General Motors Chairman Dan Akerson is getting a big payday – though he won’t be able to cash the check for a couple of years.
Akerson, who also serves as GM’s chief executive has been awarded 76,249 shares of restricted stock, according to paperwork the maker has filed with the federal government –which still owns about a third of GM’s stock and has oversight on pay issues for the company’s top executives.
Based on the recent price range for GM stock that would work out to somewhere around $2 million — $1.94 million, to be precise, based on what the shares closed at on Monday. But if GM stock comes close to the $33 it commanded when the maker held its November 2010 IPO that would add more than $500,000 to the payout.
Akerson will have time to wait and see, as he cannot cash in for several more years. He can convert two-thirds of the award to common stock on March 15, 2014 and the rest a year later. And he will have to remain a continuous GM employee for the duration or risk losing his stock bonus.