DEARBORN, Mich. -

Representing the first bonus payout in three years, Ford is ready to reward president and chief executive officer Alan Mulally and other top executives handsomely for the turnaround the automaker has enjoyed.

According to the automaker’s proxy statement filed with the U.S. Securities and Exchange Commission, Ford is about to give Mulally a total package worth more than $26.5 million.

Ford explained the amounts shown in the proxy statement for stock and option awards represent the grant date value of these awards under applicable accounting rules — not actual compensation received by each named executive officer.

The statement indicated total 2010 compensation for the five current named executive officers is:

—Mulally earned $1.4 million in salary and $9.45 million in cash bonus last year. Like he did in 2009, Ford indicated Mulally continued to take a voluntary 30 percent reduction from his 2008 salary as part of the company’s plan to conserve cash and reduce expenses. Mulally’s total listed compensation — including the grant date value of long-term stock options and other stock-based awards — was $26,520,515.

—Bill Ford earned $1.4 million in salary and $2.7 million in cash bonus last year, according to the OEM. Bill Ford, who did not receive any salary, bonus or stock awards for 2005, 2006 and 2007, also took a voluntary 30-percent reduction in 2009 and 2010 from his 2008 salary. The company indicated Bill Ford’s total listed compensation — including the grant date value of long-term stock options and other stock-based awards — was $26,460,998, but included salary for 2008 and 2009 and the value of stock awards made for 2008.

“This reflects his pledge to not accept compensation for those years until the compensation committee determined, as it did in August 2010, that Ford’s global automotive operations had achieved full-year profitability,” officials explained.

—Mark Fields, Ford executive vice president and president of the Americas, earned $1,337,500 in salary and $3.6 million in cash bonus last year. The automaker noted Fields’ total listed compensation — including the grant date value of long-term stock options and other stock-based awards — was $8,818,892.

—Lewis Booth, Ford executive vice president and chief financial officer, earned $1,237,500 in salary and $3 million in cash bonus last year, according to the company. Ford said Booth’s total listed compensation — including the grant date value of long-term stock options and other stock-based awards — was $8,196,821.

—John Fleming, Ford executive vice president of global manufacturing and labor affairs, earned $776,250 in salary and $1.4 million in cash bonus last year. The automaker indicated Fleming’s total listed compensation — including the grant date value of long-term stock options and other stock-based awards — was $5,916,261.

Along with compensation approval, Ford explained the proxy also contains four company and three shareholder proposals requiring the votes of shareholders. The automaker’s annual meeting is set to begin at 8:30 a.m. on May 12 at the Hotel du Pont in Wilmington, Del. 

“In 2010, we accelerated performance of our One Ford Plan,” the company emphasized in its proxy statement.

“We made significant progress on our One Ford goal of an exciting viable Ford delivering profitable growth for all,” the company continued.

Executives highlighted Ford’s stock delivered a significant improvement for the second year in a row. It appreciated 68 percent last year, placing the company among the top 4 percent of S&P 500 performers for the year. Ford also mentioned it was recognized by PricewaterhouseCoopers as the winner of the three-year Global Automotive Shareholder Award.

Company leaders also emphasized Ford returned to solid profitability in 2010, delivering results that exceeded expectations.

The company reported $6.6 billion in net income, its highest in more than 10 years; posted automotive operating-related cash flow of $4.4 billion; reduced automotive debt by $14.5 billion to end the year with more cash than debt on its balance sheet; and, for the first time since 1993, increased market share in the U.S. for two consecutive years. 

Because of Ford’s performance last year, the compensation committee of the Ford board of directors approved payments for salaried employees under the company’s incentive bonus plan, representing the first payout in three years.

Ford recapped that it had voluntarily canceled bonus payments for 2008 and 2009 performance to support the company’s plan to conserve cash, reduce costs and fund continued investments in the company’s accelerated product plans.

Going forward, Ford said it remains absolutely focused on its One Ford plan and ensuring that every part of its operations is competitive with the best in business. That focus led to the company’s decision to not award annual merit increases for salaried employees in the U.S. and Canada in 2011 — including named executives — because compensation benchmarking shows Ford’s base salary levels currently are competitive in the U.S. and Canada.