	Separation from Service. “Separation from Service” shall mean a separation from service as
set forth in Section 409A of the Code for any reason other than death or Disability.
	 
	2.26.	 	Specified Employee. “Specified Employee” shall mean a Participant who meets the definition
set forth in section 409A of the Code and as determined under the criteria established by the
Committee.
	 
	2.27.	 	Unforeseeable Emergency. “Unforeseeable Emergency” shall mean a reason given by a
Participant for withdrawal that is within the meaning of Section 409A of the Code as a severe
financial hardship to the Participant resulting from: (1) an illness or accident of the
Participant, spouse, or eligible dependent, (2) the loss of the Participant’s property due to
casualty, or (3) a similar extraordinary and unforeseeable circumstance resulting from events
beyond the control of the Participant.
	 
	2.28.	 	Valuation Date. “Valuation Date” shall mean the last business day of the month preceding a
distribution.

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ARTICLE III

ELIGIBILITY AND ELECTION TO DEFER

	3.01.	 	Eligibility.
	 
	 	 	Eligible Employees shall be eligible to make the elections described in this Article III.
	 
	3.02.	 	Deferral Amounts.

	 	(a)	 	Each Participant shall be eligible to defer pursuant to the terms of this Plan
a minimum of 5%, and up to a maximum of 100%, of an Annual Incentive Plan Award,
Long-Term Incentive Plan Award, and/or a Cash-Based Restricted Stock Unit Plan Award,
provided that any such Deferral must be made in multiples of 5% or any other increment
as permitted by the Plan Administrator.
	 
	 	(b)	 	Deferral elections relating to compensation other than Annual Incentive Plan,
Long-Term Incentive Plan, and Cash-Based Restricted Stock Unit Plan Awards may be
permitted by the Plan Administrator from time to time, and will be communicated to
eligible participants by Prospectus in sufficient time to make such elections.

	3.03.	 	Election Timing.

	 	(a)	 	Initial deferral elections for (1) Annual Incentive Plan Awards, and other
performance-based Eligible Payments must be made six months before the end of the
performance period covered by the award (but in no event after an award or Eligible
Payment becomes readily ascertainable), and initial deferral elections for (2)
Cash-Based Restricted Stock Unit Plan Awards and other nonperformance-based Eligible
Payments must be made before the close of the calendar year preceding the calendar
year(s) a Participant’s services are performed.
	 
	 	(b)	 	The Plan Administrator shall determine whether an initial deferral election may
be made within 30 days after the date an employee first becomes an Eligible Employee
under the Plan. Such an election shall apply only with respect to compensation paid
for services performed after the election. The Plan Administrator shall determine
whether a former Plan Participant may make a deferral election under this subsection.
	 
	 	(c)	 	The Plan Administrator may provide a Participant a subsequent election to defer
a distribution under Article V attributable to deferrals made after 2004. A subsequent
election to defer may only be made provided (1) the subsequent election will not take
effect for at least 12 months after the date the subsequential election is made, (2)
the first distribution made (other than for death, Disability or Unforeseeable
Emergency) pursuant to the subsequent election is payable more than 5 years after the
date such payment would otherwise have been made, and (3) the election is made not less
than twelve months before the date such payment would otherwise be made. For purposes
of this Section 3.03, all distributions, including installment distributions, shall be
treated as separate payments under Section 409A of the Code.

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	3.04.	 	Election to Defer.

	 	(a)	 	A Participant who wishes to defer all or part of an Eligible Payment shall
submit an election to the Plan Administrator or its agent that satisfies each of the
requirements set forth in paragraphs (1) through (6) below:
	 
	 	 	 	(1) Deadline for Submitted Election. An election with respect to a Deferral shall be
submitted on or before 5:00 p.m. (Eastern Time) on the last business day of the Deferral
election period chosen by the Plan Administrator.
	 
	 	 	 	(2) Form of Election. A Participant’s Deferral election shall be submitted to the Plan
Administrator in writing, electronically, or telephonically, as approved by the Plan
Administrator.
	 
	 	 	 	(3) Amount of Deferral. Subject to Section 3.02, the Deferral election shall specify
the percentage of the Participant’s Eligible Payment that the Participant wishes to
defer.
	 
	 	 	 	(4) Selection of Accounts and Distributions. The Deferral election shall specify the
Account(s) established under Section 4.01 that shall be credited with the amounts
deferred by the Participant. The deferral election also shall specify the year the
distribution shall be made from such Accounts pursuant to Article V, and whether the
distribution is to be made, in the event of the Retirement Account, in a lump sum or
installments. Installment distributions shall be permitted only in the case of a
Separation from Service after age 55 with 10 years of service.
	 
	 	 	 	(5) Selection of Investment Options. The Deferral election shall specify the
Participant’s selection of the investment option(s) established pursuant to Section
4.03. The returns on the Deferral(s) will be calculated as if invested in the
investment option(s) selected by the Participant as provided in Article IV.
	 
	 	 	 	(6) Election Irrevocable. Except as otherwise specifically provided in the Plan the
Deferral amount and the distribution commencement date(s) elected by a Participant with
respect to a Deferral in accordance with paragraphs (3) through (5) above are
irrevocable and are not subject to modification at any time.
	 
	 	(b)	 	The Plan Administrator may from time to time establish Accounts on behalf of an
executive and make compensation payments on behalf of such executive directly into such
Accounts, subject to the terms of the Plan despite the absence of an election to defer.

	3.05.	 	Designation of Beneficiaries.
	 
	 	 	A Participant with a Deferral pursuant to Section 3.04 may designate
one or more beneficiaries. In the absence of designation of one or
more beneficiaries under this Section 3.05, the beneficiaries for a
Participant’s Plan Account(s) will be the same as the beneficiaries
chosen for the General Motors incentive plans. Notwithstanding
Section 3.04(a)(6), a Participant may, at any time, revoke a prior
designation of beneficiaries and make a new designation pursuant to
this Section 3.05. Any such designation or revocation shall be in
writing and shall be submitted to the Plan Administrator prior to
the Participant’s death in such form and in such manner as is
acceptable to the Plan Administrator.

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ARTICLE IV

ACCOUNTS AND INVESTMENT OPTIONS

	4.01.	 	Establishment of Accounts.
	 
	 	 	The Corporation shall maintain separate bookkeeping accounts,
hypothetical in nature, for each Participant. The Plan
Administrator has the sole discretion to determine the number of
Accounts available for Deferrals under the Plan. Unless otherwise
determined by the Plan Administrator, each Participant shall be
entitled to establish up to three separate Accounts for each
Eligible Payment. For each Eligible Payment, one such Account must
be established for distribution upon the Participant’s Separation
from Service (the Retirement Account) and two additional Accounts
may be established (the Optional Accounts) and shall be payable
pursuant to Section 5.05 upon the earlier of the Participant’s
Separation from Service or a specific year selected by the
Participant. The year selected by the Participant for distribution
of an Optional Account must be no sooner than the third calendar
year after the calendar year during which an amount would otherwise
have been paid. Such Accounts shall be credited with the earnings
(or losses) on such Deferrals. At no time may a Participant have
more than three Accounts outstanding at any one time for each
Eligible Payment.
	 
	4.02.	 	Nature of Accounts and Earnings.
	 
	 	 	Each Account and the related Deferrals and returns thereon under
this Article IV shall be hypothetical in nature and shall be
maintained by the Corporation for bookkeeping purposes only. The
Accounts established under the Plan shall hold no actual funds or
assets. The right of any Person to receive one or more
distributions under the terms of the Plan shall be an unsecured
claim against the general assets of the Corporation. Any liability
of the Corporation to any Participant, former Participant, or
beneficiary with respect to a right to a distribution shall be based
solely upon contractual obligations created by the Plan. Neither
the Corporation, the Board, the Committee, the Plan Administrator,
nor any other Person shall be deemed to be a trustee of any amounts
to be paid under the Plan. Nothing contained in the Plan, and no
action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary
relationship, between the Corporation and a Participant or any other
Person except and only to the extent required by law.
	 
	4.03	 	Investment Options.
	 
	 	 	(a) General. The Plan Administrator has the sole discretion to determine the investment
options available as the measurement mechanism for Deferrals under the Plan, the manner and
extent to which elections may be made, the method of valuing the various investment options
and Account(s) and the method of crediting the Account(s) with, or making other adjustments
as a result of dividend equivalents, interest equivalents or other earnings, losses, or
returns on such Accounts.
	 
	 	 	(b) Investment Options for Eligible Payments Initially Payable in Cash. Unless otherwise
determined by the Plan Administrator, the investment options available as the measurement
mechanism for Deferrals of Eligible Payments initially payable in cash shall be:

	 	(1)	 	120% of 10-Year United States Treasury Notes — The crediting
rate for this investment option will be set annually in January. It will be
based on 120% of the twelve-month average of closing rates of the first trading
day of the preceding twelve months of the 10-Year United States Treasury Notes.
	 
	 	(2)	 	GM $1-2/3 Common Stock — The investment returns for this option
will be based on the price performance of GM $1-2/3 Common Stock and the
dividends thereon.
	 
	 	(3)	 	Promark Income Fund — The crediting rate for this option will
be based on the performance of this investment fund option currently available
in the S-SPP.
	 
	 	(4)	 	Pyramis Strategic Balanced Commingled Pool — The investment
returns for this option will be based on the performance of this investment
option currently available in the S-SPP.

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	 	(5)	 	Promark Large Cap Index Fund — The investment returns for this
option will be based on the performance of this investment fund option
currently available in the S-SPP.
	 
	 	(6)	 	Fidelity Emerging Markets Fund — The investment returns for
this option will be based on the performance of this investment fund option
currently available in the S-SPP.
	 
	 	(7)	 	Fidelity Contrafund — The investment returns for this option
will be based on the performance of this investment fund option currently
available in the S-SPP.
	 
	 	(8)	 	Fidelity Diversified International Fund — The investment
returns for this option will be based on the performance of this investment
fund option currently available in the S-SPP.

	 	 	(c) Investment Option for Eligible Payments Initially Payable in Stock. Unless otherwise
determined by the Plan Administrator, the investment option available as the measurement
mechanism for Deferrals of Eligible Payments initially payable in stock shall be:

	 	(1)	 	GM $1-2/3 Common Stock — The crediting rate for this investment
option will be based on the price performance of GM $1-2/3 Common Stock and the
dividends thereon.

	 	 	(d) Valuing of Investment Options. Unless otherwise determined by the Plan Administrator,
the methodology for valuing the various investment options and the Account(s) and for
calculating amounts to be credited or debited or other adjustments, including transfers
between investment options for Deferrals with multiple investment options to any Account(s)
with respect to any investment options, shall be the same as that used under the S-SPP. The
investment options and the Account(s) shall be revalued on a daily basis.
	 
	 	 	(e) No Ownership Rights. Investment options available under the Plan shall be used solely
for measuring the value of the Account(s) and accounting, on a book entry basis, as if the
deferred amounts had been invested in actual investments, but no such investments shall be
made on behalf of Participants. Participants shall not have any voting rights or any other
ownership rights with respect to the investment options selected as the measuring mechanism
for their Account(s).

	4.04	 	Treatment of Deferrals.
	 
	 	 	The returns on the Deferral(s) shall be calculated as if invested in the investment options selected by the Participant.
For Account(s) with multiple investment options, any investment option elections made by a Participant shall remain in
effect until changed by the Participant; and unless otherwise determined by the Plan Administrator, any Participant may
change his or her investment option election or transfer deferred amounts between investment options pursuant to Section
4.05.
	 
	 	 	Each Participant is solely responsible for the selection of his or her investment options. General Motors, the Plan
Administrator and other employees and agents of the Corporation are not empowered to advise a Participant as to the manner
in which investments should be made. The fact that an investment option is available for investment under the Plan shall
not be construed as a recommendation for investment in that option. It should be noted that market value and the rate of
return on each investment option will fluctuate over time and in varying degrees. Accordingly, the proceeds, if any,
realized from such investments will depend on the prevailing market value of the investments at a particular time, which
may be more or less than the amount expended initially. There is no assurance that any of the investment options will
achieve their objectives.
	 
	4.05	 	Transfers Within an Account(s) Eligible for Multiple Investment Options.
	 
	 	 	(a) General. A Participant, or the legal beneficiary or legal representative of a deceased
Participant, may transfer amounts credited to an Account(s) among the investment options
available under the Plan for such

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	 	 	Account. No transfers relating to a particular Deferral may occur on or after the scheduled
distribution date for the Deferral.
	 
	 	 	(b) Timing. A Participant may request a transfer from one investment option to another on
any business day and such transfer shall be effective at the close of business of the New
York Stock Exchange (normally 4:00 p.m. Eastern time) on the business day on which the
Participant’s transfer request is received and confirmed by the Plan Administrator. If a
transfer request is received and confirmed after the close of business of the New York Stock
Exchange (normally 4:00 p.m. Eastern time) or on a weekend or holiday observed by the New
York Stock Exchange, it will become effective on the next business day.
	 
	 	 	(c) Amount of Transfer. Any transfer shall be in a specified whole percentage of the
amounts contained in the investment option from which the transfer is being made.
	 
	 	 	(d) Securities Laws. Transfers by Participants between investment options are subject to
the Corporation’s insider trading policy and are subject to applicable Federal securities
laws.

ARTICLE V

DISTRIBUTIONS

	5.01.	 	Exclusive Entitlement to Distribution.
	 
	 	 	A Participant’s Deferral pursuant to Section 3.04 shall constitute a
waiver of such Participant’s right to receive the amount deferred
and an agreement to receive in lieu thereof the amounts payable to
such Participant at the times and in the amounts specified in this
Article V. No other amounts shall be due under the Plan, or
otherwise as a result of a Participant’s Deferral pursuant to
Section 3.04.
	 
	5.02.	 	Timing of Valuation.
	 
	 	 	The timing of the valuation of the amount of any distribution
pursuant to Article V shall be the Valuation Date.
	 
	5.03.	 	Six Month Delay of Distribution for Specified Employees.
	 
	 	 	For distributions of Deferrals (plus earnings) made after December
31, 2004, Specified Employees shall not be entitled to be paid any
portion of such distribution payable on account of a Separation from
Service until the expiration of six months from date of separation
(or, if earlier, death). The value of the distribution (without
interest) shall be payable on the first day of the seventh full
month following termination.
	 
	5.04.	 	Reduction of Distribution.
	 
	 	 	For distributions under this Article V attributable to deferrals
made prior to January 1, 2005, the amount shall be reduced by the
amount that a Participant owes the Corporation, or any subsidiary
thereof, due to any reason, including taxes, benefit overpayments,
wage overpayments, hypothetical taxes related to the International
Assignment Services tax equalization program, and amounts due under
all Corporation incentive compensation plans. For distributions
under this Article V attributable to deferrals made after December
31, 2004, the reduction contained in the prior sentence shall be
limited to $5,000 a year. Any liability owed by the Participant to
the Corporation will be reduced by such amount withheld by the
Corporation pursuant to this Section 5.04.
	 
	5.05.	 	Form and Timing of Distributions.

	 	(a)	 	Distributions from Accounts will be made in the same form as the initial
Eligible Payment would have been paid out but for a Deferral. Eligible Payments
initially payable in cash will be distributed in cash and Eligible Payments initially
payable in stock will be distributed in stock.

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	 	(b)	 	A Participant may elect a distribution from the following choices with respect to the
Retirement Account.

	 	(1)	 	Lump Sum. Absent an election under (2) below for eligible installment
distributions after age 55 with 10 years of service, a Participant shall receive a
distribution with respect to the Retirement Account in a lump sum. The lump sum
shall be payable to the Participant as soon as practicable after a Separation from
Service, but no later than 90 days after such Separation, except as provided in
Section 5.03. The lump sum shall equal the balance in the Participant’s Retirement
Account determined as of the Valuation Date preceding the Participant’s Separation
from Service.
	 
	 	(2)	 	Installments. A Participant may elect to receive a distribution with
respect to the Retirement Account in annual installments for a period of five or
ten years (or any other schedule as determined by the Plan Administrator) as
elected by the Participant. The annual installments shall be payable to the
Participant beginning as soon as practicable after a Separation from Service after
age 55 with 10 years of service (as determined under the GM S-SPP), but no later
than 90 days after such Separation, except as provided in Section 5.03. If annual
installments are elected, the amount of the first payment shall be a fraction of
the value of the Participant’s Account as of the Valuation Date, the numerator of
which is one and the denominator of which is the total number of installments
elected. The amount of each subsequent payment shall be a fraction of the value as
of the Valuation Date, the numerator of which is one and the denominator of which
is the total number of installments elected minus the number of installments
previously paid.

	 	(c)	 	In the case of a distribution from an Optional Account, such distribution shall
be made upon the earlier of the Participant’s Separation from Service or the specific
year selected by the Participant and shall be paid as a lump sum as soon as practicable
after a Separation from Service, but no later than 90 days after such Separation, or
within the specific year selected by the Participant. The lump sum shall equal the
balance in the Participant’s Optional Account determined as of the Valuation Date.
	 
	 	(d)	 	In the case of a Participant’s Separation from Service prior to age 55 with 10
years of service (as determined under the GM S-SPP), all Accounts will be distributed
as a lump sum as soon as practicable after a Separation from Service, but no later than
90 days after such Separation, except as provided in Section 5.03. The lump sum shall
equal the balance in the Participant’s Accounts determined as of the Valuation Date.
	 
	 	(e)	 	In the case of a Participant’s death, all Accounts shall be distributed as a
lump sum as soon as practical, but no later than 90 days after the date of death, or if
elected at the time of Deferral, installment distributions. The lump sum shall equal
the balance in the Participant’s Account(s) determined as of the Valuation Date. If
annual installments are elected, the amount of the first payment shall be a fraction of
the value of the Participant’s Account(s) as of the Valuation Date prior to payment,
the numerator of which is one and the denominator of which is the total number of
installments elected. The amount of each subsequent payment shall be a fraction of the
value as of the last Valuation Date prior to payment, the numerator of which is one and
the denominator of which is the total number of installments elected minus the number
of installments previously paid.
	 
	 	(f)	 	In the case of a Participant’s Disability, all Accounts shall be distributed as
a lump sum no later than 90 days following the Participant’s completion of twelve
months on a Corporation approved disability leave of absence.

	5.06.	 	Unscheduled Distributions, Forfeiture, and Financial Hardships.

	 	(a)	 	For Eligible Payments (initial amount plus earnings) deferred into a
Participant’s Account before January 1, 2005, a Participant may elect, with the prior
written consent of the Plan Administrator or its designated agent, to make an
unscheduled withdrawal from an Account by selecting an amount by which the Account is
to be reduced. The amount distributed to the Participant shall be 90% of the
withdrawal amount requested, as determined by the Plan Administrator. Such
distribution shall be paid to the Participant not later than 60 days following the
filing of such election. If a Participant receives a

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	 	 	 	distribution pursuant to this subsection, the remaining 10% requested but not
distributed shall be permanently forfeited to the Corporation and shall not be paid to,
or in respect of, the Participant. In addition to the forfeiture provided immediately
above, a Participant receiving a distribution under this subsection shall not be
permitted to make any contributions to the Plan during the 12 months following the month
in which the election to make the unscheduled distribution is made.
	 
	 	(b)	 	A Participant shall be allowed to take a distribution under this subsection (b)
from one or more Accounts only with the prior written consent of the Plan Administrator
and the Vice President of Global Human Resources. For distributions of Deferrals (plus
earnings) made prior to January 1, 2005, the Participant must incur a sudden and
unforeseen Financial Hardship. For distributions of Deferrals (plus earnings) made
after December 31, 2004, the Participant must incur an Unforeseeable Emergency. A
Participant shall be able to apply to withdraw the amount needed for the Financial
Hardship or Unforeseeable Emergency up to the balance in the Participant’s Account(s).
If approved by the Plan Administrator and the Vice President of Global Human Resources,
such distribution shall be determined based on the Valuation Date and be paid to the
Participant not later than 60 days following the filing of such election. A
Participant receiving a distribution under this subsection shall not be permitted to
make any contributions to the Plan during the 12 months following the month in which
the Financial Hardship or Unforeseeable Emergency distribution is made.
	 
	 	(c)	 	Distributions pursuant to Sections 5.06(a) and (b) shall be in the same form as
the initial Eligible Payment. Eligible Payments initially payable in cash will be
distributed in cash and Eligible Payments initially payable in stock will be
distributed in stock.
	 
	 	(d)	 	The Plan Administrator may cause a deferred distribution to be accelerated and
paid at an earlier date, provided such accelerated payment is not inconsistent with
Section 6.01(c). Such accelerated payments shall include:

	 	(1)	 	Pursuant to the terms of a Qualified Domestic Relations Order,
as defined in Section 414(p) of the Code;
	 
	 	(2)	 	To comply with an ethics agreement with the federal government,
or to avoid a violation of any domestic or foreign ethics law or conflicts law;
	 
	 	(3)	 	To pay the Participant an amount required to be included in
income due to a failure of the Plan to comply with Section 409A of the Code;
	 
	 	(4)	 	Upon termination of the Plan;
	 
	 	(5)	 	To pay state, local or foreign taxes arising from participation
in the Plan; and
	 
	 	(6)	 	To settle a bona fide dispute as to a Participant’s right to a
Plan distribution

ARTICLE VI

MISCELLANEOUS

	6.01.	 	Plan Administration.

	 	(a)	 	In General. The Committee has full power, authority, and discretion to
construe, interpret, and administer the Plan. Unless otherwise specifically provided
in the Plan, the Committee may delegate to the Plan Administrator all authority granted
with respect to the Plan. Except to the extent provided otherwise: (1) the Plan
Administrator shall have the discretionary authority to interpret, apply and construe
the Plan and to decide any and all matters arising under the Plan, including without
limitation the right to determine eligibility for participation, investment options,
the method of valuing investment options and Plan accounts, the method of crediting
Plan Accounts with, or making adjustments

10 of 13

 

	 	 	 	as a result of, dividend and interest equivalents or returns on such Accounts, benefits, and
other rights under the Plan; the right to determine whether any election or notice
requirement or other administrative procedure under the Plan has been adequately
observed; the right to remedy possible ambiguities, inconsistencies, or omissions by
general rule or particular decision; and the right otherwise to interpret the Plan in
accordance with its terms; and (2) the Plan Administrator’s determination on any and all
questions arising out of the interpretation or administration of the Plan shall be
final, conclusive, and binding on all parties.
	 
	 	(b)	 	Amendment, Suspension, and Termination of Plan. The Committee may amend,
suspend, or terminate the Plan at any time. In addition, the Committee may also, at
any time, terminate in whole or in part any Account(s) and make an immediate lump sum
distribution of the amounts in such Account(s) to the Participants affected thereby.
The Committee shall not amend, suspend, or terminate the Plan or Account(s) if such
action would result in tax and penalties under Section 409A of the Code. Further, the
Corporation shall not be liable to Participants for an inadvertent violation of Section
409A of the Code. Upon termination or suspension of the Plan, all amounts deferred
before the date of termination or suspension, and any rights to distributions with
respect to such deferred amounts, shall continue to be governed by the provisions of
the Plan, subject to Section 6.01(b). Notwithstanding anything to the contrary in this
subsection (b), no amendment, suspension, or termination of the Plan shall reduce the
benefits under the Plan which have accrued to the Participant prior to the date of such
amendment, suspension, or termination.
	 
	 	(c)	 	Internal Revenue Code Section 409A Compliance. The Plan is intended to comply
with Section 409A of the Code and any ambiguity shall be interpreted to fulfill that
intent. Notwithstanding any provision of this Plan, no Plan elections, modification,
or distributions will be allowed or implemented if they would cause an otherwise
eligible Plan Participant to be subject to tax (including interest and penalties) under
Section 409A of the Code. Further, the Corporation shall not be liable to Participants
for an inadvertent violation of Section 409A of the Code.

	6.02.	 	Appeal Procedure.
	 
	 	 	A claimant who has been denied a claim for benefits under the Plan, in whole or in part, may, within a period of 60 days
following receipt of the denial, request a review of such denial by the Plan Administrator by filing a written notice
with the Plan Administrator or its designate. In connection with an appeal, the claimant (or his or her authorized
representative) may review pertinent documents and may submit evidence and arguments in writing to the Plan
Administrator. The Plan Administrator may decide the questions presented by the appeal and shall issue to the claimant a
written notice setting forth: (1) the specific reasons for the decision and (2) specific reference to the pertinent
provisions of the Plan or the absence of pertinent provisions on which the decision is based. The notice shall be issued
within a period of time not exceeding 90 days after receipt of the request for review provided that, if special
circumstances should require, such period of time may be extended for an additional 60 days commencing at the end of the
initial
90-day period. The decision of the Plan Administrator shall be final and conclusive.
	 
	6.03.	 	Rights Not Assignable.
	 
	 	 	No distribution due any Participant, beneficiary or Person under the Plan shall be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge in any way. Any attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber, or charge such distribution in any way shall be void.
	 
	6.04.	 	Inability to Locate Participants and Beneficiaries.
	 
	 	 	Each Participant or beneficiary entitled to receive a distribution under the Plan shall keep the Plan Administrator
advised of his or her current address. If the Plan Administrator is unable to locate a Participant or beneficiary to
whom a distribution is due under the Plan, the Participant or beneficiary shall be considered Separated from Service and
the total amount payable to such Participant or beneficiary shall be forfeited if not paid within 90 days after such
Separation.

11 of 13

 

	6.05.	 	Withholding Taxes.
	 
	 	 	The Plan Administrator may make any appropriate arrangements to deduct from all Deferrals and distributions hereunder any
taxes that the Plan Administrator reasonably determines to be required by law to be withheld from such Deferrals and
distributions.
	 
	6.06.	 	Certain Rights Reserved.
	 
	 	 	Nothing in the Plan shall confer upon any employee of the Corporation or other Person the right (1) to continue in the
employment or service of the Corporation or affect any right that the Corporation may have to terminate the employment or
service of (or to demote or to exclude from future participation in the Plan) any such employee or other Person at any
time for any reason, or (2) to participate in the Plan.
	 
	6.07.	 	Severability.
	 
	 	 	If any provision of the Plan is held unlawful or otherwise invalid or unenforceable in whole or in part, such
unlawfulness, invalidity, or unenforceability shall not affect any other provision of the Plan or part thereof, each of
which shall remain in full force and effect. If the making of any distribution or the provision of any other benefit
required under the Plan is held unlawful or otherwise invalid or unenforceable, such unlawfulness, invalidity or
unenforceability shall not prevent any other distribution or benefit from being made or provided under the Plan, and, if
the making of any distribution in full or the provision of any other benefit required under the Plan in full would be
unlawful or otherwise invalid or unenforceable, then such unlawfulness, invalidity, or unenforceability shall not prevent
such distribution or benefit from being made or provided in part, to the extent that it would not be unlawful, invalid,
or unenforceable, and the maximum distribution or benefit that would not be unlawful, invalid, or unenforceable shall be
made or provided under the Plan.
	 
	6.08.	 	Titles and Headings Not to Control.
	 
	 	 	The titles to Articles and the headings of Sections, subsections, paragraphs, and subparagraphs in the Plan are placed
herein for convenience of reference only and, as such, shall have no force or effect in the interpretation of the Plan.
	 
	6.09.	 	Governing Law.
	 
	 	 	The Plan and all determinations made and actions taken thereunder shall be governed by and construed in accordance with
the laws of the State of New York, without regard for its conflict of law principles.
	 
	6.10.	 	Limitations.
	 
	 	 	A Participant shall not have any interest in any Deferral credited to his or her Account(s) until it is paid in
accordance with the Plan. All amounts deferred under the Plan shall remain the sole property of the Corporation, subject
to the claims of its general creditors and available for use by the Corporation for whatever purposes are desired. With
respect to the Deferrals, a Participant shall be merely a general creditor of the Corporation and the obligation of the
Corporation hereunder shall be purely contractual and may or may not be funded or secured in any way.
	 
	6.11.	 	Statements of Account.
	 
	 	 	Account statements shall be sent to Participants as soon as practicable on a quarterly basis following the close of each
three-month valuation period.

12 of 13

 

	6.12.	 	Administrative Expense.
	 
	 	 	The entire expense of offering and administering the Plan shall be borne by the Corporation unless otherwise determined
by the Plan Administrator.

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EXHIBIT
10(U)

GENERAL MOTORS CORPORATION

General Motors

Executive Retirement Plan

Effective for Retirements on and after

January 1, 2007

(Effective January 1, 2008)

 

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

The Executive Retirement Plan (ERP) is an unfunded, nonqualified deferred compensation plan. The
Plan is structured to qualify for certain exemptions from the eligibility, funding and other
requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, further, ERP
benefits are computed without regard to compensation limits imposed under the Internal Revenue
Code.

Article I. Purpose; Administration; and Effective Date

Article I, Section I. Purpose of the Plan

The purpose of the General Motors Executive Retirement Plan (the Plan) is to help provide eligible
retiring salaried executive employees of General Motors Corporation (hereinafter referred to as the
“Corporation”) as well as eligible retiring executive employees of General Motors Acceptance
Corporation (GMAC) and General Motors Asset Management (GMAM) an overall level of monthly
retirement benefits, or lump sum distributions of account balances, which are competitive with the
benefits provided executives retiring from other major U.S. industrial companies. To achieve this
goal, the monthly retirement benefits determined under the tax-qualified General Motors Retirement
Program for Salaried Employees (hereinafter referred to as the “Retirement Program”), or account
balances determined under the tax-qualified Savings-Stock Purchase Program (hereinafter referred to
as the “S-SPP”) plus any benefits payable under certain other GM-provided benefit programs, may be
supplemented by benefits provided under the formulas of this Plan. It is intended that this Plan,
in relevant part, qualify as an “excess benefit plan” under Section 3(36) of ERISA and, in relevant
part, as a plan “providing deferred compensation for a select group of management or highly
compensated employees” under Section 201(2) of ERISA.

2

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article I, Section II. Administration of the Plan

	 	(a)	 	This Plan shall at all times be maintained, considered, and administered as a
non-qualified plan that is wholly separate and distinct from the Retirement Program and
the S-SPP.
	 
	 	(b)	 	Benefits under this Plan are not guaranteed.
	 
	 	(c)	 	The Corporation is the Plan Administrator. The Plan Administrator has
discretionary authority to construe, interpret, apply, and administer the Plan and serves
as the first step of the Plan appeal process. Any and all decisions of the Plan
Administrator as to interpretation or application of this Plan shall be given full force
and effect unless it is proven that the interpretation or determination was arbitrary and
capricious.
	 
	 	(d)	 	The Plan Administrator shall have the full power to engage and employ such legal,
actuarial, auditing, tax, and other such agents, as it shall, in its sole discretion,
deem to be in the best interest of the Corporation, the Plan, and its participants and
beneficiaries.
	 
	 	(e)	 	The expenses of administering this Plan are borne by the Corporation and are not
charged against its participants and beneficiaries.
	 
	 	(f)	 	Various aspects of Plan administration have been delegated to the Plan recordkeeper
selected by the Plan Administrator. In carrying out its delegated responsibilities, the
Plan recordkeeper shall have discretionary authority to construe, interpret, apply, and
administer the Plan provisions. The discretionary authority delegated to the Plan
recordkeeper shall, however, be limited to the Plan terms relevant to its delegated
responsibilities and shall not permit the Plan recordkeeper to render a determination or
to make any representation concerning benefits which are not provided by the express
terms of the Plan. The Plan recordkeeper’s actions shall be given full force and effect
unless determined by the Plan Administrator to be contrary to the Plan provisions or
arbitrary and capricious.
	 
	 	(g)	 	For purposes of the Plan, a Plan Year shall mean the 12-month period beginning
January 1 and ending December 31.

3

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article I, Section III. Effective Date

The Corporation established the Supplemental Executive Retirement Program (“SERP”) under Article II
of this Plan effective December 1, 1985. The Plan has been amended from time to time. Effective
January 1, 2007, the name of the Plan was changed from the SERP to the “Executive Retirement Plan
(ERP)”. The terms and conditions of the ERP are set forth in Article II. ERP benefits for service
through December 31, 2006 were frozen as described in Article II, Section II and Section III and
new benefit formulas for service on and after January 1, 2007 were adopted, as described in Article
II, Section IV and Section V. In addition, effective January 1, 2007, the Benefit Equalization Plan
(BEP) was merged into this Plan, the terms and conditions of which are set forth in Article III.

4

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article I, Section IV. Individuals Not Eligible; Suspensions; and Normal Retirement Age

	 	(a)	 	The following classes of individuals are ineligible to participate in the Plan
regardless of any other Plan terms to the contrary, and regardless of whether the
individual is a common-law employee of the Corporation:

	 	(1)	 	Any individual who provides services to the Corporation where
there is an agreement with a separate company under which the services are
provided. Such individuals are commonly referred to by the Corporation as
“contract employees” or “bundled-services employees;”
	 
	 	(2)	 	Any individual who has signed an independent contractor
agreement, consulting agreement, or other similar personal services contract
with the Corporation;
	 
	 	(3)	 	Any individual that the Corporation, in good faith, classifies as
an independent contractor, consultant, contract employee, or bundled-services
employee during the period the individual is so classified by the Corporation.

The purpose of Section IV (a) is to exclude from participation in the Plan all
persons who actually may be common-law employees of the Corporation, but are not paid
as though they are employees of the Corporation regardless of the reason they are
excluded from the payroll, and regardless of whether the exclusion is correct.

	 	(b)	 	Notwithstanding the provisions of this Section IV, vested benefits will be
suspended or forfeited if an executive employee or retired executive employee engages in
activity that is competitive with the Corporation and/or otherwise acts in a manner
inimical or contrary to the best interests of the Corporation or if an executive or a
retired executive does not respond to the Corporation’s request for information relating
to this paragraph.
	 
	 	(c)	 	Normal Retirement Age (NRA) is 65.

5

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II. Executive Retirement Plan

Article II, Section I. Eligibility and Vesting

	 	(a)	 	Date of vesting is the first date the employee satisfies the requirements set forth
in Section I (b), (c) and (d), respectively.
	 
	 	(b)	 	To be eligible for a vested benefit under Section II or III of this Article,
payable upon separation from service, an executive employee must meet the following
requirements:

	 	(1)	 	Be a Regular Active or Flexible Service U.S. executive employee
or U.S. International Service Personnel executive employee as of December 31,
2006 (appointments on or after January 1, 2007 are ineligible for benefits under
Section II or III); and
	 
	 	(2)	 	As of the date of vesting be a Regular Active or Flexible
Service U.S. executive employee or U.S. International Service Personnel
executive employee; and
	 
	 	(3)	 	As of the date of vesting have at least 10 years of combined Part
B Retirement Program credited service, Part C Retirement Program credited
service and credited service as determined under the Retirement Program accrued
on and after January 1, 2007; and
	 
	 	(4)	 	As of the date of vesting be at least 55 years old.

	 	(c)	 	To be eligible for a vested benefit under Section IV of this Article, payable upon
separation from service, an employee must meet the following requirements:

	 	(1)	 	Be a Regular Active or Flexible Service U.S. executive employee
or U.S. International Service Personnel executive employee on or after January
1, 2007 with a length of service date prior to January 1, 2001; and
	 
	 	(2)	 	As of the date of vesting be a Regular Active or Flexible Service
U.S. executive employee or U.S. International Service Personnel executive
employee; and

6

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II, Section I. (c) (3)

	 	(3)	 	As of the date of vesting have at least 10 years of combined Part
B Retirement Program credited service and credited service as determined under
the Retirement Program accrued on and after January 1, 2007; and
	 
	 	(4)	 	As of the date of vesting be at least 55 years old.

	 	(d)	 	To be eligible for a vested benefit under Section V of this Article, payable upon
separation from service, an employee must meet the following requirements:

	 	(1)	 	Be a Regular Active or Flexible Service U.S. executive employee
or U.S. International Service Personnel executive employee on or after January
1, 2007 with a length of service date on or after January 1, 2001; and
	 
	 	(2)	 	As of the date of vesting be a Regular Active or Flexible Service
U.S. executive employee or U.S. International Service Personnel executive
employee; and
	 
	 	(3)	 	As of the date of vesting have at least 10 years of combined Part
C Retirement Program credited service and S-SPP credited service accrued on and
after January 1, 2007; and
	 
	 	(4)	 	As of the date of vesting be at least 55 years old.

	 	(e)	 	Eligible executives will be vested in any frozen SERP and/or ERP benefits under
this Article II upon their attainment of age 55 with a minimum of 10 years’ credited
service where credited service is defined as:

	 	(1)	 	A combination of Part B credited service (as defined in the
Retirement Program) plus credited service in the Retirement Program on and after
January 1, 2007, or a combination of Part C credited service (as defined in the
Retirement Program) plus S-SPP credited service for service on and after January
1, 2007.

	 	(f)	 	General Motors Asset Management executives who on or after August 4, 2003 are
transferred to GMAM or hired or promoted into executive status may be eligible for
benefits under Section II, IV or V if they meet all eligibility
requirements, but are not eligible for benefits under the frozen Alternative SERP
formula described in Section III.

7

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

	 	 	 
	Article II, Section II.

	 	Calculation of Regular Formula SERP Benefits for Credited Service
Accrued Prior to January 1, 2007

	 	(a)	 	Regular Formula SERP benefits determined under this Section II as in effect prior
to January 1, 2007, shall be frozen as of December 31, 2006. The amount of the frozen
Regular Formula SERP benefits shall be calculated using the following factors:

	 	(1)	 	Part B or Part C Retirement Program credited service accrued as
of December 31, 2006.
	 
	 	(2)	 	Average monthly base salary for the highest 60 of the 120 months
immediately preceding January 1, 2007, as described in Article II, Section II
(f).
	 
	 	(3)	 	The sum of all frozen accrued monthly benefits determined under
the Retirement Program as of December 31, 2006, prior to reduction for the cost
of any survivor coverage.
	 
	 	(4)	 	Two percent (2%) of the maximum monthly Primary Social Security
benefit payable in 2007 (regardless of actual receipt) multiplied by the
executive’s years of Part A or Part C credited service, determined as of
December 31, 2006, under the Retirement Program.

	 	(b)	 	Regular Formula SERP benefits under this Article II, Section II shall be determined
for all executive employees on the active rolls as of December 31, 2006. Those appointed
to executive positions on or after January 1, 2007 are ineligible for SERP benefits under
this Section.
	 
	 	(c)	 	Executives must meet the eligibility and vesting requirements as set forth in
Article II, Section I to be eligible for SERP benefits under this Article II, Section
II.

8

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II, Section II. (d)

	 	(d)	 	The frozen monthly benefit determined under this Article II, Section II shall be an
amount equal to two percent (2%) of average monthly base salary for the highest 60 of the
120 months immediately preceding January 1, 2007 (as described in Article II, Section II
(f) below), multiplied by the years of credited service, determined as of December 31,
2006, used to determine the frozen Part B Supplementary benefit or the frozen benefit
under the Account Balance Plan feature under Part C under the Retirement Program
(hereinafter referred to as the “ABP”), less the sum of (1) all frozen accrued monthly
benefits determined under the Retirement Program, prior to reduction for the cost of any
survivor coverage, and BEP (if any), including the annuitized value of the frozen accrued
ABP benefit (as described in Article II, Section II (g) below), (2) two percent (2%) of
the monthly maximum Primary Social Security benefit payable in 2007 (regardless of actual
receipt) multiplied by the executive’s years of Part A or Part C credited service,
determined as of December 31, 2006, under the Retirement Program, and (3) any benefits
payable under certain other GM-provided benefit programs, such as Extended Disability
Benefits.
	 
	 	(e)	 	The “Special Benefit” provided under the GM Health Care Program is not taken into
account in determining the amount of any monthly SERP benefit payable under this Article
II, Section II.
	 
	 	(f)	 	For purposes of this Article II, Section II, average monthly base salary means the
monthly average of base salary for the highest 60 of the 120 months immediately preceding
January 1, 2007. For executives with less than 60 months of base salary history prior to
January 1, 2007, the executive’s starting monthly base salary will be imputed for the
number of months less than 60.
	 
	 	(g)	 	For purposes of determining the SERP benefits under this Article II, Section II for
executives with a length of service date on and after January 1, 2001 who participate in
the ABP, the frozen ABP amount accrued as of December 31, 2006 shall be converted to an
annuity for the purpose of offsetting this amount from the target SERP using the
following methodology:

9

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II, Section II. (g) (1)

	 	(1)	 	First, credit the December 31, 2006 ABP account balance with
interest credits until Normal Retirement Age (age 65) using the ABP crediting
rate in effect as of December 31, 2006 to calculate a projected lump sum value
at NRA.
	 
	 	(2)	 	Second, convert the amount determined under (1) above to an
annuity using the Retirement Program mortality table and the same ABP crediting
rate used in Article II, Section II (g) (1) above as the discount rate.

	 	a)	 	Both the mortality table and the
crediting rate will be those that were in effect under the
Retirement Program as of December 31, 2006.

	 	(3)	 	Third, offset target frozen SERP with the annuitized amount
determined under (2) above.

	 	(h)	 	For purposes of calculating the SERP benefits under this Article II, Section II,
the SERP benefit amounts will not be increased due to any election regarding commencement
of Retirement Program benefits on a reduced for early receipt basis.
	 
	 	(i)	 	The monthly Social Security offset amount used in paragraph (d) of this Section
shall be based upon the maximum 2007 monthly Primary Social Security benefit, regardless
of the executive’s age as of January 1, 2007 or availability to him/her of a U. S. Social
Security benefit. This Social Security offset amount shall not be changed for any
subsequent Social Security increase.
	 
	 	(j)	 	Any post-retirement increase under the Retirement Program does not reduce any
monthly benefit payable under this Plan. For purposes of this subsection, adjustments to
the IRC Section 415 limits are not considered post-retirement increases.

10

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

	 	 	 
	Article II, Section III.

	 	Calculation of Alternative Formula SERP Benefits for Credited
Service Accrued Prior to January 1, 2007

	 	(a)	 	Alternative Formula SERP benefits determined under this Article II, Section III
as in effect prior to January 1, 2007, shall be frozen as of December 31, 2006. The
amount of the frozen benefits shall be calculated using the following factors:

	 	(1)	 	Part B or Part C Retirement Program credited service accrued as
of December 31, 2006 (maximum 35 years).
	 
	 	(2)	 	Average total direct compensation is the total of:

	 	a)	 	Average monthly base salary for the
highest 60 of the 120 months immediately preceding January 1, 2007,
as described in Article II, Section III (g) below, plus
	 
	 	b)	 	Average monthly incentive compensation
determined by dividing the total of the highest five of the ten
years of annual incentive awards received for the period 1997
through 2006, as described in Article II, Section III (h) below, by
60.

	 	(3)	 	The sum of all frozen accrued monthly benefits determined under
the Retirement Program as of December 31, 2006, prior to reduction for the cost
of any survivor coverage.
	 
	 	(4)	 	One hundred percent (100%) of the maximum monthly Primary Social
Security benefit payable in 2007 (regardless of actual receipt).

	 	(b)	 	Alternative Formula SERP benefits under this Article II, Section IIl shall be
determined for all executive employees on the active rolls as of December 31, 2006.
Those appointed to executive positions on or after January 1, 2007 are ineligible for
frozen Alternative Formula SERP benefits.
	 
	 	(c)	 	Executives must meet the eligibility and vesting requirements as set forth in
Article II, Section I to be eligible for SERP benefits under this Article II, Section
III.

11

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II, Section III. (d)

	 	(d)	 	The frozen monthly benefit determined under this Article II, Section IIl for an
eligible retiring executive shall be the greater of the monthly benefit, if any,
determined under either (1) the formula set forth in this Article II Section IIl or (2)
the formula described in Article II, Section II.
	 
	 	(e)	 	The frozen monthly benefit determined under this Article II, Section III will equal
1.5% of average total direct compensation (monthly base salary plus average monthly
annual incentive compensation, as defined in Article II, Section III (g) and Article II,
Section III (h) below), multiplied by the executive’s years of credited service (35-year
maximum), determined as of December 31, 2006, used to determine the frozen Part B
Supplementary benefits or the frozen ABP benefits, less the sum of (1) all frozen
accrued monthly benefits determined under the Retirement Program, prior to reduction for
the cost of any survivor coverage, and BEP (if any), including the annuitized value of
any frozen accrued ABP benefit, (as described in Article II, Section III (i) below), (2)
100% of the maximum monthly Primary Social Security benefit payable in 2007 (regardless
of executive’s age in January 2007 or availability to him/her of a U.S. Social Security
benefit), and (3) any benefits payable under certain other GM-provided programs, such as
Extended Disability.
	 
	 	(f)	 	The “Special Benefit” provided under the GM Health Care Program is not taken into
account in determining the amount of any monthly benefits payable under this Article II,
Section III.
	 
	 	(g)	 	For purposes of this Article II, Section III, average monthly base salary means the
monthly average of base salary for the highest 60 of the 120 months immediately preceding
January 1, 2007. For executives with less than 60 months of base salary history prior to
January 1, 2007, the executive’s starting monthly base salary will be imputed for the
number of months less than 60.

12

 

GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article II, Section III. (h)

	 	(h)	 	For purposes of this Article II, Section III, average monthly incentive
compensation means an amount determined by dividing the total of the highest five of the
ten years of annual incentive awards received for the period 1997 through 2006, by 60.
For executives with less than five years of service as of December 31, 2006 or those
appointed to executive status within the last five years, the average of annual incentive
compensation awards paid for service through December 31, 2006 divided by the number of
years since date of hire or date of appointment to December 31, 2006 shall be imputed for
the number of years less than five. Each annual incentive award amount is the final
award amount related to the performance period year for which it was awarded. Moreover,
neither Stock Performance Program awards, Stock Incentive Plan grants, Cash-Based
Restricted Stock Unit awards nor any other form of incentive payment, are eligible for
inclusion in determining a benefit under this Article II, Section III. Non-consecutive
years within the 1997 through 2006 period may be used for determining the blended amount
of average monthly (1) base salary, and (2) incentive compensation.
	 
	 	(i)	 	For purposes of calculating the benefits under this Article II, Section III for
executives with a length of service date on and after January 1, 2001 who participate in
the ABP, the frozen ABP account balance accrued as of December 31, 2006 shall be
converted to an annuity for the purpose of offsetting this amount from the frozen target
Alternative Formula SERP using the following methodology:

	 	(1)	 	First, credit the December 31, 2006 ABP account balance with
interest credits until Normal Retirement Age (age 65) using the ABP crediting
rate in effect as of December 31, 2006 to calculate a projected lump sum value
at NRA.

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Article II, Section III. (i) (2)

	 	(2)	 	Second, convert the amount determined under (1) above to an
annuity using the Retirement Program mortality table and the same ABP crediting
rate used in Article II, Section II (g) (1) as the discount rate.

	 	a)	 	Both the mortality table and the crediting
rate will be those that were in effect under the Retirement Program
as of December 31, 2006.

	 	(3)	 	Third, offset frozen target Alternative Formula SERP with the
amount determined under (2) above.

	 	(j)	 	For purposes of calculating the SERP benefits under this Article II, Section III,
the SERP benefit amounts will not be increased due to any election regarding commencement
of Retirement Program benefits on a reduced for early receipt basis.
	 
	 	(k)	 	The monthly Social Security offset amount used in paragraph (e) of this Section
shall be based upon the maximum 2007 Primary Social Security benefit, regardless of the
executive’s age as of January 1, 2007 or availability to him/her of a U. S. Social
Security benefit. This Social Security offset amount shall not be changed for any
subsequent Social Security increase.
	 
	 	(l)	 	Any post-retirement increase under the Retirement Program does not reduce any
monthly frozen Alternative Formula benefit that may become payable. For purposes of this
subsection, adjustments to the IRC Section 415 limits are not considered post-retirement
increases.
	 
	 	(m)	 	General Motors Asset Management executives who on or after August 4, 2003 are
transferred to GMAM or hired or promoted into executive status are ineligible for
benefits under this Article II, Section III.

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	Article II, Section IV.

	 	Calculation of 1.25% Career Average Pay Benefits for Credited
Service Accrued on and after January 1, 2007 for Executives
With a Length of Service date Prior to January 1, 2001

	 	(a)	 	Effective for service on and after January 1, 2007, ERP benefits under this Article
II, Section IV for Regular Active or Flexible Service U.S. executives, or U. S.
International Service Personnel executives, with a length of service date prior to
January 1, 2001 will be calculated using a 1.25% Career Average Pay formula as set forth
in this Article II, Section IV.
	 
	 	(b)	 	To be eligible for a 1.25% Career Average Pay ERP Benefit, an executive employee
must:

	 	(1)	 	Be a Regular Active or Flexible Service U.S. executive, or U.S.
International Service Personnel executive, on and after January 1, 2007 with a
length of service date prior to January 1, 2001; and
	 
	 	(2)	 	Be at work for GM or GMAM on or after January 1, 2007; and
	 
	 	(3)	 	Meet the eligibility and vesting requirements as set forth in
Article II, Section I.

	 	(c)	 	Eligible executives will accrue benefits under this Article II, Section IV with
respect to actual base salary and Annual Incentive Plan final awards received while an
executive for service on and after January 1, 2007 equal to 1.25% of the total of base
salary plus Annual Incentive Plan final awards received in excess of the compensation
limit under IRC 401(a)(17) in effect for the Retirement Program. As benefits are
specified on a career average pay basis, subsequent base salary increases will not impact
the value of previously accrued benefits.

	 	(1)	 	Annual Incentive Plan final awards are defined as those paid with
respect to annual incentive compensation performance periods commencing on and
after January 1, 2007.
	 
	 	(2)	 	Pro-rata annual incentive awards attributable to the year of
retirement will not be used in the calculation of benefits under this Section.

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Article II, Section IV. (c) (3)

	 	(3)	 	General Motors Asset Management executives who on or after August
4, 2003 are transferred to GMAM or hired or promoted into executive status are
ineligible for 1.25% Career Average Pay ERP benefits calculated with respect to
annual incentive compensation.

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	Article II, Section V.

	 	Calculation of 4% Defined Contribution Benefits for Credited
Service Accrued on and after January 1, 2007

	 	(a)	 	Effective for service on and after January 1, 2007, ERP benefits under this Article
II, Section V for Regular Active or Flexible Service U.S. executives, or U.S.
International Service Personnel executives, with a length of service date on and after
January 1, 2001 will be accumulated using a 4% defined contribution formula.
	 
	 	(b)	 	To be eligible for the 4% defined contribution benefits under this Section , an
executive employee must:

	 	(1)	 	Be a Regular Active or Flexible Service U.S. executive, or U.S.
International Service Personnel executive, with a length of service date on or
after January 1, 2001; and
	 
	 	(2)	 	Be at work for GM or GMAM on or after January 1, 2007; and
	 
	 	(3)	 	Meet the eligibility and vesting requirements as set forth in
Article II, Section I.

	 	(c)	 	Eligible executives with a length of service date on and after January 1, 2001 will
accrue benefits under this Article II, Section V with respect to actual base salary and
Annual Incentive Plan final awards received while an executive for service on and after
January 1, 2007 equal to 4% of the total of base salary plus Annual Incentive Plan final
awards received in excess of the annual compensation limit under IRC 401(a)(17) in effect
for the S-SPP. Once the total of base salary and eligible Annual Incentive Plan final
awards received in any Plan Year exceed the compensation limit under IRC 401(a)(17) in
effect for the S-SPP for that year, notional contributions shall be allocated each pay
period into an unfunded defined contribution account maintained for each eligible
executive on a book reserve basis.

	 	(1)	 	Annual Incentive Plan final awards are defined as those paid with
respect to annual incentive compensation performance periods commencing on and
after January 1, 2007.

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Article II, Section V. (c) (2)

	 	(2)	 	Pro-rata annual incentive awards attributable to the year of
retirement will not be used in the calculation of benefits under this Section.
	 
	 	(3)	 	General Motors Asset Management executives who on or after August
4, 2003 are transferred to GMAM or hired or promoted into executive status are
ineligible for the 4% benefits calculated with respect to annual incentive
compensation.

	 	(d)	 	The individual amounts for each eligible executive shall be an unfunded, notional
defined contribution account that will be credited with earnings based on investment
options as selected by the executive from the list below:

	 	(1)	 	GM $1-2/3 Par Value Common Stock
	 
	 	(2)	 	Promark Income Fund
	 
	 	(3)	 	Pyramis Strategic Balanced Commingled Pool
	 
	 	(4)	 	Promark Large Cap Index Fund
	 
	 	(5)	 	Fidelity Emerging Market Fund
	 
	 	(6)	 	Fidelity Contrafund
	 
	 	(7)	 	Fidelity Diversified International

Until such time as the executive makes an eligible investment choice, the executive’s
account will be credited with earnings based on the Pyramis Strategic Balanced
Commingled Pool. In the event any of the listed funds are discontinued, absent an
election by the executive (if any), the notional amounts in such funds will be
transferred to other funds designated by the Plan Administrator.

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	Article II, Section VI.

	 	Payment of Benefits

	 	(a)	 	Payment of benefits determined pursuant to Article II, Section II, III, IV or V of
this Plan, are payable in accordance with the provisions of Article II, Section VI (c)
below effective the first day of the month following the employee’s separation from
service.

	 	(1)	 	In the event of disability, as defined under IRC Section 409A,
payment of benefits will commence from the first day of the month following
twelve months of a Corporation approved disability leave of absence.
	 
	 	(2)	 	Payment of benefits will commence not later than 90 days
following separation from service or termination of disability leave of absence.

	 	(b)	 	The payment of benefits under this Plan shall be reduced, in an amount up to $5,000
per year, as repayment of amounts that a Participant owes the Corporation or any
subsidiary, for any reason, including but not limited to benefit overpayments, wage
overpayments, and amounts due under all incentive compensation plans. The Participant
will be relieved of liability in the amount of the reduction following the payment to the
Corporation.
	 
	 	(c)	 	Prior to payment, all vested Plan benefits, including any frozen SERP benefits, if
applicable, will be converted to a five year monthly annuity form of payment.

	 	(1)	 	For retirements or death in service at or after age 60, the
monthly value of benefits under the Plan shall be unreduced for early age
receipt.
	 
	 	(2)	 	For retirements commencing at age 55 to age 59 and 11 months, or
death in service at or after age 55 and prior to age 60, the monthly value of
any Plan benefits determined under Article II, Section IV, and any frozen SERP
benefits determined under Article II, Section II or III for executives with a
length of service date prior to January 1, 2001, shall be reduced for early age
receipt prior to conversion to a five year monthly annuity form of payment. The
defined contribution individual account plan benefits under Article II, Section
V for executives with a length of service date on or after January 1, 2001 will
be converted to a five year monthly annuity form of payment without applying an
early age reduction.

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Article II, Section VI. (c) (3)

	 	(3)	 	In the event of disability as defined in Article II, Section VI
(a) (1) above, the monthly value of benefits under Article II of this Plan shall
be unreduced for early age receipt and converted to a five year monthly annuity
using the following methodology:

	 	a)	 	First, offset the lifetime monthly
annuity value of benefits under this Article II by the amount of any
Extended Disability Benefits (EDB) payable to age 65 to determine
the amount of monthly ERP and frozen SERP payable to age 65, if any.

	 	1)	 	For this purpose, the
conversion of any Article II, Section V ERP to a lifetime
monthly annuity will use the Retirement Program discount rate
in effect at the date of total and permanent disability
retirement.

	 	b)	 	Second, convert the monthly value of
benefits determined in Article II, Section VI (c) (3) a) above to a
five year monthly annuity using age at effective date of total and
permanent disability retirement.
	 
	 	c)	 	Third, convert the lifetime monthly
annuity value of benefits under this Article II payable from age 65
to a five year annuity using age 65 as the effective date of
payment.
	 
	 	d)	 	Fourth, add the five year annuity values
calculated in Article II, Section VI (c) (3) (b) plus Article II,
Section VI (c) (3) (c) above to determine the total amount of the
five year annuity payment.

	 	(4)	 	Early receipt reduction factors will be identical to those used
under the terms of the Retirement Program.

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Article II, Section VI. (c) (5)

	 	(5)	 	The conversion of the monthly value of any benefits determined
under Article II, Section II, III and IV (after applying any reduction for early
age receipt) to a five year annuity form of payment, shall be made using the
same discount rate and mortality tables applicable under the Retirement Program
at date of separation from service. The defined contribution benefits under
Article II, Section V for executives with a length of service date on or after
January 1, 2001, will not use a mortality table for the conversion to a five
year annuity form of payment.
	 
	 	(6)	 	Should the executive die during the five year annuity payment
period, the remaining five year annuity payments will be converted to a one-time
lump sum and paid to a beneficiary named at date of retirement. If the
executive is married at date of retirement spousal consent will be required to
name a beneficiary other than the spouse. If the primary beneficiary has
predeceased the executive, any contingent beneficiaries designated for the
executive’s Basic Group Life Insurance will receive the lump sum payment. If
more than one person is named as the eligible beneficiary for the executive’s
Basic Group Life Insurance at date of death, the lump sum will be paid at the
percentages designated for their respective interests as eligible beneficiaries
of the executive’s Basic Group Life Insurance. If their respective interests
are not specified, their interests shall be several and equal. If a non-living
entity such as a trust is named as beneficiary, or the executive should have no
living beneficiary, any remaining five year annuity payments will be converted
to a one-time lump sum for final payment.

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Article II, Section VI. (c) (7)

	 	(7)	 	Should an executive who is vested pursuant to the provisions of
Article II, Section I die during active service with General Motors, any five
year annuity benefits payable under Article II, Section VI (c) (1) and Article
II, Section VI (c) (2) will be converted to a one-time lump sum and paid to the
executive’s surviving spouse. If the executive is not married at date of death,
the person designated as primary beneficiary for the executive’s Basic Life
Insurance will receive the lump sum payment. If the primary beneficiary has
predeceased the executive any contingent beneficiaries designated for the
executive’s Basic Group Life insurance will receive the lump sum payment. If
more than one person is named as the eligible beneficiary for the executive’s
Basic Group Life insurance at date of death, the lump sum will be paid at the
percentages designated for their respective interests as eligible beneficiaries
of the executive’s Basic Group Life insurance. If their respective interests
are not specified, their interests shall be several and equal. If a non-living
entity such as a trust is named as beneficiary, or the executive should have no
living beneficiary, the five year annuity payments will be converted to a lump
sum for final payment.
	 
	 	(8)	 	The obligation to provide benefits under this Article II shall
cease at the end of the five year annuity period or upon payment of a present
value lump sum to multiple named beneficiaries, a trust or to the executive’s
estate as described in Article II, Section VI (c) (6) and Article II, Section
VI (c) (7) above.

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GENERAL MOTORS

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Article II, Section VI. (c) (9)

	 	(9)	 	The Plan benefits under this Article II for active executives who
were age 62 and above as of December 31, 2004 with a minimum of 10 years Part B
or Part C credited service under the Retirement Program are grandfathered for
benefit amounts accrued and vested through December 31, 2004, in accordance with
IRC Section 409A, under the terms of the Plan in effect prior to January 1,
2007. Benefit amounts accrued and vested after December 31, 2004 for such
grandfathered executives are payable only as a lifetime monthly annuity. Such
grandfathered executives are not eligible for the five year annuity form of
payment.

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Article III. Benefit Equalization Plan

Article III, Section I. Eligibility and Vesting

	 	(a)	 	Eligibility to participate in this Article III shall be limited solely to those
active executive level or separated executive level employees, or the designated
beneficiaries of such active executive level or separated executive level employees,
whose aggregate contributions and benefits under the S-SPP are in excess of the maximum
limitations on compensation, contributions and benefits imposed by Sections 401(a)(17)
and/or 415 of the Code.
	 
	 	(b)	 	For purposes of this Article III, the terms “designated beneficiary” or “designated
beneficiaries” shall include surviving spouses and contingent beneficiaries. The term
“Participant” shall refer to an eligible active executive level employee or a former
executive level employee who has separated from service and is otherwise eligible for
benefits under this Article III.
	 
	 	(c)	 	Eligible executives were immediately vested in any benefits accrued under Article
III, Section II (a) prior to January 1, 2007.
	 
	 	(d)	 	Eligible executives will become vested in any benefits accrued on and after January
1, 2007 under Article III Section II (a) upon their attainment of age 55 with a minimum
of 10 years’ credited service. For this purpose, credited service is as defined in the
S-SPP.

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EXECUTIVE RETIREMENT PLAN

Article III, Section II. Amount of Benefits

	 	(a)	 	An executive level employee who is eligible to participate in this Article III, or
the designated beneficiary of such a deceased executive level employee who was eligible
to participate in this Article III, shall be eligible to receive the value of the assets
that would have been purchased with GM S-SPP matching contribution amounts and the S-SPP
1% GM Benefit Contribution, if eligible, plus related earnings on such assets, set forth
in Article III, Section II (b) below, but for the maximum benefit limitations imposed
under Section 415(c) of the Code and maximum compensation limits imposed under Section
401(a)(17) of the Code. The portion of the Plan that provides benefits in the event the
maximum compensation limits under Section 401(a)(17) of the Code apply is an unfunded
plan for the purpose of providing deferred compensation for a select group of management
or highly compensated employees. The value of assets described in this Article III,
Section II (a) shall be separately accounted for each employee or designated beneficiary.

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EXECUTIVE RETIREMENT PLAN

Article III, Section II (b)

	 	(b)	 	Prior to April 1, 2007 earnings on the unfunded, notional account assets will be
valued as though such amounts had been invested in the GM $1-2/3 par value Common Stock
Fund under the S-SPP. Effective April 1, 2007 the value of the assets for each eligible
executive shall be maintained in an unfunded, notional account that will be credited with
earnings based on investment options as selected by the executive from the list below.

	 	(1)	 	GM $1-2/3 Par Value Common Stock
	 
	 	(2)	 	Promark Income Fund
	 
	 	(3)	 	Pyramis Strategic Balanced Commingled Pool
	 
	 	(4)	 	Promark Large Cap Index Fund
	 
	 	(5)	 	Fidelity Emerging Market Fund
	 
	 	(6)	 	Fidelity Contrafund
	 
	 	(7)	 	Fidelity Diversified International

Commencing effective April 1, 2007, until such time as the executive makes an
eligible investment choice, the executive’s account will be credited with earnings
based on the Pyramis Strategic Balanced Commingled Pool. In the event any of the
listed funds are discontinued, absent an election by the executive (if any), the
notional amounts in such funds and future contributions that were designated for that
fund will be transferred to the fund that such option is mapped to by the S-SPP.

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EXECUTIVE RETIREMENT PLAN

Article III, Section III. Payment of Benefits

	 	(a)	 	For assets accrued and vested on or before December 31, 2004, payment of benefits
in the amount determined pursuant to Article III, Section II (a) for separations prior to
January 1, 2007, shall be payable to the Participant in a lump-sum amount on the earlier
of the Participant’s request or as soon as practicable following such Participant’s total
distribution of their S-SPP account. Such distributions will be based on the market
value on the Business Day on which the request is received or the day in which the
participant’s S-SPP account is totally distributed, as confirmed by the GM Benefits &
Services Center provided that the request is received or the S-SPP account is totally
distributed before the close of business of the New York Stock Exchange (NYSE), normally
4:00 p.m. (EST). A withdrawal request received and confirmed by the GM Benefits &
Services Center after the close of business of the NYSE, or on a weekend or holiday
observed by the NYSE, will be based on the market value on the next Business Day.
	 
	 	(b)	 	For separations on and after January 1, 2007, payment of vested plan benefits, in
the amount determined pursuant to Article III, Section II (a) will be converted to a five
year monthly annuity form of payment.

	 	(1)	 	Conversion of the account value at date of separation to a five
year annuity will use the same discount rate applicable under Article II,
Section VI (c) (5) at date of separation from service.
	 
	 	(2)	 	If the separated executive is eligible for payment of Executive
Retirement Plan (ERP) benefits under Article II, payable as a five year annuity,
payment of benefits as a five year annuity under this Article III will be
combined with and paid coincident with ERP payments under Article II.

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GENERAL MOTORS

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Article III, Section III. (c)

	 	(c)	 	The payment of benefits under Article III, Section III (a), and (b) above shall be
reduced in an amount up to $5,000 per year as repayment of amounts that a Participant
owes the Corporation or any subsidiary, for any reason, including benefit overpayments,
wage overpayments, and amounts due under all incentive compensation plans. The
Participant will be relieved of liability in the amount of the reduction following the
payment to the Corporation.

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GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article IV. Other Matters

	 	 	 
	Article IV, Section I.

	 	Amendment, Modification, Suspension, or Termination by Corporation

	 	(a)	 	The Corporation reserves the right, by and through the Executive Compensation
Committee of the Board of Directors or its delegate, to amend, modify, suspend, or
terminate this Plan in whole or in part, at any time. No oral statements can change the
terms of this Plan. This Plan can only be amended, in writing, by the Board of
Directors, the Executive Compensation Committee, or an appropriate individual or
committee as designated by the Board of Directors or Executive Compensation Committee.
The Corporation shall not terminate the Plan if such termination would result in tax and
penalties under Section 409A of the Code, unless the Corporation acknowledges in writing
that one of the results of a termination will be tax and penalties under the Code. Absent
an express delegation of authority from the Board of Directors or the Executive
Compensation Committee, no one has the authority to commit the Corporation to any benefit
or benefits provision not provided for under this Plan or to change the eligibility
criteria or other provisions of this Plan.
	 
	 	(b)	 	The Corporation may, from time-to-time and in its sole discretion, adopt limited
early retirement provisions to provide retirements (i) during a specified period of time,
(ii) at a specified level of benefits, and (iii) for identified executive employees. Any
such early retirement provisions relating to the Plan that may be adopted by the
Corporation are made a part of this Plan as though set out fully herein.
	 
	 	(c)	 	The Corporation may, from time-to-time and in its sole discretion, adjust the
amount of an executive’s credited service used to determine the benefits under this Plan,
or the amount of benefits payable to an executive under this Plan.

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GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article IV Section II, Special Rules

	 	(a)	 	Notwithstanding any provision of this Plan, no elections, modifications or
distributions will be allowed or implemented if they would cause an otherwise eligible
Participant to be subject to tax (including interest and penalties) under Section 409A of
the Code, unless the Committee specifies in writing that such elections, modifications or
distributions shall be made notwithstanding the impact of such tax (e.g. court order,
adverse business conditions).
	 
	 	(b)	 	Specified employees, as defined by IRC 409A, will have a six month waiting period
(or, if earlier, the date of death) before commencement of payment of any Plan benefits
payable on account of a separation from service. During the six month waiting period,
all amounts payable under this Plan will accumulate without interest and be paid
effective with the seventh monthly payment.
	 
	 	(c)	 	If at the time of separation from service the present value of all benefits under
the Plan is less than the dollar limit under Section 402(g) of the Code as adjusted by
the Secretary of the Treasury ($15,500 for 2008) such amount shall be paid in a lump sum
within 90 days of such separation.
	 
	 	(d)	 	Notwithstanding the provisions of the Plan to the contrary, under the provisions of
Treasury Regulation Section 1.409A-3(j) benefits may be paid prior to the applicable
payment date in the following events:

	 	(1)	 	Pursuant to the terms of a Qualified Domestic Relations Order, as
defined in Section 414(p) of the Code;
	 
	 	(2)	 	To comply with an ethics agreement with the federal government,
or to avoid a violation any domestic or foreign ethics law or conflicts law;
	 
	 	(3)	 	To satisfy any Federal Insurance Contributions Act (FICA) tax
obligations;
	 
	 	(4)	 	To pay the Participant an amount required to be included in
income due to a failure of the Plan to comply with Section 409A of the Code;
	 
	 	(5)	 	Upon termination of the Plan;
	 
	 	(6)	 	To pay state, local or foreign taxes arising from participation in
the Plan; and

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GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article IV Section II, (d) (7)

	 	(7)	 	To settle a bona fide dispute as to a Participant’s right to a
Plan distribution.

Notwithstanding the above, other than suspension or forfeiture as set forth in Article I,
Section IV (b) with respect to any benefits that are vested or in payment pursuant to the
terms of this Plan, the prior Benefit Equalization Plan or the prior Supplemental Executive
Retirement Program (SERP), no amendment, modification, suspension, or termination may reduce
the vested rights or benefits of participants under this Plan, including benefits being
provided to current executive retirees or their surviving spouse, without the participant’s,
retiree’s, or surviving spouse’s written permission, unless such amendment, modification,
suspension or termination is required by law.

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GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article IV, Section III. Claim Denial Procedures

The Plan Administrator will provide adequate notice, in writing, to any Participant or beneficiary
whose claim for benefits under the Plan has been denied, setting forth the specific reasons for
such denial. The Participant or beneficiary will be given an opportunity for a full and fair
review of a decision by the Plan Administrator denying a claim for benefits. An appeal may be
filed with the Executive Compensation Committee of the Board of Directors, which has been delegated
final discretionary authority to construe, interpret, apply, and administer the Plan. Such appeal
to the Executive Compensation Committee must be filed, in writing, within 60 days from the date of
the written decision from the Plan Administrator denying the claim for benefits. Such an appeal
may be initiated by forwarding the request to General Motors Corporation, 300 Renaissance Center,
Mail Code 482-C32-C61, P.O. Box 300, Detroit, Michigan 48265-3000. As a part of this review, the
Participant or beneficiary must submit any written comments that may support their position. The
Executive Compensation Committee shall be the final review authority with respect to appeals, and
its decision shall be final and binding upon the Corporation and the participant or beneficiary.

Article IV, Section IV. Service of Legal Process

Service of legal process on General Motors Corporation may be made at any office of the CT
Corporation. The CT Corporation, which maintains offices in 50 states, is the statutory agent for
services of legal process on General Motors Corporation. The procedure for making such service
generally is known to practicing attorneys. Services of legal process also may be made upon
General Motors Corporation, 400 Renaissance Center, Mail Code 482-038-210, Detroit, Michigan
48265-4000.

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GENERAL MOTORS

EXECUTIVE RETIREMENT PLAN

Article IV, Section V. Named Fiduciary 

The Executive Compensation Committee of the Corporation’s Board of Directors shall be the Named
Fiduciary with respect to the Plan. The Executive Compensation Committee may delegate authority to
carry out such of its responsibilities, as it deems proper, to the extent permitted by ERISA.

Article IV, Section VI. Non-Assignability

It is a condition of this Plan, and all rights of each Participant shall be subject thereto, that
to the full extent permissible by law no right or interest of any Participant in this Plan or in
his or her account shall be assignable or transferable, in whole or in part, either directly or by
operation of law or otherwise, including, but not by way of limitation, execution, levy,
garnishment, attachment, pledge, bankruptcy, or in any other manner, and further excluding
devolution by death or mental incompetence. No right or interest of any Participant in this Plan
or in their account shall be liable for, or subject to, any obligation or liability of such
Participant except as provided in Article II, Section VI (b).

33

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