Tellurian’s co-founder and chairman, Charif Souki, has left the Driftwood LNG terminal developer.
Earlier this month, Tellurian announced that Souki will no longer serve as an executive or officer of the company or hold any managerial responsibilities, but will remain a member of the board of directors.
Tellurian’s board of directors named Martin Houston, co-founder and vice chairman, to be the company’s chairman and made other management changes.
According to a filling dated December 19, Tellurian and Souki executed a separation agreement and general release following the termination of his employment with the company “without cause”.
As part of the deal, Souki resigned from the board of directors of Tellurian effective as of December 19, 2023.
In addition to 30 days’ base salary of $105,000, the agreement provides that Souki will receive benefits consisting of a cash severance amount equal to $6,428,000, payable in substantially equal installments over 12 months, Tellurian said.
Souki will receive a lump sum payment of $1 million payable on December 22 and a pro-rated annual bonus for the 2023 calendar year.
The deal also includes the transfer of certain travel-related benefits to Souki with a cost to Tellurian of about $660,000, and eligibility for any unvested and outstanding tracking units granted to Souki under the company’s incentive compensation program, Tellurian said.
Driftwood LNG
Tellurian reported a net loss of about $65.4 million, or $0.12 per share, for the third quarter, compared to a net loss of about $14.2 million last year.
The company recently requested more time from the US FERC to complete the construction of its Driftwood LNG project.
Tellurian issued a limited notice to proceed to compatriot engineering and construction giant Bechtel in March last year and Bechtel has driven more than 11,800 piles at the site.
Under the first phase, Tellurian aims to build two LNG plants near Lake Charles with an export capacity of up to 11 mtpa.
However, the company is still working to secure financing for the project.
Tellurian previously said it expects the first phase to cost about $14.5 billion with about $6 billion equity investment.