Document:

General Motors Executive Retirement Plan, as amended March 1, 2010

 Exhibit 10.4 

 

 

 GENERAL MOTORS LLC 

General Motors 

Executive Retirement Plan 

With Modifications through March 1, 2010 

 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
LLC (“the Company”), and certain executive employees of Promark, GM Global Steering Holdings LLC, and GM Components Holdings, 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. The Company, Promark, GM Global Steering Holdings LLC, and GM Components Holdings are collectively referred to as “GM.”
“Promark” and “GMAM” are used interchangeably. 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. 
  

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 Article I, Section I 

The Plan also provides benefits, but only to the extent required pursuant to (1) the Amended and Restated Master Sale and Purchase Agreement, dated
as of June 26, 2009 (as amended, the “Purchase Agreement”), and (2) the Order (I) Authorizing Sale of Assets Pursuant to Amended and Restated Master Purchase Agreement with NGMCO, Inc., a U.S. Treasury-Sponsored
Purchaser; (II) Authorizing Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection with the Sale; and (III) Granting Related Relief, entered on July 5, 2009 (D.I. 2968) (the “Sale
Order”), to certain individuals who were never Company employees but who retired from General Motors Corporation (hereinafter referred to as the “Corporation”), General Motors Acceptance Corporation (GMAC) and Promark, formerly
known as General Motors Asset Management (GMAM) (hereinafter referred to collectively as the “Corporation and its Related Companies”). 
  

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 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 Company 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 Company, the Plan, and its participants and beneficiaries. 

  

	 	(e)	The expenses of administering this Plan are borne by the Company 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. 

 

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 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 had been amended from time to time prior to the Company becoming the sponsor of it. 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.

 The Company became the sponsor of the Plan, subject to the conditions and releases identified in the Purchase Agreement and Sale Order.

  

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 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 or was a common-law employee of the GM or the Corporation and its Related Companies: 

  

	 	(1)	Any individual who provides services to GM or the Corporation and its Related Companies where there is an agreement with a separate company under which the services are
provided. Such individuals are commonly referred to by the Company 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 GM or the Corporation and its
Related Companies, and; 

  

	 	(3)	Any individual that the Company, 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 Company. 

 The purpose of Section IV (a) is to exclude from
participation in the Plan all persons who actually may be common-law employees of GM or the Corporation and its Related Companies, but are not paid as though they are employees of such company 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 GM and/or otherwise acts in a manner inimical or contrary to the best interests of the Company or if an executive or a retired executive does not respond to the Company’s request for information relating to
this paragraph. 

  

	 	(c)	Normal Retirement Age (NRA) is 65. 

  

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 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 of GMAM or the Corporation 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) or be a Regular Active or Flexible Service U.S. executive employee of GMAC or U.S. International Service Personnel executive
employee of GMAC as of November 30, 2006 (appointments on or after December 1, 2006 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 of GM or the Corporation and its Related Companies 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 of the Company, GMAM, or the Corporation 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 

  

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

 

	 	(2)	As of the date of vesting, be a Regular Active or Flexible Service U.S. executive employee of the Company or the Corporation 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 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 of GM or the Corporation 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 of GM or the Corporation 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. 

  

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 Article II, Section I. (f) 

 

	 	(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. 

 

	 	(g)	Nothing in this Article II, Section I (a) through (f) is intended to render “ineligible” any participant who was qualified, eligible, and receiving
benefits as of July 10 to participate in the Plan. Nothing this Article II, Section 1 is intended to render “eligible” any participant who was not qualified or eligible to participate in the Plan as of July 10, 2009.

  

	 	(h)	Notwithstanding the above, to be eligible for a vested benefit under Section II or III of this Article (without regard to the benefit formulas of the Delphi plan),
payable upon separation from service, an executive employee of GM Global Steering Holdings LLC and GM Components Holdings must meet the following requirements: 

 

	 	(1)	Be a Regular Active or Flexible Service U.S. executive employee of GM or U.S. International Service Personnel executive employee of GM as of October 7, 2009; and

  

	 	(2)	As of date of vesting, be a Regular Active or Flexible Service U.S. executive employee of Delphi or GM, or U.S. International Service Personnel executive employee of
Delphi or GM; and 

  

	 	(3)	Was employed by Delphi as of October 6, 2009 and been eligible to retain a frozen Delphi SERP benefit had the executive remained at Delphi; and

  

	 	(4)	Be a U.S. executive employee of Delphi as of December 31, 2006; and 

  

	 	(5)	Be at least age 55 with at least 10 years of service (including Delphi service) at date of vesting. 

 

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	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. 

  

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 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: 

 

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 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. 

  

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	 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. 

  

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 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.

  

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 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. For purposes of clarity, “annual incentive awards” means those payments under the Annual Incentive Plan.
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 Company, Promark, or Corporation 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 Company, Promark, or Corporation 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 Company, Promark, or Corporation 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 for Executives With a Length of Service Date on or After
January 1, 2001

  

	 	(a)	Effective for service on and after January 1, 2007, ERP benefits under this Article II, Section V for GM and Corporation 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 GM or Corporation 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 the Corporation 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)	Promark Income Fund 

  

	 	(2)	Pyramis Strategic Balanced Commingled Pool 

  

	 	(3)	SSgA Large Cap Index 

  

	 	(4)	Fidelity Emerging Markets Fund 

  

	 	(5)	Fidelity Contrafund 

  

	 	(6)	Fidelity Diversified International Fund 

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. 
  

 20 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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
Company 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 GM 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
Company. 

  

	 	(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. 

  

 21 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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 discount rate specified in Article II, Section VI
(c) (5) below 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. 

 

 22 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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 July average of the 30-year U.S. Treasury Securities rate and the same mortality tables applicable under the Retirement Program at date of separation from service. The discount rate will be
redetermined each year as the average of the 30-year U.S. Treasury Securities rate for the month of July and be effective for retirements commencing October 1 following each redetermination through September 30 of the succeeding year. 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 (as referred to herein, “Basic Group Life Insurance” includes any successor life insurance plan, including Group Variable Universal Life) 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. 

  

 23 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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 GM, 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. 

 

 24 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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. 

  

 25 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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. 

  

 26 

 GENERAL MOTORS 

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, if any, 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. 

 

 27 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article III, Section II (b) 

 

	(b)	 Prior to April 1, 2007 earnings on the unfunded, notional account assets were 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)	Promark Income Fund 

  

	 	(2)	Pyramis Strategic Balanced Commingled Pool 

  

	 	(3)	SSgA Large Cap Index 

  

	 	(4)	Fidelity Emerging Markets Fund 

  

	 	(5)	Fidelity Contrafund 

  

	 	(6)	Fidelity Diversified International Fund 

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. 
  

 28 

 GENERAL MOTORS 

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. 

  

 29 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 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 GM 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 Company. 

  

 30 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV. Other Matters 

Article IV, Section I. Amendment, Modification, Suspension, or Termination by Company 

 

	 	(a)	The Company reserves the right, by and through the Executive Compensation Committee of the General Motors Company 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 Company shall not terminate the Plan if such termination would result in tax and penalties under Section 409A of the Code, unless the
Company 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 Company 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 Company 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 Company are made a part of this Plan as though set out fully
herein. 

  

	 	(c)	The Company 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. 

  

 31 

 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 ($16,500 for 2010) 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 

 

 32 

 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. 

 

	 	(e)	Effective May 1, 2009 monthly benefits payable under Article II, Section VI shall be reduced by 10% on a temporary basis; 

 

	 	1)	For Participants receiving lifetime monthly annuity benefits, including those retired prior to January 1, 2007 and grandfathered executives referred to in Article
II Section VI (c) (9), the 10% reduction shall be applied to the amount of monthly benefits in pay status as of April 2009. 

  

	 	2)	For Participants receiving five year monthly annuity benefits under this subsection (e), 10% of the life annuity value prior to its conversion to a five year annuity
will be subtracted from the five year annuity that would otherwise be payable. 

  

	 	(f)	Effective June 1, 2009 the amount of monthly benefits payable is limited to $8,000, on a temporary basis. 

 

	 	1)	For Participants receiving lifetime monthly annuity benefits, the $8,000 monthly limit is applied to the amount of monthly benefits payable after imposition of the 10%
reduction referred to in subsection (f). 

  

	 	2)	For Participants receiving five year monthly annuity benefits, first reduce the life annuity prior to conversion to a five year annuity by 10% as referred to in Article
IV, Section II, (e) (2). Next, if the remaining life annuity exceeds $8,000 per month, further reduce the five year annuity that would be otherwise payable by the difference between the 10% reduced life annuity and $8,000.

  

 33 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV Section II, (g) 

 

	 	(g)	 In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of this Plan by General Motors LLC, the temporary 10%
reduction under subsection (e) shall become permanent. In addition, for executive retirees who have a combined tax-qualified SRP plus non-qualified benefit under this Plan in excess of $100,000 per annum on a life annuity basis, the amount of
benefits under this Plan over the combined $100,000 per annum threshold shall be reduced by
 2/3rds. 

 

	 	1)	For the purpose of determining the $100,000 threshold for Participants receiving monthly life annuity benefits, such determination shall be made after the reduction of
the monthly benefit for the cost of any survivor option. 

  

	 	2)	For the purpose of determining the $100,000 threshold convert any five year annuity form of payment to a life annuity. After application of any reduction described in
Article IV Section II (g) above, convert the remaining life annuity back to a five year annuity for continued payment using the same five year annuity conversion factors as applied at original benefit commencement date.

  

	 	(h)	In the event of a sale of assets under Section 363 the Bankruptcy Code and the assumption of this Plan by General Motors LLC as of the date of such sale, the
monthly benefits accrued by active executive employees under Article II, Sections II, III and IV shall be frozen and reduced by 10%. Future benefit accruals for executive employees following the date of sale shall be determined under Article II,
Sections IV and V. 

 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. 
  

 34 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV, Section III. Claim Denial Procedures 

This sets forth the mandatory, exclusive appeal procedure. 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 LLC, 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 Company and the participant or beneficiary. 

Article IV, Section IV. Service of Legal Process 

Service of legal process on General Motors LLC 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 LLC. The procedure for making such service generally is known to practicing attorneys. Services of legal process also may be made upon General Motors LLC,
400 Renaissance Center, Mail Code 482-038-210, Detroit, Michigan 48265-4000. 
  

 35 

 GENERAL MOTORS 

EXECUTIVE RETIREMENT PLAN 
  

 Article IV, Section V. Named Fiduciary 

The Executive Compensation Committee of the General Motors Company 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). 
  

 36Employment Agreement - Bluehill ID AG and John Rogers

 Exhibit 10.38 

Employment Agreement 

between 

Bluehill ID AG 
  

 
 and

 Mr. John Rogers 
  

 

 Table of contents 
  

					
	 1.
	 	Introduction	  	1
			
	 2.
	 	Duties	  	1
			
	 3.
	 	Remuneration	  	2
			
	 4.
	 	Continued Payment of Salary in Case of Illness or Accident	  	2
			
	 5.
	 	Insurance	  	3
			
	 6.
	 	Vacation	  	3
			
	 7.
	 	Accessory Activity	  	3
			
	 8.
	 	Obligation to Secrecy	  	3
			
	 9.
	 	Restraint of Competition	  	4
			
	 10.
	 	Penalties	  	4
			
	 11.
	 	Duration and Termination of Employment	  	5
			
	 12.
	 	Return of Documents and other Objects	  	5
			
	 13.
	 	Miscellaneous	  	5

 THIS AGREEMENT is made and entered into as of 5 January 2009 by and between 

John Rogers, born on
February 10th 1964 in Dublin, Ireland having his
personal address at Chemin des Mélampyres 18, CH-1805 Jongny, Switzerland, hereinafter referred to as “Employee” 
 and

 Bluehill ID AG, having its registered office at Dufourstrasse 121, CH-9001 St. Gallen, a company duly registered in the commercial register
in St. Gallen under CH-320.3.061.004-0/, represented by the Ayman S. Ashour, hereinafter referred to as “Employer”. 
  

	1.	Introduction 

 Employee
has been involved for many years in various senior positions in the RFID industry. 
  

	2.	Duties 

 Employee shall
act as Chief Integration Officer in charge of integration and transition of newly acquired subsidiaries of Bluehill ID AG. He shall be responsible for handling the post closing aspects of the acquisition agreements and for transitioning the acquired
companies into Bluehill ID AG’s culture including major projects such as divestiture or closure of certain units and merging with other Bluehill ID AG units. The Employee will be responsible for managing acquired companies and at times other
Bluehill ID AG subsidiaries until the completion of the transition and integration process. The Employee will also be responsible for opening and closing balance sheets. Furthermore, Employee shall have the position of an Executive Vice President of
the Employer. 
  

	2.1	The rights and duties of the Employee result from the law and from this Employment Agreement. The Employee reports directly to the COO/CFO of Bluehill ID AG. The
Employee will work and interface directly with the CEO and other members of the management team if and when required. 

  

	2.2	Employee shall make his full and entire working capacity available to Employer, with the exception of current supervisory board position in Irish company (reference
section 7 on accessory activity). He will not be subject to specific working hours, but he will be at Employer’s disposal at all and any times if, and to the extent that, the interest of Employer will require. Employee is also available for
other tasks within the Group. When adjusting the scope of his tasks, Employer shall pay due regard to the abilities and interests of Employee. 

  

 page - 1 - of 6 

	3.	Remuneration 

  

	3.1	Base Salary: Employee shall receive a fixed annual gross salary of CHF 150,000 as remuneration for his activity. The annual salary shall be disbursed in 12 (twelve)
equal monthly payments, due at the end of each calendar month, withholding the deductions prescribed by law. Additional work and overtime hours, as well as weekend and holiday working are compensated by this annual salary. 

 

	3.2	Bonus: Employer shall grant to Employee – based on EBIT growth (organic and acquisitive) allowing for 100% of the annual gross salary to be obtained, payable 50%
in cash and 50% in shares with 36 months lock up or deferral. Bonus shall be payable within one month of the Bluehill ID Group’s audit accounts being available. 

 

	3.3	Peak Bonus: Peak Bonus on achieving further EBIT and share price growth figures in 36 months options, vest after 12 months, equivalent in number to salary and bonus in
Euro. The option shall be calculated according to applicable bonus plan for senior executives of the Group (Exhibit 2). 

  

	3.4	Remuneration payable in shares: the number of shares shall be calculated on the basis of the average closing price of the Bluehill ID AG shares of the thirty trading
days preceding the date when such remuneration is due and payable. These Bluehill ID AG shares will be subject to a 36 months lock up restriction or deferral within the sole discretion of the Employer from the date when such remuneration is due and
payable. 

  

	3.5	Social security contributions: The Employee’s share of social security payments in accordance with Swiss law (AHV/IV, ALV, UVG, BVG) and pension fund contributions
shall be deducted from the Employee’s remuneration. 

  

	3.6	Employer shall reimburse Employee for travel expenses on the basis of the applicable maximum flat tax rates. The costs for travelling by train or by air are reimbursed
against individual receipt. The same applies for accommodation costs; hotel categories must be reasonable. 

  

	4.	Continued Payment of Salary in Case of Illness or Accident 

  

	4.1	In case Employee is prevented from his activity, he shall immediately inform Employer about the reason for and the estimated period of his incapacity.

  

 page - 2 - of 6 

	4.2	In case the Employee is prevented from his activity not due to his own fault, the Swiss legal provisions (Art. 324a and 324b Swiss Code of Obligations) shall apply with
the following amendments: in case of sickness or accident for which there is insurance coverage the Employee shall be entitled to insurance coverage in accordance with the insurance policy executed by the Employer. The Employee is entitled to
inspect the insurance policy at any time. 

  

	4.3	In case the Employee is prevented from his activity not due to his own fault and such case is not covered by insurance then the Employee shall receive his full base
salary pursuant to Article 3.1. of this Agreement for a duration of three months. The same shall apply for waiting periods until insurance coverage is payable. 

 

	5.	Insurance 

 Employer shall
effect for the benefit of Employee a personal accident and sickness insurance in accordance with the applicable rules in Switzerland 
  

	6.	Vacation 

 Employee is
entitled to an annual vacation of 25 working days at full pay. The vacation period shall be agreed upon with the COO/CFO and with the other managers of Employer, if any. Urgent business interests of Employer shall be observed with priority.

  

	7.	Accessory Activity 

 For
any accessory activity as well as for any honorary position, including the assumption of a position in supervisory bodies of other companies, Employee requires the prior written approval of the Shareholders’ Meeting. Such approval may be
revoked at any time, however taking into account any requirements as to the cessation of the assumed position. The employee is a supervisory board member in an Irish company and shall be allowed to remain in this position. 

 

	8.	Obligation to Secrecy 

Employee shall keep strictly confidential vis-à-vis third parties any matters and information concerning Employer, or any company
within the Group. This obligation to secrecy shall continue even after the termination of this Agreement in accordance with Article 321a Swiss Code of Obligations. 

 

 page - 3 - of 6 

	9.	Restraint of Competition 

  

	9.1	Prohibition of competition 

In view of the fact that Employee will in the course of his activity acquire a vast knowledge of commercial as well as technical details
of significant importance to Employer with respect to its competitiveness, he shall be forbidden for the duration of this Agreement to assume any activity whatsoever in any enterprise competing with Employer or any other company within the Group, as
a proprietor, associate, or employee, or to take a direct or indirect financial interest therein, or to render advice or promotion to it or to act as its agent or otherwise to conduct or procure business transactions on his own or someone
else’s account without the prior written consent of the president of the board of directors of the Employer. However the employee is allowed to be a shareholder in quoted RFID companies including DIGA and Smartrac up to a maximum of total 5% of
the total market capitalization of those companies respectively. 
  

	9.2	Non-solicitation 

Employee agrees that he will not, directly or indirectly, for his benefit or for the benefit of any other person, firm or entity, do any
of the following for the duration of this Agreement and for a period of 2 (two) years subsequent to its expiry or termination: 
  

	 	(i)	solicit any customer of Employer, the Group or any of their affiliates that did business with Employer, the Group or any of their affiliates during the preceding three
years; 

  

	 	(ii)	solicit the employment or services of any person who at such time is employed by or a consultant to Employer, the Group. 

 

	10.	Penalties 

 For each case
of violation of the secrecy obligation (Article 8) or the restraint of competition (Article 9) under this Agreement, Employee shall pay to Employer a contractual penalty amounting to 2 (two) monthly salaries pursuant to Article 3.1 of this
Agreement. 
  

 page - 4 - of 6 

	11.	Duration and Termination of Employment 

  

	11.1	This Agreement shall become valid as of 5 January 2009 and is concluded for an indefinite period of time. 

 

	11.2	This Agreement may be terminated by either party with a notice period of 3 months during the first year of employment. After the first year of employment the notice
period shall be 6 months. 

  

	11.3	The right to termination of the Agreement for good cause (Kündigung aus wichtigem Grund) shall remain unaffected. 

 

	11.4	Any notices of termination pursuant to this Agreement shall be given in writing. 

 

	12.	Return of Documents and other Objects 

Upon request, or unsolicited upon termination of this Agreement or release from activity prior to termination, Employee shall immediately
return to Employer (i) all documents concerning Employer, or any other company within Group, or their matters, regardless to whom originally addressed, in particular records, notes, drafts, customer data, manuals, and advertising material,
(ii) any copies thereof, be it electronic, on paper or on any other media, also if saved on private data carriers, and (iii) any other objects belonging to Employer, in particular keys to the premises of Employer, credit cards,
telecommunication devices, office equipment, hardware, software, and data carrier. Employee shall certify in writing that he is not retaining any such documents, copies or objects. Employee shall have no right of retention with regard to such
documents, copies or objects. 
  

	13.	Miscellaneous 

  

	13.1	This Agreement shall be governed by the Swiss law with the exclusion of Swiss private international law. 

 

	13.2	Amendments and modifications to this Agreement must be in writing. This shall also apply for this Article. 

 

	13.3	 If any provision of this Agreement shall be fully or partly invalid or unenforceable the validity and enforceability of all other provisions shall not

  

 page - 5 - of 6 

	 	
be affected. The invalid or unenforceable provision shall be substituted by a valid and enforceable provision that reflects as closest the economic intention of the Parties with the invalid or
unenforceable provision. 

 This Agreement has been executed in two (2) identical copies, each party taking one. 

 

					
	Jongny,
5th January 2009	 		 	St. Gallen,
5th January 2009
			
		 		 	Employer
			
	 /s/ John S. Rogers
	 		 	 /s/ Melvin Denton-Thompson

	Employee	 		 	Melvin Denton-Thompson

  

 page - 6 - of 6

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