Michael Rabinovitch - 24 Feb 2023 Form 4 Insider Report for BurgerFi International, Inc.

Role
CFO
Signature
/s/ Stefan Schnopp, Attorney-in-Fact for Michael Rabinovitch
Issuer symbol
N/A
Transactions as of
24 Feb 2023
Net transactions value
+$22,892
Form type
4
Filing time
28 Feb 2023, 15:30:38 UTC
Previous filing
28 Feb 2023
Next filing
23 Mar 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFI Common Stock Purchase $50,000 +100,000 +32% $0.5000 409,188 24 Feb 2023 Direct
transaction BFI Common Stock Options Exercise +42,000 +10% 451,188 26 Feb 2023 Direct F1, F2
transaction BFI Common Stock Tax liability $27,108 -16,529 -3.7% $1.64 434,659 26 Feb 2023 Direct F3

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 -42,000 -20% $0.000000 163,000 26 Feb 2023 Common Stock 42,000 Direct F1, F2
* 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 annual installments of 25,000 restricted stock units on February 26, 2022, 30,000 restricted stock units on February 26, 2023, 35,000 restricted stock units on February 26, 2023 and 40,000 restricted stock units on February 26, 2023, 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, 2023, 40% of the portions eligible to vest on February 26, 2023 (the "2023 Portions") vested based on achievement of one of the Reporting Person's key performance criteria. A determination regarding satisfaction of the remaining key performance criteria with respect to the 2023 Portions has not yet been made.
F2 Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
F3 Shares disposed of represent shares withheld by the issuer to pay taxes due upon vesting of restricted stock units.

Remarks:

Exhibit 24 - Power of Attorney for Michael Rabinovitch previously filed on 01/05/2022.