James David Johnston - 14 Mar 2022 Form 4 Insider Report for Summit Midstream Partners, LP

Role
Officer
Signature
/s/ James David Johnston
Issuer symbol
N/A
Transactions as of
14 Mar 2022
Net transactions value
-$30,194
Form type
4
Filing time
16 Mar 2022, 21:29:04 UTC
Next filing
04 Apr 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 +8,361 +66% 20,970 15 Mar 2022 Direct F1
transaction SMLP Common Units Tax liability $30,194 -2,036 -9.7% $14.83 18,934 15 Mar 2022 Direct F2

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 Award $0 +16,634 $0.000000 16,634 14 Mar 2022 Common Units 16,634 Direct F1, F3, F4, F5
transaction SMLP Phantom Units Options Exercise $0 -8,361 -33% $0.000000 16,722 15 Mar 2022 Common Units 8,361 Direct F1, 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 Common Units being withheld to pay tax liability.
F3 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 March 15, 2022 Reference Date, 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.
F4 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.
F5 After giving effect to the transactions reported in this Report, the Reporting Person holds an aggregate 50,022 phantom units.
F6 One-third of the phantom units subject to the original award agreement vested on March 15, 2022, with the remaining phantom units subject to vesting on the second and third anniversaries of the March 15, 2021 reference date, subject to continued employment. The Reporting Person received 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, General Counsel, and Chief Compliance 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.