XTO Energy Inc
Under the new agreement, Simpson could receive up to $46 million in cash and stock if the Exxon deal closes, according to a filing with the Securities and Exchange Commission.
That compares to the roughly $70 million Simpson could have pulled in under the change in control provisions of his employment agreement.
If the merger closes, Simpson will now receive a lump sum payment of $10.8 million and retention payments of up to $24.8 million.
He will also receive an annual consulting fee of $1.8 million, an annual cash bonus bonus of $1.8 million, and a one-time grant of restricted stock worth $3.6 million.
Those amounts are independent of the roughly 6.5 million XTO shares Simpson already owns, which are currently worth around $310 million.
XTO Chief Executive Keith Hutton, President Vaughn Vennerberg, CFO Louis Baldwin, and Executive Vice President Timothy Petrus also signed consulting agreements with Exxon.
The one-year consulting agreements are each renewable for an additional year. Under the agreements, the officers will retire from the company on completion of the merger and serve as consultants on a full-time basis.
(Reporting by Michael Erman; editing by Gunna Dickson)