BurgerFi International, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

BurgerFi International grants equity awards to newly-hired CEO and CFO

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• BurgerFi International granted equity awards to its newly-hired Chief Executive Officer, Carl Bachmann, and Chief Financial Officer, Christopher Jones. Bachmann received 500,000 time-based restricted stock units and 500,000 performance-based restricted stock units, while Jones received 200,000 time-based restricted stock units and 200,000 performance-based restricted stock units. The awards were approved by the company's Board of Directors and Compensation Committee.

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• None.

FORT LAUDERDALE, Fla., July 10, 2023 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (the “Company”), owner of leading fast-casual brand BurgerFi and the casual dining pizza brand Anthony’s Coal Fired Pizza & Wings, announced that, as of July 10, 2023, it granted equity awards as a material inducement to employment to its newly-hired Chief Executive Officer, Carl Bachmann, and its newly-hired Chief Financial Officer, Christopher Jones.

As previously disclosed, the Company and Mr. Bachmann entered into an employment agreement, dated May 23, 2023 (the “Bachmann Employment Agreement”), in connection with his appointment as Chief Executive Officer, effective July 10, 2023. As contemplated by the Bachmann Employment Agreement, the Company agreed to grant Mr. Bachmann an employment inducement award consisting of (i) 500,000 time-based restricted stock units (“Bachmann Time-Based RSUs”), and (ii) 500,000 performance-based restricted stock units (“Bachmann Performance-Based RSUs”), each with an effective grant date of July 10, 2023. The Bachmann Time-Based RSUs are scheduled to vest in equal 20% tranches over a five-year period beginning March 29, 2024, subject to, among other things, Mr. Bachmann’s continuous employment on each vesting date. The Bachmann Performance-Based RSUs are scheduled to vest in equal 20% tranches over a five-year performance period beginning March 29, 2024, subject to, among other things, Mr. Bachmann’s continuous employment through the service period for the applicable tranche and achievement of certain performance criteria set forth in the Bachmann Employment Agreement filed with the Securities and Exchange Commission (“SEC”). In addition to the Bachmann Performance-Based RSUs and Bachmann Time-Based RSUs described above, as contemplated by the Bachmann Employment Agreement, the Company granted to Mr. Bachmann, effective as of July 10, 2023, 63,500 restricted shares of the Company’s common stock.

Also, as previously disclosed, the Company and Christopher Jones entered into an employment agreement, dated June 8, 2023 (the “Jones Employment Agreement”), in connection with his appointment as Chief Financial Officer, effective July 10, 2023. As contemplated by the Jones Employment Agreement, the Company agreed to grant Mr. Jones an employment inducement award consisting of (i) 200,000 time-based restricted stock units (“Jones Time-Based RSUs”), and (ii) 200,000 performance-based restricted stock units (“Jones Performance-Based RSUs”), each with an effective grant date of July 10, 2023. The Jones Time-Based RSUs are scheduled to vest in equal 20% tranches over a five-year period beginning March 29, 2024, subject to, among other things, Mr. Jones’ continuous employment on each vesting date. The Jones Performance-Based RSUs are scheduled to vest in equal 20% tranches over a five-year performance period beginning March 29, 2024, subject to, among other things, Mr. Jones’ continuous employment through the service period for the applicable tranche and achievement of certain performance criteria set forth in the Jones Employment Agreement filed with the SEC.

The inducement awards described above to Mr. Bachmann and Mr. Jones were granted as a material inducement to their employment and were approved by the Company’s Board of Directors and by the Compensation Committee of the Board of Directors as of July 10, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4). The awards were granted outside of the Company’s 2020 Omnibus Equity Incentive Plan.

For more information about BurgerFi, visit www.BurgerFi.com. To learn more about Anthony’s, visit www.acfp.com.

About BurgerFi International (Nasdaq: BFI, BFIIW)
BurgerFi is chef-founded and committed to serving fresh, all-natural and quality food at all locations, online and via first-party and third-party deliveries. BurgerFi uses 100% American Angus Beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality Wagyu Beef Blend Burgers, Antibiotic and Cage-Free Chicken offerings, Fresh, Hand-Cut Sides, and Frozen Custard Shakes and Concretes. BurgerFi was named “The Very Best Burger” at the 2023 edition of the nationally acclaimed SOBE Wine and Food Festival, "Best Fast Casual Restaurant" in USA Today's 10 Best 2022 Readers’ Choice Awards for the second consecutive year, QSR Magazine's Breakout Brand of 2020 and Fast Casual's Top Ten Brands for 10 consecutive years and in 2021 #1 Brand of the Year. Consumer Report's Chain Reaction Report awarded BurgerFi an "A-Grade Angus Beef" rating in 2018. In 2021, Consumer Report praised BurgerFi for serving "no antibiotic beef" across all its restaurants for the third consecutive year. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' or follow @BurgerFi on Instagram, Facebook and Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC.

About Anthony's Coal Fired Pizza & Wings
Anthony's Coal Fired Pizza & Wings was acquired by BurgerFi International Inc. (Nasdaq: BFI, BFIIW), on November 3, 2021 and is a premium pizza and wings brand that operates 60 corporate-owned casual restaurant locations. Known for serving fresh, never frozen and quality ingredients, Anthony's is centered around a 900-degree coal fired oven with menu offerings including "well-done" pizza, coal fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Anthony's was named "The Best Pizza Chain in America" by USA Today's Great American Bites and "Top 3 Best Major Pizza Chain" by Mashed in 2021. To learn more about Anthony's, please visit www.acfp.com.

Investor Relations:
ICR
Michelle Michalski
IR-BFI@icrinc.com

Company Contact:
BurgerFi International Inc.
IR@burgerfi.com

Media Relations Contact:
Ink Link Marketing
Kim Miller
kmiller@inklinkmarketing.com
305.631.2283

FAQ

Who received equity awards from BurgerFi International?

Carl Bachmann and Christopher Jones received equity awards.

What types of stock units were granted to Carl Bachmann?

Carl Bachmann received 500,000 time-based restricted stock units and 500,000 performance-based restricted stock units.

When will the stock units vest for Christopher Jones?

Christopher Jones' time-based and performance-based restricted stock units will vest in equal 20% tranches over a five-year period beginning March 29, 2024.

Were the equity awards approved by the company's Board of Directors?

Yes, the equity awards were approved by the company's Board of Directors and Compensation Committee.