Tuesday, December 07, 2010
Blankenship's Retirement Agreement Outlined
WEST VIRGINIA....
Richmond, Va.-based Massey Energy outlined Don Blankenship's retirement agreement in a Securities and Exchange Commission filing Tuesday. The document says Blankenship gets $2 million on December 31st and $10 million on July 1st. The deal also covers undetermined performance awards for this year, health insurance and a $5,000 a month consulting job for two years, as well as a secretary and use of his main office in eastern Kentucky for up to five years. In exchange, Blankenship can't compete with Massey or hire away employees for two years. His successor, Baxter Phillips, Jr., has been given a raise to $1.1 million, from $650,000.
Richmond, Va.-based Massey Energy outlined Don Blankenship's retirement agreement in a Securities and Exchange Commission filing Tuesday. The document says Blankenship gets $2 million on December 31st and $10 million on July 1st. The deal also covers undetermined performance awards for this year, health insurance and a $5,000 a month consulting job for two years, as well as a secretary and use of his main office in eastern Kentucky for up to five years. In exchange, Blankenship can't compete with Massey or hire away employees for two years. His successor, Baxter Phillips, Jr., has been given a raise to $1.1 million, from $650,000.# posted by Homer Owens @ 7:55 PM 
