| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | STR | Class A Common Stock | Award | +6.95K | 6.95K | Dec 29, 2022 | Direct | F1, F2, F3, F4, F5, F6 | |||
| transaction | STR | Class A Common Stock | Award | +12.4K | +178.86% | 19.4K | Dec 29, 2022 | Direct | F7 |
| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | STR | Performance Stock Units | Award | +4.29K | 4.29K | Dec 29, 2022 | Class A Common Stock | 4.29K | Direct | F8 |
| Id | Content |
|---|---|
| F1 | On December 29, 2022, pursuant to the Agreement and Plan of Merger, dated September 6, 2022, (as amended from time to time, the "Merger Agreement"), by and among Sitio Royalties Corp ("Sitio"), Sitio Royalties Operating Partnership, LP ("Opco LP"), Snapper Merger Sub I, Inc. ("New Sitio"), Snapper Merger Sub IV, Inc. ("Brigham Merger Sub"), Snapper Merger Sub V, Inc. ("Sitio Merger Sub"), Snapper Merger Sub II, LLC ("Opco Merger Sub"), Brigham Minerals, Inc. ("Brigham"), and Brigham Minerals Holdings, LLC ("Opco LLC"), Sitio acquired Brigham in an all-stock transaction through: (i) the merger of Brigham Merger Sub with and into Brigham (the "Brigham Merger"), with Brigham surviving the Brigham Merger as a wholly owned subsidiary of New Sitio, |
| F2 | (Continued from Footnote 1) (ii) the merger of Sitio Merger Sub with and into Sitio (the "Sitio Merger"), with Sitio surviving the Sitio Merger as a wholly owned subsidiary of New Sitio, and (iii) the merger of Opco Merger Sub LLC with and into Opco LLC (the "Opco Merger," and, together with the Brigham Merger and the Sitio Merger, the "Mergers"), with Opco LLC surviving the Opco Merger as a wholly owned subsidiary of Opco LP, in each case on the terms set forth in the Merger Agreement. As a result of the Mergers, Sitio and Brigham became direct wholly owned subsidiaries of New Sitio. |
| F3 | (Continued from Footnote 2) Contemporaneously with the filing of this Form 4 to reflect the acquisition of securities of New Sitio by the Reporting Person in connection with the consummation of the Sitio Merger, the Reporting Person is filing a Form 4 with respect to Sitio to report the disposition by such Reporting Person of an equal number of shares of Sitio securities in connection with the consummation of the Sitio Merger. This Form 4 only reports the acquisition of securities of the Reporting Person pursuant to the Merger Agreement and does not reflect the purchase of securities by the Reporting Person. |
| F4 | Pursuant to the Merger Agreement, effective as of the effective time of the Sitio Merger (the "First Effective Time") and in connection with the consummation of the Sitio Merger, each outstanding restricted stock unit (including deferred share units) subject solely to time-based vesting and denominated in Sitio Class A Common Stock (collectively, the "Old Sitio RSUs") was cancelled and converted into an equivalent restricted stock unit (collectively, the "New Sitio RSUs"), on the same terms and conditions (including as to vesting and forfeiture) as were applicable under the Old Sitio RSUs, each of which represents a contingent right to receive the number of shares of New Sitio Class A Common Stock equal to the number of shares of Sitio Class A Common Stock subject to such Old Sitio RSUs immediately prior to the First Effective Time. |
| F5 | (Continued from Footnote 4) As used herein, the term "RSUs" refers to (i) Old Sitio RSUs prior to the First Effective Time and (ii) New Sitio RSUs following the First Effective Time, in each case, unless the context requires otherwise. |
| F6 | Represents New Sitio RSUs issued upon the cancellation and conversion in connection with the consummation of the Sitio Merger of Old Sitio RSUs granted to the reporting person pursuant to the Sitio Royalties Corp. Long Term Incentive Plan (the "Old Sitio LTIP"). Each New Sitio RSU represents a contingent right to receive one share of Sitio Class A Common Stock. The New Sitio RSUs will vest on the first anniversary of June 7, 2022, subject to the reporting person's continuous service through such date |
| F7 | Represents a new award of New Sitio RSUs granted to the reporting person. Each New Sitio RSU represents a contingent right to receive one share of Sitio Class A Common Stock. The New Sitio RSUs will vest in equal one-third installments on each of the first three anniversaries of December 30, 2022, subject to the reporting person's continuous service through each vesting date. |
| F8 | Represents a new award of performance stock units denominated in New Sitio Class A Common Stock (the "New Sitio PSUs") granted to the reporting person. The New Sitio PSUs will be eligible to be earned by the reporting person based on achievement with respect to an annualized absolute total shareholder return performance goal over a three-year performance period that ends on December 30, 2025, subject to the reporting person's continuous service through the end of such performance period. The number of New Sitio PSUs indicated reflects the "target" number of PSUs granted to the reporting person and the number of New Sitio PSUs earned can range from 0% to 200% of such target number. |
Vice President, Chief Accounting Officer