Ally Bank 2011 Annual Report Download - page 292

ALLY FINANCIAL INC. SEVERANCE PLAN
PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION
This is the Summary Plan Description (“SPD”) for the Ally Financial Inc. Severance Plan (the “Plan”). The
Compensation and Leadership Committee of the Board of Directors (the “Committee”) of Ally Financial Inc., formerly GMAC
Inc. and GMAC LLC, (the “Company”) adopted the Plan with an effective date of January 1, 2009, which has since been
amended by the Company’s Employee Benefits Committee. The Plan is intended to be an employee welfare−benefit plan under
and subject to the Employee Retirement Income Security Act of 1974, as amended, and the applicable regulations promulgated
thereunder (“ERISA”). As a SPD, its purpose is to explain the Plan for you and provide you with additional information regarding
the Plan. You should read it carefully. This document also serves as the “plan document” for the Plan.
I.PURPOSE OF THE PLAN
The Plan is intended to provide financial and other benefits in the event of a termination of employment. Severance
payments are not to be viewed as automatic and are not compensation for past services, but instead are intended only as
prospective payments that will be offered under certain circumstances. This Plan replaces and supersedes all other plans,
programs, policies, agreements and arrangements of the Company (other than individual employment agreements) in which any
employee has been eligible or entitled to participate (“Other Severance Plans”), and all such Other Severance Plans are hereby
discontinued as of January 1, 2009.
II.ELIGIBILITY AND PARTICIPATION
A.All United States employees of the Company will participate in the Plan (“Participants”). However, the level of
participation in the Plan is determined by a Participant’s level of responsibility within the Company as described below.
B.Employees who do not participate in the Company’s Long−Term Incentive Plan LLC Long−Term Equity
Compensation Incentive Plan (“LTECIP”) will participate in this Plan at Benefit Level I described herein and be referred to as
Level I Participants.
C.Employees who participate in the LTECIP, other than those who participate solely as the result of receiving Key
Contributor Share Units (“KCSU”), will participate in this Plan at Benefit Level II described herein and be referred to as Level II
Participants. KCSU recipients will participate in the Plan at Benefit Level I described herein and remain Level I Participants.
III.QUALIFIED TERMINATIONS OF EMPLOYMENT