Tarik Skeik
NextDecadeAbout Tarik Skeik
Tarik Skeik, 45, is Chief Operating Officer of NextDecade, appointed effective July 24, 2024. He previously spent 13 years at ExxonMobil as a global project executive and holds a Bachelor of Electrical Engineering from McGill University. Company performance tied to his remit in 2024 included Rio Grande LNG (RGLNG) Phase 1 construction progressing ahead of schedule with costs trending below forecast and safety performance of 0.20 TRIR versus a 0.45 target; the Board assessed annual performance at 126% of target before capping payouts at 100% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ExxonMobil | Global Project Executive | 2011–2024 | Led completion and startup of six greenfield assets exceeding $50B in investments; projects include Huizhou Chemicals Complex (China), Gulf Coast Growth Ventures (U.S.), Banyu Urip (Indonesia), Kearl Expansion (Canada), and QatarGas 2 (Qatar) |
External Roles
- No external public company directorships or committee roles disclosed in company filings .
Fixed Compensation
| Component | Value | Effective Date |
|---|---|---|
| Base Salary | $450,000 | July 24, 2024 |
| Target Annual Bonus | 90% of base salary | July 24, 2024 |
| Annual Long-Term Incentive (LTI) Target | $1,000,000 under 2017 Omnibus Incentive Plan | July 24, 2024 |
| Employment Agreement | At-will; no written employment agreement | July 24, 2024 |
Performance Compensation
Short-Term Incentive Framework (2024, company-level)
| Metric | Target | Actual | Payout Assessment | Notes |
|---|---|---|---|---|
| Safety TRIR | 0.45 | 0.20 | Contributed to initial 126% payout; capped to 100% of target | Part of modified 2024 goals post D.C. Circuit decision |
| Project Management (RGLNG Phase 1) | Not disclosed | Ahead of schedule; costs below forecast | Positive Board assessment | Included construction spending/schedule, gas supply, resourcing, systems |
| Regulatory & Legal Response | Not disclosed | Petition for rehearing; eight amici; “Stand with RGLNG” campaign | Positive Board assessment | Added goal post decision |
| Financial Management | Not disclosed | RGLNG refinancing; parent-level expense management | Positive Board assessment | |
| Expansion (Train 4) | Not disclosed | ADNOC SPA; Aramco HoA; EPC with Bechtel | Positive Board assessment |
Long-Term Incentive Design (company program evolution in 2024)
| Award Type | Key Terms | Vesting | Strike/Term |
|---|---|---|---|
| Time-based RSUs (NEOs) | One share per unit upon vest | 1/3 on each of the first, second, and third anniversaries of Aug 31, 2024 | Standard RSU terms |
| Premium-Priced Stock Options (NEOs) | Performance-based portion of annual grant | Vest on Aug 31, 2027; 10-year term | $10.00 exercise price (≈215% of grant-date close) |
Note: Mr. Skeik’s LTI value is disclosed ($1,000,000) but specific grant instruments and vesting for his awards were not detailed; awards are under the 2017 Omnibus Incentive Plan and may include performance criteria set by the Compensation Committee .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Common Stock, 4/17/2025) | None reported (—) |
| Ownership % of Outstanding | —% (less than 1%) |
| Total awards granted under 2017 Plan (since inception through 4/17/2025) | 260,409 shares/units attributable to Mr. Skeik |
| Hedging/Pledging | Company policy prohibits hedging and pledging for directors, officers, and employees |
Employment Terms
| Term | Details |
|---|---|
| Start Date | July 24, 2024 |
| Employment Status | At-will; no written employment agreement |
| Severance | Not disclosed for Mr. Skeik |
| Change-of-Control (Plan-Level) | Administrator may accelerate vesting; adjust, assume, substitute, or cash out awards upon change-of-control |
| RSU Change-of-Control (NEO Award Agreements) | Full vest only if employment is terminated as a result of change-of-control or if awards are not assumed/replaced with substantially equivalent value (double trigger or failure-to-assume) |
| Clawbacks | Plan permits clawback/forfeiture for restatements, bad acts, policy violations, and other specified events |
| Anti-repricing | No option/SAR repricing without shareholder approval |
Performance & Track Record
- Transition execution: Company objectives for the COO role include delivering Phase 1 of RGLNG safely, on schedule, and within budget, progressing Trains 4–5 FIDs, and advancing Next Carbon Solutions .
- 2024 outcomes: RGLNG Phase 1 construction ahead of schedule with costs below forecast; robust safety performance (TRIR 0.20 vs 0.45 target); financing refinancings executed; Train 4 progressed via ADNOC SPA, Aramco HoA, and EPC with Bechtel; Board capped STI payouts at 100% despite initial 126% assessment .
- Prior execution record: Led completion/startup of six ExxonMobil greenfield assets (>$50B invested) across LNG, oil, and petrochemicals in multiple geographies, evidencing large-capital project delivery capability .
Investment Implications
- Pay-for-performance alignment: A 90% target bonus and $1,000,000 LTI denote high at-risk compensation linked to operational and strategic milestones, reinforcing alignment with project delivery and equity value creation .
- Equity design features: Company’s 2024 move to premium-priced options (NEOs) and continued RSUs, coupled with anti-hedging/pledging and anti-repricing provisions, mitigates short-term selling pressure and strengthens governance; awards can accelerate only under defined change-of-control conditions (double trigger or failure-to-assume for RSUs) .
- Ownership build: No reported personal shareholdings as of April 17, 2025, but 260,409 plan awards tie future realizable value to stock performance; monitoring Form 4 filings for accumulation or sales is prudent to gauge alignment momentum .
- Execution risk lens: Documented progress (schedule, cost, safety) on RGLNG Phase 1 and Train 4 commercial/EPC steps reduces near-term operational risk under his purview; continued delivery against financing and regulatory milestones remains critical for long-dated equity award realization .