MCCAIN ELLIS L 4

What Happened

• Ellis L. McCain, a director of Cheniere Energy Partners, L.P. (CQP), had 3,000 previously granted phantom units vest and be converted into common units on 2026-05-29. The Form 4 shows four conversion (M) entries of 750 units each (total 3,000 acquired) and four matching disposition entries of 750 units each (total 3,000 disposed), and a new grant (A) of 3,000 phantom units issued the same day at $0.00.
• No cash price is reported for the conversions (derivative transactions). The conversions and immediate dispositions are routine for vested equity awards (often to satisfy tax withholding). This was not an open-market purchase or a discretionary sale of existing holdings.

Key Details

• Transaction date: 2026-05-29; Form 4 filed 2026-06-01 (timely filing).
• Converted (acquired) from prior grants: 3,000 common-unit equivalents (4 × 750). Disposed: 3,000 common-unit equivalents (4 × 750). New grant: 3,000 phantom units @ $0.00.
• Footnotes: The conversions reflect 25% vesting from 3,000-unit phantom grants made on 05/29 for 2022–2025 (750 units vested from each grant). A separate 3,000-unit phantom grant was made on 05/29/2026. Phantom units are the economic equivalent of one common unit each and vest 25% each anniversary.
• Shares owned after transaction: the filing shows conversion and simultaneous disposition of 3,000 units and a new 3,000-unit phantom grant; the Form 4 does not show a net increase in common units held after withholding/disposition.

Context

• Phantom units are a derivative award that pays in common units or equivalent value. Here, 3,000 vested phantom units were converted to common units and then 3,000 units were disposed (commonly to cover taxes), while a fresh 3,000-unit phantom award was granted the same day.
• These transactions are routine compensation-related events rather than open-market bets on the stock. There is no indication of a 10b5-1 plan or late filing in this report.