Tellurian’s Souki extends employment deal

Tellurian’s co-founder and executive chairman Charif Souki extended his employment contract with the US LNG firm for three years.

According to a filing with the US SEC, the new agreement will automatically renew for an additional 12-month term at the end of the initial three-year term and each subsequent one-year anniversary thereafter, unless terminated by the company or Souki.

The agreement provides for an annual base salary of $1.2 million which is consistent with the level of Souki’s cash compensation for fiscal year 2021, Tellurian said in the filling. The deal is subject to annual review by the board of directors of the Houston-based firm.

In addition, the agreement provides for a discretionary annual cash bonus target of 150% of Souki’s annual base salary, subject to a cap of 300% of his annual base salary, Tellurian said. This means Souki could additionally earn up to 3.6 million, based on performance.

Besides Souki, Tellurian’s president and CEO Octávio Simões also extended his employment contract with the firm through June 5, 2024.

This contract will also automatically renew for an additional 12-month term at the end of the initial term and each subsequent one-year anniversary thereafter, Tellurian said.

Simões will have a base salary of $725,000 and an annual cash bonus starting from $906,250 and up to about $1.58 million, Tellurian said.

Tellurian is developing the 27.6 mtpa Driftwood LNG export project in Louisiana.

The Houston-based firm has this year signed three 10-year LNG supply deals for the project for a total of 9 mtpa. These include contracts with Gunvor, Vitol, and with Shell.

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