{"id":40649,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-determination-re-compensation-and-structures-aig.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-determination-re-compensation-and-structures-aig","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-determination-re-compensation-and-structures-aig.html","title":{"rendered":"Supplemental Determination re. Compensation and Structures – AIG"},"content":{"rendered":"

DEPARTMENT OF THE TREASURY<\/strong><\/p>\n

WASHINGTON, D.C. 20220<\/p>\n

\n

December 20, 2010<\/p>\n<\/p>\n

James J. Duffy<\/p>\n

Ally Financial Inc.<\/p>\n

Chief Human Resources Officer<\/p>\n

1177 Avenue of the Americas<\/p>\n

New York, NY 10036<\/p>\n<\/p>\n

Jeffrey J. Hurd, Esq.<\/p>\n

Senior Vice President:
\nHuman Resources and Communications<\/p>\n

American International Group, Inc.<\/p>\n

180 Maiden Lane<\/p>\n

22nd Floor<\/p>\n

New York, NY 10038-4925<\/p>\n<\/p>\n

Ms. Janice Uhlig<\/p>\n

Executive Director, Global Compensation and Planning General Motors Company\n<\/p>\n

300 Renaissance Drive<\/p>\n

Detroit, MI 48265-3000<\/p>\n<\/p>\n

Re:<\/em><\/strong> Supplemental Determination
\nRegarding
\nCompensation and Structures<\/em><\/strong><\/p>\n<\/p>\n

Dear Mr. Duffy, Mr. Hurd and Ms. Uhlig:<\/p>\n<\/p>\n

Pursuant to the Department of the Treasury153s Interim Final Rule on TARP
\nStandards for Compensation and Corporate Governance (the “Rule”), on April 16,
\n2010, the Special Master issued determination letters to each of Ally, AIG and
\nGM (the “April 2010 Determination Letters”) with respect to compensation
\nstructures for certain executive officers and most highly compensated employees
\n(“Covered Employees 26 : 100”). 31 C.F.R. \u00a7 30.16(a)(3)(ii).<\/p>\n<\/p>\n

Annex A to each of the April 2010 Determination Letters includes a paragraph
\nentitled “Employees entering the Top 25153”, which describes certain terms and
\nconditions applicable with respect to 2010 compensation where the relevant
\ncompany reasonably concludes that a Covered Employee may become one of the “Top
\n25” employees in 2011. The paragraph does not, however, refer to 2009
\ncompensation with respect to such a Covered Employee. The principles underlying
\nthe matters discussed in the specified paragraph apply equally to the comparable
\nelements of 2009 compensation. Accordingly, the Special Master has determined
\nthat the second<\/p>\n

\n

\n

<\/p>\n

\n

and third sentences of such paragraph will apply, mutatis mutandis,
\n<\/em>to amounts payable or reasonably estimated to be payable under a 2009
\nincentive plan except that (1) any reference to “this Annex” refers to any
\ndetermination of the Special Master that applies to such payment, (2) no stock
\nissued pursuant to the preceding clause may become transferable by the employee
\nearlier than the time the original payment was otherwise scheduled to be paid
\n(other than an amount of stock sufficient to cover an employee153s tax-withholding
\nobligations) and (3) all such payments shall be subject to the relevant
\nprovisions regarding clawbacks and hedging.<\/p>\n<\/p>\n

The approvals in this letter apply only to the Covered Employees referred to
\nabove. Such conclusions are limited to the authority vested in the Special
\nMaster by Section 30.16(a)(3) of the Rule, and shall not constitute, or be
\nconstrued to constitute, the judgment of the Office of the Special Master or the
\nDepartment of the Treasury with respect to the compliance of the proposed
\ncompensation payments or structure or any other compensation payments or
\nstructure for the subject employees with any other provision of the Rule.
\nMoreover, my evaluations and conclusions with respect to the Covered Employees
\nof any company have relied upon, and are qualified in their entirety by, the
\naccuracy of the materials submitted by such company to the Office of the Special
\nMaster, and the absence of any material misstatement or omission in such
\nmaterials.<\/p>\n

\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\n\n

Very truly yours,<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

\/s\/ Patricia Geoghegan<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n

Patricia Geoghegan<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n

Office of the Special Master for<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n

TARP Executive Compensation<\/p>\n<\/td>\n<\/tr>\n

\n<\/td>\n\n<\/td>\n<\/tr>\n
\n

cc:<\/p>\n<\/td>\n

\n

Drema M. Kalajian, Esq.<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Richard Strahota<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Mitchell D. Schultz<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Marc R. Trevino, Esq.<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Jacqueline Aguanno<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n
\n<\/td>\n\n

Mary T. Barra<\/p>\n<\/td>\n

\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

2<\/p>\n

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