0001209191-22-060951.txt : 20221213
0001209191-22-060951.hdr.sgml : 20221213
20221213164805
ACCESSION NUMBER: 0001209191-22-060951
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20221209
FILED AS OF DATE: 20221213
DATE AS OF CHANGE: 20221213
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Sicinski Matthew B.
CENTRAL INDEX KEY: 0001911802
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-35666
FILM NUMBER: 221460219
MAIL ADDRESS:
STREET 1: 910 LOUISIANA STREET, SUITE 4200
CITY: HOUSTON
STATE: TX
ZIP: 77002
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Summit Midstream Partners, LP
CENTRAL INDEX KEY: 0001549922
STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922]
IRS NUMBER: 455200503
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 910 LOUISIANA STREET
STREET 2: SUITE 4200
CITY: HOUSTON
STATE: TX
ZIP: 77002
BUSINESS PHONE: 832-413-4770
MAIL ADDRESS:
STREET 1: 910 LOUISIANA STREET
STREET 2: SUITE 4200
CITY: HOUSTON
STATE: TX
ZIP: 77002
FORMER COMPANY:
FORMER CONFORMED NAME: Summit Midstream Partners LP
DATE OF NAME CHANGE: 20120514
4
1
doc4.xml
FORM 4 SUBMISSION
X0306
4
2022-12-09
0
0001549922
Summit Midstream Partners, LP
SMLP
0001911802
Sicinski Matthew B.
C/O SUMMIT MIDSTREAM PARTNERS, LP
910 LOUISIANA STREET, SUITE 4200
HOUSTON
TX
77002
0
1
0
0
See remarks below.
Phantom Units
2022-12-09
4
A
0
2023
18.9935
A
Common Units
2023
2023
D
Phantom Units
2022-12-09
4
A
0
10124
18.9935
A
Common Units
10124
10124
D
Each phantom unit is the economic equivalent of one common unit.
The phantom units have been awarded in connection with a compensation agreement approved by the Compensation Committee of the Board of
Directors of Summit Midstream GP, LLC (the "Company") on November 29, 2022, permitting executive officers, to forfeit none, 50% or 100% of each
vesting tranche of his or her outstanding retention cash component awards granted in each of 2020, 2021 and 2022 in exchange for phantom units
to be granted under the Summit Midstream Partners, LP 2022 Long-Term Incentive Plan (the "Plan").
The phantom units (rounded down to the nearest whole number of units, except in the case of the final vesting date) shall vest on March 15, 2024, 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.
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.
The corresponding number of Phantom Units granted pursuant to the Plan was determined by dividing the cash value of the applicable vesting tranche of the cash retention component award forfeited by such participant by the volume weighted average price of a common unit of the Company during the three trading days ending on and including the date of grant. Due to an oversubscription of the phantom units, the Reporting Person received only 98.54% of the phantom units elected.
The price for each Phantom Unit was calculated from the volume weighted average price of a common unit of the Company during the three trading days ending on and including the date of grant.
Seventy-five percent and twenty-five percent of the phantom units (rounded down to the nearest whole number of units, except in the case of the final vesting date) shall respectively vest on March 15, 2024 and March 15, 2025, 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.
After giving effect to the transactions reported in this Report, the Reporting Person holds an aggregate 22,053 phantom units. This total includes phantom units from other tranches with different vesting dates.
The Reporting Person is Senior Vice President, Chief Accounting 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.
/s/ James D. Johnston, Attorney-in-Fact for Matthew B. Sicinski
2022-12-13