Business Context and Reporting Period
This Form 8-K filing by Cheniere Energy Partners, L.P. reports a corporate governance event dated December 7, 2012. The filing details changes to the Board of Directors of Cheniere Energy Partners GP, LLC, the general partner of the Partnership.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Board Appointment: Vincent Pagano, Jr. was appointed to the Board of Directors effective December 7, 2012, pursuant to rights held by Cheniere LNG Holdings, LLC.
- Board Removal: Michael E. Bock was removed as a member of the Board in connection with Mr. Pagano's appointment.
- Compensation Award: Upon appointment, Mr. Pagano received 12,000 phantom units under the Partnership's Long-Term Incentive Plan.
- Cash Fee: Mr. Pagano is entitled to a prorated portion of the $50,000 annual cash fee for non-management directors for the 2012 fiscal year.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. The document strictly addresses the departure and appointment of directors and the resulting compensatory arrangements.
Investor Verification Checklist
- Verify the terms of the Third Amended and Restated Limited Liability Company Agreement regarding director appointment rights.
- Review the Partnership's Annual Report on Form 10-K (filed February 24, 2012) for full details on non-management director compensation components.
- Confirm the vesting schedule and terms of the 12,000 phantom units awarded to Mr. Pagano under the Long-Term Incentive Plan.