It looks like backlash to Gene Isenberg's $100 million payout has had an effect.

On Monday, Nabors Industries announced that Gene Isenberg forfeited his $100 million payment for stepping down as CEO of the company. According to a press release, Isenberg voluntarily terminated his employment contract as of Dec. 31, 2011, and has waived all claims against the company and cash compensation as a result of his departure. He is also forfeiting an additional $7 million in deferred bonus compensation.

Instead Isenberg's estate will receive $6.6 million at the time of his death, and he will continue to receive insurance and other benefits from Nabors.

Isenberg was replaced as Chief Executive Officer on Oct. 28 by Nabors president Anthony Petrello. Isenberg will continue to serve out his term as chairman of the board through June 2012.

"I am fortunate to have been very successful in my career, and it has always been my intention to donate this money to charity," Isenberg said in the press release. "I ultimately concluded that everyone's interests, including the Company's and our shareholders', were best served by this new arrangement. It is my hope that the Company utilizes a substantial portion of these savings for worthy charitable purposes."