Soon-to-depart pay czar Kenneth Feinberg limited the cash remuneration available to General Motors executives, making stock options a go-to supplement for company leaders. It was reported last month that GM would hand out enough shares to top brass to create a $13 million payday for those on the list, with the windfall being totally dependent on the share price when the inevitable IPO hits.

Current numbers in BusinessWeek have revised that potential payday to $11.6 million. There were 123,347 shares disbursed, priced at $53.98 each, giving that tranche a nominal value of $6.66 million. BusinessWeek assumes GM has 500 million total shares, and working backwards from analysts' valuation numbers and bond prices, concludes that GM paper is worth roughly $94 per share. If the IPO goes by that market rate, there will be $11.59 million in the kitty. Ed Whitacre received the largest haul, of course, awarded $2.31 million in shares based on the forecasted $94 rate.

[Source: BusinessWeek]