by Christopher Freeburn | March 7, 2013 11:42 am
Documents filed with regulators on Tuesday by Ford (NYSE:F) revealed that its CEO received enormous bonuses for the automaker’s performance last year.
Alan Mulally received 909,179 shares of Ford stock worth about $11.7 million at its current share price. The shares will vest in March 2015, but roughly 45% of them will cover taxes, Reuters noted.
Additionally, the company granted Mulally options on 745,526 shares for 2013. In order for him to realize a gain on those options, the stock price must remain above $12.75 a share.
It’s been a good week for Mulally. Another 543,734 shares that he was awarded in 2010 became fully vested this week. Those shares are currently valued at $7 million.
The company has not yet disclosed Mulally’s compensation package for 2012. Last year, he received $5.5 million in cash and a $2 million annual salary.
For 2012, Ford posted earnings of $5.7 billion, its fourth consecutive annual profit. In January, the company announced that it planned to hire 2,200 workers this year.
Shares of Ford dipped fractionally in Thursday morning trading.
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