CEO Awarded $60 Million to Lead Linn Energy Firm Past Bankruptcy
(Bloomberg) -- The same day Linn Energy Inc. exited bankruptcy, it awarded Chief Executive Officer Mark Ellis a $60 million compensation package, more than three times the amount Exxon Mobil Corp. paid its CEO.
Ellis’s pay included an equity grant worth $58 million, split between restricted shares and so-called Class B units, which are classified as profit interests for tax purposes, according to a regulatory filing Wednesday. Both vest in increments over four years, but the units are deliverable only when Linn’s equity value exceeds $2 billion. That condition has already been satisfied, the filing said.
Ellis, who’s led the company since 2010, also received $900,000 in salary and a $1.04 million bonus. Chief Financial Officer David Rottino and Chief Operating Officer Arden Walker each received awards of $24.7 million. The company didn’t immediately respond to an email and phone call seeking comment.
For the first year on the job, Exxon CEO Darren Woods made $17.5 million. His pay consisted of a $1.2 million salary, $1.85 million cash bonus and performance shares valued at $10.8 million.
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