Deneke J Heath 4
4 · Summit Midstream Corp · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Summit Midstream (SMC) CEO Deneke Heath Exercises RSUs; Shares Withheld
What Happened
- Deneke J. Heath, Chairman, President and CEO of Summit Midstream Corp (SMC), had previously granted corporation restricted stock units (CRSUs) vest and were converted/exercised on March 13, 2026. The reported conversions total 103,939 shares (58,049 + 15,875 + 30,015). To cover tax withholding obligations the company withheld 40,297 shares (22,239 + 6,247 + 11,811) at $30.29 per share, resulting in cash withheld of $1,220,596. The filing also shows two new grant entries on March 16, 2026 for 59,807 CRSUs each (awards/derivatives with $0 exercise price).
Key Details
- Transaction dates: March 13, 2026 (vesting/conversion and tax withholding); March 16, 2026 (new awards).
- Prices/values: tax-withheld shares withheld at $30.29 each; total cash value withheld ≈ $1,220,596. The CRSUs/DERs themselves are reported at $0 exercise price (derivative instruments).
- Shares withheld for taxes: 40,297 shares (dispositions coded F — tax withholding).
- New awards: two grants of 59,807 CRSUs each on March 16, 2026 (coded A); these are derivative awards with vesting conditions per the footnotes.
- Footnotes: CRSUs are one-for-one economic equivalents to common shares and include Distribution Equivalent Rights (DERs). Some awards vested March 13, 2026; other tranches have multi-year service or performance vesting schedules and may be certified/forfeited per achievement (see footnote F9 — original award certified at 96.7%).
- Shares owned after transaction: not disclosed in the provided excerpt.
- Filing timeliness: Form filed March 17, 2026 covering activity through March 13, 2026 (no late‑filing flag shown in provided info).
Context
- These transactions reflect vested/converted restricted stock units with shares withheld to pay tax liabilities (a common post-vesting withholding, not an open-market sale). The conversion/settlement of CRSUs and the simultaneous withholding is effectively a net settlement for tax purposes rather than a separate stock sale.
- The two March 16 grants are new CRSUs subject to service and/or performance vesting schedules (one‑third annual vesting and performance-based tranches per footnotes). For retail investors, awards/vesting are routine executive compensation events; withheld shares to pay taxes are standard and do not necessarily indicate a buy or sell signal.
Insider Transaction Report
Form 4
Deneke J Heath
Chairman, President and CEO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-13+58,049→ 348,757 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−22,239$673,619→ 326,518 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+15,875→ 342,393 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−6,247$189,222→ 336,146 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+30,015→ 366,161 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−11,811$357,755→ 354,350 total - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F3][F4]2026-03-13−58,049→ 225,507 total→ Common Stock (58,049 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F5][F4]2026-03-13−15,875→ 209,632 total→ Common Stock (15,875 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F6][F4]2026-03-13−30,015→ 179,617 total→ Common Stock (30,015 underlying) - Award
Corporation Restricted Stock Units
[F1][F7][F4]2026-03-16+59,807→ 239,424 total→ Common Stock (59,807 underlying) - Award
Corporation Restricted Stock Units
[F1][F8][F4][F9]2026-03-16+59,807→ 297,251 total→ Common Stock (59,807 underlying)
Footnotes (9)
- [F1]Each corporation restricted stock unit is the economic equivalent of one common stock.
- [F2]Common stocks being withheld to pay tax liability.
- [F3]The corporation restricted stock units subject to the original award agreement vested on March 13, 2026. The Reporting Person received distribution equivalent rights ("DERs") for each corporation restricted stock 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 corporation restricted stock units.
- [F4]The corporation restricted stock units and associated DERs do not expire. The corporation restricted stock units are settled upon vesting in common stocks (on a one-for-one basis) or in cash, at the discretion of the Issuer.
- [F5]One-third of the corporation restricted stock units (rounded down to the nearest whole number of units, except in the case of the final vesting date) vested on March 13, 2026, with the remaining corporation restricted stock units vesting on the second and third anniversaries of the March 14, 2025, reference date, subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person received DERs for each corporation restricted stock 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 corporation restricted stock units.
- [F6]The final one-third of the corporation restricted stock units subject to the original award agreement vested on March 13, 2026. The Reporting Person received DERs for each corporation restricted stock 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 corporation restricted stock units.
- [F7]One-third of the corporation restricted stock 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 March 16, 2026, reference date, subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person will receive DERs for each corporation restricted stock 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 corporation restricted stock units.
- [F8]The corporation restricted stock units shall vest if and to the extent that the corporation restricted stock units are earned during the performance period from January 1, 2026 through December 31, 2028, which will depend on whether the performance criteria are achieved as determined by the committee as soon as reasonably practicable, but no later than sixty (60) days following December 31, 2028, the last day of the Performance Period. The vesting of the corporation restricted stock units is subject to continued employment and accelerated vesting as provided in the applicable award agreement. The Reporting Person will receive DERs for each corporation restricted stock 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 corporation restricted stock units.
- [F9]This total includes corporation restricted stock units from other tranches with different vesting dates. On March 16, 2026, when the original award agreement vested, it was certified at an achievement level of 96.7% of the target number of corporation restricted stock units. The remaining 3.3% of the target corporation restricted stock units that were not earned based on the certified performance level were forfeited. The difference between the number of outstanding awards reflected in the Reporting Person's brokerage account and the number previously reported is attributable to this certification and the corresponding forfeiture of the unearned portion of the original award.
Signature
/s/ James D. Johnston, Attorney-in-Fact for J. Heath Deneke|2026-03-17