SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Shannon Thomas F. (Last) (First) (Middle) C/O BOWLERO CORP. 222 WEST 44TH STREET (Street) NEW YORK NY 10036 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Bowlero Corp. [ [BOWL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Chief Executive Officer
	3. Date of Earliest Transaction (Month/Day/Year) 12/15/2021
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	12/15/2021		A		4,417,180		(2)	(2)	Class A Common Stock	4,417,180	(2)	4,417,180	D
Class B Common Stock	(1)	12/15/2021		A		1,422,813		(2)	(2)	Class A Common Stock	1,422,813	$0.00	5,839,993	D
Class B Common Stock	(1)	12/15/2021		A		52,471,210		(2)	(2)	Class A Common Stock	52,471,210	(2)	52,471,210	I	See footnote(10)
Restricted Stock Units	(3)	12/15/2021		A		9,802,412		(3)	12/15/2026	Class B Common Stock	9,802,412	(3)	9,802,412	I	See footnote(10)
Stock Option (Right to Buy)	$10	12/15/2021		A		482,784		12/15/2021	12/15/2031	Class B Common Stock	482,784	$0.00	482,784	D
Stock Option (Right to Buy)	$10	12/15/2021		A		1,356,250		(4)	12/15/2031	Class B Common Stock	1,356,250	$0.00	1,356,250	D
Stock Option (Right to Buy)	$12	12/15/2021		A		1,356,250		(5)	12/15/2031	Class B Common Stock	1,356,250	$0.00	1,356,250	D
Stock Option (Right to Buy)	$14	12/15/2021		A		1,356,250		(6)	12/15/2031	Class B Common Stock	1,356,250	$0.00	1,356,250	D
Stock Option (Right to Buy)	$16	12/15/2021		A		1,356,250		(7)	12/15/2031	Class B Common Stock	1,356,250	$0.00	1,356,250	D
Stock Option (Right to Buy)	$18	12/15/2021		A		1,356,250		(8)	12/15/2031	Class B Common Stock	1,356,250	$0.00	1,356,250	D
Stock Option (Right to Buy)	$4.13	12/15/2021		A		3,563,684		12/31/2015	12/15/2031	Class B Common Stock	3,563,684	(9)	3,563,684	D
Stock Option (Right to Buy)	$7.92	12/15/2021		A		12,237,385		12/31/2015	12/15/2031	Class B Common Stock	12,237,385	(9)	12,237,385	D

1. Name and Address of Reporting Person* Shannon Thomas F. (Last) (First) (Middle) C/O BOWLERO CORP. 222 WEST 44TH STREET (Street) NEW YORK NY 10036 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) Chief Executive Officer

1. Name and Address of Reporting Person* Cobalt Recreation LLC (Last) (First) (Middle) C/O BOWLERO CORP. 222 WEST 44TH STREET (Street) NEW YORK NY 10036 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Cobalt Group, LLC (Last) (First) (Middle) C/O BOWLERO CORP. 222 WEST 44TH STREET (Street) NEW YORK NY 10036 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. The shares of Class B Common Stock, par value $0.0001 per share ("Class B Common Stock") are convertible into shares of the Issuer's Class A Common Stock, par value $0.0001 per share ("Class A Common Stock") at the option of the holder on a one-to-one basis, and will automatically convert to shares of Class A Common Stock upon (i) Mr. Shannon ceasing to beneficially own at least 10% of the Issuer's outstanding common stock, (ii) the death or disability of Mr. Shannon, (iii) the employment of Mr. Shannon as the CEO of the Issuer being terminated for cause, and (iv) the fifteenth anniversary of the closing of the Acquisition (as defined below).

2. Represents shares of Class B Common Stock of the Issuer received in exchange for shares of capital stock of Bowlero. Corp ("Legacy Bowlero") in connection with the acquisition by the Issuer of Legacy Bowlero (the "Acquisition").

3. The Restricted Stock Units ("RSUs") were received in connection with the Acquisition. 50% of the RSUs will vest if the closing share price of the Class A Common Stock equals or exceeds $15.00 per share for any 10 trading days within any consecutive 20-trading day period on or prior to the 5-year anniversary of the closing date of the Acquisition, and 50% of the RSUs will vest if the closing share price of the Class A Common Stock equals or exceeds $17.50 per share for any 10 trading days within any consecutive 20-trading day period on or prior to the 5-year anniversary of the closing date of the Acquisition, and will otherwise be forfeited on the 5-year anniversary of the closing of the Acquisition.

4. The stock options will vest and become exercisable in one-third installments on the first, second and third anniversaries of December 15, 2021.

5. The stock options will vest and become exercisable in one-third installments on the second, third and fourth anniversaries of December 15, 2021.

6. The stock options will vest and become exercisable in one-third installments on the third, fourth and fifth anniversaries of December 15, 2021.

7. The stock options will vest and become exercisable in one-third installments on the fourth, fifth and sixth anniversaries of December 15, 2021.

8. The stock options will vest and become exercisable in one-third installments on the fifth, sixth and seventh anniversaries of December 15, 2021.

9. Represents stock options received in connection with the Acquisition in exchange for stock options of Legacy Bowlero.

10. Held directly by Cobalt Recreation LLC. The managing member of Cobalt Recreation LLC is The Cobalt Group LLC. The managing member of The Cobalt Group LLC is Mr. Shannon. Mr. Shannon disclaims beneficial ownership of the shares held by Cobalt Recreation LLC except to the extent of any pecuniary interest therein.

Remarks:

	Thomas F. Shannon By: /s/ Brett Parker, as attorney-in-fact for Thomas F. Shannon	12/17/2021
	Cobalt Recreation LLC By: /s/ Brett Parker, as attorney-in-fact for Thomas F. Shannon	12/17/2021
	The Cobalt Group LLC By: /s/ Brett Parker, as attorney-in-fact for Thomas F. Shannon	12/17/2021
	** Signature of Reporting Person	Date
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