Stefan Kurt Schnopp - Mar 21, 2023 Form 4 Insider Report for BurgerFi International, Inc. (BFI)

Role
Chief Legal Officer and Corporate Secretary
Signature
/s/ Stefan Kurt Schnopp
Stock symbol
BFI
Transactions as of
Mar 21, 2023
Transactions value $
-$1,280
Form type
4
Date filed
3/23/2023, 04:15 PM
Previous filing
Feb 28, 2023
Next filing
May 12, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFI Common Stock Options Exercise +4.38K +4.04% 113K Mar 21, 2023 Direct F1, F2
transaction BFI Common Stock Tax liability -$1.28K -1.07K -0.95% $1.20 112K Mar 21, 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 -4.38K -4.96% $0.00 83.8K Mar 21, 2023 Common Stock 4.38K 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 35,000 restricted stock units made on January 3, 2022 under the issuer's 2020 Omnibus Equity Incentive Plan. The restricted stock units shall vest and be settled in shares of common stock in four annual installments of 8,750 restricted stock units each, beginning January 3, 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 events. On January 3, 2023, a determination regarding satisfaction of the key performance criteria with respect to the portion of the award eligible to vest on such date had not yet been made. On March 21, 2023, 50% of such portion vested based on the extent of achievement of the Reporting Person's key performance criteria and the remaining 50% was forfeited.
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:

Chief Legal Officer and Corporate Secretary