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Rio Tinto To Pay Former CEO Sam Walsh's Delayed Bonus

Rio Tinto will pay its former chief executive Sam Walsh's delayed bonus after he refused to agree to a further suspension of entitlements earned during his time with the company.

Rio Tinto and Walsh had agreed to defer incentive payments in light of investigations by regulators into a payment made to a consultant in relation to the Simandou iron ore project in Guinea. Sam was chief executive of the iron ore product group at the time the payment was made.

"Rio Tinto felt that a further deferral of the amounts that were payable on 31 December 2018 was appropriate given that the regulatory investigations in relation to the Simandou matter are ongoing. However, the parties could not agree to extend the deed of deferral," Rio Tinto said in a statement.

Upon the completion of an independent confidential and binding dispute resolution process, Rio Tinto has determined that Walsh's incentive plan awards should not be subject to any further deferrals and are payable.

As a result, payments will be made by Rio Tinto to Sam Walsh of all deferred incentive plan awards which would have been payable on 31 December 2018 together with associated dividends and interest.

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