Ford CEO 2008 compensation valued at $17.7 million

DEARBORN, Michigan -- The majority of his package came in stock options and awards valued at $14.6 million. Those options are underwater, as the value of company stock has dropped over the last year from the exercise price of $6.14 a share.

The stock lost 10 cents, or 3.5%, in trading Tuesday to close at $2.80.

Mulally earned $2 million in salary but did not receive a bonus. The automaker lost $14.6 billion in 2008, its worst annual loss in its 105-year history, as its cash reserves dwindled to $13.4 billion at year's end.

Ford submitted a preliminary proxy to the Securities and Exchange Commission, because of a company proposal seeking shareholder approval to make a portion of payments to a union-run trust in stock instead of cash.

The Associated Press calculates total pay including executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year. The calculations don't include changes in the present value of pension benefits or the company's cost of stock and options granted before 2006, and the figures can differ from the company's total.

Ford also announced that its annual shareholder meeting will be held May 14 at the Hotel DuPont in Wilmington, Del.