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GM Cruise chief stands to earn US$25m in incentives: SEC filing
[DETROIT] The head of General Motors Co's (GM) Cruise self-driving car unit stands to make more than US$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 US Securities and Exchange Commission. Each restricted stock unit carries a value of US$1,515, while the stock options only have value above the US$1,515 strike price, according to the SEC filing.