RAYMOND E. WIRTA - 27 May 2021 Form 4 Insider Report for MODIV INC. (MDV)

Role
Director
Signature
/s/ RAY WIRTA
Issuer symbol
MDV
Transactions as of
27 May 2021
Transactions value $
$75,009
Form type
4
Filing time
27 May 2021, 16:06:40 UTC
Previous filing
21 May 2021
Next filing
22 Apr 2022
SEC
View on sec.gov

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 Class M OP Units Award $75,008 +4,103 +1.3% $18.28 323,972 27 May 2021 Class C Op Units 4,103 $0 Direct F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reporting person purchased 2,462 Class M OP units of Modiv Operating Partnership, LP ("Modiv OP") in a private transaction. These units are convertible into 4,103.33 Class C OP units as described in note 2.
F2 Pursuant to the provisions contained in the third amended and restated limited partnership agreement of Modiv OP, a holder of Class M OP units that have been outstanding for at least one year may be converted into Class C OP units, subject to a reduced conversion ratio if converted prior to December 31, 2023. The Class M OP units that are held until December 31, 2023 are convertible at an initial conversion ratio of 1.6667 which may increase if certain performance milestones are achieved. The Class C OP units are convertible into shares of the issuer's Class C common stock at a conversion ratio of 1:1.
F3 There is no expiration date in connection with the Class M OP units.
F4 Reporting person paid $75,000 for the 2,462 Class M OP units. Therefore, the implied price for the 4,103.33 Class C OP units in this transaction is $18.28 per unit.