BayFirst Financial Corp. — Director's Dealing 2021

Nov 15, 2021

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: BayFirst Financial Corp. (FHBI)
CIK: 0001649739
Period of Report: 2021-11-15

Reporting Person: LEO ANTHONY N (Director, Chief Executive Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25151.74	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Option (Right to Buy)	$14.67	2031-01-14	Common Stock (13500.0)		Direct
Option (Right to Buy)	$17.33	2028-06-12	Common Stock (21000.0)		Direct
Option (Right to Buy)	$14.67	2029-03-15	Common Stock (15000.0)		Direct
Option (Right to Buy)	$15.67	2030-01-15	Common Stock (14250.0)		Direct
Series B Convertible Preferred Stock	$	2030-08-14	Common Stock (20.0)		Direct

Footnotes

F1: These options vest in five equal annual installments beginning one year after the 1/14/2021 date of grant.

F2: These options vest in five equal annual installments beginning one year after the 6/12/2018 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 1/15/2020 date of grant.

F5: Mr. Leo has 20 Series B Convertible Preferred Stock, with a liquidation preference of $20,000. 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.