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.
(Reporting by Seher Dareen in Bengaluru and Gary McWilliams in Houston; Editing by Shailesh Kuber)