Rss@dailykos.com (mark Sumner) · Wednesday, January 04, 2017, 8:33 pm
Under the guise of clearing up those problems with millions of immature stock options, Exxon has conducted a one man buyout for Rex Tillerson. They’ve knocked together a special package that’s only good if Tillerson gets confirmed as Trump’s secretary of state.
If Mr. Tillerson is confirmed, Exxon will transfer the equivalent value of two million unvested shares that he was set to receive at his previously expected retirement in March into a trust, according to the company.
Tillerson gives up some cash bonuses he might otherwise pick up over the next ten years, and the total package is, in theory, some $7 million less than the total he might receive if he was not moving on to a full-time position in promoting the biggest business deal ever between ExxonMobil and Vladimir Putin. However, since under this deal Tillerson’s stock options are paid immediately into a trust where they can be invested rather than trickling out over the next ten years, it’s likely the total at the end of that period could top what Tillerson was scheduled to receive.
In any case, $180 million should be enough to keep a roof over Tillerson’s head—so long as he doesn’t get his mortgage from Trump’s secretary of the treasury nominee, and will keep Tillerson comfy until he can sign that $500 billion deal to keep Putin in power and bring palm trees to the North Pole.
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