Dear Bobby…
Valentine’s Day is still a month away, but the letter that ConocoPhillips (COP) sent to Burlington Resources (BR) Chairman and CEO Bobby Shackouls that was filed yesterday sounds something like a love letter, complete with promises of undying devotion and lots of nice gifts.
How does ConocoPhillips love thee? Let us count the ways:
–Office space in Burlington Resources’ current headquarters building “for not less than five years”
–Continued employment during that period of Bobby’s current secretary or, if she retires, “her successor shall be reasonably satisfactory to you.”
–Car and club memberships
Of course, this is all on top of the other things (read: money) that Bobby, who will join ConocoPhillips board, will walk away with post-merger. The letter, which was part of the S-4 that the company filed yesterday spells out lots of different payments for Bobby and other top BR executives. Among those is the full vesting of 145,000 shares of restricted stock currently held by Shackouls — stock that’s currently worth about $13 million. Other top executives, including COO Randy Limbacher and evp Steve Shapiro will also collect about $5 million once their restricted stock is cashed in. There’s also cash severance payments — ranging from $2.5 million to Bobby’s $7.2 million.
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January 12th, 2006 at 4:56 pm
This reminds me of an old nusery rhyme. Just replace Shaftoe with Shackouls:
Bobby Shackouls’s gone to sea,
Silver buckles at his knee;
He’ll come back and marry me,
Bonny Bobby Shackouls.
Chorus:
Bobby Shackouls’s bright and fair,
Combing down his yellow hair,
He’s my ain for ever mair,
Bonny Bobby Shackouls.
Bobby Shackouls’s tall and slim,
He’s always dressed so neat and trim,
The lassies they all keek at him,
Bonny Bobby Shackouls.
Chorus:
Bobby Shackouls’ gett’n a bairn,
For to dandle on his airm,
On his airm and on his knee,
Bobby Shackouls loves me.
Chorus:
January 14th, 2006 at 10:42 am
To be fair regarding the items you bulleted, Conoco makes it sound as if they are simply applying their own treatment of a departing chief (office and secretary) and honoring Burlington’s commitments (memberships) to Shackouls.