BayFirst Financial (BAFN) CFO updates holdings with plan, ESOP moves

Rhea-AI Filing Summary

BayFirst Financial Corp.’s EVP and Chief Financial Officer, Scott Joseph McKim, reported small, plan-related adjustments to his BayFirst stock holdings. On May 7, 2026, he recorded an “other” transaction involving 45.3666 shares of common stock at $6.6128 per share, purchased through the company’s Non-Qualified Stock Purchase Plan, bringing his directly held stake to 3,277.6503 shares.

A prior February 19, 2026 entry shows 0.8311 shares previously allocated to his account in the BayFirst National Bank Employee Stock Ownership Plan being distributed to him and fractional shares sold as part of the ESOP’s termination, leaving no remaining indirect ESOP holdings. These are classified as restructuring-type transactions rather than open-market buying or selling.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider McKim Scott Joseph

Role EVP, Chief Financial Officer

Type	Security	Shares	Price	Value
Other	Common Stock	45.367	$6.6128	$300.00
Other	Common Stock	0.831	$6.6414	$5.52

Holdings After Transaction: Common Stock — 3,277.65 shares (Direct, null); Common Stock — 0 shares (Indirect, By ESOP)

Footnotes (1)

1. Shares were purchased within the Issuer's Non-Qualified Stock Purchase Plan. Shares held by the BayFirst Natioanl Bank Employee Stock Ownership Plan ("ESOP") and allocated to the Reporting Person's account were distribute to the employee and fractional shares were sold as part of the termination of the ESOP.

Key Figures

Plan transaction shares: 45.3666 shares Plan transaction price: $6.6128 per share Direct holdings after transaction: 3,277.6503 shares +3 more

6 metrics

Plan transaction shares 45.3666 shares Non-Qualified Stock Purchase Plan on May 7, 2026

Plan transaction price $6.6128 per share Non-Qualified Stock Purchase Plan purchase price

Direct holdings after transaction 3,277.6503 shares Common stock directly held after May 7, 2026 entry

ESOP fractional shares handled 0.8311 shares Fractional ESOP shares sold on February 19, 2026

ESOP fractional sale price $6.6414 per share Price for fractional ESOP shares on February 19, 2026

Total restructuring shares 46.1977 shares Aggregate shares across J-code restructuring transactions

Key Terms

Non-Qualified Stock Purchase Plan, Employee Stock Ownership Plan, Form 4, other acquisition or disposition

4 terms

Non-Qualified Stock Purchase Plan financial

"Shares were purchased within the Issuer's Non-Qualified Stock Purchase Plan."

Employee Stock Ownership Plan financial

"Shares held by the BayFirst Natioanl Bank Employee Stock Ownership Plan ("ESOP") and allocated"

An employee stock ownership plan (ESOP) is a company-run program that gives workers ownership stakes by allocating or letting them buy company shares, often through a retirement-style account. For investors, ESOPs matter because they align employees’ incentives with company performance—like turning staff into shareholders—which can boost productivity and long-term value but may also concentrate employee retirement savings in company stock, affecting financial risk and share demand.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

other acquisition or disposition financial

"transaction_code_description": "Other acquisition or disposition""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McKim Scott Joseph

(Last) (First) (Middle)

700 CENTRAL AVE

(Street)

ST. PETERSBURG FLORIDA 33701

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BayFirst Financial Corp. [ BAFN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Financial Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/07/2026		J(1)		45.3666	A	$6.6128	3,277.6503	D
Common Stock	02/19/2026		J(2)		0.8311	D	$6.6414	0	I	By ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were purchased within the Issuer's Non-Qualified Stock Purchase Plan.

2. Shares held by the BayFirst Natioanl Bank Employee Stock Ownership Plan ("ESOP") and allocated to the Reporting Person's account were distribute to the employee and fractional shares were sold as part of the termination of the ESOP.

Remarks:

	/s/ Barbara Felts, Attorney-in-fact	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did BayFirst (BAFN) CFO Scott McKim report in this Form 4?

BayFirst CFO Scott McKim reported two small “other” stock transactions. One reflects purchases through a Non-Qualified Stock Purchase Plan; the other reflects ESOP termination-related distribution and fractional share sale, adjusting his direct and indirect BayFirst common stock holdings.

How many BayFirst (BAFN) shares does the CFO hold after these transactions?

After the May 7, 2026 transaction, Scott McKim directly holds 3,277.6503 shares of BayFirst common stock. His indirect holdings through the Employee Stock Ownership Plan were reduced to zero following the ESOP termination-related distribution and fractional share sale recorded in February 2026.

What was the size and price of the BayFirst stock plan purchase by the CFO?

On May 7, 2026, Scott McKim’s account acquired 45.3666 BayFirst common shares at $6.6128 per share. The filing indicates these shares were purchased within BayFirst’s Non-Qualified Stock Purchase Plan rather than via an open-market trade on an exchange.

What happened to the BayFirst (BAFN) ESOP shares allocated to the CFO?

Shares held by the BayFirst National Bank Employee Stock Ownership Plan and allocated to Scott McKim’s account were distributed to him. Fractional shares, totaling 0.8311, were sold as part of the ESOP’s termination, leaving no remaining indirect ESOP holdings in his name.

Are these BayFirst (BAFN) Form 4 transactions open-market buys or sells?

No, both transactions are coded “J” as other acquisitions or dispositions. One reflects plan purchases under a Non-Qualified Stock Purchase Plan, and the other reflects ESOP termination-related distributions and fractional share handling, not standard open-market buying or selling activity.