Michael Rabinovitch - Apr 13, 2022 Form 4 Insider Report for BurgerFi International, Inc. (BFI)

Role
CFO
Signature
/s/ Stefan Schnopp, Attorney-in-Fact for Michael Rabinovitch
Stock symbol
BFI
Transactions as of
Apr 13, 2022
Transactions value $
-$20,412
Form type
4
Date filed
4/15/2022, 04:15 PM
Previous filing
Mar 1, 2022
Next filing
Feb 28, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFI Common Stock Options Exercise +15K +13.48% 126K Apr 13, 2022 Direct F1, F2, F3
transaction BFI Common Stock Tax liability -$20.4K -5.5K -4.36% $3.71 121K Apr 13, 2022 Direct F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BFI Restricted Stock Units Options Exercise $0 -15K -6.82% $0.00 205K Apr 13, 2022 Common Stock 15K Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares are part of a grant of 130,000 restricted stock units made on July 13, 2021 under the issuer's 2020 Omnibus Equity Incentive Plan (the "Plan"). The restricted stock units shall vest and be settled in shares of common stock in four annual installments of 25,000 restricted stock units (the "2022 Portion"), 30,000 restricted stock units, 35,000 restricted stock units and 40,000 restricted stock units beginning February 26, 2022, subject to the Reporting Person's achievement of certain key performance criteria and earlier vesting due to a change of control or certain termination or resignation events. On February 26, 2022, 40% of the 2022 Portion vested based on achievement of one of the Reporting Person's key performance criteria, at which point a determination regarding satisfaction of the remaining key performance criteria with respect to the 2022 Portion had not yet been made.
F2 (Continued from Footnote 1) On April 13, 2022, the remaining 60% of the 2022 Portion vested based on achievement of the Reporting Person's remaining key performance criteria with respect to the 2022 Portion.
F3 Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
F4 Shares disposed of represent shares withheld by the issuer to pay taxes due upon vesting of restricted stock units.

Remarks:

EXHIBIT LIST: Exhibit 24 - Power of Attorney