Ford CEO Alan Mulally has received $34.5 million worth of shares, as disclosed by the company on Tuesday in a regulatory filing.

Going by the filing with the U.S. Securities and Exchange Commission, this will be part of Mulally’s 2009 performance incentives. These stock awards will be in addition to the salary and bonus coming Mulally's way, which will be disclosed next month. He had received a salary of $1.4 million and a bonus of $9.45 million last year. Now he hold 5.62 million Ford shares.

In 2009, he was given 4.8 million stock units for his performance, in which 1.9 million shares were withheld for taxes. The balance 2.9 million units were converted to shares worth $34.5 million at Tuesday's closing stock price of $12.09.

United Auto Workers President Bob King has stated that the pay given to Mulally was morally wrong. However, Ford has given justification for the compensation. Our compensation philosophy is to align the interests of our leadership with those of our shareholders, Ford said in a statement Tuesday.

Ford's stock was $1.96 a share at the time of the 2009 awards, and is over $12 a share today. That is a more than a 500 percent increase, which benefits all stakeholders in the Ford turnaround, it added.