Retired Gen. James Mattis, President-elect Donald Trump Donald John TrumpBarr criticizes DOJ in speech declaring all agency power 'is invested in the attorney general' Military leaders asked about using heat ray on protesters outside White House: report Powell warns failure to reach COVID-19 deal could 'scar and damage' economy MORE's pick for Defense secretary, has agreed to divest his stock and resign from the board of directors for the defense contractor General Dynamics if he is confirmed by the Senate.

According to a report by Politico, Mattis has committed to a two-page ethics agreement released on Saturday that also requires the former general to recuse himself from matters relating to General Dynamics for one year.

Under the terms of the agreement, Mattis will have to divest all stock and vested option within 90 days of his confirmation. The former general must also forfeit any of his non-vested stock and options.

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However, Mattis will be allowed to keep his stock in a bio-tech firm called Theranos because the Pentagon determined that his duties in the upcoming administration are "unlikely" to affect the financial interests of the company, according to Politico.

Mattis has already stepped down from the board of Theranos, and will be required to resign from the board of the Hoover Institution, a public policy think tank based at Stanford University.

Details of Mattis's legal agreement were in an ethics document released Saturday by the Office of Government Ethics, which also sent a letter to leading Senate Democrats accusing Republicans of rushing confirmations for several Trump Cabinet nominees.

The Senate is scheduled to hold confirmation hearings for Mattis on Thursday.