PROOF Acquisition Sponsor I, LLC - Nov 30, 2021 Form 3 Insider Report for PROOF Acquisition Corp I (PACI)

Role
10%+ Owner
Signature
/s/ Michael W. Zarlenga
Stock symbol
PACI
Transactions as of
Nov 30, 2021
Transactions value $
$0
Form type
3
Date filed
11/30/2021, 03:59 PM
Next filing
Dec 11, 2023

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
holding PACI Class B Common Stock Nov 30, 2021 Class A Common Stock 5.75M Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares of Class B common stock have no expiration date and will automatically convert into shares of Class A common stock at the time of the Issuer's initial business combination, subject to adjustment as set forth in the Issuer's registration statement on Form S-1 (File No. 333-261015).
F2 Includes up to 750,000 shares subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised, if at all. This amount does not reflect the repurchase by the Issuer of an aggregate of 400,000 shares of Class B common stock (or 460,000 shares if the underwriter's over-allotment option is exercised in full) from the Reporting Person in connection with the closing of the offering and the reissuance of such shares to funds and accounts managed by subsidiaries of BlackRock, Inc., as described in the Registration Statement.
F3 The Reporting Person is the sponsor (the "Sponsor") of the Issuer. The Sponsor is controlled by its manager, PROOF Sponsor Management LLC (the "Manager"). The managing members of the Manager are John C. Backus, Jr., Steven P. Mullins and Michael W. Zarlenga. No person individually has the power to vote or control the interests of the Sponsor. Each individual disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein. Accordingly, none of the managing members is deemed to have or share beneficial ownership of the founder shares held by the Sponsor.