Sec Form 4 Filing - HEYER ANDREW R @ ONESPAWORLD HOLDINGS Ltd - 2023-04-25

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person HEYER ANDREW R 2. Issuer Name and Ticker or Trading Symbol ONESPAWORLD HOLDINGS Ltd [ OSW] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 770 SOUTH DIXIE HIGHWAY, SUITE 200 3. Date of Earliest Transaction (MM/DD/YY) 04/25/2023 (Street) CORAL GABLES, FL33146 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Shares 04/25/2023 A( 1 ) 72,690 A ( 1 ) 554,318 D Common Shares 04/25/2023 A( 2 ) 52,186 ( 2 ) A ( 2 ) 533,128 ( 3 ) ( 4 ) I ( 3 ) ( 4 ) See Footnotes ( 3 ) ( 4 ) Common Shares 100,000 I By Wife ( 5 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrants $ 11.5 04/25/2023 D( 1 ) 415,373 ( 6 ) 03/19/2024 Common Shares 415,373 ( 1 ) 0 D Warrants $ 11.5 04/25/2023 D( 2 ) 298,215 ( 6 ) 03/19/2024 Common Shares 298,215 ( 2 ) 0 I ( 4 ) See Footnote ( 4 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HEYER ANDREW R 770 SOUTH DIXIE HIGHWAY, SUITE 200 CORAL GABLES, FL33146 X Signatures /s/ Inga Fyodorova, as Attorney-in-Fact for Andrew R. Heyer 04/27/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The reporting person exchanged 415,373 warrants for 72,690 common shares, pursuant to a Warrant Exchange Agreement, dated March 15, 2023, by and among the Issuer and the reporting person. The transactions are exempt under Rule 16b-3 as transactions between the Issuer and a director in an Issuer exchange offer that was approved by the Issuer's board of directors. ( 2 )The reported securities were transacted as follows: (i) Heyer Investment Management, LLC exchanged 127,807 warrants for 22,366 common shares, (ii) Harris Reid Heyer Trust exchanged 42,602 warrants for 7,455 common shares, (iii) James Heyer Trust exchanged 42,602 warrants for 7,455 common shares, (iv) Peter Justin Heyer Trust exchanged 42,602 warrants for 7,455 common shares, and (v) William Heyer Trust exchanged 42,602 warrants for 7,455 common shares. The exchanges were effected pursuant to Warrant Exchange Agreements, dated March 15, 2023, by and among the Issuer and the foregoing entities. The transactions are exempt under Rule 16b-3 as transactions between the Issuer and a director in an Issuer exchange offer that was approved by the Issuer's board of directors. ( 3 )Includes (i) 329,252 common shares held by Heyer Investment Management, LLC, (ii) 52,219 common shares held by Harris Reid Heyer Trust, (iii) 57,219 common shares held by James Heyer Trust, (iv) 37,219 common shares held by Peter Justin Heyer Trust and (v) 57,219 common shares held by William Heyer Trust. The reporting person is (i) a trustee of each of Harris Reid Heyer Trust, James Heyer Trust, Peter Justin Heyer Trust, and William Heyer Trust, and (ii) the managing member of Heyer Investment Management, LLC (the foregoing entities, the "Andrew Heyer Entities"). ( 4 )The reporting person may be deemed to have or share beneficial ownership of the securities held by the Andrew Heyer Entities. The reporting person disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose. ( 5 )The reported securities are held and independently managed by Mindy Heyer, the reporting person's spouse. The reporting person disclaims beneficial ownership of such securities. ( 6 )The warrants were exercisable in accordance with the provisions of the Amended and Restated Warrant Agreement, dated as of March 19, 2019, between the Issuer and Continental Stock Transfer & Trust Company.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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