Raymond Pacini - Mar 28, 2024 Form 4 Insider Report for Modiv Industrial, Inc. (MDV)

Role: CFO
Signature: /s/ John Raney, by Power of Attorney for Raymond Pacini
Stock symbol: MDV
Transactions as of: Mar 28, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/1/2024, 01:57 PM
Previous filing: Dec 18, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MDV	COMMON STOCK, CLASS C	Conversion of derivative security		+110K	+1988.93%		116K	Mar 28, 2024	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Shares	Change %	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	MDV	Class P OP Units	Options Exercise	-16K	-100%	0	Mar 28, 2024	COMMON STOCK, CLASS C	26.7K	Direct	F1
transaction	MDV	Class R OP Units	Options Exercise	-33.3K	-100%	0	Mar 28, 2024	COMMON STOCK, CLASS C	83.3K	Direct	F2
transaction	MDV	Class C OP Units	Options Exercise	+26.7K		26.7K	Mar 28, 2024	COMMON STOCK, CLASS C	26.7K	Direct	F1
transaction	MDV	Class C OP Units	Options Exercise	+83.3K	+311.93%	110K	Mar 28, 2024	COMMON STOCK, CLASS C	83.3K	Direct	F2
transaction	MDV	Class C OP Units	Conversion of derivative security	-110K	-100%	0	Mar 28, 2024	COMMON STOCK, CLASS C	110K	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.
F2	There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

Content

There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.