GENERAL MOTORS COMPANY (TSE:GMM.U) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On February 11, 2019, the Board of Directors (the “Board”) of General Motors Company (“GM”) elected Wesley G. “Wes” Bush as a member of the Board. The Board has determined that Mr. Bush is an independent director under New York Stock Exchange listing standards and GM’s independence guidelines, as set forth in its Corporate Governance Guidelines. Mr. Bush has not yet been named to any committees of the Board.
Like the other non-employee members of the Board, Mr. Bush will receive an annual retainer of $285,000 for his service on the Board (prorated to reflect the date his service began) and personal accident insurance and will participate in the company vehicle program.
Under the General Motors Company Deferred Compensation Plan for Non-Employee Directors (the “Plan”), Mr. Bush is required to defer 50% of his annual Board retainer into GM’s Deferred Share Units (“DSUs”) and may elect to defer all or 50% of his remaining Board compensation in additional DSUs. Amounts deferred and credited as DSUs under the Plan will not be available until after Mr. Bush retires or otherwise leaves the Board, at which time he will receive a cash payment or payments based on the number of DSUs in his account, valued at the average daily market price for the quarter immediately preceding payment.
A copy of the press release announcing Mr. Bush’s election is attached hereto as Exhibit 99.1 and incorporated herein by reference.
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Item 5.02. |
Financial Statements and Exhibits |
EXHIBIT
General Motors Co Exhibit
EX-99.1 2 gm-wesxbushxboardxpressxre.htm EXHIBIT 99.1 Exhibit For Immediate Release: Monday,…
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