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
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
  
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)
01/08/2007
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 01/08/2007 X(1) 120,460 A $11.91 242,707(2) D
Ordinary Common Stock, $0.01par value 01/08/2007 X(1) 74,440 A $10.43 317,147 D
Ordinary Common Stock, $0.01 par value 01/09/2007 X(1) 28,811 A $10.43 345,958 D
Ordinary Common Stock, $0.01 par value 01/08/2007 S(1) 194,900 D $41.4918(3) 151,058 D
Ordinary Common Stock, $0.01 par value 01/09/2007 S(1) 28,811 D $40.4911(4) 122,247 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 01/08/2007 X(1) 120,460 01/05/2007 12/31/2007 Ordinary Common Stock 120,460 $0(6) 86,042(5) D
Stock Option (right to buy) $10.43 01/08/2007 X(1) 74,440 01/05/2007 01/05/2014 Ordinary Common Stock 74,440 $0(6) 338,563 D
Stock Option (right to buy) $10.43 01/09/2007 X(1) 28,811 01/05/2007 01/05/2014 Ordinary Common Stock 28,811 $0(6) 309,752(7) D
Explanation of Responses:
1. These transactions were effectuated pursuant to a Rule 10b-5-1 plan and, accordingly, not on a discretionary basis by the reporting person.
2. Balance includes 122,247 shares of stock owned prior to reported transaction of which 18,339 shares are unvested restricted stock.
3. Price reflected is the average sale price. Please see attached Exhibit 99.1 for a complete list of all sales by sale price on January 8, 2007.
4. Price reflected is the average sale price. Please see attached Exhibit 99.2 for a complete list of all sales by sale price on January 9,2007.
5. The remainder of 86,042 options in this tranche are exercisable until December 31, 2007.
6. No price was applicable to the acquisition of this security.
7. The balance of 309,752 options are vested and exercisable.
/s/ Steven Shulman 01/10/2007
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.