James David Johnston - 31 Mar 2022 Form 4 Insider Report for Summit Midstream Partners, LP

Role
Officer
Signature
/s/ James D. Johnston
Issuer symbol
N/A
Transactions as of
31 Mar 2022
Net transactions value
-$97,598
Form type
4
Filing time
04 Apr 2022, 11:59:32 UTC
Previous filing
16 Mar 2022
Next filing
15 Aug 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 +16,666 +88% 35,600 31 Mar 2022 Direct F1, F2
transaction SMLP Common Units Tax liability $97,598 -6,559 -18% $14.88 29,041 31 Mar 2022 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 -16,666 -100% $0.000000* 0 31 Mar 2022 Common Units 16,666 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-half of the phantom units (rounded down to the nearest whole number of units, except in the case of the final vesting date) vested on March 31, 2021, and the other half vested on March 31, 2022, subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person received Distribution Equivalent Rights ("DERs") for each phantom unit, if applicable, providing for payment on the vesting date of a lump sum of cash equal to any 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 After giving effect to the transactions reported in this Report, the Reporting Person holds an aggregate 33,356 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.