By Deepa Seetharaman 

Facebook Inc. Chief Operating Officer Sheryl Sandberg's 2014 compensation shrank slightly to $15.5 million after she was awarded fewer restricted stock units.

Ms. Sandberg is Facebook's highest-paid officer, according to a proxy statement the company filed Friday.

Facebook's board approved raises and larger bonuses for top executives, including Ms. Sandberg, as the company's shares rose about 40% last year. Facebook added hundreds of millions of users and made two major acquisitions of mobile messaging app WhatsApp and virtual reality company Oculus VR.

Ms. Sandberg's base salary increased to $593,000, from $384,000, and she was awarded a bonus of $624,204 in part for strengthening Facebook's ties to advertisers. The board also gave her 208,470 restricted-stock units, valued at roughly $14.3 million. Her 2013 stock grant had been valued at about $16 million.

Chief Executive Mark Zuckerberg was paid $1 in salary. The remainder of his listed compensation of $610,455 reflected the value of personal flights on planes chartered by Facebook.

Former Chief Financial Officer David Ebersman, who resigned in September, got a pay package of $9.6 million, while incoming CFO David Wehner's compensation was about $12 million.

Write to Deepa Seetharaman at deepa.seetharaman@wsj.com

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