Ford's Mulally makes $1.7 million on stock option

Ford Motor Company's President and CEO Alan Mulally makes remarks during a news conference after the firm's annual meeting of shareholders in Wilmington, Delaware May 12, 2011.

DETROIT (Reuters) - Ford Motor Co (F.N) Chief Executive Alan Mulally made about $1.7 million through a stock option that kicked in after Ford shares traded above $15 a share for 30 straight days, the automaker said on Friday.

This option was given to Mulally as part of his 2006 hiring agreement with Ford.

On May 13, Mulally bought 250,000 Ford shares for $8.28 each. He sold them for $15.25 a share the same day, according to a filing with the U.S. Securities and Exchange Commission.

He made a little more than $1.7 million through the transaction, before taxes. Mulally was able to exercise that option after Ford shares traded above $15 for 30 consecutive trading days, Ford spokesman John Stoll said.

(Reporting by Deepa Seetharaman; editing by Carol Bishopric, Gary Hill)