Washington - Ford Motor Co. awarded stock options and other long-term incentive payments to top executives this week, including $11.8 million in stock to chief executive Alan Mulally that he is set to receive in 2015.
Mulally, Ford's president and CEO, also this week collected $7 million from 543,734 shares of stock that the automaker awarded under its long-term incentive program.
The Dearborn automaker disclosed the executive compensation in filings late Tuesday. The automaker has had profits for four straight years, including net income of $5.7 billion in 2012
Ford says 45,800 hourly UAW workers will receive profit sharing checks averaging $8,300 ? including $174 million to 21,000 hourly workers in southeast Michigan.
Mulally had been awarded the Ford stock units in 2011 that converted to stock this week.
After withholding some of the shares to cover tax liability, Mulally collected stock worth $3.7 million.
Mulally was also awarded Ford stock units worth $11.8 million ? the equivalent of 909,179 shares that will convert to stock in 2015.
He was also given the right to buy 745,526 shares of stock at $12.75 a share ? the price on the day the options were awarded ? but those options can't be fully exercised until 2016.
Ford will disclose Mulally's total 2012 compensation when it files its proxy. In 2011, Mulally had total compensation of $29.5 million.
Ford executive chairman Bill Ford Jr. collected $3.3 million in stock that had been awarded in 2011 but also vested this week. After some of the stock was withheld to collect taxes, Ford netted $1.8 million.
Ford was awarded the right to buy 347,912 shares of stock at $12.75 a share, but can't exercise all options until 2016. He was also awarded 171,347 Ford stock units that will convert to shares of stock in 2015 ? currently valued at $2.2 million.
Ford chief operating officer Mark Fields collected $940,000 in stock.
Fields was also granted the right to buy 248,508 shares at $12.75 ? though the options aren't fully exercisable until 2016 and the equivalent of 223,000 shares of Ford stock that will convert to stock in 2015.
dshepardson@detnews.com
(202) 662-8735
Source: http://www.detroitnews.com/article/20130306/AUTO0102/303060406/1478/rss
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