Dec 5 James Flores, the chief executive of
Plains Exploration & Production Co, could see a p ayday
in excess of $150 million if Freeport-McMoRan Copper & Gold
Inc's $9 billion deal to buy Plains and McMoRan
Exploration Co moves ahead.
He is also in line to make more than $60 million from shares
he already owns.
Flores' employment contract has a change-in-control clause
that entitles him to restricted shares currently valued at $137
million and a $20.7 million payment for excise taxes, according
to a regulatory filing.
If the successor company "agrees to assume and perform
Mr. Flores' employment agreement and Mr. Flores does not
terminate his employment with such successor," he is due the
excise tax payments and 2.9 million restricted shares will
automatically vest, according to the company's latest proxy
statement filed with the U.S. Securities and Exchange
A spokesman for Plains was not immediately available to
If the deal - which some investors have slammed as
unnecessary - is approved, Flores will be vice chairman of
Freeport and CEO of the combined company's oil and gas