Yahoo! ( YHOO) Chief Executive Terry Semel was awarded options on 1.3 million shares with an exercise price of $40.68, the company said in a filing with the Securities & Exchange Commission.

The options, which expire in 2013, were given to Semel, on March 10, the company said. He received the options, which are priced above the current trading price, in lieu of a cash bonus, says Joanna Stevens, a Yahoo! spokeswoman.

Yahoo! will release additional details about the compensation packages awarded to Semel, its CEO since 2001, and those of other top executives when it issues its proxy statement in April, she says.

Shares of Sunnyvale, Calif.-based Yahoo! have slumped 22% this year amid concerns about disappointing fourth-quarter earnings and growing competition from Google ( GOOG).

Earlier this year, Semel, 63, sold $13 million in company stock. It was his first sale of shares since October.

Shares of Yahoo!, the most-visited Web site, fell 51 cents to $30.48.