Ford withheld some of the stock award to cover Mulally's income taxes.
After taxes, Mulally received $34.5 million.
The vested stock was paid out under Ford's 2008 long-term incentive plan, the automaker said.
Ford said Executive Chairman Bill Ford, 54, received 595,238 stock options with a strike price of $12.46, the first of which he can exercise next year, and he was awarded 175,473 restricted stock units that can be converted into shares in 2014, according to a separate filing with the SEC.
Ford has awarded Mulally stock worth more than $100 million the past two years.
"Our compensation philosophy is to align the interests of our leadership with those of our shareholders," said Todd Nissen, a Ford spokesman. "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."
Ford shares, which traded as low as $1.01 on Nov. 20, 2008, fell 3 percent to $12.09 at the close in New York Stock Exchange trading.
Mulally's compensation emerged as a flashpoint in contract talks with the UAW last year. Bob King, the union's president, described Mulally's $26.5 million pay package for 2010 as "morally wrong" when some workers were being paid about $15 an hour.
Ford workers eventually approved a contract that did not provide a raise in base pay but included signing bonuses that were richer than the packages given to General Motors or Chrysler Group workers.
Mulally hit nearly all of his performance targets in 2009, when U.S. auto sales fell to their lowest in nearly three decades and GM and Chrysler filed for bankruptcy.
Last year, Ford rewarded Mulally with $56.6 million in stock. The executive's 2010 compensation rose 48 percent to $26.5 million.
Options, restricted stock
In his new awards, Mulally, 66, also received 1.28 million stock options with a strike price of $12.46, which he can begin to exercise next year, and he was awarded 376,016 restricted stock units that can be converted into shares in 2014.
GM CEO Dan Akerson, whose pay must be approved by the Obama administration's special pay master, said Jan. 10 that he won't get a cash bonus for 2011, when the automaker earned a record profit and again became the world's largest.
Akerson, who served as CEO for four months in 2010, received $2.53 million in total compensation for that year, including a $566,667 salary and $1.96 million in stock awards and other pay, GM said in a proxy statement last year. His annual salary was $1.7 million, the filing said.
Other auto CEOs
Volkswagen AG Chief Executive Officer Martin Winterkorn was the highest paid CEO in Germany in 2010, with total compensation of 9.3 million euros ($12.2 million), a study from the DSW association for private investors showed.
Nissan Motor Co. Chief Executive Officer Carlos Ghosn received 982 million yen ($12.2 million) in total compensation for the 2010 fiscal year, including salary and stock options, making him the highest-paid leader among Japanese companies.
Toyota Motor Corp. President Akio Toyoda was paid 136 million yen in the year ended March 31, 2011, including a 24 million yen bonus, according to a filing last year to Japan's finance ministry.
Ghosn's pay was lower than the 2010 average for global automotive companies, estimated at about $15.3 million by Towers Watson & Co., a U.S. benefits consultant. Mulally's 2010 compensation was the highest in the auto industry, the consultant said.
