Summary
Cheniere Energy, Inc. (LNG) filed an 8-K on July 2, 2009, to report on a significant assignment for its top executive, Charif Souki. Mr. Souki, who holds the positions of Chairman, Chief Executive Officer, and President, will be spending a portion of his time based in London, effective July 1, 2009. This assignment, initially planned for one year but potentially extendable up to three years, aims to enhance the efficiency of the company's domestic and international operations, particularly in securing long-term LNG supply agreements. This strategic relocation allows Mr. Souki to focus more directly on international business development from a key global hub. While his base salary allocation for the U.K. assignment is $216,000, he will also receive a U.K. living allowance of £122,000 annually, separate from bonus calculations. The company will cover related relocation costs, such as finder's fees and legal expenses for U.K. work clearances, while Mr. Souki remains responsible for his personal tax liabilities in both countries. The filing also confirms the attached U.K. Assignment Letter as an exhibit.
Key Highlights
- 1Charif Souki, CEO, Chairman, and President, assigned to a U.K. post for up to three years.
- 2The assignment commenced on July 1, 2009.
- 3Primary goal is to improve efficiency of domestic and international operations and secure LNG supply.
- 4Souki will spend time internationally pursuing long-term LNG supply arrangements.
- 5Souki's U.K. assignment salary allocation is $216,000 annually.
- 6An annual U.K. living allowance of £122,000 will be provided, separate from bonus calculations.
- 7Company to cover U.K. relocation and work clearance costs; Souki responsible for personal taxes.