SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SHULMAN STEVEN J

(Last) (First) (Middle)
55 NOD ROAD

(Street)
AVON CT 06001

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MAGELLAN HEALTH SERVICES INC [ MGLN ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman and CEO
3. Date of Earliest Transaction (Month/Day/Year)
09/01/2006
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Ordinary Common Stock, 0.01 par value 09/01/2006 X(1) 5,535 A $11.91 162,419(2) D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.78 162,319 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.71 162,219 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.66 162,019 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.65 161,919 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.59 161,819 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.58 161,719 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 500 D $47.57 161,219 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 700 D $47.55 160,519 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.54 160,319 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.53 160,219 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.52 160,019 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.51 159,819 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.49 159,619 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.48 159,519 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 500 D $47.45 159,019 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 100 D $47.41 158,919 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 400 D $47.4 158,519 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 700 D $47.39 157,819 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 200 D $47.38 157,619 D
Ordinary Common Stock, $0.01 par value 09/01/2006 S(1) 735 D $47.35 156,884 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $11.91 09/01/2006 X(1) 5,535 01/05/2006 12/31/2006 Common Stock 5,535 $0(3) 214,801(4) D
Explanation of Responses:
1. This transaction was effectuated pursuant to a Rule 10b-5-1 plan and, accordingly, not on a discretionary basis by the reporting person.
2. Includes 156,884 shares owned prior to current transaction, of which 18,339 shares are unvested restricted stock.
3. No price was applicable to the acquisition of this security.
4. Of the 214,801 options in this tranche, 8,299 are exercisable until 12/31/06. The remainder of 206,502 options in this tranche will become exercisable on January 5, 2007 and until December 31, 2007.
Steven J Shulman 09/05/2006
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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