July 31 (Reuters) - New Boeing CEO Kelly Ortberg

will receive a long-term incentive award targeted at $17.5

million, the planemaker said on Wednesday.

Ortberg, 64, who will take over as president and CEO on Aug.

8, will also get an annual base salary of $1.5 million, an

annual incentive award target of $3 million and a $1.25 million

cash payment in December.

He will also be eligible for $16 million in total restricted

stock and performance awards that will vest over four years.