John Iannucci - Aug 10, 2023 Form 4 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: Aug 10, 2023
Transactions value $: -$1,803
Form type: 4
Date filed: 8/14/2023, 05:07 PM
Previous filing: May 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFI	Common Stock	Options Exercise		+4.38K	+43.75%		14.4K	Aug 10, 2023	Direct	F1, F2, F3
transaction	BFI	Common Stock	Tax liability	-$1.8K	-1.07K	-7.42%	$1.69	13.3K	Aug 10, 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	-4.38K	-4.55%	$0.00	91.8K	Aug 10, 2023	Common Stock	4.38K		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 35,000 restricted stock units made on August 10, 2022 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 August 10, 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	(Continued footnote 1) On March 21, 2023, the Compensation Committee of the Board of Directors of the issuer approved of the vesting of 4,375 of the restricted stock units in the first installment effective August 10, 2023, based on the extent of achievement of the Reporting Person's key performance criteria. The remainder of the second installment was forfeited effective August 10, 2023. The grant dates of the foregoing grant and an additional grant of 60,000 restricted stock units made to the Reporting Person on August 10, 2022 were inadvertently described as June 22, 2022 in the Form 3 filed by the Reporting Person on May 15, 2023.
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.