---
schema_version: "secwatch.filing_event.v1"
accession: "0001723580-24-000027"
form_type: "8-K"
ticker: null
cik: "0001723580"
company_name: "BurgerFi International, Inc."
filed_at: "2024-05-30T23:59:59+00:00"
generated_at: "2026-06-01T07:25:56.862291+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001723580-24-000027
- form_type: 8-K
- cik: 0001723580
- company_name: BurgerFi International, Inc.
- filed_at: 2024-05-30T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 5.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1723580/000172358024000027/0001723580-24-000027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1723580/000172358024000027/bfi-20240523.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001723580-24-000027
- JSON: https://secwatch.observer/filing/0001723580-24-000027.json
- Plain text: https://secwatch.observer/filing/0001723580-24-000027.txt

## Key facts
- Executive change
  Ophir Sternberg resigned as Executive Chairman of the Board at BurgerFi International, Inc..
  - Action: resigned
  - Role: Executive Chairman of the Board
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1723580/000172358024000027/0001723580-24-000027-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.