General Motors 2015 Annual Report Download - page 103
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Table of Contents
if the participant leaves the company for reasons other than those permitted under the plans such as retirement, death or disability. Our practice is to issue new
shares upon settlement of RSUs and PSUs. The following table summarizes awards granted or issued under these plans (units in millions):
RSUs 2.8
8.2
7.3
PSUs 4.1
3.9
Stock options 26.4
RSU awards granted either cliff vest or ratably vest generally over a three-year service period, as defined in the terms of each award. Vesting and subsequent
settlement will generally occur based upon employment at the end of each specified service period.
The ultimate number of PSUs earned will be determined at the end of the specified performance period, which is three years, based on performance criteria
determined by the Executive Compensation Committee of the Board of Directors at the time of award. The number of shares earned may equal, exceed or be
less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met. PSU awards generally vest and settle at
the end of a three-year period.
Stock options were granted to senior leaders to maintain the leadership consistency needed to achieve our short-term and long-term goals. Each recipient
was required to accept non-compete and non-solicitation covenants. These non-qualified stock options have a vesting feature whereby two-fifths of the award
are exercisable approximately 19 months after the date of grant and the remainder vest ratably over the next three years based on the performance of our
common stock relative to that of a specified peer group. The stock options expire 10 years from the grant date.
In the year ended December 31, 2013 a portion of each participant's salary was accrued on each salary payment date and converted to RSUs on a quarterly
basis. In June 2013 we amended the plan to provide for cash or share settlement of awards based on election by the participant. The liability for these awards
continues to be remeasured to fair value at the end of each reporting period.
The following table summarizes information about the RSUs, PSUs and stock options under our stock incentive plans (units in millions):
Units outstanding at January 1, 2015 19.9
$ 32.11
1.3
Granted 33.3
$ 10.70
Settled (8.1)
$ 29.44
Forfeited or expired (1.1)
$ 26.59
Units outstanding at December 31, 2015 44.0
$ 16.48
3.0
Units unvested and expected to vest at December 31, 2015 35.0
$ 14.54
3.3
Units vested and payable at December 31, 2015 7.6
$ 25.72
Units granted in the year ended December 31, 2014
$ 35.31
Units granted in the year ended December 31, 2013
$ 29.05
The following table summarizes compensation expense recorded for our stock incentive plans, which is recorded in Automotive cost of sales and
Automotive selling, general and administrative expense (dollars in millions):
99