Current report filing

Document and Entity Information

Document and Entity Information
Jun. 07, 2023
Document And Entity Information [Line Items]  
Amendment Flag true
Entity Central Index Key 0001723580
Document Type 8-K/A
Document Period End Date Jun. 07, 2023
Entity Registrant Name BurgerFi International, Inc.
Entity File Number 001-38417
Entity Incorporation State Country Code DE
Entity Tax Identification Number 82-2418815
Entity Address, Address Line One 200 West Cypress Creek Rd.
Entity Address, Address Line Two Suite 220
Entity Address, City or Town Fort Lauderdale
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33309
City Area Code (954)
Local Phone Number 618-2000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Description This Current Report on Form 8-K/A (“Amendment No. 1”) amends Item 5.02 of the Current Report on Form 8-K, filed by BurgerFi International, Inc., a Delaware corporation (the “Company”) on June 13, 2023 (the “Original Filing”), to disclose certain compensation arrangements in connection with the Company entering into an employment agreement with Christopher Jones to serve as Chief Financial Officer of the Company, which arrangements had not yet been determined when the Original Filing was filed. This Amendment No. 1 supplements the Original Filing and should be read in conjunction with the Original Filing. On July 10, 2023, the Company granted Mr. Jones employment inducement awards consisting of (i) 200,000 time-based restricted stock units (the “Time-Based Restricted Stock Units”) and (ii) 200,000 performance-based restricted stock units (the “Performance-Based Restricted Stock Units”) pursuant to the terms of grant agreements. The Time-Based Restricted Stock Units and Performance-Based Restricted Stock Units are each scheduled to vest in five equal installments beginning on March 29, 2024, subject to Mr. Jones’ continuous employment through the service period for the applicable installment and earlier vesting due to a change of control or certain termination events described below and, in the case of the Performance-Based Restricted Stock Units, achievement of certain performance criteria set forth in that certain employment agreement (the “Employment Agreement”) dated June 8, 2023 by and between the Company and Mr. Jones. Each of these grants was made as a material inducement to Mr. Jones’ employment and was 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 (the “Plan”). If (a) there is a Change of Control (as defined in the Plan) during the term of Mr. Jones’ employment or (b) at any time on or before July 10, 2024, the Employment Agreement is terminated by the Company without Cause (as defined in the Employment Agreement) or by Mr. Jones for Good Reason (as defined in the Employment Agreement) at any time following July 10, 2024, all unearned Time-Based Restricted Stock Units and Performance-Based Restricted Stock Units that could vest during the calendar year in which the Change of Control or termination occurs shall be deemed to have been earned and vested immediately prior to the Change of Control or termination.
Common Stock Par Value 0.0001 Per Share 2 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, par value $0.0001 per share
Trading Symbol BFI
Security Exchange Name NASDAQ
Redeemable Warrants Each Exercisable For One Share Of Common Stock At An Exercise Price Of 11.50 Per Share 1 [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol BFIIW
Security Exchange Name NASDAQ