(July 4, 2010) DETROIT — General Motors gave stock valued at $6.66 million to 14 top managers, including $1.33 million worth to CEO Ed Whitacre, Bloomberg News has reported.

The 123,347 shares were valued at $53.98 each, a price determined by a third party, the company said Friday in filings with the U.S. Securities and Exchange Commission.

GM gives executives salary stock units and restricted shares to augment their compensation, which is constrained by government rules because the automaker is 61 percent owned by the U.S. Treasury Department. The company must disclose the shares it grants in filings every quarter.

The company's equity should be worth $70 billion, according to a May 20 report by Eric Selle, a JPMorgan Chase & Co. debt analyst who projects a return of 47 cents on the dollar for holders of bonds issued by GM's predecessor, General Motors Corp., that will be converted to stock and warrants in new GM.

GM's implied equity value is about $47 billion at today's bond prices. Assuming 500 million shares, that would equate to about $94 a share. At that price, the shares granted today would be worth a total of $11.6 million.

Whitacre, whose stock would be worth about $2.31 million based on GM's bonds, also receives a $1.7 million annual cash salary.