(Corrects headline and first sentence to show that total potential incentive package is “more than $25 million,” not “more than $179 million.” Corrects 2nd paragraph to show that the stock options will only have value above the $1,515 strike price, not that all the shares in the restricted stock units and the stock options are valued at $1,515 each.)
DETROIT, Feb 6 (Reuters) – The head of General Motors Co’s Cruise self-driving car unit stands to make more than $25 million over the next decade if the technology subsidiary experiences a change in ownership or is listed publicly, according to a regulatory filing on Wednesday.
Dan Ammann, who stepped down as GM’s president and was named chief executive of Cruise at the start of this year, was awarded 16,914 restricted stock units for common shares of Cruise and stock options for 101,485 common shares of Cruise by the unit’s board on Monday, GM disclosed in its annual 10K filing with the U.S. Securities and Exchange Commission. Each restricted stock unit carries a value of $1,515, while the stock options only have value above the $1,515 strike price, according to the SEC filing. (Reporting by Ben Klayman Editing by Leslie Adler)