David Arroyo - Jan 2, 2023 Form 3 Insider Report for BuzzFeed, Inc. (BZFD)

Role: Chief Legal Officer
Signature: /s/ Heather Flores-Ricks, Attorney-in-Fact for David Arroyo
Stock symbol: BZFD
Transactions as of: Jan 2, 2023
Transactions value $: $0
Form type: 3
Date filed: 1/12/2023, 06:00 PM
Next filing: May 16, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	BZFD	Class A Common Stock						30.1K	Jan 2, 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	BZFD	Restricted Stock Units							Jan 2, 2023	Class A Common Stock	7.46K	$0.00	Direct	F1, F2, F3, F4
holding	BZFD	Stock Option (Right to Buy)							Jan 2, 2023	Class A Common Stock	23K	$8.34	Direct	F5, F6
holding	BZFD	Restricted Stock Units							Jan 2, 2023	Class A Common Stock	18K	$0.00	Direct	F3, F4, F7
holding	BZFD	Restricted Stock Units							Jan 2, 2023	Class A Common Stock	15.8K	$0.00	Direct	F3, F4, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents Restricted Stock Units ("RSUs") of the Issuer received pursuant to a business combination (the "Business Combination") which was effectuated in accordance with the terms of an Agreement and Plan of Merger dated as of June 24, 2021 (the "Merger Agreement") among (i) the Issuer, (ii) wholly-owned subsidiaries of the Issuer and (iii) the company formerly known as Buzzfeed, Inc. ("Original BuzzFeed"). At the Effective Time (as defined in the Merger Agreement), the Reporting Person's RSUs previously awarded by Original BuzzFeed with respect to shares of its Class A Common Stock were exchanged for replacement RSU awards of the Issuer, of an equivalent economic value, with respect to the Issuer's Class A Common Stock. The RSUs were subject to a liquidity event condition, which was satisfied by the Business Combination.
F2	This award is fully vested.
F3	These RSUs do not expire; they either vest or are cancelled prior to the vesting date.
F4	Each RSU represents a contingent right to receive one share of the Issuer's Common Stock, subject to the Reporting Person's continued status as a service provider to the Issuer.
F5	Represents stock options of the Issuer received pursuant to the Business Combination. At the Effective Time (as defined in the Merger Agreement), the reporting person's stock options previously awarded by Original BuzzFeed for shares of its Class A Common Stock were exchanged for substitute option awards, of an equivalent economic value, which vest and become exercisable for shares of the Issuer's Class A Common Stock.
F6	69% of this award is fully vested. The remainder of this award vests monthly on the 1st as to 1/48 of the total award.
F7	1/3 of the total award vests on May 15, 2023. The remainder vests as to 1/8 of the total award quarterly in eight equal installments on the 15nd of August, November, February, and May thereafter.

Remarks:

Exhibit 24 - Power of Attorney.