Boeing
this week awarded Jim Albaugh, CEO of the Commercial Airplanes unit, a
special incentive grant of 50,000 company shares worth more than $3
million, according to a regulatory filing.

Albaugh moved to his position in September after seven years heading
Boeing's defense unit. The filing said the incentive grant was made "in
recognition of Mr. Albaugh's performance and as a retention vehicle."

The special award is in addition to Albaugh's regular annual bonus
award of shares and stock options. In total, Albaugh got 67,524 shares
this week, worth $4.3 million. The shares vest in three years, provided
Albaugh stays at the company.

At the same time Albaugh was awarded 71,247 stock options, a third of which will vest each year for three years.

The value of the stock options depends on whether the share price rises above the award strike price of $63.83.

Boeing chief executive Jim McNerney this week was granted 51,705
shares worth about $3.3 million as part of the company's regular
incentive plan, filings with the Securities and Exchange Commission
show.

In addition, McNerney got 210,210 stock options with the same strike price and vesting schedule as Albaugh's.

Dominic Gates: 206-464-2963 or dgates@seattletimes.com