Ford CEO Received Options in Lieu of Pay
From Reuters, Bloomberg News
Ford Motor Co. Chief Executive William Clay Ford Jr. received stock options valued at $21.6 million in lieu of a salary and other pay in 2002, the automaker said.
Ford received options for 4 million shares with an exercise price of $15.13 worth $20.1 million as long-term compensation, the proxy said. He also received options on 408,247 more shares worth almost $1.5 million, which the company said he received instead of salary.
About 90% of the exercise prices are higher than Ford’s current share price. Ford shares closed up 20 cents at $10.16 on the New York Stock Exchange.
