Rex Tillerson committed to sell the more than 600,000 Exxon share he currently owns. | Getty Tillerson, Exxon set conflict-of-interest agreement

Oil giant ExxonMobil announced late Tuesday it had reached an agreement with secretary of State nominee Rex Tillerson over the hundreds of millions of dollars he's owed from the company.

Under the deal that Exxon said was developed with ethics regulators to comply with conflict of interest requirements that Tillerson sever all ties with the company, the former chairman and CEO would see the value of the more than 2 million deferred shares that he is owed put into an independently managed trust, and the share awards would be canceled. At current market prices, those shares are worth more than $180 million.

And Tillerson committed to sell the more than 600,000 Exxon share he currently owns, which are currently valued at nearly $55 million.

The former oil executive would give up more than $4.1 million in cash bonuses that are scheduled to pay out over the next three years, as well as other benefits such as retiree medical and dental benefits, and administrative, financial and tax support. And he would give up about $3 million in the value of his shares at the establishment of the trust.

The trust would include forfeiture rules that prohibit Tillerson from working in the oil and gas industry for a decade.

