First City Investment Group, LLC - Feb 20, 2024 Form 4 Insider Report for Modiv Industrial, Inc. (MDV)

Role: 10%+ Owner
Signature: /s/ Nasser Watar, Sole Member
Stock symbol: MDV
Transactions as of: Feb 20, 2024
Transactions value $: $0
Form type: 4
Date filed: 2/22/2024, 03:21 PM
Next filing: Apr 3, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MDV	Class C Common Stock	Conversion of derivative security		+656K			656K	Feb 20, 2024	Direct	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	MDV	Units of Class C Limited Partnership Interest	Conversion of derivative security		-656K	-50%		656K	Feb 20, 2024	Class C Common Stock	656K		Direct	F1

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

Explanation of Responses:

Id	Content
F1	Pursuant to the third amended and restated limited partnership agreement, as amended, of Modiv Operating Partnership, LP (the "Operating Partnership"), of which Modiv Industrial, Inc. (the "Issuer") is the general partner, holders of Class C Units of the Operating Partnership (the "Class C OP Units") have the right, subject to a holding period, to require the Operating Partnership to redeem such Class C OP Units for cash equal to the daily market value of one share of the Issuer's Class C common stock for the prior ten trading days or, at the Issuer's election, for shares of the Issuer's Class C common stock on a one-for-one basis. There is no expiration date in connection with the reporting person's Class C OP Units. On February 20, 2024, the reporting person exercised its redemption right and requested redemption of 656,191 of its Class C OP Units, and the Issuer elected to redeem such Class C OP Units with shares of the Issuer's Class C common stock.

Content

Pursuant to the third amended and restated limited partnership agreement, as amended, of Modiv Operating Partnership, LP (the "Operating Partnership"), of which Modiv Industrial, Inc. (the "Issuer") is the general partner, holders of Class C Units of the Operating Partnership (the "Class C OP Units") have the right, subject to a holding period, to require the Operating Partnership to redeem such Class C OP Units for cash equal to the daily market value of one share of the Issuer's Class C common stock for the prior ten trading days or, at the Issuer's election, for shares of the Issuer's Class C common stock on a one-for-one basis. There is no expiration date in connection with the reporting person's Class C OP Units. On February 20, 2024, the reporting person exercised its redemption right and requested redemption of 656,191 of its Class C OP Units, and the Issuer elected to redeem such Class C OP Units with shares of the Issuer's Class C common stock.