Exhibit 10.70
 
Summary of Compensation for Executive Officers

The executive officers of Cheniere Energy, Inc. ("Cheniere" or “Company”) are
"at will" employees and none of them has an employment or severance agreement
except, as noted below, in limited circumstances with respect to local foreign
practice where employment agreements are required under the laws of foreign
countries where an executive officer works.1  The written and unwritten
arrangements under which Cheniere's executive officers are compensated include:

·  
a base salary, reviewed annually by the Compensation Committee of the Board of
Directors of Cheniere (the “Compensation Committee”);

·  
an annual incentive award or bonus award determined annually by the Compensation
Committee;

·  
eligibility for awards under Cheniere’s Amended and  Restated  2003 Stock
Incentive Plan, as amended (the “2003 Plan”), as determined by the Compensation
Committee;

·  
a broad-based benefits package offered to all employees, including vacation,
paid sick leave, a tax-qualified 401(k) savings plan pursuant to which Cheniere
matches 100% up to the lesser of 5% of salary deferrals or the maximum deferrals
permitted by law, medical, dental and vision benefits as well as a Section 125
Cafeteria Plan and health reimbursement arrangements and long-term disability,
basic life, equal to two times base salary, and voluntary life (elective)
insurance and accidental death and dismemberment insurance; and

·  
a Change of Control Agreement which provides that, upon a Change of Control (as
defined in the 2003 Plan), the executive officer shall receive a payment in an
amount equal to one times the executive officer’s base salary at or immediately
prior to the time the Change of Control is consummated.

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 1 Jean Abiteboul, located in our French office, has an employment agreement
with a subsidiary of Cheniere.  The agreement is for an unlimited term and may
be terminated by the subsidiary or Mr. Abiteboul upon three months prior
notice.  The agreement provides for compensation substantially similar to the
arrangements described above for Cheniere’s other executive officers.
 

 
 

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The following table sets forth the 2010 annual base salary for each of the
executive officers effective January 4, 2010, and the phantom stock awarded for
each of the executive officers as of February 25, 2009:

 
 
 
Executive Officer
2010 Annual
Base Salary
Shares of Phantom Stock Awarded
Charif Souki
Chairman, Chief Executive Officer and President
$734,400
1,800,000
H. Davis Thames
Senior Vice President – Marketing
$278,280
450,000
Meg A. Gentle
Senior Vice President and Chief Financial Officer
$278,280
450,000
Jean Abiteboul
Senior Vice President – International
$334,9982
450,000
Robert K. Teague
Vice President – Asset Group
$278,280
450,000

 
 
The shares of phantom stock included in the table above will vest based on a
combination of Company performance and the executive officer’s continued
employment.  See the description of the 2009 Phantom Stock Grant included in the
Company’s Current Report on Form 8-K (SEC File No. 001-16383), filed on February
27, 2009, which is incorporated herein by reference.
 
Compensatory Arrangements for Certain Executive Officers
 
On June 30, 2009, the independent directors of the Board of Directors approved a
U.K. Assignment Letter for Mr. Souki effective as of July 1, 2009, under the
terms of which Mr. Souki is paid on a dual payroll basis in both the U.S. and
U.K. in order for him to be able to spend a portion of his time working from
London to conduct domestic and international operations for the Company.  See
the description of Mr. Souki’s U.K. Assignment Letter included in the Company’s
Current Report on Form 8-K (SEC File No. 001-16383), filed on July 2, 2009,
which is incorporated herein by reference.
 

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 2 Represents the U.S. dollar equivalent of 233,725 Euros based on an exchange
rate of 1.4333 USD to 1 EUR as of December 31, 2009.

 
 

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