UDPATE 1-BNY Mellon CEO pay flat, given extra stock

* Robert Kelly total comp of $14 million - filing

* Pay figure excludes $2.6 million in restricted stock

* Company cites performance though "challenging" times

BOSTON, March 15 (Reuters) - Bank of New York Mellon Corp (BK.N) paid Chief Executive Robert Kelly $14 million last year, the company reported in a securities filing on Monday, roughly the same as the $14.2 million he received in 2008.

The New York custody bank said Kelly's 2009 pay included a salary of $1 million, slightly above the $993,750 salary he was paid in 2008, plus the cost of stock and option awards, the change in value of his pension and other items.

In both years the company omitted Kelly's bonus, citing the company's failure to meet certain criteria under its executive incentive compensation plan.

But to make up for the missed bonus in 2009 the bank paid Kelly an extra $2.6 million in restricted stock, in addition to the $14 million, according to the filing.

Spokesman Kevin Heine said in setting the extra stock award for Kelly last year the company's compensation committee meant it to reflect a balance between "recognizing Kelly's effective performance in 2009 under challenging circumstances, while at the same time providing an incentive to work toward better financial performance in coming years."

Best-known for its commercial operations including asset management and custody work, BNY Mellon was among the banks that received federal bailout money at the depths of the financial crisis in the fall of 2008.

Its shares closed on Monday at $29.94, not far off its 52-week low of $22.30. Shares of rival State Street Corp (STT.N), which had fallen to $22.54 in March 2009, closed at $44.53 on the New York Stock Exchange. (Reporting by Ross Kerber, editing by Leslie Gevirtz)