Sivasankaran Somasundaram - 22 Sep 2023 Form 4 Insider Report for Magellan Midstream Partners, L.P. (MMP)

Role
Director
Signature
By: Richard Carson, Attorney-in fact for Sivasankaran Somasundaram
Issuer symbol
MMP
Transactions as of
22 Sep 2023
Net transactions value
+$34,500
Form type
4
Filing time
26 Sep 2023, 22:56:02 UTC
Previous filing
11 Sep 2023
Next filing
15 Feb 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MMP Common Units Options Exercise $34,500 +500 +48% $69.00 1,552 22 Sep 2023 Direct
transaction MMP Common Units Disposed to Issuer -1,552 -100% 0 25 Sep 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction MMP Phantom Units Disposed to Issuer -8,483 -100% 0 25 Sep 2023 Common Units 8,483 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Sivasankaran Somasundaram is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the Agreement and Plan of Merger, dated as of May 14, 2023 (the "Merger Agreement"), by and among ONEOK, Inc. ("ONEOK"), Otter Merger Sub LLC, and Magellan Midstream Partners, L.P. ("Magellan"), each unit of Magellan (the "Magellan Unit") issued and outstanding immediately prior to the time of the merger became effective (the "Effective Time"), was converted into the right to receive 0.667 shares of ONEOK common stock (the "ONEOK Common Stock"). On September 25, 2023, the closing price of one share of ONEOK common stock was $66.54.
F2 Pursuant to the Merger Agreement, each award of phantom units of Magellan ("Magellan Award") based solely on the passage of time that was outstanding at the Effective Time was assumed by ONEOK and converted, on the same terms and conditions of such Magellan Award, into a restricted stock unit award of ONEOK equal to the product obtained by multiplying (x) the number of Magellan Units underlying the Magellan Award by (y) the Equity Exchange Ratio (as defined in the Merger Agreement) and rounded up or down to the nearest whole share of ONEOK Common Stock.