Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-12

Summit Midstream (SMC)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,970,824
J. Heath Deneke total, FY2025
50th
CEO pay percentile vs peers
CEO-to-median pay ratio
84.76%
Say-on-pay support, latest vote
Companies that benchmark against SMC
1 company names SMC as a compensation peer

Each company listed discloses SMC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SMC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
J. Heath Deneke$766,962$0$4,103,760$0$1,047,162$0$52,940$5,970,824
Chairman of the Board, President and Chief Executive Officer
James Johnston438,45501,202,7610495,499036,8532,173,568
Executive Vice President, General Counsel, Chief Compliance Officer and Secretary
William Mault432,56401,238,8660419,118024,0512,114,599
Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
J. Heath Deneke$5,970,824
James Johnston2,173,568
William Mault2,114,599

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
J. Heath DenekePSU2025-03-1423,81247,62495,248$2,320,718
J. Heath DenekeRSU2025-03-1447,6241,783,043
James JohnstonRSU2025-03-1413,958522,588
James JohnstonPSU2025-03-146,97913,95827,916680,173
William MaultRSU2025-03-1414,377538,275
William MaultPSU2025-03-147,18914,37728,754700,591
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
J. Heath Deneke$1,783,043$2,320,718$056.6%
James Johnston522,588680,173056.6%
William Mault538,275700,591056.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
J. Heath DenekePSU131,018$3,495,560
J. Heath DenekePSU65,5081,747,753
J. Heath DenekePSU50,5961,349,909
J. Heath DenekePSU47,6241,270,608
James JohnstonPSU43,1781,151,989
William MaultPSU40,4861,080,166
J. Heath DenekePSU30,015800,800
J. Heath DenekePSU23,812635,304
James JohnstonPSU21,588575,968
William MaultPSU20,242540,057
James JohnstonPSU16,541441,312
William MaultPSU14,401384,217
William MaultPSU14,377383,578
James JohnstonPSU13,958372,399
James JohnstonPSU9,793261,277
William MaultPSU8,542227,901
William MaultPSU7,189191,789
James JohnstonPSU6,979186,200
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program is based on the philosophy that our executive management team should be aligned with our stockholders, and that our executives should be incentivized and rewarded for performance that advances business goals and the creation of sustainable value in all business cycles, leading to stockholder value creation. We incorporate a pay-for-performance philosophy when designing executive compensation opportunities, placing a meaningful portion of executive pay at risk and tying realized compensation to superior financial results and strategic growth execution.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0711,996,0102,156,9735,89784.76%Passed
20252025-05-0811,753,3021,823,60964,88386.57%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0784.76%a
20252025-05-0886.57%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
James J. ClearyIndependent · Compensation Committee · Nominating, Governance and Sustainability Committee (Chair)$120,000$114,641$234,641
Jerry L. PetersIndependent · Audit Committee (Chair) · Nominating, Governance and Sustainability Committee120,000114,641234,641
Marguerite Woung-ChapmanIndependent115,000114,641229,641
Lee JacobeIndependent · Audit Committee · Compensation Committee (Chair) · Finance and Corporate Strategy Committee115,000114,641229,641
Robert J. McNallyIndependent · Audit Committee · Finance and Corporate Strategy Committee (Chair)107,000114,641221,641
Rommel M. OatesIndependent · Nominating, Governance and Sustainability Committee · Finance and Corporate Strategy Committee100,000114,641214,641
J. Heath DenekeEmployee director · Board Chair000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$115,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$677,000
Equity awards (grant-date value)$687,846
All other compensation$0
Total cost of the board$1,364,846

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

WTTR Select Water Solutions, Inc.OIS Oil States International, Inc.KNTK Kinetik Holdings Inc.AROC Archrock, Inc.KGS Kodiak Gas Services, Inc. Gibson Energy Inc.ARIS Aris Water Solutions, Inc.
10a

Peer reciprocity

Of the companies Summit Midstream names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Select Water Solutions, Inc. (WTTR)24 Oil States International, Inc. (OIS) Kinetik Holdings Inc. (KNTK)25 Archrock, Inc. (AROC) Kodiak Gas Services, Inc. (KGS) Aris Water Solutions, Inc. (ARIS)

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Summit Midstream.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Kinetik Holdings Inc.2025Jamie Welch$276,923$5,140,841$0$487,500$6,156,243
2Summit Midstream2025J. Heath Deneke766,9624,103,76001,047,1625,970,824
3Select Water Solutions, Inc.2025John Schmitz800,0003,245,5260681,3524,876,029
Oil States International, Inc.not in coverage universe
Archrock, Inc.not in coverage universe
Kodiak Gas Services, Inc.not in coverage universe
Aris Water Solutions, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Summit Midstreamnot disclosednot disclosednot disclosednot disclosed
Archrock, Inc.not disclosednot disclosednot disclosednot disclosed
Aris Water Solutions, Inc.not disclosednot disclosednot disclosednot disclosed
Kinetik Holdings Inc.65%PSU 50 · RSU 50Yes — Annualized TSRMeridian Compensation Partners
Kodiak Gas Services, Inc.not disclosednot disclosednot disclosednot disclosed
Oil States International, Inc.not disclosednot disclosednot disclosednot disclosed
Select Water Solutions, Inc.88.1%RSU 50 · PSU 50Yes — Relative Total Shareholder Return (TSR)Meridian Compensation Partners

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, J. Heath DenekeDEF 14A2026-04-100001213900-26-042530Section “EXECUTIVE COMPENSATION TABLES” · page 47. As printed: 5,970,824. Filing ↗machine: r1 · c14 · span 896415–896424
2Section 01, James JohnstonDEF 14A2026-04-100001213900-26-042530Section “EXECUTIVE COMPENSATION TABLES” · page 47. As printed: 2,173,568. Filing ↗machine: r9 · c14 · span 955119–955128
3Section 01, William MaultDEF 14A2026-04-100001213900-26-042530Section “EXECUTIVE COMPENSATION TABLES” · page 47. As printed: 2,114,599. Filing ↗machine: r5 · c14 · span 925752–925761
4Section 03, J. Heath Deneke PSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1038876–1038885
5Section 03, J. Heath Deneke RSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1052347–1052356
6Section 03, James Johnston RSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1151758–1151765
7Section 03, James Johnston PSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1138289–1138296
8Section 03, William Mault RSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1102013–1102020
9Section 03, William Mault PSUDEF 14A2026-04-100001213900-26-042530Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1088564–1088571
10Section 08, James J. ClearyDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 234,641. Filing ↗machine: span 1644743–1644750
11Section 08, Jerry L. PetersDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 234,641. Filing ↗machine: span 1669088–1669095
12Section 08, Marguerite Woung-ChapmanDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 229,641. Filing ↗machine: span 1673942–1673949
13Section 08, Lee JacobeDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 229,641. Filing ↗machine: span 1654461–1654468
14Section 08, Robert J. McNallyDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 221,641. Filing ↗machine: span 1659408–1659415
15Section 08, Rommel M. OatesDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 214,641. Filing ↗machine: span 1664258–1664265
16Section 08, J. Heath DenekeDEF 14A2026-04-100001213900-26-042530Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2026 voteForm 8-K2026-05-120002024218-26-000072Item 5.07 · say-on-pay result. As reported: 84.76% (votes for as printed: 11,996,010). Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-090002024218-25-000049Item 5.07 · say-on-pay result. As reported: 86.57% (votes for as printed: 11,753,302). Filing ↗
19Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
20Section 09b board cost (computed)ComputedcomputedCash 677,000 + equity 687,846 + all other 0 = 1,364,846, summed across the director compensation table rows.machine: formula: Σ = 1,364,846
21Kinetik Holdings Inc., Section 10b CEO totalDEF 14A2026-04-080001692787-26-000086CEO total compensation as printed in Kinetik Holdings Inc.'s own proxy. As printed: 6,156,243. Filing ↗machine: r4 · c21 · span 711505–711514
22Summit Midstream (subject), Section 10b CEO totalDEF 14A2026-04-100001213900-26-042530CEO total compensation as printed in Summit Midstream's own proxy. As printed: 5,970,824. Filing ↗machine: r1 · c14 · span 896415–896424
23Select Water Solutions, Inc., Section 10b CEO totalDEF 14A2026-03-240001104659-26-033864CEO total compensation as printed in Select Water Solutions, Inc.'s own proxy. As printed: 4,876,029. Filing ↗machine: span 1041295–1041304
24Section 10a, Select Water Solutions, Inc. reciprocityDEF 14A0001104659-26-033864Select Water Solutions, Inc.'s most recent proxy was read; its disclosed peer group does not include Summit Midstream. Filing ↗
25Section 10a, Kinetik Holdings Inc. reciprocityDEF 14A0001692787-26-000086Kinetik Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Summit Midstream. Filing ↗