Ford Motor Company (NYSE:F) has received $13.8 million in Ford stock, according to company filings. This is up from the $11.6 million bonus he received a year ago. The bonus package is based on Ford’s 2013 performance. and is part of his pay package for last year.
Ford earned $7.2 billion in 2013, which is up 26% from a year earlier. The profits were high enough to give hourly factory workers a profit-sharing of around $8,800 each, which was a company record. Mulally will be required to hold onto the stock that he receives under the grants for at least two years, according to CNN.
Mulally was awarded options to buy another 613,747 shares of Ford stock at a price of $15.37. He has until 2024 to exercise these options. Mulally will receive a base salary and cash bonus for 2013. His base salary has been $2 million for the past two years. His cash bonus was $1.8 million in 2011 and $1.3 million in 2012.
Mulally was named CEO of Ford in 2006 and was credited for turning the auto giant around. He was able to prevent the company from having to take a federal bailout unlike GM and Chrysler. Microsoft attempted to poach Mulally from Ford, but those efforts fell through.
Mulally now owns around 6.2 million shares in Ford stock, which is estimated to be worth around $96.9 million. He has options to purchase another 16.1 million shares, which would be worth another $252 million. He will have to pay over $100 million to exercise those options though.