John B. Walker - Sep 28, 2021 Form 4 Insider Report for Magnolia Oil & Gas Corp (MGY)

Role: Director, 10%+ Owner
Signature: /s/ John B. Walker
Stock symbol: MGY
Transactions as of: Sep 28, 2021
Transactions value $: -$171,990,000
Form type: 4
Date filed: 9/30/2021, 06:33 PM
Previous filing: Jun 21, 2021
Next filing: Oct 12, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MGY	Class A Common Stock	Conversion of derivative security		+4.61M	+20.03%		27.6M	Sep 28, 2021	See Footnote	F1, F2, F3, F4, F5, F11
transaction	MGY	Class A Common Stock	Sale	-$123M	-7.5M	-27.16%	$16.38	20.1M	Sep 28, 2021	See Footnote	F2, F3, F8, F11, F14, F15
holding	MGY	Class A Common Stock						596K	Sep 28, 2021	Direct	F6

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	MGY	Class B Common Stock	Conversion of derivative security	$0	-4.61M	-7.61%	$0.00	55.9M	Sep 28, 2021	Class A Common Stock	4.61M		See Footnote	F1, F2, F3, F4, F7, F10, F11, F12
transaction	MGY	Class B Common Stock	Sale	-$49.1M	-3M	-5.37%	$16.38	52.9M	Sep 28, 2021	Class A Common Stock	3M		See Footnote	F1, F2, F3, F8, F9, F10, F11, F12, F13

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares of the Issuer's Class B Common Stock ("Class B Common Stock"), when combined with an equal number of units ("Units") of Magnolia Oil & Gas Parent LLC, a Delaware limited liability company of which the Issuer is the managing member, are exchangeable from time to time at the option of the holders thereof for shares of the Issuer's Class A Common Stock ("Class A Common Stock") on a one-for-one basis (or, at the Issuer's option, for cash).
F2	EnerVest Management GP, L.C. ("EVM GP") is the general partner of EnerVest, Ltd. ("EnerVest"), which is the sole member, with sole control over the actions of, each of, EVFA GP XIV, LLC, EVFA XIV-2A, LLC and EVFA XIV-3A, LLC, the managing general partners, respectively, of EnerVest Energy Institutional Fund XIV-A, L.P. ("EV XIV-A"), EnerVest Energy Institutional Fund XIV-2A, L.P. ("EV XIV-2A") and EnerVest Energy Institutional Fund XIV-3A, L.P. ("EV XIV-3A").
F3	EnerVest is also the sole member, with sole control over the actions of, each of, EnerVest Holding XIV, LLC, the general partner of EnerVest Energy Institutional Fund XIV-WIC, L.P. ("EV XIV-WIC"), EVFC GP XIV, LLC, the managing general partner of EnerVest Energy Institutional Fund XIV-C-AIV, L.P. ("EV XIV-C-AIV"), and EVFC GP XIV, LLC, the managing general partner of EnerVest Energy Institutional Fund XIV-C, L.P. ("EV XIV-C"). (EV XIV-A, EV XIV-2A, EV XIV-3A, EV XIV-WIC, EV XIV-C-AIV and EV XIV-C together, the "Record Holders"). Mr. Walker is an indirect owner and the Executive Chairman of EVM GP.
F4	Represents: (i) 3,049,908 shares of Class B Common Stock held by EV XIV-A converted to the same number of shares of Class A Common Stock; (ii) 31,862 shares of Class B Common Stock held by EV XIV-WIC converted to the same number of shares of Class A Common Stock; (iii) 583,656 shares of Class B Common Stock held by EV XIV-2A converted to the same number of shares of Class A Common Stock; (iv) 602,100 shares of Class B Common Stock held by EV XIV-3A converted to the same number of shares of Class A Common Stock; and (v) 340,692 shares of Class B Common Stock held by EV XIV-C-AIV converted to the same number of shares of Class A Common Stock (collectively, the "September 2021 Conversion Shares").
F5	Represents the September 2021 Conversion Shares and 23,004,226 shares of Class A Common Stock held by EV XIV-C.
F6	Represents 596,320 shares of Class A Common Stock held by Mr. Walker, including 61,320 restricted stock units ("RSUs") granted to Mr. Walker under the Magnolia Oil & Gas Corporation Long Term Incentive Plan (the "Plan"). Each RSU represents a contingent right to receive one share of Class A Common Stock. The RSUs vest on the earlier of (a) the day preceding the next annual meeting of stockholders of the Issuer at which directors are elected, or (b) the first anniversary of the grant date, in each case, subject to the recipient's continued service through the applicable vesting date. Of these 61,320 RSUs, 49,798 RSUs have been settled in shares of Class A Common Stock as of the date hereof.
F7	Represents shares of Class B Common Stock held (prior to giving effect to the September 2021 Transfer (defined below)) as follows: (i) 37,007,140 shares of Class B Common Stock held by EV XIV-A; (ii) 386,595 shares of Class B Common Stock held by EV XIV-WIC; (iii) 7,081,994 shares of Class B Common Stock held by EV XIV-2A; (iv) 7,305,800 shares of Class B Common Stock held by EV XIV-3A; and (v) 4,133,909 shares of Class B Common Stock held by EV XIV-C-AIV.
F8	This amount represents the purchase price in the 144 Sale (as defined below). The Record Holders, other than EV XIV-C, also used this price per share for the purchase price of the shares of Class B Common Stock under the June 2021 Transfer.
F9	Represents: (i) 1,985,524 shares of Class B Common Stock transferred by EV XIV-A; (ii) 20,742 shares of Class B Common Stock transferred by EV XIV-WIC; (iii) 379,966 shares of Class B Common Stock transferred by EV XIV-2A; (iv) 391,974 shares of Class B Common Stock transferred by EV XIV-3A; and (v) 221,794 shares of Class B Common Stock transferred by EV XIV-C-AIV (collectively, the "September 2021 Transfer").
F10	Not applicable.
F11	Mr. Walker directly (whether through ownership or position) or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the Equity Interests (as defined below) owned by the Record Holders. Mr. Walker disclaims beneficial ownership of the Equity Interests held by each of the Record Holders except to the extent of his pecuniary interest in each of the Record Holders and this report shall not be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
F12	Represents the aggregate number of shares of Class B Common Stock owned by EV XIV-A, EV XIV-2A, EV XIV-3A, EV XIV-WIC, and EV XIV-C-AIV. (EV XIV-C's shares of Class A Common Stock, together with the shares of Class B Common Stock and Units held by EV XIV-A, EV XIV-2A, EV XIV-3A, EV XIV-WIC, and EV XIV-C-AIV, are collectively referred to herein as the "Equity Interests.")
F13	EV XIV-A owns of record 35,021,616 shares of Class B Common Stock; EV XIV-2A owns of record 6,702,028 shares of Class B Common Stock; EV XIV-3A owns of record 6,913,826 shares of Class B Common Stock; EV XIV-WIC owns of record 365,853 shares of Class B Common Stock; and EV XIV-C-AIV owns of record 3,912,115 shares of Class B Common Stock.
F14	EV XIV-C owns of record 20,112,444 shares of Class A Common Stock.
F15	Represents shares of Class A Common Stock sold in an underwritten block trade transaction pursuant to the Issuer's registration statement on Form S-3 filed with the SEC on August 10, 2018 (the "Block Trade"), as follows: (i) 3,049,908 shares of Class A Common Stock sold by EV XIV-A; (ii) 31,862 shares of Class A Common Stock sold by EV XIV-WIC; (iii) 583,656 shares of Class A Common Stock sold by EV XIV-2A; (iv) 602,100 shares of Class A Common Stock sold by EV XIV-3A; (v) 340,692 shares of Class A Common Stock sold by EV XIV-C-AIV; and (vi) 2,891,782 shares of Class A Common Stock sold by EV XIV-C.