Rex Tillerson will take a $180 million retirement deal and make a complete break from ExxonMobil if confirmed as secretary of state. In a deal announced Tuesday, Exxon says the former oil executive who resigned on Dec. 31 will sell his 611,000 shares of Exxon, worth about $55.5 million, and receive the value of a little over 2 million restricted shares, now worth about $184 million, in an independently managed trust, reports Bloomberg. Tillerson would have received the 2 million shares over a decade had he reached Exxon's mandatory retirement age of 65 in March, reports the AP.
In total, he'll lose about $7 million, including $4.1 million in cash bonuses and benefits he would've received over the next three years, per Politico. Tillerson also agrees not to work in the oil and gas industry for 10 years; if he breaks that condition, the money in the independent trust will be given to "one or more charities involved in fighting poverty or disease in the developing world" without input from Tillerson or Exxon, the company says, adding Tillerson will "sever all ties with the company to comply with conflict-of-interest requirements associated with his nomination as secretary of state." (Read more Rex Tillerson stories.)