John D. Klopfenstein - Dec 21, 2023 Form 4 Insider Report for PATRIOT TRANSPORTATION HOLDING, INC. (PATI)

Role
Controller and CAO
Signature
/s/John D. Klopfenstein
Stock symbol
PATI
Transactions as of
Dec 21, 2023
Transactions value $
$251,315
Form type
4
Date filed
12/21/2023, 02:35 PM
Previous filing
Nov 1, 2023
Next filing
Jan 2, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PATI Common Stock Disposed to Issuer -$49.7K -3.06K -100% $16.26 0 Dec 21, 2023 Direct F1
transaction PATI Common Stock Disposed to Issuer -$58.6K -3.6K -100% $16.26 0 Dec 21, 2023 See footnote F1, F2

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 PATI Option to Buy Disposed to Issuer $55.2K +3.39K $16.26 0 Dec 21, 2023 Common Stock 3.39K $10.02 Direct F3
transaction PATI Option to Buy Disposed to Issuer $127K +7.79K $16.26 0 Dec 21, 2023 Common Stock 7.79K $8.84 Direct F3
transaction PATI Option to Buy Disposed to Issuer $178K +10.9K $16.26 0 Dec 21, 2023 Common Stock 10.9K $7.95 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

John D. Klopfenstein is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to an Agreement and Plan of Merger, each share of common stock was converted into the right to receive $16.26 per share in cash (the "Merger Consideration"). Each outstanding stock option was cancelled in exchange for the right to receive a cash payment of an amount equal to the product of (i) the total number of shares of common stock underlying such stock option and (ii) the excess of the (x) Merger Consideration over the (y) per-share exercise price of the stock option. Each outstanding SAR was cancelled in exchange for the right to receive a cash payment of an amount equal to the product of (i) the total number of shares of common stock underlying each such SAR and (ii) the excess, if any, of (x) the Merger Consideration over (y) the per-share SAR Price.
F2 Shares were acquired in the Issuer's 401(k) plan
F3 Each outstanding stock option was cancelled in exchange for the right to receive a cash payment of an amount equal to the product of (i) the total number of shares of common stock underlying such stock option and (ii) the excess of the (x) Merger Consideration over the (y) per-share exercise price of the stock option.