DETROIT (Reuters) -- General Motors awarded CEO Dan Akerson nearly $2 million in restricted shares that will fully vest if he stays at the company for three more years.
Akerson received 76,249 restricted stock units last week as part of GM's long-term incentive plan hammered out in 2009, the automaker said in a regulatory filing on Monday.
Based on GM's closing share price of $25.44 on Friday, Akerson's shares are worth $1.94 million. Each restricted stock unit represents one common share.
Two-thirds of the shares will vest on March 15, 2014 and the rest can be paid out in 2015 if Akerson "remains continuously employed through the vesting date," according to the filing.
GM, which is about a quarter owned by the U.S. government, went public in late 2010 at a $33 initial public offering price.
But concerns over its European unit, Opel, and its sprawling pension liability have hurt GM's stock price, which has dropped about 23 percent since its IPO.