Attached files
file | filename |
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10-K - CHENIERE ENERGY, INC. 12/31/09 FORM 10-K - Cheniere Energy, Inc. | form_10k.htm |
EX-21.1 - EXHIBIT 21.1 - Cheniere Energy, Inc. | exhibit_21-1.htm |
EX-31.2 - EXHIBIT 31.2 - Cheniere Energy, Inc. | exhibit_31-2.htm |
EX-23.1 - EXHIBIT 23.1 - Cheniere Energy, Inc. | exhibit_23-1.htm |
EX-32.1 - EXHIBIT 32.1 - Cheniere Energy, Inc. | exhibit_32-1.htm |
EX-31.1 - EXHIBIT 31.1 - Cheniere Energy, Inc. | exhibit_31-1.htm |
EX-32.2 - EXHIBIT 32.2 - Cheniere Energy, Inc. | exhibit_32-2.htm |
Exhibit 10.70
Summary
of Compensation for Executive Officers
The executive officers of Cheniere
Energy, Inc. ("Cheniere" or “Company”) are "at will" employees and none of them
has an employment or severance agreement except, as noted below, in limited
circumstances with respect to local foreign practice where employment agreements
are required under the laws of foreign countries where an executive officer
works.1 The written and unwritten
arrangements under which Cheniere's executive officers are compensated
include:
·
|
a
base salary, reviewed annually by the Compensation Committee of the Board
of Directors of Cheniere (the “Compensation
Committee”);
|
·
|
an
annual incentive award or bonus award determined annually by the
Compensation Committee;
|
·
|
eligibility
for awards under Cheniere’s Amended
and Restated 2003 Stock Incentive Plan, as amended
(the “2003 Plan”), as determined by the Compensation
Committee;
|
·
|
a
broad-based benefits package offered to all employees, including vacation,
paid sick leave, a tax-qualified 401(k) savings plan pursuant to which
Cheniere matches 100% up to the lesser of 5% of salary deferrals or the
maximum deferrals permitted by law, medical, dental and vision benefits as
well as a Section 125 Cafeteria Plan and health reimbursement
arrangements and long-term disability, basic life, equal to two times base
salary, and voluntary life (elective) insurance and accidental death and
dismemberment insurance; and
|
·
|
a
Change of Control Agreement which provides that, upon a Change of Control
(as defined in the 2003 Plan), the executive officer shall receive a
payment in an amount equal to one times the executive officer’s base
salary at or immediately prior to the time the Change of Control is
consummated.
|
The following table sets forth the 2010
annual base salary for each of the executive officers effective January 4, 2010,
and the phantom stock awarded for each of the executive officers as of February
25, 2009:
Executive
Officer
|
2010
Annual
Base
Salary
|
Shares
of Phantom Stock Awarded
|
Charif
Souki
Chairman,
Chief Executive Officer and President
|
$734,400
|
1,800,000
|
H.
Davis Thames
Senior
Vice President – Marketing
|
$278,280
|
450,000
|
Meg
A. Gentle
Senior
Vice President and Chief Financial Officer
|
$278,280
|
450,000
|
Jean
Abiteboul
Senior
Vice President – International
|
$334,9982
|
450,000
|
Robert
K. Teague
Vice
President – Asset Group
|
$278,280
|
450,000
|
The
shares of phantom stock included in the table above will vest based on a
combination of Company performance and the executive officer’s continued
employment. See the description of the 2009 Phantom Stock Grant
included in the Company’s Current Report on Form 8-K (SEC File No. 001-16383),
filed on February 27, 2009, which is incorporated herein by
reference.
Compensatory
Arrangements for Certain Executive Officers
On June
30, 2009, the independent directors of the Board of Directors approved a
U.K. Assignment Letter for Mr. Souki effective as of July 1, 2009, under
the terms of which Mr. Souki is paid on a dual payroll basis in both the
U.S. and U.K. in order for him to be able to spend a portion of his time working
from London to conduct domestic and international operations for the
Company. See the description of Mr. Souki’s U.K. Assignment Letter
included in the Company’s Current Report on Form 8-K (SEC File No. 001-16383),
filed on July 2, 2009, which is incorporated herein by
reference.