Mault William J. 4
4 · Summit Midstream Corp · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Summit Midstream (SMC) CFO William Mault Exercises RSUs; Shares Withheld
What Happened
- William J. Mault, Executive Vice President and CFO of Summit Midstream (SMC), had restricted stock units (RSUs/DERs) vest in mid‑March 2026. A total of 29,857 shares were issued on vesting (16,522 + 4,793 + 8,542). To cover tax withholding, 11,751 shares were surrendered/withheld (dispositions reported under code F) for aggregate proceeds of $355,938. The conversion/exercise entries for the vested derivative awards were reported at $0 consideration (M/F codes as appropriate).
- On March 16, 2026, Mault was also granted two tranches of 18,071 corporation restricted stock units (36,142 total) (reported as awards A, $0 listed).
Key Details
- Transaction dates: vesting/conversion reported Mar 13, 2026; new awards reported Mar 16, 2026; Form 4 filed Mar 17, 2026 (within the 2‑business‑day reporting window).
- Tax withholding: 11,751 shares withheld to satisfy tax liability (code F). Reported cash value of withheld shares: $196,946 + $57,157 + $101,835 = $355,938.
- Shares from vesting: 29,857 gross shares issued; net delivered after withholding ≈ 18,106 shares.
- Grants: two new award entries of 18,071 RSUs each (total 36,142). Footnotes indicate varied vesting schedules and performance conditions (see F5–F9).
- Notable footnotes: F2 = common stock withheld for taxes; F3/F4/F6/F7/F8/F9 describe DERs (distribution equivalent rights), vesting schedules, certification at 96.7% of target for an original award and a 3.3% forfeiture of unearned units, and that RSUs may be settled in shares or cash at the issuer’s discretion.
Context
- These filings reflect routine vesting and tax‑withholding activity rather than an open‑market buy or sell. The $0 exercise/settlement amounts reflect conversion/settlement mechanics for RSUs/DERs (code M for conversion of derivatives, F for tax withholding, A for award grants).
- Awards and withheld shares are common forms of executive compensation; they don't, by themselves, indicate the insider's view of the company’s near‑term stock prospects.
Insider Transaction Report
Form 4
Mault William J.
Executive VP and CFO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-13+16,522→ 87,110 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−6,502$196,946→ 80,608 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+4,793→ 85,401 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−1,887$57,157→ 83,514 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+8,542→ 92,056 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−3,362$101,835→ 88,694 total - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F3][F4]2026-03-13−16,522→ 68,224 total→ Common Stock (16,522 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F5][F4]2026-03-13−4,793→ 63,431 total→ Common Stock (4,793 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F6][F4]2026-03-13−8,542→ 54,889 total→ Common Stock (8,542 underlying) - Award
Corporation Restricted Stock Units
[F1][F7][F4]2026-03-16+18,071→ 72,960 total→ Common Stock (18,071 underlying) - Award
Corporation Restricted Stock Units
[F1][F8][F4][F9]2026-03-16+18,071→ 90,467 total→ Common Stock (18,071 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 William J. Mault|2026-03-17