General Motors’ top executives, including chief executive Mary Barra, were awarded shares in the company as part of a long-term incentive plan, according to filings with the United States Securities and Exchange Commission. Barra was awarded 79,639 restricted shares that will vest annually over three years starting February 2016, up from the 50,015 shares granted in February 2014.
The value of common shares will depend on the value of GM stock when sold. But using the closing price of $37.62 for GM shares on Feb. 13, 2015, Barra's total stock award would have a value of around $3 million. Counting her salary of $1.6 million, Barra is expected to receive a total of $14.4 million including stock awards.
GM is expected to give that amount to Barra when its issues its proxy statement, which historically occurs in April. On the other hand, GM president Dan Ammann was awarded 29,865 shares, valued at $1.1 million based on Friday’s share price.
Likewise, product development chief Mark Reuss was granted 25,385 shares, valued at $955,000 at Friday's closing price.
GM set its current long-term incentive plan for its top executives in 2014 after the US government fully disposed of its stake in the carmaker in December 2013. Federal government restrictions on executive compensation were lifted following that.