March 7 (Bloomberg) -- Ford Motor Co. awarded Chief ExecutiveOfficer Alan Mulally $13.8 million in stock for the automaker’sperformance last year when its profits grew in North America andsales picked up speed in China.

Ford also gave its top executive 613,747 stock options as partof an incentive plan for 2013, according to a filing yesterday withthe U.S. Securities and Exchange Commission. Mulally is restrictedfrom selling the 882,352 shares of stock until March 4, 2016. Theoptions, with a strike price of $15.37, vest in thirds annuallyover the next three years.

The second-largest U.S. automaker earned $7.16 billion in 2013and its shares climbed 19 percent, trailing a 30 percent jump forthe Standard & Poor’s 500 Index and a 42 percent gain forGeneral Motors Co.

Mulally, 68, will receive other compensation for 2013, includingsalary and benefits, to be disclosed later this month. Thoughbriefly wooed by Microsoft Corp. last year to be its CEO, Mulallyhas said he’ll stay at Ford at least through December. Sincearriving from Boeing Co. in 2006, he has led a turnaround that letFord avoid the bailouts and bankruptcies that befell predecessorsof GM and Chrysler Group LLC.

“He’s done so much for the company, at this point, they have tocontinue to provide him with very rich compensation,” DavidWhiston, an equity analyst with Morningstar Inc. in Chicago, saidin a phone interview. “Other than turning around Lincoln, he’sreally done everything he can do at Ford.”

In addition to the new awards, Mulally now is free to sell376,016 shares, worth $5.9 million at the close on March 5, whichhe received in 2012 for the company’s performance in 2011. Fordrose 0.2 percent to $15.70 at 10:20 a.m. New York time, aftertrading for less than $2 five years ago.

Shareholder gains

“We are committed to align executive compensation with thecompany’s business performance and to tying a significant portionof executive compensation to long-term shareholder value,” ToddNissen, a company spokesman, said in a telephone interview, addingthat Ford outperformed the S&P 500 over the past fiveyears.

Mulally is credited with cultivating a more collaborativeculture at Ford, which had long been characterized by backbiting.He also slashed costs by closing factories, cutting workers andselling off European luxury lines including Jaguar. He restoredprofits by broadening Ford’s lineup with fuel- efficient modelsloaded with technology, such as voice-activated controls. Ford hasearned $42.3 billion in the last five years after losing $30.1billion from 2006 through 2008.

Best-paid CEO

Mulally has received total compensation of about $303 millionsince 2006, and last year Ford made him the world’s highest paidautomotive CEO. For 2012, Ford paid Mulally almost $21 million insalary, bonus, stock, options and other compensation. Plus, hereceived an additional stock award worth $11.7 million lastyear.

The company revealed last year that it would give Mulallyanother bonus after he leaves the company in reward for leading theturnaround. The Dearborn, Michigan-based automaker didn’t disclosethe amount.

Ford shuffled its leadership team in late 2012 to prepare forMulally’s eventual departure. Ford elevated its Americas chief MarkFields to chief operating officer, positioning him as front-runnerto take over as CEO when Mulally retires.

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