William J. Mault - Feb 7, 2022 Form 3 Insider Report for Summit Midstream Partners, LP (SMLP)

Role
Officer
Signature
/s/ James D. Johnston, Attorney-in-Fact for William J. Mault
Stock symbol
SMLP
Transactions as of
Feb 7, 2022
Transactions value $
$0
Form type
3
Date filed
2/17/2022, 08:49 AM
Next filing
Mar 16, 2022

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
holding SMLP Phantom Units Feb 7, 2022 Common Units 284 $0.00 Direct F1, F2, F3, F4
holding SMLP Phantom Units Feb 7, 2022 Common Units 2.33K $0.00 Direct F1, F3, F4, F5
holding SMLP Phantom Units Feb 7, 2022 Common Units 2.75K $0.00 Direct F1, F3, F4, F6
holding SMLP Phantom Units Feb 7, 2022 Common Units 3.13K $0.00 Direct F1, F3, F7
* 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 These phantom units shall vest on March 15, 2022, subject to continued employment and accelerated vesting, as provided in the applicable award agreement. The Reporting Person will receive 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.
F3 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.
F4 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.
F5 These phantom units shall vest on October 18, 2022, subject to continued employment and accelerated vesting, as provided in the applicable award agreement. The Reporting Person will receive 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.
F6 One-half of these phantom units shall vest on March 15, 2022 and the remaining one-half of these phantom units shall vest on March 15, 2023, subject to continued employment and accelerated vesting, as provided in the applicable award agreement. The Reporting Person will receive 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.
F7 One-third of the phantom units (rounded down to the nearest whole number of units, except in the case of the final vesting date) shall vest on each of the first, second and third anniversaries of the Reference Date (March 15, 2021), subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person will receive 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.

Remarks:

The Reporting Person is Executive Vice President and Chief Financial 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.