EX-10.3




 EXHIBIT 10.3 

SHARE ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (“Agreement”) is made and entered into as of November 3, 2021, by and among Cardboard Box, LLC, a
Delaware limited liability company (“Seller”), BurgerFi International, Inc., a Delaware corporation (“Buyer”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company
(“Escrow Agent”). 
 WHEREAS, Buyer and Seller have entered into a Stock Purchase Agreement, dated as of October 8,
2021, as amended and restated pursuant to that certain Amended and Restated Stock Purchase Agreement, dated as of November 3, 2021 (the “Purchase Agreement”), pursuant to which, among other things, Buyer will purchase all of
the issued and outstanding shares of common stock of Hot Air Inc., a Delaware corporation (the “Company”). The Purchase Agreement provides that the Buyer shall deposit stock certificates evidencing the Purchase Price Adjustment
Escrow Shares (as defined below) and the Indemnification Escrow Shares (as defined below) with the Escrow Agent for the purpose of securing certain of Seller’s obligations under the Purchase Agreement, to be released to the Buyer or the Seller,
as applicable, in accordance with the terms of this Agreement. 
 NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants hereinafter set forth, the parties hereto agree as follows: 
  

	1.	 Appointment 



 

	 	(a)	 Buyer and Seller hereby appoint the Escrow Agent as escrow agent for the purposes set forth herein, and the
Escrow Agent hereby accepts such appointment under the terms and conditions set forth herein. 


  

	 	(b)	 All capitalized terms with respect to the Escrow Agent shall be defined herein. The Escrow Agent shall act only
in accordance with the terms and conditions contained in this Agreement and shall have no duties or obligations with respect to the Purchase Agreement. 


  

	2.	 Escrow Shares 



 

	 	(a)	 Simultaneously with the execution of this Agreement, Buyer shall deposit with the Escrow Agent (i) 390,244
shares of Buyer’s common stock, par value $0.0001 (“BFI Common Stock”) (the “Purchase Price Adjustment Escrow Shares”) and (ii) 1,170,732 shares of BFI Common Stock (the “Indemnification Escrow
Shares” and, collectively with the Purchase Price Adjustment Escrow Shares, the “Escrow Shares”). The Escrow Agent shall hold the Escrow Shares as a book-entry position registered in the name of “Cardboard Box,
LLC[Continental Stock Transfer & Trust as Escrow Agent for the benefit of Seller]”. 


  

	 	(b)	 During the term of this Agreement, Seller shall be treated as the holder of the Escrow Shares for voting
purposes and, accordingly, shall retain all of its rights as a stockholder of Buyer, including the right to vote or cause the Escrow Agent to vote such Escrow Shares, for so long as the Escrow Shares are held by the Escrow Agent hereunder.



  

	 	(c)	 Any dividends paid with respect to the Escrow Shares shall be deemed part of the Escrow Shares and be delivered
to the Escrow Agent to be held in a bank account and be deposited in a non-interest bearing account to be maintained by the Escrow Agent in the name of the Escrow Agent for the benefit of Seller.















	 	(d)	 In the event of any stock split, reverse stock split, stock dividend, recapitalization, reorganization, merger,
consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of the common stock of Buyer, other than a regular cash
dividend, (i) such distribution or dividend shall be delivered to the Escrow Agent to hold in accordance with the terms hereof as if they were Purchase Price Adjustment Escrow Shares or Indemnification Escrow Shares based on the related Escrow
Share upon which such dividend or distribution was made, or (ii), in the case of a stock split, reverse stock split or similar adjustment, the Purchase Price Adjustment Escrow Shares or Indemnification Escrow Shares, as applicable, shall be
appropriately adjusted on the same basis as for all other shares of BFI Common Stock. 


  

	3.	 Disposition and Termination 



 

	 	(a)	 The Escrow Agent shall administer the Escrow Shares in accordance with joint written instruction signed by
Buyer and Seller and provided to the Escrow Agent to release the Escrow Shares, or any portion thereof, as set forth in such instruction. The Escrow Agent shall make distributions of the Escrow Shares only in accordance with a joint written
instruction. 


  

	 	(b)	 Upon the delivery of all the Escrow Shares by the Escrow Agent in accordance with the terms of this Agreement
and instructions, this Agreement shall terminate, subject to the provisions of Section 6. 


  

	4.	 Escrow Agent 



 

	 	(a)	 The Escrow Agent shall have only those duties as are specifically and expressly provided herein, which shall be
deemed purely ministerial in nature, and no other duties shall be implied. The Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of, nor have any requirements to comply with, the terms and conditions of any other
agreement, instrument or document between Buyer and Seller and any other person or entity, in connection herewith, if any, including without limitation the Purchase Agreement or nor shall the Escrow Agent be required to determine if any person or
entity has complied with any such agreements, nor shall any additional obligation of the Escrow Agent be inferred from the terms of such agreements, even though reference thereto may be made in this Agreement. 



 

	 	(b)	 In the event of any conflict between the terms and provisions of this Agreement, those of the Purchase
Agreement, any schedule or exhibit attached to this Agreement, or any other agreement between Buyer and Seller or any other person or entity related to the Escrow Agent’s duties hereunder, the terms and conditions of this Agreement shall
control. 


  

	 	(c)	 The Escrow Agent may rely upon and shall not be liable for acting or refraining from acting upon any written
notice, document, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by Buyer or Seller without inquiry and without requiring substantiating evidence of any kind. The Escrow Agent
shall not be liable to any beneficiary or other person for refraining from acting upon any instruction setting forth, claiming, containing, objecting to, or related to the transfer or distribution of the Escrow Shares, or any portion thereof, unless
such instruction shall have been delivered to the Escrow Agent in accordance with Section 9 below and the Escrow Agent has been able to satisfy any applicable security procedures as may be required hereunder and as set
forth in Section 10. The Escrow Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any such document, notice, instruction or request. The Escrow Agent shall have no duty to
solicit any payments which may be due nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder. 



  
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	 	(d)	 The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith
except to the extent that a final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to either Buyer, Seller or any beneficiary of the
Escrow Shares. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. 


  

	 	(e)	 The Escrow Agent may consult with counsel, accountants and other skilled persons to be selected and retained by
it. The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with, or in reliance upon, the advice or opinion of any such counsel, accountants or other skilled persons except to the extent that a
final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to either Buyer or Seller or any beneficiary of the Escrow Shares. In the event
that the Escrow Agent shall be uncertain or believe there is some ambiguity as to its duties or rights hereunder or shall receive instructions, claims or demands from hereto which, in its opinion, conflict with any of the provisions of this
Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be to keep safely all the property held in escrow until it shall be given a direction in writing which eliminates such ambiguity or uncertainty to the
satisfaction of the Escrow Agent or by a final and non-appealable order or judgement of a court of competent jurisdiction agrees to pursue any redress or recourse in connection with any dispute without making
the Escrow Agent a party to the same. 


  

	5.	 Succession 



 

	 	(a)	 The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty
(30) days’ advance notice in writing of such resignation to Buyer and Seller specifying a date when such resignation a date when such resignation shall take effect, provided that such resignation shall not take effect until a
successor Escrow Agent has been appointed in accordance with this Section 5. If Buyer and Seller have failed to appoint a successor Escrow Agent prior to the expiration of thirty (30) days following receipt of the
notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor Escrow Agent or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties
hereto. The Escrow Agent’s sole responsibility after such thirty (30) day notice period expires shall be to hold the Escrow Shares (without any obligation to reinvest the same) and to deliver the same to a designated substitute Escrow
Agent, if any, or in accordance with the directions of a final order or judgement of a court of competent jurisdiction, at which time of delivery the Escrow Agent’s obligations hereunder shall ease and terminate, subject to the provisions of
Section 7 below. In accordance with Section 7 below, the Escrow Agent shall have the right to withhold, as security, an amount of shares equal to any dollar amount due and owing to the Escrow
Agent, plus any costs and expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow Agent in connection with the termination of this Agreement. 



 

	 	(b)	 Any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any
entity to which all or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act. 



  
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	6.	 Compensation and Reimbursement 



The Escrow Agent shall be entitled to compensation for its services under this Agreement as Escrow Agent and for reimbursement for its
reasonable out-of-pocket costs and expenses, in the amounts and payable as set forth on Schedule 2. The Escrow Agent shall also be entitled to payments of any
amounts to which the Escrow Agent is entitled under the indemnification provisions contained herein as set forth in Section 7. The obligations of Buyer set forth in this Section 6 shall survive the
resignation, replacement or removal of the Escrow Agent or the termination of this Agreement. 
  

	7.	 Indemnity 



 

	 	(a)	 The Escrow Agent shall be indemnified and held harmless by Buyer from and against any expenses, including
counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of
the Escrow Agent hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the Nature of Interpleader in any state of federal
court located in New York County, State of New York. 


  

	 	(b)	 The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of
its own best judgement, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper
or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed
or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent are
affected, unless it shall have given its prior written consent thereto. 


  

	 	(c)	 The Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be
authorized or within the rights or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete authorization and indemnification, for any action take or suffered by it hereunder in good
faith and in accordance with the opinion of such counsel. 


  

	 	(d)	 This Section 7 shall survive termination of this Agreement or the resignation,
replacement or removal of the Escrow Agent for any reason. 


  

	8.	 Patriot Act Disclosure/Taxpayer Identification Numbers/Tax Reporting 



 

	 	(a)	 Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires the Escrow Agent to implement reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, each
of Buyer and Seller acknowledges that Section 326 of the USA PATRIOT Act and the Escrow Agents’ identity verification procedures require the Escrow Agent to obtain information which may be used to confirm the identity of Buyer or Seller,
as applicable, including without limitation name, address and organizational documents (“identifying information”). Each of Buyer and Seller agrees to provide the Escrow Agent with and consent to the Escrow Agent obtaining from
third parties any such identifying information required as a condition of opening an account with or using any service provided by the Escrow Agent. 


  

	 	(b)	 Such underlying transaction does not constitute an installment sale requiring any tax reporting or withholding
of imputed interest or original issue discount to the IRS or other taxing authority. 



  
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	9.	 Notices 



All communications hereunder shall be in writing and except for joint written instructions (which shall be specifically governed by
Section 10 below), all notices and communications hereunder shall be deemed to have been duly given and made if in writing and if (i) served by personal delivery upon the party for whom it is intended,
(ii) delivered by registered or certified mail, return receipt requested, or by Federal Express or similar overnight courier, or (iii) sent by facsimile or email, electronically or otherwise, to the party at the address set forth below, or
such other address as may be designated in writing hereafter, in the same manner, by such party: 
  

			
	If to the Escrow Agent:	  	 Continental Stock Transfer and Trust
 One State
Street — 30th Floor
 New York, New York 10004
 Facsimile
No: (212) 616-7615
 Email: Accountadmin@continentalstock.com

Attention: Account Administration

		
	If to Seller:	  	 599 West Putnam Avenue
 Greenwich, CT 06830

Attention: Andrew Taub; Matt Leeds; Dan
Reid
E-mail:andrew.taub@lcatterton.com;
matt.leeds@lcatterton.com;
legalnotice@lcatterton.com

		
	with a copy to:	  	 Proskauer Rose LLP
 Eleven Times Square

New York, NY 10036-8299
 Attention: Michael E. Callahan; Matt
O’Loughlin
 Email: mcallahan@proskauer.com;

moloughlin@proskauer.com

		
	If to Buyer:	  	 BurgerFi International, Inc.
 105 U.S. Highway
1
 North Palm Beach, FL 33408
 Attention: Julio Ramirez; Mike
Rabinovitch
 E-mail: julio@burgerfi.com; mike@burgerfi.com

		
	with a copy to:	  	 Holland & Knight LLP
 701 Brickell
Avenue, Suite 3300
 Miami, Florida 33131
 Attention: Enrique A.
Conde
 E-mail: enrique.conde@hklaw.com

Facsimile: 305.789.7799



  
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 Notwithstanding the above, in the case of communications delivered to the Escrow Agent, such communications
shall be deemed to have been given on the date received by an officer of the Escrow Agent or any employee of the Escrow Agent who reports directly to any such offer at the above-referenced office. In the event that the Escrow Agent, in its sole
discretion, shall determine that an emergency exists, the Escrow Agent may use such other means of communication as the Escrow Agent deems appropriate. For purposes of this Agreement, “Business Day” shall mean any day other than a
Saturday, Sunday or any other day on which the Escrow Agent located at the notice address set forth above is authorized or required by law or executive order to remain closed. 

 

	10.	 Security Procedures 



 

	 	(a)	 Notwithstanding anything to the contrary as set forth in Section 9, any instructions
setting forth, claiming, containing, objecting to, or in any way related to the transfer distribution, including but not limited to any transfer instructions that may otherwise be set forth in a joint written instruction permitted pursuant to
Section 3 of this Agreement, may be given to the Escrow Agent only by confirmed facsimile or other electronic transmission (including e-mail) and no instruction for or related to the
transfer or distribution of the Escrow Shares, or any portion thereof, shall be deemed delivered and effective unless the Escrow Agent actually shall have received such instruction by facsimile or other electronic transmission (including e-mail) at the number or e-mail address provided to Buyer and Seller by the Escrow Agent in accordance with Section 9 and as further evidenced by a
confirmed transmittal to that number. 


  

	 	(b)	 In the event transfer instructions are so received by the Escrow Agent by facsimile or other electronic
transmission (including e-mail), the Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule 1 hereto, and the Escrow
Agent may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in writing actually received and acknowledged by the Escrow Agent. If the
Escrow Agent is unable to contact any of the authorized representatives identified in Schedule 1, the Escrow Agent is hereby authorized both to receive written instructions from and seek confirmation of such instructions by officers of Buyer
and/or Seller (collectively, the “Senior Officers”), as the case may be, which shall include the titles of Chief Executive Officer, General Counsel, Chief Financial Officer, President or Executive Vice President, as the Escrow Agent
may select. Such Senior Officer shall deliver to the Escrow Agent a fully executed incumbency certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to be any such officer. 



 

	 	(c)	 The parties hereto acknowledge that the Escrow Agent is authorized to deliver the Escrow Shares to the
custodian account of recipient designated by Buyer and Seller pursuant to joint written instructions. 


  

	11.	 Compliance with Court Officers 



In the event that any escrow property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed
or enjoined by an order of a court, or any order, judgement of decree shall be made or entered by any court order affecting the property deposited under this Agreement, the Escrow Agent is hereby expressly authorized, in its sole discretion, to obey
and comply with all writs, orders or decrees so entered or whether with or without jurisdiction, and in the event that the Escrow Agent reasonably obeys or complies with any such writ, order or decree it shall not be liable to any of the parties
hereto or to any other person, entity, firm or corporation, by reason of such compliance notwithstanding such writ, order or decree by subsequently reversed, modified, annulled, set aside or vacated. 

  
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	12.	 Miscellaneous 



 

	 	(a)	 Except for changes to transfer instructions as provided in Section 10, the provisions
of this Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed by the Escrow Agent and both Buyer and Seller. Neither this Agreement nor any right or interest hereunder may be assigned in whole or in
part by the Escrow Agent, Buyer or Seller except as provided in Section 5, without the prior consent of the Escrow Agent, Buyer and Seller. This Agreement shall be governed by and construed under the laws of the State of
New York. Each of Buyer and Seller and the Escrow Agent irrevocably waives any objection on the grounds of venue, forum non-convenience or any similar grounds and irrevocably consents to service of process by
mail or in any other manner permitted by applicable law and consents to the jurisdiction of any court of the State of New York or United States federal court, in each case, sitting in New York County, New York. To the extent that in any jurisdiction
any party may now or hereafter be entitled to claim for itself or its assets, immunity from suit, execution attachment (before or after judgement), or other legal process, such party shall not claim, and it hereby irrevocably waives, such immunity.
The parties further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceedings arising or relating to this Agreement. No party to this Agreement is liable to any other party for losses due to, or if it is unable to
perform its obligations under the terms of this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, or other causes reasonably beyond its control. 



 

	 	(b)	 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile or other electronic transmission (including e-mail), and such
facsimile or other electronic transmission (including e-mail) will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party. If
any provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not invalidate or render unenforceable such provisions in any other jurisdiction. A person who is not a
party to this Agreement shall have no right to enforce any term of this Agreement. The parties represent, warrant and covenant that each document, notice, instruction or request provided by such party to the other party shall comply with applicable
laws and regulations. Where, however, the conflicting provisions of any such applicable law may be waived, they are hereby irrevocably waived by the parties hereto to the fullest extent permitted by law, to the end that this Agreement shall be
enforced as written. Except as expressly provided in Section 7 above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other than the Escrow Agent, Buyer and Seller
any legal or equitable right, remedy, interest or claim under or in respect of this Agreement or the Escrow Shares escrowed hereunder. 



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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
above. 
  

			
	 SELLER:

 
 CARDBOARD BOX, LLC

		
	By:	 	/s/ Matthew Leeds
	Name:	 	Matthew Leeds
	Title:	 	Vice President


  

			
	 BUYER:
  

BURGERFI INTERNATIONAL, INC.

		
	By:	 	/s/ Ophir Sternberg
	Name:	 	Ophir Sternberg
	Title:	 	Executive Chairman of the Board


  

			
	 ESCROW AGENT:
  

CONTINENTAL STOCK TRANSFER AND TRUST COMPANY

		
	By:	 	/s/ Doug C. Reed
	Name:	 	Doug C. Reed
	Title:	 	Vice President


 [Signature Page to Escrow Agreement] 











 Schedule 1 

Telephone Number(s) and authorized signature(s) for  

Person(s) Designated to give Escrow Asset Transfer Instructions 

 

					
	 Name
	  	 Telephone Number
	  	 Signature













 Schedule 2 

Compensation and Reimbursement 
  

	 	•	 	 Review and Acceptance Fee: USD $2,500.00 



 

	 	•	 	 Annual Fee: USD $5,000.00