Ford Mulally awarded $13.8M for 2013 performance

Ford CEO Alan Mulally can cash in about $5.9 million in company stock now and was awarded additional stock worth $13.8 million at the current share price for his performance in 2013, according to documents filed Thursday with the Securities and Exchange Commission.

The $13.8 million represents 882,352 shares of restricted stock that cannot be converted into common stock and cashed until 2016. Ford shares increased 19% in 2013 and had a similar boost in 2012.

The $5.9 million in bonuses he can cash in now were awarded in 2012 for his performance in 2011, and comes from 376,016 shares that were converted to common stock Wednesday. From the total award, 164,528 shares were withheld for income tax purposes, so he nets less than $5.9 million.

Mulally's portfolio now includes almost 6.2 million shares in the company he joined in 2006. Those shares are worth nearly $97 million at Thursday's $15.67 closing price.

The stock is in addition to Mulally's salary, bonus and other compensation, which is expected to be disclosed later this month.

In 2012, Ford paid Mulally total compensation of $21 million, which was a 29% cut from what he made in 2011 because Ford fell short of some internal performance targets used to set executive pay.

The package included a base salary of $2 million and the rest was cash bonuses, stock options and awards and incentive cash payments. He has received more than $300 million in compensation for his service at Ford.

The SEC filing also includes 613,747 shares that will be invested over the next three years.

"We're committed to aligning executive compensation with our business performance," said Ford spokesman Todd Nissen, who said Ford outperformed the S&P 500 over the past five years.

Ford earned almost $7.2 billion in 2013. Mulally is credited with turning around Ford's fortunes. Profitability and dividends have been restored and the automaker has a strong portfolio of global products. Ford is losing money in Europe, and not mak! ing very much in South America. The revival of the Lincoln luxury brand is a work in progress.

During the second half of last year, Ford was distracted by speculation over Microsoft's courtship of Mulally, 68, as a candidate to lead the Redmond, Wash.-based tech company. In the end, he decided to stay with Ford at least through this year. Mullaly has been promised an additional bonus when he leaves for restoring the company to health during his tenure. Microsoft promoted Satya Nadella to CEO.

Also filed with the SEC:

■ Executive Chairman Bill Ford's 2013 performance stock is valued at almost $6.5 million at current stock prices, although the shares cannot be converted until 2016. But he can cash in $2.7 million worth of shares now for his work in 2011.

■ Chief Operating Officer Mark Fields' performance stock in 2013 is valued at $3.2 million at Thursday's prices. The shares he can convert now for his 2011 performance are are worth $864,000.

■ Joe Hinrichs, president of the Americas, had his 2013 performance stock valued at $2.2 million, reflecting the strength of the region he oversees. He can convert almost $5.2 million now for his performance in 2011.