From The Associated Press; Bloomberg Businessweek ~ Oct 08, 2010

NEW YORK  -  General Motors Co. has increased the number of shares it can award its senior executives under its executive compensation plans, according to a regulatory form filed Friday.

The automaker's board of directors has increased the total pool of shares available to executives to 25 million, according to a filing with the Securities and Exchange Commission. It had previously allocated 10 million shares, according to GM spokeswoman Noreen Pratscher The updated plans also allow for any single senior executive to receive up to 1 million options or 250,000 stock units.

The new plan is compliant under rules governing executive pay for companies that have received bailout funds, Pratscher said. General Motors has received $50 billion in government aid.

The Detroit-based company is 61 percent owned by the federal government, but is preparing to file an initial public offering of stock that would allow the government to reduce its stake. Pratscher said the new compensation plans are not contingent on the IPO.