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Akerson also received $70,149 in other compensation including a retirement plan contribution, the cost of vehicles and drivers, use of charter aircraft, and entertainment and security expenses. The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission. The value that a company assigned to an executive's stock and option awards for 2012 was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options. GM also said Thursday that it will hold its annual meeting on June 6 in Detroit. At the meeting, shareholders will elect directors, with all 14 current board members on the ballot. They'll also hold an advisory vote on GM's executive compensation, and vote on two shareholder proposals. One asks that the board make its chairman an independent director and not an officer of the company. The other asks the board to require senior executives to keep at least 25 percent of their company stock until they are at least 60 years old. GM shares rose 22 cents to $30.67 in afternoon trading. The stock hit its one-year high of $30.80 on Wednesday.
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