WPP granted CEO Martin Sorrell $53M in stock award, the maximum amount allowed under the ad/conglomerate's Leadership Equity Acquisition Plan approved by stockholders in 2009.

The grant covers the five-year period beginning Jan. 1, 2010 and ending Dec. 31 of last year.

The board says Sorrell received the greatest allowable grant because of " "WPP’s strong outperformance against the 12 comparator companies included in the scheme."

It noted that WPP's total shareholder return on investment outpaced "96 percent of the FTSE 100 market capitalization."

WPP chairman Philip Lader said in a statement: “This senior management incentive compensation plan required substantial personal, long-term investment by the participants, exceptional corporate performance over five years, and was approved by an 83% supporting vote of share owners."

Sorrell on March 12 sold almost half (48.2 percent) of his awarded shares to pay for taxes associated with his LEAP gain.

A new bonus plan with less generous award targets goes into effect in 2017.

Through family and foundation stock holdings, Sorrell controls a 1.7 percent stake in WPP.