Michael Rabinovitch - Mar 21, 2023 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
Mar 21, 2023
Transactions value $
-$29,752
Form type
4
Date filed
3/23/2023, 04:15 PM
Previous 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 +63K +14.49% 498K Mar 21, 2023 Direct F1, F2, F3
transaction BFI Common Stock Tax liability -$29.8K -24.8K -4.98% $1.20 473K Mar 21, 2023 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 -63K -51.22% $0.00 60K Mar 21, 2023 Common Stock 63K Direct F1, F2, F3, F5
* 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, at which point a determination regarding satisfaction of the remaining key performance criteria with respect to the 2023 Portions had not yet been made.
F2 (Continued from Footnote 1) On March 21, 2023, the remaining 60% of the 2023 Portions vested based on achievement of the Reporting Person's remaining key performance criteria with respect to the 2023 Portions.
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.
F5 Reflects forfeiture of 40,000 restricted stock units granted to the Reporting Person on July 13, 2021 due to the condition with respect to calendar year 2022 applicable to such restricted stock units not being satisfied. Such 40,000 restricted stock units were inadvertently included in the amount reported in the number of derivative securities beneficially owned following the reported transaction in Table II, Box 9 of the Form 4 filed by the Reporting Person on February 28, 2023.