Anthony N. Leo - Mar 7, 2022 Form 4 Insider Report for BayFirst Financial Corp. (BAFN)

Role: Chief Executive Officer, Director
Signature: /s/ Richard Pearlman, Attorney-in-Fact
Stock symbol: BAFN
Transactions as of: Mar 7, 2022
Transactions value $: $0
Form type: 4
Date filed: 3/16/2022, 12:22 PM
Previous filing: Mar 2, 2022
Next filing: Mar 18, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BAFN	Common Stock	Options Exercise	$14.7K	+1K	+3.45%	$14.67	30K	Mar 7, 2022	Direct	F1
transaction	BAFN	Common Stock	Tax liability	-$14.7K	-599	-1.99%	$24.50	29.4K	Mar 7, 2022	Direct	F1

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	BAFN	Option (Right to Buy)	Options Exercise	$0	-1K	-6.67%	$0.00	14K	Mar 7, 2022	Common Stock	1K	$14.67	Direct	F2

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

Explanation of Responses:

Id	Content
F1	On March 7, 2022, the reporting person exercised, by net exercise, a previously issued stock option to purchase 1,000 shares of Common Stock of the Issuer. The reporting person paid the exercise price on a cashless basis, resulting in the Issuer withholding 598.7755 shares of Common Stock for payment of the exercise price, based on the closing price of the Common Stock on March 7, 2022 of $24.50, and issuing to the reporting person the remaining 401.2245 shares of Common Stock.
F2	These options vest in five equal annual installments beginning one year after the 3/15/2019 date of grant. In addition, all unvested Restricted Shares will automatically vest in full immediately upon attainment of Normal Retirement Age. Normal Retirement Age shall be 62.

Content

On March 7, 2022, the reporting person exercised, by net exercise, a previously issued stock option to purchase 1,000 shares of Common Stock of the Issuer. The reporting person paid the exercise price on a cashless basis, resulting in the Issuer withholding 598.7755 shares of Common Stock for payment of the exercise price, based on the closing price of the Common Stock on March 7, 2022 of $24.50, and issuing to the reporting person the remaining 401.2245 shares of Common Stock.

These options vest in five equal annual installments beginning one year after the 3/15/2019 date of grant. In addition, all unvested Restricted Shares will automatically vest in full immediately upon attainment of Normal Retirement Age. Normal Retirement Age shall be 62.