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Partial Terms Of GM's Bailout

Restructuring
Targets:

In addition to the Restructuring Plan, the Company and its subsidiaries shall use
their best efforts to achieve the following targets:
1. Reduction of their outstanding unsecured public indebtedness (other than
with respect to pension and employee benefits obligations) by not less than
two-thirds through conversion of existing public debt into equity or debt (a
"Bond Exchange") and other appropriate means;
2. Reduction of the total amount of compensation, including wages and
benefits, paid to their U.S. employees so that, by no later than December 31,
2009, the average of such total amount, per hour and per person, is an
amount that is competitive with the average total amount of such
compensation, as certified by the Secretary of Labor, paid per hour and per
person to employees of with Nissan Motor Company, Toyota Motor
Corporation, or American Honda Motor Company whose site of employment
is in the United States (the "Compensation Reductions");
3. Elimination of the payment of any compensation or benefits to U.S.
employees of the Company or any subsidiary who have been fired, laid-off,
furloughed, or idled, other than customary severance pay (the "Severance
Rationalization").
4. Application of the work rules to their U.S. employees, beginning not later
than December 31, 2009, in a manner that is competitive with Nissan Motor
Company, Toyota Motor Corporation, or American Honda Motor Company
whose site of employment is in the United States (the "Work Rule
Modifications" and, together with the Compensation Reductions and
Severance Rationalization, the "Labor Modifications"); and
5. Provision that not less than one-half of the value of each future payment or
contribution made by them to the account of the voluntary employees
beneficiary association (or similar account) ("VEBA") of a labor
organization representing the employees of the Company and its subsidiaries
shall be made in the form of the stock of the Company or one of its
subsidiaries (the "VEBA Modifications"), and the total value of any such
payment or contribution shall not exceed the amount of any such payment or
contribution that was required for such time period under the collective
bargaining agreement that applied as of the day before the Closing Date.

The whole PDF file is here; please copy and paste into your browser:

http://www.treasury.gov/press/releases/reports/gm%20final%20term%20&%20appendix.pdf

Please copy and paste this link into your browser:

http://goluckydonald.spaces.live.com



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