BRC Group Holdings, Inc.

SEC source: 0001213900-20-016563 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By B. Riley FBR, Inc.

Disclosed balance after: 2,003,886

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · shares: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · price: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · balance_after: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F2 · ownership.direct: This Form 4 is being filed jointly by BRF, BRFBR, BRPLP, BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company, a registered investment advisor ("BRCM"), and Bryant R. Riley. BRPGP is a subsidiary of BRCM and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRFBR.

F3 · ownership.direct: Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF, BRFBR and BRPLP. Each of BRF, BRFBR, BRPGP, BRCM and BRPLP (collectively, the "B. Riley Entities") and Bryant R Riley disclaims beneficial ownership of the outstanding shares of Common Stock reported herein, except to the extent of its/his respective pecuniary interest therein.

F2 · ownership.nature: This Form 4 is being filed jointly by BRF, BRFBR, BRPLP, BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company, a registered investment advisor ("BRCM"), and Bryant R. Riley. BRPGP is a subsidiary of BRCM and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the shares held by BRFBR.

F3 · ownership.nature: Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF, BRFBR and BRPLP. Each of BRF, BRFBR, BRPGP, BRCM and BRPLP (collectively, the "B. Riley Entities") and Bryant R Riley disclaims beneficial ownership of the outstanding shares of Common Stock reported herein, except to the extent of its/his respective pecuniary interest therein.

SEC source: 0001213900-20-016563 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

RILEY BRYANT R · CIK 0001207269 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,875,614

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · shares: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · price: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

F1 · balance_after: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 30, 2020, the Issuer issued 971,839 shares of its common stock, par value $0.01 (the "Common Stock") to BRF, 144,463 shares of Common Stock to BRFBR and 76,069 shares of Common Stock to BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), in each case in satisfaction of payment of Interest Payments (as defined in the Equitization Agreement) for the period from May 14, 2020 to June 30, 2020, representing a price of $2.2774 per share of Common Stock.

SEC source: 0001213900-20-016314 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · See Footnote 1

BRC Partners Management GP, LLC · CIK 0001749420 · See Footnote 1

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · See Footnote 1

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRC Partners Opportunity Fund, L.P.

Disclosed balance after: 676,471

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR") (collectively, the "Filing Persons"). Each of the Filing Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock ("Common Stock"). Each of the Filing Persons disclaims beneficial ownership of the shares of Common Stock of the Issuer reported herein except to the extent of its pecuniary interest therein.

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, each of BRPGP, BRCM and BRF may be deemed to beneficially own the shares of Common Stock owned directly by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to beneficially own the shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-016314 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · See Footnote 1

BRC Partners Management GP, LLC · CIK 0001749420 · See Footnote 1

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · See Footnote 1

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 350,000

SEC source: 0001213900-20-014789 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRC Partners Opportunity Fund, LP

Disclosed balance after: 383,279

F1 · ownership.nature: This Form 4 is being filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, LP, a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRF and BRCM may be deemed to indirectly beneficially own the shares held by BRPLP. BRF is the parent company of B. Riley FBR, Inc., a Delaware corporation ("BRFBR"). As a result, BRF may be deemed to indirectly beneficially own the shares held by BRFBR.

F2 · ownership.nature: Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. Accordingly, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock held by BRPLP and BRFBR. Each of Bryant R. Riley, BRF, BRFBR, BRPGP, BRCM and BRPLP disclaims beneficial ownership of the outstanding shares of Common Stock reported herein, except to the extent of its/his respective pecuniary interest therein.

SEC source: 0001213900-20-014789 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,916

F3 · ownership.direct: Represents shares held directly by Bryant R. Riley.

SEC source: 0001213900-20-014789 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 826

F3 · ownership.direct: Represents shares held directly by Bryant R. Riley.

SEC source: 0001213900-20-016203 · ownership.xml · derivative · entry 12

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPLP

Disclosed balance after: 0

Underlying: Common Stock · 3,560,167 shares

Expires 2022-09-21

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Kenneth M. Young, a member of the Board of Directors of the Issuer, is the President of BRF and the Chief Executive Officer of BRPI and was elected to the Board of Directors of the Issuer as a representative of BRF, BRPLP, BRPGP, BRCM, BRPI and Bryant R. Riley. As a result, Kenneth M. Young is a director by deputization for Section 16 purposes.

F9 · kind: On June 1, the Issuer and BRPI entered into an amendment to the Convertible Promissory Note pursuant to which the Issuer agreed that, contingent upon the completion of the Public Offering, the Convertible Promissory Note would be extinguished for (i) the payment of $4,000,000 in cash and (2) a number of shares of Issuer common stock determined by dividing the remaining principal amount and accrued interest by the price to be determined in the Public Offering. The Public Offering closed on June 9, 2020 at a price per share of Issuer common stock of $0.75. As a result of the amendment of the Convertible Promissory Note and the completion of the Public Offering, each of BRPI and BRPLP were deemed to have disposed to the Issuer their respective portions of the derivate security represented by the Convertible Promissory Note in exchange for the issuance by the Issuer of a derivative security represented by the Convertible Promissory Note as amended to reflect the $0.75 conversion price, which security was immediately thereafter converted for the underlying shares of Issuer common stock.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F9 · ownership.nature: On June 1, the Issuer and BRPI entered into an amendment to the Convertible Promissory Note pursuant to which the Issuer agreed that, contingent upon the completion of the Public Offering, the Convertible Promissory Note would be extinguished for (i) the payment of $4,000,000 in cash and (2) a number of shares of Issuer common stock determined by dividing the remaining principal amount and accrued interest by the price to be determined in the Public Offering. The Public Offering closed on June 9, 2020 at a price per share of Issuer common stock of $0.75. As a result of the amendment of the Convertible Promissory Note and the completion of the Public Offering, each of BRPI and BRPLP were deemed to have disposed to the Issuer their respective portions of the derivate security represented by the Convertible Promissory Note in exchange for the issuance by the Issuer of a derivative security represented by the Convertible Promissory Note as amended to reflect the $0.75 conversion price, which security was immediately thereafter converted for the underlying shares of Issuer common stock.

SEC source: 0001213900-20-016203 · ownership.xml · derivative · entry 11

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPI

Disclosed balance after: 0

Underlying: Common Stock · 4,666,667 shares

Expires 2022-09-21

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Kenneth M. Young, a member of the Board of Directors of the Issuer, is the President of BRF and the Chief Executive Officer of BRPI and was elected to the Board of Directors of the Issuer as a representative of BRF, BRPLP, BRPGP, BRCM, BRPI and Bryant R. Riley. As a result, Kenneth M. Young is a director by deputization for Section 16 purposes.

F9 · kind: On June 1, the Issuer and BRPI entered into an amendment to the Convertible Promissory Note pursuant to which the Issuer agreed that, contingent upon the completion of the Public Offering, the Convertible Promissory Note would be extinguished for (i) the payment of $4,000,000 in cash and (2) a number of shares of Issuer common stock determined by dividing the remaining principal amount and accrued interest by the price to be determined in the Public Offering. The Public Offering closed on June 9, 2020 at a price per share of Issuer common stock of $0.75. As a result of the amendment of the Convertible Promissory Note and the completion of the Public Offering, each of BRPI and BRPLP were deemed to have disposed to the Issuer their respective portions of the derivate security represented by the Convertible Promissory Note in exchange for the issuance by the Issuer of a derivative security represented by the Convertible Promissory Note as amended to reflect the $0.75 conversion price, which security was immediately thereafter converted for the underlying shares of Issuer common stock.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F9 · ownership.nature: On June 1, the Issuer and BRPI entered into an amendment to the Convertible Promissory Note pursuant to which the Issuer agreed that, contingent upon the completion of the Public Offering, the Convertible Promissory Note would be extinguished for (i) the payment of $4,000,000 in cash and (2) a number of shares of Issuer common stock determined by dividing the remaining principal amount and accrued interest by the price to be determined in the Public Offering. The Public Offering closed on June 9, 2020 at a price per share of Issuer common stock of $0.75. As a result of the amendment of the Convertible Promissory Note and the completion of the Public Offering, each of BRPI and BRPLP were deemed to have disposed to the Issuer their respective portions of the derivate security represented by the Convertible Promissory Note in exchange for the issuance by the Issuer of a derivative security represented by the Convertible Promissory Note as amended to reflect the $0.75 conversion price, which security was immediately thereafter converted for the underlying shares of Issuer common stock.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 8

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPLP

Disclosed balance after: 7,120,325

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F7 · shares: On June 9, 2020, BRPLP was issued these shares of common stock by the Issuer upon the conversion of the Convertible Promissory Note at a conversion price of $0.75 per share. See Note 9.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 7

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPI

Disclosed balance after: 3,560,167

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · shares: On June 9, 2020, BRPI was issued these shares of common stock by the Issuer upon the conversion of the Convertible Promissory Note (as defined below) at a conversion price of $0.75 per share. See Note 9.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 6

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Abigail Riley

Disclosed balance after: 146,666

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F5 · ownership.nature: Represents shares of Issuer common stock owned indirectly by Bryant R. Riley as custodian for his children.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 5

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Eloise Riley

Disclosed balance after: 146,667

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F5 · ownership.nature: Represents shares of Issuer common stock owned indirectly by Bryant R. Riley as custodian for his children.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Charlie Riley

Disclosed balance after: 146,667

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F5 · ownership.nature: Represents shares of Issuer common stock owned indirectly by Bryant R. Riley as custodian for his children.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Bryant R. Riley, as UTMA custodian for Susan Riley

Disclosed balance after: 146,667

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F5 · ownership.nature: Represents shares of Issuer common stock owned indirectly by Bryant R. Riley as custodian for his children.

SEC source: 0001213900-20-016203 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPLP

Disclosed balance after: 2,453,658

F3 · shares: On June 9, 2020, BRPLP acquired these shares of Issuer common stock in the Issuer's underwritten public offering of common stock (the "Public Offering").

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

SEC source: 0001213900-20-014641 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,903,775

F1 · kind: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 8, 2020, the Issuer issued 1,712,479 shares of its common stock, par value $0.01 (the "Common Stock") to BRF in satisfaction of payment of the Fee Payment (as defined in the Equitization Agreement), representing a price of $2.2774 per share of Common Stock. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. Accordingly, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF. Bryant R. Riley disclaims beneficial ownership of the outstanding shares of Common Stock directly held by BRF, except to the extent of his pecuniary interest therein.

F1 · shares: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 8, 2020, the Issuer issued 1,712,479 shares of its common stock, par value $0.01 (the "Common Stock") to BRF in satisfaction of payment of the Fee Payment (as defined in the Equitization Agreement), representing a price of $2.2774 per share of Common Stock. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. Accordingly, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF. Bryant R. Riley disclaims beneficial ownership of the outstanding shares of Common Stock directly held by BRF, except to the extent of his pecuniary interest therein.

F1 · price: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 8, 2020, the Issuer issued 1,712,479 shares of its common stock, par value $0.01 (the "Common Stock") to BRF in satisfaction of payment of the Fee Payment (as defined in the Equitization Agreement), representing a price of $2.2774 per share of Common Stock. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. Accordingly, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF. Bryant R. Riley disclaims beneficial ownership of the outstanding shares of Common Stock directly held by BRF, except to the extent of his pecuniary interest therein.

F1 · balance_after: Pursuant to the Fee and Interest Equitization Agreement (the "Equitization Agreement"), dated as of May 14, 2020, by and among Babcock & Wilcox Enterprises, Inc. (the "Issuer"), B. Riley Financial, Inc., a Delaware corporation ("BRF") and, solely for limited purposes, B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), on June 8, 2020, the Issuer issued 1,712,479 shares of its common stock, par value $0.01 (the "Common Stock") to BRF in satisfaction of payment of the Fee Payment (as defined in the Equitization Agreement), representing a price of $2.2774 per share of Common Stock. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. Accordingly, Bryant R. Riley may be deemed to indirectly beneficially own the shares of Common Stock directly held by BRF. Bryant R. Riley disclaims beneficial ownership of the outstanding shares of Common Stock directly held by BRF, except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-016203 · ownership.xml · derivative · entry 10

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPLP

Disclosed balance after: Not disclosed

Underlying: Common Stock · 410,469.03 shares

Expires 2022-09-21

F8 · price: On June 4, 2020, BRPI sold to BRPLP a $3,500,000 participation in the Convertible Promissory Note, dated April 9, 2018, as amended (the "Convertible Promissory Note") for $3,500,000 in cash.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F8 · ownership.nature: On June 4, 2020, BRPI sold to BRPLP a $3,500,000 participation in the Convertible Promissory Note, dated April 9, 2018, as amended (the "Convertible Promissory Note") for $3,500,000 in cash.

SEC source: 0001213900-20-016203 · ownership.xml · derivative · entry 9

B. Riley Financial, Inc. · CIK 0001464790 · Director · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · Director · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · Director · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · Director · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · Director · See Remarks

RILEY BRYANT R · CIK 0001207269 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRPI

Disclosed balance after: Not disclosed

Underlying: Common Stock · 410,469.03 shares

Expires 2022-09-21

F8 · price: On June 4, 2020, BRPI sold to BRPLP a $3,500,000 participation in the Convertible Promissory Note, dated April 9, 2018, as amended (the "Convertible Promissory Note") for $3,500,000 in cash.

F1 · ownership.nature: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), B. Riley Principal Investments, LLC, a Delaware limited liability company ("BRPI") and Bryant R. Riley. BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPLP. BRF is the parent company of BRPI. As a result, BRF may be deemed to indirectly beneficially own securities of the Issuer held by BRPI. Bryant R. Riley is the Chief Executive Officer of BRCM and Chairman and Co-Chief Executive Officer of BRF and, as a result, may be deemed to indirectly beneficially own securities of the Issuer held by BRF, BRPLP and BRPI. Each reporting person disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent of such person's pecuniary interest therein.

F8 · ownership.nature: On June 4, 2020, BRPI sold to BRPLP a $3,500,000 participation in the Convertible Promissory Note, dated April 9, 2018, as amended (the "Convertible Promissory Note") for $3,500,000 in cash.

SEC source: 0001213900-20-014309 · ownership.xml · derivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Principal Sponsor Co. II, LLC · CIK 0001811637 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By B. Riley Principal Sponsor Co. II, LLC

Disclosed balance after: 4,295,000

Underlying: Class A Common Stock · 656,250 shares

Expires not disclosed

F5 · derivative.exercise_price: The reported shares of Class B common stock are convertible for shares of the Issuer's Class A common stock as described under the heading "Description of Securities" in the Registration Statement and have no expiration date.

F6 · kind: 656,250 shares of Class B Common Stock were forfeited to the Issuer at no cost in connection with the determination by the underwriters not to exercise their over-allotment option in whole or in part, as described in the Registration Statement.

F5 · price: The reported shares of Class B common stock are convertible for shares of the Issuer's Class A common stock as described under the heading "Description of Securities" in the Registration Statement and have no expiration date.

F5 · derivative.exercise_date: The reported shares of Class B common stock are convertible for shares of the Issuer's Class A common stock as described under the heading "Description of Securities" in the Registration Statement and have no expiration date.

F5 · derivative.expiration_date: The reported shares of Class B common stock are convertible for shares of the Issuer's Class A common stock as described under the heading "Description of Securities" in the Registration Statement and have no expiration date.

F4 · ownership.nature: B. Riley Principal Investments, LLC ("BRPI") is the sole member of B. Riley Principal Sponsor Co. II, LLC (the "Sponsor") and is a wholly-owned subsidiary of B. Riley Financial, Inc. ("BRF"). BRPI and BRF have voting and dispositive power over the securities held by the Sponsor. Each of BRPI and BRF disclaims beneficial ownership over any securities directly held by the Sponsor other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

SEC source: 0001213900-20-013374 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Principal Sponsor Co. II, LLC · CIK 0001811637 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By B. Riley Principal Sponsor Co. II, LLC

Disclosed balance after: 650,000

F1 · kind: The reported shares of Class A Common Stock are within 650,000 of the Issuer's Private Placement Units, as described under the heading "Description of Securities " in the Issuer's registration statement on Form S-1 (File No. 333- 237812), purchased by the Reporting Persons for $10.00 per Private Placement Unit.

F2 · ownership.nature: B. Riley Principal Investments, LLC ("BRPI") is the sole member of B. Riley Principal Sponsor Co. II, LLC (the "Sponsor") and is a wholly-owned subsidiary of B. Riley Financial, Inc. ("BRF"). BRPI and BRF have voting and dispositive power over the securities held by the Sponsor. Each of BRPI and BRF disclaims beneficial ownership over any securities directly held by the Sponsor other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

SEC source: 0001213900-20-014309 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Principal Sponsor Co. II, LLC · CIK 0001811637 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By B. Riley Principal Sponsor Co. II, LLC

Disclosed balance after: 650,000

F3 · kind: The reported shares of Class A Common Stock are within 650,000 of the Issuer's Private Placement Units, as described under the heading "Description of Securities " in the Issuer's registration statement on Form S-1 (File No. 333- 237812), purchased by the Reporting Persons for $10.00 per Private Placement Unit.

F4 · ownership.nature: B. Riley Principal Investments, LLC ("BRPI") is the sole member of B. Riley Principal Sponsor Co. II, LLC (the "Sponsor") and is a wholly-owned subsidiary of B. Riley Financial, Inc. ("BRF"). BRPI and BRF have voting and dispositive power over the securities held by the Sponsor. Each of BRPI and BRF disclaims beneficial ownership over any securities directly held by the Sponsor other than to the extent of any pecuniary interest it may have therein, directly or indirectly.

SEC source: 0001213900-20-014309 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Principal Sponsor Co. II, LLC · CIK 0001811637 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRC Partners Opportunity Fund, L.P.

Disclosed balance after: 50,000

F1 · kind: The reported shares of Class A Common Stock are within the Issuer's public units, as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-237812) (the "Registration Statement"). These shares were inadvertently omitted from the Form 4 filed by the reporting persons on May 22, 2020.

F2 · ownership.nature: BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), is the general partner of BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"). B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), is an investment advisor to BRPLP, and BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP.

SEC source: 0001213900-20-014309 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

B. Riley Principal Sponsor Co. II, LLC · CIK 0001811637 · 10% owner

B. RILEY PRINCIPAL INVESTMENTS, LLC · CIK 0001776226 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By BRC Partners Opportunity Fund, L.P.

Disclosed balance after: 33,700

F1 · kind: The reported shares of Class A Common Stock are within the Issuer's public units, as described under the heading "Description of Securities" in the Issuer's Registration Statement on Form S-1 (File No. 333-237812) (the "Registration Statement"). These shares were inadvertently omitted from the Form 4 filed by the reporting persons on May 22, 2020.

F2 · ownership.nature: BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), is the general partner of BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"). B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), is an investment advisor to BRPLP, and BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP.

SEC source: 0001213900-20-010318 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · See Footnote 1

BRC Partners Management GP, LLC · CIK 0001749420 · See Footnote 1

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · See Footnote 1

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By B. Riley FBR, Inc.

Disclosed balance after: 5,989,100

F1 · security: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR") (collectively, the "Filing Persons"). Each of the Filing Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock ("Common Stock"). Each of the Filing Persons disclaims beneficial ownership of the shares of Common Stock of the Issuer reported herein except to the extent of its pecuniary interest therein.

F2 · security: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM and BRFBR.

F3 · ownership.nature: By virtue of the relationships discussed in Footnote 2, BRF may be deemed to beneficially own the shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-010320 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · See Footnote 1

BRC Partners Management GP, LLC · CIK 0001749420 · See Footnote 1

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · See Footnote 1

B. Riley FBR, Inc. · CIK 0001505748 · See Footnote 1

Dialectic Antithesis Partners, LP · CIK 0001325552 · See Footnote 1

BR Dialectic Capital Management, LLC · CIK 0001704985 · See Footnote 1

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Dialectic Antithesis Partners, LP

Disclosed balance after: 0

F1 · security: This Form 4 is filed jointly by B. Riley Financial, Inc., a Delaware corporation ("BRF"), BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), Dialectic Antithesis Partners, LP, a Delaware limited partnership ("Dialectic"), and BR Dialectic Capital Management, LLC, a Delaware limited liability company ("BR Dialectic") (collectively, the "Filing Persons"). Each of the Filing Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock ("Common Stock"). Each of the Filing Persons disclaims beneficial ownership of the shares of Common Stock of the Issuer reported herein except to the extent of its pecuniary interest therein.

F2 · security: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM and BRFBR. BR Dialectic is the general partner and investment manager of Dialectic. BRCM is the parent company of BR Dialectic.

F3 · ownership.nature: By virtue of the relationships discussed in Footnote 2, each of BR Dialectic, BRCM and BRF may have been deemed to beneficially own the shares of Common Stock previously owned directly by Dialectic.

SEC source: 0001213900-20-009862 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,538,575

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009862 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,517,204

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009478 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,477,004

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009478 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,476,579

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009202 · ownership.xml · nonDerivative · entry 5

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,454,737

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009202 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,357,954

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009202 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,310,246

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-009202 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,262,504

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-009202 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,242,824

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008840 · ownership.xml · nonDerivative · entry 5

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. RILEY FBR, INC. · CIK 0000852412 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,223,139

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-008840 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. RILEY FBR, INC. · CIK 0000852412 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,217,003

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008840 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. RILEY FBR, INC. · CIK 0000852412 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,210,864

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-008840 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. RILEY FBR, INC. · CIK 0000852412 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,170,685

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008840 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. RILEY FBR, INC. · CIK 0000852412 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,130,501

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008911 · ownership.xml · nonDerivative · entry 4

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Dialectic Antithesis Partners, LP · CIK 0001325552 · 10% owner

BR Dialectic Capital Management, LLC · CIK 0001704985 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 4,622,462

F6 · kind: Pursuant to the subscription agreements between the Issuer and BRPLP whereby BRPLP agreed to purchase 96,257 shares of Franchise Common Stock at a price of $12.00 per share, and 80,214 shares of Franchise Common Stock at a price of $23.00 per share.

F6 · price: Pursuant to the subscription agreements between the Issuer and BRPLP whereby BRPLP agreed to purchase 96,257 shares of Franchise Common Stock at a price of $12.00 per share, and 80,214 shares of Franchise Common Stock at a price of $23.00 per share.

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), Dialectic Antithesis Partners, LP, a Delaware limited partnership ("Dialectic") and BR Dialectic Capital Management, LLC, a Delaware limited liability company (collectively, the "Filing Persons"). Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock of the Issuer, par value $0.01 per share ("Franchise Common Stock"), reported herein except to the extent of its pecuniary interest therein.

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRFBR. BR Dialectic is the general partner and investment manager of Dialectic. BRCM is an investment advisor and the parent company of BR Dialectic and BRF is the parent company of BRCM. As a result, BR Dialectic, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by Dialectic.

F4 · ownership.nature: Represents shares of Franchise Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008911 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Dialectic Antithesis Partners, LP · CIK 0001325552 · 10% owner

BR Dialectic Capital Management, LLC · CIK 0001704985 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 4,387,583

F6 · kind: Pursuant to the subscription agreements between the Issuer and BRPLP whereby BRPLP agreed to purchase 96,257 shares of Franchise Common Stock at a price of $12.00 per share, and 80,214 shares of Franchise Common Stock at a price of $23.00 per share.

F6 · price: Pursuant to the subscription agreements between the Issuer and BRPLP whereby BRPLP agreed to purchase 96,257 shares of Franchise Common Stock at a price of $12.00 per share, and 80,214 shares of Franchise Common Stock at a price of $23.00 per share.

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), Dialectic Antithesis Partners, LP, a Delaware limited partnership ("Dialectic") and BR Dialectic Capital Management, LLC, a Delaware limited liability company (collectively, the "Filing Persons"). Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock of the Issuer, par value $0.01 per share ("Franchise Common Stock"), reported herein except to the extent of its pecuniary interest therein.

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRFBR. BR Dialectic is the general partner and investment manager of Dialectic. BRCM is an investment advisor and the parent company of BR Dialectic and BRF is the parent company of BRCM. As a result, BR Dialectic, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by Dialectic.

F4 · ownership.nature: Represents shares of Franchise Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008911 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Dialectic Antithesis Partners, LP · CIK 0001325552 · 10% owner

BR Dialectic Capital Management, LLC · CIK 0001704985 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 4,542,248

F5 · kind: Pursuant to the subscription agreements between the Issuer and BRFBR whereby BRFBR agreed to purchase 185,598 shares of Franchise Common Stock at a price of $12.00 per share, and 154,665 shares of Franchise Common Stock at a price of $23.00 per share.

F5 · price: Pursuant to the subscription agreements between the Issuer and BRFBR whereby BRFBR agreed to purchase 185,598 shares of Franchise Common Stock at a price of $12.00 per share, and 154,665 shares of Franchise Common Stock at a price of $23.00 per share.

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), Dialectic Antithesis Partners, LP, a Delaware limited partnership ("Dialectic") and BR Dialectic Capital Management, LLC, a Delaware limited liability company (collectively, the "Filing Persons"). Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock of the Issuer, par value $0.01 per share ("Franchise Common Stock"), reported herein except to the extent of its pecuniary interest therein.

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRFBR. BR Dialectic is the general partner and investment manager of Dialectic. BRCM is an investment advisor and the parent company of BR Dialectic and BRF is the parent company of BRCM. As a result, BR Dialectic, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by Dialectic.

F3 · ownership.nature: Represents shares of Franchise Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-008911 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Dialectic Antithesis Partners, LP · CIK 0001325552 · 10% owner

BR Dialectic Capital Management, LLC · CIK 0001704985 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 4,291,326

F5 · kind: Pursuant to the subscription agreements between the Issuer and BRFBR whereby BRFBR agreed to purchase 185,598 shares of Franchise Common Stock at a price of $12.00 per share, and 154,665 shares of Franchise Common Stock at a price of $23.00 per share.

F5 · price: Pursuant to the subscription agreements between the Issuer and BRFBR whereby BRFBR agreed to purchase 185,598 shares of Franchise Common Stock at a price of $12.00 per share, and 154,665 shares of Franchise Common Stock at a price of $23.00 per share.

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), B. Riley FBR, Inc., a Delaware corporation ("BRFBR"), Dialectic Antithesis Partners, LP, a Delaware limited partnership ("Dialectic") and BR Dialectic Capital Management, LLC, a Delaware limited liability company (collectively, the "Filing Persons"). Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock of the Issuer, par value $0.01 per share ("Franchise Common Stock"), reported herein except to the extent of its pecuniary interest therein.

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the Shares held by BRFBR. BR Dialectic is the general partner and investment manager of Dialectic. BRCM is an investment advisor and the parent company of BR Dialectic and BRF is the parent company of BRCM. As a result, BR Dialectic, BRCM and BRF may be deemed to indirectly beneficially own the Shares held by Dialectic.

F3 · ownership.nature: Represents shares of Franchise Common Stock owned directly by BRFBR.

SEC source: 0001213900-20-008264 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,030,501

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-008264 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 8,012,001

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-007394 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 7,976,601

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-007394 · ownership.xml · nonDerivative · entry 2

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 7,955,961

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-007394 · ownership.xml · nonDerivative · entry 1

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 7,908,387

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F3 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.

SEC source: 0001213900-20-006698 · ownership.xml · nonDerivative · entry 3

B. Riley Financial, Inc. · CIK 0001464790 · 10% owner

BRC Partners Opportunity Fund, LP · CIK 0001642765 · 10% owner

BRC Partners Management GP, LLC · CIK 0001749420 · 10% owner

B. RILEY CAPITAL MANAGEMENT, LLC · CIK 0001658704 · 10% owner

B. Riley FBR, Inc. · CIK 0001505748 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See notes

Disclosed balance after: 7,833,387

F1 · ownership.nature: In addition to B. Riley Financial, Inc., a Delaware corporation ("BRF"), this Form 4 is being filed jointly by BRC Partners Opportunity Fund, L.P., a Delaware limited partnership ("BRPLP"), B. Riley Capital Management, LLC, a New York limited liability company ("BRCM"), BRC Partners Management GP, LLC, a Delaware limited liability company ("BRPGP"), and B. Riley FBR, Inc., a Delaware corporation ("BRFBR" and collectively, the "Filing Persons").

F2 · ownership.nature: BRPGP is a subsidiary of BRCM, a registered investment advisor, and is the general partner of BRPLP. BRF is the parent company of BRCM. As a result, BRPGP, BRCM and BRF may be deemed to indirectly beneficially own the securities held by BRPLP. BRF is the parent company of BRFBR. As a result, BRF may be deemed to indirectly beneficially own the securities held by BRFBR. Each of the Filing Persons disclaims beneficial ownership of the outstanding shares of Common Stock ("Common Stock") of Quantum Corporation, a Delaware corporation (the "Issuer"), reported herein except to the extent of its pecuniary interest therein.

F4 · ownership.nature: Represents shares of Common Stock owned directly by BRPLP.