SEC Form 4 · accession 0001558304-17-000021

Summit Midstream Partners, LP · SMLP

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Brad N Graves

Officer — See Remarks

Period of report

Mar 15, 2017

Accepted (ET)

Mar 17, 2017 · 12:59 pm EDT

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^F1	Mar 15, 2017	M	25,758	—	A	50,156	D
Common Units	Mar 15, 2017	F	3,960	$22.50	D	46,196	D

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Phantom Units^F1,F2,F3	—	Mar 15, 2017	M	5,122	D	—	—	Common Units	5,122	0	D
Distribution Equivalent Rights^F2,F3	$6.705	Mar 15, 2017	D	5,122	D	—	—	Common Units	5,122	0	D
Phantom Units^F1,F4,F3	—	Mar 15, 2017	M	6,016	D	—	—	Common Units	6,016	6,015	D
Distribution Equivalent Rights^F4,F3	$4.585	Mar 15, 2017	D	6,016	D	—	—	Common Units	6,016	0	D
Phantom Units^F1,F5,F3	—	Mar 15, 2017	M	14,620	D	—	—	Common Units	14,620	29,239	D
Distribution Equivalent Rights^F5,F3	$2.30	Mar 15, 2017	D	14,620	D	—	—	Common Units	14,620	0	D
Phantom Units^F1,F6,F3	—	Mar 15, 2017	A	31,111	A	—	—	Common Units	31,111	31,111	D

Explanation of responses

F1Each phantom unit is the economic equivalent of one common unit.
F2The final one-third of the phantom units subject to the original award agreement vested on March 15, 2017, on the third anniversary of the March 15, 2014 grant date. The Reporting Person received 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-third of the phantom units subject to the original award agreement vested on March 15, 2017, with the final one-third of the phantom units subject to vesting on the third anniversary of the March 15, 2015 grant date, subject to continued employment. The Reporting Person received 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.
F5One-third of the phantom units subject to the original award agreement vested on March 15, 2017, with the remaining phantom units subject to vesting on the second and third anniversaries of the March 15, 2016 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.
F6One-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, 2017), subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person will receive distribution equivalent rights 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 Commercial 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.