UNIT-BASED AND NONCASH COMPENSATION

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

UNIT-BASED AND NONCASH COMPENSATION

14. UNIT-BASED AND NONCASH COMPENSATION

SMLP Long-Term Incentive Plan. The SMLP LTIP provides for equity awards to eligible officers, employees, consultants and directors of our General Partner and its affiliates. Items to note:

• In March 2019, we granted 639,522 phantom units and associated distribution equivalent rights to employees in connection with our annual incentive compensation award cycle. These awards had a grant date fair value of $9.78 and vest ratably over a three-year period.

• In March 2019, we also issued 16,358 common units to our two independent directors in connection with their annual compensation plan. In May 2019, we issued an additional 9,580 units to an independent director in conjunction with his appointment to our Board of Directors.

• In September 2019, we granted 772,200 phantom units and associated distribution equivalent rights to our Chief Executive Officer pursuant to an employment agreement executed in August 2019. These awards had a grant date fair value of $5.18 and vest ratably over a three-year service period.

• During the nine months ended September 30, 2019, 572,884 phantom units vested.

• As of September 30, 2019, approximately 1.8 million common units remained available for future issuance under the SMLP LTIP.