Jerry Hyman - Dec 20, 2023 Form 4 Insider Report for Banyan Acquisition Corp (BYN)

Role: Director, 10%+ Owner
Signature: /s/ Jerry Hyman
Stock symbol: BYN
Transactions as of: Dec 20, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/21/2023, 07:21 AM
Previous filing: Apr 25, 2023
Next filing: Jan 3, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BYN	Class A Common Stock	Conversion of derivative security	$0	+4.9M	+245%	$0.00	6.9M	Dec 20, 2023	Through Banyan Acquisition Sponsor LLC	F1, F2

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	BYN	Class B Common Stock	Conversion of derivative security	$0	-4.9M	-96.17%	$0.00	195K	Dec 20, 2023	Class A Common Stock	4.9M	$0.00	Through Banyan Acquisition Sponsor LLC	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	In accordance with the amended and restated certificate of incorporation of Banyan Acquisition Corporation ("Banyan"), as amended, Banyan Acquisition Sponsor LLC ("Sponsor") elected to convert 4,900,000 shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis for no consideration.
F2	Sponsor is the record holder of the securities reported herein. Jerry Hyman and Keith Jaffee are the sole members of the board of managers of the Sponsor. As a result, Mr. Hyman and Mr. Jaffee may be deemed to share beneficial ownership of the shares held by the Sponsor. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, the Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his indirect pecuniary interest therein.
F3	Pursuant to the amendment to the amended and restated certificate of incorporation of Banyan that became effective on April 21, 2023, the shares of Class B Common Stock held by the Sponsor became convertible into shares of Class A Common Stock at any time at the Sponsor's election on a one-for-one basis. The shares of Class B Common Stock also automatically convert into shares of Class A Common Stock at the time of the closing of Banyan's initial business combination on a one-for-one basis and have no expiration date.