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

Role: Director
Signature: /s/Charles D. Hyman
Stock symbol: PATI
Transactions as of: Dec 21, 2023
Transactions value $: -$595,734
Form type: 4
Date filed: 12/21/2023, 06:00 PM
Previous filing: Feb 6, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Date	Ownership	Footnotes
transaction	PATI	Common Stock	Disposed to Issuer	-$577K	-35.5K	-100%	$16.26	Dec 21, 2023	Direct	F1
transaction	PATI	Common Stock	Disposed to Issuer	-$13K	-800	-100%	$16.26	Dec 21, 2023	Held in IRA	F1
transaction	PATI	Common Stock	Disposed to Issuer	-$5.43K	-334	-100%	$16.26	Dec 21, 2023	See footnote	F1, F2

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

Charles D. Hyman 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	The reported shares are held by the Mary R. Hyman Trust, for which Mr. Hyman serves as co-trustee. Mr. Hyman disclaims any beneficial ownership in these shares.

Content

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.

The reported shares are held by the Mary R. Hyman Trust, for which Mr. Hyman serves as co-trustee. Mr. Hyman disclaims any beneficial ownership in these shares.