James C. Flores - Aug 22, 2023 Form 4 Insider Report for Flame Acquisition Corp. (SOC)

Role: Chairman & CEO, Director, 10%+ Owner
Signature: /s/ Gregory D. Patrinely, Attorney-in-Fact
Stock symbol: SOC
Transactions as of: Aug 22, 2023
Transactions value $: $32,200,055
Form type: 4
Date filed: 2/16/2024, 04:57 PM
Previous filing: Dec 8, 2022
Next filing: May 22, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SOC	Common Stock	Conversion of derivative security		+4.26M			4.26M	Aug 22, 2023	Direct	F1, F2, F3
transaction	SOC	Common Stock	Purchase	$100K	+9K	+120%	$11.15	16.5K	Feb 12, 2024	By family limited partnerships	F1, F4
transaction	SOC	Common Stock	Purchase	$99.7K	+8.5K	+51.52%	$11.73	25K	Feb 13, 2024	By family limited partnerships	F1, F5
transaction	SOC	Common Stock	Award		+3M	+70.36%		7.26M	Feb 14, 2024	Direct	F6
transaction	SOC	Common Stock	Purchase	$7M	+700K	+9.64%	$10.00	7.96M	Feb 14, 2024	Direct
transaction	SOC	Common Stock	Purchase	$25M	+2.5M	+10000%	$10.00	2.53M	Feb 14, 2024	By family limited partnerships

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	SOC	Class B Common Stock	Conversion of derivative security	$0	-4.26M	-100%	$0.00^*	0	Aug 22, 2023	Common Stock	4.26M		Direct	F2, F3
transaction	SOC	Warrants	Award		+2.61M	+67.26%		6.48M	Feb 14, 2024	Common Stock	2.61M	$11.50	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	In connection with the closing of the Issuer's business combination, each share of Class A Common Stock of Flame Acquisition Corp. was reclassified as Common Stock of the Issuer.
F2	On August 22, 2023, all outstanding Class B Common Stock automatically converted into Class A Common Stock at on a one-for-one basis.
F3	Reflects shares previously held directly by Flame Acquisition Sponsor LLC, of which the Reporting Person is the sole member.
F4	The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $11.10 to $11.27. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F5	The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $11.55 to $11.84. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F6	Represents shares of Common Stock and Warrants received in connection with the closing of the Issuer's business combination pursuant to the terms of the Agreement and Plan of Merger, dated as of November 2, 2022 (as amended on December 22, 2022 and June 30, 2023), by and among Flame Acquisition Corp., Sable Offshore Corp. and Sable Offshore Holdings LLC.