LEHMAN KENNETH R → BayFirst Financial Corp. BAFN

Mr. Lehman acquired his shares because he believes they represent a prudent investment. Mr. Lehman intends to join the board of directors of the Company and its subsidiary, BayFirst National Bank. Mr. Lehman intends to review continuously his investment in the Company, including the Company's business, financial condition, results of operations, capital structure, management, competitive position, and prospects, as well as general economic, financial market, and industry conditions. Depending on such review and on other factors, including the market price of the Common Stock, conditions in the securities markets generally, general economic and industry conditions, Mr. Lehman's financial condition and investment considerations, and other factors Mr. Lehman deems relevant, Mr. Lehman may, from time to time and at any time, in the open market, in privately negotiated transactions, or otherwise: (i) acquire additional shares of Common Stock or other securities of the Company, including pursuant to the gross-up rights described in Item 6 below; (ii) dispose of all or a portion of the shares of Common Stock or other securities of the Company that he now holds or may hereafter acquire; (iii) engage in discussions with the Company's management, board of directors, other stockholders, or other parties concerning the business, operations, governance, management, strategy, or capital structure of the Company; or (iv) take any other action with respect to the Company or any of its securities in any manner permitted by law. Except as described in this Schedule 13D, Mr. Lehman does not currently have any plans or proposals that relate to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D. Mr. Lehman reserves the right to change his plans and intentions at any time, as he deems appropriate, and to take any and all actions that he deems appropriate to maximize the value of his investment. There can be no assurance that Mr. Lehman will take any of the actions described above.