Exhibit 10.35

 

FIRST AMENDMENT

 

TO

 

CARROLS CORPORATION

RETIREMENT SAVINGS PLAN

 

July 1, 2002 Restatement

 

The Carrols Corporation Retirement Savings Plan, established effective January
1, 1979, as amended and restated effective January 1, 2002, is hereby further
amended, effective as of January 1, 2004, in the following respects:

 

1. Section 6.4 of the Plan is amended to provide as follows:

 

6.4 Amount and Allocation of Matching Contributions

 

Each Employer may, in its discretion, make a Matching Contribution to the Plan
for each Contribution Period on behalf of each of its Eligible Employees who has
met the allocation requirements for Matching Contributions described in this
Article.

 

The amount of any such Matching Contribution with respect to similarly situated
Eligible Employees, as determined by the Employer in a non-discriminatory
manner, shall be equal to a uniform percentage, determined by the Employer, in
its discretion, of the Tax-Deferred and/or After-Tax Contributions made for the
Contribution Period by or on behalf of such similarly situated Eligible
Employees.

 

2. Section 6.5 of the Plan, Limitation on Contributions Matched, is deleted and
subsequent sections renumbered accordingly.

 

3. Section 7.4 of the Plan, the order of withdrawal set forth in the indented
portion of the first paragraph, is amended to provide as follows:

 

After-Tax Contributions made by the Participant for the “limitation year”, if
any, and the Matching Contributions attributable thereto shall be reduced pro
rata.

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Tax-Deferred Contributions made by the Participant for the “limitation year” and
the Matching Contributions attributable thereto, if any, shall be reduced pro
rata.

 

Qualified Nonelective Contributions otherwise allocable to the Participant’s
Account for the “limitation year”, if any, shall be reduced.

 

*    *    *

 

EXECUTED at New York City this 11th day of November, 2003.

 

CARROLS CORPORATION

By:

 

/s/ Joseph A. Zirkman

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Title:

 

Vice President-General Counsel and Secretary