J. Heath Deneke - Aug 1, 2024 Form 4 Insider Report for Summit Midstream Corp (SMC)

Role
Chairman, President and CEO
Signature
/s/ James D. Johnston, Attorney-in-Fact for J. Heath Deneke
Stock symbol
SMC
Transactions as of
Aug 1, 2024
Transactions value $
$0
Form type
4
Date filed
8/2/2024, 09:32 PM
Previous filing
Mar 19, 2024
Next filing
Nov 19, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SMC Common Stock Award +288K 288K Aug 1, 2024 Direct F1, F2, 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 SMC Corporation Restricted Stock Units Award +328K 328K Aug 1, 2024 Common Stock 328K Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On August 1, 2024 (the "Effective Time"), in connection with the corporate reorganization of Summit Midstream Partners, LP (the "Partnership"), the Partnership converted from a master limited partnership to a C corporation (the "Corporate Reorganization") through the merger between the Partnership and Summit SMC NewCo, LLC ("Merger Sub"), a wholly-owned subsidiary of Summit Midstream Corporation (the "Corporation"), wherein Merger Sub merged with and into the Partnership (the "Merger"), with the Partnership surviving the Merger as a wholly-owned subsidiary of the Corporation.
F2 Pursuant to Rule 12g-3(e), the Corporation is the successor issuer to the Partnership for purposes of Section 16.
F3 Pursuant to the Merger, immediately prior to the Effective Time, all outstanding common units representing limited partner interests in the Partnership (the "Common Units") have been converted into the right to receive shares of Common Stock, par value $0.01 per share, of the Corporation.
F4 Pursuant to the Merger, each outstanding phantom unit award granted under the Summit Midstream Partners, LP 2012 Long-Term Incentive Plan, as amended and restated, or the Summit Midstream Partners, LP 2022 Long-Term Incentive Plan, as amended (the "Partnership Phantom Unit Awards"), have been converted into an award of restricted stock units relating to a number of shares of common stock of the Corporation (the "Corporation RSUs") equal to the number of Common Units subject to such Partnership Phantom Unit Award, as of immediately prior to the Effective Time. The Corporation RSUs will be subject to substantially the same terms and conditions as were applicable to the converted Partnership Phantom Unit Awards, including vesting and payment timing provisions, as applicable.