General Motors 2012 Annual Report Download - page 166

Download and view the complete annual report

Please find page 166 of the 2012 General Motors annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 182

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Long-Term Incentive Plan
We granted 7 million, 5 million and 15 million RSUs in the years ended December 31, 2012, 2011 and 2010. These awards granted
either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award. Our policy is to issue
new shares upon settlement of RSUs.
The 2012 awards granted to the Top 25 highest compensated employees will settle on the second and third anniversary dates of
grant in 25% increments consistent with the terms of the 2009 Long-Term Incentive Plan. The awards for the non-Top 25 highest
compensated employees will vest and settle on the second and third anniversary dates of grant. Vesting and subsequent settlement will
generally occur based upon employment at the end of each specified service period.
The 2011 awards granted to the Top 25 highest compensated employees will settle three years from the grant date in 25%
increments consistent with the terms of the 2009 Long-Term Incentive Plan. The awards for the Next 75 highest compensated
employees will settle either: (1) three years from the date of grant; or (2) on the first and third anniversary dates of grant. The awards
to the non-Top 100 highest compensated employees will settle on the first, second and third anniversary dates of grant. Vesting and
subsequent settlement will generally occur based upon employment at the end of each specified service period.
The 2010 awards granted to the Top 25 highest compensated employees will settle three years from the grant date in 25%
increments consistent with the terms of the 2009 Long-Term Incentive Plan. The awards for the non-top 25 highest compensated
employees will settle after three years.
Retirement eligible participants that are non-Top 25 highest compensated employees who retire during the service period will retain
and vest in a pro-rata portion of RSUs earned. The vested award will be payable on the settlement date.
Salary Stock Plan
In the years ended December 31, 2012, 2011 and 2010 a portion of each participant’s salary was accrued on each salary payment
date and converted to RSUs on a quarterly basis. In March 2012 we amended the plan to provide for cash settlement of awards instead
of issuing new shares. As a result we will now settle these awards in cash and we reclassified $97 million from Capital surplus to
Accrued liabilities and Other liabilities and deferred income taxes.
RSUs
The following table summarizes information about the RSUs under our stock incentive plans (RSUs in millions):
Shares
Weighted-
Average
Grant
Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
RSUs outstanding at December 31, 2011 ................................................. 22.5 $23.01 1.1
Granted ........................................................................... 9.1 $25.10
Settled ............................................................................ (3.2) $27.71
Forfeited or expired ................................................................. (1.5) $24.42
RSUs outstanding at December 31, 2012 ................................................. 26.9 $23.06 0.7
RSUs unvested and expected to vest at December 31, 2012 .................................. 16.2 $23.49 1.0
RSUs vested and payable at December 31, 2012 ........................................... 10.3 $22.27 —
RSUs granted in the year ended December 31, 2011 ........................................ $31.18
RSUs granted in the year ended December 31, 2010 ........................................ $19.17
General Motors Company 2012 ANNUAL REPORT 163