Chesapeake Energy Corp , the second-largest natural gas producer in the United States, said outgoing Chief Executive Aubrey McClendon would receive about $11.7 million in cash compensation over four years.
The company also said McClendon's departure would be treated as a termination without cause. http://link.reuters.com/xek65t
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The compensation is based on an annual base salary of $975,000 and a bonus compensation of $1.95 million, the company said in a filing with securities regulators.
Chesapeake said on Tuesday McClendon will step down on April 1, after a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the company.
McClendon is entitled to total compensation of about $47 million, including restricted stock awards already given to him that have a value of $33.5 million, Reuters reported on Tuesday, citing a person familiar with the compensation package.
(Reporting by Krishna N. Das; Editing by Sriraj Kalluvila)