LIDDELL CHRISTOPHER P 4
4 · General Motors Co · Filed Jan 19, 2011
Insider Transaction Report
Form 4
LIDDELL CHRISTOPHER P
Vice Chairman & CFO
Transactions
- Award
Restricted Stock Units
2011-01-17+111,153→ 111,153 total→ Common Stock (111,153 underlying)
Footnotes (1)
- [F1]Restricted Stock Units ("RSUs") were awarded on June 30, 2010 under the Company's 2009 Long-Term Incentive Plan (the "GMLTIP") subject to the satisfaction of certain performance conditions during 2010. The original grant was comprised of 37,051 RSUs; on November 1, 2010 the Company amended its certificate of incorporation to effect a stock split in which each issued and outstanding share of Common Stock was converted into three shares of Common Stock. Pursuant to the terms of the GMLTIP, each issued and outstanding RSU was automatically converted into three RSUs, so that the June 30, 2010 grant was converted to 111,153 RSUs upon the effectiveness of the stock split. On January 17, 2011, the Executive Compensation Committee of the Board of Directors of the Company determined that the performance condition has been satisfied so that the rights and obligations of the Company and the reporting person became fixed on that date. The RSUs will vest on June 30, 2013, the third anniversary of the award date, provided the reporting person remains continuously employed through that date. RSU awards will be settled when they vest except that until all the Company's obligations under Treasury Regulation 31 CFR 30.1 (Q-1) (the "TARP Obligations") have been repaid, awards will be settled after vesting in increments of 25% for each 25% of the TARP Obligations that have been repaid. Each RSU represents a right to receive one share of the Company's common stock upon settlement; in certain limited circumstances the RSUs may be settled by the delivery of cash in an amount equal to the Fair Market Value (as defined in the GMLTIP) of the Company's common stock as of the applicable settlement date. The RSUs do not have an expiration or exercise date or a conversion or exercise price.