Mulally Awarded Nearly $12 Million in Ford Options

Ford Motor Co. has granted CEO Alan Mulally 745,500 options and 909,200 restricted shares as part of his 2012 compensation.

The award is worth about $11.7 million at Ford's closing share price of $12.89 on Thursday.

Actual value will depend on the stock price when the options and restricted stocker are converted into common shares. The options will vest over three years. The restricted stock can't be cashed in until 2015.

Mulally became eligible this week to exercise $5.5 million of options he received as a bonus in 2010.

Ford also granted options and restricted stock to its other senior managers for 2012 performance. The company has not yet disclosed total executive compensation for last year.