William J. Mault
About William J. Mault
William J. Mault, age 39, is Executive Vice President and Chief Financial Officer of Summit Midstream Corporation (SMC) since August 2024; he previously served as EVP & CFO of the General Partner beginning February 2022 and has been with the company since 2016 across senior roles including VP of Corporate Development, Finance and Treasurer . He is a CFA charterholder with a BBA in Banking, Finance and Economics from Northwood University and spent nearly 10 years in M&A and investment research at SunTrust Robinson Humphrey (now Truist Securities) before joining Summit . 2024 strategic outcomes noted by the Compensation Committee include refinancing 2025 notes (pushing maturities to May 2026), sale of Northeast businesses, and integration of Tall Oak Midstream; corporate leverage declined to 3.9x at year-end 2024, and the SLT Scorecard performance was 125% for the company with Mault’s individual achievement at 120% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Summit Midstream Corporation | EVP & CFO | Aug 2024–present | Led financing, asset sale/integration; contributed to 2024 corporate scorecard results |
| Summit Midstream GP, LLC (General Partner) | EVP & CFO | Feb 2022–Aug 2024 | CFO of GP managing SMLP operations |
| Summit Midstream (Company/GP) | VP Corporate Development, Finance & Treasurer | 2016–2022 | Senior corporate development and finance leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SunTrust Robinson Humphrey (now Truist Securities) | M&A and investment research capacities | Nearly 10 years pre-2016 | Transaction and research experience; sector expertise |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 300,000 | 336,000 | 376,000 |
| “Bonus” ($) – retention/cash-to-phantom program vestings | 98,116 | 248,115 | 502,366 |
| Stock Awards – grant-date fair value ($) | 238,896 | 748,095 | 890,380 |
| Annual Incentive (Non-Equity Incentive Plan) ($) | 598,500 | 309,120 | 564,000 |
| All Other Compensation ($) | 45,417 | 23,032 | 23,798 |
| Total ($) | 1,280,929 | 1,664,362 | 2,356,545 |
| Target Opportunity | FY 2024 |
|---|---|
| Target Annual Bonus (% of base) | 100% |
| Target Annual Bonus ($) | 376,000 |
| Target Annual LTIP Award (% of base) | 225% |
| Target Annual LTIP Award ($) | 846,000 |
| 2025 Updates (effective Mar 28, 2025) | Value |
|---|---|
| Annual Base Salary ($) | 450,000 |
| Target Annual Bonus (% of base) | 85% (range 0–200%) |
| Annual LTIP Target (% of base) | 240% |
Performance Compensation
| Component | Metric(s) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Bonus (Company) | SLT Scorecard: Adjusted EBITDA, business development activity, HSER metrics | Established by Compensation Committee | Company achievement: 125% | Incorporated in bonus formula | Cash paid following fiscal year |
| Annual Bonus (Individual – CFO) | Individual performance goals | Per agreement and Committee | Individual achievement: 120% | FY2024 paid $564,000 | Cash paid following fiscal year |
| 2024 LTIP – Performance RSUs | Company performance over 3-year period | 20,243 target units | Earned based on 3-year performance; scored at end of period | Grant-date fair value $401,520 | Vests at end of 3-year performance period |
| 2024 LTIP – Time-based RSUs | Service-based | 30,364 units | Time-based | Grant-date fair value $488,860 | Vests ratably over 3 years; first tranche on 1/18/2025 |
Notes:
- Annual bonus formula: actual bonus = target bonus × SLT Scorecard achievement × individual goal achievement .
- Company eliminated single-trigger change-in-control vesting for long-term equity awards granted in 2024 (adopted double-trigger framework) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership – Common Stock | 63,224 shares; less than 1% of class and combined voting power |
| Equity Holding Guidelines – CFO | Required holdings: 3× base salary; measured annually on Dec 31 VWAP |
| Guideline Compliance (as of Dec 31, 2024) | All directors and executive officers subject to guidelines exceeded requirements |
| Hedging/Speculative Trading | Insider Trading Policy discourages speculative trading; preclearance required; blackout windows enforced; 10b5‑1 plans permitted with approval |
| Options | Company does not grant options/SARs currently |
| Pledging | No pledging disclosure provided in cited sections |
Outstanding unvested equity (as of 12/31/2024):
| Grant Date | Award Type | Unvested Units (#) | Market Value ($) | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| 1/18/2024 | Performance RSUs | 20,243 | 764,781 | Vests based on 3-year performance; scored at period end | Value at $37.78 close |
| 1/18/2024 | Time-based RSUs | 30,364 | 1,147,152 | Ratable over 3 years; first tranche on 1/18/2025 | Value at $37.78 close |
| 3/15/2023 | Performance RSUs | 17,086 | 645,509 | 3-year performance; target units shown | Value at $37.78 close |
| 3/15/2023 | Time-based RSUs | 17,085 | 645,471 | 50% on 3/15/2025 and 50% on 3/15/2026 | Value at $37.78 close |
| 12/9/2022 | Time-based RSUs | 7,782 | 294,004 | Per award terms; unvested at 12/31/2024 | Value at $37.78 close |
| 3/14/2022 | Time-based RSUs | 5,369 | 202,841 | Per award terms; unvested at 12/31/2024 | Value at $37.78 close |
2024 LTIP grant sizing (targets and units):
| Parameter | Value |
|---|---|
| LTIP target (% of base) | 225% |
| Performance-based units (#) | 20,243 |
| Time-based units (#) | 30,364 |
| Award value used for unit calculation | $846,000 |
| Pricing methodology | 3-day VWAP ≈ $16.7171 preceding grant |
Cash-for-phantom program (Dec 2022):
| Executive | Cash Retention Forfeited | Phantom Units Granted |
|---|---|---|
| William J. Mault | $637,441 | 33,561 |
Employment Terms
| Term | Detail |
|---|---|
| Agreement Effective/Term | Amended and restated effective Aug 1, 2024; initial term to Aug 1, 2025; auto-renews for 1-year periods unless notice ≥30 days before expiration |
| 2024 Comp Terms | Base $376,000; bonus range 0–200% with 100% target; annual equity award target 225% of base (Board discretion) |
| 2025 Comp Updates | Effective Mar 28, 2025: base $450,000; target bonus 85% (range 0–200%); annual LTIP target 240% |
| Severance (Nonrenewal/Qualifying Termination) | 2.5× (base + higher of target or prior-year bonus); paid in installments over ~12 months; subsidized COBRA up to 18 months; pro‑rated annual bonus at target |
| Change-in-Control Vesting | Post‑Feb 2023 awards vest only if not continued/assumed/substituted; otherwise remain subject to accelerated vesting on Qualifying Termination; performance RSUs scored through latest practicable date pre‑CIC |
| Pre‑Feb 2023 Awards | Immediate vest on termination without cause, death/disability, or CIC (and if provided, good reason) |
| Non‑compete/Non‑solicit | 1‑year non‑compete post‑termination (can waive corresponding period in exchange for severance reduction); 1‑year non‑solicit; perpetual confidentiality |
| Clawback | Compensation Committee administers Policy for Recovery of Erroneously Awarded Compensation |
| 280G Excise | “Best‑net” cutback to avoid 4999 excise if beneficial after tax |
| Perquisites | Company-paid tax preparation/advisory up to $12,000/year; HSA/401(k) contributions; holiday bonus |
| Insider Trading | Preclearance; blackout windows; discourages speculative trading; 10b5‑1 plans allowed with approval |
Potential payments if terminated on 12/31/2024 (proxy illustration):
| Trigger | Salary ($) | Bonus ($) | Pro‑Rata Bonus ($) | Health Benefits ($) | Acceleration of Unvested LTIP ($) | Total ($) |
|---|---|---|---|---|---|---|
| Death/Disability | — | — | 376,000 | — | 3,960,280 | 4,336,280 |
| Without Cause/Good Reason/Employer Nonrenewal | 940,000 | 940,000 | 376,000 | 11,192 | 3,960,280 | 6,227,472 |
| Change in Control | 940,000 | 940,000 | 376,000 | 11,192 | 3,960,280 | 6,216,280 |
Investment Implications
- Alignment: Equity-heavy pay mix persists—2024 target mix for NEOs was ~24% base, ~24% annual bonus, ~52% LTIP; for 2025 Mault’s updates increase salary but also raise LTIP target to 240%, reinforcing long-term alignment and retention via multi-year vesting .
- Performance linkage: Annual bonus explicitly ties to Adjusted EBITDA, business development, and HSER; 2024 payout reflects above-target corporate and individual performance (125% and 120%), indicating pay-for-performance mechanics functioning as designed .
- Retention & selling pressure: Multiple near-term vesting events (e.g., 2024 time-based RSUs vesting annually from 1/18/2025; 2023 time-based tranches on 3/15/2025 and 3/15/2026) can create incremental insider selling supply over vest dates, although ownership guidelines require retention until thresholds are met (already exceeded as of 12/31/2024) .
- Downside protection: Double‑trigger CIC vesting on post‑Feb 2023 awards, 2.5× severance, and pro‑rated bonus provide safety nets, while best‑net 280G cutback avoids tax gross‑ups—supportive of governance discipline and reducing shareholder-unfriendly features .
- Execution indicators: Documented role in balance sheet refinancing, asset divestiture, and Tall Oak integration aligns with value creation narrative; ongoing performance RSU outcomes will offer forward signals on execution effectiveness over the 2023–2026 cycles .