Eight top GM execs receive 324,489 restricted stock units
DETROIT, March 5
DETROIT, March 5 (Reuters) - Eight top General Motors Co executives have been awarded more than 324,000 restricted stock units that vest over the next three years, according to regulatory documents filed on Tuesday.
The 324,489 units, each representing one share of common stock, were awarded on March 1 as part of GM's long-term incentive plan, according to documents filed with the U.S. Securities and Exchange Commission.
GM shares were up 1.9 percent at $27.61 in afternoon trading on Tuesday.
Two-thirds of each grant will vest on March 1, 2015, with the rest vesting on the same day in 2016, according to the SEC filings.
Compensation of GM executives is governed by a special paymaster from the U.S. government as part of provisions put in place after the automaker's U.S.-funded bankruptcy restructuring in 2009. The stock awards were in line with approvals made by the paymaster in April 2012, a GM spokesman said.
GM has repaid about $29 billion of the $50 billion the U.S. government poured into the company to keep it afloat in 2009. In December, the U.S. Treasury said it would sell 200 million shares back to GM for $5.5 billion and sell its remaining holdings.
After the $5.5 billion stock sale, the Treasury's holding in GM was whittled down to 19 percent.
The GM spokesman would not discuss how the company arrived at each executive's restricted stock unit award, but said it related to his or her total compensation.
Chief Financial Officer Dan Ammann received 60,841 restricted stock units; global product development chief Mary Barra received 58,998; Vice Chairman Steve Girsky received 55,310; North American chief Mark Reuss received 51,623; Chief Information Officer Randy Mott received 36,874; South American chief Jaime Ardila received 25,812; Treasurer James Davlin received 21,203; and vice president Selim Bingol received 13,828, according to the SEC filings.
Chief Executive Dan Akerson did not receive any restricted stock units, the GM spokesman said. Akerson received an $11.1 million pay package last year. Several media outlets reported last week that GM had asked U.S. officials to allow for a pay increase of more than 20 percent for Akerson in 2013. GM said the reports were inaccurate.
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