ExxonMobil pays Tillerson $180 million

A candidate for the office of the Secretary of state has concluded an agreement with the company on retirement

Rex Tillerson, applying for the post of Secretary of state, concluded with ExxonMobil, the agreement on the pension payment in the amount of $ 180 million, he is deprived of cash bonuses for several million dollars, and the equivalent cost of two million shares of the company will be transferred to the trust Fund.

The agreement was concluded in order to Tillerson was able to avoid conflict of interest in accordance with Federal requirements.

In the framework of this agreement Tillerson will lose more than 4 million cash bonus he was to receive in the next three years, and two million shares. In exchange, ExxonMobil has agreed to place into the Fund the equivalent value of these shares.

“In total, this agreement will reduce the put Tillerson compensation of approximately $ 7 million,” said the company.

Tillerson will also have to sell more than 600,000 of its shares in the company. In addition, he will be forbidden to work in the oil and gas industry over the next 10 years.

President-elect Donald trump last month nominated Tillerson to the post of Secretary of state. Tillerson, head of ExxonMobil has worked for 10 years, announced his resignation on December 31.