4//SEC Filing
Bachmann Carl J. III 4
Accession 0000950170-24-043711
CIK 0001723580other
Filed
Apr 10, 8:00 PM ET
Accepted
Apr 11, 4:15 PM ET
Size
11.4 KB
Accession
0000950170-24-043711
Insider Transaction Report
Form 4
Bachmann Carl J. III
Chief Executive Officer
Transactions
- Exercise/Conversion
Restricted Stock Units
2024-04-10−100,000→ 900,000 total→ Common Stock (100,000 underlying) - Exercise/Conversion
Restricted Stock Units
2024-04-10−67,500→ 800,000 total→ Common Stock (67,500 underlying) - Exercise/Conversion
Common Stock
2024-04-10+167,500→ 294,500 total
Footnotes (4)
- [F1]On July 10, 2023, the Reporting Person was granted 500,000 restricted stock units outside of the issuer's 2020 Omnibus Equity Incentive Plan as a material inducement to the Reporting Person's acceptance of employment with the issuer in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units shall vest in five annual installments of 100,000 restricted stock units each, beginning March 29, 2024, subject to the Reporting Person remaining continuously employed by the issuer at the time of vesting and earlier vesting due to a change of control or certain termination events. On April 10, 2024, the effective date of the issuer's Registration Statement on Form S-8 registering the shares of common stock underlying the restricted stock units (the "Form S-8 Effective Date"), 100,000 of the restricted stock units vested.
- [F2]On July 10, 2023, the Reporting Person was granted 500,000 restricted stock units outside of the issuer's 2020 Omnibus Equity Incentive Plan as a material inducement to the Reporting Person's acceptance of employment with the issuer in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units shall vest in five annual installments of 100,000 restricted stock units each, beginning March 29, 2024, subject to achievement of certain key performance criteria, the Reporting Person remaining continuously employed by the issuer at the time of vesting and earlier vesting due to a change of control or certain termination events.
- [F3](Continued Footnote 2) Based on the extent of achievement of the Reporting Person's key performance criteria, the Compensation Committee of the Board of Directors of the issuer approved of the vesting of (a) 42% of the 50% portion eligible to vest on March 29, 2024 based on achievement of adjusted EBITDA (the "2024 Adjusted EBITDA Portion"), with the remainder of the 2024 Adjusted EBITDA Portion being forfeited and (b) 93% of the 50% portion eligible to vest on March 29, 2024 based on achievement of revenue (the "2024 Revenue Portion"), with the remainder of the 2024 Revenue Portion being forfeited. Such vesting occurred on the Form S-8 Effective Date.
- [F4]Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
Documents
Issuer
BurgerFi International, Inc.
CIK 0001723580
Entity typeother
Related Parties
1- filerCIK 0001981382
Filing Metadata
- Form type
- 4
- Filed
- Apr 10, 8:00 PM ET
- Accepted
- Apr 11, 4:15 PM ET
- Size
- 11.4 KB