Exxon will pay two executives $2.87 million.

Exxon President Howard C. Kauffmann will be paid $1.63 million and Senior Vice President Donald M. Cox will receive $1.238 million in connection with the two executives’ previously announced retirements after the company’s annual meeting in May, according to proxy materials. Exxon said it makes such payments “from time to time . . . to selected executives where the corporation would benefit as, for example, by the early retirement of any executive from a position which would provide an opportunity for executive succession planning.” The maximum payment can’t exceed two years’ salary, the company said.