Summary
Cheniere Energy, Inc. (LNG) filed an 8-K on August 26, 2016, to report the departure of its Executive Vice President–Marketing, Meg A. Gentle. The filing details the terms of her separation agreement, including provisions for the vesting of certain unvested stock and phantom units, as well as mutual releases of employment-related claims. Key aspects of the agreement involve the company waiving the continuous service requirement for 120,000 restricted shares that vest upon substantial completion of Train 4 at the Sabine Pass LNG terminal, while Ms. Gentle forfeits the remaining 180,000 unvested shares. Additionally, 100,000 phantom units will vest, with the remaining 33,333 units forfeited. The agreement also includes non-solicitation and confidentiality clauses for Ms. Gentle, lasting for a period of three months.
Key Highlights
- 1Reporting of Executive Vice President–Marketing, Meg A. Gentle's departure from Cheniere Energy.
- 2Details a Release Agreement governing the terms of Ms. Gentle's separation.
- 3Company waives continuous service requirement for 120,000 restricted shares tied to Sabine Pass Train 4 substantial completion.
- 4Ms. Gentle forfeits 180,000 unvested restricted shares.
- 5100,000 unvested phantom units will vest, while 33,333 are forfeited.
- 6Mutual release of employment-related claims between Cheniere and Ms. Gentle.
- 7Includes a three-month non-solicitation and confidentiality agreement for Ms. Gentle.