According to a recent SEC filing submitted by Ford Motor Co., CEO Alan Mulally was awarded Ford shares worth $56 million and Executive Chairman Bill Ford Jr. got $42.4 million in stock before taxes.
These unrestricted stock options are part of over $106 million in shares that Ford awarded to high-ranking executives under an incentive program attached to Ford’s performance in 2009 and 2010. Ford said that Mulally was issued 3.8 million shares of common stock at $14.76 per share.
Ford added that his net stock award totaled $33 million after $23 million was withdrawn for taxes. Mulally was also awarded 884,433 stock options at $14.76 that can be exercised through March 2021, says Autonews.
This strike price is higher than Monday's closing price of Ford shares - $14.01. He also got an additional 543,000 stock options that will convert into common shares in March 2013. Meanwhile, Bill Ford Jr., who hired Mulally in 2006, received 2.87 million shares.
He received a net $25 million worth of stock after 1.17 million shares were withheld for taxes. Ford also got options to purchase 412,735 stock options at $14.76 per share.
Similar to Mulally's stock options, the options can be exercised through March 2021. Ford also got 253,742 stock options that convert into common stock in March 2013.
In 2008, these shares were granted as part of the automaker's long term incentive plan. Ford established this plan to reward executives as it expected to achieve a turnaround.