Titan Machinery Inc. — Director's Dealing 2010

Dec 15, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Titan Machinery Inc. (TITN)
CIK: 0001409171
Period of Report: 2010-12-13

Reporting Person: CHRISTIANSON TONY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-13	Common Stock	X	7565	$3.00	Acquired	7565	Indirect
2010-12-13	Common Stock	S	15340	$19.8301	Disposed	476109	Indirect
2010-12-13	Common Stock	S	4660	$19.8301	Disposed	149463	Indirect
2010-12-14	Common Stock	S	21629	$19.82	Disposed	454480	Indirect
2010-12-14	Common Stock	S	6571	$19.82	Disposed	142892	Indirect
2010-12-15	Common Stock	S	16067	$19.5676	Disposed	438413	Indirect
2010-12-15	Common Stock	S	4881	$19.5676	Disposed	138011	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-13	Warrant (right to buy)	$3.00	X	7565	Disposed	2013-04-07	Common Stock (8938)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5716	Direct
Common Stock	10859	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant (right to buy)	$3.50	2013-04-07	Common Stock (6672)	6672	Indirect
Warrant (right to buy)	$3.50	2014-08-01	Common Stock (6071)	6071	Indirect
Stock Option (right to buy)	$4.50	2017-02-02	Common Stock (2667)	2667	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.1 to $19.53, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20 to $19.54, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.34 to $19.69, inclusive. The reporting person undertakes to provide Titan Machinery Inc., any security holder of Titan Machinery Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F4: Reporting person owns a controlling interest in Adam Smith Fund, LLC which owns the shares and warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares and warrants.

F5: Reporting person owns a controlling interest in Adam Smith Growth Partners which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares.

F6: Reporting person owns a controlling interest in Adam Smith Companies, LLC which owns the shares and warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares and warrants.

F7: Reporting person owns a controlling interest in Cherry Tree Companies, LLC which owns the warrants. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the warrants.