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8 months ago
BRIEF-Exxon Mobil, Tillerson reach agreement to comply with conflict of interest requirements
January 4, 2017 / 2:59 AM / 8 months ago

BRIEF-Exxon Mobil, Tillerson reach agreement to comply with conflict of interest requirements

Jan 3 (Reuters) - Exxon Mobil Corp :

* Exxonmobil, Tillerson reach agreement to comply with conflict of interest requirements

* Exxon -if Tillerson is confirmed secretary of state, more than 2 million deferred shares that he would have received over 10 yrs would be moved to independently managed trust

* Also if Tillerson is confirmed as secretary of state, Exxonmobil share awards would be cancelled

* Exxon - agreed with Tillerson to sever ties with co to comply with conflict-of-interest requirements associated with nomination as secretary of state

* Exxon Mobil Corp - Tillerson would also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over next three years

* Net effect of agreement is a reduction of approximately $7 million in compensation owed to Tillerson

* Exxon - Tillerson has also committed to state department that, if confirmed, he would sell more than 600,000 shares in Exxonmobil he currently owns Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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