Matthew Mann Luckey - 09 Dec 2022 Form 4 Insider Report for BayFirst Financial Corp. (BAFN)

Role
Executive Vice President
Signature
/s/ Barbara Felts, Attorney-in-fact
Issuer symbol
BAFN
Transactions as of
09 Dec 2022
Net transactions value
$0
Form type
4
Filing time
12 Dec 2022, 12:05:09 UTC
Previous filing
24 Oct 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding BAFN Common Stock 5,457 09 Dec 2022 Direct
holding BAFN Common Stock 1,094 09 Dec 2022 By ESOP

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 BAFN Option (Right to Buy) 6,000 09 Dec 2022 Common Stock 6,000 $14.67 Direct F1, F2
holding BAFN Option (Right to Buy) 5,625 09 Dec 2022 Common Stock 5,625 $15.67 Direct F1, F2
holding BAFN Series B Convertible Preferred Stock 10 09 Dec 2022 Common Stock 10 Direct F3
holding BAFN Option (Right to Buy) 5,625 09 Dec 2022 Common Stock 5,625 $14.67 Direct F1, F2
holding BAFN Option (Right to Buy) 8,100 09 Dec 2022 Common Stock 8,100 $17.33 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Matthew Mann Luckey is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 The shares subject to this option are fully vested and immediately exercisable.
F2 Options are exercisable for 90 days after employment termination date of December 9, 2022.
F3 The holders of shares of Series B Convertible Preferred Stock have the right to convert such shares into shares of common stock at a conversion ratio equal to the quotient of: (i) the $1,000 liquidation preference; divided by (ii) the tangible book value per share of common stock, calculated on the basis of BayFirst Financial Corp.s financial statements, as of the last day of the calendar quarter occurring prior to the date on which a holder exercises the conversion right; provided, however, that tangible book value shall be adjusted to reflect a subsequent quarter end only on the last day of the month succeeding such quarter end.