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

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.