NEW YORK (AP) - Exxon Mobil Corp., the world's largest publicly traded oil company, has awarded Chairman and Chief Executive Rex. W. Tillerson a cash bonus payment of about $3.36 million and 185,000 restricted shares for his work in 2007, according to a Tuesday filing with the Securities and Exchange Commission. The company also increased Tillerson's salary to $1.87 million, effective Jan. 1. In 2006, the CEO received a compensation package valued by the oil giant at about $18.4 million, which included $1.5 million in salary and a $2.8 million bonus. At the beginning of 2007, Exxon Mobil boosted Tillerson's salary to $1.75 million. According to the filing, Tillerson's $3.36 million cash award was part of a $214 million bonus pool approved by the company's compensation committee on Wednesday. The bonus payments also included $2.15 million awarded to Senior Vice President J. Stephen Simon, $1.86 million given to Senior VP Donald D. Humphreys and $1.26 million awarded to Senior VP Stuart R. McGill. In addition, Vice President Harold R. Cramer was awarded a bonus payment of $1.59 million. Cramer's annual salary was also raised to $840,000, as of Dec. 1. Exxon Mobil said about 50 percent of the bonuses will be paid to the executives in cash by year-end and the remaining half will be paid on a deferred basis through the use of earnings bonus units. Each unit entitles the executive to receive a cash payment equal to Exxon Mobil's earnings per share as announced each quarter beginning after the grant. Payout occurs on the third anniversary of the grant date or when the maximum settlement value of $5 per unit is reached. The committee also established a total ceiling of 11 million shares to be granted as restricted stock under Exxon Mobil's incentive program for 2007. In addition to Tillerson's award, Simon received 107,000 shares, Humphreys was awarded 90,800 shares and Cramer was given 77,000 shares. Exxon Mobil said the first half of the restricted stock award may not be sold until five years after grant. The balance of the shares may not be sold until 10 years after grant or until retirement, whichever occurs later. The restricted periods may not be accelerated except in case of death. During the restricted period, shares may not be transferred and are subject to forfeiture in cases of early termination, ethics violations or other improper activity. Exxon Mobil noted that its executive officers are all "at will" employees and do not have employment contracts. Exxon Mobil shares fell 46 cents to $88.39 in afternoon trading. During the past 52 weeks, the company's shares have risen from a low of $69.02 in early March to a high of $95.27 in mid-October. Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
