Let's hear it for Eugene Isenberg, the obviously Occupy Wall Street-inspired former CEO now chairman emeritus of Nabors Industries who agreed to waive a $100M termination agreement.
Okay, the 82-year executive had been under attack by shareholders such as Pennsylvania's Erie County retirement system, which blistered the windfall as "excessive and improper" compensation and filed suit seeking "disgorgement."
I suspect a tad of Isenberg-envy from the good folks of Erie County. One hundred million smackers would probably buy half the county. However, the Keystoners should lighten up. Isenberg used to have a $265M severance deal, according to today's Wall Street Journal.
There's more good news for the OWS crowd. Isenberg has agreed to forfeit a $7M payment in his deferred bonus account. In consideration of that goodwill, Nabors will pay $6.6M, plus interest, to Isenberg's estate or trust. He will continue to participate in the oil driller's insurance and fringe benefit programs, an outlay the company brushes off as "immaterial."
It's Isenberg's hope that Nabors earmark a substantial portion of the saved $100M to charity. As long as profits from activities like hydraulic fracking continue to pile up, Nabors has agreed to give a portion of the $100M to charity.
Nabors did earn 73 percent of Isenberg's now null and void $100M termination pay during its third-quarter. It had planned to take a $100M termination agreement write-off for the fourth-quarter. That contingency is now under review, thanks to Isenberg's good deed.
Look for "We Need More Former CEOs Like Gene Isenberg" or "We Like Ike" posters/banners to proudly wave during the spring rebirth of OWS protests.
Even better: Isenberg has signed on as a goodwill ambassador for Nabors. He'd be the toast of Zuccotti Park.