Chesapeake Energy Corp. CEO Aubrey McClendon has agreed to reimburse his company $12.1 million plus interest under a settlement agreement with shareholders that was filed in state court in Oklahoma City. McClendon in 2008 sold the company an antique map collection (see NGI, June 8, 2009). That year, in which he also received a $75 million bonus, McClendon had been forced by margin calls to sell 31.5 million shares in the company, or 94% of his holdings (see NGI, Oct. 13, 2008). Under a preliminary settlement agreement he is allowed to keep the bonus but has to reimburse the company for the maps. The company also agreed to several corporate governance and compensation changes, which include hiring an independent compensation consultant and forbidding executives from using Chesapeake stock to hedge or trade in puts or calls.

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