Form 4: EnLink Midstream Executive Adam Forman Disposes of Common Units Following Merger with ONEOK

Following the merger of EnLink Midstream with ONEOK, executive Adam Forman disposed of 126,905 common units which were converted into ONEOK stock.

Summary

• Adam Forman, an EVP and General Counsel at EnLink Midstream, disposed of 126,905 common units.
• This transaction occurred on January 31, 2025, as a result of the merger between EnLink Midstream and ONEOK.
• Each EnLink common unit was converted into 0.1412 shares of ONEOK common stock.
• The closing price of ONEOK common stock on January 31, 2025, was $97.17.
• Additionally, restricted incentive units of EnLink were converted into time-based restricted stock units of ONEOK using the same exchange ratio.

Sentiment

Score: 7

Explanation: The document reflects a standard transaction following a merger, which is neither particularly positive nor negative. The sentiment is neutral to slightly positive as it represents the completion of a previously announced deal.

Industry Context

This transaction is a direct result of the merger between EnLink Midstream and ONEOK, reflecting a consolidation trend in the midstream energy sector.

Comparison to Industry Standards

• Mergers and acquisitions are common in the midstream energy sector as companies seek to expand their infrastructure and market reach.
• The conversion of EnLink units to ONEOK stock is a standard procedure in such mergers, ensuring a smooth transition for shareholders.
• The exchange ratio of 0.1412 is specific to this merger and would be compared to other similar transactions in the sector to assess its fairness.

Stakeholder Impact

• Shareholders of EnLink Midstream have had their holdings converted to ONEOK stock.
• Employees with restricted incentive units have had their awards converted to ONEOK restricted stock units.

Key Dates

Keywords

Merger, EnLink Midstream, ONEOK, Common Units, Stock Conversion, Executive Transaction, Form 4, Restricted Stock Units