Cheniere Energy Partners (CQP) director reports phantom unit grants and sales

Rhea-AI Filing Summary

Cheniere Energy Partners, L.P. reported insider equity activity by a director. On 12/07/2025, the reporting person exercised several tranches of 750 phantom units each from prior grants made in 2021, 2022, 2023, and 2024, receiving common units that are economically equivalent to the phantom units.

After each conversion, the director disposed of 375 common units at a price of $55.82 per unit. Following these transactions, the director beneficially owned 14,625 common units directly and 3,000 phantom units. On the same date, the director also received a new grant of 3,000 phantom units, which vest in four equal annual installments of 25% on each anniversary of the grant date.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PAGANO VINCENT JR

(Last) (First) (Middle)

845 TEXAS AVENUE

SUITE 1250

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cheniere Energy Partners, L.P. [ CQP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Units Representing Limited Partner Interests	12/07/2025		M		750	A	(1)	13,875	D
Units Representing Limited Partner Interests	12/07/2025		D		375	D	$55.82	13,500	D
Units Representing Limited Partner Interests	12/07/2025		M		750	A	(2)	14,250	D
Units Representing Limited Partner Interests	12/07/2025		D		375	D	$55.82	13,875	D
Units Representing Limited Partner Interests	12/07/2025		M		750	A	(3)	14,625	D
Units Representing Limited Partner Interests	12/07/2025		D		375	D	$55.82	14,250	D
Units Representing Limited Partner Interests	12/07/2025		M		750	A	(4)	15,000	D
Units Representing Limited Partner Interests	12/07/2025		D		375	D	$55.82	14,625	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
PHANTOM UNITS	(1)	12/07/2025		M			750	12/07/2025	12/07/2025	COMMON UNITS	750	(1)	0	D
PHANTOM UNITS	(2)	12/07/2025		M			750	12/07/2025	12/07/2025	COMMON UNITS	750	(2)	750	D
PHANTOM UNITS	(3)	12/07/2025		M			750	12/07/2025	12/07/2025	COMMON UNITS	750	(3)	1,500	D
PHANTOM UNITS	(4)	12/07/2025		M			750	12/07/2025	12/07/2025	COMMON UNITS	750	(4)	2,250	D
PHANTOM UNITS	(5)	12/07/2025		A		3,000		(6)	(6)	COMMON UNITS	3,000	$0	3,000	D

Explanation of Responses:

1. On 12/7/2021, the Reporting Person was granted 3,000 phantom units payable one-half in common units and one-half in cash and previously reported on a Form 4. Twenty-five percent of this grant vested on 12/7/2025, the fourth anniversary of the grant date. Each phantom unit is the economic equivalent of one common unit of the Issuer.

2. On 12/7/2022, the Reporting Person was granted 3,000 phantom units payable one-half in common units and one-half in cash and previously reported on a Form 4. Twenty-five percent of this grant vested on 12/7/2025, the third anniversary of the grant date. Each phantom unit is the economic equivalent of one common unit of the Issuer.

3. On 12/7/2023, the Reporting Person was granted 3,000 phantom units payable one-half in common units and one-half in cash and previously reported on a Form 4. Twenty-five percent of this grant vested on 12/7/2025, the second anniversary of the grant date. Each phantom unit is the economic equivalent of one common unit of the Issuer.

4. On 12/7/2024, the Reporting Person was granted 3,000 phantom units payable one-half in common units and one-half in cash and previously reported on a Form 4. Twenty-five percent of this grant vested on 12/7/2025, the first anniversary of the grant date. Each phantom unit is the economic equivalent of one common unit of the Issuer.

5. On 12/7/2025, the Reporting Person was granted 3,000 phantom units payable one-half in common units and one-half in cash. Each phantom unit is the economic equivalent of one common unit of the Issuer.

6. The phantom units vest twenty-five percent on each of the first, second, third and fourth anniversaries of the grant date.

Remarks:

	/s/ Sean N. Markowitz under POA by Vincent Pagano Jr.	12/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Cheniere Energy Partners (CQP) report on this Form 4?

The filing reports that a director exercised multiple tranches of previously granted phantom units into common units on 12/07/2025 and sold portions of the resulting common units.

How many common units did the CQP director sell and at what price?

The director disposed of 375 common units in each of four transactions on 12/07/2025, with each sale priced at $55.82 per common unit.

What equity awards are tied to earlier CQP grant dates?

The director had prior grants of 3,000 phantom units each on 12/7/2021, 12/7/2022, 12/7/2023, and 12/7/2024, payable one-half in common units and one-half in cash, with 25% of each grant vesting on 12/7/2025.

Did the CQP director receive any new equity grant in this filing?

Yes. On 12/7/2025, the director received a new grant of 3,000 phantom units, each economically equivalent to one common unit of Cheniere Energy Partners.

How do the new CQP phantom units vest for the director?

The new 3,000 phantom units vest 25% on each of the first, second, third and fourth anniversaries of the 12/7/2025 grant date.

What are the director’s holdings after the reported CQP transactions?

Following the reported transactions, the director beneficially owned 14,625 common units directly and 3,000 phantom units as shown in the tables.

What is a phantom unit in the context of CQP’s director compensation?

A phantom unit is described as being the economic equivalent of one common unit of Cheniere Energy Partners, with settlement partly in common units and partly in cash according to the grant terms.