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Without the $1.3 million pension increase, Baxter's pay would have been close to the $8.5 million he earned in 2018. The values were reported in a filed Thursday.

Ameren raised his salary 5% to $1.2 million, and his $2.3 million bonus was 165% of the target amount. Ameren's bonus formula called for a 146% payout based on earnings, safety and reliability performance, but the compensation committee increased it based on an assessment of Baxter's individual performance.

Baxter was also credited with $4.7 million worth of stock, but that could be worth more or less depending on how Ameren performs for shareholders between 2019 and 2021. A performance stock award from 2017 ended up being worth 236% of its original value, giving Baxter shares worth $9.3 million instead of the estimated $4.0 million.

Ameren didn't list the value of Baxter's perquisites but said they included tax and financial planning services and event tickets.

The St. Louis based utility boosted earnings per share 1% last year, and its share price climbed 18%.

Baxter earned 66 times as much as the median Ameren employee, whose pay the company calculated at $147,127.

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