<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement
Under Section 14(d)(1) or 13(e)(1) of
The Securities Exchange Act of 1934
GENERAL MOTORS CORPORATION
(Name of Subject Company (issuer))
GENERAL MOTORS CORPORATION (ISSUER)
(Names of Filing Persons (identifying status as offeror,
issuer or other person))
COMMON STOCK
$1 2/3 Par Value Per Share
(Title of Class of Securities)
370442105
(CUSIP Number of Class of Securities)
Peter R. Bible
Chief Accounting Officer
General Motors Corporation
300 Renaissance Center
Detroit, MI 48265-3000
(313) 556-5000
(Name, Address and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of Filing Persons)
-Copies to-
Warren G. Andersen Marcy J.K. Tiffany
General Motors Corporation Hughes Electronics Corporation
300 Renaissance Center 200 North Sepulveda Boulevard
Detroit, Michigan 48265 El Segundo, California 90245
(313) 665-4921 (310) 662-9688
<TABLE>
<S> <C> <C> <C>
Joseph P. Gromacki Frederick S. Green Francis J. Morison Victor I. Lewkow
Kirkland & Ellis Michael E. Lubowitz Sarah Beshar Cleary, Gottlieb, Steen & Hamilton
200 East Randolph Drive Weil, Gotshal & Manges LLP Davis Polk & Wardwell One Liberty Plaza New
Chicago, Illinois 60601 767 Fifth Avenue 450 Lexington Avenue York, New York 10006
(312) 861-2000 New York, New York 10153 New York, New York 10017 (212) 225-2000
(212) 310-8000 (212) 450-4000
</TABLE>
-------------
CALCULATION OF FILING FEE
------------------------------------------------
------------------------------------------------
<TABLE>
<CAPTION>
Transaction Valuation* Amount of Filing Fee
----------------------------------------------------------------
<S> <C>
$7,586,739,033 $1,517,347.81
----------------------------------------------------------------
</TABLE>
------------------------------------------------
* Estimated solely for the purpose of calculating the filing fee pursuant to
Rule 0-11 under the Securities Exchange Act of 1934, as amended.
[x] Check the box if any part of the fee is offset as provided by Rule 0-
11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration statement
number or the Form or Schedule and the date of its filing.
Amount Previously Paid: $2,121,428.17 Form or Registration No.: Form S-4
Filing party: General Motors Corporation Registration No. 333-30826
Date Filed: March 22, 2000
[_]Check the box if the filing relates solely to preliminary communications
made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to which the
statement relates:
[_]third-party tender offer subject to Rule 14d-1.
[X]issuer tender offer subject to Rule 13e-4.
[_]going-private transaction subject to Rule 13e-3.
[_]amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting the
results of the tender offer: [_]
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
This Schedule TO is being filed with the Securities and Exchange Commission
(the "Commission") by General Motors Corporation ("General Motors" or "GM") in
connection with the filing under the Securities Act of 1933, as amended, of a
registration statement on Form S-4 (Registration No. 333-30826) (as amended
through the date hereof, the "Registration Statement") regarding an offer by
General Motors to holders of $1 2/3 par value common stock to exchange 1.065
shares of Class H common stock of General Motors for each share of $1 2/3 par
value common stock validly tendered and accepted by GM in the exchange offer.
GM will accept up to 86,396,977 shares of $1 2/3 par value common stock in the
aggregate and will issue up to a total of 92,012,781 shares of Class H common
stock in the exchange offer. If more than 86,396,977 shares of $1 2/3 par
value common stock are validly tendered, GM will accept shares for exchange on
a pro rata basis as described in the Offering Circular-Prospectus dated April
24, 2000 (the "Offering Circular-Prospectus"). A copy of the Offering
Circular-Prospectus is incorporated herein by reference to the Registration
Statement.
Pursuant to General Instruction F to Schedule TO, the information contained
in the Offering Circular- Prospectus is hereby incorporated by reference in
answer to the following items: Item 2; Item 3; Item 4(a)(1)(i)-(iii) and (v)-
(xii); Item 5; Item 6(a), (b) and (c)(3); Item 7(a); Item 9; and Item 11(a)(2)
and (3).
Item 1. Summary Term Sheet.
Not applicable.
Item 4. Terms of the Transaction.
(a) (1)(iv) Not applicable.
(2) Not applicable.
(b) The exchange offer is open to all holders of $1 2/3 par value common
stock who tender their shares in a jurisdiction where the exchange offer is
permitted under the laws of that jurisdiction. Therefore, any officer,
director or affiliate of General Motors who is a holder of $1 2/3 par value
common stock may participate in the transaction.
Item 6. Purposes of the Transaction and Plans or Proposals.
(c) (1)-(2) None.
(4)-(8) None.
(9) General Motors may acquire various General Motors securities from time
to time in the future and expects to issue various General Motors securities
from time to time, in each case for general or special corporate purposes.
(10) None.
Item 7. Source and Amount of Funds or Other Consideration.
(b) Not applicable.
(d) Not applicable.
Item 8. Interest in Securities of the Subject Company.
(a) Not applicable.
1
<PAGE>
(b) On December 15, 1999, in order to fulfill its previously disclosed goal
of repurchasing shares of $1 2/3 par value common stock, General Motors
entered into a derivative transaction pursuant to which it purchased for cash
from a financial institution on that date 8,510,700 shares of $1 2/3 par value
common stock. GM is obligated to deliver to the financial institution any
difference in the notional value of such amount of shares, based on trading
prices to be determined during a period following July 25, 2000. GM has the
option to settle this derivative trade either in cash or through delivery of
securities. GM also has the right from time to time to settle all or part of
the transaction prior to July 25, 2000 by delivering a notice of early
settlement, in which event the notional value for the shares settled will be
determined in respect of the earlier settlement date.
On the dates listed below, GM required early settlement of the number of
shares of $1 2/3 par value common stock specified below. The final price per
share used in the calculation of payments is also specified below. All
settlements were cash settlements and no transfer of shares to or by GM was
made in connection with these settlements.
GM has been informed by its financial institution counterparty that on the
dates specified the counterparty effected purchases of the shares of $1 2/3
par value common stock through floor transactions on the New York Stock
Exchange in corresponding amounts and at corresponding prices. GM has been
informed by its counterparty that such shares were used to make adjustments to
its hedging positions to the transaction made necessary by the early
settlement.
<TABLE>
<CAPTION>
Date Number of Shares Price Per Share
---- ---------------- ---------------
<S> <C> <C>
12/15/1999............................... 500,000 $70.9409
12/16/1999............................... 500,000 72.8146
12/17/1999............................... 631,000 72.4705
02/03/2000............................... 630,500 81.6928
02/04/2000............................... 500,000 81.9806
02/07/2000............................... 650,000 81.0157
02/08/2000............................... 820,000 79.1695
02/09/2000............................... 850,000 79.7829
</TABLE>
Based on information available to GM as of April 20, 2000, the following
table sets forth the transactions in shares of $1 2/3 par value common stock
by GM executive officers and directors during the 60 days prior to the date of
this filing, including transactions pursuant to the GM Savings-Stock Purchase
Plan ("S-SPP") which includes "matching" and other contributions by GM.
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- -------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Barclay, Kathleen S..... 02/29/2000 13 $76.0625 S-SPP Acquisition
03/10/2000 5 77.8125 S-SPP Acquisition
03/15/2000 12 78.8125 S-SPP Acquisition
03/31/2000 11 82.8125 S-SPP Acquisition
04/14/2000 14 82.0625 S-SPP Acquisition
Bible, Peter R.......... 02/29/2000 5 76.0625 S-SPP Acquisition
03/10/2000 10 77.8125 S-SPP Acquisition
03/15/2000 4 78.8125 S-SPP Acquisition
03/31/2000 4 82.8125 S-SPP Acquisition
04/14/2000 5 82.0625 S-SPP Acquisition
04/18/2000 1,253 44.73 1,253 $85.50 Option Exercise
04/18/2000 1,128 46.59 1,128 85.50 Option Exercise
04/18/2000 1,659 71.53 1,659 85.50 Option Exercise
Briggs, Guy D........... 02/28/2000 7,321 36.87 7,321 78.07 Option Exercise
02/29/2000 18 76.0625 S-SPP Acquisition
03/10/2000 114 77.8125 S-SPP Acquisition
03/15/2000 17 78.8125 S-SPP Acquisition
03/31/2000 17 82.8125 S-SPP Acquisition
04/14/2000 19 82.0625 S-SPP Acquisition
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- -------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Burns, Lawrence, D...... 02/29/2000 10 $76.0625 S-SPP Acquisition
03/10/2000 8 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 9 82.8125 S-SPP Acquisition
04/14/2000 11 82.0625 S-SPP Acquisition
Burns, Michael J........ 02/29/2000 43 76.0625 S-SPP Acquisition
03/10/2000 24 77.8125 S-SPP Acquisition
03/16/2000 744 44.73 408 $81.38 Option Exercise
03/16/2000 715 46.59 409 81.38 Option Exercise
03/31/2000 39 82.8125 S-SPP Acquisition
04/18/2000 6,210 44.73 6,210 84.25 Option Exercise
Card, Jr., Andrew H..... 02/29/2000 2 76.0625 S-SPP Acquisition
03/15/2000 2 78.8125 S-SPP Acquisition
03/31/2000 2 82.8125 S-SPP Acquisition
04/14/2000 2 82.0625 S-SPP Acquisition
Cherry, Wayne K......... 02/29/2000 16 76.0625 S-SPP Acquisition
03/10/2000 3 77.8125 S-SPP Acquisition
03/15/2000 15 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/14/2000 10 82.0625 S-SPP Acquisition
Clark, Darwin E......... 02/29/2000 16 76.0625 S-SPP Acquisition
03/10/2000 20 77.8125 S-SPP Acquisition
03/15/2000 16 78.8125 S-SPP Acquisition
03/27/2000 2,233 44.73 1,153 86.57 Option Exercise
03/27/2000 1,430 46.59 769 86.57 Option Exercise
03/31/2000 15 82.8125 S-SPP Acquisition
04/14/2000 16 82.0625 S-SPP Acquisition
04/18/2000 5,882 45.30 5,882 86.07 Option Exercise
04/18/2000 10,547 40.07 10,547 86.07 Option Exercise
04/18/2000 14,720 44.73 14,720 86.07 Option Exercise
04/18/2000 8,988 46.59 8,988 86.07 Option Exercise
Clarke, Troy A.......... 02/29/2000 14 76.0625 S-SPP Acquisition
03/10/2000 4 77.8125 S-SPP Acquisition
03/31/2000 13 82.8125 S-SPP Acquisition
Colvin, Frank L......... 02/29/2000 29 76.0625 S-SPP Acquisition
03/10/2000 7 77.8125 S-SPP Acquisition
03/31/2000 27 82.8125 S-SPP Acquisition
Cowger, Gary L.......... 02/29/2000 19 76.0625 S-SPP Acquisition
03/10/2000 28 77.8125 S-SPP Acquisition
03/15/2000 19 78.8125 S-SPP Acquisition
03/31/2000 18 82.8125 S-SPP Acquisition
04/14/2000 21 82.0625 S-SPP Acquisition
Creek, Wallace W........ 02/29/2000 8 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 7 78.8125 S-SPP Acquisition
03/31/2000 7 82.8125 S-SPP Acquisition
04/14/2000 8 82.0625 S-SPP Acquisition
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- --------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------- -----------------
<S> <C> <C> <C> <C> <C> <C>
Davis, Thomas J......... 02/29/2000 2,800 $ 78.25 Sale
02/29/2000 22 $76.0625 S-SPP Acquisition
03/15/2000 13 78.8125 S-SPP Acquisition
04/06/2000 2,492 40.07 1,182 84.41 Option Exercise
04/06/2000 745 44.73 394 84.41 Option Exercise
04/19/2000 15,765 40.07 15,765 87.82 Option Exercise
Elson, Gerald L......... 02/29/2000 9 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/14/2000 10 82.0625 S-SPP Acquisition
Feldstein, Eric A....... 02/29/2000 13 76.0625 S-SPP Acquisition
03/10/2000 7 77.8125 S-SPP Acquisition
03/15/2000 12 78.8125 S-SPP Acquisition
03/31/2000 12 82.8125 S-SPP Acquisition
04/14/2000 14 82.0625 S-SPP Acquisition
Finnegan, John D........ 02/29/2000 26 76.0625 S-SPP Acquisition
03/10/2000 10 77.8125 S-SPP Acquisition
03/15/2000 20 78.8125 S-SPP Acquisition
Gillum, Roderick D...... 02/29/2000 9 76.0625 S-SPP Acquisition
03/10/2000 4 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/14/2000 10 82.0625 S-SPP Acquisition
Gottschalk, Thomas A.... 02/29/2000 39 76.0625 S-SPP Acquisition
03/10/2000 3 77.8125 S-SPP Acquisition
03/15/2000 37 78.8125 S-SPP Acquisition
03/31/2000 15 82.8125 S-SPP Acquisition
Grimaldi, Michael A..... 02/29/2000 15 76.0625 S-SPP Acquisition
03/10/2000 16 77.8125 S-SPP Acquisition
03/15/2000 15 78.8125 S-SPP Acquisition
03/31/2000 14 82.8125 S-SPP Acquisition
04/14/2000 17 82.0625 S-SPP Acquisition
Guarascio, Philip....... 03/10/2000 35 77.8125 S-SPP Acquisition
03/15/2000 6 78.8125 S-SPP Acquisition
03/27/2000 744 44.73 384 86.57 Option Exercise
03/27/2000 715 46.59 384 86.57 Option Exercise
03/27/2000 467 71.53 385 86.57 Option Exercise
03/31/2000 5 82.8125 S-SPP Acquisition
04/14/2000 48 82.0625 S-SPP Acquisition
04/18/2000 850 45.30 850 86.07 Option Exercise
04/18/2000 9,293 44.73 9,293 86.07 Option Exercise
04/18/2000 4,493 46.59 4,493 86.07 Option Exercise
Hackworth, Donald E..... 04/18/2000 19,561 28.62 19,561 85.6381 Option Exercise
04/18/2000 23,473 25.99 23,473 85.6381 Option Exercise
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
---------------- --------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------- -------- ------- ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Happel, Roy William..... 02/29/2000 8 $76.0625 S-SPP Acquisition
03/10/2000 1 77.8125 S-SPP Acquisition
03/15/2000 7 78.8125 S-SPP Acquisition
03/31/2000 7 82.8125 S-SPP Acquisition
04/14/2000 8 82.0625 S-SPP Acquisition
Harris, Steven J........ 02/29/2000 13 76.0625 S-SPP Acquisition
03/15/2000 13 78.8125 S-SPP Acquisition
03/31/2000 9 82.8125 S-SPP Acquisition
04/14/2000 14 82.0625 S-SPP Acquisition
Henderson, Frederick A.. 02/29/2000 29 76.0625 S-SPP Acquisition
03/10/2000 19 77.8125 S-SPP Acquisition
03/31/2000 27 82.8125 S-SPP Acquisition
Hendry, Robert W........ 02/29/2000 25 76.0625 S-SPP Acquisition
03/10/2000 1 77.8125 S-SPP Acquisition
03/31/2000 23 82.8125 S-SPP Acquisition
Herman, David J......... 02/29/2000 19 76.0625 S-SPP Acquisition
03/31/2000 18 82.8125 S-SPP Acquisition
Hogan, Mark T........... 02/29/2000 31 76.0625 S-SPP Acquisition
03/10/2000 20 77.8125 S-SPP Acquisition
03/15/2000 18 78.8125 S-SPP Acquisition
03/29/2000 1,488 44.73 802 $82.91 Option Exercise
03/29/2000 715 46.59 401 82.91 Option Exercise
Hughes, Jr., Louis R.... 02/29/2000 23 76.0625 S-SPP Acquisition
03/10/2000 14 77.8125 S-SPP Acquisition
03/15/2000 1 78.8125 S-SPP Acquisition
04/19/2000 65,204 45.30 65,204 87.82 Option Exercise
04/19/2000 130,410 40.07 130,410 87.82 Option Exercise
Hurlbert, Jeffrey P..... 02/29/2000 19 76.0625 S-SPP Acquisition
03/10/2000 5 77.8125 S-SPP Acquisition
03/31/2000 17 82.8125 S-SPP Acquisition
04/12/2000 2,202 45.30 1,117 89.25 Option Exercise
Idei, Nobuyuki.......... 02/17/2000 4,250 75.81 Purchase
Kutner, Harold R........ 02/29/2000 12 76.0625 S-SPP Acquisition
03/10/2000 1 77.8125 S-SPP Acquisition
03/15/2000 11 78.8125 S-SPP Acquisition
03/31/2000 11 82.8125 S-SPP Acquisition
04/14/2000 13 82.0625 S-SPP Acquisition
04/19/2000 6,578 40.07 6,578 87.82 Option Exercise
LaSorda, Thomas W....... 02/29/2000 13 76.0625 S-SPP Acquisition
03/10/2000 5 77.8125 S-SPP Acquisition
03/15/2000 12 78.8125 S-SPP Acquisition
03/31/2000 11 82.8125 S-SPP Acquisition
04/14/2000 13 82.0625 S-SPP Acquisition
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- -------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Losh, J. Michael........ 02/29/2000 19 $76.0625 S-SPP Acquisition
03/10/2000 10 77.8125 S-SPP Acquisition
03/15/2000 16 78.8125 S-SPP Acquisition
Lovejoy, William J...... 02/29/2000 20 76.0625 S-SPP Acquisition
03/10/2000 17 77.8125 S-SPP Acquisition
03/15/2000 19 78.8125 S-SPP Acquisition
03/31/2000 18 82.8125 S-SPP Acquisition
04/14/2000 20 82.0625 S-SPP Acquisition
McClurg, Ned S.......... 02/29/2000 15 76.0625 S-SPP Acquisition
03/10/2000 9 77.8125 S-SPP Acquisition
03/15/2000 15 78.8125 S-SPP Acquisition
03/28/2000 744 44.73 395 $84.22 Option Exercise
03/28/2000 1,430 46.59 791 84.22 Option Exercise
03/31/2000 14 82.8125 S-SPP Acquisition
04/14/2000 16 82.0625 S-SPP Acquisition
04/19/2000 5,339 44.73 5,339 87.82 Option Exercise
04/19/2000 5,695 46.59 5,695 87.82 Option Exercise
Middlebrook, John G..... 02/29/2000 14 76.0625 S-SPP Acquisition
03/10/2000 19 77.8125 S-SPP Acquisition
03/15/2000 14 78.8125 S-SPP Acquisition
03/24/2000 744 44.73 389 85.35 Option Exercise
03/24/2000 715 46.59 390 85.35 Option Exercise
03/31/2000 13 82.8125 S-SPP Acquisition
04/14/2000 15 82.0625 S-SPP Acquisition
Minano, Dennis R........ 02/29/2000 8 76.0625 S-SPP Acquisition
03/10/2000 1 77.8125 S-SPP Acquisition
03/15/2000 8 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/14/2000 9 82.0625 S-SPP Acquisition
Mueller, Arvin F........ 02/29/2000 12 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 10 78.8125 S-SPP Acquisition
Nerod, Richard C........ 02/29/2000 12 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 5 78.8125 S-SPP Acquisition
Patel, Homi K........... 02/29/2000 9 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/14/2000 10 82.0625 S-SPP Acquisition
Pearce, Harry J......... 02/29/2000 18 76.0625 S-SPP Acquisition
03/10/2000 18 77.8125 S-SPP Acquisition
03/15/2000 6 78.8125 S-SPP Acquisition
Queen, James E.......... 02/29/2000 23 76.0625 S-SPP Acquisition
03/10/2000 17 77.8125 S-SPP Acquisition
03/15/2000 22 78.8125 S-SPP Acquisition
03/31/2000 21 82.8125 S-SPP Acquisition
04/14/2000 24 82.0625 S-SPP Acquisition
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- -------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Reed, W. Allen.......... 02/29/2000 18 $76.0625 S-SPP Acquisition
03/10/2000 4 77.8125 S-SPP Acquisition
03/15/2000 18 78.8125 S-SPP Acquisition
03/31/2000 17 82.8125 S-SPP Acquisition
04/14/2000 19 82.0625 S-SPP Acquisition
Roberts, Roy S.......... 02/29/2000 12 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 11 78.8125 S-SPP Acquisition
03/31/2000 11 82.8125 S-SPP Acquisition
04/11/2000 2,202 45.30 1,143 $87.25 Option Exercise
04/11/2000 2,233 44.73 1,144 87.25 Option Exercise
04/11/2000 1,430 46.59 763 87.25 Option Exercise
04/11/2000 467 71.53 382 87.25 Option Exercise
Schlais, Jr., Rudolph
A...................... 02/29/2000 41 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/31/2000 38 82.8125 S-SPP Acquisition
Smith, Jr., John F...... 02/29/2000 10 76.0625 S-SPP Acquisition
03/10/2000 25 77.8125 S-SPP Acquisition
03/17/2000 5,000 Gift
Smith, John F........... 02/29/2000 8 76.0625 S-SPP Acquisition
03/10/2000 3 77.8125 S-SPP Acquisition
03/15/2000 7 78.8125 S-SPP Acquisition
03/31/2000 7 82.8125 S-SPP Acquisition
04/14/2000 9 82.0625 S-SPP Acquisition
Spielman, Joseph D...... 02/29/2000 9 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 8 82.8125 S-SPP Acquisition
04/10/2000 2,202 45.30 1,144 87.13 Option Exercise
04/10/2000 2,492 40.07 1,146 87.13 Option Exercise
04/14/2000 10 82.0625 S-SPP Acquisition
04/18/2000 13,446 45.30 13,446 85.75 Option Exercise
04/18/2000 12,634 33.17 12,634 85.75 Option Exercise
Stephens, Thomas G...... 02/29/2000 1,790 78.44 Sale
02/29/2000 9 76.0625 S-SPP Acquisition
03/10/2000 1 77.8125 S-SPP Acquisition
03/15/2000 9 78.8125 S-SPP Acquisition
03/31/2000 9 82.8125 S-SPP Acquisition
04/14/2000 10 82.0625 S-SPP Acquisition
Szygenda, Ralph J....... 02/29/2000 26 76.0625 S-SPP Acquisition
03/10/2000 3 77.8125 S-SPP Acquisition
03/15/2000 26 78.8125 S-SPP Acquisition
03/31/2000 24 82.8125 S-SPP Acquisition
04/14/2000 21 82.0625 S-SPP Acquisition
Trudell, Cynthia M...... 02/29/2000 11 76.0625 S-SPP Acquisition
03/10/2000 2 77.8125 S-SPP Acquisition
03/15/2000 11 78.8125 S-SPP Acquisition
03/31/2000 10 82.8125 S-SPP Acquisition
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
Acquired Disposed of
--------------- -------------
Name Date Shares Price Shares Price Transaction Type
---- ---------- ------ -------- ------ ------ -----------------
<S> <C> <C> <C> <C> <C> <C>
04/04/2000 744 $ 44.73 402 $82.60 Option Exercise
04/04/2000 858 46.59 483 82.60 Option Exercise
04/14/2000 12 82.0625 S-SPP Acquisition
04/20/2000 2,855 44.73 2,855 90.31 Option Exercise
Wagoner, Jr., G.
Richard................ 03/10/2000 16 77.8125 S-SPP Acquisition
Wetzell II, John J...... 02/29/2000 21 76.0625 S-SPP Acquisition
03/10/2000 28 77.8125 S-SPP Acquisition
03/15/2000 20 78.8125 S-SPP Acquisition
03/31/2000 19 82.8125 S-SPP Acquisition
04/14/2000 21 82.0625 S-SPP Acquisition
04/20/2000 7,433 36.87 74.33 90.00 Option Exercise
Wiemels, James R........ 02/29/2000 31 76.0625 S-SPP Acquisition
03/10/2000 26 77.8125 S-SPP Acquisition
03/31/2000 28 82.8125 S-SPP Acquisition
04/10/2000 2,202 45.30 1,144 87.13 Option Exercise
04/10/2000 2,233 44.73 1,146 87.13 Option Exercise
Zarrella, Ronald L...... 02/29/2000 3,000 28.62 1,929 77.07 Option Exercise
02/29/2000 744 44.73 431 77.07 Option Exercise
02/29/2000 1,430 46.59 864 77.07 Option Exercise
02/29/2000 40 76.0625 S-SPP Acquisition
03/10/2000 5 77.8125 S-SPP Acquisition
03/15/2000 20 78.8125 S-SPP Acquisition
</TABLE>
Item 10. Financial Statements.
(a) (1) Reference is made to Item 8 in the Annual Report on Form 10-K of
General Motors for the fiscal year ended December 31, 1999, and "Appendix A:
Hughes Electronics Corporation Audited Financial Statements" and "Where You Can
Find More Information" in the Offering Circular-Prospectus, which are
incorporated herein by reference.
(2) Not applicable.
(3) Reference is made to Exhibit 12 to the Annual Report on Form 10-K of
General Motors for the fiscal year ended December 31, 1999.
(4) Reference is made to "Comparative Per Share Data" in the Offering
Circular-Prospectus, which is incorporated herein by reference.
(b) Reference is made to "Comparative Per Share Data" and "Capitalization of
GM" in the Offering Circular-Prospectus, which is incorporated herein by
reference.
Item 11. Additional Information.
(a) (1) None.
(4) Not applicable.
(5) None.
(b) None.
Item 12. Exhibits.
A list of exhibits filed herewith is contained in the Index to Exhibits,
which is incorporated herein by reference.
Item 13. Information Required by Schedule 13E-3.
Not applicable.
8
<PAGE>
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.
Dated: April 24, 2000 General Motors Corporation
/s/ Warren G. Andersen
By: _________________________________
Name: Warren G. Andersen
Title: Assistant Secretary
and Attorney In Fact
9
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<C> <S> <C>
12(a)(1)(i) Offering Circular-Prospectus dated April 24, 2000,
incorporated by reference to the Registration Statement.
12(a)(1)(ii) Letter of Transmittal and Instructions to the Letter of
Transmittal, incorporated by reference to Exhibit 99.1
to the Registration Statement.
12(a)(1)(iii) Notice of Guaranteed Delivery, incorporated by reference
to Exhibit 99.2 to the Registration Statement.
12(a)(1)(iv) Letter to Brokers, Securities Dealers, Commercial Banks,
Trust Companies and Other Nominees, incorporated by
reference to Exhibit 99.3 to the Registration Statement.
12(a)(1)(v) Letter to Clients for use by Brokers, Securities
Dealers, Commercial Banks, Trust Companies and Other
Nominees, incorporated by reference to Exhibit 99.4 to
the Registration Statement.
12(a)(1)(vi) Guidelines for Certification of Taxpayer Identification
Number on Substitute Form W-9, incorporated by reference
to Exhibit 99.5 to the Registration Statement.
12(a)(1)(vii) Letter from General Motors Corporation to holders of $1
2/3 par value common stock, incorporated by reference to
Exhibit 99.6 to the Registration Statement.
12(a)(1)(viii) Checklist for Participation in the Exchange Offer,
incorporated by reference to Exhibit 99.7 to the
Registration Statement.
12(a)(1)(ix) Letter from General Motors Corporation to Savings Plan
Participants.
12(a)(1)(x) Correspondence to GM Savings Plan Participants.
12(a)(1)(xi) Correspondence to GM of Canada Savings Plan
Participants.
12(a)(1)(xii) Correspondence to GMAC Mortgage Group Savings Plan
Participants.
12(a)(1)(xiii) Supplemental Disclosure for Belgium in French.
12(a)(1)(xiv) Supplemental Disclosure for Belgium in Dutch.
12(a)(1)(xv) Supplemental Disclosure for Germany, which together with
the U.K. Prospectus, as defined below, constitutes the
German prospectus.
12(a)(1)(xvi) Supplemental Disclosure for the Canadian Province of
Quebec.
12(a)(1)(xvii) Supplemental Disclosure for the United Kingdom, which
together with substantially all of the Registration
Statement, incorporated herein by reference, and the
Annual Report on Form 10-K of General Motors for the
fiscal year ended December 31, 1999, incorporated herein
by reference, constitutes the United Kingdom prospectus
(the "U.K. Prospectus").
12(a)(1)(xviii) Letter to holders of $1 2/3 par value common stock in
Germany.
12(a)(1)(xix) Notice to registered holders of $1 2/3 par value common
stock in the Netherlands.
12(a)(1)(xx) Letter of Transmittal for holders of $1 2/3 par value
common stock in the Netherlands.
12(a)(1)(xxi) Checklist for Participation in the Exchange Offer for
holders of $1 2/3 par value common stock in the
Netherlands.
12(a)(2) Not applicable.
12(a)(3) Not applicable.
12(a)(4) Offering Circular-Prospectus dated April 24, 2000,
incorporated by reference to the Registration Statement.
12(a)(5)(i) Newspaper Advertisement of Exchange Offer for
publication in several U.S. newspapers.
12(a)(5)(ii) Form of Information Regarding U.S. Federal Income Tax
Basis.
12(a)(5)(iii) Form of Stockholder Attachment to 2000 Federal Income
Tax Return.
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<C> <S> <C>
12(b) Not applicable.
12(d)(1) Registration Rights Agreement, dated as of June 21, 1999,
between General Motors Corporation and America Online,
Inc., incorporated by reference to Exhibit 99.10 to the
Registration Statement.
12(d)(2) Purchase Agreement, dated as of June 21, 1999, by and among
General Motors Corporation, Hughes Electronics Corporation
and America Online, Inc., incorporated by reference to
Exhibit 99.11 to the Registration Statement.
12(d)(3) Registration Rights Agreement, dated as of April 28, 1999,
between General Motors Corporation and PRIMESTAR, Inc.,
incorporated by reference to Exhibit 99.12 to the
Registration Statement.
12(d)(4) Stock Transfer Agreement, dated April 28, 1999, by and
among General Motors Corporation, PRIMESTAR, Inc., TCI
Satellite Entertainment, Inc. and Hughes Electronics
Corporation, incorporated by reference to Exhibit 99.13 to
the Registration Statement.
12(d)(5) Form of Registration Rights Agreement, by and among General
Motors Corporation and United States Trust Company of New
York, as Trustee of the General Motors Hourly-Rate
Employees Pension Plan and as Trustee of a dedicated
account within the General Motors Welfare Benefit Trust,
incorporated by reference to Exhibit 99.14 to the
Registration Statement.
12(d)(6) Master Agreement, dated as of March 13, 2000, between Fiat
S.p.A. and General Motors Corporation, incorporated by
reference to Exhibit 99.1 to the Current Report on Form 8-K
of General Motors Corporation dated March 13, 2000.
12(g) Not applicable.
12(h) Opinion of Kirkland & Ellis, incorporated by reference to
Exhibit 8 to the Registration Statement.
</TABLE>
11
<PAGE>
EXHIBIT 12(a)(1)(ix)
JOHN F. SMITH, JR. [GM LOGO]
Chairman of the Board &
Chief Executive Officer April 24, 2000
Dear Savings Plan Participant:
I am pleased to inform you that GM is commencing the exchange offer of up to
$9 billion of Class H common stock for outstanding $1 2/3 par value common
stock, as announced earlier this year in conjunction with the restructuring of
our economic interest in our Hughes Electronics Corporation subsidiary.
This is an opportunity for stockholders who hold GM $1 2/3 par value common
stock, whether directly, through a brokerage account, a GM stock savings plan,
or otherwise, to voluntarily exchange their shares of $1 2/3 par value common
stock for shares of Class H common stock. Class H common stock is a GM common
stock which tracks the financial performance of Hughes Electronics Corporation.
The proposed exchange of newly issued Class H common stock for outstanding $1
2/3 par value common stock will allow $1 2/3 par value stockholders to realize
some of the economic value arising from GM's ownership of Hughes while also
improving the liquidity of the Class H common stock, thus providing benefits to
both classes of stockholders.
As a participant in one of GM's savings plans, if you choose to participate
in the exchange offer, the transaction will be tax-free to you for U.S. income
tax purposes. If you hold shares directly or through a brokerage account, the
transaction will be generally tax free, except for any cash you receive instead
of fractional shares of Class H common stock. Also, there is a 17.7% premium on
the value of the $1 2/3 par value common stock reflected in the exchange ratio
at the time it was set by GM. This premium means that, based on the closing
trading prices for shares of $1 2/3 par value common stock and Class H common
stock on April 19, 2000, the exchange ratio would result in a tendering $1 2/3
par value stockholder receiving shares of Class H common stock with a market
value 17.7% greater than the market value of the shares of $1 2/3 par value
common stock tendered. However, you should know that the market prices for $1
2/3 par value common stock and Class H common stock will fluctuate during the
period of the exchange offer (at least 20 business days), and the premium you
ultimately realize, if any, will be determined based on the price of the two
stocks at the end of the exchange offer period.
It should be noted, that if more than 86,396,977 shares of $1 2/3 par value
common stock are validly tendered for exchange in the exchange offer, we intend
to accept shares for exchange on a pro rata basis. If less than 28,798,992
shares of $1 2/3 par value common stock are tendered in the exchange for shares
of Class H common stock, we may choose not to complete the exchange offer. In
such event, we may choose to reevaluate our current plan with respect to
realizing some of the economic value arising from our ownership of Hughes.
I urge each of you to make your own investment decision based on a careful
review of the offering circular- prospectus, dated April 24, 2000, and the
other exchange offer materials. None of GM, the GM Board of Directors or any
other person involved in the exchange offer is making a recommendation as to
whether you should participate in the exchange offer. If you have any questions
relating to the terms and conditions of the exchange offer, I encourage you to
call Morrow & Co., GM's information agent, toll-free in the U.S. (877-816-5329)
and collect outside the U.S. (212-754-8000). Please keep in mind that Morrow
will only answer questions on the terms of the offer and will not provide any
investment advice. If you have any questions regarding how to participate in
the offer through your GM stock savings plan, you should contact your plan
administrator at the number provided in the enclosed instruction letter.
Sincerely,
[SIGNATURE]
John F. Smith, Jr.
Chairman of the Board of Directors
and
Chief Executive Officer
General Motors Corporation 300 Renaissance Center P.O. Box 300 Detroit, Michigan
Mail Code 482-C39-B10 48265-3000
<PAGE>
EXHIBIT 12(a)(1)(x)
[GM LOGO]
April 24, 2000
IMMEDIATE ATTENTION REQUIRED
Dear GM Savings Plan Participant:
Earlier this year, General Motors announced that it would be conducting an
exchange offer, whereby owners of GM $1 2/3 par value common stock may
voluntarily exchange some or all of their shares of GM $1 2/3 par value common
stock for shares of GM Class H common stock. GM has now commenced the exchange
offer and participants in any of the GM Savings Plans who hold GM $1 2/3 par
value common stock within their savings plan accounts are eligible to
participate in the exchange offer. The GM Savings Plans eligible to
participate in this offer are the GM Savings-Stock Purchase Program, the GM
Personal Savings Plan and the Saturn Individual Savings Plan.
This package, which includes this letter and question and answer document,
a letter from the Chairman, the Offering Circular-Prospectus and the
Instructions to the Letter of Transmittal, provides you with detailed
information about the exchange offer as well as the procedure you must follow
if you wish to participate in the exchange offer through your GM Savings Plan
account. We strongly recommend that you read this material carefully.
If you own shares of GM $1 2/3 par value common stock in more than one
savings plan or hold GM $1 2/3 par value common stock outside your GM Savings
Plan account, you will receive separate instructions relating to those shares
and you will need to tender those shares separately.
How to Participate in the Exchange Offer Through Your GM Savings Plan Account
If you want to participate in the exchange offer you must call the GM
Investment Service Center during the exchange election period at 1-800-489-
4646. If you are calling from outside the United States or Canada, the number
is 1-606-491-8257 (this is not a toll-free number, but you may call collect by
instructing the local operator to place the collect call), and if you are
hearing and/or speech impaired, you may call a special TTY number, 1-800-655-
0969. You can make your exchange election through the Voice Response System
(VRS) or by speaking to a service representative. The VRS is available 24
hours a day. Service representatives are available Monday through Friday from
8:30 a.m. through 12:00 midnight, Eastern Time. The exchange election period
for the GM Savings Plans begins at 8:30 a.m. on Monday, April 24, 2000 and
ends at 4:00 p.m., Eastern Time, Tuesday, May 16, 2000.
Determining How Much to Exchange
If your savings plan account holds assets in the GM $1 2/3 Par Value Common
Stock Fund, you may elect to exchange all or a percentage of your eligible GM
$1 2/3 Par Value Common Stock Fund assets into the GM Class H Common Stock
Fund. The GM $1 2/3 Par Value Common Stock Fund assets you wish to exchange
must be specified as a whole percent. YOU MAY NOT ELECT A SPECIFIC DOLLAR
AMOUNT OR SHARE AMOUNT TO BE EXCHANGED.
You may increase, decrease or cancel your exchange election percent at any
time during the GM Savings Plans exchange election period by calling the GM
Investment Service Center at the telephone numbers and during the times stated
above.
<PAGE>
If you decide to make an exchange election, remember that at the time the
GM Savings Plans exchange election period closes (Tuesday, May 16, 2000, at
4:00 p.m., Eastern Time), the balance in your GM $1 2/3 Par Value Common Stock
Fund account may have changed as a result of fund exchanges you may have
initiated and/or contributions and loan payments that may have been posted to
your account during the exchange election period. Your exchange election
percent will be applied to your GM $1 2/3 Par Value Common Stock Fund balance
as of Tuesday, May 16, 2000 at 4:00 p.m., Eastern Time.
As a plan participant, your exchange election will serve as a direction to
the plan Trustee, State Street Bank and Trust Company. To the extent it is
consistent with ERISA and the Internal Revenue Code, the Trustee will tender
shares equivalent to the current value of your election percent in accordance
with your direction.
Impact of the Exchange Election on Your Account
If you elect to exchange all or a percentage of your GM $1 2/3 Par Value
Common Stock Fund assets for GM Class H Common Stock Fund assets, commencing
after the close of the GM Savings Plans exchange election period, (Tuesday,
May 16, 2000, 4:00 p.m., Eastern Time), your GM $1 2/3 Par Value Common Stock
Fund will be frozen until the administrative processing is complete.
During the period that your GM $1 2/3 Par Value Common Stock Fund is
frozen, you will be temporarily suspended from initiating any transactions
involving such Fund. The suspended transactions include loans, withdrawals,
distributions and fund exchanges from the GM $1 2/3 Par Value Common Stock
Fund.
Impact on Your Account of Not Making an Election in the Exchange Offer
If you do not want to exchange any of your GM $1 2/3 Par Value Common Stock
Fund assets, there is nothing you need to do. If you do not call the GM
Investment Service Center to request an exchange during the exchange election
period, you will be considered to have made an election NOT to exchange. Thus,
your GM $1 2/3 Par Value Common Stock Fund will not be frozen at the
conclusion of the exchange election period.
GM has hired an information agent, Morrow & Company, to answer general
questions about the exchange offer. Please note that Morrow & Company will
only address questions regarding the terms and conditions of the exchange
offer. Morrow & Company CANNOT answer questions about your GM Savings Plan
account and the GM Investment Service Center CANNOT address any questions
related to the exchange offer. If you have questions or want to discuss your
GM Savings Plan account, you must call the GM Investment Service Center.
The material contained in this package is intended to provide you with
information related to the exchange offer. Please read the Offering Circular-
Prospectus carefully before deciding to participate in the exchange offer. The
ratio at which shares of GM Class H common stock will be exchanged in this
offer for shares of GM $1 2/3 par value common stock is stated in Question 8
of the Offering Circular-Prospectus. Also, please refer to the question and
answer document that is included in this package.
Sincerely,
The GM Investment Service Center
<PAGE>
Questions & Answers Concerning the Exchange Offer
May I participate in the exchange offer?
You are eligible to participate in the exchange offer if you participate in
any one of the GM Savings Plans (i.e., the GM Savings-Stock Purchase Program,
the GM Personal Savings Plan and the Saturn Individual Savings Plan) and your
account holds assets in the GM $1 2/3 Par Value Common Stock Fund at the time
that the GM Savings Plans exchange offer election period ends (on Tuesday, May
16, 2000, 4:00 p.m., Eastern Time).
How do I decide whether to participate in the exchange offer?
To decide whether to participate in the exchange offer, review all the
material contained in this package, including the Offering Circular-
Prospectus. You may also want to consult with your tax and/or financial
advisor before making a final decision.
How do I make my election to exchange my GM Savings Plan assets in the GM $1
2/3 Par Value Common Stock Fund?
If you wish to exchange assets from your GM $1 2/3 Par Value Common Stock
Fund, you must call the GM Investment Service Center at 1-800-489-4646 during
the exchange election period and make your election through the Voice Response
System (VRS) or by speaking with a service representative. If you are located
outside the United States or Canada, you will need to place a collect call (or
instruct the local operator to place a collect call) to 1-606-491-8257.
Service representatives are available Monday through Friday during the hours
of 8:30 a.m. until 12:00 midnight, Eastern Time.
If I elect to participate in the exchange offer through my GM Savings Plan
account, how much can I exchange?
You may elect to exchange all or a portion of your eligible assets in the
GM $1 2/3 Par Value Common Stock Fund. Your election must be in whole
percents. No specific dollar amount or share amount election will be
permitted.
Remember, if you do nothing during the exchange election period, you will
be deemed to have made an election NOT to exchange any of your assets in the
GM $1 2/3 Par Value Common Stock Fund.
If I elect to participate in the exchange offer, will the GM matching
contributions in my GM Savings-Stock Purchase Program account be included?
The eligible assets in your GM Savings-Stock Purchase Program account will
automatically include any GM matching contributions that are invested in the
GM $1 2/3 Par Value Common Stock Fund and were contributed to your account by
GM prior to January 1, 2000. However, as per the plan's required retention
provision, GM matching contributions contributed after December 31, 1999 will
not be included in the exchange.
Can I change my mind after I elect to exchange my assets in the GM $1 2/3 Par
Value Common Stock Fund?
Yes. You may withdraw your exchange directive any time before the exchange
offer expires at 4:00 p.m., Eastern Time, on Tuesday, May 16, 2000.
Why is the closing date for the exchange election period earlier in the GM
Savings Plans than for the general public?
The GM Savings Plans election period will close on May 16, 2000, three days
earlier than for the general public, to enable the plan administrator to
tabulate the plan participants elections and transmit the election results to
the trustee and exchange agent for the exchange offer prior to the expiration
date of the exchange offer.
<PAGE>
What happens if GM declares a quarterly dividend on GM $1 2/3 par value common
stock during the exchange period and I have made an election to exchange all
or a portion of my assets in the GM $1 2/3 Par Value Common Stock Fund?
If a dividend is declared with a record date before the completion of the
exchange offer, you will be entitled to that dividend even if you have made an
election to tender all or a portion of your assets in the GM $1 2/3 Par Value
Common Stock Fund provided you held such assets on the record date for the
dividend. Tendering your assets in the $1 2/3 Par Value Common Stock Fund in
the exchange offer is not a sale or transfer of the assets until they are
accepted by GM for exchange upon completion of the exchange offer.
If I elect to participate in the exchange offer through my GM Savings Plan
account, will I receive anything confirming the exchange?
Yes. After the exchange offer has been completed and your Savings Plan
account is updated, Fidelity will send you a confirmation statement
acknowledging your election to participate in the exchange and the percentage
amount you elected.
Who should I call if I have questions or want copies of additional documents
related to the exchange offer?
You may call the information agent, Morrow & Company, to (1) ask any
questions related to the exchange offer, or (2) request additional documents
at 1-877-816-5329 (toll free) in the United States or 1-212-754-8000 (collect)
elsewhere. You may also obtain free copies of other documents publicly filed
by General Motors at the Securities and Exchange Commission's website at
www.sec.gov or at the General Motors website at www.gm.com.
As a savings plan participant, I elected to participate in the exchange offer.
Once the GM Class H Common Stock Fund assets have been posted to my account,
can I exchange out of this Fund?
You may exchange out of the GM Class H Common Stock Fund at any time;
however, this Fund imposes a 1.0% redemption fee on assets that are held less
than 90 days. This redemption fee is deducted from the assets redeemed. The
redemption fee is paid to the Fund and helps protect the Fund's performance
and stockholders by discouraging frequent trading in response to short-term
market fluctuations.
<PAGE>
EXHIBIT 12(a)(1)(xi)
[LOGO OF GM]
April 24, 2000
IMMEDIATE ATTENTION REQUIRED
Dear GM of Canada Savings Plan Participant:
Earlier this year, General Motors announced that it would be conducting an
exchange offer, whereby owners of GM $1 2/3 Par Value Common Stock ("$1 2/3
Shares") may voluntarily exchange some or all of their $1 2/3 Shares for
shares of GM Class H Common Stock ("Class H Shares"). GM has now commenced the
exchange offer and participants in the GM of Canada Savings Plans who hold $1
2/3 Shares or units of the General Motors $1 2/3 Par Value Common Stock Fund
(the "Fund") within their individual savings plan accounts are also eligible
to participate in the exchange offer. The GM of Canada Savings Plans eligible
to participate in this offer are the General Motors Canadian Savings-Stock
Purchase Program for Salaried Employees and the General Motors of Canada
Limited Group RRSP and Savings Plan for Hourly Employees. If you choose to
participate, you will receive Class H Shares in your share account.
This package, which includes this letter and question and answer document,
a letter from the Chairman, the Offering Circular-Prospectus and the
Instructions to the Letter of Transmittal, provides you with detailed
information about the exchange offer as well as the procedure you must follow
if you wish to participate in the exchange offer through your GM of Canada
Savings Plan account. We strongly recommend that you read this material
carefully.
Note: If you hold $1 2/3 Shares outside of your GM of Canada Savings Plan
account you will receive separate instructions relating to those shares
and you will need to tender those shares separately.
How To Participate in the Exchange Offer Through Your GM of Canada Savings
Plan Account
If you want to participate in the exchange offer you must contact Fidelity
Investments. You may call the Fidelity Service Centre during the exchange
election period at 1-800-945-GMGM (4646) or contact Fidelity at
www.fidelity.ca. The exchange election period begins at 8:30 a.m. on Monday,
April 24, 2000 and ends at 4:00 p.m., Eastern Time, Tuesday, May 16, 2000.
Determining How Much to Exchange
If your individual savings plan account holds units in the Fund and/or $1
2/3 Shares in the GM Share Account, you may elect to exchange all or a
percentage of your eligible assets into Class H Shares. The units of the Fund
and/or the $1 2/3 Shares in your GM Share Account you wish to exchange must be
specified as a whole percentage. YOU MAY NOT ELECT A SPECIFIC DOLLAR AMOUNT,
UNIT AMOUNT OR SHARE AMOUNT TO BE EXCHANGED.
An election to exchange units in the Fund will result in two separate
transactions: (1) the redemption of all or a portion of your units in the Fund
as at 2:00 p.m., Eastern Time, Tuesday, May 16, 2000 in exchange for $1 2/3
Shares having a value equal to all or a portion of the units of the Fund you
have tendered; and (2) the exchange of the $1 2/3 Shares you receive on the
redemption for Class H Shares. Although the enclosed Offering Circular-
Prospectus indicates that the exchange described in (2) generally will not be
a taxable event, please note that the redemption described in (1) will be a
taxable event--and you may realize a capital gain or loss--if you hold units
through a non-registered plan (i.e., Employee Profit Sharing Plan for salaried
employees or Employee Savings Plan for hourly employees). The redemption
described in (1) may also affect the foreign content amount in your registered
plans. For a description of the tax impact of an election to exchange units in
the Fund, see the section "Tax Consequences of Exchange of Units in the Fund"
below. These tax consequences will apply even if GM decides to terminate the
offer after the expiration of the tender period or if GM only accepts the
tender of a portion of the shares you have tendered.
<PAGE>
If you decide to make an exchange election, remember that at the time the
exchange election period closes (Tuesday, May 16, 2000, at 4:00 p.m., Eastern
Time), the balance of units and/or $1 2/3 Shares in your account may have
changed as a result of fund exchanges you may have initiated and/or
contributions that may have been posted to your account prior to Tuesday, May
16, 2000. Your exchange election percent will be applied to your units in the
Fund and/or $1 2/3 Shares in your GM Share Account at the time the election
period closes on Tuesday, May 16, 2000 at 4:00 p.m., Eastern Time.
Changing Your Exchange Election
You may increase, decrease or cancel your exchange election percent at any
time during the exchange election period by contacting Fidelity Investments at
1-800-945-GMGM (4646) or at www.fidelity.ca, during the exchange election
period stated above. The latest direction that Fidelity has on file at the
close of the exchange election period will be considered your final direction.
Trading Blackout Period
Your holdings in the Fund and/or $1 2/3 Share account will be frozen from
Tuesday, May 16, 2000 at 2:00 p.m., Eastern Time, until the administrative
processing for the exchange of shares has been completed. This will apply to
your holdings even if you have not chosen to participate in the exchange
offer.
While your units in the Fund and/or $1 2/3 Shares in your Share Account are
frozen, you will be unable to make any transactions involving these
investments. This includes contributions, withdrawals, distributions and
inter-fund transfers.
If You Do Not Want to Participate in the Exchange Offer
If you do not want to exchange any of your units in the Fund and/or $1 2/3
Shares in your GM Share Account, there is nothing you need to do. If you do
not contact Fidelity Investments to request an exchange during the exchange
election period, you will be considered to have made an election NOT to
exchange.
Tax Consequences of Exchange of Units in the Fund
As indicated above under "Determining How Much to Exchange", the exchange
of units in the Fund will result in two separate transactions, one of which is
the receipt by you of $1 2/3 Shares having a value equal to the percentage of
units in the Fund you have chosen to tender as at 4:00 p.m., Eastern Time,
Tuesday May 16, 2000 (upon the redemption of your units).
The Fund will be considered to have sold the $1 2/3 Shares it is paying to
you and others upon the redemption of Fund units of those who have decided to
exchange their units in the Fund. This means that the redemption will be a
taxable event to the Fund.
If your holdings are in Registered Plans (RRSP, Spousal RRSP and/or Locked In
Retirement Account)
The distribution of $1 2/3 Shares will not be a taxable event. This means
that you will not have taxable income as a result of the distribution.
The distribution may affect the cost amount of Foreign Property in your
Registered plan. If this occurs, a re-balancing of your account may be
required to ensure that it is within foreign property limits. In this
circumstance, you will receive a confirmation of re-balancing in the mail.
The cost amount of your holdings will change because you will be deemed to
have acquired the $1 2/3 Shares at their fair market value at the time of the
redemption. If the fair market value of the $1 2/3 Shares exceeds the cost
amount of the units of the Fund you have tendered, the cost amount of foreign
property in your registered plan will increase. If this occurs, the re-
balancing of your account noted above may be required to ensure that it is
within foreign property limits. If the fair market value of the $1 2/3 Shares
is less than the cost amount of the units of the Fund you have tendered, the
cost amount of foreign property in your registered plans will decrease.
<PAGE>
If your holdings are in Non-registered Plans (Employee Profit Sharing Program
for salaried employees or Employee Savings Plan for hourly employees)
If the Fund realizes a gain from the redemption: The redemption of units of
the Fund for $1 2/3 Shares will be considered a distribution of taxable income
to the extent of the gain, with the balance of the redemption proceeds
considered to be a proceeds of disposition. If this is the case, Fidelity, as
trustee of the Fund, may determine to deem a portion of the redemption
proceeds to be a distribution of income. This means that you may have taxable
income as a result of the redemption. If this occurs, the distribution will be
reported to you by Fidelity. You may also realize a capital gain or loss as
described below.
If your cost amount for units in the Fund you have tendered is less than
your proceeds of disposition: Because some or all of the redemption proceeds
will be treated as the proceeds of disposition of your units in the Fund, you
will realize a capital gain. The amount at which your units were "sold" and
your $1 2/3 Shares were "purchased" will be shown on the quarterly Participant
statement you receive after the redemption.
If the cost amount for units in the Fund you have tendered is more than
your proceeds of disposition: Because some or all of the redemption proceeds
will be treated as the proceeds of disposition for your units in the Fund, you
will realize a capital loss. Again, the amount at which your units were "sold"
and your $1 2/3 Shares were "purchased" will be shown on the quarterly
Participant statement you receive after the redemption.
If the Fund has other income it has accrued prior to the time of the
redemption of all units being exchanged: Fidelity, as trustee of the Fund, may
determine to pay an income distribution to all unitholders of the Fund prior
to the redemption. If a distribution is paid, it will be reported to you by
Fidelity.
We recommend that you consult a tax advisor for details on the specific tax
implications of the distributions that may apply to you.
For More Information
GM has hired an information agent, Morrow & Co., to answer general
questions about the exchange offer. Please note that Morrow will only address
questions regarding the terms and conditions of the exchange offer. Morrow may
be reached at 1-212-754-8000 (collect) in Canada and elsewhere outside of the
United States, or at 1-877-816-5329 in the United States.
. Morrow CANNOT answer questions about your GM of Canada Savings Plan
account. If you have questions or want to discuss your GM of Canada
Savings Plans, you must call the Fidelity Service Centre at 1-800-945-
GMGM (4646).
. Fidelity Investments CANNOT address any questions related to the
exchange offer. If you have questions regarding the exchange offer, you
must contact Morrow.
The material contained in this package is intended to provide you with
information related to the exchange offer. Please read the Offering Circular-
Prospectus carefully before deciding to participate in the exchange offer.
Also, please refer to the question and answer section of this document.
Sincerely,
Fidelity Investments
<PAGE>
Questions & Answers Concerning the Exchange Offer
May I participate in the exchange offer?
You are eligible to participate in the exchange offer if you participate in
one of the GM of Canada Savings Plans (i.e., General Motors Canadian Savings-
Stock Purchase Program for Salaried Employees, and the General Motors of
Canada Limited Group RRSP and Savings Plan for Hourly Employees) and you hold
units in the General Motors $1 2/3 Par Value Common Stock Fund (the "Fund")
and/or GM $1 2/3 par value common stock ("$1 2/3 Shares") in the GM Share
Account at 2:00 p.m., Eastern Time, on Tuesday, May 16, 2000.
How do I decide whether to participate in the exchange offer?
To decide whether to participate in the exchange offer, review all the
material contained in this package, including the Offering Circular-Prospectus
carefully. You may also want to consult with your tax and/or financial advisor
before making a final decision.
How do I make my election to exchange my GM of Canada Savings Plan assets in
the Fund and/or $1 2/3 Share Account?
If you wish to participate in the exchange offer, you must contact Fidelity
Investments at 1-800-945-GMGM (4646) or at www.fidelity.ca.
If I elect to participate in the exchange offer through my GM of Canada
Savings Plan account, how much can I exchange?
You may elect to exchange all or a portion of your eligible units in the
Fund and/or $1 2/3 Shares in your GM Share Account. Your election must be in
whole percentages. No specific dollar amount, unit amount or share amount
election is possible.
Remember, if you do nothing during the exchange election period, you will
be deemed to have made an election NOT to exchange any of your units in the
Fund and/or $1 2/3 Shares in your GM Share Account.
As a member of the GM of Canada Savings-Stock Purchase Program, if I elect to
participate in the exchange, will the GM matching contributions in my GM of
Canada Savings-Stock Purchase Program account be included?
The eligible assets in your GM of Canada Savings-Stock Purchase Program
account will automatically include any GM contributions that were contributed
to your account by GM prior to January 1, 2000 and are invested in the Fund
and/or $1 2/3 Share account. GM matching contributions contributed after
December 31, 1999 are not included in the exchange.
Can I change my mind after I elect to exchange assets in my GM Stock Fund
and/or GM Share Account?
Yes. You may withdraw or change your exchange directive any time before the
exchange offer expires at 4:00 p.m., Eastern Time, on Tuesday, May 16, 2000.
Why is the closing date for the exchange election period earlier in the GM of
Canada Savings Plans than for the general public?
The GM of Canada Savings Plans election period closes at 4:00 p.m., Eastern
Time, on Tuesday, May 16, 2000, three days earlier than the election period
for the general public, to allow the plan administrator to tabulate the plan
participants' elections and transmit the election results to the trustee and
exchange agent for the exchange offer prior to the expiration date of the
exchange offer.
<PAGE>
Are there tax consequences for participating in the exchange offer?
1. The enclosed Offering Circular-Prospectus indicates that the exchange of
$1 2/3 Shares for Class H Shares will be done on a tax deferred basis (please
refer to the Offering Circular-Prospectus for further details). This would
apply to holdings of $1 2/3 Shares in the GM Share Account.
2. However, the exchange of units in your GM $1 2/3 Par Value Stock Fund
will be a taxable event for non-registered accounts and may also have an
impact on registered accounts. See the letter portion of this document under
the headings "Determining How Much to Exchange" and "Tax Consequences of
Exchange of Units in the Fund".
What happens if GM declares a quarterly dividend to holders of GM $1 2/3 par
value common stock during the exchange period and I have made an election to
exchange all or a portion of my assets in the GM Stock Fund and/or GM Share
Account?
If a dividend is declared with a record date before the completion of the
exchange offer and you hold $1 2/3 Shares in your GM Share Account on the
record date, you will be entitled to that dividend even if you have made an
election to tender all or a portion of your $1 2/3 Shares in your GM Share
account. Tendering your $1 2/3 Shares in your GM Share Account in the exchange
offer is not a sale or transfer of the assets until they are accepted by GM
for exchange upon completion of the exchange offer. However, tendering $1 2/3
Shares held through the Fund will result in a cancellation of your units in
the Fund and the receipt of $1 2/3 Shares whether or not GM accepts the $1 2/3
Shares for exchange upon completion of the offer.
If I elect to participate in the exchange offer through my GM of Canada
Savings Plan account, will I receive anything confirming the exchange?
Yes. After the exchange offer has been completed and your individual
account is updated, Fidelity Investments will send you a confirmation
statement of the exchange.
Who should I call if I have questions or want copies of additional documents
related to the exchange offer?
You may call the information agent, Morrow & Co., to (1) ask any questions
exclusively related to the exchange offer, or (2) request additional documents
at 1-212-754-8000 (collect) in Canada or other locations outside of the United
States, or at 1-877-816-5329 (toll free) in the United States. You may also
obtain free copies of other documents publicly filed by General Motors at the
Securities and Exchange Commission's website at www.sec.gov or at General
Motors website at www.gm.com.
As a GM Savings Plan participant, I elected to participate in the exchange
offer. Once the GM Class H Common Share Account assets have been posted to my
account, can I exchange out of this Account?
You may sell GM Class H Common Shares at any time after the trading
blackout period has ended, subject to the usual rules of the Savings Plans.
<PAGE>
EXHIBIT 12(a)(1)(xii)
[GMAC MORTGAGE GROUP LOGO]
IMMEDIATE ATTENTION REQUIRED
April 24, 2000
Re: GMAC Mortgage Group Savings Incentive Plan
Dear Plan Participant:
Our records reflect that, as a participant in the plan above (the "Plan"),
all or a portion of your individual account is invested in the GM Stock Fund
(the "Stock Fund"). General Motors Corporation ("GM") has initiated an offer
to exchange shares of its $1 2/3 par value common stock for shares of GM Class
H common stock.
Enclosed are exchange offer materials that require your immediate
attention. These materials describe an offer to exchange shares of GM $1 2/3
par value common stock for shares of GM Class H common stock. As described
below, you have the right to instruct Fidelity Management Trust Company
("Fidelity"), as trustee of the Plan, concerning whether to "exchange" (offer
to sell) all or a portion of the shares of GM $1 2/3 par value common stock
credited to your individual account under the Plan.
You will need to call Fidelity at 1-800-835-5092 by 4:00 P.M., Eastern
Time, on May 16, 2000, if you wish to make an exchange election.
The remainder of this letter summarizes the transaction, your rights under
the Plan and the procedures for directing Fidelity of your election. You
should also review the more detailed explanation provided in the other
materials enclosed with this letter, including the Offering Circular-
Prospectus.
Background
GM has made an offer to exchange shares of GM $1 2/3 par value common
stock, (the "Shares"), for GM Class H common stock. The precise ratio for the
exchange is set forth in the enclosed Offering Circular-Prospectus dated April
24, 2000 (the "Offer to Exchange"), and the related Letter of Transmittal
(together with the Offer to Exchange, the "Offer") set forth the objectives,
terms and conditions of the Offer and are being provided to all of GM's
shareholders.
GM's Offer to Exchange extends to the Shares held by the Plan. Only
Fidelity, as trustee of the Plan, can exchange these Shares in the Offer.
Nonetheless, as a participant under the Plan, you have the right to direct
Fidelity whether or not to exchange some or all of the Shares credited to your
individual account in the Plan. Unless otherwise required by applicable law,
Fidelity will exchange Shares credited to participant accounts in accordance
with participant instructions and Fidelity will not exchange Shares credited
to participant accounts for which it does not receive timely instructions. If
you do not call Fidelity and make an election to exchange by 4:00, Eastern
Time, on Tuesday, May 16, 2000, you will be deemed to have elected not to
participate in the Offer and no Shares credited to your Plan account will be
exchanged in the Offer.
Please note that the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), and the trust agreement between GMAC Mortgage Group, Inc.
and Fidelity, prohibit the sale of Shares to GM for less than "adequate
consideration". ERISA defines adequate consideration for a publicly traded
security as the prevailing market price. Fidelity will determine what
constitutes "adequate consideration" for the Shares based the prevailing
market price of the Shares on or about the date the Shares are tendered for
exchange by Fidelity pursuant to the Offer. Accordingly, depending on the
prevailing or closing market price of the Shares on or about such date,
Fidelity may be unable to exchange Shares in accordance with participant
directions. If the prevailing or closing market price of the Shares is greater
than the prevailing or closing market price of GM Class H common shares
(multiplied by the exchange ratio), notwithstanding participant direction to
exchange Shares in the Offer, no Shares will be exchanged.
<PAGE>
If you would like further explanation regarding adequate consideration,
please call Fidelity at 1-800-835-5092.
An exchange of Shares credited to your individual account under the Plan
can be made only by Fidelity as the holder of record. If you wish to direct
Fidelity concerning the exchange of your Shares in the Plan, you must call and
make an election.
Fidelity makes no recommendation as to whether to direct the exchange of
Shares or whether to refrain from directing the exchange of Shares. EACH
PARTICIPANT MUST MAKE HIS OR HER OWN DECISION ON THESE MATTERS.
Confidentiality
To assure the confidentiality of your decision, Fidelity and its affiliates
or agents will tabulate the Direction Forms. Neither Fidelity nor its
affiliates or agents will make the results of your individual direction
available to GM or to GMAC Mortgage Group, Inc.
Procedure for Directing Trustee
If you want to participate in the exchange offer, you must call Fidelity
during the exchange election period at 1-800-835-5092, Monday through Friday,
from 8:30 a.m. to 8:00 p.m. in your time zone. You can make your exchange
election through the Voice Response System or by speaking to a phone
representative. The exchange election period starts on Monday April 24, 2000
and ends at 4:00 P.M., Eastern Time, Tuesday May 16, 2000.
Determining How Much to Exchange
You may elect to exchange all or a percentage of your Stock Fund into the
GM Class H Common Stock Fund. The Stock Fund assets you wish to exchange must
be specified as a whole percent. YOU MAY NOT ELECT A SPECIFIC DOLLAR AMOUNT TO
BE EXCHANGED. You may make an exchange election even if your Plan account does
not hold assets in the Stock Fund at the time of the election.
You may increase, decrease or cancel your exchange election percent at any
time during the exchange election period by calling Fidelity at 1-800-835-
5092, Monday through Friday starting at 8:30 a.m. through 8:00 p.m. in your
time zone. After the election period closes, you will receive a written
confirmation of your exchange election percent.
At the time the exchange election period closes (4:00 P.M., Eastern Time,
May 16, 2000) your Stock Fund balance may have changed as a result of
transfers you may have initiated and/or contributions and loan payments that
have been posted to your account during the exchange election period. Your
election will apply to your Stock Fund account balance as of May 16, 2000.
After the deadline for making an election, Fidelity will complete the
calculation and tabulation and Fidelity, as trustee, will tender for exchange
the appropriate number of Shares.
Impact of the Exchange Election on Your Account
If you elect to exchange all or a percentage of your Stock Fund account, at
the close of the exchange election period, May 16, 2000, your GM $1 2/3 Common
Stock Fund will be frozen to any negative activity until the administrative
processing is complete. All distributions, withdrawals, loans and exchanges
from your balance in the Stock Fund will be unavailable throughout the freeze.
However, your balance in the Stock Fund will be utilized to calculate amounts
eligible for distributions, loans and withdrawals throughout the freeze.
Fidelity will process the exchange from the Stock Fund into a new stock
fund, the GM Class H Stock Fund, as soon as administratively feasible after
the GM Class H shares are received. It is anticipated the processing will be
completed in five to seven business days after Fidelity receives the Class H
Stock. Upon the completion of the processing, the freeze will be lifted and
you may call Fidelity at 1-800-835-5092 to learn the effect of the exchange on
your account. You will also receive a written confirmation of the exchange
transaction.
<PAGE>
Please note that the GM Class H Stock Fund will be closed to new
investments after the exchange is processed. Dividends received on shares of
GM Class H Stock shall be re-invested into GM Class H stock.
Proration
As described in the Offer, if there is an excess of this number of Shares
tendered for exchange, some or all of the Shares tendered by Plan on behalf of
participants may not be accepted for exchange. If only some of the Shares
tendered by the Plan are accepted for exchange, all participants who have
elected to exchange Shares shall have the number of shares they exchanged
reduced in the same proportion.
If you do not want to direct Fidelity to exchange any of your Shares held
in the Plan, there is nothing you need to do. If you do not call Fidelity
during the exchange election period, you will be considered to have made an
election NOT to exchange and your Stock Fund account will not be frozen.
Shares Outside the Plan
If you hold Shares directly, you will receive, under separate cover,
exchange offer materials directly from the Company which can be used to tender
such Shares directly to the Company. Those exchange offer materials may not be
used to direct Fidelity to exchange or not exchange the Shares credited to
your individual account under the Plan. The direction to exchange Shares
credited to your individual account under the Plan may only be made in
accordance with the procedures in this letter. Similarly, the enclosed
procedures cannot be used to exchange non-Plan Shares.
Further Information
If you require additional information concerning the procedure to exchange
Shares credited to your individual account under the Plan, please contact
Fidelity at 1-800-835-5092. If you require additional information concerning
the terms and conditions of the Offer, please call Morrow & Co., the
Information Agent, at 1-877-816-5329.
Sincerely,
Fidelity Management Trust Company
<PAGE>
QUESTIONS & ANSWERS CONCERNING THE EXCHANGE OFFER
May I participate in the exchange offer?
You are eligible to participate in the exchange offer if you participate in
the GMAC Mortgage Group Savings Plan and your account holds assets in the
Stock Fund at the time that the exchange offer election period ends (4:00
P.M., Eastern Time, Tuesday, May 16, 2000).
How do I decide whether to participate in the exchange offer?
To decide whether to participate in the exchange offer, review all the
material contained in this package, including the Offering Circular-
Prospectus. You may also want to consult with your tax and/or financial
advisor before making a final decision.
How do I make my election to exchange my GMAC Group Mortgage Savings Plan
assets in the GM Stock Fund?
If you wish to exchange assets from your individual GM Stock Fund account,
you must call Fidelity at 1-800-835-5092, Monday through Friday, from 8:30
a.m. to 8:00 p.m. in your time zone, during the exchange election period and
make your election through the Voice Response System (VRS) or by speaking with
a service representative. The exchange election period starts on Monday April
24, 2000 and ends at 4:00 P.M., Eastern Time, Tuesday, May 16, 2000.
If I elect to participate in the exchange offer through my GMAC Mortgage Group
Savings Plan account, how much can I exchange?
You may elect to exchange all or a portion of the shares in your individual
GM Stock Fund account. Your election must be in whole percents. No specific
dollar amount or share amount election will be permitted.
Remember, if you do nothing during the exchange election period, you have
made an election NOT to exchange any of the shares in your Stock Fund account.
Can I change my mind after I elect to exchange my shares in my GM Stock Fund
account?
Yes. You may withdraw your exchange directive any time before the exchange
offer expires at 4:00 P.M., Eastern Time, Tuesday, May 16, 2000.
Why is the closing date for the exchange election period earlier in the GMAC
Mortgage Group Savings Plan than for the general public?
The GMAC Mortgage Group Savings Plan election period will close at 4:00
P.M., Eastern Time, Tuesday, May 16, 2000, three days earlier than for the
general public, to enable the plan administrator to tabulate the plan
participants elections and transmit the election results to the trustee and
exchange agent for the exchange offer prior to the expiration date of the
exchange offer.
What happens if GM declares a quarterly dividend on GM $1 2/3 par value common
stock during the exchange period and I have made an election to exchange all
or a portion of my assets in the GM Stock Fund?
If a dividend is declared with a record date before the completion of the
exchange offer, you will be entitled to that dividend even if you have made an
election to tender all or a portion of your assets in the GM Stock Fund
provided you held such assets on the record date for the dividend. Tendering
your assets in the GM Stock Fund in the exchange offer is not a sale or
transfer of the assets until they are accepted by GM for exchange upon
completion of the exchange offer.
<PAGE>
If I elect to participate in the exchange offer through my GMAC Mortgage Group
Savings Plan account, will I receive anything confirming the exchange?
Yes. After the exchange offer has been completed and your GMAC Mortgage
Group Savings Plan account is updated, Fidelity will send you a confirmation
statement of the exchange.
Who should I call if I have questions or want copies of additional documents
related to the Exchange Offer?
You may call the information agent, Morrow & Co., to (1) ask any questions
related to the exchange offer, or (2) request additional documents at 1-877-
816-5329 (toll free) in the United States or 1-212-754-8000 (collect)
elsewhere. You may also obtain free copies of other documents publicly filed
by General Motors at the Securities and Exchange Commission's website at
www.sec.gov or at General Motors website at www.gm.com.
As a savings plan participant I elected to participate in the exchange offer.
Once the GM Class H Common Stock Fund assets have been posted to my account,
can I exchange out of this Fund?
You may exchange out of the GM Class H Common Stock Fund at any time;
however, this Fund imposes a 1.0% redemption fee on assets that are held less
than 90 days. This redemption fee is deducted from the assets redeemed. The
redemption fee is paid to the Fund and helps protect the Fund's performance
and stockholders by discouraging frequent trading in response to short-term
market fluctuations.
<PAGE>
Exhibit 12(a)(1)(xiii)
OFFRE PUBLIQUE D'ECHANGE
D'ACTIONS PROPRES
par
GENERAL MOTORS CORPORATION
societe de droit de l'etat du Delaware,
dont le siege social est situe a 1209 Orange St., Wilmington, New Castle,
Delaware 19898 (Etats-Unis)
(ci-apres " GM ")
GM offre a ses actionnaires detenteurs d'actions ordinaires d'une valeur
nominale de USD 1 2/3, y compris les detenteurs de certificats Soges-Fiducem
representant de telles actions, la possibilite d'echanger ces actions ou
certificats, contre des actions ordinaires de classe H emises par GM selon le
rapport d'echange suivant : 1,065 actions ordinaires de classe H pour 1 action
de valeur nominale de USD 1 2/3 (ci-apres " l'Offre ").
L'Offre est decrite dans le prospectus americain (" Offering Circular-
Prospectus ") du 24 avril 2000. Elle est resumee dans le present complement de
prospectus belge, qui contient egalement des informations destinees plus
particulierement au public belge.
Les investisseurs sont invites a prendre connaissance de l'Offering
Circular-Prospectus du 24 avril 2000, redige en langue anglaise, accompagne du
present complement de prospectus, redige en francais et en neerlandais, et du
bulletin d'acceptation. Ces documents sont disponibles au siege de la B.B.L.,
Avenue Marnix 24, 1000 Bruxelles, ou des informations complementaires peuvent
egalement etre obtenues (Tel : 02/547.27.25).
Les detenteurs de certificats Soges-Fiducem representatifs d'actions
ordinaires de USD 1 2/3 GM qui desirent participer a l'offre sont pries de
deposer leurs certificats, accompagnes du bulletin d'acceptation, aux guichets
de la B.B.L. le 15 mai 2000 au plus tard.
L'Offre est ouverte en Belgique du 25 avril au 15 mai 2000
BBL
Le present complement de prospectus et le prospectus americain (" Offering
Circular-Prospectus ") du 24 avril 2000 relatif a l'Offre dans sa version en
langue anglaise constituent un tout ne pouvant circuler separement en Belgique.
<PAGE>
COMPLEMENT DE PROSPECTUS
relatif a une offre publique d'echange d'actions ordinaires propres de valeur
nominale de USD 1 2/3 contre des actions ordinaires de classe H faite par GM
Approbation de la Commission bancaire et financiere
L'Offering Circular-Prospectus relatif a l'Offre etabli en langue anglaise
complete par le present complement de prospectus a ete approuve le 21 avril
2000 par la Commission bancaire et financiere conformement a l'article 17 de
l'arrete royal du 8 novembre 1989, relatif aux offres publiques d'acquisition
et aux modifications du controle des societes et a l'article 29ter, (S) 1er,
1o de l'arrete royal no 185 du 9 juillet 1935 relatif au controle des banques
et aux emissions de titres et valeurs.
Cette approbation ne comporte aucune appreciation de l'opportunite et des
merites de l'operation, ni de la situation de celui qui la realise.
Conformement a l'article 21 de l'arrete royal du 8 novembre 1989 et a
l'article 29, (S) 1er de l'arrete royal no 185 du 9 juillet 1935, l'avis
prescrit par ces articles a ete publie dans la presse.
En cas de divergence d'interpretation entre la version francaise et la
version neerlandaise du present complement de prospectus, seule la version
francaise fait foi.
Regime legal
L'Offre constitue l'extension en Belgique de l'offre americaine qui est
regie par le droit americain. Celui-ci differe sur un certain nombre de points
de l'arrete royal du 8 novembre 1989 relatif aux offres publiques
d'acquisitions et aux modifications du controle des societes, notamment quant
au role de la societe visee par une offre et aux conditions auxquelles une
offre publique d'acquisition peut etre soumise.
Contexte et motifs de l'Offre
L'Offre vise a offrir des actions ordinaires de classe H emises par GM en
echange d'actions ordinaires de valeur nominale de USD 1 2/3 ou de certificats
Soges-Fiducem representant de telles actions (dans l'un ou l'autre cas une
" Action $1 2/3 ") selon le rapport d'echange suivant :
1,065 actions ordinaires de classe H a creer pour
1 Action $1 2/3.
Les actions ordinaires de classe H ont le caractere de " tracking stock ",
qui permet de lier le montant des dividendes eventuels qu'elles produisent aux
resultats financiers de Hughes Electronics Corporation (" Hughes "), filiale a
100% de GM.
L'Offre qui porte sur des titres d'une valeur d'environ USD 9 milliards est
un element important du plan visant a valoriser l'interet economique de GM
dans Hughes.
Un autre aspect de ce plan a pour objet d'apporter des actions ordinaires
de classe H d'une valeur d'environ USD 7 milliards a certains plans de pension
en faveur du personnel de GM. En supposant que l'Offre soit entierement
souscrite et que les apports a ces plans de pension soient effectues comme
prevu, GM emettra au total 92.012.781 nouvelles actions ordinaires de classe
H, pour une valeur totale d'environ USD 16 milliards (sur la base du cours de
cloture des actions ordinaires de classe H le 19 avril 2000).
(Pour plus d'information sur le contexte de l'Offre, voir Offering
Circular-Prospectus QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER pages 4 et
suivantes)
1
<PAGE>
Situation financiere de Hughes
Des informations financieres relatives a Hughes sont contenues dans
l'Offering Circular-Prospectus, sous les rubriques Summary Historical
FINANCIAL DATA OF HUGHES, pages 19 et 20, SELECTED HISTORICAL FINANCIAL DATA
OF HUGHES, page 57 et MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITIONS AND RESULTS OF OPERATIONS OF HUGHES, pages 58 et suivantes.
Facteurs de risques
Une description des facteurs de risques qu'il y a lieu d'apprecier avant de
repondre a l'Offre, parmi lesquels une modification possible de la loi fiscale
americaine, est contenue dans l'Offering Circular-Prospectus, RISK FACTORS,
pages 22 et suivantes.
2
<PAGE>
Resume des conditions de l'Offre
1. L'Offre................ Sous reserve de reduction et des autres conditions
de l'Offre (voir point 4. infra), GM echangera les
Actions $1 2/3 qui sont apportees a l'Offre et
acceptees par GM, pour des actions ordinaires de
classe H nouvellement emises, selon les termes
suivants :
1,065 (un virgule zero soixante cinq) actions
ordinaires de classe H pour 1 (une) Action $1 2/3.
L'acceptation de l'Offre est facultative et reserve
au detenteur d'Actions $1 2/3 la faculte d'apporter
tout ou partie de ses Actions $1 2/3.
L'Offre porte sur un maximum de 86.396.977 Actions
$1 2/3 et un maximum de 92.012.781 actions
ordinaires de classe H seront emises.
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER, pages 38 et suivantes)
2. Description des
actions offertes en
echange................
Les actions ordinaires de classe H ont le caractere
de "tracking stock", de sorte que le montant des
dividendes eventuels auxquelles elles donnent droit
est lie aux resultats financiers de Hughes.
A ce jour, aucun dividende n'a ete distribue pour
les actions ordinaires de classe H et aucune
distribution n'est prevue dans un futur proche.
(Voir Offering Circular-Prospectus, DESCRIPTION OF
CLASS H COMMON STOCK, pages 124 et suivantes)
Les actions ordinaires de classe H ne seront pas
representees par des certificats au porteur emis
par Soges-Fiducem ou autres.
3. Justification du
rapport d'echange...... Le rapport d'echange prevu par l'Offre a ete
determine entre autre sur la base des cours de
bourse recents au New York Stock Exchange/1/ des
deux actions ordinaires de GM. Sur la base des
cours de bourse du 19 avril 2000, ce rapport
d'echange degage une prime d'environ 17,7% en
faveur de l'actionnaire qui repond a l'Offre.
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER--Terms of the Exchange Offer, page 38, PRICE
RANGE AND DIVIDENDS FOR $1 2/3 PAR VALUE COMMON
STOCK, page 54, et PRICE RANGE FOR CLASS H COMMON
STOCK, page 55).
4. Conditions de l'Offre
et reduction
eventuelle............. L'Offre est soumise a plusieurs conditions. GM se
reserve notamment le droit de renoncer a l'Offre si
moins de 28.798.992 Actions $1 2/3 sont presentees
a l'Offre.
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER-- Conditions for completion of the Exchange
Offer, page 45).
- --------
/1 /Les Actions $1 2/3 et les actions ordinaires de classe H sont cotees et
negociees a la Bourse de New York (New York Stock Exchange). Les Actions $1
2/3 sont negociees sous le symbole "GM", et les actions ordinaires de classe
H de GM sont negociees sous le symbole "GMH".
3
<PAGE>
Si plus de 86.396.977 Actions $1 2/3 sont
presentees a l'Offre, GM reduira au pro rata le
nombre d'actions pour lequel l'Offre est acceptee,
sauf pour les detenteurs de moins de 100 Actions $1
2/3 pour autant qu'ils presentent toutes leurs
Actions $1 2/3.
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER--Proration; Tenders for Exchange by Holders
of Fewer than 100 Shares of $1 2/3 Par Value Common
Stock, page 38, et Conditions for Completion of the
Exchange Offer, page 45).
5. Rompus................. L'Offre ne donnera pas lieu a l'attribution de
fractions d'actions ordinaires de classe H. Au cas
ou l'actionnaire aurait droit a une fraction d'une
action ordinaire de classe H, cette fraction lui
sera payee en especes, sous la forme d'un cheque
tire sur une banque americaine (les frais
d'encaissement etant a charge de l'actionnaire).
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER--No Fractional Shares, page 39).
6. Periode de l'Offre..... L'Offre est ouverte en Belgique du 25 avril
jusqu'au 15 mai 2000.
Les detenteurs d'Actions $1 2/3 peuvent revoquer
leur acceptation de l'Offre avant l'expiration de
celle-ci et, a certaines conditions, egalement
posterieurement a celle-ci.
(Voir Offering Circular-Prospectus, THE EXCHANGE
OFFER--Withdrawal Rights, pages 43-44).
7. Depots des
acceptations (banque-
guichet en Belgique)... Les detenteurs de certificats Soges-Fiducem
representatifs d'Actions $1 2/3 peuvent repondre a
l'Offre en deposant leur certificats, accompagnes
du bulletin d'acceptation ci-joint et moyennant le
respect des conditions prevues par celui-ci, aupres
des sieges et agences de la Banque Bruxelles
Lambert S.A., banque guichet en Belgique.
Les detenteurs d'Actions $1 2/3 qui ne sont pas
representees par des certificats Soges-Fiducem
peuvent repondre a l'Offre moyennant les formalites
decrites dans l'Offering Circular-Prospectus,
PROCEDURES FOR TENDERING SHARES OF $1 2/3 PAR VALUE
COMMON STOCK, pages 40 et suivantes.
8. Publication des
resultats de l'Offre... Les resultats de l'Offre seront publies dans L'Echo
et le Financieel Economische Tijd des qu'ils seront
disponibles.
9. Cotation en Bourse..... Les actions ordinaires de Classe H ne seront cotees
qu'a la Bourse de New York (New York Stock
Exchange). Elles ne seront pas cotees a la bourse
de Bruxelles.
GM n'a pas l'intention de demander apres la cloture
de l'offre la radiation de la Bourse de Bruxelles
de l'action ordinaire de valeur nominale de USD 1
2/3 circulant sous la forme de certificats au
porteur emis par Soges-Fiducem.
4
<PAGE>
10. Frais................. Les frais resultant de l'acceptation de l'Offre
sont a charge de l'actionnaire, Ces frais
comprennent (i) la commission emetteur (1% de la
valeur des actions ordinaires de classe H
delivrees); (ii) les frais et taxes eventuelles
occasionnees par l'immatriculation, le transfert ou
l'envoi de ces actions, qui s'elevent a minimum USD
15, - (livraison aux USA) ou USD 50, -
(rapatriement) par poste (soumis a la TVA au taux
de 21%) et (iii) la taxe sur les operations de
bourse dont question en page 8 (Impots indirects).
11. Informations
complementaires....... Toutes informations complementaires, et notamment
les comptes annuels de Hughes pour l'exercice 1999,
peuvent etre obtenues sur Internet ou demandees par
ecrit ou par telephone, selon les modalites
decrites dans Offering Circular-Prospectus.
(Voir Offering Circular-Prospectus, WHERE YOU CAN
FIND MORE INFORMATION, pages 140-141).
En outre, des informations complementaires peuvent
egalement etre obtenues au siege de la B.B.L.,
Avenue Marnix 24, 1000 Bruxelles (Tel :
02/547.27.25).
5
<PAGE>
Certaines consequences fiscales belges
La presente section resume les aspects principaux du regime fiscal belge
applicable aux actionnaires residents belges (tels que definis ci-dessous). Ce
resume se base sur la legislation fiscale belge et les directives
administratives en vigueur a la date du present document, lesquelles sont
susceptibles d'etre modifiees. Il est recommande aux actionnaires residents
belges de solliciter l'avis de leurs conseillers fiscaux sur les consequences
fiscales de l'Offre propres a leur situation personnelle.
Dans la suite de la presente section, un actionnaire resident belge est
defini comme une personne physique assujettie a l'impot des personnes
physiques, une societe assujettie a l'impot des societes ou toute autre entite
(telle un fonds de pension) assujettie a l'impot des personnes morales.
Consequences fiscales belges de l'Offre. La qualification de l'Offre d'un
point de vue fiscal belge souleve des problemes delicats. Nous pensons que
l'echange d'Actions $1 2/3 contre des actions ordinaires de la classe H dans
le cadre de l'Offre devrait etre analyse en droit fiscal belge comme un rachat
d'actions ordinaires propres par GM retribue par des actions ordinaires d'une
autre categorie. Quoique les cours et tribunaux ou les autorites fiscales
belges ne se sont pas exprimes sur la qualification fiscale de ce type d'offre
d'echange dans un jugement, arret ou circulaire publies, cette qualification
est supportee par le caractere optionnel de l'Offre pour les titulaires
d'Actions $1 2/3 ainsi que par le fait que l'Offre n'aura pas pour effet
d'alterer le montant du capital social de GM.
L'echange d'Actions $1 2/3 contre des actions ordinaires de classe H dans
le cadre de l'Offre (et le paiement des rompus) ne sera en principe pas une
operation imposable pour les personnes physiques residentes belges qui
detiennent les Actions $1 2/3 a titre d'investissement prive ainsi que pour
les entites assujetties a l'impot des personnes morales.
Les plus-values realisees par des societes assujetties a l'impot des
societes lors d'un rachat d'actions ordinaires propres sont traitees par la
legislation fiscale belge comme des dividendes dans la mesure ou la societe
qui procede au rachat d'actions ordinaires propres considere le montant de ces
plus-values comme un dividende conformement a l'article 186 du Code des impots
sur les revenus 1992 ( " CIR 1992 ") ou a des dispositions analogues de droit
etranger. Il s'ensuit que ces societes devront en principe traiter comme un
dividende l'excedent que presente, le cas echeant, la valeur de marche des
actions ordinaires de classe H recues en echange, augmentee des especes recues
au titre d'une fraction d'une action ordinaire de classe H, sur la valeur
fiscale nette de leurs Actions $1 2/3 echangees/2/. Les dividendes sont en
principe soumis a l'impot des societes au taux de 39%, augmente de la
contribution complementaire de crise de 3%, soit 40.17%. Toutefois, les
societes assujetties a l'impot belge des societes peuvent deduire de leurs
benefices imposables 95% du dividende percu si ce dividende est susceptible de
beneficier du regime des revenus definitivement taxes (voy. a ce sujet le
point qui suit Regime fiscal belge des dividendes distribues a des
actionnaires titulaires d'actions ordinaires de classe H.)
Regime fiscal americain des dividendes distribues a des actionnaires
titulaires d'actions ordinaires de classe H. En vertu de la legislation
americaine actuellement en vigueur, les dividendes payes par GM a des non-
residents seront soumis a une retenue a la source (" withholding tax ") de 30%
aux Etats-Unis, reduit a 15%/3/ par la convention preventive de la double
imposition conclue entre les Etats-Unis et la Belgique si l'actionnaire est un
resident belge et pour autant qu'il ne soit pas un resident des Etats-Unis.
Afin de beneficier de la reduction a 15%, l'actionnaire pourra etre requis de
prouver sa qualite de resident belge, le cas echeant au moyen du formulaire W-
8 BEN exige par l'administration fiscale americaine.
- --------
/2 /Neanmoins, les societes residentes belges pourraient envisager de
consulter leurs conseillers fiscaux afin de determiner si le fait que
l'Offre n'est pas traitee d'un point de vue fiscal americain comme une
distribution de dividendes par GM leur permettrait de traiter la plus-value
realisee dans le cadre de l'Offre comme une plus-value sur actions exoneree
d'impot aux conditions de l'article 192 du CIR 1992 plutot que comme un
dividende.
/3 /5% dans des cas qui ne se presentent pas en l'occurrence.
6
<PAGE>
Regime fiscal belge des dividendes distribues a des actionnaires titulaires
d'actions ordinaires de classe H. Le dividende net (apres deduction de la
retenue a la source americaine) distribue a des actionnaires titulaires
d'actions ordinaires de classe H sera impose comme suit. La legislation
fiscale belge n'offre pas de credit d'impot aux actionnaires residents belges
pour la retenue a la source americaine prelevee sur le dividende, le cas
echeant au taux prevu par la convention fiscale conclue entre les Etats-Unis
et la Belgique.
(i) Precompte mobilier belge. Un precompte mobilier belge de 25% est retenu
sur les dividendes nets (apres deduction de la retenue a la source
americaine) distribues aux titulaires d'actions ordinaires de classe H
en cas d'encaissement en Belgique aupres d'un intermediaire financier.
Les societes assujetties a l'impot belge des societes ont cependant le
droit d'invoquer une exoneration de precompte mobilier belge.
(ii) Personnes physiques. Pour les personnes physiques residentes qui
detiennent des actions ordinaires de classe H a titre d'investissement
prive, le precompte mobilier belge est liberatoire et les dividendes
distribues au titre de ces actions ordinaires ne doivent pas etre
declares dans leur declaration a l'impot des personnes physiques. Les
personnes physiques qui percoivent leurs dividendes sans retenue de
precompte mobilier belge (par exemple en cas d'encaissement en dehors de
la Belgique) sont tenues de declarer ceux-ci dans leur declaration a
l'impot des personnes physiques et seront imposees au taux distinct, en
principe de 25%, augmente des centimes additionnels locaux (variant en
principe entre 6 et 9% du montant de l'impot sur le revenu).
(iii) Societes. Pour les societes assujetties a l'impot des societes, le
dividende net percu (apres deduction de la retenue a la source
americaine) est en principe imposable a l'impot des societes au taux
de 39%, augmente de la contribution complementaire de crise de 3%,
soit 40.17%. Toutefois, les societes residentes belges peuvent
deduire de leurs benefices imposables 95% du dividende percu si ce
dividende est susceptible de beneficier du regime des revenus
definitivement taxes. Le regime des revenus definitivement taxes
s'applique a condition que la participation detenue par une societe
belge s'eleve, a la date de l'attribution ou de la mise en paiement
du dividende, a un minimum de 5% du capital de GM ou represente au
moins 50 millions de francs belges en valeur d'acquisition/4/ et que
GM n'appartienne pas a l'une des categories de societes etrangeres
(essentiellement des societes a fiscalite privilegiee) dont les
dividendes sont exclus du regime des revenus definitivement taxes.
(iv) Entites assujetties a l'impot des personnes morales. Le precompte
mobilier belge de 25% est liberatoire. En cas d'encaissement en dehors
de la Belgique et sans l'intervention d'un intermediaire belge, les
entites assujetties a l'impot des personnes morales sont neanmoins
tenues de verser elles-memes le precompte mobilier belge, en principe au
taux de 25%.
Regime fiscal de la cession des actions ordinaires de classe H. Les plus-
values ou moins-values realisees a l'occasion de la cession d'actions
ordinaires de classe H par des actionnaires personnes physiques residents
belges detenant leurs actions ordinaires a titre d'investissement prive et par
des entites belges assujetties a l'impot des personnes morales ne sont en
principe pas imposables ou deductibles en Belgique. Les personnes physiques
residents belges peuvent cependant etre soumises a l'impot des personnes
physiques en Belgique au taux de 33% (a majorer des centimes additionnels
locaux et de la contribution complementaire de crise de 3% calcules sur le
montant de l'impot) si les plus-values realisees proviennent d'operations
sortant de la gestion normale d'un patrimoine prive.
Les plus-values realisees par des societes assujetties a l'impot des
societes en Belgique sur des actions ordinaires de classe H sont exonerees
d'impot si les dividendes verses sur les actions ordinaires de classe H
entrent en ligne de compte pour la deduction au titre de revenus
definitivement taxes. Pour l'exoneration de ces plus-values, l'exigence d'une
participation minimale n'est pas requise. Les moins-values eventuelles ne sont
en principe pas deductibles.
- --------
/4 /Cette condition de participation minimale n'est pas exigee des
etablissements de credit, des entreprises d'assurance et des societes de
bourse.
7
<PAGE>
Impots indirects
Taxe sur les operations de bourse. Tant la souscription que l'achat et la
vente en Belgique d'actions ordinaires de classe H par le biais d'un
intermediaire financier etabli en Belgique sont soumis a la taxe sur les
operations de bourse. Le taux de cette taxe est fixe a 0,35% pour les
souscriptions et devra etre liquide sur la valeur d'echange des Actions $1 2/3
(non compris les commissions payees aux intermediaires financiers). Le taux de
cette taxe est fixe a 0,17% pour les transmissions a titre onereux. Ce taux
devra etre liquide sur les montants payes en espece pour les rompus (Voir
Resume des conditions de l'Offre, point 5) tant sur les sommes a acquitter par
GM (non compris les commissions payees aux intermediaires financiers) que sur
les sommes percues par l'actionnaire qui repond a l'offre (sans deduction des
commissions payees aux intermediaires financiers). Cependant, la taxe due est
limitee a 10.000 francs belges par operation de souscription, d'achat et de
vente. L'actionnaire supportera la totalite de cette taxe.
Une exoneration de cette taxe est toutefois prevue pour les operations
realisees par des intermediaires financiers (tels des banques), des
entreprises d'assurance, des fonds de pension, des organismes de placement
collectif ou des non-residents.
8
<PAGE>
Bulletin d'acceptation de l'offre publique d'echange d'actions propres de
General Motors Corporation decrite dans le Prospectus
A etablir en deux exemplaires
(Exemplaire destine a l'intermediaire financier)
Je soussigne, (nom et prenom) ____________, demeurant a ____________,
rue/avenue/place ____________, no ___ apres avoir pris connaissance des
conditions et des modalites de l'offre publique d'echange de GM visant a
offrir 1,065 actions ordinaires de la classe H a creer pour 1 action ordinaire
GM d'une valeur nominale USD 1 2/3 representee par des certificats Soges-
Fiducem (l'"Offre"), et du prospectus emis par GM en date du 24 avril 2000
relatif a l'Offre (le "Prospectus"), declare vouloir repondre a l'Offre et
apporter a cet effet a la BBL :
. ___ (nombre) certificats Soges-Fiducem representatifs de 2 actions
ordinaires GM d'une valeur nominale USD 1 2/3 actions)
. ___ (nombre) certificats Soges-Fiducem representatifs de 10 actions
ordinaires GM d'une valeur nominale USD 1 2/3 actions)
entierement libere(e)s et libres de tout gage, nantissement ou restriction de
quelque nature que ce soit au libre transfert de leur propriete, dont je suis
proprietaire.
Je m'engage a echanger ces certificats contre des actions nouvelles ordinaires
de la classe H, a raison de :
. ___ (nombre) actions ordinaires de la classe H emises selon les modalites de
l'Offre pour________ (nombre) certificats Soges-Fiducem representatifs de 2
actions ordinaires GM d'une valeur nominale USD 1 2/3
. ___ (nombre) actions ordinaires de la classe H emises selon les modalites de
l'Offre pour________ (nombre) certificats Soges-Fiducem representatifs de 10
actions ordinaires GM d'une valeur nominale USD 1 2/3
L'echange sera realise selon la procedure et dans les conditions fixees par le
Prospectus, les frais tels que decrits au point 10 du Prospectus etant a ma
charge.
Pour que mon engagement soit valable, le present bulletin d'acceptation doit
etre depose, directement ou par le biais d'une institution financiere ou d'un
intermediaire financier, aux guichets de la BBL et ce au plus tard le 15 mai
2000 pendant les heures d'ouverture des guichets.
J'accepte la reduction eventuelle telle qu'elle sera decidee par GM et le fait
que GM se reserve le droit de renoncer a l'Offre dans certaines circonstances
decrites dans le Prospectus.
Au cas ou, apres reduction j'aurais droit a une fraction d'une action
ordinaire de classe H ("rompu"), j'accepte que cette fraction me soit versee en
especes au moyen d'un cheque tire sur une banque americaine.
Je souhaite que les actions ordinaires de classe H auxquelles j'ai droit et le
produit net de la vente eventuelle des actions formant rompu soient :
. portes en ou verses sur mon compte no ______ ouvert aupres de _______.
. soient tenus a ma disposition aupres des guichets de la BBL.
La presente acceptation peut etre retiree a tout moment jusqu'a la cloture de
l'Offre.
Fait en deux exemplaires a _______ (lieu), le _______ 2000 (date).
- -----------------------------
-----------------------------
L'intermediaire financier L'actionnaire
. Biffer la(les) mention(s) inapplicable(s).
<PAGE>
Bulletin d'acceptation de l'offre publique d'echange d'actions propres de
General Motors Corporation decrite dans le Prospectus
A etablir en deux exemplaires
(Exemplaire destine a l'actionnaire)
Je soussigne, (nom et prenom) _______________, demeurant a _____________,
rue/avenue/place _____________, no _____ apres avoir pris connaissance des
conditions et des modalites de l'offre publique d'echange de GM visant a
offrir 1,065 actions ordinaires de la classe H a creer pour 1 action ordinaire
GM d'une valeur nominale USD 1 2/3 representee par des certificats Soges-
Fiducem (l'"Offre"), et du prospectus emis par GM en date du 24 avril 2000
relatif a l'Offre (le "Prospectus"), declare vouloir repondre a l'Offre et
apporter a cet effet a la BBL :
. ____ (nombre) certificats Soges-Fiducem representatifs de 2 actions
ordinaires GM d'une valeur nominale USD 1 2/3 actions
. ____ (nombre) certificats Soges-Fiducem representatifs de 10 actions
ordinaires GM d'une valeur nominale USD 1 2/3 actions
entierement libere(e)s et libres de tout gage, nantissement ou restriction de
quelque nature que ce soit au libre transfert de leur propriete, dont je suis
proprietaire.
Je m'engage a echanger ces certificats contre des actions nouvelles ordinaires
de la classe H, a raison de :
. ____ (nombre) actions ordinaires de la classe H emises selon les modalites
de l'Offre pour ____ (nombre) certificats Soges-Fiducem representatifs de 2
actions ordinaires GM d'une valeur nominale USD 1 2/3
. ____ (nombre) actions ordinaires de la classe H emises selon les modalites
de l'Offre pour ____ (nombre) certificats Soges-Fiducem representatifs de 10
actions ordinaires GM d'une valeur nominale USD 1 2/3
L'echange sera realise selon la procedure et dans les conditions fixees par le
Prospectus, les frais que decrits au point 10 du Prospectus etant a ma charge.
Pour que mon engagement soit valable, le present bulletin d'acceptation doit
etre depose, directement ou par le biais d'une institution financiere ou d'un
intermediaire financier, aux guichets de la BBL et ce au plus tard le 15 mai
2000 pendant les heures d'ouverture des guichets.
J'accepte la reduction eventuelle telle qu'elle sera decidee par GM et le fait
que GM se reserve le droit de renoncer a l'Offre dans certaines circonstances
decrites dans le Prospectus.
Au cas ou, apres reduction j'aurais droit a une fraction d'une action
ordinaire de classe H ("rompu"), j'accepte que cette fraction me soit
versee en especes au moyen d'un cheque tire sur une banque americaine.
Je souhaite que les actions ordinaires de classe H auxquelles j'ai droit et le
produit net de la vente eventuelle des actions formant rompu soient :
. portes en ou verses sur mon compte no ______ ouvert aupres de ________.
. soient tenus a ma disposition aupres des guichets de la BBL.
La presente acceptation peut etre retiree a tout moment jusqu'a la cloture de
l'Offre.
Fait en deux exemplaires a ________ (lieu), le ________ 2000 (date).
- ------------------------------- -------------------------------
L'intermediaire financier L'actionnaire
. Biffer la(les) mention(s) inapplicable(s)
<PAGE>
EXHBIT 12(a)(1)(xiv)
OPENBAAR RUILBOD
OP EIGEN AANDELEN
door
GENERAL MOTORS CORPORATION
vennootschap naar het recht van de staat van Delaware, met hoofdzetel te 1209
Orange St.,
Wilmington, New Castle, Delaware 19898 (Verenigde Staten van Amerika)
(hierna "GM")
GM biedt aan haar aandeelhouders die houders zijn van gewone aandelen van GM
met een nominale waarde van USD 1 2/3, met inbegrip van de houders van Soges-
Fiducem certificaten die dergelijke aandelen vertegenwoordigen, de
mogelijkheid aan om deze aandelen en certificaten om te ruilen voor gewone
aandelen van klasse H tegen de volgende ruilverhouding: 1,065 (een komma
vijfenzestig) gewone aandelen van klasse H voor 1 gewoon aandeel met een
nominale waarde van USD 1 2/3 (hierna "het Bod").
Het Bod wordt beschreven in het Amerikaanse prospectus ("Offering Circular-
Prospectus") van 24 april 2000. Het Bod wordt samengevat in dit aanvullend
Belgisch prospectus, dat eveneens inlichtingen bevat die speciaal bestemd zijn
voor het Belgische publiek.
De investeerders worden uitgenodigd kennis te nemen van het Offering Circular-
Prospectus van 24 april 2000, opgesteld in het Engels, vergezeld van dit
aanvullend prospectus, opgesteld in het Frans en het Nederlands, en van het
aanvaardingsbulletin. Deze documenten zijn beschikbaar op de zetel van de BBL,
Marnixlaan 24, 1000 Brussel waar ook bijkomende informatie kan worden
verkregen (tel.: 02/547.27.25).
De houders van Soges-Fiducem certificaten die gewone aandelen van USD 1 2/3
vertegenwoordigen die wensen deel te nemen aan het Bod, worden verzocht hun
certificaten, vergezeld van het aanvaardingsbulletin, uiterlijk op 15 mei 2000
in te dienen aan de loketten van de BBL.
Het Bod is geopend in Belgie van 25 april 2000 tot en met 15 mei 2000.
BBL
Deze aanvulling bij het prospectus en het Amerikaans prospectus ("Offering
Circular-Prospectus") van 24 april 2000 betreffende het Bod in de originele
Engelse versie vormen een geheel en kunnen niet afzonderlijk verspreid worden
in Belgie.
<PAGE>
AANVULLING BIJ HET PROSPECTUS
betreffende het openbaar ruilbod, voorgesteld door GM, op eigen
gewone aandelen met een nominale waarde van USD 1 2/3 waarvoor
gewone aandelen van klasse H worden geboden
Goedkeuring door de Commissie voor het Bank- en Financiewezen
Het Offering Circular-Prospectus betreffende het Bod opgesteld in het Engels
en aangevuld door deze aanvulling bij het prospectus is op 21 april 2000 door
de Commissie voor het Bank- en Financiewezen goedgekeurd overeenkomstig
Artikel 17 van het Koninklijk Besluit van 8 november 1989 op de openbare
overnameaanbiedingen en de wijzigingen in de controle op vennootschappen en
overeenkomstig Artikel 29 ter (S) 1, 1(degrees) van het Koninklijk Besluit nr.
185 van 9 juli 1935 op de bankcontrole en het uitgifteregime voor titels en
effecten.
Deze goedkeuring houdt geen beoordeling in van de opportuniteit noch van de
intrinsieke waarde van de verrichting.
Overeenkomstig Artikel 21 van het Koninklijk Besluit van 8 november 1989 en
Artikel 29 (S) 1 van het Koninklijk Besluit nr. 185 van 9 juli 1935 is het
door deze artikelen voorgeschreven kennisgeving gepubliceerd in de pers.
In geval van interpretatieverschillen tussen de Nederlandse en de Franse
versie van dit prospectus, heeft de Franse versie voorrang.
Wettelijk Stelsel
Huidig Bod is de uitbreiding naar Belgie, van het Amerikaanse bod dat door
Amerikaans recht wordt beheerst. Dit Bod verschilt in een bepaald aantal
punten van het Koninklijk Besluit van 8 november 1989 op de openbare
overnameaanbiedingen en de wijzigingen in de controle op vennootschappen, in
het bijzonder met betrekking tot de rol van de vennootschap die door een bod
wordt beoogd en de voorwaarden aan dewelke een openbaar overnamebod kan worden
onderworpen.
Achtergrond en motieven van het Bod
Het Bod beoogt het aanbieden van gewone aandelen van klasse H, uitgegeven door
GM, in ruil voor gewone aandelen met een nominale waarde van USD 1 2/3 of
Soges-Fiducem certificaten die dergelijke aandelen vertegenwoordigen (in beide
gevallen, een "$1 2/3 Aandeel") overeenkomstig de volgende ruilverhouding:
1,065 (een komma vijfenzestig) gewone aandelen van klasse H die zullen worden
uitgegeven voor 1 $1 2/3 Aandeel.
De gewone aandelen van klasse H hebben de kenmerken van "tracking stock" dat
toelaat om het bedrag van eventuele dividenden, die deze aandelen zouden
opbrengen, te verbinden aan de financiele resultaten van Hughes Electronics
Corporation ("Hughes"), een 100% dochteronderneming van GM.
Het Bod, dat betrekking heeft op effecten met een waarde van ongeveer USD 9
miljard, is een belangrijk element in het plan dat tot doel heeft de waarde
van het economisch belang van GM in Hughes te valoriseren.
Een ander element van dit plan heeft tot doel gewone aandelen van klasse H met
een waarde van ongeveer USD 7 miljard in te brengen in bepaalde
pensioenplannen ten voordele van het personeel van GM. In de veronderstelling
dat er op het Bod volledig wordt ingeschreven en dat de inbrengen in deze
pensioenplannen
2
<PAGE>
worden uitgevoerd zoals voorzien, zal GM in totaal 92.012.781 nieuwe gewone
aandelen van klasse H uitgeven, voor een totale waarde van ongeveer USD 16
miljard (gebaseerd op de slotkoers van de gewone aandelen van klasse H op 19
april 2000).
(Voor meer inlichtingen in verband met het Bod, zie Offering Circular-
Prospectus, QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER, pagina 4 en
volgende).
Financiele toestand van Hughes
De financiele informatie met betrekking tot Hughes is vervat in het Offering
Circular-Prospectus, onder de rubrieken Summary Historical FINANCIAL DATA OF
HUGHES, pagina's 19 en 20, SELECTED HISTORICAL FINANCIAL DATA OF HUGHES,
pagina 57 en MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS OF HUGHES, pagina 58 en volgende.
Factoren en risico's
Een beschrijving van de factoren en risico's die moeten worden onderkend
vooraleer op het Bod in te gaan, waaronder een mogelijke wijziging van de
Amerikaanse belastingwet, is vervat in het Offering Circular-Prospectus, RISK
FACTORS, pagina 22 en volgende.
3
<PAGE>
Samenvatting van het Bod
1. Het Bod Onder voorbehoud van vermindering en de
andere voorwaarden van het Bod (zie punt 4
infra), zal GM de $1 2/3 Aandelen, die worden
ingebracht tijdens de duur van het Bod en
door GM worden aanvaard, omruilen tegen
nieuwe uit te geven gewone aandelen van
klasse H aan de volgende ruilverhouding:
1,065 (een komma nul vijfenzestig) gewone
aandelen van klasse H voor
1 (een) $1 2/3 Aandeel
De aanvaarding van het Bod is vrijwillig en
geeft de mogelijkheid aan de houders van $1
2/3 Aandelen om al of een deel van hun $1 2/3
Aandelen in te brengen.
Het Bod slaat op maximum 86.396.977 $1 2/3
Aandelen en maximum 92.012.781 gewone
aandelen van klasse H zullen worden
uitgegeven.
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER, pagina 38 en volgende).
2. Beschrijving van de
aandelen aangeboden in het
Bod De gewone aandelen van klasse H hebben de
kenmerken van "tracking stock", met als
gevolg dat de eventuele dividenden op dewelke
ze recht zouden geven, verbonden zijn aan de
financiele resultaten van Hughes.
Tot op heden werd geen dividend uitgekeerd op
de gewone aandelen van klasse H en er is in
de onmiddellijke toekomst geen uitkering
voorzien.
(Zie Offering Circular-Prospectus,
DESCRIPTION OF CLASS H COMMON STOCK, pagina
124 en volgende).
De gewone aandelen van klasse H zullen niet
vertegenwoordigd worden door certificaten aan
toonder uitgegeven door Soges-Fiducem of door
andere partijen.
3. Verantwoording van de
ruilverhouding
De ruilverhouding voorzien door het Bod werd
onder meer bepaald op basis van de recente
beurskoersen van de twee gewone aandelen van
GM op de New York Stock Exchange./1/ Op basis
van de beurskoers van 19 april 2000, geeft de
ruilverhouding aanleiding tot een premie van
ongeveer 17,7 % ten voordele van de
aandeelhouder die op het Bod ingaat.
- --------
/1/$1 2/3 Aandelen en gewone aandelen van klasse H zijn genoteerd en
verhandeld op de beurs van New York (New York Stock Exchange). De $1 2/3
Aandelen van GM worden verhandeld onder het symbool "GM", en de gewone
aandelen van klasse H van GM worden verhandeld onder het symbool "GMH".
4
<PAGE>
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER--Terms of the Exchange Offer,
pagina 38, PRICE RANGE AND DIVIDENDS FOR $1
2/3 PAR VALUE COMMON STOCK, pagina 54, en
PRICE RANGE FOR CLASS H COMMON STOCK, pagina
55).
4. Voorwaarden van het Bod
en eventuele vermindering Het Bod is onderworpen aan verschillende
voorwaarden. GM behoudt zich in het bijzonder
het recht voor om aan het Bod te verzaken
indien minder dan 28.798.992 $1 2/3 Aandelen
in het Bod worden aangeboden.
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER--Conditions for completion of
the Exchange Offer, pagina 45).
Indien meer dan 86.396.977 $1 2/3 Aandelen
ter gelegenheid van het Bod worden
aangeboden, zal GM het aantal aandelen
waarvoor het Bod wordt aanvaard pro rata
verminderen, met uitzondering van de houders
van minder dan 100 $1 2/3 Aandelen voor zover
deze al hun $1 2/3 Aandelen aanbieden.
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER--Proration: Tenders for
Exchange by Holders of Fewer than 100 Shares
of $1 2/3 Par Value Common Stock, pagina 38,
en Conditions for Completion of the Exchange
Offer, pagina 45.
5. Fracties van aandelen Er zullen geen fracties van gewone aandelen
van klasse H worden toegekend met betrekking
tot het Bod. Indien de aandeelhouder
gerechtigd is om een fractie van een gewoon
aandeel van klasse H te ontvangen, zal deze
fractie in contanten worden uitbetaald onder
de vorm van een cheque getrokken op een
Amerikaanse bank (de inningkosten zijn ten
laste van de aandeelhouder).
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER--No Fractional Shares, pagina
39).
6. Periode van het Bod Het Bod is open in Belgie van 25 april 2000
tot en met 15 mei 2000.
De houders van $1 2/3 Aandelen kunnen hun
aanvaarding van het Bod intrekken alvorens
het Bod eindigt en, onder bepaalde
voorwaarden, eveneens na beeindiging van het
Bod.
(Zie Offering Circular-Prospectus, THE
EXCHANGE OFFER--Withdrawal Rights, pagina's
43-44).
7. Deponeren van de
aanvaardingen (loketbank in
Belgie) De houders van certificaten Soges-Fiducem die
$1 2/3 Aandelen vertegenwoordigen kunnen op
het Bod ingaan door het indienen van hun
certificaten, vergezeld van het
aanvaardingsbulletin dat in bijlage is
toegevoegd en door het vervullen van de
voorwaarden die door dit bulletin worden
bepaald op de zetel en de agentschappen van
de Bank Brussel Lambert N.V., loketbank in
Belgie.
5
<PAGE>
De houders van $1 2/3 Aandelen die niet door
Soges-Fiducem certificaten zijn
vertegenwoordigd, kunnen op het Bod ingaan
mits nakoming van de formaliteiten beschreven
in het Offering Circular-Prospectus,
PROCEDURES FOR TENDERING SHARES OF $1 2/3 PAR
VALUE COMMON STOCK, pagina 40 en volgende.
8. Publicatie van de
resultaten van het Bod
De resultaten van het Bod zullen gepubliceerd
worden in L'Echo en de Financieel Economische
Tijd van zodra deze beschikbaar zijn.
9. Beursnotering De aandelen van klasse H zullen enkel op de
beurs van New York (New York Stock Exchange)
worden genoteerd. Zij zullen niet worden
genoteerd op de beurs van Brussel.
GM neemt zich niet voor om de schrapping van
de $1 2/3 Aandelen die verhandeld worden
onder de vorm van certificaten aan toonder
uitgegeven door Soges-Fiducem uit de notering
van de beurs van Brussel aan te vragen na
afsluiting van het Bod.
10. Kosten De kosten verbonden aan het ingaan op het Bod
zijn ten laste van de aandeelhouder, Deze
omvatten (i) de uitgeverscommissie (1% van de
waarde van de geleverde gewone aandelen van
klasse H), (ii) de mogelijke kosten en taksen
ten gevolge van de inschrijving, de
overdracht of de verzending van de anndelen,
die minimum USD 15 (levering in de USA) of
USD 50 (repatriering) per verrichting
bedragen (plus BTW aan 21%), en (iii) de taks
op de beursverrichtingen waarvan sprake op
blad 9 (Indirekte belastingen).
11. Bijkomende informatie Bijkomende informatie, en ondermeer de
jaarrekening van Hughes voor het boekjaar
1999, is beschikbaar op Internet of kan
schriftelijk of telefonisch worden bekomen,
volgens de regels nader beschreven in het
Offering Circular-Prospectus.
(Zie Offering Circular-Prospectus, WHERE CAN
YOU FIND MORE INFORMATION, pagina's 140-141).
Bovendien kan bijkomende informatie worden
bekomen op de zetel van de B.B.L., Marnixlaan
24, 1000 Brussel (tel.: 02/547.27.25).
6
<PAGE>
Bepaalde fiscale gevolgen onder het Belgische belastingstelsel
Deze afdeling vat de belangrijkste aspecten samen van het Belgisch
belastingstelsel dat van toepassing is op aandeelhouders die verblijfhouders
in Belgie zijn (zoals hierna gedefinieerd). Deze samenvatting is gebaseerd op
de Belgische fiscale wetgeving en de administratieve richtlijnen die van
kracht zijn op datum van dit document, maar die mogelijkerwijze kunnen worden
gewijzigd. Er wordt de aandeelhouders die verblijfhouders in Belgie zijn
aangeraden om het advies van hun belastingconsulenten in te winnen met
betrekking tot de fiscale gevolgen van het Bod die op hun persoonlijke
situatie van toepassing zijn.
In deze afdeling wordt een aandeelhouder die verblijfhouder in Belgie is
gedefinieerd als een natuurlijke persoon onderworpen aan de personenbelasting,
een vennootschap onderworpen aan de vennootschapsbelasting of elke andere
entiteit (zoals bijvoorbeeld een pensioenfonds) onderworpen aan de
rechtspersonenbelasting.
Fiscale gevolgen voor het Bod onder het Belgische belastingstelsel. De
kwalificatie van het Bod vanuit Belgisch fiscaal oogpunt stelt delicate
problemen. Wij zijn van mening dat de omruiling van $1 2/3 Aandelen voor
gewone aandelen van klasse H in het kader van het Bod onder Belgisch fiscaal
recht zou moeten worden ontleed als een inkoop van eigen aandelen door GM,
vergoed door aandelen van een andere klasse. Alhoewel de rechtbanken en hoven
of de Belgische fiscale overheden zich niet hebben uitgesproken over de
fiscale kwalificatie van dergelijk ruilaanbod in een gepubliceerd vonnis,
besluit of omzendbrief, wordt deze kwalificatie gestaafd door het optioneel
karakter van het Bod voor de houders van $1 2/3 Aandelen, en ook door het feit
dat het Bod geen wijziging van het bedrag van het maatschappelijk kapitaal van
GM tot gevolg zal hebben.
De omruiling van $1/2///3/ Aandelen voor gewone aandelen van klasse H in het
kader van het Bod (en de betalingen met betrekking tot de fracties) zal, in
principe, geen belastbare verrichting zijn voor Belgische natuurlijke personen
die $1/2///3/ Aandelen als prive-belegging houden en voor de entiteiten die
onderworpen zijn aan de rechtspersonenbelasting.
De meerwaarden gerealiseerd door vennootschappen onderworpen aan de
vennootschapsbelasting ingevolge een inkoop van eigen aandelen, worden door de
Belgische fiscale wetgeving behandeld als dividenden voor zover de
vennootschap die overgaat tot de inkoop van eigen aandelen het bedrag van deze
meerwaarden als een dividend beschouwd overeenkomstig artikel 186 van het
Wetboek van de Inkomstenbelastingen 1992 ("WIB 1992") of gelijkaardige
bepalingen naar buitenlands recht. Daaruit volgt dus dat deze vennootschappen
de meerwaarde, in voorkomend geval, gelijk aan het excedent van de marktwaarde
van gewone aandelen van klasse H die in ruil worden ontvangen, vermeerderd met
het bedrag ontvangen als fractie van een gewoon aandeel van klasse H, over de
netto fiscale waarde van hun geruilde $1 2/3 Aandelen, in principe als een
dividend zullen moeten behandelen/2/. De dividenden zijn in wezen onderworpen
aan de vennootschapsbelasting tegen de belastingvoet van 39%, vermeerderd met
de aanvullende crisisbijdrage die 3% bedraagt, hetzij 40,17%. De
vennootschappen onderworpen aan de Belgische vennootschapsbelasting kunnen
echter van hun belastbare winsten 95% van het ontvangen dividend aftrekken
indien dit dividend eventueel kan genieten van het stelsel van de definitief
belaste inkomsten (zie in verband hiermee het volgende punt: Belgisch
belastingstelsel met betrekking tot dividenden uitgekeerd aan aandeelhouders
die houders zijn van aandelen van klasse H.)
Amerikaanse belastingstelsel van toepassing op dividenden uitgekeerd aan
aandeelhouders die houders zijn van gewone aandelen van klasse H. Krachtens de
Amerikaanse wetgeving die momenteel van kracht is, zullen de dividenden
betaald door GM aan niet-verblijfhouders worden onderworpen aan een
bronheffing (withholding tax) van 30% in de Verenigde Staten, verminderd tot
15%/3/ door het verdrag ter voorkoming van de dubbele belasting gesloten
tussen de Verenigde Staten en Belgie indien de aandeelhouder een
verblijfhouder van Belgie is en voor zover hij geen verblijfhouder van de
Verenigde Staten is. Teneinde de vermindering tot 15% te genieten, kan de
aandeelhouder het bewijs worden verzocht dat hij een verblijfhouder van Belgie
is, in voorkomend geval door middel van het formulier W-8 BEN vereist door de
Amerikaanse belastingdiensten.
- --------
/2/De in Belgie gevestigde vennootschappen zouden echter kunnen overwegen om
hun belastingconsulenten te raadplegen om na te gaan of het feit dat het Bod
vanuit het standpunt van het Amerikaans belastingstelsel niet als een
uitkering van dividenden door GM wordt behandeld, hen zou toelaten om de
meerwaarde die gerealiseerd wordt in het kader van het Bod te behandelen als
een meerwaarde op aandelen, vrijgesteld in overeenstemming met de
voorwaarden van artikel 192 van het WIB 1992, eerder dan als een dividend.
/3/5% in gevallen die zich hier niet voordoen.
7
<PAGE>
Belgisch belastingstelsel met betrekking tot dividenden uitgekeerd aan
aandeelhouders die houders zijn van aandelen van klasse H. Het netto-dividend
(na aftrek van de Amerikaanse bronheffing) uitgekeerd aan aandeelhouders die
houder zijn van aandelen van klasse H zal als volgt worden belast. De
Belgische fiscale wetgeving biedt geen belastingkrediet aan aan de
aandeelhouders die verblijfhouders van Belgie zijn voor de Amerikaanse
bronbelasting geheven op het dividend, in voorkomend geval tegen het
verminderde tarief bepaald in het belastingverdrag gesloten tussen de
Verenigde Staten en Belgie.
(i) Belgische roerende voorheffing. Er wordt een Belgische roerende
voorheffing van 25% ingehouden op de netto-dividenden (na aftrek van de
Amerikaanse bronheffing) uitgekeerd aan de aandeelhouders van gewone aandelen
van klasse H in geval van inning in Belgie bij een financiele tussenpersoon.
De vennootschappen onderworpen aan de Belgische vennootschapsbelasting hebben
echter het recht een vrijstelling van de Belgische roerende voorheffing in te
roepen.
(ii) Natuurlijke personen. Voor de Belgische natuurlijke personen die gewone
aandelen van klasse H houden als prive-investering, is de Belgische roerende
voorheffing bevrijdend en moeten de dividenden uitgekeerd op deze aandelen
niet worden aangegeven in hun aangifte in de personenbelasting. De natuurlijke
personen die hun dividenden ontvangen zonder inhouding van de Belgische
roerende voorheffing (bijvoorbeeld in geval van inning in het buitenland) zijn
ertoe gehouden deze aan te geven in hun aangifte in de personenbelasting en
zullen worden belast tegen een afzonderlijke aanslagvoet van in principe 25%,
vermeerderd met de lokale opcentiemen (die in principe varieren tussen 6% en
9% van het bedrag van de inkomstenbelasting).
(iii) Vennootschappen. Voor de vennootschappen onderworpen aan de
vennootschapsbelasting, is het nettodividend (na aftrek van de Amerikaanse
bronheffing) in principe belastbaar met de vennootschapsbelasting van 39%,
vermeerderd met de aanvullende crisisbijdrage van 3%, hetzij 40,17%. De
vennootschappen die in Belgie zijn gevestigd kunnen echter van hun belastbare
winsten 95% van het ontvangen dividend aftrekken indien dit dividend kan
genieten van het stelsel van de definitief belaste inkomsten. Het stelsel van
de definitief belaste inkomsten is van toepassing op voorwaarde dat de
participatie van een Belgische vennootschap op de datum van de toekenning of
de betaling van het dividend, minimum 5% bedraagt van het kapitaal van GM of
minstens 50 miljoen Belgische frank vertegenwoordigd in aanschaffingswaarde/4/
en dat GM niet behoort tot een van de categorieen buitenlandse vennootschappen
(die voornamelijk vennootschappen zijn die fiscaal bevoorrecht zijn) waarvan
de dividenden uitgesloten zijn van het stelsel van de definitief belaste
inkomsten.
(iv) Entiteiten onderworpen aan de rechtspersonenbelasting. De Belgische
roerende voorheffing van 25% is bevrijdend.
In geval van inning in het buitenland zonder de bemiddeling van een Belgische
tussenpersoon, zijn de entiteiten onderworpen aan de rechtspersonenbelasting
er echter toe gehouden zelf de Belgische roerende voorheffing te storten, die
in beginsel 25% bedraagt.
Belastingstelsel van toepassing op de overdracht van gewone aandelen van
klasse H. De eventuele meerwaarden of minderwaarden gerealiseerd door
Belgische aandeelhouders, ter gelegenheid van de overdracht van hun gewone
aandelen van klasse H, zijn in principe niet belastbaar of aftrekbaar in
Belgie.
De meerwaarden of minderwaarden gerealiseerd ter gelegenheid van de overdracht
van gewone aandelen van klasse H door aandeelhouders die natuurlijke personen
verblijfhouder van Belgie zijn die aandelen houden als prive-belegging en door
Belgische entiteiten onderworpen aan de rechtspersonenbelasting, zijn in
principe niet belastbaar of aftrekbaar in Belgie. De natuurlijke personen die
verblijfhouder van Belgie zijn kunnen echter worden onderworpen aan de
Belgische personenbelasting tegen een aanslagvoet van 33% (te vermeerderen met
de lokale opcentiemen en de aanvullende crisisbijdrage van 3% berekend op het
bedrag van de belasting) indien de gerealiseerde meerwaarden voortvloeien uit
verrichtingen met betrekking tot het normaal beheer van een prive-vermogen.
- --------
/4/Deze minimale deelnemingsvereiste is niet van toepassing op
kredietinstellingen, verzekeringsinstellingen en beursvennootschappen.
8
<PAGE>
De meerwaarden gerealiseerd door vennootschappen onderworpen aan de Belgische
vennootschapsbelasting op gewone aandelen van klasse H, zullen worden
vrijgesteld van belasting indien de dividenden uitgekeerd op de gewone
aandelen van klasse H in aanmerking komen voor de aftrek van definitief
belaste inkomsten. Voor de vrijstelling van deze meerwaarden is de minimale
deelnemingsvereiste niet van toepassing. De eventuele minderwaarden zijn in
principe niet aftrekbaar.
Indirecte belastingen
Taks op de beursverrichtingen. Zowel de inschrijving als de aankoop en de
verkoop in Belgie van gewone aandelen van klasse H via bemiddeling van een
financiele tussenpersoon gevestigd in Belgie, zijn onderworpen aan de taks op
de beursverrichtingen. Het tarief van deze taks is vastgesteld op 0,35% voor
de inschrijvingen, en zal worden vastgesteld op de ruilwaarde van de $1 2/3
Aandelen (exclusief de commissie betaald aan de financiele tussenpersonen).
Het tarief van deze taks is vastgesteld op 0,17% voor overdrachten onder
bezwarende titel. Deze taks zal worden vastgesteld voor de bedragen die in
ruil voor de fracties van aandelen in specien worden betaald (Zie Samenvatting
van de voorwaarden van het Bod, punt 5), zowel op de bedragen die door GM
moeten worden betaald (exclusief de commissie betaald aan de financiele
tussenpersonen) als op de bedragen ontvangen door de aandeelhouder die op het
Bod ingaat (zonder aftrek van de commissie betaald aan de financiele
tussenpersonen). De te betalen belasting is echter beperkt tot 10.000
Belgische frank per inschrijving, aankoop- of verkoopverrichting. Het
volledige bedrag van deze belasting komt ten laste van de aandeelhouder.
Er wordt echter een vrijstelling van deze belasting voorzien voor de
verrichtingen gerealiseerd door de financiele tussenpersonen (zoals banken),
verzekeringsinstellingen, pensioenfondsen, gemeenschappelijke
beleggingsinstellingen of voor niet-verblijfhouders.
9
<PAGE>
- --------------------------------------------------------------------------------
Aanvaardingsbulletin voor het openbaar bod tot omruiling met betrekking tot
aandelen van
General Motors beschreven in het Prospectus
In tweevoud op te maken
(Exemplaar bestemd voor de financiele tussenpersoon)
- --------------------------------------------------------------------------------
Ik, de ondergetekende, (naam en voornaam) .........................., wonende te
.........................., straat / laan / plein .........................., nr
.... heb kennis genomen van de voorwaarden en nadere regels van het openbaar bod
tot omruiling van GM strekkende tot het aanbod van 1,065 (een komma
vijfenzestig) gewone aandelen van klasse H die zullen worden uitgegeven voor 1
gewoon aandeel van GM met een nominale waarde van $1/2///3/, vertegenwoordigd
door certificaten Soges-Fiducem ("het Bod") en van het prospectus uitgegeven
door GM op datum van 24 april 2000 met betrekking tot het Bod ("het
Prospectus"), en verklaar te willen ingaan op het Bod en te dien einde bij de
BBL in te dienen:
. .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een
nominale waarde van $1 2/3 vertegenwoordigen
. .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met
een nominale waarde van $1 2/3 vertegenwoordigen
volledig volgestort en vrij van elk pand, inpandgeving of enigerlei beperking
op de vrije overdracht van hun eigendom, waarvan ik eigenaar ben.
Ik verbind mij ertoe om deze aandelen in te ruilen voor gewone aandelen van
klasse H, a rato van:
. .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere
regels van het Bod voor
. .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een
nominale waarde van $1 2/3 vertegenwoordigen
. .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere
regels van het Bod voor
. .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met
een nominale waarde van $1 2/3 vertegenwoordigen
De ruil zal geschieden overeenkomstig de procedure en volgens de voorwaarden
bepaald in het Prospectus, de kosten zoals beschreven in punt 10 van de
Prospectus zijnde te mijnen laste.
Opdat mijn verbintenis geldig zou zijn, moet dit aanvaardingsbulletin worden
ingediend, rechtstreeks of door bemiddeling van een financiele instelling of
een financiele tussenpersoon, bij de loketten van de BBL, uiterlijk op 15 mei
2000 tijdens de openingsuren van de loketten.
Ik aanvaard de mogelijke verdeling zoals zij door GM zal worden beslist alsook
het feit dat GM zich het recht voorbehoudt om onder bepaalde omstandigheden
beschreven in het Prospectus aan het Bod te verzaken.
In geval ik, na de verdeling, recht zou hebben op een fractie van een gewoon
aandeel van klasse H, aanvaard ik dat deze fractie mij in specien wordt
betaald, door middel van een cheque getrokken op een Amerikaanse bank.
Ik wens dat de gewone aandelen van klasse H waarop ik recht heb en de netto-
opbrengst van de eventuele verkoop van de fracties van aandelen
. op mijn rekeningnr. .............. bij ............... worden gecrediteerd of
gestort
. te mijner beschikking worden gehouden bij de loketten van de BBL.
De aanvaarding kan te allen tijde worden ingetrokken tot op de sluitingsdatum
van het Bod.
Gedaan in tweevoud te ... (plaats), op ....2000 (datum).
- ------------------- ------------
De financiele tussenpersoon De aandeelhouder
(*)Schrappen wat niet van toepassing is.
10
<PAGE>
- --------------------------------------------------------------------------------
Aanvaardingsbulletin voor het openbaar bod tot omruiling met betrekking tot
aandelen van
General Motors beschreven in het Prospectus
In tweevoud op te maken
(Exemplaar bestemd voor de aandeelhouder)
- --------------------------------------------------------------------------------
Ik, de ondergetekende, (naam en voornaam) .........................., wonende te
.........................., straat / laan / plein .........................., nr
.... heb kennis genomen van de voorwaarden en nadere regels van het openbaar bod
tot omruiling van GM strekkende tot het aanbod van 1,065 (een kooma nul
vijfenzestig) gewone aandelen van klasse H die zullen worden uitgegeven voor 1
gewoon aandeel van GM met een nominale waarde van $1/2///3/, vertegenwoordigd
door certificaten Soges-Fiducem ("het Bod") en van het prospectus uitgegeven
door GM op datum van 24 april 2000 met betrekking tot het Bod ("het
Prospectus"), en verklaar te willen ingaan op het Bod en te dien einde bij de
BBL in te dienen:
. .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een
nominale waarde van $1 2/3 vertegenwoordigen
. ... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met een
nominale waarde van $1 2/3 vertegenwoordigen
volledig volgestort en vrij van elk pand, inpandgeving of enigerlei beperking
op de vrije overdracht van hun eigendom, waarvan ik eigenaar ben.
Ik verbind mij ertoe om deze aandelen in te ruilen voor gewone aandelen van
klasse H, a rato van:
. .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere
regels van het Bod voor
. .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een
nominale waarde van $1 2/3 vertegenwoordigen
. .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere
regels van het Bod voor
. .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met
een nominale waarde van $1 2/3 vertegenwoordigen
De ruil zal geschieden overeenkomstig de procedure en volgens de voorwaarden
bepaald in het Prospectus, de kosten zoals beschreven in punt 10 van de
Prospectus zijnde te mijnen laste.
Opdat mijn verbintenis geldig zou zijn, moet dit aanvaardingsbulletin worden
ingediend, rechtstreeks of door bemiddeling van een financiele instelling of
een financiele tussenpersoon, bij de loketten van de BBL, uiterlijk op 15 mei
2000 tijdens de openingsuren van de loketten.
Ik aanvaard de mogelijke verdeling zoals zij door GM zal worden beslist alsook
het feit dat GM zich het recht voorbehoudt om onder bepaalde omstandigheden
beschreven in het Prospectus aan het Bod te verzaken.
In geval ik, na de verdeling, recht zou hebben op een fractie van een gewoon
aandeel van klasse H, aanvaard ik dat deze fractie mij in specien wordt
betaald, door middel van een cheque getrokken op een Amerikaanse bank.
Ik wens dat de gewone aandelen van klasse H waarop ik recht heb en de netto-
opbrengst van de eventuele verkoop van de fracties van aandelen
. op mijn rekeningnr. .............. bij ............... worden gecrediteerd of
gestort
. te mijner beschikking worden gehouden bij de loketten van de BBL.
De aanvaarding kan te allen tijde worden ingetrokken tot op de sluitingsdatum
van het Bod.
Gedaan in tweevoud te ... (plaats), op ....2000 (datum).
- ------------------- ------------
De financiele tussenpersoon De aandeelhouder
(*)Schrappen wat niet van toepassing is.
11
<PAGE>
EXHIBIT (a)(1)(xv)
Offentliches Umtauschangebot
der
General Motors Corporation, Detroit, Michigan, U.S.A.
an ihre Aktionare
Erganzendes Informationsmemorandum fur
die Bundesrepublik Deutschland
General Motors Corporation, Detroit, Michigan, U.S.A., beabsichtigt, in der
Bundesrepublik Deutschland ein offentliches Umtauschangebot an ihre Aktionare
zum Umtausch von $1 2/3 Stammaktien in Class H Stammaktien vorzunehmen.
Grundlage fur dieses offentliche Umtauschangebot ist das Offer to Exchange in
englischer Sprache, welches von der London Stock Exchange am 20. April 2000
gebilligt wurde. General Motors Corporation, Detroit, Michigan, U.S.A.,
ubernimmt die Verantwortung fur den Inhalt des Offer to Exchange und erklart,
da" ihres Wissens die darin enthaltenen Angaben richtig und keine wesentlichen
Umstande ausgelassen sind. Dieses Erganzende Informationsmemorandum enthalt
zusatzliche Informationen fur Anleger in der Bundesrepublik Deutschland zu
folgenden Punkten:
Umtauschfrist: die Umtauschfrist beginnt am Mittwoch, 26. April 2000, und
endet am 19. Mai 2000.
Umtauschstelle: Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325
Frankfurt am Main. Das Offer to Exchange sowie eventuelle
Nachtrage dazu sind bei der Umtauschstelle kostenlos
erhaltlich.
Bekanntmachungen: Frankfurter Allgemeine Zeitung und Handelsblatt.
Steuern: Die General Motors Corporation geht davon aus, da" der
Umtausch von $1 2/3 Stammaktien in Class H Stammaktien und
eine Geldzahlung fur in Deutschland unbeschrankt
steuerpflichtige Privatanleger, welche die $1 2/3
Stammaktien langer als ein Jahr gehalten haben, kein
steuerpflichtiges Ereignis darstellt. Wenn Privatanleger die
$1 2/3 Stammaktien ein Jahr oder kurzer gehalten haben, ist
der Umtausch als steuerpflichtiges privates
Verau"erungsgeschaft anzusehen, wobei der zu versteuernde
Gewinn dem Differenzbetrag zwischen (i) den
Anschaffungskosten fur die zum Umtausch eingereichten $1 2/3
Stammaktien und (ii) dem Wert der dafur erhaltenen Class H
Stammaktien und der Geldzahlung entspricht. Gewinne bleiben
steuerfrei, wenn der aus privaten Verau"erungsgeschaften
erzielte Gesamtgewinn im Kalenderjahr weniger als DM 1.000
betragen hat.
Die vorstehenden Angaben zur steuerlichen Behandlung des
Umtauschs von $1 2/3 Stammaktien in Class H Stammaktien und
eine Geldzahlung bei in Deutschland unbeschrankt
steuerpflichtigen Privatanlegern enthalten keine
erschopfende Darstellung der einschlagigen steuerlichen
Bestimmungen. Insbesondere wird nicht auf die steuerlichen
Folgen fur Inhaber von $1 2/3 Stammaktien eingegangen, die
steuerlichen Sondervorschriften unterliegen. Die
vorstehenden Angaben enthalten au"erdem keine Aussage zu den
steuerlichen Folgen der Inhaberschaft oder der Verau"erung
von Class H Stammaktien, wobei die Anbieterin davon ausgeht,
da" sie sich nicht wesentlich von den steuerlichen Folgen
unterscheiden, die sich aus dem Besitz der $1 2/3
Stammaktien ergeben.
Allen Inhabern von $1 2/3 Stammaktien wird empfohlen, wegen
der steuerlichen Behandlung des Umtauschs unter
Berucksichtigung ihrer individuellen Umstande einen
steuerlichen Berater zu konsultieren.
Detroit, Michigan, im April
2000
GENERAL MOTORS CORPORATION
<PAGE>
EXHIBIT 12(a)(1)(xvi)
LE TEXTE QUI SUIT EST UNE TRADUCTION D'UN EXTRAIT DE LA SECTION "SUMMARY"
(SOMMAIRE) DU PROSPECTUS AMERICAIN (CI-APRES DESIGNE LE "DOCUMENT" OU "PRESENT
DOCUMENT") DE GENERAL MOTORS AYANT TRAIT A L'OFFRE D'ECHANGE. TOUS LES MONTANTS
EN DOLLARS SONT EXPRIMES EN DOLLARS AMERICAINS.
SOMMAIRE
Le sommaire presente les principaux renseignements plus amplement decrits
dans le document. Il ne contient pas necessairement tous les renseignements
dont vous devriez tenir compte avant de decider de participer ou non a l'offre
d'echange. Nous vous prions instamment de lire tout le document attentivement,
notamment la rubrique "Facteurs de risque" ("Risk Factors") et les etats
financiers consolides ainsi que les notes s'y rapportant. Sauf si le contexte
n'exige une interpretation differente, les termes definis ci-dessous ont le
meme sens que dans le document:
. " General Motors ", " GM " ou " nous ": General Motors Corporation et
ses filiales consolidees, y compris Hughes; et
. " Hughes ": Hughes Electronics Corporation, ses filiales consolidees et
sa participation dans les membres de son groupe.
Apercu
Nous emettrons 1,065 actions ordinaires de categorie H en echange de chaque
action ordinaire d'une valeur nominale de 1 2/3$ dument deposee en reponse a
l'offre et que nous acceptons dans le cadre de l'offre d'echange, jusqu'a
concurrence d'un nombre total de 92 012 781 actions ordinaires de categorie H.
En outre, nous nous proposons de cotiser environ 7 milliards de dollars en
actions ordinaires de categorie H a certains regimes d'avantages sociaux de nos
salaries au cours du deuxieme trimestre de 2000. Nous procedons a ces
operations pour mettre en oeuvre notre plan d'ensemble consistant a
restructurer notre participation financiere dans notre filiale Hughes afin de
realiser une partie de la valeur economique provenant de notre propriete de
Hughes. Nous prevoyons que ces operations, si elles sont realisees, accroitront
de maniere significative le benefice par action imputable aux actions
ordinaires d'une valeur nominale de 1 2/3$ dans l'avenir.
General Motors
General Motors exerce ses activites principalement dans le secteur de
l'automobile et, par l'entremise de sa filiale en propriete exclusive, Hughes,
dans le secteur des services de communications. GM est le premier fabricant de
vehicules automobiles en importance au monde. GM exerce des activites dans les
secteurs du financement et de l'assurance et, dans une moindre mesure, dans
d'autres secteurs industriels. Notre siege social est situe au 300 Renaissance
Center, Detroit (Michigan) 48265-3000, et notre numero de telephone est le
(313) 556-5000.
Hughes
Hughes est l'un des principaux fournisseurs de services de divertissement,
d'information et de communications numeriques et de reseaux satellites
commerciaux prives au monde.
Voici quelques renseignements supplementaires concernant notre filiale
Hughes.
. A bien des egards, Hughes est une pionniere du secteur des
communications par satellite et sans fil; ses procedes technologiques
sont a l'origine de la creation de nouveaux services et marches et ont
permis a Hughes de s'imposer comme chef de file dans chacun des marches
qu'elle dessert. Hughes est d'avis que sa capacite a identifier, a
cibler et a exploiter rapidement de nouveaux marches lui a procure un
avantage concurrentiel non negligeable en lui assurant une position de
controle des marches durable.
1
<PAGE>
. Hughes consacre ses activites a fournir des services de communications
de pointe a l'echelle mondiale et elle a elabore un vaste eventail de
services de divertissement, d'information et de communications destines
tant aux marches residentiel que commercial, dont notamment les services
de transmission d'images video, de donnees, de la voix et les services
multimedias et Internet. Au cours des deux dernieres annees, ces
services ont constitue une part de plus en plus importante des revenus
de Hughes. Celle-ci estime que, grace a leurs marges beneficiaires et
croissance superieures a celle de ses entreprises traditionnelles de
fabrication, ces services presentent un potentiel de valeur accrue.
. Plus tot cette annee, Hughes a annonce une strategie consistant a
mobiliser ses ressources sur ses entreprises de services a croissance
elevee. Dans le cadre de cette strategie, a l'heure actuelle, Hughes:
. vend ses entreprises de fabrication de systemes satellites;
. abandonne plusieurs gammes de produits de son entreprise de sans fil
pour se concentrer sur son entreprise phare de reseau sans fil a
large bande; et
. reoriente ses efforts marketing pour se concentrer sur sa clientele
de consommateurs et d'entreprises commerciales.
. Au nombre des entreprises de Hughes figurent notamment :
. DIRECTV. En termes de nombre d'abonnes, soit plus de 8,3 millions
d'abonnes partout dans le monde, Hughes est, grace a DIRECTV, le
premier fournisseur de services de divertissement multicanaux
numeriques en importance au monde.
. PanAmSat. La filiale PanAmSat de Hughes dispose de la plus imposante
flotte de satellites commerciaux au monde, soit 20 satellites
capables de transmettre des signaux vers des zones geographiques ou
habite une grande partie de la population mondiale.
. Services et produits a large bande. Detenant plus de 50 % de la part
du marche mondial des reseaux satellites commerciaux prives, Hughes
est un important fournisseur de materiel terrestre de communications
par satellite et sans fil et de services de communications aux
entreprises.
A l'heure actuelle, l'entreprise de Hughes inclut egalement Hughes Space
and Communications, un chef de file du domaine de la fabrication de
satellites. Toutefois, Hughes a recemment convenu de vendre ses
entreprises de fabrication de systemes satellites a The Boeing Company.
La vente de la plus importante partie de ses entreprises traditionnelles
de fabrication s'inscrit dans la strategie de Hughes visant a axer
davantage son entreprise sur les services integres de divertissement,
d'information et de communications.
. L'objectif d'entreprise de Hughes consiste a ameliorer sa position en
tant que premier fournisseur de services integres d'information, de
divertissement et de communications en optimisant ses connaissances des
systemes de communications satellites et sans fil et en misant sur ses
avantages concurrentiels. Les strategies de base de Hughes pour
atteindre cet objectif sont les suivantes :
. Prendre la tete du marche du divertissement multicanaux. Hughes entend
miser sur l'evolution favorable de la demande pour le divertissement
multicanaux aux Etats-Unis et dans des marches internationaux de choix,
notamment en maintenant la position de controle de DIRECTV aux Etats-
Unis grace a sa marque vedette de programmation originale, en tablant
sur son experience du marche du divertissement multicanaux americain et
sur sa marque sur les marches internationaux ou Hughes estime qu'il
existe d'importantes occasions de croissance et en augmentant le revenu
moyen par abonne.
. Miser sur les occasions de croissance dans les marches de services
Internet et de donnees numeriques. Hughes entend miser sur la croissance
de l'Internet et la presence accrue des donnees numeriques dans
l'industrie des services de communications en integrant dans la
programmation de DIRECTV un choix de technologies recourant a Internet
et au mode interactif et en mettant au point
2
<PAGE>
une gamme de services de transmission de donnees numeriques, intranet
et Internet destines aux marches des consommateurs et des entreprises
commerciales.
. Atteindre des positions de controle du marche de facon durable. Hughes
vise a occuper et a garder des positions de controle du marche en
identifiant, en ciblant et en exploitant de nouveaux marches et en
lancant des produits et services novateurs pour approvisionner ces
marches.
Le siege social de Hughes est situe au 200 North Sepulveda Boulevard, El
Segundo (Californie) 90245 et son numero de telephone est le (310) 662-9688.
Actions ordinaires de categorie H
General Motors compte deux categories d'actions ordinaires :
. Les actions ordinaires d'une valeur nominale de 1 2/3$; et
. Les actions ordinaires de categorie H.
Les actions ordinaires de categorie H de GM consistent en des " actions
evolutives " ("tracking stock") concues pour procurer aux porteurs des
rendements financiers fondes sur la performance financiere de Hughes.
Toutefois, comme les actions ordinaires de categorie H de GM sont des actions
ordinaires de GM, en cas de liquidation, d'insolvabilite ou toute autre
situation semblable de GM, les porteurs d'actions ordinaires de categorie H
n'auraient aucun droit direct sur l'actif de Hughes, mais auraient les droits
sur l'actif de GM qu'ont les porteurs d'actions ordinaires de GM.
Nous determinons le benefice par action et les sommes destinees au
versement de dividendes sur les actions ordinaires de categorie H a l'aide
d'une fraction qui represente la portion des benefices de Hughes affectes aux
actions ordinaires de categorie H. Cette fraction est parfois designee
" fraction de categorie H " ("Class H fraction"). Le numerateur et le
denominateur de la fraction de categorie H sont etablis a la fin de chaque
trimestre de la facon suivante :
. Le numerateur de la fraction de categorie H correspond au nombre moyen
pondere d'actions ordinaires de categorie H en circulation au cours de
la periode de reference.
. Le denominateur de la fraction de categorie H correspond au nombre
theorique d'actions ordinaires de categorie H qui, si elle sont en
circulation, representent 100 % de la participation des actions
evolutives dans les benefices de Hughes.
Le denominateur de la fraction de categorie H est parfois designe "dividende
de base de categorie H " ("Class H dividend base"). Le dividende de base de
categorie H peut etre rajuste par le conseil d'administration de GM dans
certains cas precis, dont notamment en vue de tenir compte des apports de GM a
Hughes.
L'emission d'actions ordinaires de categorie H dans le cadre de l'offre
d'echange et les cotisations aux regimes d'avantages sociaux des salaries
entraineront une augmentation du numerateur de la fraction de categorie H sans
pour autant modifier le denominateur. Par consequent, ces emissions auront
pour effet d'accroitre la portion des benefices de Hughes pouvant etre
affectes aux actions ordinaires de categorie H et de reduire la portion
pouvant etre affectee aux actions ordinaires d'une valeur nominale de 1 2/3$
aux fins d'etablir le benefice par action et les sommes destinees au versement
de dividendes. Dans l'hypothese ou l'offre d'echange est entierement souscrite
et que les cotisations aux regimes d'avantages sociaux des salaries sont
effectuees tel que prevu, la combinaison de ces operations aurait pour effet
de porter la participation des actions evolutives dans les benefices de Hughes
representes par les actions ordinaires de categorie H de 38 % a 73 %, avec
pour corollaire une reduction de la portion des benefices de Hughes
attribuables aux actions ordinaires d'une valeur nominale de 1 2/3$ de 62 % a
27 %. Ces pourcentages ne sont fournis qu'a titre d'illustration uniquement et
sont fondes sur certaines hypotheses que nous etayons ailleurs dans le present
document. Pour de plus amples
3
<PAGE>
renseignements, se reporter a la rubrique "Description des actions de categorie
H--Calcul detaille des sommes destinees au versement de dividendes sur les
actions ordinaires de categorie H--Illustration du calcul de la fraction de
categorie H apres l'offre d'echange et les cotisations aux regimes d'avantages
sociaux des salaries" "Description of Class H Common Stock--Detailed
Calculation of Amount Available for Dividends on Class H Common Stock--
Illustrative Calculation of Class H Fraction Following the Exchange Offer and
the Contributions to the Employee Benefit Plans". Etant donne que les benefices
de Hughes pouvant etre affectes aux actions ordinaires de categorie H
augmenteront en proportion de l'accroissement du nombre d'actions ordinaires de
categorie H en circulation, ces emissions n'auront pas pour effet de diluer le
benefice par action attribuable aux actions ordinaires de categorie H.
Le versement de dividendes sur les actions ordinaires de categorie H releve
de la discretion du conseil d'administration de GM. Depuis la realisation, en
1997, d'une serie d'operations comportant la restructuration de la societe
remplacee par Hughes et auxquelles il est parfois fait renvoi dans le present
document sous la designation d'"operations de restructuration de
Hughes" ("Hughes restructuring transactions"), aucun dividende n'a ete verse
sur les actions ordinaires de categorie H. A l'heure actuelle, nous ne
prevoyons pas verser de dividendes sur les actions ordinaires de categorie H
dans le proche avenir.
Modalites de l'offre d'echange
Modalites de l'offre (se
reporter a la page 38)...... Nous offrons d'echanger 1,065 actions ordinaires
de categorie H contre chaque action ordinaire
d'une valeur nominale de 1 2/3$ validement
deposee en reponse a l'offre d'echange, jusqu'a
concurrence de 86 396 977 actions ordinaires
d'une valeur nominale de 1 2/3$ a etre acceptees,
soit environ 14% du total des actions ordinaires
d'une valeur nominale de 1 2/3$ en circulation en
date du 31 mars 2000, et 92 012 781 actions
ordinaires de categorie H a etre emises. La
presente offre d'echange est facultative, ce qui
signifie que vous pouvez deposer la totalite, une
partie ou aucune de vos actions ordinaires d'une
valeur nominale de 1 2/3$ en reponse a l'offre
d'echange.
Toutes les actions ordinaires d'une valeur
nominale de 1 2/3$ validement deposees en reponse
a l'offre, dont le depot n'est pas revoque et qui
sont acceptees par GM seront echangees a raison
d'un ratio d'echange, suivant les modalites et
sous reserve des conditions prevus dans l'offre
d'echange, notamment les dispositions relatives a
la repartition proportionnelle. Les modalites et
conditions de l'offre d'echange sont decrites
dans le present document, la lettre d'envoi
(letter of transmittal) et les directives de la
lettre d'envoi (instructions to the letter of
transmittal). Nous remettrons sans delai, par
inscription en compte, les actions ordinaires
d'une valeur nominale de 1 2/3$ qui n'ont pas ete
acceptees par GM aux fins d'echange, apres
l'expiration de l'offre d'echange et
l'etablissement du facteur definitif de
repartition proportionnelle.
Date d'expiration;
prorogation; resiliation
(se reporter aux pages 38
et 44 a 45)................. L'offre d'echange et les droits de revocation
expireront a minuit, heure de New York, vendredi,
le 19 mai 2000, sauf si GM proroge l'offre
d'echange. Vous devez validement deposer vos
actions ordinaires d'une valeur nominale de 1
2/3$ de sorte qu'elles
4
<PAGE>
parviennent a l'agent charge de l'echange avant
cette date si vous desirez participer a l'offre
d'echange. Nous pouvons egalement resilier
l'offre d'echange dans les circonstances decrites
a la page 45.
Repartition
proportionnelle; lots
irreguliers (se reporter
aux pages 38 a 39).......... Si plus de 86 396 777 actions ordinaires d'une
valeur nominale de 1 2/3$ sont deposees en
reponse a l'offre, nous accepterons toutes les
actions validement deposees sur une base
proportionnelle. Nous annoncerons tout facteur de
repartition proportionnelle provisoire par
communique de presse aussitot apres l'expiration
de l'offre d'echange. Nous prevoyons annoncer le
facteur de repartition proportionnelle definitif
environ sept jours ouvrables apres la date
d'expiration.
Si vous detenez moins de 100 actions ordinaires
d'une valeur nominale de 1 2/3$, et que vous
deposez toutes ces actions, toutes vos actions
seront acceptees aux fins d'echange sans
repartition proportionnelle si l'offre d'echange
est realisee. Les actions dont vous etes
proprietaire dans le cadre d'un regime d'epargne
de GM ou d'un membre du groupe de GM ne sont pas
visees par ce traitement preferentiel.
Droits de revocation (se
reporter aux pages 43 a
44)......................... Vous pouvez revoquer le depot de vos actions
ordinaires d'une valeur nominale de 1 2/3$ en
tout temps avant l'expiration de l'offre
d'echange et a d'autres moments dans certains
cas. Si vous changez d'avis avant l'expiration de
l'offre d'echange, vous pouvez deposer de nouveau
vos actions ordinaires d'une valeur nominale de 1
2/3$ en suivant les memes modalites de depot et
en les redeposant avant la date d'expiration.
Conditions de realisation
de l'offre d'echange (se
reporter aux pages 45 a
47)......................... L'offre d'echange est assujettie a diverses
conditions qui doivent etre remplies afin que
nous soyons tenus de realiser l'offre d'echange,
dont la condition qu'il y ait au moins 28 798 992
actions ordinaires d'une valeur nominale de 1
2/3$ validement deposees en reponse a l'offre et
dont le depot n'est pas revoque. GM peut, en tout
temps, renoncer a l'une quclconque ou a la
totalite des conditions de l'offre d'echange.
Aucune fraction d'actions
(se reporter a la page 39).. Aucune fraction d'actions ordinaires de categorie
H ne sera emise dans le cadre de l'offre
d'echange. Si vous etiez par ailleurs habilite a
recevoir une fraction d'actions ordinaires de
categorie H, vous recevrez un montant en especes
en echange de la fraction d'actions.
Modalites de depot des
actions ordinaires d'une
valeur nominale de 1 2/3$
(se reporter aux pages 40 a
42)......................... Si vous detenez des certificats representant vos
actions ordinaires d'une valeur nominale de 1
2/3$, vous devez remplir et signer la lettre
d'envoi et y indiquer le nombre d'actions
ordinaires d'une valeur nominale de 1 2/3$ que
vous desirez deposer en reponse a l'offre. Faites
parvenir a l'agent charge de l'echange la lettre
d'envoi, accompagnee de vos certificats d'actions
ordinaires d'une valeur
5
<PAGE>
nominale de 1 2/3$ ainsi que tout autre document
requis par la lettre d'envoi et les directives de
la lettre d'envoi, par courrier recommande,
contre accuse de reception, a l'adresse
pertinente indiquee au verso du present document
afin qu'il les recoive avant l'expiration de
l'offre d'echange.
Si vous detenez des actions ordinaires d'une
valeur nominale de 1 2/3$ par l'entremise d'un
courtier, vous devriez recevoir des directives de
votre courtier sur la maniere de participer. Vous
n'aurez pas a remplir de lettre d'envoi. Veuillez
communiquer avec votre courtier directement si
vous n'avez toujours pas recu de directives.
Certaines institutions financieres peuvent
egalement effectuer des depots par voie de
transfert par inscription en compte, par
l'entremise de la Depository Trust Company.
Si vous detenez des certificats d'actions
ordinaires d'une valeur nominale de 1 2/3$ ou si
vous detenez des actions ordinaires d'une valeur
nominale de 1 2/3$ par l'entremise d'un courtier,
vous pouvez egalement suivre les modalites de
livraison garantie.
Si vous detenez des actions ordinaires d'une
valeur nominale de 1 2/3$ sous forme
d'inscription en compte par l'entremise du
systeme d'inscription directe, vous devriez faire
parvenir la lettre d'envoi signee et y indiquer
le nombre d'actions a deposer a l'agent charge de
l'echange, par courrier recommande, contre accuse
de reception, a l'adresse pertinente indiquee au
verso du present document, afin que ce dernier
les recoive avant l'expiration de l'offre
d'echange.
Si vous participez a un regime d'epargne de GM ou
d'une societe membre du groupe de GM dont le nom
figure dans la liste de la page 41, vous recevrez
des directives distinctes des fiduciaires ou de
l'administrateur du regime concernant la maniere
de deposer ces actions en reponse a l'offre. Vous
devriez suivre ces instructions et vous ne
devriez pas utiliser la lettre d'envoi pour
deposer vos actions detenues dans ces regimes.
Livraison des actions
ordinaires de categorie H
(se reporter aux pages 39
et 44)...................... Nous livrerons les actions ordinaires de
categorie H emises dans le cadre de l'offre
d'echange par voie de transfert par inscription
en compte et d'especes en lieu et place de
fraction d'actions, aussitot que possible apres
l'expiration de l'offre d'echange, l'acceptation
des actions ordinaires d'une valeur nominale de 1
2/3$ aux fins d'echange et l'etablissement de
tout facteur de repartition proportionnelle.
Renseignements relatifs aux
cours comparatifs de
l'action (se reporter aux
pages 54 et 55)............. Les actions ordinaires d'une valeur nominale de 1
2/3$ et les actions ordinaires de categorie H
sont actuellement negociees et inscrites a la
cote de la Bourse de New York. Les actions
ordinaires d'une
6
<PAGE>
valeur nominale de 1 2/3$ de GM sont negociees
sous le symbole "GM", et les actions ordinaires
de categorie H de GM sont negociees sous le
symbole "GMH".
Le 31 janvier 2000, le dernier jour de bourse
avant l'annonce publique de l'offre d'echange, le
cours de cloture des actions ordinaires d'une
valeur nominale de 1 2/3$ affiche au telescript
de la Bourse de New York etait de 80,56 $ et le
cours de cloture des actions ordinaires de
categorie H etait de 112,50 $. Dans le present
document, le "cours de cloture" pour une
journee donnee renvoie au cours de cloture
affiche au telescript de la Bourse de New York
cette journee.
Le 19 avril 2000, l'avant dernier jour de bourse
avant le lancement de l'offre d'echange, le cours
de cloture des actions ordinaires d'une valeur
nominale de 1 2/3$ etait de 88,50 $, et le cours
de cloture des actions ordinaires de categorie H
etait de 97,81 $.
Incidences fiscales
federales americaines (se
reporter a la page 136)..... A l'heure actuelle, nous prevoyons recevoir un
avis fiscal de Kirkland & Ellis selon lequel, aux
fins fiscales federales americaines, l'echange
des actions ordinaires de categorie H contre des
actions ordinaires d'une valeur nominale de 1
2/3$ dans le cadre de l'offre d'echange sera
quitte d'impot pour GM et, a l'exception des cas
ou un montant en especes est recu en lieu et
place de fraction d'actions, pour les porteurs
d'actions ordinaires d'une valeur nominale de 1
2/3$ qui participent a l'offre d'echange. Chaque
porteur d'actions ordinaires d'une valeur
nominale de 1 2/3$ devrait consulter son
conseiller fiscal pour s'informer des incidences
fiscales de l'offre d'echange propres a son cas.
Les reglements de l'IRS imposent l'obligation de
fournir certains renseignements dans votre
declaration d'impot federal americain pour
l'annee au cours de laquelle l'offre d'echange a
lieu si vous participez celle-ci. GM fournira ces
renseignements une fois l'offre d'echange
realisee.
Aucun droit d'evaluation.... Les porteurs d'actions de GM ne disposent d'aucun
droit d'evaluation dans le cadre de l'offre
d'echange.
Agent charge de l'echange... Fleet National Bank
Agent d'information......... Morrow & Co., Inc.
Courtier gerant............. Morgan Stanley Dean Witter
Gerant de marketing de
Hughes...................... Salomon Smith Barney
Facteurs de risques (se
reporter aux pages 22 a
31)......................... Vous devriez lire et etudier attentivement le
texte de la rubrique "Facteurs de risque" ("Risk
Factors"), de meme que tous les autres
renseignements se trouvant dans le present document
avant de decider de participer ou non a l'offre
d'echange.
7
<PAGE>
Decision quant a la
participation a l'offre
d'echange................... Ni General Motors ni Hughes ni l'agent charge de
l'echange ni l'agent d'information ni le courtier
gerant ni le gerant de marketing ni l'un
quelconque des membres de la direction ou des
administrateurs de celles-ci ne se prononce quant
a l'opportunite pour vous de deposer vos actions
ordinaires d'une valeur nominale de 1 2/3$ dans
le cadre de l'offre d'echange. Une fois que vous
aurez lu le present document et les documents
connexes et consulte vos conseillers et tenu
compte de votre situation financiere et de vos
besoins et d'autres elements pertinents, vous
devrez decider vous meme si vous deposez ou non
vos actions et etablir le nombre d'actions que
vous deposerez.
Nous vous prions instamment de lire le present
document et les documents qui y sont joints tres
attentivement.
Questions d'ordre
reglementaire............... Afin de conclure l'offre d'echange, nous devons
effectuer certains depots et donner certains avis
et obtenir certaines autorisations et dispenses
des autorites de reglementation en valeurs
mobilieres de territoires etrangers. Nous croyons
qu'il ne reste aucune autre exigence
reglementaire essentielle a respecter ni aucune
autre autorisation essentielle a obtenir.
Restriction legale.......... Nous n'offrons pas de vendre, ni ne sollicitons
d'offre d'achat, de titres dans un territoire
dans lequel l'offre ou la vente n'est pas
autorisee.
8
<PAGE>
EXHIBIT 12(a)(1)(xvii)
A copy of this document, which comprises a prospectus relating to General
Motors Corporation prepared in accordance with the rules made pursuant to
section 156A of the Financial Services Act 1986 providing for the submission
to and approval by the London Stock Exchange of a prospectus where no
application for listing is made in respect of the securities to which the
prospectus relates, has been delivered to the Registrar of Companies of
England and Wales as required by section 149(1) of the Financial Services Act
1986.
If you are in any doubt about the contents of this document you should
consult a person authorised under the Financial Services Act 1986 who
specialises in advising on the acquisition of shares and other securities.
General Motors Corporation
(a company incorporated in the State of Delaware, USA with limited liability
under the General Corporation Law of the State of Delaware, USA with SEC
Commission Number 1-143, and having its registered office at 1209 Orange
Street, City of Wilmington, County of New Castle, State of Delaware, its
principal executive offices being at 300 Renaissance Center, Detroit,
Michigan, USA 48265-3000)
Offer to Exchange
Shares of Class H Common Stock
for shares of
$1 2/3 Par Value Common Stock
- -------------------------------------------------------------------------------
THIS DOCUMENT IS ONLY FOR DISTRIBUTION TO HOLDERS OF $1 2/3 PAR VALUE COMMON
STOCK OF GENERAL MOTORS CORPORATION RESIDENT IN THE UNITED KINGDOM. IT SHOULD
NOT BE PASSED ON TO ANY OTHER PERSON.
- -------------------------------------------------------------------------------
THE DATE OF THIS PROSPECTUS IS APRIL 20, 2000
<PAGE>
The directors of General Motors Corporation (whose names appear on pp 1-5
under Additional Information in Part III) accept responsibility for the
information contained in this document. To the best of the knowledge and
belief of the directors (who have taken all reasonable care to ensure that
this is the case) the information contained in this document is in accordance
with the facts and does not omit anything likely to affect the import of such
information.
CONTENTS
I. Offering Circular-Prospectus prepared in connection with General Motors
Corporation's offer to exchange shares of GM Class H common stock for
shares of GM $1 2/3 par value common stock validly tendered at an exchange
ratio to be determined by GM prior to the commencement of the exchange
offer.
II. General Motors Corporation's Annual Report on Form 10-K relating to the
year ended December 31, 1999 and financial information relating to the
three year's ended December 31, 1998.
III. Additional Information required to be included in this prospectus
pursuant to the rules made under s156A of the Financial Services Act
1986.
IN CONNECTION WITH THIS EXCHANGE OFFER, IN ACCORDANCE WITH APPLICABLE LAW,
MORGAN STANLEY INTERNATIONAL LIMITED, MAY OVER-ALLOT OR EFFECT TRANSACTIONS
WHICH STABILISE OR MAINTAIN THE MARKET PRICE OF THE CLASS H COMMON STOCK AT
LEVELS WHICH MIGHT OTHERWISE NOT PREVAIL. SUCH STABILISING, IF COMMENCED, MAY
BE DISCONTINUED AT ANY TIME.
<PAGE>
Additional Information
1. General Motors Corporation has its registered office at 1209 Orange
Street, City of Wilmington, County of New Castle, State of Delaware 19801, USA,
its principal business address being 300 Renaissance Center, Detroit, Michigan,
USA 48265-3000.
2. The Board of Directors of General Motors Corporation on February 1, 2000
formally approved the making of the exchange offer to the holders of GM $1 2/3
par value common stock, and resolved that General Motors Corporation be
authorized to issue shares of GM Class H common stock in the exchange offer in
such numbers as may be determined to be appropriate, and that upon such
issuance, such shares should be deemed validly issued, fully paid-up and non-
assessable.
3. Since December 31, 1999 there has been no significant change in the
financial or trading position of General Motors Corporation and its
consolidated subsidiaries.
4. Directors of General Motors Corporation:
<TABLE>
<CAPTION>
Significant activities outside
Name Functions of Director General Motors Corporation
---- --------------------- ------------------------------
<C> <C> <S>
Percy N. Barnevik Public Policy Committee, Chairman, ABB Ltd., Chairman,
and Investment Funds Investor AB; Chairman, Astra
Committee Zeneca PLC, Chairman, Sandvik
AB. Representative of the
European Commission to the ASEM
(Asia-Europe) Vision Group,
Chairman of the EU Enlargement
Work Group, Member of the World
Economic Forum Foundation Board,
European Round Table of
Industrialists, the Advisory
Board of the Council on Foreign
Relations, the Center for
Strategic and International
Studies, The Business Council,
Advisory Councils at the
Graduate Business School of
Stanford University, Wharton
School of Business
Administration, and Humboldt
University (Berlin)
John H. Bryan Audit Committee, Capital Chairman and Chief Executive
Stock Committee, Officer, Sara Lee Corporation,
Executive Committee, Director, BP Amoco Corporation
Chairman of Executive plc, Bank One Corporation, and
Compensation Committee Goldman Sachs Group Inc., Member
of The Business Roundtable and
The Business Council,
President's Committee on the
Arts and Humanities; Chairman,
National Trust Council of the
National Trust for Historic
Preservation; Member of the
Board and past Chairman of
Catalyst; Trustee of the
University of Chicago and life
Trustee of Rush-Presbyterian-St.
Luke's Medical Center; Chairman
of the Board of Trustees of the
Art Institute of Chicago
Thomas E. Everhart Committee on Director President Emeritus, California
Affairs, and Public Institute of Technology,
Policy Committee Director, Hughes Electronics
Corporation, Saint-Gobain
Company, Reveo Inc., Raytheon
Corporation and Agilent
Technologies; Member of the
Board of Trustees of California
Institute of Technology; Member
of the Board of Directors of
Electric Power Research
Institute (EPRI) and the
Corporation for National
Research Initiatives (CNRI);
Senior Scientific Advisor to the
W.M. Keck Foundation; Member of
National Academy of Engineering
Council, Council on
Competitiveness; Former Chairman
of General Motors Science
Advisory Committee, Member of
the Harvard College Board of
Overseers
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
Significant activities outside
Name Functions of Director General Motors Corporation
---- --------------------- ------------------------------
<C> <C> <S>
Charles T. Fisher, Committee on Director Retired Chairman and President,
III Affairs, Executive NBD Bankcorp Inc and its
Compensation Committee, principal subsidiary NBD Bank
Public Policy Committee N.A., Honorary Director, Bank
and Chairman, Investment One Corporation; Trustee of
Funds Committee Citizens Research Council of
Michigan; Member, Finance
Council of the Archdiocese of
Detroit, Michigan Association of
Certified Public Accountants and
American Institute of Certified
Public Accountants
George M.C. Fisher Committee on Director Chairman (January 2000), Eastman
Affairs, Executive Kodak Company, Director, AT&T
Compensation Committee Corporation and Delta Air Lines
and Investment Funds Inc.; Member of The Business
Committee Council, and President's
Advisory Committee for Trade
Policy and Negotiations
Nobuyuki Idei Director President and Chief Executive
Officer, Sony Corporation and
Director, AB Electrolux
Karen Katen Audit Committee, Public Executive Vice-President and
Policy Committee, Corporate Senior Vice President,
Committee on Director Pfizer Pharmaceuticals Group,
Affairs President U.S. Pharmaceuticals,
Pfizer Inc. Director, Harris
Corporation; Member of the
International Council of J.P.
Morgan & Co. Incorporated and
the Pharmaceutical Research and
Manufacturers Association of
America, Member of the Board of
National Pharmaceutical Council,
Trustee of the University of
Chicago and council member of
the Graduate School of Business;
Member of Board of the National
Alliance for Hispanic Health,
the American Bureau for Medical
Advancement in China, the
Columbia University School of
Nursing Board of Visitors, the
Women's Forum, Inc., the United
Way Tri-State Catalyst, and
National Board of Trustees of
American Cancer Society
Foundation
J. Willard Chairman, Committee on Chairman and Chief Executive
Marriott, Jr. Director Affairs, Officer, Marriott International
Executive Committee, Inc., Director, Host Marriott
Executive Compensation Corporation, Director of the
Committee and Investment Naval Academy Endowment Trust;
Funds Committee Serves on Board of Trustees of
the National Geographic Society
and Board of Directors of
Georgetown University; Member of
the Executive Committee of the
World Travel and Tourism Council
and The Business Council
Ann D. McLaughlin Audit Committee, Capital Director, AMR Corporation and
Stock Committee, its subsidiary, American
Executive Committee, Airlines Inc., Fannie Mae,
Chairman, Public Policy Harman International Industries,
Committee Host Marriott Coporation, Donna
Karan Inc., Kellogg Company,
Nordstrom, Microsoft Corporation
and Vulcan Materials Company;
Chairman, the Aspen Institute
Member of the Board of The
Public Agenda Foundation, The
Conservation Fund, Board of
Overseers of the Wharton School
of the University of
Pennsylvania, Rand Corporation
and Charles A. Dona Foundation
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Significant activities outside
Name Functions of Director General Motors Corporation
---- --------------------- ------------------------------
<C> <C> <S>
Harry J. Pearce Vice Chairman, General Director, Hughes Electronics
Motors Corporation Corporation, Marriott
International, Inc., and MDU
Resources Group, Inc.; Member,
U.S. Air Force Academy's Board
of Visitors, Northwestern
University School of Law's Law
Board; Trustee of Northwestern
University and Howard
University; Member of The
Conference Board
Eckhard Pfeiffer Executive Committee, Chairman, Intershop
Audit Committee, Communications AG/Inc.,
Chairman of Capital Chairman, ricardo.de AG;
Stock Committee Director, Bell Atlantic
Corporation and Hughes
Electronic Corporation; Serves
on Advisory Board of Deutsche
Bank; Member of the Board of
Trustees, Southern Methodist
University and Executive Board
of the Cox School of Business-
Southern Methodist University
John G. Smale Audit Committee, Capital Retired Chairman and Chief
Stock Committee, Executive Officer, The Proctor &
Committee on Director Gamble Company; Director, Hughes
Affairs, Executive Electronics Corporation, Rand
Committee, Chairman of McNally and Florida Keys Land
Executive Compensation and Sea Trust
Committee, Investment
Funds Committee and
Public Policy Committee
John F. Smith, Jr. Chairman and Chief Director, Hughes Electronics
Executive Officer, Corporation and The Procter &
General Motors Gamble Company; Co-Chairman of
Corporation, Investment The Business Roundtable and
Funds Committee member of The Business Council,
U.S.-Japan Business Council,
Chairman of Catalyst, Member of
the Chancellor's Executive
Committee of the University of
Massachusetts; Board of
Trustees, Boston University,
Board of The Nature Conservancy
Louis W. Sullivan, Audit Committee, Public Director, Georgia Pacific, 3M
M.D. Policy Committee Corporation, Household
International Inc.; CIGNA
Corporation, Bristol-Myers
Squibb Company, and Equifax
Corporation; President,
Morehouse School of Medicine;
United Way of America, Boy
Scouts of America, Little League
Foundation, and Board of
Visitors, University of
California School of Medicine at
Davis
G. Richard Wagoner, President and Chief Chairman of the Board of
Jr. Operating Officer, Visitors for Duke University's
General Motors Fuqua School of Business;
Corporation, Chair of GM Chairman of the Society of
Automatic Strategy Board Automotive Engineers (SAE)
VISION 2000 Executive Committee;
Member, Board of Trustees for
Detroit Country Day School
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
Significant activities outside
Name Functions of Director General Motors Corporation
---- --------------------- ------------------------------
<C> <C> <S>
Dennis Weatherstone Chairman, Audit Retired Chairman, J.P. Morgan &
Committee, Capital Stock Co., Inc, Member of J.P. Morgan
Committee, Executive & Co., Inc. International
Committee, Executive Council and The Business
Compensation Committee Council; Director, Air Liquide
and Merck & Co., Inc.; President
and Trustee of the Royal College
of Surgeons Foundation, Inc.,
New York; Trustee of the Alfred
P. Sloan Foundation; Independent
member of the Board of Banking
Supervision of the Financial
Services Authority, London;
Director of the Institute for
International Economics
</TABLE>
The business address for each of the Directors of General Motors
Corporation is 300 Renaissance Center, Detroit, Michigan 48265-3000, USA.
5. Deloitte & Touche LLP of Detroit, Michigan, USA have audited the annual
accounts of General Motors Corporation without qualification for the three
financial years ended December 31, 1999.
6. The nature of the business of General Motors Corporation and the objects
and purposes proposed to be transacted, promoted, or carried on by it are set
out in Article Third of its Restated Certificate of Incorporation, as amended,
and are as follows:
(a) to manufacture, buy, sell and deal in automobiles, trucks, cars,
boats, flying machines and other vehicles, their parts and accessories, and
kindred articles, and generally to conduct an automobile business in all
its branches;
(b) to purchase or otherwise acquire, lease, assign, mortgage, pledge or
otherwise dispose of any trade names, trade marks, concessions, inventions,
formulae, improvements, processes of any nature whatsoever, copyrights, and
letters patent of the United States and of foreign countries, and to accept
and grant licenses thereunder;
(c) to subscribe or cause to be subscribed for, and to purchase or
otherwise acquire, hold for investment, sell, assign, transfer, mortgage,
pledge, exchange, distribute or otherwise dispose of the whole or any part
of the shares of the capital stock, bonds coupons, mortgages, deeds of
trust, debentures, securities, obligations, notes and other evidences of
indebtedness of any corporation, stock company or association, now or
hereafter existing, and whether created by or under the laws of the State
of Delaware, or otherwise; and while owners of any of said shares of
capital stock or bonds or other property to exercise all the rights, powers
and privileges of ownership of every kind and description, including the
right to vote thereon, with power to designate some person for that purpose
from time to time to the same extent as natural persons might or could do;
(d) to purchase, hold, sell and reissue the shares of its own capital
stock;
(e) to buy, lease, or otherwise acquire, so far as may be permitted by
law, the whole or any part of the business, good-will, and assets of any
person, firm, association or corporation (either foreign or domestic)
engaged in a business of the same general character as that for which
General Motors Corporation is organized;
(f) to endorse, guarantee and secure the payment and satisfaction of
bonds, coupons, mortgages, deeds of trust, debentures, securities,
obligations and evidences of indebtedness, and also to guarantee and secure
the payment or satisfaction of interest on obligations and of dividends on
shares of the capital stock of other corporations; also to assume the whole
or any part of the liabilities, existing or prospective, of any person,
corporation, firm or association; and to aid in any manner any other person
or corporation with which it has business dealings, or whose stocks, bonds,
or other obligations are held or are in any manner guaranteed by General
Motors Corporation, and to do any other acts and things for the
preservation, protection, improvement, or enhancement of the value of such
stocks, bonds, or other obligations;
4
<PAGE>
(g) to engage in any other manufacturing or mercantile business of any
kind or character whatsoever, and to that end to acquire, hold, own and
dispose of any and all property, assets, stocks, bonds and rights of any
and every kind;
(h) without in any particular way limiting any of the objects and powers
of General Motors Corporation, it is hereby expressly declared and provided
that General Motors Corporation shall have power to do all things herein
before enumerated, and also to issue or exchange stocks, bonds, and other
obligations in payment for property purchased or acquired by it, or for any
other object in or about its business; to borrow money without limit; to
mortgage or pledge its franchises, real or personal property, income and
profits accruing to it, any stocks, bonds or other obligations, or any
property which may be acquired by it, and to secure any bonds or other
obligations by it issued or incurred; and
(i) to carry on any business whatsoever which General Motors Corporation
may deem proper or convenient in connection with any of the foregoing
purposes or otherwise, or which may be calculated, directly or indirectly,
to promote the interests of General Motors Corporation or to enhance the
value of its property; to conduct its business in this State, in other
States, and in foreign countries; and to hold, purchase, mortgage and
convey real and personal property, either in or out of the State of
Delaware, and to have and to exercise all the powers conferred by the laws
of Delaware upon corporations formed under the act pursuant to and under
which General Motors Corporation is formed.
7. The following table presents changes in capital stock for the period
from January 1, 1997 to December 31, 1999 (in millions):
<TABLE>
<CAPTION>
Common Stocks
----------------------------------------
Total
Preference $1 2/3 Capital Capital
Stocks(/1/) par value Class H(/2/) Class H(/3/) Stock(/5/) Surplus
----------- --------- ------------ ------------ ---------- -------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1,
1997................... $ 1 $1,261 $-- $10 $1,272 $19,189
Shares
reacquired(/6/)...... -- (122) -- -- (122) (4,243)
Shares issued(/7/).... -- 17 -- -- 17 619
Recapitalization of
Class H Common Stock. -- -- 10 (10) -- (196)
---- ------ ---- ----- ------ -------
Balance at December 31,
1997................... 1 1,156 10 -- 1,167 15,369
Shares
reacquired(/6/)...... -- (75) -- -- (75) (3,105)
Shares issued(/7/).... -- 11 1 -- 12 397
---- ------ ---- ----- ------ -------
Balance at December 31,
1998................... 1 1,092 11 -- 1,104 12,661
Shares
reacquired(/6/)...... (1) (75)(/4/) -- -- (76) (3,794)
Shares issued(/7/).... -- 16 3 -- 19 3,588
Delphi initial public
offering............. -- -- -- -- -- 1,244
Delphi spin-off....... -- -- -- -- -- 95
---- ------ ---- ----- ------ -------
Balance at December 31,
1999................... $-- $1,033 $ 14 $ -- $1,047 $13,794
==== ====== ==== ===== ====== =======
</TABLE>
- --------
(1) The following describes the Corporation's preference stocks (in millions
except par value, stated value, and per share amounts):
--Preference Stock, $0.10 par value (authorized 100 shares):
--Series B 9 1/8% Preference Stock, represented by Series B 9 1/8%
Depositary Shares, liquidation preference $100 per share.
--Series D 7.92% Preference Stock, represented by Series D 7.92% Depositary
Shares in which the stated value is $25 per share, redeemable at
Corporation option on or after August 1, 1999; outstanding at December
31, 1999, one Series D 7.92% Depositary Share is equivalent to one-fourth
of a share of Series D 7.92% Preference Stock (see Note 17 to the GM
consolidated financial statements).
--Series G 9.12% Preference Stock, represented by Series G 9.12% Depositary
Shares in which the stated value is $25 per share, redeemable at
Corporation option on or after January 1, 2001; outstanding at
5
<PAGE>
December 31, 1999, one Series G 9.12% Depositary Share is equivalent to
one-fourth of a share of Series G 9.12% Preference Stock (see Note 17 to
the GM consolidated financial statements).
--Series H 6.25% Automatically Convertible Preference Stock, stated value
$561.875 per share, automatically convertible into GM Class H common
stock on June 24, 2002.
(2) Subsequent to its recapitalization on December 17, 1997.
(3) Prior to its recapitalization on December 17, 1997.
(4) Includes approximately 8.5 million shares repurchased using a forward
contract GM entered into as of December 31, 1999. (See Note 19 to the GM
consolidated financial statements).
(5) All shares are fully paid-in as of December 31, 1999.
(6) Shares are reacquired for retirement and for use for certain employee
benefit plans. The following represents a summary of shares reacquired in
each period. Please note that average price per share is not a weighted
average cost, but only a calculation based on the rounded amounts
contained herein.
In 1999, Depositary Shares representing GM's Series B 9 1/8% Preference
Stock were redeemed and retired for approximately $501 million. There is
currently no outstanding Series B 9 1/8% Preference Stock. In addition, GM
used $2.6 billion to acquire approximately 36 million shares of GM $1 2/3
par value common stock for retirement (average price of $72.22 per share),
and $727 million to repurchase approximately 9 million shares of GM $1 2/3
par value common stock (average price of $80.78 per share) and $13 million
to repurchase approximately 0.3 million shares of GM Class H common stock
(average price of $43.33 per share) for certain employee benefit plans.
In 1998, GM used $2.6 billion to acquire approximately 38 million shares of
GM $1 2/3 par value common stock for retirement (average price of $68.42 per
share), and $427 million to repurchase approximately 7 million shares of GM
$1 2/3 par value common stock (average price of $61.00 per share) for
certain employee benefit plans.
In 1997, GM used $3.8 billion to acquire approximately 64 million shares of
GM $1 2/3 par value common stock for retirement (average price of $59.38 per
share), and $600 million to repurchase approximately 9 million shares of GM
$1 2/3 par value common stock (average price of $66.67 per share) for
certain employee benefit plans.
(7) Shares are issued (or registered) for stock options or stock awards
granted pursuant to certain employee benefit plans. In addition, in 1999,
as part of a strategic alliance with Hughes, AOL invested $1.5 billion in
return for approximately 2.7 million shares of GM Series H 6.25%
Automatically Convertible Preference Stock, par value $0.10 per share. As
a result of the 1999 Hughes acquisitions of Primestar's direct-to-home
business and USSB, 4.9 million shares (based on an average price of $47.87
per share) and 22.6 million shares (average price of approx. $57.00 per
share) of GM Class H common stock were issued, respectively.
8. So far as is known to the General Motors Corporation there is no person
(whether an individual, a corporate entity or otherwise) interested directly
or indirectly in 3% or more of the capital of General Motors Corporation other
than Fiat S.p.A. which is interested in approximately 5.1% of GM $1 2/3 par
value common stock, pursuant to an agreement which is subject to certain
conditions, including approvals of competition authorities in the United
States and European Union.
9. The net turnover of General Motors Corporation during the last three
financial years has been influenced by the following transactions:
A. Restructuring of Hughes Electronics Corporation:
On December 17, 1997, GM completed a series of transactions designed
to address strategic challenges facing its Hughes Electronics
Corporation subsidiary's predecessor, also known as Hughes Electronics
Corporation, and its three principal businesses. These transactions
included:
. The tax-free spin-off of its defense electronics business,
approximately 41.3% to holders of GM $1 2/3 par value common
stock, and approximately 58.7% to holders of GM Class H common
stock, $0.10 par value. Immediately after the spin-off, this
business merged with Raytheon Company.
6
<PAGE>
. The transfer of Delco Electronics Corporation, its automotive
electronics business, to GM's Delphi Automotive Business sector
which is now a separate corporation known as Delphi Automotive
Systems Corporation. As a result of this transaction, the
approximately 25.6% tracking stock interest in this business which
was previously held by Class H common stockholders was effectively
allocated to GM $1 2/3 par value common stockholders.
. The recapitalization of GM Class H common stock into a new
tracking stock of the same name that is related to Hughes' current
business.
B. Separation and Subsequent Spin-Off of Delphi Automotive Systems
Corporation from General Motors Corporation:
Pursuant to the terms of a Master Separation Agreement and certain
Ancillary Agreements related thereto dated December 22, 1998, on
January 1, 1999 General Motors transferred substantially all of the
assets and liabilities related to its automotive parts supplier
business sector known as the Delphi Automotive Business sector to a
newly created, wholly-owned subsidiary of General Motors named Delphi
Automotive Systems Corporation, a Delaware corporation ("Delphi"). On
February 4, 1999, Delphi sold approximately 17.7% of its common stock
to the public in an initial public offering, after which time GM owned
approximately 82.3% of the common stock of Delphi. Finally, on May 28,
1999, General Motors contributed a small portion of its shares of
Delphi to an employee benefit plan for the benefit of GM retired hourly
employees and effected a tax-free distribution of all of its remaining
shares of Delphi to the holders of GM $1 2/3 par value common stock,
thereby relinquishing all of GM's ownership interest in Delphi.
10. The subsidiaries in which General Motors Corporation's interest in each
such subsidiary's capital exceeds 10% of General Motors Corporation
consolidated net profit, and which have a significant effect on the assessment
of General Motors Corporation's own assets and liabilities and financial
position are:
General Motors Acceptance Corporation Hughes Electronics Corporation
1209 Orange Street 1209 Orange Street
City of Wilmington City of Wilmington
County of New Castle County of New Castle
Delaware 19801 Delaware 19801
USA USA
Both General Motors Acceptance Corporation and Hughes Electronics
Corporation are wholly owned subsidiaries of General Motors Corporation.
The subsidiaries which are important for the purposes of assessing the
overall assets, liabilities, financial position and profits and losses of
General Motors Corporation are General Motors Acceptance Corporation and
Hughes Electronics Corporation.
CERTAIN UNITED KINGDOM TAX CONSEQUENCES
11. The following is a summary of certain United Kingdom tax consequences
relating to the exchange offer for persons that are U.K. Holders (as defined
below). The summary is based on the law and practice in effect on the date
hereof, which may be subject to change. U.K. Holders are urged to consult
their tax advisors as to the particular tax consequences to them of the
exchange offer.
As used herein, a "U.K. Holder" is a person who (i) is resident and, in the
case of an individual, ordinarily resident and domiciled in the United Kingdom
for tax purposes, (ii) beneficially owns the $1 2/3 par value common stock as
an investor and not as a dealer in securities or other person with special tax
status and (iii) is entitled to the benefits of the Double Taxation Convention
between the U.K. and the USA (the "Convention").
7
<PAGE>
Consequences of Exchange Offer. For U.K. tax purposes, the exchange of GM
$1 2/3 par value common stock for Class H common stock pursuant to the
exchange offer will not be treated as a disposal by the U.K. Holders who
participate in the exchange offer. Instead, the GM Class H common stock
received will be treated as the same asset acquired as the GM $1 2/3 par value
common stock. The GM Class H common stock will, therefore, be treated as
acquired at the same time as the GM $1 2/3 par value common stock. Where any
fractional entitlement to GM Class H common stock is satisfied in cash, U.K.
Holders should not be treated as making a part disposal for capital gains tax
purposes (where the amount of cash received does not exceed either of 5% of
the value of the GM Class H common stock received on exchange or (Pounds)3,000
(whether or not that exceeds 5%)).
Consequences of Receiving Dividends on GM Class H Common Stock. The gross
amount of any dividends distributed with respect to the GM Class H common
stock (including amounts withheld in respect of U.S. tax) generally will be
subject to U.K. taxation. Subject to generally applicable limitations, U.S.
tax withheld from the dividend will constitute foreign income tax that is
eligible for credit against a U.K. Holder's U.K. tax liability. Under the
Convention, U.S. withholding tax will be no more than 15%.
United Kingdom paying agents. If any dividend payable on the GM Class H
common stock is entrusted to any person in the U.K. for payment or
distribution (a "paying agent"), the paying agent will be obliged by law to
withhold on account of U.K. income tax at the lower rate, currently 20%, (but
may generally withhold at the rate of 10% which rate is anticipated to become
law under currently proposed legislation), except that the paying agent will
not be required to so withhold under certain conditions, including the
following:
(1) the GM Class H common stock is held in a recognised clearing system;
and
(a) payment is made direct to the recognised clearing system; or
(b) payment is made to, or at the direction of, a depositary for the
recognised clearing system and the paying agent has obtained a valid
declaration from a depositary for the recognised clearing system; or
(2) the paying agent has obtained a notice from the Inland Revenue
instructing the paying agent to pay the dividend with no tax deducted; or
(3) the person who is beneficially entitled to the dividend and is the
beneficial owner of the GM Class H common stock is not resident in the
United Kingdom; and
(a) the paying agent obtains a valid declaration from the said
person on the occasion of each payment; or
(b) the paying agent obtains on the occasion of each payment a valid
declaration from another person who holds the GM Class H common stock
for the non-resident person and who is entitled to arrange for the
dividends to be paid with no U.K. tax deducted; or
(4) the person entitled to the dividends is eligible for certain
reliefs, for example, a United Kingdom charity or United Kingdom approved
pension fund, and completes an appropriate declaration where required.
United Kingdom collecting agents. A person in the United Kingdom (a
"collecting agent") who in the course of a trade or professions either (a)
acts as custodian of the GM Class H common stock and receives dividends on the
GM Class H common stock or directs that the dividends be paid to another
person or consents to such payment; or (b) collects or secures payment of or
receives dividends for a U.K. Holder (except by means solely of clearing a
cheque or arranging for the clearing of a cheque); or (c) otherwise acts in
the course of a trade or profession for another person in arranging to collect
or secure payment of dividends on the GM Class H common stock, the collecting
agent will be obliged by law to withhold on account of U.K. income tax at the
lower rate, currently 20%, (but may generally withhold at the rate of 10%
which rate is anticipated to become law under currently proposed legislation),
subject to certain exceptions, including the following:
(1) the GM Class H common stock are held in a recognised clearing system
and either:
(a) the collecting agent pays or accounts for the dividends directly
or indirectly to the recognized clearing system and where such payment
or account is made to, or at the direction of, a depositary for the
recognised clearing system, the collecting agent holds a valid
declaration from the depositary; or
8
<PAGE>
(b) the collecting agent is acting as depositary for the recognised
clearing system in respect of the GM Class H common stock; or
(2) the collecting agent has obtained a notice from the Inland Revenue
instructing the paying agent to pay the dividend with no tax deducted; or
(3) the person who is beneficially entitled to the dividends and is the
beneficial owner of the GM Class H common stock is not resident in the
United Kingdom; and
(a) the collecting agent obtains a valid declaration from the said
person on the occasion of each payment; or
(b) the collecting agent obtains on the occasion of each payment a
valid declaration from another person who holds the GM Class H common
stock for the non-resident person and who is entitled to arrange for
the dividends to be paid with no U.K. tax deducted; or
(4) the person entitled to the dividends is eligible for certain
reliefs, for example, a United Kingdom charity or United Kingdom approved
pension fund, and completes an appropriate declaration where required.
In the case of each of the above exceptions to withholding, further
administrative conditions may have to be satisfied for the relevant exception
to be available.
Consequences of Sales or Other Dispositions of GM Class H Common Stock. Any
subsequent disposal of the GM Class H common stock may give rise to a gain or
loss for the purposes of U.K. taxation of capital gains. U.K. Holders who are
U.K. companies may incur a liability to U.K. corporation tax on chargeable
gains (after taking account of indexation). U.K. Holders who are individuals
may incur a liability to capital gains tax, subject to the availability of
taper relief and other reliefs. Where, in satisfaction of a fractional
entitlement to GM Class H common stock, cash is received, such amount of cash
should be deducted from any expenditure allowable as a deduction in computing
a gain or loss on a disposal of the GM Class H common stock.
U.S. WITHHOLDING TAX POSITION
In the event that any payment made by General Motors Corporation or any
paying agent is subject to withholding of United States federal income tax (as
a result of a change in law or otherwise), General Motors Corporation will not
pay additional amounts to holders of GM Class H common stockholders. Holders
of GM Class H common stock should refer to "Income Tax Consequences--Material
U.S. Federal Income Tax Consequences--U.S. Federal Income Tax Consequences for
Non-U.S. Persons" in Part I.
12. No director of General Motors Corporation has had any interest
whatsoever in any transaction carried out by General Motors Corporation
unusual in its nature or conditions or significant to the business of General
Motors Group and which transaction was effected by General Motors Corporation
during the current or immediately preceding financial year or during an
earlier year and remains in any respect outstanding or underperformed.
13. The total aggregate of the remuneration paid, and benefits in kind
granted to, the directors of General Motors Corporation during the financial
year ending December 31, 1999 is $44,817,412.00.
14. The beneficial ownership of all classes of common stock of General
Motors Corporation for each Director of General Motors Corporation is shown in
the following table. All information is as of December 31, 1999.
9
<PAGE>
NOTE: All shares are directly held unless otherwise noted. Reports are for
share holdings as of December 31, 1999. Calculations are based on Forms 5 (for
non-employee directors) and 4 (for employee directors) filed by directors with
the United States Securities and Exchange Commission.
<TABLE>
<CAPTION>
Amount of $1 2/3 Par Value Common Amount of Class H Common Stock
Director Stock Held Held
- -------- --------------------------------- ------------------------------
<S> <C> <C>
Percy N. 10,000 0
Barnevik
John H. 7,000 0
Bryan
Thomas E. 400 0
Everhart
Charles T. 1,200--Shares held in Reporting 58--Shares held in Reporting
Fisher, Person's Trust U/A DTD 3/24/88. Person's Trust U/A DTD 3/24/88.
III 500--Reporting Person serving as
Trustee of Sarah W. Fisher Trust
for Mary Elizabeth Fisher.
Beneficial ownership of
securities held in this Trust so
expressly disclaimed.
1,144--Reporting Person owns 1/7
remainderman interest in the
Walter O. Briggs 1932 Trust D.
544--Reporting Person owns a 1/7
remainderman interest in the
Walter O. Briggs Trust under Will
for Elizabeth B. Fisher.
George M. 5,000 0
C. Fisher
Karen Katen 2,000 0
J. Willard 1,000 0
Marriot,
Jr.
Ann D. 2,240 0
McLaughlin
191--Shares owned pursuant to
Rule 16b-3 exempt General Motors
Dividend Reinvestment Plan.
Amounts shown as of December 31,
1999. Bank of Boston, Trustee.
Harry J. 44,377--Shares held in General 39,328--Directly Held which
Pearce Motors Dividend Reinvestment Plan include 12,109 shares which are
as of 12/31/99. Bank of Boston, subject to forfeiture under
Trustee. certain conditions pursuant to
33,777--Directly Held which Rule 16b-3 qualified General
include 26,803 shares which are Motors Performance Achievement
subject to forfeiture under Plan.
certain conditions pursuant to 12,879--Indirectly Held in trust
Rule 16b-3 qualified General under General Motors Savings-
Motors Performance Achievement Stock Purchase Program as of
Plan. 12/31/99. State Street Bank &
2,976--Indirectly Held in trust Trust Co., Trustee. Shares owned
under General Motors Savings- pursuant to Rule 16b-3 exempt
Stock Purchase Program as of employee savings plan.
12/31/99. State Street Bank &
Trust Co., Trustee. Shares owned
pursuant to Rule 16b-3 exempt
employee savings plan.
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Amount of $1 2/3 Par Value Common Amount of Class H Common Stock
Director Stock Held Held
- -------- --------------------------------- ------------------------------
<S> <C> <C>
Eckhard 6,000 0
Pfeiffer
John G. Smale 16,000--By Trust, John Smale, 200--By Trust, John Smale,
Trustee. Trustee.
John F. 250,694--Directly Held which 38,234--Directly Held which
Smith, Jr. include 64,280 shares which are include 15,494 shares which are
subject to forfeiture under subject to forfeiture under
certain conditions pursuant to certain conditions pursuant to
Rule 16b-3 qualified General Rule 16b-3 qualified General
Motors Performance Achievement Motors Performance Achievement
Plan Plan.
6,437--Indirectly Held in trust 7,306--Indirectly Held in trust
under General Motors Savings- under General Motors Savings-
Stock Purchase Program as of Stock Purchase Program as of
12/31/99. State Street Bank & 12/31/99. State Street Bank &
Trust Co., Trustee. Shares owned Trust Co., Trustee. Shares owned
pursuant to Rule 16b-3 exempt pursuant to Rule 16b-3 exempt
employee savings plan. employee savings plan.
Louis W. 100 0
Sullivan,
M.D.
Richard G. 95,640--Directly Held which 21,636--Directly Held which
Wagoner, Jr. include 29,427 shares which are include 9,312 shares which are
subject to forfeiture under subject to forfeiture under
certain conditions pursuant to certain conditions pursuant to
Rule 16b-3 qualified General Rule 16b-3 qualified General
Motors Performance Achievement Motors Performance Achievement
Plan Plan
2,565--Indirectly Held in trust 297--Indirectly Held in trust
under General Motors Savings- under General Motors Savings-
Stock Purchase Program as of Stock Purchase Program as of
12/31/99. State Street Bank & 12/31/99. State Street Bank &
Trust Co., Trustee. Shares owned Trust Co., Trustee. Shares owned
pursuant to Rule 16b-3 exempt pursuant to Rule 16b-3 exempt
employee savings plan. employee savings plan.
Dennis 6,000 0
Weatherstone
[deliberately
left blank]
</TABLE>
11
<PAGE>
The interests of each director of General Motor Corporation in the capital
of General Motors Corporation as represented by stock options are set out in
the tables below:
Non-Employee Directors
Stock Options
<TABLE>
<CAPTION>
Total
GM Total Balance
$1 2/3 GM H GM $1 2/3 GM GM H Balance
Options Options Shares $1 2/3 Shares GM H
Granted Granted Exercised Shares Exercised Shares
------- ------- --------- ------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
P. Barnevik................. 0 0 0 0 0 0
J.H. Bryan.................. 5,908 412 0 5,908 0 412
T.E. Everhart............... 2,395 140 0 2,395 0 140
C.T. Fisher, III............ 3,597 140 0 3,597 0 140
G.M.C. Fisher............... 5,908 412 0 5,908 0 412
N. Idei..................... 0 0 0 0 0 0
K. Katan.................... 2,311 272 0 2,311 0 272
J.W. Marriott............... 0 0 0 0 0 0
A.D. McLaughlin............. 2,295 140 0 2,295 0 140
E. Pfeiffer................. 4,606 412 0 4,606 0 412
J.G. Smale.................. 3,597 140 0 3,597 0 140
L.W. Sullivan............... 2,295 140 0 2,295 0 140
D. Weatherstone............. 0 0 0 0 0 0
------ ----- --- ------ --- -----
TOTALS.................. 32,912 2,208 0 32,912 0 2,208
====== ===== === ====== === =====
</TABLE>
12
<PAGE>
Summary of Incentive Compensation
Stock Options
John F. Smith, Jr.
<TABLE>
<CAPTION>
Exercisable
Shares Shares to be Option ---------------------
Grant Date Granted Exercised Class Price ($) From Through
---------- ------- ------------ ----- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
01-10-1994 59,155 77,147 COM/1/ 45.30 01-10-1995 01-11-2004
59,155 77,144 COM 45.30 01-10-1996 01-11-2004
01-09-1995 48,844 63,700 COM 33.17 01-09-1996 01-10-2005
48,844 63,697 COM 33.17 01-09-1997 01-10-2005
50,000 65,204 COM 33.17 01-09-1998 01-10-2005
02-05-1996 956 1,246 COM 40.07 02-05-1997 02-04-2006
956 1,246 COM 40.07 02-05-1998 02-04-2006
65,710 85,696 COM 40.07 02-05-1997 02-04-2006
65,710 85,692 COM 40.07 02-05-1998 02-06-2006
66,668 86,941 COM 40.07 02-05-1999 02-06-2006
02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007
571 744 COM 44.73 02-03-1999 02-02-2007
571 744 COM 44.73 02-03-2000 02-02-2007
91,096 118,802 COM 44.73 02-03-1998 02-04-2007
91,095 118,797 COM 44.73 02-03-1999 02-04-2007
91,095 118,797 COM 44.73 02-03-2000 02-04-2007
01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008
595 715 COM 46.59 01-12-2000 01-11-2008
595 715 COM 46.59 01-12-2001 01-11-2008
99,405 119,487 COM 46.59 01-12-1999 01-13-2008
99,405 119,484 COM 46.59 01-12-2000 01-13-2008
99,405 119,484 COM 46.59 01-12-2001 01-13-2008
01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009
387 465 COM 71.53 01-11-2001 01-10-2009
387 465 COM 71.53 01-11-2002 01-10-2009
116,279 139,769 COM 71.53 01-11-2000 01-12-2009
116,279 139,767 COM 71.53 01-11-2001 01-12-2009
116,279 139,767 COM 71.53 01-11-2002 01-12-2009
01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010
441 441 COM 75.50 01-10-2002 01-09-2010
441 441 COM 75.50 01-10-2003 01-09-2010
132,892 132,892 COM 75.50 01-10-2001 01-11-2010
132,892 132,892 COM 75.50 01-10-2002 01-11-2010
132,892 132,892 COM 75.50 01-10-2003 01-11-2010
Total Shares to be Exercised 2,147,642 COM
=========
</TABLE>
13
<PAGE>
Harry J. Pearce
<TABLE>
<CAPTION>
Exercisable
Shares Shares to be Option ---------------------
Grant Date Granted Exercised Class Price ($) From Through
- ---------- ------- ------------ ----- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
0-10-1994 845 1,101 COM/1/ 45.30 01-10-1995 01-09-2004
845 1,101 COM 45.30 01-10-1996 01-09-2004
11,655 15,200 COM 45.30 01-10-1995 01-11-2004
11,655 15,199 COM 45.30 01-10-1996 01-11-2004
4,675 6,125 COM 30.15 01-10-1995 01-11-2004
4,675 6,124 COM 30.15 01-10-1996 01-11-2004
4,675 8,094 H/2/ 22.82 01-10-1995 01-11-2004
4,675 8,094 H 22.82 01-10-1996 01-11-2004
01-09-1995 1,156 1,507 COM 33.17 01-09-1996 01-08-2005
1,156 1,507 COM 33.17 01-09-1997 01-08-2005
12,177 15,883 COM 33.17 01-09-1996 01-10-2005
12,177 15,879 COM 33.17 01-09-1997 01-10-2005
13,334 17,388 COM 33.17 01-09-1998 01-10-2005
4,167 7,215 H 20.01 01-09-1996 01-10-2005
4,166 7,213 H 20.01 01-09-1997 01-10-2005
4,166 7,213 H 20.01 01-09-1998 01-10-2005
02-05-1996 956 1,246 COM 40.07 02-05-1997 02-04-2006
956 1,246 COM 40.07 02-05-1998 02-04-2006
32,811 42,791 COM 40.07 02-05-1997 02-06-2006
32,811 42,788 COM 40.07 02-05-1998 02-06-2006
33,766 44,034 COM 40.07 02-05-1999 02-06-2006
5,234 6,859 COM 42.99 02-05-1997 02-06-2006
5,234 6,857 COM 42.99 02-05-1998 02-06-2006
5,233 6,855 COM 42.99 02-05-1999 02-06-2006
5,233 9,061 H 32.53 02-05-1997 02-06-2006
5,233 9,060 H 32.53 02-05-1998 02-06-2006
5,233 9,060 H 32.53 02-05-1999 02-06-2006
02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007
571 744 COM 44.73 02-03-1999 02-02-2007
571 744 COM 44.73 02-03-2000 02-02-2007
26,930 35,123 COM 44.73 02-03-1998 02-04-2007
26,928 35,116 COM 44.73 02-03-1999 02-04-2007
26,928 35,116 COM 44.73 02-03-2000 02-04-2007
4,384 5,746 COM 46.48 02-03-1998 02-04-2007
4,383 5,741 COM 46.48 02-03-1999 02-04-2007
4,383 5,741 COM 46.48 02-03-2000 02-04-2007
4,384 7,592 H 35.17 02-03-1999 02-04-2007
4,383 7,588 H 35.17 02-03-1999 02-04-2007
4,383 7,588 H 35.17 02-03-2000 02-04-2007
01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008
595 715 COM 46.59 01-12-2000 01-11-2008
595 715 COM 46.59 01-12-2001 01-11-2008
30,655 36,848 COM 46.59 01-12-1999 01-13-2008
30,655 36,847 COM 46.59 01-12-2000 01-13-2008
30,655 36,847 COM 46.59 01-12-2001 01-13-2008
18,033 18,033 H 32.35 01-12-1999 01-13-2008
18,031 18,031 H 32.35 01-12-2000 01-13-2008
18,031 18,031 H 32.35 01-12-2001 01-13-2008
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
Exercisable
Shares Shares to be Option ---------------------
Grant Date Granted Exercised Class Price ($) From Through
---------- ------- ------------ ----- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009
387 465 COM 71.53 01-11-2001 01-10-2009
387 465 COM 71.53 01-11-2002 01-10-2009
43,363 52,123 COM 71.53 01-11-2000 01-12-2009
43,362 52,121 COM 71.53 01-11-2001 01-12-2009
43,362 52,121 COM 71.53 01-11-2002 01-12-2009
29,009 29,009 H 43.22 01-11-2000 01-12-2009
29,008 29,008 H 43.22 01-11-2001 01-12-2009
29,008 29,008 H 43.22 01-11-2002 01-12-2009
01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010
441 441 COM 75.50 01-10-2002 01-09-2010
441 441 COM 75.50 01-10-2003 01-09-2010
49,560 49,560 COM 75.50 01-10-2001 01-11-2010
49,558 49,558 COM 75.50 01-10-2002 01-11-2010
49,558 49,558 COM 75.50 01-10-2003 01-11-2010
11,137 11,137 H 103.32 01-10-2001 01-11-2010
11,136 11,136 H 103.32 01-10-2002 01-11-2010
11,136 11,136 H 103.32 01-10-2003 01-11-2010
Total Shares to be Exercised 794,955 COM
=======
262,307 H
=======
</TABLE>
15
<PAGE>
G. Richard Wagoner, Jr.
<TABLE>
<CAPTION>
Exercisable
Grant Shares Shares to be Option ---------------------
Date Granted Exercised Class Price ($) From Through
----- ------- ------------ ----- --------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
08-10-1992 4,500 5,868 COM/1/ 28.62 08-10-1993 08-11-2002
4,500 5,868 COM 28.62 08-10-1994 08-11-2002
01-10-1994 845 1,101 COM 45.30 01-10-1995 01-09-2004
845 1,101 COM 45.30 01-10-1996 01-09-2004
24,155 31,503 COM 45.30 01-10-1995 01-11-2004
24,155 31,499 COM 45.30 01-10-1996 01-11-2004
01-09-1995 25,511 33,271 COM 33.17 01-09-1996 01-10-2005
25,511 33,268 COM 33.17 01-09-1997 01-10-2005
26,666 34,775 COM 33.17 01-09-1998 01-10-2005
02-05-1996 32,377 42,226 COM 40.07 02-05-1997 02-06-2006
32,377 42,222 COM 40.07 02-05-1998 02-06-2006
33,334 43,470 COM 40.07 02-05-1999 02-06-2006
02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007
571 744 COM 44.73 02-03-1999 02-02-2007
571 744 COM 44.73 02-03-2000 02-02-2007
32,762 42,727 COM 44.73 02-03-1998 02-04-2007
32,762 42,725 COM 44.73 02-03-1999 02-04-2007
32,762 42,725 COM 44.73 02-03-2000 02-04-2007
01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008
595 715 COM 46.59 01-12-2000 01-11-2008
595 715 COM 46.59 01-12-2001 01-11-2008
32,739 39,353 COM 46.59 01-12-1999 01-13-2008
32,738 39,351 COM 46.59 01-12-2000 01-13-2008
32,738 39,351 COM 46.59 01-12-2001 01-13-2008
01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009
387 465 COM 71.53 01-11-2001 01-10-2009
387 465 COM 71.53 01-11-2002 01-10-2009
57,947 69,655 COM 71.53 01-11-2000 01-12-2009
57,945 69,649 COM 71.53 01-11-2001 01-12-2009
57,945 69,649 COM 71.53 01-11-2002 01-12-2009
01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010
441 441 COM 75.50 01-10-2002 01-09-2010
441 441 COM 75.50 01-10-2003 01-09-2010
66,226 66,226 COM 75.50 01-10-2001 01-11-2010
66,225 66,225 COM 75.50 01-10-2002 01-11-2010
66,225 66,225 COM 75.50 01-10-2003 01-11-2010
Total Shares to be Exercised 967,132 COM
=======
</TABLE>
- --------
/1/$1)2/3 par value common stock
/2/Class)H common stock
16
<PAGE>
INFORMATION RELATING TO GENERAL MOTORS CORPORATION
EMPLOYEE STOCK INCENTIVE SCHEMES
15. Defined terms and numerical references used in this Paragraph 15
(unless otherwise indicated) shall have application only in respect of this
Paragraph 15 and shall not apply to this document generally.
General Motors Corporation has a number of stock and option based incentive
plans. The plans are primarily divided between plans that cover executives of
General Motors Corporation and plans that cover other employees of General
Motors Corporation (such employees are commonly referred to as classified
employees; executives are considered unclassified). General Motors Corporation
also offers a tax deferred (pursuant to Section 401(k) of the Internal Revenue
Code of 1986, as amended) savings plan (S-SPP) pursuant to which eligible
employees may contribute part of their salary and for which General Motors
Corporation makes matching contributions on up to 6% of an employee's eligible
salary.
GENERAL MOTORS INFORMATION
General Motors Corporation Non-Employee Director Long-Term Stock Incentive
Plan (the "NEDSIP")
General Motors Corporation operates NEDSIP.
The purpose of the NEDSIP is to provide non-employee Directors of General
Motors Corporation (the "Corporation") with a plan of stock ownership that
will further ensure that the compensation of its Directors is closely aligned
with stockholder interests and the performance of the Corporation.
The following is a summary of the principal provisions of the NEDSIP.
Participation in the NEDSIP is limited to non-employee Directors of the
Corporation who are not former employees of the Corporation or any subsidiary.
Eligibility is currently limited to each such non-employee Director who has
attained age 56 as of the date of the annual meeting in such year (each a
"Participant").
As reported in last year's proxy statement, each non-employee Director who
would be required pursuant to the General Motors Director Retirement Policy to
retire in 15 years or less, was credited on January 2, 1996 with an initial
grant of restricted stock units of GM $1 2/3 par value common stock ("RSUs").
The dollar value of each Participant's initial grant of RSUs was determined
based on the Director's estimated life expectancy. The dollar value of each
initial grant of RSUs was established in such a way that the projected value
of all of the subsequent annual grants of RSUs plus an estimate return
(including dividend reinvestment and appreciation of the stock price) will be
equivalent in value to the present value of the retirement benefit such
Director would have received under the terminated General Motors Director
Retirement Plan.
On or before December 31 of each NEDSIP year, each Participant will have
the opportunity to make an irrevocable election to receive his or her annual
Plan award to be granted in the subsequent year, either:
(1) in the form of a grant of RSUs with a market value of $10,000 on the
first business day of June, or
(2) in the form of a non-qualified stock option to purchase 1,000 shares
of GM $1 2/3 par value common stock upon the terms provided in Section 11
of the Plan.
The stock options have a term of up to 10 years and 2 days from the date of
award, subject to earlier termination as provided herein. A stock option does
not become exercisable until one year from the date of grant. If a Participant
leaves the Board before the stock option becomes exercisable, the stock option
will terminate on the date that such Participant is no longer a Director.
Subject to adjustment as set forth in the NEDSIP, the aggregate maximum
number of shares upon exercise of stock options granted pursuant to the Plan
will be 250,000 shares.
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The NEDSIP may at any time be amended, modified or terminated by the Board,
to comport with changes in the Internal Revenue Code of 1986, as amended, and
the Employee Retirement Income Security Act of 1974, as amended, or the rules
or regulations promulgated thereunder. In addition, the Board may, in its sole
discretion, modify the terms and conditions of the NEDSIP in response to and
consistent with any changes in other applicable laws, rules or regulations.
The Board also reserves the right to modify the NEDSIP from time to time, or
to suspend or terminate the NEDSIP entirely, provided, however, that no
modification of the NEDSIP, except for such modifications as may be required
by law, rule or regulations, shall operate to annul an election already in
effect for the current calendar year or any preceding calendar year.
1997 GENERAL MOTORS STOCK INCENTIVE PLAN (the "SIP")
Under the 1997 Stock Incentive Plan, the General Motors Corporation
Executive Compensation Committee (the "Committee") may grant stock options or
Restricted Compensation Units ("RSUs") at any time from June 1, 1997, through
May 31, 2002.
Amount of Grants. Subject to adjustment as set forth in the SIP, the SIP
provides for a pool of 60,000,000 shares of GM $1 2/3 par value common stock
and 2,500,000 shares of GM Class H common stock from which options and RSUs
may be granted prior to June 1, 2002, provided, however, that the maximum
number of shares which may be granted as RSUs will not exceed 7,500,000 GM $1
2/3 par value common and 1,000,000 GM Class H common shares. The SIP provides
for the use of authorized but previously unissued and/or reacquired shares;
however, the Corporation has committed that a maximum of 40,000,000 shares of
GM $1 2/3 common stock and 1,700,000 shares of GM Class H common stock would
be previously unissued shares.
Stock Options. Within the limits previously described, the SIP permits the
Committee to make stock option grants in such amounts and at such times as it
may determine. The Committee currently anticipates that, as in the past, the
granting of stock options will normally be made on an annual basis. The
Committee may delegate to the President's Council determination of individual
grants for employees who are not officers of the Corporation. Any such
determination shall be subject to a maximum number of shares which shall be
approved by the Committee. Subject to adjustment as set forth in the Plan, the
maximum number of shares of GM $1 2/3 par value common stock, GM Class H
common stock or any combination thereof that may be granted to any individual
in the form of stock options in any calendar year will not exceed 1,000,000
shares.
Eligibility. To be eligible to receive an award under the SIP, a
participant must be an employee of the Corporation or a subsidiary or an
individual who has been requested by the Corporation to accept employment with
an entity in which the Corporation has a substantial ownership interest.
Option Exercise and Termination Provisions. The SIP provides, in accordance
with past practice, that Incentive Stock Options will be exercisable for a
term ten years from the date of grant as stipulated by the Internal Revenue
Code, and non-qualified options will be exercisable for a term of ten years
and two days from the date of grant (to distinguish them from Incentive Stock
Options). The SIP provides that, except as otherwise determined by the
Committee, following termination of an employee's employment and contingent
upon satisfaction of the conditions precedent described below, options held by
each employee will expire not later than five years from date of termination
of employment, subject to earlier termination by the terms of the option.
However, if termination is due to death, the options will expire three years
from the date of death, subject to earlier termination by the terms of the
option. These provisions are the same as under the existing SIP (except that
in case of death the current SIP provides for termination of the options one
year after the date of death).
If required by the Committee, by accepting an option grant, an employee
will agree to remain employed by the Corporation for a period of six months
following the exercise of any option granted under this SIP. If the employee
retires or terminates employment without the consent of the Committee for any
reason (other than death) within six months of the date of exercise of a stock
option, the employee will be required to pay to the Corporation the amount of
any gain realized as of the time of the exercise.
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Option Price. Except in connection with certain acquisitions and/or
reorganizations as described in the SIP, the option price will be not less
than 100% of the fair market value of the stock at the time the option is
granted. Under both the current and proposed SIP, shares purchased upon
exercise of an option must be paid for in full at the time of exercise.
Payment upon exercise may be made in cash or, unless determined otherwise by
the Committee, by delivery of previously acquired shares of the same class of
the Corporation's common stock.
Restricted Stock Unit Grants. The Committee may grant RSU awards to such
individuals, at such times, and in such amounts as it may determine. It is not
intended that these awards will be made on a regular basis. Subject to
adjustment as set forth in the SIP, the maximum number of shares of GM $1 2/3
par value common stock, GM Class H common stock, or a combination thereof,
that may be granted to any individual in the form of RSUs in any calendar year
shall not exceed 250,000 shares.
1997 GENERAL MOTORS PERFORMANCE ACHIEVEMENT PLAN ("PAP")
Under the PAP, the Committee may grant target awards at any time from June
1, 1997 through May 31, 2002.
Eligibility. Eligibility under the PAP is the same as under the SIP (see
above). Employees may participate in the PAP only upon recommendation of the
Chief Executive Officer and with the approval of the Committee, except that
the Committee alone has discretion with respect to participation by officers.
Performance Period. The performance period for an award must be at least
two and not more than five years. It is anticipated that new grants will be
made annually and will be for a three-year period.
Target Awards. Employees selected to participate in the PAP will be granted
target awards payable in stock and/or cash which, in general, will be
determined based on each participant's level of responsibility. At higher
levels of responsibility, the target award will represent a greater portion of
total compensation. At the beginning of each performance period, the Committee
will establish a target performance level at which a target performance award
may be earned, with a threshold or minimum performance level below which no
award will be paid, and a maximum beyond which no additional amounts will be
paid. In determining the performance criteria applicable to any grant of
awards, the Committee may use one or more of the following business criteria:
return on assets, return on net assets, asset turnover, return on equity,
return on capital, market price appreciation of one or more of the
Corporation's common stocks, economic value added total shareholder return,
net income, pre-tax income, earnings per share, operating profit margin, net
income margin, sales margin, cash flow, market share, inventory turnover,
hours per vehicle, vehicles per employee, net income per vehicle, capacity
utilization, increase in customer base, environmental health and safety,
diversity, and/or quality. The business criteria may be expressed in absolute
terms or relative to the performance of other companies or to an index.
Final Awards. The percentage of each target award which will become a final
award will be determined by the Committee on the basis of the performance
goals established and the related performance achieved, as well as the
employee's individual performance during the period. Final awards may be less
than or greater than 100% of the target award. The Committee may, in its
discretion, elect not to pay out the full amount and may increase or decrease
final awards to reflect performance if, in its judgment, events have occurred
which require changes to preserve the incentive features of this PAP. The
Committee may delegate to the President's Council determination of individual
final awards for employees who are not officers of the Corporation. Any such
determinations by the President's Council shall be subject to a maximum amount
which shall be approved by the Committee. No individual shall be granted a
final award in excess of $7.5 million for any PAP period.
Form of Final Award. The PAP provides, in accordance with past practice,
that final awards may relate to, and upon vesting be paid in the form of, one
or more classes of General Motors common stock, in cash, or partly in stock
and partly in cash, as the Committee may determine. Unlike past practice,
however, the PAP provides
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that any stock delivered upon payment of final awards shall only be made with
reacquired shares and will not be paid in the form of newly-issued shares.
Payment of Final Awards. Each final award will be subject to a vesting
schedule, as determined by the Committee. Vesting periods may vary depending
on an executive's level of responsibility. At the Committee's discretion,
dividend and/or interest equivalents may be paid on final awards during or at
the end of the vesting period.
GENERAL MOTORS 1998 STOCK OPTION PLAN (the "NESOP")
General Information
The NESOP authorizes the Corporation acting through a committee chaired by
the Chairman of the Corporation (the "Chairman's Meeting") within certain
limits and subject to certain exceptions involving acquisitions, to grant to
eligible employees of GM and its subsidiaries options to purchase GM $1 2/3
par value common stock at a price which is at least equal to the fair market
value of such stock on the date of grant (the "grant price.") The Corporation
may not grant any options under the NESOP after December 31, 2007.
Maximum Number of Shares and Duration of the NESOP. Under the NESOP, the
Chairman's Meeting may grant stock options on General Motors common stock
through December 31, 2007. The aggregate number of shares of GM $1 2/3 par
value common stock for which the Chairman's Meeting may grant options to
employees under the NESOP may not exceed 50,000,000 shares.
The Chairman's Meeting may adjust the total class of shares which the
Corporation may deliver under the NESOP and the number and the option grant
price of shares subject to outstanding stock options under the NESOP.
Eligibility. The Chairman's Meeting may grant options to such employees as
it may determine. The NESOP provides that the Chairman's Meeting has the power
to determine whether any person is an employee for purposes of the NESOP and
when, and under what circumstances, their employment is terminated for
purposes of the NESOP.
Amounts of Grants. The Chairman's Meeting may establish for any calendar
year an aggregate maximum number of shares awarded as stock options for such
year.
An option grant will be based on the employee's level (or VSSM broadband)
of responsibility as of December 31 of the calendar year preceding the grant.
Stock Option Term. Stock options are granted for a term of up to 10 years
and two days from the date of grant.
Stock Option Exercise and Vesting. A stock option grant vests one year
following the date of grant by the Chairman's Meeting. A stock option grant
cannot be exercised until two years from the date of grant. GM has chosen
Fidelity Brokerage Services, Inc. ("Fidelity") as the exclusive broker
participating employees must use if they wish to exercise a stock option under
the NESOP. Each option exercised must be for at least 20 shares, or if less
than 20 option shares held remain unexercised, participating employees must
exercise the option in full. The Chairman's Meeting can change the vesting
date or the broker participating employees must use.
To allow for year-end payroll processing, the Corporation will not usually
permit options to be exercised during the month of December.
Stock Option Grant Price. The stock option grant price generally must be no
less than 100% of the fair market value of GM $1 2/3 par value common stock at
the time the Chairman's Meeting grants the
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stock option. For this purpose, fair market value is the mean of the highest
and lowest sales prices reported for the GM $1 2/3 par value common stock in
The Wall Street Journal for the grant date.
Payment of Stock Option Grant Price. Cash for Stock Exercise: Participating
employees must pay the stock option grant price in full in cash (by cheque or
money order). The option will be exercised the next business day after
Fidelity receives the cheque or money order. When a stock option is exercised
for cash, the stock received is valued at its fair market value based on the
GM $1 2/3 par value common stock composite close price on the New York Stock
Exchange on the date the option is exercised.
Cashless Exercise. The Corporation may authorize the exercise of a stock
option in accordance with a simultaneous exercise program which does not
require the advance payment of the exercise price. When a stock option is
exercised cashless, the fair market value of the GM $1 2/3 par value common
stock sold is the actual sale price for the stock. Exercise requests confirmed
prior to 12:00 p.m. (Eastern time) on a day when the New York Stock Exchange
is open will be processed that day. Exercise requests confirmed after 12:00
p.m. (Eastern time) will be processed on the next New York Stock Exchange
business day.
At the time a stock option is exercised, the participating employee must
pay any required federal, state, and/or local withholding taxes in connection
with the exercise. These taxes must be paid as well as any brokerage or other
transaction fees in connection with the sale of any stock involved with the
exercise of a stock option.
Prior to the exercise of a stock option, the participating employee has no
rights to dividends and no other rights of a stockholder with respect to
shares subject to that stock option.
Requirements for Stock Option Exercises. If a participating employee is
granted a stock option, he must satisfy certain requirements contained in the
NESOP in order to exercise the stock option. These requirements must be met
even if the participating employee has satisfied any required periods of
active employment and have subsequently left General Motors' employment. These
requirements include the following:
. the participating employee must continue to render services to the
Corporation or its subsidiaries (unless the Chairman's Meeting waives
this requirement).
. the participating employee must refrain from competitive activity and
conduct that is in any way contrary to the best interests of the
Corporation.
. the participating employee must furnish reasonable information with
respect to the satisfaction of the first two requirements.
The Chairman's Meeting has the responsibility of interpreting and applying
the above provisions.
Source of General Motors Common Stock Used in NESOP. The GM $1 2/3 par
value common stock to be delivered upon exercise of stock options will be
shares reacquired by the Corporation, including shares it purchases in the
open market.
Restrictions on Resale. Any stock options received under the NESOP are
generally nontransferable (except in the event of the death of the
participating employee).
1999 GENERAL MOTORS SAVINGS STOCK PURCHASE PROGRAM ("S-SPP")
Eligibility. Salaried employees may be eligible to enroll in the S-SPP
after completing six months of employment.
Employee Contributions. Participating employees may elect to contribute,
through payroll deductions, up to the lesser of $10,000 for 1999 or 20% of
their eligible salary into the S-SPP. Subject to U.S. tax regulations their
contributions may be pre-tax, after-tax or any combination of the two, as long
as their total contributions do not exceed 20% of their eligible salary.
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Corporate Contributions. Currently, for every dollar participating
employees contribute to their S-SPP account (up to 6% of their eligible
salary), the Corporation will contribute, or in other words, "match" 70 cents
(in April 2000, this "matching" component will be increased to 80 cents).
Additionally, if participating employees were hired on or after January 1,
1993, and are eligible to participate in the S-SPP, the Corporation
contributes an amount equal to 1% of their eligible salary whether or not they
elect to participate in the S-SPP. This additional contribution called the 1%
Benefit Contribution, is provided because participating employees are not
eligible for Corporation contributions for post-retirement health care or
Basic Life insurance.
The Corporation does not match any contributions made by a temporary
employee. Furthermore, the Corporation does not provide the 1% Benefit
Contribution to a flexible service employee, or a temporary employee.
All Corporation contributions are invested exclusively in the GM $1 2/3 Par
Value Common Stock Fund and must remain in this fund during the calendar year
(January through December) in which the contributions are made. This period is
referred to as the "Required Retention Period".
Investing Contributions. One half of participating employees contributions
up to 6% of their eligible salary must be invested in either one or both of
the GM Common Stock Funds during the Required Retention Period (the calendar
year in which the contributions are made). Participating employees may elect,
in 10% increments, how their contributions will be invested in the GM $1 2/3
Par Value or GM Class H Common Stock Funds.
The other half of participating employees contributions up to 6% of their
eligible salary and all contributions above 6% of eligible salary may be
invested, as participating employees may elect, in 10% increments in any of
the available S-SPP investment options.
Vesting. Participating employees' contributions and any related earnings
are always fully vested. Corporation matching contributions, the 1% Benefit
Contribution, and any earnings thereon are fully vested upon the earlier of
(1) January 1 following the calendar year in which the contributions are made,
or (2) attainment of five years of service.
Rollovers. Once participating employees are eligible to participate in the
S-SPP they may make a rollover contribution. The rollover amount may not
exceed the taxable portion of cash proceeds received from any former
employer's qualified savings plan.
Exchanges. Participating employees may exchange their assets among any of
the investment options offered under the S-SPP. Exchanges may be made
virtually 24 hours a day, seven days a week by calling the GM/Delphi
Investment Service Center. Exchanges may be made in 1% increments or whole
dollar amounts. A fund exchange must consist of assets having a market value
of at least $500 or, if less, all the assets in the fund.
During the Required Retention Period, contributions that are required to be
invested in the GM Common Stock Funds may be exchanged only among the GM $1
2/3 Par Value and GM Class H Common Stock Funds. The Corporation's matching
contributions and the 1% Benefit Contribution required to be invested in the
Common Stock Funds may not be exchanged until completion of the Required
Retention Period. Upon completion of the Required Retention Period, all assets
may be exchanged among any of the investment options.
Loans. Once each calendar year participating employees may borrow from
their account. Participating employees may have up to five loans outstanding
at any one time. Loans may be for any reason with no credit statement
required. Amounts borrowed are not subject to income tax, except in the case
of a loan default. The Corporation's contributions subject to the Required
Retention Period cannot be borrowed.
The minimum amount participating employees can borrow is $1,000. The
maximum amount participating employees can borrow is the lesser of (1) $50,000
less the highest outstanding loan balance in the preceding 12 months or (2)
one half of the current value of their total vested assets.
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Loan repayment schedules have a minimum term of six months up to a maximum
of five years. Participating employees may arrange for a 10 year loan if the
money will be used to purchase or build their primary residence. There is no
penalty if participating employees repay the loan earlier than scheduled.
Repayment of a loan (principal and interest) is made through after-tax payroll
deductions.
Loan cheques are generally mailed within five business days after the
request has been approved.
Retired and terminated employees may borrow from their S-SPP account and
must repay the loan by making monthly cash payments.
Withdrawals. While employed by the Corporation, there are two primary types
of withdrawals participating employees may take in-service and hardship.
In-service withdrawals may be taken for any reason. This type of withdrawal
may include (1) Regular Savings (after tax contributions), (2) the Corporation
contributions (after completion of the Required Retention Period), (3) any
rollover contributions, and (4) any earnings attributable to these sources.
Additionally, if participating employees are 59 1/2 or older, in-service
withdrawals may also include their Deferred Savings (pre-tax contributions)
and any related earnings.
Hardship withdrawals may be taken only for certain reasons if a
participating employee is younger than 59 1/2 and he can demonstrate immediate
and substantial financial need as outlined in published IRS guidelines.
Hardship withdrawals include only Deferred Savings. Earnings on Deferred
Savings are not available for hardship withdrawals. Before Deferred Savings
may be withdrawn for hardship, participating employees must take all available
loans, withdrawals, and distributions under the S-SPP and all other applicable
Corporation plans. If a hardship withdrawal is taken, that participating
employee will be suspended from contributing to the S-SPP and all other
applicable Corporation plans for the next 12 months.
In most instances, if a participating employee is under age 59 1/2, he will
be required to pay a 10% early withdrawal penalty on the taxable amount of
withdrawal. Distributions for participants who retire during or after the year
in which age 55 is attained are not subject to the early withdrawal penalty.
Federal income taxes will be withheld automatically at a rate of 20% on any
eligible distribution that is not directly rolled over into another employer's
qualification plan or IRA. Hardship withdrawals are not considered eligible
rollover distributions and are not subject to 20% withholding; however,
hardships will be taxed as ordinary income and may be subject to a penalty
when income tax returns are filed.
Retired and Terminated Employees. Participating employees may leave their
assets in the S-SPP provided their account totals more than $5,000.
Participating employees may not make new contributions. While participating
employees assets remain in the Program they may exchange assets among the
various investment options, take loans and partial distributions, and elect to
receive monthly, quarterly, semiannual or annual installment payments.
Upon attainment of age 65, if participating employees still have assets in
the Program, they must elect to defer the distribution of their account,
otherwise it will automatically be distributed to them. Participating
employees will be notified in writing, of their deferral election option prior
to any automatic distribution.
Under current law, any assets remaining in participating employees S-SPP
accounts after April 1 in the year following the year in which they reach age
70 1/2 will be subject to minimum required distributions.
Canada. General Motors Corporation operates two plans similar to the S-SPP
described above for General Motors Corporation employees resident in Canada.
These schemes are specially tailored to satisfy the laws of Canada, and are
drafted in both the English and French languages.
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1999 GENERAL MOTORS ENHANCED VARIABLE PAY (THE "EVP")
In 1999, Enhanced Variable Pay was introduced to reward U.S. and Canadian
classified employees for achieving specific performance targets.
Eligibility. U.S. and Canadian classified employees who were working in the
following organizations on December 31, 1999 are eligible to participate in
the EVP program: North America Region, Corporate Staffs, and GMAC/MIC. Allison
Transmission Division ("ATD") employees are also eligible, however their
payout is tied to unit metrics with a different schedule of options based on a
business unit weighted payout percentage. The following units have different
variable and/or incentive pay programs and are excluded from EVP: GM de
Mexico, Electro-Motive, OnStar, GMIMCO, Saturn and certain VSSM employees.
Description of EVP Scheme. EVP is a variable pay opportunity provided to
employees that may be delivered in the form of cash and/or stock options. Cash
represents the short-term component of variable pay, i.e., it provides a more
immediate reward for employee contributions to the year's performance. Stock
options represent the long-term component of variable pay; they have a 10-year
life, during which employees can contribute to the company's performance and
potential stock price growth. Through this increase in GM's stock price and
total stockholder return, employees may realize a personal financial gain from
the exercise of these stock options.
HUGHES INFORMATION
HUGHES ELECTRONICS CORPORATION INCENTIVE PLAN ("HECIP")
The purposes of the HECIP are (1) to encourage employees of Hughes and its
subsidiaries to contribute, both individually and in groups, to the creation
of value for holders of GM Class H common stock and (2) to enable such
employees to participate in the future success of Hughes through long-term
accumulation of GM Class H common stock.
Administration
The Committee has full power, authority and discretion to construe,
interpret and administer the HECIP. The Committee may delegate a portion of
the administration of the HECIP to the Executive Compensation Committee of the
Hughes Board of Directors (the "HE-ECC"). However, the Committee may not
delegate any administrative powers or responsibilities with respect to an
officer of Hughes who is subject to Section 16 of the Exchange Act (a "Section
16 Officer"), unless the Committee specifically determines that it is
appropriate to do so.
Decisions of the Committee and of the HE-ECC are final, conclusive and
binding upon all parties, including the Corporation, its stockholders, Hughes
and its subsidiaries, and their employees. Any person who is a member of the
Committee, the HE-ECC, the General Motors Audit Committee or the Hughes Audit
Committee is ineligible to participate in the HECIP. However, membership on
any other committee of the Corporation or Hughes Board of Directors does not
itself make an employee ineligible to receive an award under the HECIP.
The General Motors Board of Directors selects the members of the Committee
from among the non-employee directors. The stockholders elect the
Corporation's directors annually. In general, each director holds office until
the next annual election of directors. If the stockholders do not re-elect a
director at an annual meeting, then that director holds office until the
stockholders elect a successor and that successor takes office. Members of the
Committee may serve for undefined terms. The General Motors Board of Directors
may remove a member of the Committee.
The HECIP does not specify a particular group of employees as eligible to
receive grants under the HECIP. The Committee determines which Section 16
Officers will receive grants of options, restricted stock units or
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other rights and the number of shares subject to those grants. Based on
recommendations it receives from the Chairman and Chief Executive Officer of
Hughes, the HE-ECC determines the other employees who receive grants of
options, restricted stock units, or other rights and the number of shares
subject to such grants.
The HECIP is not qualified under Section 401(a) of the Internal Revenue
Code of 1986, as amended, (the "Code") and is not subject to any provisions of
the Employee Retirement Income Security Act of 1974, as amended. Hughes pays
the expenses of administering the HECIP. The only HECIP costs or expenses that
participating employees may have include the payment of the stock option grant
price, applicable brokerage fees and applicable taxes.
Summary of Certain Additional Information Applicable to the HECIP
Maximum Number of Shares and Duration of the HECIP. Under the HECIP, the
Committee may grant stock options, restricted stock units, and other rights on
GM Class H common stock through December 31, 1998. The aggregate number of
shares of GM Class H common stock for which the Committee may grant options,
restricted stock units, or other rights to employees under the HECIP may not
exceed 35,579,211 shares of GM Class H common stock. The Committee may not
grant stock options to any individual in any calendar year covering more than
1,000,000 shares of General Motors common stocks. The Committee may not grant
restricted stock units to any individual in any calendar year covering more
than 250,000 shares of General Motors common stock.
The Committee may adjust (1) the class and number of shares which General
Motors may deliver under the HECIP, (2) the class, number and the option grant
price of shares subject to outstanding stock options under the HECIP and (3)
the class and number of shares subject to restricted stock units granted under
the HECIP.
Amount of Grants. The Committee may establish for any calendar year an
aggregate maximum number of shares awarded as stock options, restricted stock
units, and other rights for such year. We expect that the Committee will make
stock option grants under the HECIP in amounts consistent with competitive pay
practices. The Committee currently believes that it will grant stock options
each year during the term of the HECIP. The Committee does not intend to grant
restricted stock units on an annual basis.
Eligibility. Participating employees are eligible for selection to receive
a grant under the HECIP if they are an employee of Hughes or one of its
subsidiaries. They are also eligible for selection to receive a grant if they
are an employee of an entity of which Hughes is a substantial owner and have
accepted employment at that entity at Hughes' request. The Committee may
determine whether any person is an employee for purposes of the HECIP and
when, and under what circumstances, they have terminated employment for
purposes of the HECIP.
Stock Option Terms. The Committee determines whether the stock options it
grants under the HECIP are incentive stock options or non-qualified stock
options and what restrictions apply to such options and restricted stock
units. Incentive stock options are exercisable for a term of up to 10 years
from the date of grant. Non-qualified stock options are exercisable for a term
of up to 10 years and two days from the date of grant. Both types of stock
options become exercisable in full or in part after one year (or such longer
period as the Committee determines). At the time it grants a stock option, the
Committee determines whether the options will become exercisable all at once
or in installments.
Incentive stock options are not awarded to participating employees in any
calendar year in an amount which exceeds $100,000 in aggregate market value of
the stock. (The dollar limit may be adjusted by the Committee.)
Stock Option Grant Price. The stock option grant price generally must be no
less than 100% of the fair market value of the GM Class H common stock at the
time the Committee grants the stock option. For this purpose, fair market
value is the mean of the highest and lowest sales prices reported for the GM
Class H common stock in The Wall Street Journal for the grant date.
25
<PAGE>
Payment of Stock Option Grant Price. They must pay the stock option grant
price in full in cash, through delivery of shares of GM Class H common stock,
or a combination of such stock and cash. If participating employees wish to
use shares of GM Class H common stock to pay the grant price, participating
employees must have held the shares for six months if they use stock
previously obtained from the exercise of a stock option. The Corporation will
determine the number of shares needed to pay the grant price by valuing each
share delivered at an amount equal to the mean of the GM Class H common
stock's highest and lowest sales prices as reported in The Wall Street Journal
for the stock option exercise date.
At the time participating employees exercise a stock option, they must pay
any required federal, state, and/or local withholding taxes in connection with
the exercise. They must pay these taxes either in cash or by delivering GM
Class H common stock or by directing the Corporation to withhold the
appropriate number of shares from the proceeds resulting from the exercise of
the stock option.
The Corporation may authorize participating employees to exercise a stock
option in accordance with a cashless exercise program.
Prior to the exercise of an option, participating employees have no rights
to dividends and no other rights of a stockholder with respect to shares under
that option.
Grant of Restricted Stock Units. The Committee may grant restricted stock
units, each of which represents the potential right to receive one share of GM
Class H common stock (the "corresponding share") or cash in an amount equal to
the fair market value of a corresponding share. If the Committee grants to
participating employees a restricted stock unit award, their right to receive
shares of GM Class H common stock or cash with respect to the restricted stock
units will vest according to a vesting schedule which the Committee will
determine. The Committee may impose other limitations and restrictions on
their award.
Performance Vesting. The Committee may establish performance vesting
criteria with respect to all or any portion of a restricted stock unit grant.
In that case, their vesting will depend upon the extent to which, if at all,
Hughes or a unit of Hughes where participating employees work satisfies
specific goals that the Committee determined at the time of such restricted
stock unit grant. If the Committee grants participating employees a restricted
stock unit award that is subject to performance vesting, the Committee will
establish a range of performance levels related to Hughes and/or a unit of
Hughes where they work at which 100% of the award may be earned and a range
(which need not be the same for all awards) under which greater and lesser
percentages may be earned.
If Hughes and/or the unit of Hughes achieve the maximum level of
performance under the goal(s), then the rights of participating employees to
receive stock or cash with respect to the total number of restricted stock
units under the award will vest. If the performance of Hughes and/or the unit
of Hughes does not meet the maximum performance level but is at least equal to
the minimum level, then the rights of participating employees with respect to
a proportionate number of the restricted stock units will vest and they will
forfeit the remainder of the restricted stock units.
Payment Upon Vesting of Restricted Stock Units. Upon the vesting of any
portion of a particular grant of restricted stock units, participating
employees become entitled to receive from General Motors a proportional number
of corresponding shares of stock or cash of equivalent value. The Committee
decides whether the restricted stock units are paid in stock, cash or a
combination of stock and cash. The Committee will determine the proportional
number of corresponding shares by multiplying the total number of
corresponding shares subject to the award on the grant date by the percentage
of the award which vests on the vesting date.
Participating employees will not be required to pay any consideration,
other than the rendering of services (including meeting any performance
vesting criteria), in connection with the grant or vesting of restricted stock
units or in connection with the delivery of any corresponding shares of stock
or cash upon the vesting of such restricted stock units. The Committee may
authorize current or deferred payments, or additional restricted stock
26
<PAGE>
unit credits to reflect dividends or other distributions on unvested
restricted stock units. The Committee will withhold applicable withholding
taxes on the payment of any restricted stock units to participating employees.
Requirements for Stock Option Exercises and/or Payment of Restricted Stock
Units. If the Committee grants participating employees a stock option or a
restricted stock unit award, they must satisfy certain requirements in order
to exercise the stock option or receive a distribution or payment under the
restricted stock unit award. These requirements must be met even if they have
satisfied any required periods of active employment and have subsequently left
Hughes employment. These requirements include the following:
. Participating employees must continue to render services to Hughes or its
subsidiaries (unless the Committee waives this requirement).
. Participating employees must refrain from competitive activity and
conduct that is in any way contrary to the best interests of Hughes.
. Participating employees must furnish reasonable information with respect
to the satisfaction of the first two requirements.
Source of Shares Used in HECIP. The Board of Directors, or a committee of
the Board that the Board designates, will determine whether to use authorized
but previously unissued shares or shares that the Corporation reacquires
(including shares it purchases in the open market) for the shares it delivers
to employees upon the exercise of stock options or vesting of restricted stock
units. If the Corporation purchases any shares in the open market for delivery
upon the exercise of stock options or pursuant to the vesting of a restricted
stock unit grant, it will hold those shares in a treasury account specifically
for such awards.
Restrictions on Resale. Any stock options and/or restricted stock units
that participating employees receive under the HECIP are generally
nontransferable (except in the event of death).
HUGHES ELECTRONICS CORPORATION LONG-TERM
ACHIEVEMENT PLAN ("HLTAP")
The HLTAP was introduced on December 17, 1997, for eligible employees of
Hughes Electronics Corporation and its subsidiaries. The HLTAP is a restricted
stock unit plan as contemplated under the HECIP. In the event of any conflict
between the terms of this HLTAP and the terms of the HECIP, the terms of the
HECIP shall prevail.
Purposes. The purposes of this HLTAP are to provide: (i) employees in
positions of major responsibility with incentive and reward for achieving,
individually or as a group, long-term financial and strategic business goals
established to deliver value to Hughes customers and shareholders; (ii)
competitive returns to holders of GM Class H common stock and GM $1 2/3 par
value common stock; (iii) competitive levels of compensation to employees for
competitive levels of performance; and (iv) a link between shareholders of GM
Class H common stock and GM $1 2/3 par value common stock and Hughes employees
in positions of major responsibility.
HLTAP Administration
A. The HE-ECC has full discretionary power and authority to construe,
interpret and administer the HLTAP, and to delegate any of its power or
authority to any one or more persons from time to time. Decisions of the HE-
ECC are final, conclusive and binding upon all parties, including Hughes, the
stockholders of the Corporation, and employees, provided, however, that the
HE-ECC relies upon and is bound by the total amount of the Stock registered by
the Corporation with the Securities Exchange Commission. The foregoing
includes, but is not limited to, all determinations by the HE-ECC as to (i)
eligibility of employees for consideration for awards, (ii) the amount of
individual awards, (iii) the timing of payment of awards, (iv) whether
unearned portions of prior awards are earned and paid as previously
determined, (v) whether a participant has satisfied the conditions precedent
to the payment of an award, (vi) whether the condition precedent of continued
services be waived, and
27
<PAGE>
(vii) the time of the first occurrence of any activity or act which
constitutes a failure to satisfy any condition precedent. Any person who
accepts any benefit hereunder thereby agrees to accept as final, conclusive
and binding the determinations of the HE-ECC.
B. The Committee makes all determinations under the HLTAP with respect to
any participant who is a Section 16 Officer, unless the Committee specifically
determines that it is not appropriate to do so, except that the Chairman with
the approval of the HE-ECC makes the determination of the extent to which
Hughes meets the Performance Targets for the applicable Performance Period as
provided for by HLTAP. Notwithstanding anything in the HLTAP to the contrary
contained in any other Section of this HLTAP, the Committee has the full
discretionary power and authority granted to the HE-ECC under the HLTAP with
respect to awards made to the designated Section 16 Officers.
Eligible Employees. Employees eligible to participate in the HLTAP are
persons whose continued employment is determined by the Chairman to be key to
the achievement of long-term goals of Hughes and its Subsidiaries. During the
first year of a Performance Period, the Chairman designates the employees who
are to participate in the HLTAP for the Performance Period which commenced the
immediately preceding January. Participation in the HLTAP is not automatic.
Incentive Goals. During the first year of a performance period, the HE-ECC
has broad discretion to determine performance s for Hughes (each a
"Performance Target") for the performance period. The Performance Targets may
consist of financial, operating, or other measure(s) as determined by the HE-
ECC. The Chairman, with the approval of the HE-ECC, establishes weighting
among the Performance Targets. Individual employee goals will not be
established under the HLTAP.
Target Awards
A. Considering the level of responsibility and contribution made by the
participant to the Company, individual participant target awards ("Target
award") are computed based on a percentage of the participant's Base Salary.
B. Each employee selected to participate in the HLTAP will be granted an
award payable in Stock subject to meeting the applicable requirements.
C. With respect to an employee who is not a Section 16 Officer, the
Chairman, in his sole discretion, determines the ratio of GM Class H common
stock and GM $1 2/3 par value common stock in each Target award. With respect
to an employee who is a Section 16 Officer, the GM-ECC, in its sole
discretion, determines the ratio of GM Class H common stock and GM $1 2/3 par
value common stock in each Target award. The number of shares of each class of
Stock to be awarded is determined by dividing that portion of the total value
of the Target award relating to the applicable class of Stock by the average
of the closing prices of such stock as reported in The Wall Street Journal for
each trading day in the month immediately preceding the date the HE-ECC
approves the Target award, rounded up to the next whole share.
D. During the Performance Period and at all times prior to the distribution
of the award to the employee, the Corporation retains all rights incident to
the Stock.
Performance And Allocation Of The Fund
A. Prior to the end of the first calendar quarter of the first year
following the Performance Period, the Chairman, with the approval of the HE-
ECC, will determine the extent to which Hughes met the Performance Targets for
the Performance Period. Awards will be based on the level of Hughes'
achievement of the Performance Targets during the Performance Period. If an
employee's individual performance does not meet
28
<PAGE>
Hughes' expectations, the employee will not be eligible for all or a portion
of the award as determined by the Chairman in his sole discretion.
B. The percentage of the award earned in relation to the level of
performance will be:
<TABLE>
<CAPTION>
Hughes Financial Relative Total Percent of
Performance Shareholder Return Award Earned
---------------- --------------------- ------------
<S> <C> <C>
25% or more above Target 90th percentile 175%
Target 75th percentile 100%
80% of Target 50th percentile 40%
Less than 80% of Target Below 50th percentile 0%
</TABLE>
C. The maximum amount earned cannot exceed one hundred and seventy-five
percent (175%) of the Target award. An award will not be earned if the level
of performance achieved is less than eighty percent (80%) of the Performance
Target. Notwithstanding the foregoing, these amounts may be adjusted from time
to time as determined by the HE-ECC. The actual percentage of the Target award
earned which corresponds to the level of performance achieved will be
determined by adjusting the above percentages on a straight line basis up or
down from the Performance Target of 100% within the above ranges. The number
of shares of any class of stock comprising the actual award will be rounded up
to the next higher whole share.
D. The HE-ECC may elect not to approve the payout of the full amount of the
award, or may elect to approve an increase in the amount of the award, if, in
its judgment, events have occurred which have altered the basis on which the
Performance Targets were established.
Payment Of Awards
A. No distribution of an award will be made to an employee if his
employment with Hughes is terminated for any reason whatsoever (with or
without the approval of Hughes) within the first twelve months of their
participation. Each award will be distributed as additional compensation to
the participant as soon as administratively feasible after the relevant
determination is made, subject to any applicable conditions precedent.
B. Notwithstanding anything to the contrary, the payment of each award is
subject to the satisfaction by the participant of the conditions precedent
that the participant: (i) continue to render services as an employee (unless
waived), (ii) refrain from engaging in any activity which, in the opinion of
the Chairman, is competitive with any activity of the Corporation, Hughes or
any of their respective subsidiaries, (iii) refrain from otherwise acting,
either prior to or after termination of employment, in any manner which is in
any way contrary to the best interests of the Corporation, Hughes, or any of
their respective subsidiaries, and (iv) furnish to the Chairman such
information with respect to the satisfaction of the foregoing conditions
precedent as the Chairman reasonably requests. If the participant has failed
to satisfy any of the foregoing conditions precedent, all awards granted under
the HLTAP to such participant are immediately canceled and forfeited, and the
participant is entitled to receive any consideration in respect to such
cancellation and forfeiture.
C. The requirement that a participant continue to render services as an
employee is automatically waived with respect to any award under the HLTAP if
the employee's employment is terminated with the approval of the Chairman, or
by reason of death, layoff, disability or retirement, provided such
termination of employment was not within the first twelve months of the
performance period. Where the requirement for continuous services is waived as
a result of any such termination, payment of the award shall continue to be
subject to the satisfaction of other applicable conditions precedent. Any such
award is reduced to reflect the actual number of full months worked during the
Performance Period. The reduced award for such employee is calculated by
multiplying the award by a fraction, the numerator of which is the number of
full months actually worked during the Performance Period and the denominator
of which is 36. An unpaid leave of absence of greater than 30 days determined
in accordance with established procedures are not deemed to be a termination
of employment. The employee's award, however, will be adjusted in accordance
with the above formula.
29
<PAGE>
D. Awards will be generally forfeited upon any termination of employment
occurring prior to the distribution of the award without the prior approval of
the Chairman. An employee who terminates his employment after obtaining such
approval will receive his prorata share of any award.
E. In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend or other change in corporate structure of the
Corporation affecting the stock, such adjustment will be made in the class and
the aggregate number of shares of stock or other property which may be
delivered under the HLTAP (provided the number of shares of any class after
the adjustment is always to be a whole number), as may be determined to be
appropriate by the HE-ECC.
F. Awards under the HLTAP may not be assigned, alienated, transferred,
pledged or otherwise encumbered.
G. An eligible participant in the Hughes Electronics Corporation Executive
Deferred Compensation HLTAP effective September 1, 1998 (the "Deferred
Compensation HLTAP") may elect to defer receipt of a portion or the total
amount of an award hereunder in accordance with the terms of the Deferred
Compensation HLTAP. Payment of any award that has been timely deferred will be
governed by the participant's election under and pursuant to the terms of the
Deferred Compensation HLTAP.
HLTAP Expenses. The costs of administering the HLTAP are borne as expenses
of Hughes and not charged to the awards.
Source Of Stock. The shares representing the GM Class H common stock
portion of the award to be delivered to participants pursuant to the terms of
the HLTAP are delivered by Hughes through the HECIP; and the shares
representing the GM $1 2/3 par value common stock portion of the award are
delivered by Hughes through the PAP.
GMAC GROUP, INC 1998 SAVINGS INCENTIVE PLAN
(THE "GMAC SIP")
Under the GMAC SIP, employees of General Motors Acceptance Corporation and
its related companies are eligible to participate in a cash and stock based
savings scheme under which each eligible employee's employer matches, up to
certain limits, that eligible employee's contribution into the scheme's group
trust fund. Eligible employees may elect for any of their entitlement under
the scheme's group trust fund to be applied to purchase GM $1 2/3 par value
common stock.
16. Except where otherwise set out in this document, there have been no
significant changes relating to the general trend of General Motors
Corporation's production, sales, stocks or state of its order book, or with
respect to its costs or selling prices since the publication of its accounts
for the year ending December 31, 1999.
17. General Motors Corporation holds treasury stock made up of both GM $1
2/3 par value common stock and GM Class H common stock. General Motors
Corporation holds as of December 31, 1999:
(a) 139,198,164 shares of GM $1 2/3 par value common stock, which have an
aggregate book value of $9,070,981,214; and
(b) 27,240,363 shares of GM Class H common stock: these shares have been in
treasury several years, and it is not possible to ascertain their exact
book value, although it is estimated that the aggregate book value of
the GM Class H common stock held does not exceed $1,000,000,000.
18. General Motors Corporation is confident of its financial and trading
prospects for the current financial year.
19. Each share of GM Class H common stock issued pursuant to the offer in
exchange for GM $1 2/3 par value common stock is issued at an issue premium
per share equal to the value of the shares of GM $1 2/3 par value common stock
tendered in exchange for that share of GM Class H common stock less 10 cents.
30
<PAGE>
20. The exchange offer is not made to the general public but to holders of
GM $1 2/3 par value common stock only.
21. Copies of the consolidated annual accounts of General Motors
Corporation and its subsidiary undertakings for each of the preceding two
financial years will be made available for inspection during normal business
hours on any weekday (but not any Saturday or public holiday) at the offices
of Cleary, Gottlieb, Steen & Hamilton at City Place House, 55 Basinghall
Street, London EC2V 5EH for a period starting on the date of this document and
ending on the date on which the exchange offer period expires.
31
<PAGE>
EXHIBIT 12(a)(1)(xviii)
24. April 2000
An die Stammaktionare
der General Motors Corporation
in Deutschland
Sehr geehrte Damen und Herren,
Die General Motors Corporation ("GM") beabsichtigt, in der Zeit vom 24.
April 2000 bis zum 19. Mai 2000 ihren Stammaktionaren, d.h. den Inhabern der
$1 2/3 common stock (die "Stammaktien"), ein Angebot zum Umtausch ihrer
Stammaktien in sogenannte tracking stock, bezogen auf die 100%ige
Tochtergesellschaft von GM, Hughes Electronics Corporation (die "Class H
Aktien"), zu unterbreiten (das "Umtauschangebot"). Das offentliche
Umtauschangebot beginnt in Deutschland voraussichtlich am 26. April 2000 und
endet voraussichtlich am 19. Mai 2000.
In den Vereinigten Staaten von Amerika verwendet GM fur dieses
Umtauschangebot das diesem Schreiben beigefugte Angebotsdokument (das "U.S.
Angebotsdokument"). Von der U.S. Wertpapieraufsichtsbehorde (Securities and
Exchange Commission, SEC) wurde GM aufgefordert, den Stammaktionaren weltweit
das U.S. Angebotsdokument zu ubersenden.
Wichtiger Hinweis:
Die Ubersendung des U.S. Angebotsdokuments stellt fur Stammaktionare in
Deutschland kein rechtswirksames Umtauschangebot dar. Diese Ubersendung
erfolgt ausschlieBlich aufgrund der Anforderungen der SEC.
Fur Stammaktionare in Deutschland ist ausschlieBlich der Verkaufsprospekt
rechtsverbindlich, der durch die Londoner Wertpapierborse voraussichtlich am
20. April 2000 gebilligt und bei dem Bundesaufsichtsamt fur den
Wertpapierhandel zum Zweck der gegenseitigen Anerkennung hinterlegt wurde. Nur
dieser Verkaufsprospekt stellt in Deutschland ein rechtswirksames Angebot zum
Umtausch von Stammaktien in Class H Aktien dar. Der Verkaufsprospekt ist
voraussichtlich ab dem 26. April 2000 bei der Deutsche Bank AG, Taunusanlage
12, 60325 Frankfurt am Main, kostenlos erhaltlich.
Beginn und Ende des offentlichen Umtauschsangebots in Deutschland werden in
der Frankfurter Allgemeine Zeitung und im Handelsblatt bekannt gemacht.
Mit freundlichen GruBen
General Motors Corporation
Anlage
<PAGE>
EXHIBIT 12 (a)(1)(xix)
NOTICE TO REGISTERED HOLDERS OF $1 2/3 PAR VALUE COMMON STOCK IN THE
NETHERLANDS
Enclosed you will find an offer from General Motors Corporation to exchange
shares of Class H Common Stock for each share of $1 2/3 Par Value Common
Stock. The offering materials contain a prospectus describing the terms and
conditions of the exchange offer, which you should read carefully, and an
exchange letter of transmittal (the "letter of transmittal").
Please note that notwithstanding any other information contained in the
prospectus or in the letter of transmittal, two important exceptions apply to
the registered holders of $1 2/3 Par Value Common Stock in the Netherlands.
First, ABN AMRO Bank N.V., and not Fleet National Bank, will act as the
local exchange agent in the Netherlands. If you would like to tender your
shares, please send the enclosed letter of transmittal to the following
address by mail or facsimile:
ABN AMRO Bank N.V.
Attn. Issuing Institutions/Corporate Actions
MF2020
Kemelstede 2
4817 ST BREDA
Nederland
Facsimile:0031-76-5799620
Telephone:0031-76-5799482
Second, registered holders of $1 2/3 Par Value Common Stock in the
Netherlands should, in order to constitute a valid acceptance, submit the
enclosed letter of transmittal to ABN AMRO Bank N.V. at the latest on May 15,
2000 close of business.
If you have any questions about the exchange offer, or want to request
additional documents, you may call the information agent, Morrow & Co., at
(212) 754-8000 (collect).
<PAGE>
EXHIBIT 12(a)(1)(xx)
------
GENERAL MOTORS VOLUNTARY EXCHANGE OFFER LETTER OF TRANSMITTAL
Shares of GM $1 2/3 par value common stock owned by you:
O
1 in certificate form:
O
2 in GM's Dividend and Cash Investment Plan or in book-entry form:
O
3 Total of O 1 and O 2 above:
O
4 Taxpayer Identification Number:
O
5 If the Taxpayer Identification Number listed above is incorrect, please
provide your corrected Taxpayer Identification Number here: ________________
___________ (Please refer to Guidelines for Certification of Taxpayer
Identification Number on Substitute Form W-9 and, if applicable, complete
Box B on the back of this Letter of Transmittal)
O
6 Mark this box if you wish to tender all of your GM $12/3 par value
common stock in exchange for GM Class H common stock. Please refer to
Instruction I.
O
7 Mark this box if you wish to tender some, but not all, of your shares.
Indicate the number of shares of GM $12/3 par value common stock you
wish to tender: ___________________. Please refer to Instruction I and
Instruction II.
You must mark either Box O 6 or O 7 to participate in the Exchange Offer.
O
8 Mark this box if your
$12/3 par value common
stock certificates
which you wish to
tender in the Exchange
Offer have been lost,
destroyed, mutilated or
stolen. Then, complete
Box A on the back of
this Letter of
Transmittal. Please
refer to Instruction
VI.
O
9 Mark this box to
provide special
issuance or delivery
instructions for the
shares and/or cash to
which you may be
entitled and complete
pages 12 through 14,
as applicable, of the
Instructions to the
Letter of Transmittal.
Under penalties of perjury, I certify that:
(i) The number shown in O 4
above, or if corrected
in O 5 above, is my
correct Taxpayer
Identification Number
(or I am waiting for a
Taxpayer Identification
Number to be issued to
me); and
(ii) I am not subject to
backup withholding
either because I am
exempt from backup
withholding or I have
not been notified by
the Internal Revenue
Service ("IRS") that I
am subject to backup
withholding as a result
of a failure to report
all interest or
dividends, or the IRS
has notified me that I
am no longer subject to
backup withholding.
The IRS does not require your consent to any provision of this document other
than the certifications required to avoid backup withholding.
You must cross out (ii) above if you have been notified by the IRS that you are
subject to backup withholding because of underreporting interest or dividends on
your tax return. However, if after being notified by the IRS that you were
subject to backup withholding you received another notification from the IRS
that you are no longer subject to backup withholding, do not cross out (ii).
Required Information (Please refer to Instruction III and, if applicable,
complete Box C on the back of this Letter of Transmittal):
- -------------------------------------------------------------------------------
Signature of Owner (Date)
- -------------------------------------------------------------------------------
Signature of Co-owner, if any (Date)
- -------------------------------------------------------------------------------
Daytime Telephone # Evening Telephone #
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - -
(Detach Form Before Mailing)
Please read the Instructions to the Letter of Transmittal
(blue pamphlet) before completing this form.
By signing above:
. I certify that I have read and understand the Instructions to the Letter of
Transmittal.
. I certify that all of the provisions set forth under "Representations,
Warranties and Agreements By Tendering Stockholders" in the Instructions to
the Letter of Transmittal are true and correct with respect to me or with
respect to the beneficial owner of the shares tendered hereby, and that, by
signing above, the tendering stockholder is making these representations and
warranties to GM and agreeing to the terms and conditions of the Exchange
Offer.
. I certify that (i) I am eligible to participate in the Exchange Offer, and
(ii) if I am tendering shares on behalf of a beneficial owner, to the best
of my knowledge, such person is eligible to participate in the Exchange
Offer.
<PAGE>
Box A
LOST, DESTROYED, MUTILATED OR STOLEN $1 2/3 PAR VALUE COMMON STOCK
CERTIFICATES
By signing the front of this Letter of Transmittal, I certify that I am
the lawful owner of the shares described on the front of this Letter of
Transmittal. If I have filled out the surety bond calculation below, I
have made a diligent search for the certificate(s), and I have been
unable to find it (them) or it (they) have been destroyed, mutilated or
stolen. I hereby agree (for myself, my heirs, assigns and personal
representatives), in consideration of the exchange of the shares
represented by the certificate(s), to completely indemnify, protect and
hold harmless SAFECO Surety Company (the "Surety"), EquiServe Trust
Company, Fleet National Bank, ABN AMRO Bank N.V., General Motors and
their respective affiliates (collectively, the "Obligees') from and
against all losses, costs and damages which they may be subject to, or
liable for, in respect to the cancellation and exchange of the
certificate(s). I agree that this Letter of Transmittal is delivered to
accompany Bond of Indemnity # 5926165 underwritten by SAFECO Surety
Company to protect the foregoing Obligees. I agree to surrender the
certificate(s) for cancellation if I find it (them) or it (they) is (are)
otherwise recovered at any time.
Surety Bond Calculation: X $1.60 = $
----------------------- ----------- ----------
(Minimum Premium of $20.00) # of Shares Lost, Insurance Total
Destroyed, Mutilated or Premium per Premium
Stolen Share Due
Please make your check (minimum amount of $20.00) payable to SAFECO Surety
Company and enclose with this Letter of Transmittal. We will not be able to
complete your exchange without this premium.
- -------------------------------------------------------------------------------
Box B Box C Box D
Certification of Payee Medallion Signature Guaranteed Delivery
Awaiting Guarantee (Please refer to
Taxpayer (Please refer to Instruction I)
Identification Number Instruction III)
(Please refer to
Instruction IX)
- -------------------------------------------------------------------------------
I certify under For use by eligible If tendered shares of
penalties of perjury, institutions only. $1 2/3 par value
that a Taxpayer Place Medallion common stock are being
Identification Number Guarantee in space delivered pursuant to
has not been issued to below. a notice of guaranteed
me, and that I mailed delivery, provide the
or delivered an following information.
application to receive
a Taxpayer
Identification Number
to the appropriate IRS
Center or Social
Security
Administration Office
(or I intend to mail
or deliver an
application in the
near future). I
understand that if I
do not provide a
Taxpayer
Identification Number
within 60 days, 31% of
all reportable
payments made to me
thereafter will be
withheld until I
provide a number.
<TABLE>
<S> <C> <C>
-----------------------
Name(s) of registered
holder(s)
-----------------------
Date of execution of
----------------------------------- notice of guaranteed
(Signature of Current Owner) (Date) delivery
-----------------------
----------------------------------- Name of institution
- ------------------------ (Signature of Co-(Date) that guaranteed
(Signature) (Date) Owner, if any) delivery
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Box E--Designation of Broker: If your broker has been instrumental in
this tender, provide the following information.
Name of your brokerage firm: ________ Your brokerage account #: __________
(Please refer to Instruction VIII)
If you elect to participate in the Exchange Offer and your
shares of GM $1 2/3 par value common stock are held in
certificate form, you must return the stock certificate(s)
with your completed Letter of Transmittal and any other
required documents to the address below prior to the
Expiration Date.
ABN AMRO Bank N.V.
Attn. Issuing Institutions/Corporate Actions
MF2020
Kemelstede 2
4817 ST BREDA
Nederland
Delivery of the Letter of Transmittal to an address other
than as set forth above will not constitute a valid delivery
to the Exchange Agent.
If you send certificate(s) representing shares of $1 2/3 par
value common stock tendered with the Letter of Transmittal
by mail, it is recommended that you use registered mail
insured for 2% of the market value ($20.00 minimum), return
receipt requested.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - -
<PAGE>
EXHIBIT 12(a)(1)(xxi)
CHECKLIST FOR PARTICIPATION IN THE EXCHANGE OFFER
(1) Check Contents of Package: Before proceeding, please ensure that this
package contains the following materials:
. Letter from John F. Smith, Jr., Chairman of the Board of Directors and
Chief Executive Officer of GM.
. Letter of Transmittal (printed on white paper) pre-printed with your
account number and address.
. Instructions to the Letter of Transmittal (printed on blue paper).
. Return envelope addressed to ABN AMRO Bank N.V.
. Guidelines for Certification of Taxpayer Identification Number on
Substitute Form W-9 (printed on white paper).
. Notice of Guaranteed Delivery (printed on yellow paper).
. Offering Circular-Prospectus dated April 24, 2000.
(2) Review Materials Carefully Before Deciding to Participate: Please
review all enclosed materials carefully before deciding to participate in the
Exchange Offer. If your shares of $1 2/3 par value common stock are registered
in your name and you decide to participate, you must continue with
instructions #3 and #4 below. If your shares of $1 2/3 par value common stock
are held for you by a broker, dealer, bank, trust company or employee benefit
plan sponsored by GM and you decide to participate, you must contact such
person and instruct them to tender your shares of $1 2/3 par value common
stock on your behalf. (If you have so instructed or plan to instruct such
person, you do not need to proceed with instructions #3 and #4 below).
(3) Complete the Letter of Transmittal: You must do the following to
complete the Letter of Transmittal:
. Read the Instructions to the Letter of Transmittal.
. Complete Box O 6 or O 7 , as applicable, on the Letter of Transmittal.
. Sign and date the Letter of Transmittal.
. Correct the Tax Identification Number, if necessary, using the space
provided at O 5 on the Letter of Transmittal and, if applicable,
complete, sign and date Box B on the Letter of Transmittal.
. Some portions of the Letter of Transmittal should only be completed if
applicable:
. If your stock certificates have been lost, destroyed, mutilated or
stolen, you should complete Box O 8 and Box A of the Letter of
Transmittal and include a check for the applicable surety bond amount.
. If you are tendering shares of $1 2/3 par value common stock and you
are not the registered holder of those shares (and are not tendering
those shares for the account of an Eligible Institution), Box C on the
Letter of Transmittal must be completed.
. If you cannot deliver your certificate(s) to the Exchange Agent before
the Expiration Date, a broker must guarantee delivery of your shares
of $1 2/3 par value common stock and you should complete Box D of the
Letter of Transmittal. The broker must submit the separate document
entitled "Notice of Guaranteed Delivery."
. If your tender has been solicited by a broker, the name of the firm
and your brokerage account number should be identified in Box E of the
Letter of Transmittal.
(4) Special Issuance or Delivery Instructions: If you would like to
designate special issuance or delivery instructions for the shares of Class H
common stock, shares of $1 2/3 par value common stock not tendered or not
accepted by GM in the Exchange Offer or cash you may receive instead of
fractional shares of Class H common stock, please mark Box O 9 of the Letter
of Transmittal, complete the appropriate sections of pages 12 through 14 of
the Instructions to the Letter of Transmittal and return those completed
sections with your Letter of Transmittal in the envelope provided.
(5) Mail $1 2/3 Par Value Common Stock Certificates, Signed Letter of
Transmittal and any Other Documents Required by the Letter of Transmittal to
the Exchange Agent: Send the Letter of Transmittal together with your
certificate(s) representing $1 2/3 par value common stock to ABN AMRO Bank
N.V. at the addresses shown on the Letter of Transmittal. Use of registered
mail, return receipt requested, is recommended.
If you have any questions, have not received the Letter of Transmittal or
other documents pertaining to the Exchange Offer, or need other assistance in
completing the Letter of Transmittal, please contact the Information Agent:
Morrow & Co. Inc., 445 Park Avenue, 5th Floor, New York, New York 10022,
(877) 816-5329 (toll-free) for calls in the United States or (212) 754-8000
(collect) for calls outside the United States.
<PAGE>
EXHIBIT 12(a)(5)(i)
================================================================================
This announcement is not an offer to sell, and is not soliciting any offer to
buy, any securities. The Exchange Offer is made only by means of the Offering
Circular-Prospectus dated April 24, 2000 and the related Letter of
Transmittal (and the instructions thereto) and is not being made to any
General Motors Corporation stockholders in any jurisdiction where the
making of the Exchange Offer or its acceptance would not be legal.
In those jurisdictions in the United States where the securities or
blue sky laws require the Exchange Offer to be made by a licensed
broker or dealer, the Exchange Offer shall be deemed to be
made an behalf of General Motors Corporation by Morgan
Stanley & Co. Incorporated and in other jurisdictions by
one or more registered brokers or dealers under
the laws of such jurisdictions.
General Motors Corporation
Notice of Offer to Exchange
1.065 Shares of Class H Common Stock
for each share of
$1 2/3 Par Value Common Stock,
up to 92,012,781 shares of Class H Common Stock
--------------------------------------------------------
THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL
EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON MAY 19,
2000 UNLESS THE EXCHANGE OFFER IS EXTENDED.
--------------------------------------------------------
General Motors Corporation, a Delaware corporation ("GM"), is offering to
exchange 1.065 shares of Class H Common Stock, par value $0.10 per share, of GM
("Class H Common Stock") for each share of Common Stock, par value $1 2/3 per
share, of GM ("$1 2/3 Par Value Common Stock") (the "Exchange Offer") validly
tendered and not withdrawn by 12:00 midnight, New York City time, on May 19,
2000, or any later date to which the Exchange Offer may be extended by GM for
any reason (such date and time, as it may be so extended, the "Expiration Date")
and accepted by GM upon the terms and subject to the conditions set forth in the
Offering Circular-Prospectus, dated April 24, 2000 (the "Offering Circular-
Prospectus"), and the related Letter of Transmittal (and the instructions
thereto). GM will accept up to a maximum of 86,396,977 shares of $1 2/3 Par
Value Common Stock and will issue up to a maximum of 92,012,781 shares of Class
H Common Stock in the Exchange Offer. GM's Class H Common Stock is a "tracking
stock" of GM designed to provide holders with financial returns based on the
financial performance of Hughes Electronics Corporation ("Hughes"), which is a
wholly-owned subsidiary of GM. All persons holding $1 2/3 Par Value Common Stock
are eligible to participate in the Exchange Offer if they tender their shares in
a jurisdiction where the Exchange Offer is permitted under local law.
The Exchange Offer is an important element of GM's overall plan to
restructure its economic interest in Hughes in order to realize some of the
economic value arising from GM's ownership of Hughes, as described in the
Offering Circular-Prospectus. The Exchange Offer provides holders of $1 2/3 Par
Value Common Stock with an opportunity to increase, in a manner generally free
of U.S. federal income tax, their interest in the financial performance of
Hughes.
The Exchange Offer is subject to various conditions, including the
condition that at least 28,798,992 shares of $1 2/3 Par Value Common Stock
(approximately 4.6% of the outstanding $1 2/3 Par Value Common Stock as of March
31, 2000) are validly tendered and not withdrawn on or prior to the Expiration
Date.
If more than 86,396,977 shares of $1 2/3 Par Value Common Stock are validly
tendered and not withdrawn on or prior to the Expiration Date, GM will accept
such shares on a pro rata basis when the Exchange Offer expires. A holder of
$1 2/3 Par Value Common Stock who beneficially owns an aggregate of fewer than
100 shares of $1 2/3 Par Value Common Stock and who validly tenders all such
shares will generally not be subject to proration, as described in the Offering
Circular-Prospectus. In addition, no fractional shares of Class H Common Stock
will be issued in the Exchange Offer. Instead, cash will be paid to holders of
$1 2/3 Par Value Common Stock otherwise entitled to receive fractional shares of
Class H Common Stock as a result of the Exchange Offer.
NONE OF GM, HUGHES, THE EXCHANGE AGENT, THE INFORMATION AGENT, THE DEALER
MANAGER, THE MARKETING MANAGER OR ANY OF THEIR RESPECTIVE OFFICERS OR DIRECTORS
MAKES ANY RECOMMENDATION TO ANY STOCKHOLDER AS TO WHETHER TO TENDER ANY SHARES
OF $1 2/3 PAR VALUE COMMON STOCK PURSUANT TO THE EXCHANGE OFFER. EACH
STOCKHOLDER MUST MAKE HIS OR HER OWN DECISION REGARDING WHETHER TO TENDER SHARES
OF $1 2/3 PAR VALUE COMMON STOCK AND, IF SO, HOW MANY SHARES TO TENDER PURSUANT
TO THE EXCHANGE OFFER.
For purposes of the Exchange Offer, the exchange of shares will be complete
if GM gives oral or written notice to Fleet National Bank (the "Exchange Agent")
that it has accepted the tenders of such shares for exchange. Promptly following
the announcement by GM of the final results of the Exchange Offer, including
proration, if any, the Exchange Agent will deliver the tendered shares of $1 2/3
Par Value Common Stock to GM and, as agent for the tendering stockholders, will
receive from GM the shares of Class H Common Stock that correspond to the number
of shares of $1 2/3 Par Value Common Stock accepted and credit such shares to
book-entry accounts maintained for the tendering stockholders.
In all cases, exchange of shares of $1 2/3 Par Value Common Stock will be
made only upon receipt by the Exchange Agent prior to 12:00 midnight, New York
City time, on the Expiration Date of the Exchange Offer of (1) if applicable,
certificates representing such shares of $1 2/3 Par Value Common Stock (or
timely confirmation of a book-entry transfer of such $1 2/3 Par Value Common
Stock into the Exchange Agent's account at The Depository Trust Company) and
(2) a properly completed and duly executed Letter of Transmittal or an agent's
message (as described in the Offering Circular-Prospectus) in connection with a
book-entry transfer of shares, together with any other documents required by the
instructions to the Letter of Transmittal. Under no circumstances will interest
be paid by GM pursuant to the Exchange Offer, regardless of any delay in making
such exchange or crediting or delivering shares.
GM expressly reserves the right, at any time or from time to time, in its
sole and absolute discretion for any reason and regardless of whether any of the
conditions specified in the Offering Circular-Prospectus under the caption "The
Exchange Offer--Conditions for Completion of the Exchange Offer" have been
satisfied, (1) to extend the period of time during which the Exchange Offer is
open or (2) to amend the Exchange Offer in any respect (including termination of
the Exchange Offer if the conditions described in the Offering Circular-
Prospectus are not met or changing the exchange ratio), in each case by issuing
a press release or by making another public announcement of such extension or
amendment.
Tenders of shares of $1 2/3 Par Value Common Stock made pursuant to the
Exchange Offer may be withdrawn as set forth in the Offering Circular-Prospectus
under the caption "The Exchange Offer--Withdrawal Rights" and in the
instructions to the Letter of Transmittal. Tendered shares may be withdrawn at
any time prior to the Expiration Date and may also be withdrawn after the
expiration of 40 business days from the commencement of the Exchange Offer if GM
has not previously accepted such shares. To be effective, a written notice of
withdrawal must be received by the Exchange Agent by the Expiration Date at one
of its addresses set forth on the back cover of the Offering Circular-Prospectus
and must specify the name of the person who tendered the shares of $1 2/3 Par
Value Common Stock to be withdrawn, the number of shares of $1 2/3 Par Value
Common Stock to be withdrawn and the name in which the $1 2/3 Par Value Common
Stock certificates are registered, if different from that of the withdrawing
holder, as described in the Offering Circular-Prospectus. All questions as to
the form of documents (including notices of withdrawal) and the validity, form,
eligibility (including time of receipt) and acceptance for exchange of any
tender of shares of $1 2/3 Par Value Common Stock will be determined by GM in
its sole and absolute discretion, which determination will be final and binding
on all tendering stockholders. None of GM, Hughes, the Exchange Agent, the
Information Agent, the Dealer Manager, the Marketing Manager, the soliciting
dealers or any other person will be under any duty to give notification of any
defect or irregularity in tenders or notices of withdrawal or incur any
liability for failure to give any such notification.
The Offering Circular-Prospectus, the Letter of Transmittal (and the
instructions thereto) and other relevant materials are being mailed to record
holders of $1 2/3 Par Value Common Stock and furnished to brokers, securities
dealers, banks, trust companies and similar persons whose names, or the name of
whose nominees, appear on the most recent stockholder list of GM or, if
applicable, who are listed as participants in a clearing agency's security
position listing for subsequent transmittal to beneficial owners of $1 2/3 Par
Value Common Stock. The Offering Circular-Prospectus, the Letter of Transmittal
(and the instructions thereto) and the related materials contain important
information which should be read carefully before any decision is made with
respect to the Exchange Offer.
Salomon Smith Barney Inc. is acting as the Marketing Manager for Hughes in
connection with the Exchange Offer.
Questions and requests for assistance or additional copies of the Offering
Circular-Prospectus, the Letter of Transmittal (and the instructions thereto)
and other materials relating to the Exchange Offer may be directed to the
Information Agent or the Dealer Manager, as set forth below.
The Information Agent for the Exchange Offer is:
Morrow & Co., Inc.
445 Park Avenue, 5th Floor
New York, New York 10022
(877) 816-5329 (toll free)
for calls in the United States
(212) 754-8000 (collect)
for calls outside the United States
The Dealer Manager for the Exchange Offer is:
MORGAN STANLEY DEAN WITTER
Call (212) 761-0039
April 24, 2000
GM urges holders of $1 2/3 Par Value Common Stock to read the final
Registration Statement, including the final Offering Circular-Prospectus,
regarding the Exchange Offer, as well as the other documents that GM has filed
or will file with the Securities and Exchange Commission (the "SEC"), because
they contain or will contain important information for making an informed
investment decision. Holders of $1 2/3 Par Value Common Stock may obtain a free
copy of the final Offering Circular-Prospectus and other documents filed by GM
at the SEC's website at www.sec.gov or at GM's website at www.gm.com, or from GM
by directing such request in writing to: GM Fulfillment Center, 30200
Stephenson Hwy, (MC 480-000-FC1), Madison Heights, Michigan 48071.
================================================================================
<PAGE>
EXHIBIT 12(a)(5)(ii)
INFORMATION REGARDING U.S. FEDERAL INCOME TAX BASIS
The following information is provided to assist you in determining your
basis in your $1 2/3 par value common stock and your Class H common stock for
U.S. federal income tax purposes as a result of the exchange of your $1 2/3
par value common stock for Class H common stock (the "Exchange"). This
information is not intended as tax advice. You should consult your tax advisor
as to the particular basis consequences to you of the Exchange under U.S.
federal, state, local and foreign tax laws.
Generally, for U.S. federal income tax law purposes, your aggregate tax
basis in the Class H stock you received (including any fractional share of
Class H common stock you are deemed to have received) will be the same as your
aggregate tax basis in the shares of $1 2/3 par value common stock surrendered
in the Exchange. If you surrendered some, but not all of your shares of $1 2/3
par value common stock in the Exchange, your tax basis in the shares of $1 2/3
par value common stock you retained will remain unchanged. In addition, your
holding period in the shares of Class H common stock you received (including
any fractional share of Class H common stock you are deemed to have received)
will include your holding period in the shares of $1 2/3 par value common
stock you surrendered in the Exchange.
If you received cash in lieu of a fractional share of Class H common stock,
you will be treated as having first received such fractional share and then
having sold such fractional share in exchange for the cash received. A portion
of your tax basis in your Class H common stock will be allocated to the
fractional share you are deemed to have sold in order to calculate your gain
or loss on the deemed sale. The following example illustrates the above:
Assume you exchanged 100 shares of $1 2/3 par value common stock in
which you had a total tax basis of $6,000 ($60 per share) for Class H
common stock. Based on the exchange ratio of 1.065 shares of Class H common
stock for each share of $1 2/3 par value common stock, you would have
received 106 shares of Class H common stock and would be deemed, for tax
purposes, to have received an additional 0.5 fractional share, for a total
of 106.5 (100 X 1.065) shares of Class H common stock. If the amount of
cash paid in lieu of fractional shares equaled $100 per whole share of
Class H common stock, you would be deemed, for tax purposes, to have sold
the 0.5 fractional share for $50 ($100 X 0.5) in this example. (Note that
your fractional share deemed sale price is equal to the amount of the check
you received, if any, in lieu of a fractional share of Class H common
stock.)
Your tax basis in the 106.5 shares would be $6,000 (equal to your basis
in the $1 2/3 par value common stock you surrendered in the Exchange). Your
tax basis in each share of Class H common stock you received will be $56.34
($6,000 / 106.5). Your tax basis in the 0.5 fractional share of Class H
common stock you were deemed to receive is equal to $28.17 ($56.34 X 0.5).
Your tax basis in the 0.5 fractional share of $28.17 is subtracted from the
fractional share sale price of $50 to calculate your gain of $21.83 on your
deemed sale of the 0.5 fractional share of Class H common stock. Your
remaining total tax basis in the 106 shares of Class H common stock that
you actually received would be $5,971.83 ($6,000 - $28.17).
The tax law does not clearly address how tax basis should be allocated by
holders of $1 2/3 par value common stock who exchange two or more blocks of
stock with differing tax basis. We encourage you to consult with your own tax
advisor regarding the tax basis and other tax consequences of the Exchange.
<PAGE>
EXHIBIT 12(a)(5)(iii)
GENERAL MOTORS CORPORATION
STOCKHOLDER ATTACHMENT TO
2000 U.S. FEDERAL INCOME TAX RETURN
Treas. Reg. (S)1.368-3(b)
Please complete the blanks on this form and attach to your 2000 U.S.
federal income tax return (if you are required to file such a return).
Stockholder Name: _____________________________________________________________
Taxpayer Identification Number (TIN) or Social Security Number (SSN): _________
On May 19, 2000 the taxpayer listed above surrendered shares of General
Motors Corporation ("GM") $1 2/3 par value common stock for shares of GM Class
H common stock pursuant to an exchange offer by GM. The exchange qualified as
a tax-free reorganization of GM under Section 368(a)(1)(E) of the Internal
Revenue Code of 1986, as amended. The taxpayer did not assume any liabilities
in the exchange and none of the shares of Class H common stock received by the
taxpayer were subject to any liability. The taxpayer did not receive any money
or property in the exchange other than GM Class H common stock (and cash in
lieu of any fractional share of Class H common stock).
The following information is included in the stockholder's U.S. federal
income tax return pursuant to Treas. Reg. (S)1.368-3(b):
<TABLE>
<S> <C>
. Number of shares of $1 2/3 par value common stock
surrendered: _______________shares
. Tax basis in shares of $1 2/3 par value common
stock surrendered: $____________________
. Fair market value of shares of Class H common
stock received (calculate by multiplying total
number of shares of Class H common stock received
in the exchange, including fractional shares
deemed to be received, by [$118]): $____________________
</TABLE>
