Titan Machinery Inc. — Director's Dealing 2012

Jul 12, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Titan Machinery Inc. (TITN)
CIK: 0001409171
Period of Report: 2012-07-10

Reporting Person: CHRISTIANSON TONY (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-07-10	Common Stock	S	840	$31.31	Disposed	83610	Indirect
2012-07-10	Common Stock	S	7064	$30.414	Disposed	76546	Indirect
2012-07-11	Common Stock	S	6546	$30.00	Disposed	70000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8750	Direct
Common Stock	10859	Indirect
Common Stock	200000	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: Reporting person owns a controlling interest in Adam Smith Fund, LLC which owns the shares. Reporting person expressly disclaims beneficial ownership except to the extent of his pecuniary interest in the entity owning the shares.

F2: 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.

F3: 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.

F4: 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.