Summary
This 8-K filing from Cheniere Energy, Inc. (LNG) on February 5, 2014, primarily details changes in executive compensation and employment arrangements. The Compensation Committee approved an increase in the annual base salary for Michael J. Wortley, Senior Vice President and Chief Financial Officer, to $525,000, effective January 27, 2014. This adjustment reflects the company's recognition of his role and responsibilities. Additionally, the filing outlines a new U.K. Employment Agreement for Jean Abiteboul, Senior Vice President-International. This agreement formalizes his transfer of employment to Cheniere Supply & Marketing, a subsidiary, where he will serve as President. The terms include a significant base salary in GBP, housing and car allowances, and a comprehensive benefits package covering health and retirement, with cost-sharing between the company and Mr. Abiteboul. This move also involves terminating his previous French employment agreement and includes a non-competition clause.
Key Highlights
- 1CFO Michael J. Wortley's annual base salary increased to $525,000, effective January 27, 2014.
- 2Jean Abiteboul, SVP-International, has a new U.K. Employment Agreement with subsidiary Cheniere Supply & Marketing.
- 3Mr. Abiteboul will serve as President of Cheniere Supply & Marketing, transferring from his previous French employment agreement.
- 4Mr. Abiteboul's new annual salary is £298,682, subject to annual review.
- 5Significant allowances for housing (£14,353/month) and car (£1,000/month) are included for Mr. Abiteboul.
- 6Cheniere Supply & Marketing will cover 60% of Mr. Abiteboul's health insurance and retirement contributions.
- 7The U.K. Employment Agreement includes a six-month non-competition and non-solicitation covenant for Mr. Abiteboul.