Anthony Querciagrossa - Dec 29, 2023 Form 4 Insider Report for Pinstripes Holdings, Inc. (PNST)

Role
Chief Financial Officer
Signature
/s/ Anthony Querciagrossa
Stock symbol
PNST
Transactions as of
Dec 29, 2023
Transactions value $
$0
Form type
4
Date filed
1/3/2024, 05:49 PM
Next filing
Feb 27, 2024

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 PNST Employee Stock Option (Right to Buy) Award +277K 277K Dec 29, 2023 Class A Common Stock 277K $13.53 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On December 29, 2023, pursuant to that certain Second Amended and Restated Business Combination Agreement dated November 22, 2023 (as amended from time to time, the "Business Combination Agreement") by and among Banyan Acquisition Corporation ("Banyan"), Panther Merger Sub, Inc., a wholly owned subsidiary of Banyan ("Merger Sub") and Pinstripes Inc. ("Pinstripes"), pursuant to which (i) Merger Sub merged with and into Pinstripes, with Pinstripes surviving as a wholly owned subsidiary of Banyan (the "Merger") and, after given effect to such Merger, continuing as a wholly owned subsidiary and (ii) Banyan changed its name to "Pinstripes Holdings, Inc." (the "Issuer") (the Merger and the other transactions contemplated by the Business Combination Agreement, the "Business Combination").
F2 For purposes of the exemption under Rule 16b-3 promulgated under the Exchange Act, the Board of Banyan approved the acquisition of any direct or indirect pecuniary interest in any and all securities reported hereby by the reporting persons as a result of or in connection with the transactions reported in this Form 4.
F3 The option granted to Mr. Querciagrossa was received in the Business Combination, in exchange for an employee stock option to acquire 150,000 shares of Pinstripes common stock for $25.00 per share. Includes 13,865 vested options and 263,426 options that vest in 19 equal quarterly installments.