The Rising Influence of Rising Affluence

[DewDiligence]

(XTO) Nice work if you can get it…

http://online.wsj.com/article/SB10001424052748704869304574596210584664756.html

›XTO Chairman to Get $23 Million Bonus

By BEN CASSELMAN
DECEMBER 14, 2009, 5:20 P.M. ET

Under change-in-control provisions in his contract, XTO Chairman Bob R. Simpson will get a $23 million bonus, not $120 million as previously reported by the Journal. [Only $23M? Surely, such a paltry sum would not influence a decision to sell the company (LOL).]

Based on the terms of XTO's acquisition by Exxon Mobil Corp., Mr. Simpson would also receive $10.8 million in salary, plus various other payments.

In April the company's proxy statement said that in the event of a change in control he would receive $170.8 million in compensation, $120 million of which would be bonus, though the amount he was due would decline over time.

In November, however, the company disclosed that it had signed a new agreement providing that, in the event of a change in control, Mr. Simpson's bonus would be paid in cash based on the value of shares awarded as a bonus this year, which work out to about $23 million.

XTO didn't responded to requests for comment.‹