Summary
Cheniere Energy, Inc. (LNG) filed an 8-K on February 25, 2009, reporting on actions taken by its Compensation Committee. The most significant event detailed is the cancellation of the 2008-2010 Incentive Compensation Plan, which included a cash pool and phantom stock awards. This cancellation was agreed upon by all participants, with the phantom stock awards officially cancelled as of October 23, 2008. In parallel, the Compensation Committee established 2009 annual cash incentive target opportunities for executive officers. Notably, the target bonus for Charif Souki, CEO, was set at 150% of his base salary. The actual payout for these incentives will be contingent upon achieving specific performance goals, which are yet to be determined and will be established at a later date. This filing primarily addresses executive compensation adjustments in the wake of prior incentive plans.
Key Highlights
- 1Cancellation of the 2008-2010 Incentive Compensation Plan, including cash pool and phantom stock awards.
- 2All participants agreed to the forfeiture and cancellation of their phantom stock awards.
- 3Phantom stock awards were formally cancelled effective October 23, 2008.
- 4Establishment of 2009 annual cash incentive target opportunities for executive officers.
- 5CEO Charif Souki's target cash bonus opportunity set at 150% of his base salary for 2009.
- 6Actual 2009 bonus payments will depend on future-determined performance goals.
- 7The filing indicates a restructuring or adjustment of executive compensation following previous plans.