Robert J. Munch - May 3, 2024 Form 4 Insider Report for NuStar Energy L.P. (NS)

Role: Director
Signature: /s/ Steve Gilbert, as Attorney-in-Fact for Robert J. Munch
Stock symbol: NS
Transactions as of: May 3, 2024
Transactions value $: $0
Form type: 4
Date filed: 5/3/2024, 08:30 AM
Previous filing: Nov 20, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NS	Common Units	Disposed to Issuer	$0	-54K	-100%	$0.00^*	0	May 3, 2024	Direct	F1, F2

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

Robert J. Munch is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Represents units (including in respect of units underlying the NuStar Restricted Unit Awards (as defined in the Agreement and Plan of Merger (the "Merger Agreement") by and among NuStar Energy L.P., Sunoco LP, Saturn Merger Sub, LLC, Riverwalk Logistics, L.P., NuStar GP, LLC and Sunoco GP LLC, dated as of January 22, 2024)) disposed in connection with the Merger Agreement.
F2	In accordance with the Merger Agreement, upon the Effective Time (as defined in the Merger Agreement), (a) each NuStar common unit that was outstanding immediately prior to the Effective Time converted into the right to receive 0.400 units (the Exchange Ratio) of Sunoco LP common units and, if applicable, cash in lieu of fractional units and (b) each NuStar Restricted Unit Award that was outstanding immediately prior to the Effective Time became fully vested and was cancelled and converted into the right to receive (i) a number of Sunoco LP common units equal to the product of (A) the number of NuStar common units subject to such NuStar Restricted Unit Award immediately prior to the Effective Time, multiplied by (B) 0.400 and (ii) a cash payment equal to the product of (A) the number of NuStar common units subject to such NuStar Restricted Unit Award immediately prior to the Effective Time multiplied by (B) $0.212 (the per-unit amount of the Special Distribution).

Content

Represents units (including in respect of units underlying the NuStar Restricted Unit Awards (as defined in the Agreement and Plan of Merger (the "Merger Agreement") by and among NuStar Energy L.P., Sunoco LP, Saturn Merger Sub, LLC, Riverwalk Logistics, L.P., NuStar GP, LLC and Sunoco GP LLC, dated as of January 22, 2024)) disposed in connection with the Merger Agreement.

In accordance with the Merger Agreement, upon the Effective Time (as defined in the Merger Agreement), (a) each NuStar common unit that was outstanding immediately prior to the Effective Time converted into the right to receive 0.400 units (the Exchange Ratio) of Sunoco LP common units and, if applicable, cash in lieu of fractional units and (b) each NuStar Restricted Unit Award that was outstanding immediately prior to the Effective Time became fully vested and was cancelled and converted into the right to receive (i) a number of Sunoco LP common units equal to the product of (A) the number of NuStar common units subject to such NuStar Restricted Unit Award immediately prior to the Effective Time, multiplied by (B) 0.400 and (ii) a cash payment equal to the product of (A) the number of NuStar common units subject to such NuStar Restricted Unit Award immediately prior to the Effective Time multiplied by (B) $0.212 (the per-unit amount of the Special Distribution).