Shares of Boeing, which have risen nearly 70% since early October, fell 55 cents to close at $211.66 on Friday ahead of the announcement.
Calhoun was the chairman of Boeing and then became CEO in January 2020 after Dennis Muilenburg was fired by the board. Calhoun had total compensation of $21.1 million in both 2020 and 2021. In 2021, the Board approved a long-term incentive award target of $16 million.
In April 2021, Boeing raised its required retirement age from 65 to 70 to allow Calhoun to remain in the top job. Calhoun turns 66 in April.
The award to Calhoun comes just weeks after Boeing reported its first annual positive cash flow since 2018.
Calhoun has made boosting free cash flow a key financial goal for the company as it seeks to recover from supply chain strife caused by the pandemic and boost production of its 737 MAX and 787 jetliners. Boeing expects free cash flow to grow from $2.3 billion in 2022 to between $3 billion and $5 billion in 2023.