Wednesday, December 1, 2010

Exxon (NYSE:XOM) CEO Gets Salary, Bonus Boost for 2011

Exxon Mobil Corp (NYSE:XOM) chief executive officer Rex Tillerson has reportedly received a salary increase of 8 percent for 2011, along with an increase in his bonus of 40 percent.

Tillerson was awarded a bonus of $3.36 million in 2010, up significantly from the $2.4 million he received in 2009. That was according to a required regulatory filing with the U.S Securities and Exchange Commission.

The filing noted that 50 percent of the bonus will be paid out in cash at the end of 2010, while the rest of it will be based on the performance of EPS on a quarterly basis.

Salary for Tillerson was bumped up from $2.2 million in 2010 to $2.39 million in 2011.

Also awarded by the board of directors to the CEO was 225,000 shares of restricted stock, 50 percent of which can't be cashed in for 5 years. The other 50 percent must be held for 10 years before being allowed to sell it.

Exxon was trading at $71.48, gaining $1.92, or 2.76 percent at 2:47 PM EST.

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