Summary
Cheniere Energy, Inc. (LNG) filed an 8-K on July 30, 2013, reporting a significant executive appointment and relocation. The Compensation Committee approved an Assignment Letter for Meg A. Gentle, Senior Vice President-Marketing and President of Cheniere Marketing, LLC, to be assigned to the London office of Cheniere Supply & Marketing, Inc. This international assignment is set to commence on August 19, 2013, and is scheduled to last until August 18, 2015, unless terminated earlier by the company or extended by mutual agreement. This move signals a strategic expansion or strengthening of Cheniere's international marketing and supply operations, with Ms. Gentle retaining her key leadership roles and reporting lines within the U.S. parent company. The terms of Ms. Gentle's assignment include a substantial compensation package designed to offset the costs and complexities of an international relocation. Her base salary will be $420,000 per year, with eligibility for bonuses and incentive plans. Importantly, Cheniere has implemented a tax equalization arrangement to ensure she receives the same net compensation as if she remained in the U.S. Additionally, she will receive various allowances covering cost of living, transportation, tuition for children, housing, tax services, relocation, and travel expenses for her family, underscoring the company's commitment to supporting its key personnel during this international deployment.
Key Highlights
- 1Meg A. Gentle, Senior Vice President-Marketing and President of Cheniere Marketing, LLC, appointed to a two-year assignment in London.
- 2Assignment effective August 19, 2013, through August 18, 2015, with potential for termination or extension.
- 3Ms. Gentle will retain her current executive roles and reporting structure within Cheniere Energy, Inc.
- 4Annual base salary for the assignment set at $420,000, subject to review and adjustment.
- 5Eligibility for company discretionary bonus plans and other incentive arrangements remains in place.
- 6Comprehensive tax equalization policy to ensure net compensation remains consistent with U.S. residency.
- 7Extensive allowances provided, including cost of living, housing, tuition, relocation, and travel support for Ms. Gentle and her family.