Robert E. Sandlin - Dec 21, 2023 Form 4 Insider Report for PATRIOT TRANSPORTATION HOLDING, INC. (PATI)

Role
President and CEO
Signature
/s/Robert E. Sandlin
Stock symbol
PATI
Transactions as of
Dec 21, 2023
Transactions value $
-$9,663,351
Form type
4
Date filed
12/21/2023, 02:44 PM
Previous filing
Nov 1, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PATI Common Stock Disposed to Issuer -$437K -26.9K -100% $16.26 0 Dec 21, 2023 Direct F1
transaction PATI Common Stock Disposed to Issuer -$66.1K -4.07K -100% $16.26 0 Dec 21, 2023 Held in 401k plan F1

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 -$102K -6.29K -100% $16.26 0 Dec 21, 2023 Common Stock 6.29K $10.02 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$107K -6.57K -100% $16.26 0 Dec 21, 2023 Common Stock 6.57K $9.07 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$469K -28.8K -100% $16.26 0 Dec 21, 2023 Common Stock 28.8K $8.84 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$659K -40.5K -100% $16.26 0 Dec 21, 2023 Common Stock 40.5K $7.95 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$729K -44.8K -100% $16.26 0 Dec 21, 2023 Common Stock 44.8K $6.80 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$640K -39.4K -100% $16.26 0 Dec 21, 2023 Common Stock 39.4K $7.52 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$1.29M -79.1K -100% $16.26 0 Dec 21, 2023 Common Stock 79.1K $6.89 Direct F2
transaction PATI Option to Buy Disposed to Issuer -$990K -60.9K -100% $16.26 0 Dec 21, 2023 Common Stock 60.9K $5.15 Direct F2
transaction PATI Stock Appreciation Right Disposed to Issuer -$4.18M -257K -100% $16.26 0 Dec 21, 2023 Common Stock 257K $8.66 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Robert E. Sandlin 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 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.
F3 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.