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Summit Midstream Corp·4

Mar 17, 7:46 PM ET

Johnston James David 4

Research Summary

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Summit Midstream (SMC) Exec James Johnston Exercises RSUs, Taxes Withheld

What Happened
James David Johnston, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary of Summit Midstream Corp (SMC), had corporation restricted stock units (RSUs) vest/convert on March 13, 2026. A total of 33,423 shares resulted from those conversions (18,977 + 4,653 + 9,793). To cover tax withholding, 13,153 of those shares were surrendered (disposed) at an average tax withholding price of $30.29, resulting in cash withheld of $398,405. On March 16, 2026, Johnston was also granted two RSU awards totaling 35,088 units (17,544 + 17,544) as derivative awards.

Key Details

  • Transaction dates: conversions/vests and tax withholdings on 2026-03-13; new awards granted on 2026-03-16. Filing date: 2026-03-17 (timely).
  • Shares from conversions: 33,423 shares acquired via exercise/conversion (code M).
  • Shares withheld for taxes (code F): 7,468; 1,831; 3,854 = 13,153 shares surrendered; total cash withheld ≈ $398,405 (at $30.29/share).
  • New awards: two grants of 17,544 RSUs each on 2026-03-16 (total 35,088 RSUs) (code A).
  • Footnotes: RSUs are economically equivalent to common shares; the Reporting Person received distribution equivalent rights (DERs) for accrued distributions; awards may be settled in stock or cash per issuer discretion. Certification of performance for prior tranches was 96.7% (some units forfeited as noted).
  • Shares owned after the transactions: not specified in this Form 4.
  • Transaction codes: M = exercise/conversion of derivative; F = shares withheld to pay tax liability; A = grant/award.

Context
This filing reflects vested/converted RSUs and routine tax-withholding (a common administrative sell/surrender of shares to cover tax obligations), not an open-market sale for cash. The converted RSUs and the new grants follow typical vesting and performance certification rules: some original award tranches vested March 13 (final one-third), and new awards carry multi-year/time- and performance-based vesting schedules as described in the footnotes. This appears to be a routine insider vesting/award transaction rather than a directional buy or sell signal.