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GM > SEC Filings for GM > Form 8-K on 16-Nov-2011All Recent SEC Filings

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Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 14, 2011 the Board of Directors of General Motors Company ("GM") appointed Thomas M. Schoewe as a member of the Board. Mr. Schoewe has not been named to any committees of the Board.

Like the other non-employee members of the Board, Mr. Schoewe will receive an annual retainer of $200,000 for his service on the Board (prorated to reflect his service dates in 2011), as well as the use of a company vehicle and related personal accident insurance.

Under the General Motors Company Deferred Compensation Plan for Non-Employee Directors, Mr. Schoewe will be required to defer 50% of this annual Board retainer into share units of GM Common Stock and beginning in 2012 may elect to defer all or 50% of the remainder in additional share units of GM Common Stock. Amounts deferred and credited as share units under this plan will not be available until after Mr. Schoewe retires or otherwise leaves the Board, at which time he will receive a cash payment or payments based on the number of share units in his account, valued at the average daily market price for the quarter immediately preceding payment.

Additional information regarding compensation arrangements for the non-employee directors of GM may be found in GM's Proxy Statement for Annual Meeting of Stockholders held June 7, 2011, under "Corporate Governance-Non-Employee Director Compensation."

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