Sicinski Matthew B. 4
4 · Summit Midstream Corp · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Summit Midstream (SMC) SVP Matthew Sicinski Exercises RSUs, Sells 2,666 Shares
What happened
- Matthew B. Sicinski, Senior Vice President and Chief Accounting Officer of Summit Midstream (SMC), reported conversions of vested restricted stock units (derivative conversions) on March 13, 2026 totaling 10,824 shares (6,139 + 1,511 + 3,174). To cover tax withholding, 2,666 shares were surrendered/withheld (1,525 + 368 + 773) at $30.29 per share, generating cash proceeds of about $80,753. Several conversion entries are reported at $0.00 because these were non-cash derivative settlements. On March 16, 2026 he was also recorded as receiving two grants/awards totaling 11,384 corporation restricted stock units (5,692 + 5,692) that are subject to future vesting.
Key details
- Transaction dates: conversions and tax withholding on 2026-03-13; grants on 2026-03-16.
- Tax withholding: 2,666 shares withheld at $30.29 each = $80,753 (reported as disposals under code F).
- Derivative conversions: 10,824 shares converted (reported under code M); some conversion lines show $0.00 because they reflect the non-cash settlement of RSUs/DERs.
- New awards: 11,384 RSUs granted on 3/16/2026 (reported under code A) with vesting schedules/performance conditions per the filing.
- Shares owned after transaction: not specified in the supplied filing data.
- Notable footnotes: withheld shares were used to pay tax liability (F2); reporting person received distribution-equivalent rights (DERs) for RSUs (F3–F6); vesting schedules include time-based and performance-based tranches, and one award was certified at 96.7% of target (3.3% forfeited) (F7–F9).
- Filing timeliness: Form filed 2026-03-17 for transactions on 2026-03-13 — within the standard two business-day window (timely).
Context (what this means for investors)
- This was not an open-market directional trade but routine RSU vesting with a sell/withhold-to-cover tax event. Such withholding/sales to cover taxes are common and do not necessarily signal insider sentiment.
- The filing shows both the settled vested units and newly granted RSUs that remain subject to future vesting and performance conditions.
- Codes: M = derivative exercise/conversion (RSU settlement), F = tax withholding (shares surrendered), A = grant/award.
Insider Transaction Report
Form 4
Sicinski Matthew B.
Senior VP and CAO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-13+6,139→ 37,486 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−1,525$46,192→ 35,961 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+1,511→ 37,472 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−368$11,147→ 37,104 total - Exercise/Conversion
Common Stock
[F1]2026-03-13+3,174→ 40,278 total - Tax Payment
Common Stock
[F2]2026-03-13$30.29/sh−773$23,414→ 39,505 total - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F3][F4]2026-03-13−6,139→ 23,223 total→ Common Stock (6,139 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F5][F4]2026-03-13−1,511→ 21,712 total→ Common Stock (1,511 underlying) - Exercise/Conversion
Corporation Restricted Stock Units
[F1][F6][F4]2026-03-13−3,174→ 18,538 total→ Common Stock (3,174 underlying) - Award
Corporation Restricted Stock Units
[F1][F7][F4]2026-03-16+5,692→ 24,230 total→ Common Stock (5,692 underlying) - Award
Corporation Restricted Stock Units
[F1][F8][F4][F9]2026-03-16+5,692→ 29,712 total→ Common Stock (5,692 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 Matthew B. Sicinski|2026-03-17