X0306 4 2021-06-10 0001054721 BSQUARE CORP /WA BSQR 0001574629 Vardeman Ryan L. C/O BSQUARE CORPORATION 1415 WESTERN AVENUE, SUITE 700 SEATTLE WA 98101 1 0 0 1 Member of 10% Group Common Stock, No Par Value 2021-06-10 4 A 0 23076 0 A 108249 D Common Stock, No Par Value 1585711 I See footnotes (3)(4)(5) Represents restricted stock units of BSQUARE Corporation, a Washington corporation (the "Issuer"), awarded to Ryan L. Vardeman pursuant to the Issuer's compensation plan for non-employee directors and the Fourth Amended and Restated Stock Plan of the Issuer (the "Plan"). The restricted stock units will vest quarterly in equal installments over one year following the date of the award. Includes 23,076 restricted stock units of the Issuer awarded to Ryan L. Vardeman on June 10, 2021 pursuant to the Issuer's compensation plan for non-employee directors and the Plan which will vest quarterly in equal installments over one year following the date of the award. This statement is filed by and on behalf of Ryan L. Vardeman. Palogic Value Fund, L.P., a Delaware limited partnership ("Palogic Value Fund"), and Mr. Vardeman are the record and direct beneficial owners of the securities coverted by this statement. Palogic Value Management, L.P., a Delaware limited partnership ("Palogic Value Management"), is the general partner of, and may be deemed to beneficially own securities owned by, Palogic Value Fund. Palogic Capital Management, LLC, a Delaware limited liability company ("Palogic Capital Management"), is the general partner of, and may be deemed to beneficially own securities beneficially owned by, Palogic Value Management. Mr. Vardeman is the sole member of, and may be deemed to beneficially own securities beneficially owned by, Palogic Capital Management. Mr. Vardeman is also a limited partner in, and may be deemed to beneficially own securities owned by, Palogic Value Fund. The reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that the reporting person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the beneficial owner of any securities covered by this statement. The reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of the reporting person in such securities. The reporting persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for purposes of Section 13(d) or 13(g) of the Exchange Act. The reporting persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer. /s/ Ryan L. Vardeman 2021-06-14