BurgerFi enters forbearance, appoints new chairman, begins strategic alternatives review

BurgerFi International, Inc.

Ophir Sternberg resigned as Executive Chairman and director on May 23, 2024; David Heidecorn appointed Chairman.
Forbearance with TREW through July 31, 2024; interest rate raised to 12.5%. $2M revolver access contingent on $2M sub loan from L Catterton.
Board formed special committee, retained Kroll Securities to evaluate strategic alternatives. No assurance of favorable outcome.
CEO Bachmann and CFO Jones amended employment agreements with $1M and $500k change-of-control severance payments, respectively.
Sternberg received 600,000 unrestricted shares as separation consideration (reduced to 300,000 if age discrimination waiver revoked within 7 days).

item 1.01 item 2.03 item 5.02 item 5.03 item 7.01 item 8.01 item 9.01

Executive movements

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Departed

Ophir Sternberg

Executive Chairman of the Board

BurgerFi International, Inc.

Effective: 2024-05-23
Filed: May 30, 2024, 7:59 PM ET

On May 23, 2024, the Company and Ophir Sternberg entered into a Confidential Separation Agreement and General Release (the “Separation Agreement”), pursuant to which Mr. Sternberg resigned (the “Resignation”) as Executive Chairman of the Board and a Class C member of the Board of Directors (the “Board”) of the Company, effective immediately

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Ophir Sternberg resigned as Executive Chairman of the Board at BurgerFi International, Inc..

Action: resigned
Role: Executive Chairman of the Board

Exact text from the filing

On May 23, 2024, the Company and Ophir Sternberg entered into a Confidential Separation Agreement and General Release (the “Separation Agreement”), pursuant to which Mr. Sternberg resigned (the “Resignation”) as Executive Chairman of the Board and a Class C member of the Board of Directors (the “Board”) of the Company, effective immediately

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Source: SEC EDGAR

accession 0001723580-24-000027

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