Ally Bank 2011 Annual Report Download - page 293

A.Plan benefits are payable only upon a “Qualified Termination of Employment,” which means a termination of
employment with the Company as a result of any of the following:
1. Elimination of current position or reduction in the total number of employees in the same department
performing the same or similar job.
2. Substantial change in current duties for which the employee no longer qualifies.
3. Substantial change in current duties which results in a twenty percent (20%) or more reduction in salary.
4. Declining a geographic transfer to a new position offered to employee upon the elimination of current
position as an alternative to termination, provided that the expenses associated with the transfer would
qualify for receipt of benefits under the Relocation Program.
B.Accordingly, Plan benefits are not payable for an “unqualified” termination of employment as a result of any of the
following: 1. Loss of temporary employment
2. Termination of employment where an employment or other written agreement provides for severance
3. Death
4. Disability
5. Involuntary termination for cause as determined by the Company in its sole discretion
6. Resignation
7. Retirement
8. An approved Leave of Absence or failure to return from an approved Leave of Absence