Alex Zisson - Sep 9, 2021 Form 4 Insider Report for Clarus Therapeutics Holdings, Inc. (CRXT)

Role: Director, 10%+ Owner
Signature: /s/ Steven A. Bourne, attorney-in-fact
Stock symbol: CRXT
Transactions as of: Sep 9, 2021
Transactions value $: $0
Form type: 4
Date filed: 9/13/2021, 08:33 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CRXT	Common Stock	Award	$0	+491K		$0.00	491K	Sep 9, 2021	See Footnote	F1, F2
transaction	CRXT	Common Stock	Award	$0	+2.73M	+556.76%	$0.00	3.22M	Sep 9, 2021	See Footnote	F1, F2
transaction	CRXT	Common Stock	Award	$0	+2.47M	+76.69%	$0.00	5.69M	Sep 9, 2021	See Footnote	F1, F2

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

Explanation of Responses:

Id	Content
F1	Received pursuant to the Agreement and Plan of Merger, dated as of April 27, 2021 by and among Blue Water Acquisition Corp. (n/k/a Clarus Therapeutics Holdings, Inc.) (the "Issuer"), Blue Water Merger Sub Corp. and Clarus Therapeutics, Inc. ("Legacy Clarus") (the "Merger Agreement") pursuant to which, through a merger, Legacy Clarus became a direct, wholly-owned subsidiary of the Issuer.
F2	The Reporting Person is the managing director of H.I.G. Capital LLC, and may be deemed to share voting and investment power with respect to the shares directly held by H.I.G. Ventures -- Clarus LLC (2,731,094 shares of Issuer common stock), H.I.G. Bio -- Clarus II, L.P. (2,470,756 shares of Issuer common stock), and H.I.G. Bio -- Clarus I, L.P. (490,531 shares of Issuer common stock). These three entities are owned by private funds advised by H.I.G. Capital, LLC, an SEC registered investment advisor, and its affiliates.

Content

Received pursuant to the Agreement and Plan of Merger, dated as of April 27, 2021 by and among Blue Water Acquisition Corp. (n/k/a Clarus Therapeutics Holdings, Inc.) (the "Issuer"), Blue Water Merger Sub Corp. and Clarus Therapeutics, Inc. ("Legacy Clarus") (the "Merger Agreement") pursuant to which, through a merger, Legacy Clarus became a direct, wholly-owned subsidiary of the Issuer.

The Reporting Person is the managing director of H.I.G. Capital LLC, and may be deemed to share voting and investment power with respect to the shares directly held by H.I.G. Ventures -- Clarus LLC (2,731,094 shares of Issuer common stock), H.I.G. Bio -- Clarus II, L.P. (2,470,756 shares of Issuer common stock), and H.I.G. Bio -- Clarus I, L.P. (490,531 shares of Issuer common stock). These three entities are owned by private funds advised by H.I.G. Capital, LLC, an SEC registered investment advisor, and its affiliates.