Deneke J Heath 4

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.