Cornelis F. Wit - Sep 8, 2022 Form 4 Insider Report for GIGA TRONICS INC (GIGA)

Role: 10%+ Owner
Signature: /s/ Cornelis F. Wit
Stock symbol: GIGA
Transactions as of: Sep 8, 2022
Transactions value $: -$3,004,953
Form type: 4
Date filed: 9/12/2022, 06:11 AM

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	GIGA	Series B Convertible Voting Perpetual Preferred Shares	Disposed to Issuer	-$1.9M	-8.23K	-100%	$231.00	0	Sep 8, 2022	Common Stock	54.9K	$34.65	Direct	F1, F2
transaction	GIGA	Series C Convertible Voting Perpetual Preferred Shares	Disposed to Issuer	-$448K	-3.07K	-100%	$146.00	0	Sep 8, 2022	Common Stock	20.5K	$21.90	Direct	F1, F2
transaction	GIGA	Series D Convertible Voting Perpetual Preferred Shares	Disposed to Issuer	-$655K	-4.58K	-100%	$143.00	0	Sep 8, 2022	Common Stock	30.6K	$21.45	Direct	F1, F2

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

Cornelis F. Wit is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	Each share of preferred stock is convertible at any time upon request into shares of common stock on a 1:6.67 basis. Such preferred stock has no expiration date.
F2	The Issuer agreed to repurchase all shares of its outstanding preferred stock upon the closing of the transactions contemplated by the Share Exchange Agreement dated as of December 27, 2021 by and among the Issuer, BitNile Holdings, Inc. and Gresham Worldwide, Inc., which closing occurred on September 8, 2022.