J. Heath Deneke - 16 Sep 2021 Form 4 Insider Report for Summit Midstream Partners, LP (SMLP)

Role
Officer, Director
Signature
/s/ James D. Johnston, Attorney-in-Fact for J. Heath Deneke
Issuer symbol
SMLP
Transactions as of
16 Sep 2021
Transactions value $
-$250,806
Form type
4
Filing time
20 Sep 2021, 08:00:22 UTC
Next filing
16 Mar 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SMLP Common Units Options Exercise +17.2K 17.2K 16 Sep 2021 Direct F1, F2
transaction SMLP Common Units Tax liability -$251K -6.75K -39.35% $37.14 10.4K 16 Sep 2021 Direct F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SMLP Phantom Units Options Exercise $0 -17.2K -50% $0.00 17.2K 16 Sep 2021 Common Units 17.2K Direct F1, F2, F4, F5, F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each phantom unit is the economic equivalent of one common unit.
F2 On November 9, 2020, the Issuer effected a 1-for-15 reverse unit split (the "Reverse Unit Split"). Pursuant to the Reverse Unit Split, common unitholders received one common unit for every 15 common units owned at the close of business on November 9, 2020. All fractional units created by the Reverse Unit Split were rounded to the nearest whole unit. The common units began trading on a split-adjusted basis on November 10, 2020. After giving effect to the Reverse Unit Split, the number of issued and outstanding common units decreased to 3,774,992.
F3 Common Units being withheld to pay tax liability.
F4 One-third of the phantom units subject to the original award agreement vested on September 16, 2021, with the final one-third of the phantom units subject to vesting on the third anniversary of the September 16, 2019 grant date, subject to continued employment. The Reporting Person received distribution equivalent rights (DERs) for each phantom unit, providing for payment on the vesting date of a lump sum of cash equal to the accrued distributions from and after the grant date of the phantom units.
F5 The phantom units and associated DERs do not expire. The phantom units are settled upon vesting in common units (on a one-for-one basis) or in cash, at the discretion of the Issuer.
F6 Total excludes phantom units from other tranches with different vesting and expiration dates.

Remarks:

The Reporting Person is President and Chief Executive Officer of Summit Midstream GP, LLC, the general partner of the Issuer (the "General Partner"). The Issuer is managed by the directors and executive officers of the General Partner.