X0306 4 2021-11-29 0 0001591890 FG Financial Group, Inc. FGF 0001878780 Fundamental Global GP, LLC 108 GATEWAY BLVD., SUITE 204 MOORESVILLE NC 28117 0 0 1 0 0000002186 BK Technologies Corp 7100 TECHNOLOGY DRIVE WEST MELBOURNE FL 32904 0 0 1 0 0001619991 Cerminara Kyle C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 MOORESVILLE NC 28117 1 0 1 0 0001187586 MOGLIA JOSEPH H C/O FUNDAMENTAL GLOBAL GP, LLC 108 GATEWAY BOULEVARD, SUITE 204 MOORESVILLE NC 28117 0 0 1 0 0000946454 BALLANTYNE STRONG, INC. 4201 CONGRESS STREET SUITE 175 CHARLOTTE NC 28209 0 0 1 0 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2021-12-07 4 S 0 2003 25.00 D 16976 I FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP 8.00% Cumulative Preferred Stock, Series A, $25.00 par value 2021-12-08 4 S 0 7618 24.73 D 9358 I FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 2021-11-29 4 O 0 600000 4.00 A 1638409 I BALLANTYNE STRONG, INC. COMMON STOCK, PAR VALUE $0.01 PER SHARE 788199 I FUNDAMENTAL ACTIVIST FUND I, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 628875 I FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP COMMON STOCK, PAR VALUE $0.01 PER SHARE 477282 I FGI 1347 HOLDINGS, LP CALL OPTION (RIGHT TO BUY) 6.00 2020-04-16 2022-04-16 COMMON STOCK 50000 50000 I FUNDAMENTAL GLOBAL PARTNERS MASTER FUND, LP CALL OPTION (RIGHT TO BUY) 6.00 2020-04-16 2022-04-16 COMMON STOCK 50000 50000 I FUNDAMENTAL ACTIVIST FUND I, LP SUBSCRIPTION RIGHTS (RIGHT TO BUY) 4.00 2021-11-29 4 O 0 600000 0.00 D 2021-10-29 2021-11-29 COMMON STOCK 600000 0 I BALLANTYNE STRONG, INC. The Reporting Persons beneficially own in the aggregate 3,632,765 shares of Common Stock (including 100,000 shares that may be acquired pursuant to a call option), which represent approximately 55.9% of the Company's outstanding shares of Common Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Common Stock that are directly owned by Fundamental Global Partners Master Fund, LP ("FGPM"), Fundamental Activist Fund I, LP ("FAFI"), FGI 1347 Holdings, LP ("FGIH") and Ballantyne Strong, Inc. ("BTN"). Mr. Cerminara holds 15,592 shares of Common Stock and restricted stock units representing the right to receive 16,557 shares of Common Stock upon vesting. BK Technologies Corporation ("BKTI") is the sole limited partner of FGIH. Mr. Cerminara is Member of the Board of Directors of BKTI. The Reporting Persons beneficially own in the aggregate 9,358 shares of Preferred Stock. Fundamental Global GP, LLC may be deemed to be a beneficial owner of the shares of Preferred Stock that are directly owned by FGPM. In addition, Mr. Cerminara owns 44 shares of Preferred Stock in a joint account with his spouse. Due to their positions with Fundamental Global GP, LLC and affiliated entities, Messrs. Cerminara and Joseph H. Moglia may be deemed to be beneficial owners of the shares of Common Stock disclosed as directly owned by FGPM, FAFI and FGIH and the shares of Preferred Stock disclosed as directly owned by FGPM. Due to his positions with BTN, Fundamental Global GP, LLC and affiliated entities, Mr. Cerminara may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by BTN. Each Reporting Person disclaims beneficial ownership of the shares referred to herein except to the extent of his or its pecuniary interest therein. Represents a call option to purchase shares of Common Stock, for a purchase price of $6.00 per share. The shares subject to the call option may be acquired at any time during the two-year period beginning on April 16, 2020, ending at 5:00 p.m. Eastern time on April 16, 2022. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.65 to $24.82, inclusive. The Reporting Persons undertake to provide to the Company, any security holder of the Company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Preferred Stock sold at each separate price within the range set forth above. As previously reported in its Form 8-K filed on December 3, 2021, on November 29, 2021, BTN elected to exercise (i) the subscription rights distributed by the Company on October 29, 2021 to it to purchase 155,761 shares of the Company's Common Stock at a purchase price of $4.00 per share and (ii) its over-subscription privilege to purchase an additional 444,239 additional shares of the Company's Common Stock at a purchase price of $4.00 per share. FUNDAMENTAL GLOBAL GP, LLC /S/ D. KYLE CERMINARA, CHIEF EXECUTIVE OFFICER 2021-12-09 BALLANTYNE STRONG, INC. /S/ MARK D. ROBERSON, CHIEF EXECUTIVE OFFICER 2021-12-09 BK TECHNOLOGIES CORPORATION /S/ WILLIAM P. KELLY, EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER 2021-12-09 /S/ D. KYLE CERMINARA 2021-12-09 /S/ JOSEPH H. MOGLIA 2021-12-09