Sec Form 4 Filing - Deneke J Heath @ Summit Midstream Partners, LP - 2022-03-14

Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5
1. Name and Address of Reporting Person
Deneke J Heath
2. Issuer Name and Ticker or Trading Symbol
Summit Midstream Partners, LP [ SMLP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
See remarks below.
(Last) (First) (Middle)
C/O SUMMIT MIDSTREAM PARTNERS, LP, 910 LOUISIANA STREET, SUITE 4200
3. Date of Earliest Transaction (MM/DD/YY)
03/14/2022
(Street)
HOUSTON, TX77002
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Units 03/15/2022 M 36,294 A 85,873( 2 )( 3 ) D
Common Units 03/15/2022 F 14,282( 4 ) D $ 14.83 71,591( 2 ) D
Common Units 03/15/2022 M 25,000 A 96,591( 2 ) D
Common Units 03/15/2022 F 9,838( 4 ) D $ 14.83 86,753( 2 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Units ( 1 ) 03/14/2022 A 53,802 ( 5 ) ( 6 ) Common Units 53,802 $ 0 53,802( 7 ) D
Phantom Units ( 1 ) 03/15/2022 M 36,294 ( 8 ) ( 6 ) Common Units 36,294 $ 0 36,294( 3 )( 7 ) D
Phantom Units ( 1 ) 03/15/2022 M 25,000 ( 9 ) ( 6 ) Common Units 25,000 $ 0 50,000( 7 ) D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Deneke J Heath
C/O SUMMIT MIDSTREAM PARTNERS, LP
910 LOUISIANA STREET, SUITE 4200
HOUSTON, TX77002
X See remarks below.
Signatures
/s/ James D. Johnston, Attorney-in-Fact for J. Heath Deneke 03/16/2022
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Each phantom unit is the economic equivalent of one common unit.
( 2 )Total includes all outstanding common units.
( 3 )On November 9, 2020, the Issuer effected a 1-for-15 reverse unit split (the "Reverse Unit Split"). Pursuant to the Reverse Unit Split, common unitholders received one common unit for every 15 common units owned at the close of business on November 9, 2020. All fractional units created by the Reverse Unit Split were rounded to the nearest whole unit. The common units began trading on a split-adjusted basis on November 10, 2020. After giving effect to the Reverse Unit Split, the number of issued and outstanding common units decreased to 3,774,992.
( 4 )Common Units being withheld to pay tax liability.
( 5 )One-third of the phantom units shall vest on each of the first, second and third anniversaries of the March 15, 2022 Reference Date, 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.
( 6 )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.
( 7 )After giving effect to the transactions reported in this Report, the Reporting Person holds an aggregate 157,256 phantom units.
( 8 )One-third of the phantom units subject to the original award agreement vested on March 15, 2022, with the final one-third of the phantom units subject to vesting on the third anniversary of the March 15, 2020 reference 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.
( 9 )One-third of the phantom units subject to the original award agreement vested on March 15, 2022, with the remaining phantom units subject to vesting on the second and third anniversaries of the March 15, 2021 reference 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.

Remarks:
The Reporting Person is President and Chief Executive 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.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.