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Stock Compensation and the Secretary of State Nominee
myStockOptions.com Link to more items from this source
Jan. 10, 2017
"Incentive compensation awards for senior executives at ExxonMobil [where Secretary of State nominee Rex Tillerson currently is its CEO] are not paid out until 10 years after retirement and cannot be accelerated for any reason except death, a rare requirement that strongly encourages (or even forces) long-term alignment between shareholders and executives.... In exchange for the surrender and the cancellation of these grants, the company will make a cash payment into an irrevocable ethics-compliance trust equal to the value of the company stock under a market-based formula ... The trust also has an interesting type of clawback provision that will be triggered if Tillerson ever again works in the oil and gas industry while there are still undistributed funds in the trust."

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