Chrysler completes 4-year stock plan.
Chrysler has contributed $162.5 million worth of stock, or 15,251,891 shares, to the plan since its inception in 1980. Eligible employees who received shares during all of the plan years now hold $4,500 worth of company stock, or 179 shares each, including shares purchased with dividends paid in April 1984. The shares will continue to earn dividends and will be kept in trust for employees until they retire or otherwise terminate employment.
The employee stock ownership plan was mandated in the Chrysler Corp. Loan Guarantee Act of 1979 in return for a Government guarantee of repayment of up to $1.5 billion of loans Chrysler could obtain from private lenders. Chrysler actually borrowed $1.2 billion and completed repayment in 1983.