The Richmond-based company announced the planned sale Tuesday, adding that the decision was also prompted by a desire to concentrate on its chain of daily newspapers.
The fee was indluded in the accord for the Richmond-based company.
Farrell later joined Recast Energy, a Richmond-based company, founded in October 2010, that converts biomass to steam for industrial use.
The cash-and-mill deal satisfies two goals for the Richmond-based company.
The Richmond-based company said its final tally showed that its incumbent directors had received about 56 percent, or 10.6 million, of the 24.2 million proxy votes cast at its annual meeting on May 20.
A James River spokesman said the Richmond-based company had received indications of interest from other parties before it signed the agreement with Sun Chemical.
The Richmond-based company also said the agreement would remove lenders' security interest on about $2.3 billion of assets.
A flood of personal-injury lawsuits forced the Richmond-based company to seek protection from its creditors under Chapter 11.
So far, Robins executives, including members of the family that founded the Richmond-based company, have fended off all bids - and most analysts believe they are still committed to remaining independent.
One of the units the Richmond-based company plans to sell is the Texas Gas Transmission Corporation, a gas pipeline company that it bought for $1.06 billion four years ago.
