Jerry L. Peters
About Jerry L. Peters
Jerry L. Peters, age 67, is an independent Class I director nominated to serve a term through 2028. He has served on Summit Midstream’s board since August 2024 and previously served on the Summit Midstream GP board since September 2012. Peters is Audit Committee Chair and financial expert, and a member of the Nominating, Governance and Sustainability Committee. He holds an MBA (finance) from Creighton University and a B.S. in Business Administration from the University of Nebraska–Lincoln. His core credentials include decades of CFO experience at public energy companies and audit oversight expertise .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Green Plains Inc. | Chief Financial Officer | Jun 2007 – Sep 2017 | Led finance for public ethanol producer |
| Green Plains Partners LP (general partner) | CFO and Director | 2015 – Sep 2017 (CFO); resigned board Jan 2024 | Public partnership; finance leadership and board service |
| USA Compression Partners LP (general partner) | Director; Audit Committee Chair & financial expert | Oct 2017 – Mar 2018 | Audit oversight and financial expert designation |
| ONEOK Partners, L.P. | CFO; SVP-Chief Accounting Officer; various senior roles | 1985 – May 2006 (various) ; CFO 1994 – May 2006 ; SVP-CAO May 2006 – Apr 2007 | Extensive midstream finance and accounting leadership |
| KPMG LLP | Certified Public Accountant | 1980 – 1985 | Public accounting experience |
External Roles
| Organization | Role | Status/Period | Notes |
|---|---|---|---|
| Green Plains Partners LP (general partner) | Director | Resigned Jan 2024 | Prior director role ended; reduces interlock risk |
| USA Compression Partners LP (general partner) | Director; Audit Chair | Oct 2017 – Mar 2018 | Ended 2018; no current interlock |
| Current public company boards | — | None disclosed | No current external public company directorships disclosed |
Board Governance
- Independence: Independent director; Audit, Compensation, and Nominating/Governance committees composed of independent directors .
- Committees: Audit (Chair; financial expert), Nominating/Governance (Member) .
- Attendance and engagement: Each board member attended all quarterly board and committee meetings during their membership in 2024; no member attended fewer than 75% of aggregate board+committee meetings. 2024 meetings: Board (10), Audit (5), Compensation (3), Nominating/Governance (5) .
- Board leadership: CEO serves as Chair; James J. Cleary is Lead Independent Director .
- Audit oversight: Peters chairs Audit Committee, which reviewed independence letters and recommended inclusion of audited financials in 2024 Form 10-K; Deloitte appointed for FY2025 .
Fixed Compensation (Director)
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Independent director retainer |
| Audit Committee Chair retainer | $20,000 | Additional for chair role |
| Total cash fees (2024) | $120,000 | As reported for Peters |
Performance Compensation (Director)
| Equity Grant | Grant Date | Units/Shares | Grant-Date Fair Value (USD) | Vesting/Conditions |
|---|---|---|---|---|
| SMLP common units (under SMC LTIP) | Jan 18, 2024 | 6,581 units | $105,954 | Fully vested on grant; no performance metrics |
Performance metric table for director awards: None disclosed; director equity grants are time-based and fully vested at grant, without KPI hurdles (e.g., EBITDA, TSR) .
Other Directorships & Interlocks
| Entity | Relationship | Overlap Risk |
|---|---|---|
| Tailwater Capital–designated Class B directors on SMC board | Board composition includes Class B directors with rights tied to Tall Oak transaction | Board-level governance dynamic; not a Peters-specific conflict |
| Prior roles at Green Plains/USA Compression | Former positions ended 2018/2024 | Low current interlock risk due to separation |
Expertise & Qualifications
- Financial expert: Designated audit committee financial expert; deep accounting/finance background, including public company CFO experience .
- Midstream/energy experience: Senior roles at ONEOK Partners; CFO roles in energy infrastructure; broad industry finance .
- Education: MBA (Creighton University, finance); B.S. Business Administration (University of Nebraska–Lincoln) .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Common Stock | Form of Ownership | Pledging/Hedging |
|---|---|---|---|---|
| Jerry L. Peters | 23,246 | <1% | Joint spousal trust; spouse shares voting and investment power | Company policy prohibits speculative trading; no pledging disclosed |
Stock ownership guidelines: Directors must hold SMC stock equal to 3x annual cash retainer; as of Dec 31, 2024, all directors and executives subject to guidelines exceeded requirements .
Insider trades: No Form 4 transactions are disclosed in the 2025 proxy for Peters; monitor SEC filings for updates .
Governance Assessment
- Positive signals: Independent status; Audit Chair and financial expert; strong attendance; role in auditor oversight and financial reporting integrity; equity ownership guidelines exceeded—indicating alignment .
- Compensation alignment: Balanced cash retainer plus equity grant; equity is fully vested and standard for directors (no contingent performance), consistent with market practice .
- Conflicts/related-party: Company reports no related person transactions since Jan 1, 2024 other than executive agreements; related party transaction review policy in place (Conflicts Committee/Audit Committee oversight) .
- Board dynamics: Presence of Class B director designation rights tied to the Tall Oak transaction can influence board composition over time; monitor governance implications and step-down thresholds. Not a Peters-specific issue but relevant to board effectiveness and investor control concerns .
- RED FLAGS: None specific to Peters identified in proxy—no pledging, no low attendance, no related-party transactions involving Peters .