ALLY FINANCIAL INC. (NYSE:ALLY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Ally Financial Inc.’s (Ally) named executive officers (NEOs) are eligible to participate in the broad-based Ally Financial Inc. Severance Plan (the Plan). Effective December 28, 2017, the Plan was amended to provide that, in the event of a Qualified Termination of Employment (as defined in the Plan) or a Termination of Service without Cause (as defined in the Ally Financial Inc. Incentive Compensation Plan), in each case, within the 24-month period immediately following a Change in Control (as defined in the Ally Financial Inc. Incentive Compensation Plan), each NEO will receive (i) two times the sum of the NEO’s annual base salary and designated annual cash incentive compensation opportunity, (ii) the NEO’s prorated designated annual cash incentive compensation opportunity for the year of the NEO’s termination, and (iii) a payment equal to 24 months of medical premiums valued at the NEO’s COBRA rate. The Plan also was amended to provide that, in the event of a Qualified Termination of Employment that is not addressed in the preceding sentence, (A) the CEO will receive two times annual base salary and (B) each other NEO will receive one times annual base salary.

A copy of the amendment to the Plan is attached as Exhibit 10.1 and incorporated by reference.

Ally Financial Inc. Exhibit
EX-10.1 2 dp84533_ex1001.htm EXHIBIT 10.1 EXHIBIT 10.1   amendment No. 1 to the ALLY FINANCIAL INC. Severance plan document and summary plan description   The Ally Financial Inc. Severance Plan (the “Plan”),…
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About ALLY FINANCIAL INC. (NYSE:ALLY)

Ally Financial Inc. is a financial holding company and a bank holding company. The Company’s banking subsidiary, Ally Bank, is a franchise in the Internet, telephone, mobile and mail banking market. The Company operates through three segments: Automotive Finance operations, Insurance operations and Mortgage operations. Its Automotive Finance operations segment provides automotive financing services to consumers and automotive dealers. Its Insurance operations segment offers both consumer financial and insurance products sold through the automotive dealer channel, and commercial insurance products sold to dealers. Its Mortgage operations segment includes the management of its held-for-investment mortgage loan portfolio and the execution of bulk purchases of jumbo and low-to-moderate income (LMI) mortgage loans originated by third parties. Its main lines of business are Dealer Financial Services, which includes its Automotive Finance and Insurance operations, and Mortgage.