Summary of Compensation to Non-Employee Directors of Cheniere Energy, Inc.
Cheniere Energy, Inc. will compensate each non-employee director $160,000 for their service from the 2009 Annual Meeting to the 2010 Annual Meeting. Additional payments are provided for committee chairpersons and the Lead Director. Directors can choose to receive their compensation entirely in restricted stock or split evenly between cash and restricted stock. Cash is paid quarterly, while restricted stock is granted on June 15, 2009, and vests after one year. This arrangement outlines the compensation structure and payment options for non-employee directors during the specified period.
Exhibit 10.1
Summary of Compensation to Non-Employee Directors
On June 12, 2009, the Board of Directors (the “Board”) of Cheniere Energy, Inc. (the “Company”) approved the recommendation of the Governance and Nominating Committee to compensate each non-employee director of the Company $160,000 for services for the period from the current year’s Annual Meeting of Stockholders (June 12, 2009) until the next year’s Annual Meeting of Stockholders (the “Annual Period”). Additional compensation of $20,000 for the Annual Period was approved for the chairman of the Audit Committee, the chairman of the Compensation Committee and the Lead Director. Additional compensation of $10,000 for the Annual Period was approved for the chairman of the Governance and Nominating Committee. Compensation will be paid, at the election of the director, either 100% in shares of restricted stock of the Company or 50% in cash and 50% in shares of restricted stock of the Company. If a director elects to receive 50% of his or her compensation in cash, such cash payments will be made quarterly as of the 15th day of August, November, February and May, beginning on August 15, 2009. Payment in the form of restricted stock will be made on June 15, 2009 (the “Date of Grant”), and the number of shares granted will be determined by the closing price of the Company’s common stock as reported on the NYSE Amex on the Date of Grant. Vesting of the restricted stock will occur in full on the first anniversary of the Date of Grant.
