SEC Form 4 · accession 0001209191-17-063462
Summit Midstream Partners, LP · SMLP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Leonard Wayne Mallett
Officer — See remarks below.
Period of report
Dec 1, 2017
Accepted (ET)
Dec 4, 2017 · 2:53 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001549922
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common UnitsF1 | Dec 1, 2017 | M | 28,659 | — | A | 62,418 | D | |
| Common Units | Dec 1, 2017 | F | 2,785 | $18.95 | D | 59,633 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2,F3 | — | Dec 1, 2017 | M | 28,659 | D | — | — | Common Units | 28,659 | 28,658 | D |
| Distribution Equivalent RightsF2,F3 | $4.60 | Dec 1, 2017 | D | 28,659 | D | — | — | Common Units | 28,659 | 0 | D |
Explanation of responses
- F1Each phantom unit is the economic equivalent of one common unit.
- F2One-third of the phantom units subject to the original award agreement vested on December 1, 2017, with the remaining phantom units subject to vesting on the third anniversary of the December 1, 2015 grant 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.
- F3The 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.
Remarks
The Reporting Person is Executive Vice President and Chief Operations 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.