John Iannucci - May 8, 2023 Form 3 Insider Report for BurgerFi International, Inc. (BFI)

Role
Chief Operating Officer
Signature
/s/ Stefan Schnopp, Attorney-in-Fact for John Iannucci
Stock symbol
BFI
Transactions as of
May 8, 2023
Transactions value $
$0
Form type
3
Date filed
5/15/2023, 06:33 PM
Next filing
May 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding BFI Common Stock 10K May 8, 2023 Direct

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
holding BFI Restricted Stock Units May 8, 2023 Common stock 35K Direct F1, F2
holding BFI Restricted Stock Units May 8, 2023 Common stock 80K Direct F2, F3, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 22, 2022, the Reporting Person was granted 35,000 restricted stock units under the issuer's 2020 Omnibus Equity Incentive Plan, which shall vest and be settled in shares of common stock in four annual installments of 8,750 restricted stock units each, beginning June 22, 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.
F2 Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
F3 On June 22, 2022, the Reporting Person was granted 60,000 restricted stock units under the issuer's 2020 Omnibus Equity Incentive Plan, which shall vest and be settled in shares of common stock as follows: (i) 15,000 restricted stock units shall vest, if during calendar year 2022 the last reported closing price of the issuer's common stock for any twenty trading days within any consecutive thirty trading day period is greater than or equal to $11.00 per share;
F4 (Continued from Footnote 3) (ii) 15,000 restricted stock units shall vest, if during calendar year 2023 the last reported closing price of the issuer's common stock for any twenty trading days within any consecutive thirty trading day period is greater than or equal to $11.00 per share; (iii) 15,000 restricted stock units shall vest, if during calendar year 2024 the last reported closing price of the issuer's common stock for any twenty trading days within any consecutive thirty trading day period is greater than or equal to $13.00 per share; and (iv) 15,000 restricted stock units shall vest, if during calendar year 2025 the last reported closing price of the issuer's common stock for any twenty trading days within any consecutive thirty trading day period is greater than or equal to $15.00 per share, subject to earlier vesting due to a change of control or certain termination events.
F5 Reflects forfeiture of 15,000 restricted stock units granted to the Reporting Person on June 22, 2022 due to the condition with respect to calendar year 2022 applicable to such restricted stock units not being satisfied.

Remarks:

EXHIBIT LIST: Exhibit 24 - Power of Attorney