X0303 4/A 2008-12-17 2008-12-19 0001409171 Titan Machinery Inc. TITN 0001205409 CHRISTIANSON TONY 301 CARLSON PARKWAY SUITE 103 MINNETONKA MN 55305 1 0 0 0 Common Stock 2008-12-17 4 J 0 188235 D 0 I By Titan Income Holdings, LLLP Common Stock 2008-12-17 4 J 0 60019 A 162161 I By Adam Smith Fund, LLC Common Stock 2008-12-18 4 S 0 20000 13.016 D 142161 I By Adam Smith Fund, LLC Common Stock 2008-12-19 4 S 0 5000 13.0032 D 137161 I By Adam Smith Fund, LLC Common Stock 2008-12-17 4 J 0 10859 A 10859 I By Adam Smith Companies, LLC Common Stock 2008-12-18 4 S 0 80000 13.016 D 565021 I By Adam Smith Growth Partners Common Stock 2008-12-19 4 S 0 20000 13.0032 D 545021 I By Adam Smith Growth Partners Common Stock 1214 D Warrant (right to buy) 3.50 2008-12-17 4 J 0 44975 0 D 2005-04-15 2015-04-15 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 16062 0 D 2005-06-09 2015-06-09 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 9638 0 D 2005-07-08 2015-07-08 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 6425 0 D 2005-09-07 2015-09-07 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 9638 0 D 2005-11-18 2015-11-18 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 22487 0 D 2005-12-29 2015-12-29 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 6425 0 D 2006-02-06 2016-02-06 Common Stock 0 0 I By Titan Income Holdings, LLLP Warrant (right to buy) 3.50 2008-12-17 4 J 0 36874 0 A 2005-02-15 2013-04-07 Common Stock 36784 36784 I By Adam Smith Fund, LLC Warrant (right to buy) 3.50 2008-12-17 4 J 0 6672 0 A 2005-02-15 2013-04-07 Common Stock 6672 6672 I By Adam Smith Companies, LLC Warrant (right to buy) 3.00 2003-04-07 2013-04-07 Common Stock 8938 8938 I By Cherry Tree Companies, LLC Warrant (right to buy) 3.50 2004-08-01 2014-08-01 Common Stock 6071 6071 I By Cherry Tree Companies, LLC Stock Option (right to buy) 4.50 2007-02-02 2017-02-02 Common Stock 2667 2667 D Transfer of shares and warrants from the limited liability limited partnership to the partners of the limited liability limited partnership. Reporting person owns a controlling interest in Titan Income Holdings, LLLP 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. Receipt of shares and warrants by partner of the limited liability limited partnership pursuant to a transfer of shares and warrants by the limited liability limited partnership. 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. Adam Smith Fund, LLC was formerly known as Adam Smith Activist Fund, LLC. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.80 to $13.70, 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 is footnotes (5) and (6) to this Form 4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $12.97 to $13.16, inclusive. 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. 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. Exercise price previously incorrectly reported as $6.50. 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. /s/ Alexander Rosenstein as Attorney-in-Fact for Tony Christianson pursuant to Power of Attorney previosly filed. 2008-12-22