Sec Form 3 Filing - Camaisa Allan @ Calidi Biotherapeutics, Inc. - 2023-09-12

FORM 3 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 Camaisa Allan 2. Issuer Name and Ticker or Trading Symbol Calidi Biotherapeutics, Inc. [ CLDI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner X __ Officer (give title below) _____ Other (specify below) CEO, President and Chairman (Last) (First) (Middle) C/O CALIDI BIOTHERAPEUTICS, INC., 4475 EXECUTIVE DRIVE, SUITE 200 3. Date of Earliest Transaction (MM/DD/YY) 09/12/2023 (Street) SAN DIEGO, CA92121 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ 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 Stock ( 1 ) ( 2 ) 65,565 D ( 19 ) Common Stock ( 1 ) ( 2 ) 2,802,326 I By AJC Capital LLC ( 18 ) ( 20 ) Common Stock ( 1 ) ( 2 ) 6,096,630 I By Jamir Trust ( 19 ) ( 20 )

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 Non-Qualified Stock Options (right to buy) $ 7.11 ( 3 ) ( 4 ) ( 3 )( 4 )( 5 ) 02/01/2032 Common Stock 40,114 D Incentive Stock Options (right to buy) $ 7.11 ( 3 ) ( 4 ) ( 3 )( 4 )( 6 ) 02/01/2032 Common Stock 24,329 D Non-Qualified Stock Options (right to buy) $ 0.48 ( 3 ) ( 4 ) ( 3 )( 4 )( 7 ) 07/01/2026 Common Stock 332,990 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 0.6 ( 3 ) ( 4 ) ( 3 )( 4 )( 8 ) 07/01/2026 Common Stock 41,624 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 0.6 ( 3 ) ( 4 ) ( 3 )( 4 )( 9 ) 07/01/2026 Common Stock 416,237 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 0.6 ( 3 ) ( 4 ) ( 3 )( 4 )( 10 ) 01/01/2027 Common Stock 416,237 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 0.6 ( 3 ) ( 4 ) ( 3 )( 4 )( 11 ) 01/01/2028 Common Stock 416,237 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 0.6 ( 3 ) ( 4 ) ( 3 )( 4 )( 12 ) 01/01/2029 Common Stock 416,237 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 2.4 ( 3 ) ( 4 ) ( 3 )( 4 )( 13 ) 01/01/2030 Common Stock 416,237 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 2.4 ( 3 ) ( 4 ) ( 3 )( 4 )( 14 ) 03/30/2031 Common Stock 104,059 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 4.01 ( 3 ) ( 4 ) ( 3 )( 4 )( 15 ) 12/02/2031 Common Stock 83,247 I By AJC Capital LLC ( 17 ) ( 20 ) Non-Qualified Stock Options (right to buy) $ 4.01 ( 3 ) ( 4 ) ( 3 )( 4 )( 16 ) 12/02/2031 Common Stock 104,059 I By AJC Capital LLC ( 17 ) ( 20 ) Warrants $ 11.5 ( 17 ) ( 17 ) 09/12/2028 Common Stock 469,719 D ( 20 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Camaisa Allan C/O CALIDI BIOTHERAPEUTICS, INC. 4475 EXECUTIVE DRIVE, SUITE 200 SAN DIEGO, CA92121 X X CEO, President and Chairman AJC Capital, LLC 2711 CENTERVILLE ROAD, SUITE 400 WILMINGTON, DE19808 X Jamir Trust 241 RIDGE STREET, SUITE 100 RENO, NV89501 X Signatures Wendy Pizarro, Attorney-in-fact for Allan Camaisa 09/25/2023 Signature of Reporting Person Date Wendy Pizarro, Attorney-in-fact for AJC Capital LLC 09/25/2023 Signature of Reporting Person Date Wendy Pizarro, Attorney-in-fact for Jamir Trust 09/25/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Reflects shares of common stock, par value $0.0001 per share (the "Common Stock"),of Calidi Biotherapeutics, Inc.(f/k/a First Light Acquisition Group, Inc.), a Delaware corporation ("New Calidi" or the "Issuer"). Pursuant to the Agreement and Plan of Merger, dated January 9, 2023, as amended on February 9, 2023 and June 16, 2023 (the "Merger Agreement"), by and among First Light Acquisition Group, Inc. ("FLAG"), FLAG Merger Sub, Inc. ("Merger Sub"), First Light Acquisition Group, LLC, Allan Camaisa and Calidi Biotherapeutics, Inc., a Nevada corporation ("Old Calidi"), on September 12, 2023, Merger Sub merged with and into Old Calidi, with Old Calidi surviving the merger as a wholly-owned subsidiary of the Issuer (such merger and the other transactions contemplated by the Merger Agreement, the "Business Combination"). Upon the consummation of the Business Combination, (the "Closing"), (cont'd. in FN 2) ( 2 )(cont'd from FN 1) each share of common stock of Old Calidi (the "Old Calidi Common Stock") outstanding as of the time of the merger (the "Effective Time") converted into the right to receive approximately 0.41 share (the "Conversion Ratio") of the Issuer's Common Stock. ( 3 )The Reporting Person was originally granted Non-Qualified Stock Options by Old Calidi (the "Calidi Options"), which was assumed by the Issuer at the Effective Time and automatically converted into options exercisable for the Issuer's Common Stock (the "Assumed Options"), subject to the terms and conditions set forth in the Old Calidi 2016 Equity Incentive Plan, as amended from time to time, and the Old Calidi 2019 Equity Incentive Plan, as amended from time to time (together, the "Calidi Equity Incentive Plan"). Each Assumed Option has the right to acquire a number of shares of Issuer's Common Stock equal to (as rounded down to the nearest whole number) the product of (A) the number of shares of Old Calidi Common Stock subject to such Calidi Option immediately prior to the Effective Time, (cont'd in FN 4) ( 4 )(cont'd from FN 3) multiplied by (B) the Conversion Ratio; (1) at an exercise price equal to (as rounded up to the nearest whole cent) the quotient of (A) the exercise price of such Calidi Option immediately prior to the Effective Time, divided by (B) the Conversion Ratio; and (2) subject to the same vesting schedule as such Calidi Option. The exercise price and the number of shares of Issuer's Common Stock underlying the Assumed Options reflects the Conversion Ratio adjustment made in connection with the Closing. ( 5 )These Non-Qualified Stock Options were granted on February 1, 2022 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest monthly in equal installments over four years from the grant date, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 6 )These Incentive Stock Options were granted on February 1, 2022 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest monthly in equal installments over four years from the grant date, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 7 )These Non-Qualified Stock Options were granted on July 1, 2016 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 8 )These Non-Qualified Stock Options were granted on July 1, 2016 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 9 )These Non-Qualified Stock Options were granted on July 1, 2016 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 10 )These Non-Qualified Stock Options were granted on January 1, 2017 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 11 )These Non-Qualified Stock Options were granted on January 1, 2018 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 12 )These Non-Qualified Stock Options were granted on January 1, 2019 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options are fully vested. ( 13 )These Non-Qualified Stock Options were granted on January 1, 2020 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest ov er four years as follows (i) 25% vesting on the one year anniversary of the grant date, and (ii) the remaining 75% of such shares vesting monthly in equal installments over the next three years, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 14 )These Non-Qualified Stock Options were granted on March 30, 2021 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest monthly in equal installments over four years from the grant date, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 15 )These Non-Qualified Stock Options were granted on December 2, 2021 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest monthly in equal installments over four years from the grant date, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 16 )These Non-Qualified Stock Options were granted on December 2, 2021 in accordance with the terms and conditions of the applicable option agreement under the Calidi Equity Incentive Plan. The options vest over monthly in equal installments over four years from the grant date, subject to the Reporting Person's continued service to the Issuer on each vesting date. ( 17 )Represents FLAG private placement warrants transferred to Allan Camaisa pursuant to a warrant transfer agreement entered into in connection with the Business Combination, pursuant to which the sponsors of FLAG agreed to transfer to certain investors, pay expenses or otherwise reduce costs incurred in connection with the Business Combination, or in connection with other pre-closing operating costs of FLAG. Upon the consummation of the Business Combination, the sponsors of FLAG transferred to Allan Camaisa FLAG Private Placement Warrants representing a right to acquire 469,719 shares of the Issuer's Common Stock (the "Warrant") at a price per Warrant of $1.50. The warrants have an initial exercise price of $11.50 per share, subject to adjustment set forth in the warrant agreement, and terminates on a date that is five (5) years after the date on which the Issuer completes its initial Business Combination, which occurred on September 12, 2023. ( 18 )Directly held by AJC Capital LLC. Mr. Camaisa is the managing and sole member of AJC Capital LLC, and may be deemed to beneficially own the securities held by AJC Capital, LLC. ( 19 )Directly held by Jamir Trust. Mr. Camaisa is the sole trustee of Jamir Trust, and may be deemed to beneficially own the securities held by Jamir Trust. ( 20 )For purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

Remarks: Exhibit 24.1 - Power of Attorney for Allan Camaisa; Exhibit 24.2 - Power of Attorney for AJC Capital, LLC. Exhibit 24.3 - Power of Attorney for Jamir Trust

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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