Exhibit 10.4
Name: Nicholas S.
Cyprus
COMPENSATION
STATEMENT
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Commencing:
May 1, 2009
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Salary: $43,500.00 per
month
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I agree the salary cited will be my
total salary during each monthly period in which GM continues it in
effect for all hours worked, including overtime.
I acknowledge I am aware of trade
secrets or other confidential and/or proprietary information
concerning GM; the disclosure of which will cause irreparable harm
to the Corporation. I agree that I will not disclose to any person
or entity any such trade secret, confidential and/or proprietary
information and, upon termination of my employment with GM, I shall
return all documents or other materials containing such information
to GM.
For a period of two years
immediately following my voluntary termination of employment with
GM or any of its subsidiaries, I will not, without the prior
written consent of the GM Chief Executive Officer, engage in or
perform any services of a similar nature to those I performed at GM
for any other corporation or business engaged in the design,
manufacture, development, promotion, or sale of automobiles or
trucks within North America, Latin America, Asia, Australia, or
Europe in competition with GM, any of its subsidiaries or
affiliates, or any joint ventures to which GM or any of its
subsidiaries or affiliates is a party. If the terms of this
paragraph are found by a court to be unenforceable due to the
duration, products or territory covered, such court shall be
authorized to interpret these terms in a manner that makes the
paragraph enforceable within that particular jurisdiction. Further,
I will not for a period of two years following my voluntary
termination of employment with GM or any of its subsidiaries,
directly or indirectly, knowingly, without the prior written
consent of the Chairman of the GM Executive Compensation Committee,
induce any of the employees of GM to leave the employ of GM for
participation, directly or indirectly, with any existing or future
business venture associated with me.
This Statement reaffirms that my
employment is from month-to-month on a calendar month basis and I
acknowledge GM retains the right in its discretion to increase or
decrease my monthly compensation. The parties agree Michigan law
applies to this Compensation Statement even if I am employed
outside the state.
I agree tha
