Cheniere Energy shareholders agreed Tuesday to cut the base salary of CEO Charif Souki down to $1 after a series of clashes concerning executive pay packages.
In 2013, Souki was the highest paid CEO of any American publicly traded company, taking home about $141.95 million primarily from stock awards.
During the last three years, Souki has netted a base income of about $800,000 per year.
In a filing with the Securities and Exchange Commission, the company said it will use a $1 million notional base salary to calculate Souki’s target bonuses, actual bonuses and certain employee benefits.
This year, Souki will earn a $2.4 million bonus.
Texas-based Chenrie Energy reached a tentative deal with shareholders in November that would restrict executive compensation packages following lawsuits about executive stock awards.
Shareholders had filed four separated lawsuits in Delaware in an attempt to take back $1.8 billion in stock awards granted to executives and employees.
The lawsuits claimed that Chenrie violated both Delaware’s laws and the company’s bylaws when it tripled the awards in 2013 under the company’s 2011 and 2013 compensation packages.
Under the deal, Souki could be granted up to one million shares, currently valued at about $73 million.
Chenrie has consistently reported negative per share earnings, with earnings in the third quarter coming in at -$0.40 per share.