DETROIT -- The General Motors board has restored CEO Rick Wagoner's base salary to its 2003 level of $2.2 million.

That represents a 33 percent increase over Wagoner's projected 2007 salary of $1.65 million. Wagoner received $2.2 million in annual base salary from 2003 until 2006, when he took a major cut to $1.28 million.

The GM board announced Wagoner's 2008 salary in a filing with the U.S. Securities and Exchange Commission earlier this week.

The board also agreed that Wagoner, 55, would get a cash payout of up to $3.52 million under GM's Annual Incentive Plan if the company achieves a target level of performance. Since it is tied to performance, Wagoner could get all, some or none of that amount.

He will receive 165,563 shares as part of the company's long-term incentive plan in 2008, as well as 500,000 stock options and 75,000 restricted stock units, the board announced.

In addition, Wagoner will get a performance-contingent stock option grant of 500,000 shares at $23.13 per share. The shares will vest if GM's stock reaches $40 per share before March 5, 2013 and stays at that price for 10 days within 30 consecutive trading days.

GM also said Fritz Henderson, the company's No. 2 executive, would be paid $1.8 million this year, up from about $1.3 million in 2007 when he had been chief financial officer.

Henderson, 49, who was promoted this week to become GM president and chief operating officer, also stands to receive a bonus of $2.43 million if GM hits its performance targets.

Henderson had agreed to cut his former base salary of $1.5 million by 30 percent in 2006 and then by 15 percent in 2007.

UAW President Ron Gettelfinger, whose union represents some 74,000 GM workers, has raised executive pay as a concern at a time when the next round of new hires at the automakers will be brought in at half the prevailing wage, or about $14 per hour.

A UAW spokesman could not be immediately reached.

GM spokesman Renee Rashid-Merem said the automaker's board had ensured that the bulk of executive compensation was risk-based, meaning it would be paid out only if GM performs financially and its shares gain ground.

GM is expected to release full executive compensation details for 2007 when it releases its annual proxy in April.

GM stock closed Thursday at $22.35 a share on the New York Stock Exchange, down 62 cents or 2.70 percent in a down day on Wall Street.

Reuters contributed to this report