Brian R. Kahn - Feb 24, 2023 Form 4 Insider Report for Franchise Group, Inc. (FRG FRGAP)

Role
CHIEF EXECUTIVE OFFICER, Director, 10%+ Owner
Signature
/s/ Brian R. Kahn
Stock symbol
FRG FRGAP
Transactions as of
Feb 24, 2023
Transactions value $
$0
Form type
4
Date filed
2/28/2023, 04:00 PM
Previous filing
Nov 9, 2022
Next filing
Mar 3, 2023

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 FRG FRGAP Restricted Stock Units Award $0 +55.9K $0.00 55.9K Feb 24, 2023 Common Stock 55.9K Direct F1, F2
transaction FRG FRGAP Performance Restricted Stock Units Award $0 +55.9K $0.00 55.9K Feb 24, 2023 Common Stock 55.9K Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each restricted stock unit represents the right to receive, upon vesting, one share of Common Stock.
F2 The restricted stock units shall become fully vested on February 24, 2026, provided that the reporting person is in the employ of the Issuer at the time of such vesting.
F3 Each performance restricted stock unit ("PRSU") represents a contingent right to receive one share, par value $0.01 per share of Issuer's common stock ("Common Stock"). The maximum number of PRSUs is presented in the table. The resulting number of shares acquired upon vesting of the PRSU is measured based upon the achievement of certain performance metrics tied to adjusted EBITDA and free cash flow, as determined by the Compensation Committee at the time of grant, over a three-year performance period commencing on January 1, 2023 and ending on January 3, 2026 (the "Performance Period"). Vesting of the target level PRSUs will accelerate upon death, disability or qualified retirement in an amount equal to the proportion of days in the Performance Period worked. Vesting of the target PRSUs may also accelerate in certain circumstances if there is a change in control of the Issuer during the Performance Period.