Ophir Sternberg - 01 Jan 2024 Form 4 Insider Report for BurgerFi International, Inc. (BFI)

Role
Executive Chairman, Director, 10%+ Owner
Signature
/s/ Ophir Sternberg
Issuer symbol
BFI
Transactions as of
01 Jan 2024
Net transactions value
$0
Form type
4
Filing time
03 Jan 2024, 17:23:41 UTC
Previous filing
21 Dec 2023
Next filing
11 Apr 2024
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFI Common Stock Options Exercise +50,000 +3.3% 1,555,956 01 Jan 2024 Direct F1, F2
holding BFI Common Stock 1,878,725 01 Jan 2024 Lionheart Equities, LLC F3
holding BFI Common Stock underlying Units 150,000 01 Jan 2024 Lionheart Equities, LLC F3, 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 -50,000 -9.6% $0.000000 470,000 01 Jan 2024 Common Stock 50,000 Direct F1, F2
* 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 250,000 restricted stock units made, for financial reporting purposes, on December 16, 2020, under the issuer's 2020 Omnibus Equity Incentive Plan. The legal grant date of the restricted stock units was July 13, 2021, the date that applicable grant award agreements were executed by the issuer and the Reporting Person. The restricted stock units shall vest and be settled in shares of common stock as follows: 20%, or 50,000 restricted stock units, vested on the grant date for financial reporting purposes, an additional 20%, or 50,000 restricted stock units, vested on each of January 1, 2022, January 1, 2023 and January 1, 2024 and an additional 20%, or 50,000 restricted stock units, shall vest on January 1, 2025 subject to the Reporting Person remaining employed by the issuer on such date and earlier vesting due to a change of control or certain termination or resignation events.
F2 Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
F3 The Reporting Person, as manager and sole member of Lionheart Equities, LLC, has sole voting and dispositive control over the holdings.
F4 Each Unit consists of one share of common stock and one warrant exercisable to purchase one share of common stock at an exercise price of $11.50 per share.