Top Tellurian Executives Stand to Earn Millions if Driftwood LNG Project Proceeds, Proxy Filing Reveals
(Reuters) — Top executives of U.S. liquefied natural gas developer Tellurian Inc. could earn tens of millions of dollars if its proposed Driftwood LNG plant gets a green light, or if company is sold, a proxy filing released on Thursday showed.
Tellurian had previously said that it was looking at all options, including a potential sale, to keep its Driftwood LNG export project alive.
The company's shares lost 55% of their value in 2023 as Tellurian has been unable to attract commercial support for the project and is yet to give it a financial green light.
David Belhumeur, who took over as the company's president last December, could earn $15 million, finance chief Simon Oxley $12 million and accounting chief Khaled Sharafeldin $4.5 million, under the company's Driftwood Incentive Program.
Former President Octavio Simoes, now an adviser to the firm, could get a $16 million payout if the company is sold before he leaves in June, the proxy showed.
Additionally, former chairman Charif Souki received nearly $8.19 million from the company due to his termination, sans the 3.2 million in outstanding tracking units he held as of Dec. 31.
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