Published on 08 Mar 2016 • USA (National/Federal) |
EMPLOYMENT AGREEMENT | Cheniere Energy, Inc. Interim Chief Executive Officer and President December 12, 2015 | Soupman, Inc. Interim Chief Executive Officer and Chairman of the Board June 26, 2015 | Twitter, Inc. Interim Chief Executive Officer June 11, 2015 |
TERM | Seven months and three days, subject to extension on mutual agreement. | None specified. | Indefinite term. |
SEVERANCE ON TERMINATION WITHOUT CAUSE | None Severance on termination without cause is the same as severance on termination for good reason. | If the employer terminates the executive's employment as Chairman of the Board for any reason, then the executive receives 1,250,000 shares of fully vested common stock. | None specified. |
SEVERANCE ON TERMINATINO FOR GOOD REASON | None Severance on termination for good reason is the same as severance on termination without cause. | If the executive voluntarily terminates his employment, then the employer is not obligated to pay severance. | None specified. |
DOUBLE TRIGGER CHANGE IN CONTROL BENEFTIS | None | None specified. | None specified. |
ANNUAL RATE OF BASE SALARY | $1,000,000 | None specified. | The executive will not be entitled to any base salary for services as Interim Chief Executive Officer until the board agrees on a compensation package, which will be done later in 2015 during the board's annual assessment and setting of executive compensation. |
ANNUAL BONUS AND CASH INCENTIVES | None specified. | None specified. | The executive will not be entitled to any incentive compensation for services as Interim Chief Executive Officer until the board agrees on a compensation package, which will be done later in 2015 during the board's annual assessment and setting of executive compensation. |
SIGN-ON EQUITY GRANTS | 36,330 phantom units, payable under the employer's long-term cash incentive plan and a phantom unit award agreement that was attached to the employment agreement, subject to cliff vesting on June 15, 2016 unless the executive is terminated by the employer for cause or the executive voluntarily terminates his employment without good reason before the earliest of the date a successor to the Chief Executive Officer begins employment, a change in control, or June 15, 2016. | None specified. | None specified. |
ONGOING EQUITY GRANTS | None specified. | For the first year of employment, the executive will receive monthly compensation grants of 416,667 shares of restricted stock, up to 5,000,000 shares if the executive remains employed for the entire year. | The executive will not be entitled to any equity compensation for services as Interim Chief Executive Officer until the board agrees on a compensation package, which will be done later in 2015 during the board's annual assessment and setting of executive compensation. |