SEC Form 3 · accession 0001209191-18-062494
Summit Midstream Partners, LP · SMLP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Marc David Stratton
Officer — See remarks below.
Period of report
Dec 7, 2018
Accepted (ET)
Dec 13, 2018 · 5:31 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 Units | holding | — | — | — | 20,245 | 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 | $0.00 | holding | — | — | — | — | — | Common Units | 14,754 | — | D |
| Phantom UnitsF1,F4,F3 | $0.00 | holding | — | — | — | — | — | Common Units | 6,222 | — | D |
| Phantom UnitsF1,F5,F3 | $0.00 | holding | — | — | — | — | — | Common Units | 4,273 | — | D |
Explanation of responses
- F1Each phantom unit is the economic equivalent of one common unit.
- F2One-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 Grant Date (March 15, 2018), 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.
- 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.
- F4One-half of these phantom units shall vest on March 15, 2019 and the remaining one-half of these phantom units shall vest on March 15, 2020, 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.
- F5These phantom units shall vest on March 15, 2019, 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.