CQP director exercises 3,000 units, gets new phantom grant
Director Ellis L. McCain of Cheniere Energy Partners, L.P. reported compensation-related equity activity involving common units and phantom units.
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Form Type
4
Rhea-AI Filing Summary
Director Ellis L. McCain of Cheniere Energy Partners, L.P. reported compensation-related equity activity involving common units and phantom units. On May 29, 2026, McCain exercised previously granted phantom units, acquiring 3,000 common units, split into four transactions of 750 units each.
These phantom units had vested in 25% tranches tied to earlier grants made between 2022 and 2025, with each phantom unit economically equivalent to one common unit. After the transactions, McCain directly holds 20,250 common units and 3,000 phantom units, reflecting ongoing participation in the partnership’s long-term incentive program.
Insider Trade Summary
3,000 shares exercised/converted
Exercise
9 txns
Insider
MCCAIN ELLIS L
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PHANTOM UNITS | 750 | $0.00 | $0.00 |
| Exercise | PHANTOM UNITS | 750 | $0.00 | $0.00 |
| Exercise | PHANTOM UNITS | 750 | $0.00 | $0.00 |
| Exercise | PHANTOM UNITS | 750 | $0.00 | $0.00 |
| Grant/Award | PHANTOM UNITS | 3,000 | $0.00 | $0.00 |
| Exercise | Units Representing Limited Partner Interests | 750 | $0.00 | $0.00 |
| Exercise | Units Representing Limited Partner Interests | 750 | $0.00 | $0.00 |
| Exercise | Units Representing Limited Partner Interests | 750 | $0.00 | $0.00 |
| Exercise | Units Representing Limited Partner Interests | 750 | $0.00 | $0.00 |
Holdings After Transaction:
PHANTOM UNITS — 7,500 contracts (Direct);
Units Representing Limited Partner Interests — 22,500 shares (Direct)
Footnotes (6)
- F1. On 05/29/2022, the Reporting Person was granted 3,000 phantom units payable in common units and previously reported on a Form 4. Twenty-five percent of this grant vested on 05/29/2026, the fourth anniversary of the grant date. Each phantom unit was the economic equivalent of one common unit of the Issuer.
- F2. On 05/29/2023, the Reporting Person was granted 3,000 phantom units payable in common units and previously reported on a Form 4. Twenty-five percent of this grant vested on 05/29/2026, the third anniversary of the grant date. Each phantom unit was the economic equivalent of one common unit of the Issuer.
- F3. On 05/29/2024, the Reporting Person was granted 3,000 phantom units payable in common units and previously reported on a Form 4. Twenty-five percent of this grant vested on 05/29/2026, the second anniversary of the grant date. Each phantom unit was the economic equivalent of one common unit of the Issuer.
- F4. On 05/29/2025, the Reporting Person was granted 3,000 phantom units payable in common units and previously reported on a Form 4. Twenty-five percent of this grant vested on 05/29/2026, the first anniversary of the grant date. Each phantom unit was the economic equivalent of one common unit of the Issuer.
- F5. On 05/29/2026, the Reporting Person was granted 3,000 phantom units payable in common units. Each phantom unit is the economic equivalent of one common unit of the Issuer.
- F6. The phantom units vest twenty-five percent on each of the first, second, third and fourth anniversaries of the grant date.
Key Figures
Common units acquired via exercises: 3,000 units
Common units held after transactions: 20,250 units
New phantom units granted: 3,000 phantom units
+3 more
6 metrics
Common units acquired via exercises
3,000 units
Phantom units converted to common units on May 29, 2026
Common units held after transactions
20,250 units
Direct holdings following May 29, 2026 Form 4 activity
New phantom units granted
3,000 phantom units
Grant on May 29, 2026, economically equivalent to common units
Phantom units exercised
3,000 phantom units
Total derivative exercises reported, converting into common units
Phantom units held after activity
3,000 phantom units
Remaining phantom units following exercises and new grant
Individual exercise lots
750 units each
Four separate exercises of phantom units into common units
Key Terms
phantom units, economic equivalent, vested, grant date, +1 more
5 terms
phantom units financial
"the Reporting Person was granted 3,000 phantom units payable in common units"
Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.
economic equivalent financial
"Each phantom unit was the economic equivalent of one common unit"
vested financial
"Twenty-five percent of this grant vested on 05/29/2026"
grant date financial
"vested on 05/29/2026, the fourth anniversary of the grant date"
The grant date is the day a company formally gives an employee or contractor the right to receive stock-based compensation, such as stock options or restricted shares. It matters to investors because it fixes key terms—like the price, the start of the ownership clock, and when the award will affect the company’s financial statements and share count—so it can influence dilution, reported expenses, and potential future selling pressure.
anniversaries of the grant date financial
"The phantom units vest twenty-five percent on each of the first, second, third and fourth anniversaries of the grant date"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did CQP director Ellis L. McCain report on May 29, 2026?
Ellis L. McCain reported exercising phantom units into common units and receiving a new phantom unit grant on May 29, 2026. He acquired 3,000 common units through multiple exercises and was granted 3,000 new phantom units as part of long-term incentive compensation.
How many Cheniere Energy Partners (CQP) common units does Ellis L. McCain hold after these transactions?
After the reported transactions, Ellis L. McCain directly holds 20,250 common units of Cheniere Energy Partners. These units reflect his equity stake following the exercise of 3,000 phantom units that converted into common units on May 29, 2026.
What phantom unit activity did CQP disclose for Ellis L. McCain in this Form 4?
The filing shows McCain was granted 3,000 phantom units and exercised 3,000 previously granted phantom units into common units. Following these moves, he holds 3,000 phantom units, which continue to represent additional future equity-linked compensation in the partnership.
How do Ellis L. McCain’s phantom units at CQP vest according to the filing?
The phantom units vest 25% on each of the first, second, third, and fourth anniversaries of their grant date. Several earlier 3,000-unit grants from 2022 to 2025 reached a 25% vesting milestone on May 29, 2026, triggering conversion into common units.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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