SEC Form 4 · accession 0000925421-19-000014
Farmland Partners Inc. · FPI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paul A Pittman
Officer — Chief Executive Officer · Director
Period of report
Jan 9, 2019
Accepted (ET)
Jan 11, 2019 · 4:05 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001591670
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Jan 9, 2019 | C | 985,273 | $0.00 | A | 2,232,794 | D | |
| Common Stock | holding | — | — | — | 5,300 | I | By Spouse | |
| Common Stock | holding | — | — | — | 1,200 | I | As UWMA Custodian for daughter, Allison Pittman | |
| Common Stock | holding | — | — | — | 1,000 | I | As UTMA Custodian for daughter, Catherine Pittman |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OP UnitsF2 | $0.00 | Jan 9, 2019 | C | 2,232,794 | D | — | — | Common Stock | 985,273 | 0 | D |
Explanation of responses
- F1Mr. Pittman tendered 985,273 Class A common units of limited partnership interest ("OP units") in Farmland Partners Operating Partnership, LP (the "Operating Partnership") for redemption. Farmland Partners Inc. (the "Company") satisfied the redemption by issuing 985,273 shares of the Company's common stock to Mr. Pittman. Mr. Pittman tendered his OP Units for redemption solely to achieve tax benefits and has no current intention to sell shares of the Company's common stock.
- F2The Company is the sole member of the general partner of the Operating Partnership, the operating partnership of the Company. Commencing April 14, 2015, one year after the date of issuance, each OP Unit became redeemable for cash equal to the then-current market vlue of one share of the Company's common stock or, at the election of the Company, one share of the Company's common stock. OP Units have no expiration date.