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Company will give Cheney $20 million retirement deal

SHARE Company will give Cheney $20 million retirement deal

The energy services company that Dick Cheney served for much of the past five years as chairman and chief executive has agreed to give him a retirement package worth an estimated $20 million, according to people who have reviewed the deal.

The board of the Halliburton Co., which is based in Dallas, approved the arrangements on July 20, five days before Gov. George W. Bush announced his selection of Cheney as his running mate.

The board's vote allowed Cheney to avoid a potentially costly aspect of his employment contract, which said he would forfeit some of his compensation if he retired before age 62 without the board's permission.