DETROIT -- General Motors Co. is giving 12 top executives share equivalents worth an estimated total of $24.5 million that could be exercised when the company goes public, Bloomberg reported.
GM issued 184,255 salary stock units and 71,155 restricted stock units that executives can exercise if they hit certain performance targets, the automaker said in federal regulatory filings. Each unit represents one share of stock.
CEO Ed Whitacre wants GM shares to trade by the fourth quarter. GM and Treasury officials have been meeting with investment bankers to select one to manage the initial public offering, sources said.