BurgerFi International, Inc. Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020.


	Items Measured at Fair Value at December 31, 2021
(in thousands)	Quoted prices in active market for identical assets (liabilities) (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Redeemable preferred stock	$	—	$	47,525	$	—
Related party note	—		8,724		—
Warrant liability	—		—		2,706
Total	$	—	$	56,249	$	2,706

	Items Measured at Fair Value at December 31, 2020
(in thousands)	Quoted prices in active market for identical assets (liabilities) (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Warrant liability	$	—	$	—	$	16,516
Total	$	—	$	—	$	16,516

The following table summarizes activity of restricted stock units during 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020	1,250,000	$	15.28
Granted	1,445,600	13.02
Vested	(118,750)	12.85
Forfeited	(793,152)	13.68
Non-vested at December 31, 2021	1,783,698	$	14.18

The following table summarizes activity of the restricted stock units during 2021:


	Performance Condition			Service Condition			Market Condition
	Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value		Restricted Stock Units	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2020	950,000	$	15.70	200,000	$	15.70	100,000	$	10.45
Granted	888,600	14.65		97,000	12.74		460,000	9.91
Vested	(58,750)	15.66		(45,000)	8.81		(15,000)	14.01
Forfeited	(528,152)	15.20		—	—		(265,000)	10.63
Non-vested at December 31, 2021	1,251,698	$	15.15	252,000	$	15.79	280,000	$	8.42

The input variables for the Black-Scholes are noted in the table below: