Sec Form 4 Filing - RABINOVITCH MICHAEL @ BurgerFi International, Inc. - 2023-03-21

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
RABINOVITCH MICHAEL
2. Issuer Name and Ticker or Trading Symbol
BurgerFi International, Inc. [ BFI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
CFO
(Last) (First) (Middle)
C/O BURGERFI INTERNATIONAL, INC.,, 200 WEST CYPRESS CREEK RD., SUITE 220
3. Date of Earliest Transaction (MM/DD/YY)
03/21/2023
(Street)
FORT LAUDERDALE, FL33309
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/21/2023( 1 )( 2 ) M 63,000 A 497,659 D
Common Stock 03/21/2023 F 24,793 ( 4 ) D $ 1.2 472,866 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units ( 3 ) 03/21/2023 M 63,000 ( 1 )( 2 ) ( 1 )( 2 ) Common Stock 63,000 $ 0 60,000 ( 5 ) D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
RABINOVITCH MICHAEL
C/O BURGERFI INTERNATIONAL, INC.,
200 WEST CYPRESS CREEK RD., SUITE 220
FORT LAUDERDALE, FL33309
CFO
Signatures
/s/ Stefan Schnopp, Attorney-in-Fact for Michael Rabinovitch 03/23/2023
Signature of Reporting Person Date
Explanation of Responses:
( 1 )The shares are part of a grant of 130,000 restricted stock units made on July 13, 2021 under the issuer's 2020 Omnibus Equity Incentive Plan (the "Plan"). The restricted stock units shall vest and be settled in shares of common stock in annual installments of 25,000 restricted stock units on February 26, 2022, 30,000 restricted stock units on February 26, 2023, 35,000 restricted stock units on February 26, 2023 and 40,000 restricted stock units on February 26, 2023, subject to the Reporting Person's achievement of certain key performance criteria and earlier vesting due to a change of control or certain termination or resignation events. On February 26, 2023, 40% of the portions eligible to vest on February 26, 2023 (the "2023 Portions") vested based on achievement of one of the Reporting Person's key performance criteria, at which point a determination regarding satisfaction of the remaining key performance criteria with respect to the 2023 Portions had not yet been made.
( 2 )(Continued from Footnote 1) On March 21, 2023, the remaining 60% of the 2023 Portions vested based on achievement of the Reporting Person's remaining key performance criteria with respect to the 2023 Portions.
( 3 )Each restricted stock unit represents a contingent right to receive one share of BurgerFi International, Inc. common stock.
( 4 )Shares disposed of represent shares withheld by the issuer to pay taxes due upon vesting of restricted stock units.
( 5 )Reflects forfeiture of 40,000 restricted stock units granted to the Reporting Person on July 13, 2021 due to the condition with respect to calendar year 2022 applicable to such restricted stock units not being satisfied. Such 40,000 restricted stock units were inadvertently included in the amount reported in the number of derivative securities beneficially owned following the reported transaction in Table II, Box 9 of the Form 4 filed by the Reporting Person on February 28, 2023.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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