Thomas F. Shannon - Sep 29, 2023 Form 4 Insider Report for Bowlero Corp. (BOWL)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Jason Cohen, Attorney-in-Fact
Stock symbol: BOWL
Transactions as of: Sep 29, 2023
Transactions value $: $0
Form type: 4
Date filed: 10/2/2023, 05:24 PM
Previous filing: Aug 1, 2023
Next filing: Dec 21, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BOWL	Class A Common Stock	Options Exercise		+2.3M			2.3M	Sep 29, 2023	Direct	F1

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	BOWL	Class B Common Stock	Options Exercise		-2.3M	-27.55%		6.05M	Sep 29, 2023	Class A Common Stock	2.3M		Direct	F1, F2, F3
holding	BOWL	Class B Common Stock						52.5M	Sep 29, 2023	Class A Common Stock	52.5M		See Footnote	F2, F4

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

Explanation of Responses:

Id	Content
F1	Represents the conversion of Class B Common Stock (as defined below) into Class A Common Stock (as defined below) held of record by the Reporting Persons.
F2	The shares of Class B Common Stock, par value $0.0001 per share ("Class B Common Stock") are convertible into shares of the Issuer's Class A Common Stock, par value $0.0001 per share ("Class A Common Stock") at the option of the holder on a one-to-one basis, and will automatically convert to shares of Class A Common Stock upon (i) Mr. Shannon ceasing to beneficially own at least 10% of the Issuer's outstanding common stock, (ii) the death or disability of Mr. Shannon, (iii) the employment of Mr. Shannon as the CEO of the Issuer being terminated for cause, and (iv) the fifteenth anniversary of the closing of the acquisition by the Issuer of Legacy Bowlero (the "Acquisition").
F3	Represents shares of Class B Common Stock of the Issuer received in exchange for shares of capital stock of Bowlero. Corp ("Legacy Bowlero") in connection with the Acquisition.
F4	Held directly by Cobalt Recreation LLC. The managing member of Cobalt Recreation LLC is The Cobalt Group LLC. The managing member of The Cobalt Group LLC is Mr. Shannon. Mr. Shannon disclaims beneficial ownership of the shares held by Cobalt Recreation LLC except to the extent of any pecuniary interest therein.