Robin Leigh Oliver - Nov 15, 2021 Form 3 Insider Report for BayFirst Financial Corp. (BAFN)

Role
Chief Financial Officer
Signature
/s/ Richard Pearlman, Attorney-in-Fact
Stock symbol
BAFN
Transactions as of
Nov 15, 2021
Transactions value $
$0
Form type
3
Date filed
11/15/2021, 08:29 AM
Next filing
Mar 31, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding BAFN Common Stock 1.54K Nov 15, 2021 Direct

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 Series B Convertible Preferred Stock Nov 15, 2021 Common Stock 10 Direct F1
holding BAFN Option (Right to Buy) Nov 15, 2021 Common Stock 5.63K $15.67 Direct F2
holding BAFN Option (Right to Buy) Nov 15, 2021 Common Stock 2.25K $14.67 Direct F3
holding BAFN Option (Right to Buy) Nov 15, 2021 Common Stock 5.63K $14.67 Direct F4
holding BAFN Option (Right to Buy) Nov 15, 2021 Common Stock 1.88K $17.33 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Ms. Oliver has 10 Series B Convertible Preferred Stock, with a liquidation preference of $10,000.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.
F2 These options vest in five equal annual installments beginning one year after the 1/15/2020 date of grant.
F3 These options vest in five equal annual installments beginning one year after the 3/15/2019 date of grant.
F4 These options vest in five equal annual installments beginning one year after the 1/14/2021 date of grant.
F5 These options vest in five equal annual installments beginning one year after the 6/12/2018 date of grant.