Discussion about "GM details first stock awards to CEO, executives - Reuters"

GM details first stock awards to CEO, executives - Reuters

June 7 (Reuters) -
General Motors Co [GM.UL] said
on Monday Chief Executive Ed Whitacre has been awarded stock in
the government-owned automaker worth an estimated $1.33 million
as part of his previously announced compensation.

GM, which is working toward an initial
public offering
after restructuring in bankruptcy, awarded Whitacre 24,547
shares as part of his salary, the automaker said in a filing
with the U.S. Securities and Exchange Commission.

Whitacre, 68, can convert the stock to cash
in installments
beginning in March 2011, the company said in its filing.

For 2010, Whitacre will be paid $7.3
million in stock
payments, GM said earlier this year. Whitacre, who took over as
CEO in December, is also paid a cash salary of $1.7 million.

GM detailed stock-based payouts to 12 top
executives in
Monday's filing with the SEC.

That
included a payment of 18,063 shares of salary stock to
Steve Girsky, GM's vice chairman and top corporate strategist,
and 15,979 shares of salary stock to Chris Liddell, vice
chairman and chief financial officer.

Since GM does not have traded stock the company relies on a
third party estimate to determine the value of shares used in
its executive compensation plan. At the end of 2009, that
estimate valued the shares at $53.98.

As a recipient of U.S. government funding, the automaker is
subject to restrictions on executive pay.

Executives are being paid in a combination