Deneke J Heath 4

What Happened

• Deneke J Heath, Chairman, President and CEO of Summit Midstream (SMC), had 32,754 corporation restricted stock units (CRSUs) vest on January 16, 2026 and converted those units into common stock (reported as derivative exercise/conversion). Of the shares issued, 8,216 were withheld to cover tax liabilities at $26.81 per share, totaling $220,271. The net increase to his holdings from this vesting event is 24,538 shares (32,754 issued minus 8,216 withheld).
• The filing shows both the acquisition (conversion of CRSUs into shares) and the withholding disposition to satisfy taxes; one reported line shows a $0 disposition tied to the derivative conversion mechanics.

Key Details

• Transaction date: January 16, 2026; Form 4 filed January 21, 2026 (filed 5 days after the transaction — appears later than the typical 2-business-day Form 4 deadline).
• Shares issued on vesting: 32,754 CRSUs converted to common stock.
• Shares withheld for taxes: 8,216 shares at $26.81 each = $220,271 (tax withholding).
• Net new shares received: 24,538.
• Footnotes: F2 confirms common stock were withheld to pay tax liability; F3 notes one‑third of the original award vested on Jan 16, 2026 and remaining units vest later subject to continued employment; F4 explains CRSUs/DERs can be settled in stock or cash and do not expire; F5 indicates totals may include CRSUs from other tranches with different vesting dates.
• Shares owned after the transaction: not specified in the provided filing.

Context

• This was a standard vesting/settlement of restricted stock units rather than an open‑market purchase or voluntary sale. The withholding of shares to cover taxes is routine and does not necessarily indicate a change in the insider’s view of the company.
• For retail investors, vested awards that result in net share increases are a minor positive signal (more insider exposure), but such routine issuances are common compensation events and should be weighed with other insider activity and company fundamentals.