- Linn Energy (LNGG) awarded CEO Mark Ellis a $60M compensation package - more than 3x the amount Exxon Mobil paid its CEO - on the same day it exited Chapter 11 bankruptcy protection in February 2017, an SEC filing says.
- Ellis's pay included an equity grant worth $58M, split between restricted shares and Class B units, with both vesting in increments over four years but the units are deliverable only when Linn's equity value exceeds $2B, a condition that has been satisfied, according to the filing.
- LNGG said today that Ellis will retire from the company following the completion of its split into two companies.