Document:

Exhibit

Exhibit 10(h)-3

EXECUTION VERSION
COMMITMENT EXTENSION AGREEMENT AND AMENDMENT NO. 2 TO CREDIT AGREEMENT 
(Commitment Extension Pursuant to Section 2.08(d) of Credit Agreement and Amendment Pursuant to Section 9.05 of Existing Credit Agreement)
This COMMITMENT EXTENSION AGREEMENT AND AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Agreement”) dated as of January 4, 2017, is entered into by and among LOUISVILLE GAS AND ELECTRIC COMPANY, a Kentucky corporation (“Borrower”), the undersigned Lenders (as defined in the Credit Agreement) extending their Commitments (as defined in the Credit Agreement) (collectively, the “Extending Lenders”), the other Lenders party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”), Swingline Lender and Issuing Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to them in the Credit Agreement (as hereinafter defined).
RECITALS
A.     Borrower, the Extending Lenders, the Lenders (as defined in the Existing Credit Agreement) and the Administrative Agent are parties to that certain Amended and Restated Revolving Credit Agreement dated as of July 28, 2014 (as amended, restated, or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement” and as amended hereby, the “Credit Agreement”).
B.    The Borrower desires to amend the Existing Credit Agreement to change the existing Termination Date, effective as of the date hereof, from December 31, 2020 to January 27, 2021, and to make certain additional changes to Section 2.08(d) of the Existing Credit Agreement, and the Lenders party hereto agree to such amendment (the “Termination Date Amendment”). Pursuant to Section 2.08(d) of the Credit Agreement, after giving effect to the Termination Date Amendment, Borrower has requested a further extension of the Termination Date (the “Commitment Extension”) of the Commitments by one year, from January 27, 2021 to January 27, 2022, effective on January 27, 2017 (the “Extension Date”).
C.    Each of the undersigned Extending Lenders has agreed to extend its Commitment in accordance with Schedule I hereto. 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.    Extension of Commitments. Effective as of the Extension Date, the Termination Date of the Commitment of each Extending Lender identified on Schedule I shall be extended to January 27, 2022, which, for purposes of Section 2.08(d)(ii) of the Credit Agreement, shall be the “Current Termination Date.” 
2.    Conditions Precedent to Effectiveness of Commitment Extension. Subject to the satisfaction of the following conditions, the Commitment Extension shall be effective as of the Extension Date:
		
	1)
	Administrative Agent shall have received:

		
	a)
	counterparts of this Agreement, executed by Borrower and each Extending Lender;

		
	b)
	an Extension Letter;

		
	c)
	a certificate (in the form of Exhibit A hereto) of the Borrower dated the Extension Date signed by a Responsible Officer of the Borrower, certifying that:

		
	i)
	on such date, no Default under the Credit Agreement has occurred and is continuing;

1

		
	ii)
	the representations and warranties of the Borrower contained in the Credit Agreement are true and correct as of the Extension Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date and except for the representations and warranties in Section 5.04(c), Section 5.05 and Section 5.13 of the Credit Agreement; and

2

		
	iii)
	any governmental, regulatory and third party approvals of any Governmental Authority, including, without limitation, the KPSC and/or FERC, required to authorize the Commitment Extension are attached thereto and remain in full force and effect.

		
	d)
	Opinions of counsel (in the form of Exhibit B) for the Borrower, addressed to the Administrative Agent and each Lender, dated the Extension Date, in form and substance satisfactory to the Administrative Agent.

		
	2)
	No action shall have been taken by any competent authority in connection with the approvals referred to in Section 2(1)(c)(iii) which could restrain or prevent the Commitment Extension or impose, in the reasonable judgment of the Administrative Agent, materially adverse conditions upon the consummation of the Commitment Extension.

		
	3)
	Borrower shall have paid all fees and expenses that are required to be paid as of the date set forth in that certain fee letter dated October 31, 2016, between the Borrower and Wells Fargo Securities, LLC; 

		
	4)
	Lenders holding Commitments that aggregate at least 51% of the aggregate Revolving Commitments of the Lenders on or prior to the Election Date shall have agreed to extend the Current Termination Date.

3.    Termination Date Amendment. Upon execution of this Agreement by the requisite Lenders under Section 9.05 of the Existing Credit Agreement, with effect from and including the date hereof, (a) Section 1.01 of the Existing Credit Agreement is amended by amending the definition of “Termination Date” by replacing “December 31, 2020” in clause (i) thereof with “January 27, 2021,” and (b) Section 2.08(d)(ii) of the Existing Credit Agreement is amended by adding the words “up to” immediately prior to “one year after the Current Termination Date.”
4.    Miscellaneous. 
		
	(a) 
	(i) Headings and captions may not be construed in interpreting provisions; (ii) this Agreement shall be governed by, and construed in accordance with, the law of the State of New York; and (iii) this Agreement may be executed in any number of counterparts with the same effect as if all signatories had signed the same document, and all of those counterparts must be construed together to constitute the same document. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other parties hereto.

		
	(b)
	Upon and after the execution of this Agreement by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby.  This Amendment shall constitute a Loan Document.

5.     FULL FORCE AND EFFECT; RATIFICATION; ENTIRE AGREEMENT. EXCEPT AS EXPRESSLY MODIFIED HEREIN, ALL OF THE TERMS AND CONDITIONS OF THE EXISTING CREDIT AGREEMENT ARE UNCHANGED AND REMAINS IN FULL FORCE AND EFFECT, AND, AS MODIFIED HEREBY, THE BORROWER CONFIRMS AND RATIFIES ALL OF THE TERMS, COVENANTS AND CONDITIONS OF THE EXISTING CREDIT AGREEMENT. THIS AGREEMENT SHALL CONSTITUTE A LOAN DOCUMENT FOR ALL PURPOSES OF THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS. THE EXECUTION, DELIVERY AND EFFECTIVENESS OF THIS AGREEMENT SHALL NOT, EXCEPT AS EXPRESSLY PROVIDED HEREIN, OPERATE AS A WAIVER OF ANY RIGHT, POWER OR REMEDY OF ANY LENDER OR THE ADMINISTRATIVE AGENT UNDER ANY OF THE LOAN DOCUMENTS, NOR, EXCEPT AS EXPRESSLY PROVIDED HEREIN, CONSTITUTE A WAIVER OR AMENDMENT OF ANY PROVISION OF ANY OF THE LOAN DOCUMENTS. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, TOGETHER

3

WITH THIS AGREEMENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
 [Signature Pages to Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
	
				
	LOUISVILLE GAS AND ELECTRIC COMPANY
a Kentucky corporation

	By:
	         /s/ Daniel K. Arbough

	 
	Name: Daniel K. Arbough
	 

	 
	Title: Treasurer
	 

	
				
	WELLS FARGO BANK, NATIONAL ASSOCIATION 
as Administrative Agent, Swingline Lender and Issuing Lender

	By:
	         /s/ Frederick W. Price
	 

	 
	Name:
	Frederick W. Price
	 

	 
	Title:
	Managing Director
	 

	
				
	WELLS FARGO BANK, NATIONAL ASSOCIATION 
as an Extending Lender

	By:
	         /s/ Frederick W. Price
	 

	 
	Name:
	Frederick W. Price
	 

	 
	Title:
	Managing Director
	 

	
				
	BANK OF AMERICA, N.A. 
as an Extending Lender

	By:
	         /s/ Maggie Halleland
	 

	 
	Name:
	Maggie Halleland
	 

	 
	Title:
	Vice President
	 

	
				
	JPMORGAN CHASE BANK, N.A. 
as an Extending Lender

	By:
	         /s/ Juan J. Javellana
	 

	 
	Name:
	Juan J. Javellana
	 

	 
	Title:
	Executive Director
	 

	
				
	BARCLAYS BANK PLC 
as an Extending Lender

	By:
	         /s/ Vanessa A. Kurbatskiy
	 

	 
	Name:
	Vanessa A. Kurbatskiy
	 

	 
	Title:
	Vice President
	 

	
				
	CITIBANK, N.A. 
as an Extending Lender

	By:
	         /s/ Richard Rivera
	 

	 
	Name:
	Richard Rivera
	 

	 
	Title:
	Vice President
	 

	
				
	MIZUHO BANK, LTD. 
as an Extending Lender

	By:
	         /s/ David Lim
	 

	 
	Name:
	David Lim
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	THE BANK OF NOVA SCOTIA 
as an Extending Lender

	By:
	         /s/ David Dewar
	 

	 
	Name:
	David Dewar
	 

	 
	Title:
	Director
	 

	
				
	THE BANK OF TOKYO-MITSUBISHI UFJ,  
 LTD., as an Extending Lender

	By:
	         /s/ Chi-Cheng Chen
	 

	 
	Name:
	Chi-Cheng Chen
	 

	 
	Title:
	Director
	 

	
				
	BNP PARIBAS  
 as an Extending Lender

	By:
	         /s/ Francis DeLaney
	 

	 
	Name:
	Francis DeLaney
	 

	 
	Title:
	Managing Director

	 

	BNP PARIBAS  
 as an Extending Lender

	By:
	         /s/ Karima Omar
	 

	 
	Name:
	Karima Omar
	 

	 
	Title:
	Vice President
	 

	
				
	CANADIAN IMPERIAL BANK OF 
COMMERCE, NEW YORK BRANCH
 as an Extending Lender

	By:
	         /s/ Gordon R. Eadon
	 

	 
	Name:
	Gordon R. Eadon
	 

	 
	Title:
	 Authorized Signatory
	 

	 
	 
	 
	 

	By:
	         /s/ Anju Abraham
	 

	 
	Name:
	Anju Abraham
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	CREDIT SUISSE AG, CAYMAN ISLANDS 
BRANCH
 as an Extending Lender

	By:
	         /s/ Mikhail Faybusovich
	 

	 
	Name:
	Mikhail Faybusovich
	 

	 
	Title:
	Authorized Signatory 

	 

	By:
	         /s/ Lorenz Meier
	 

	 
	Name:
	Lorenz Meier
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	GOLDMAN SACHS BANK USA 
as an Extending Lender

	By:
	         /s/ Josh Rosenthal
	 

	 
	Name:
	Josh Rosenthal
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	MORGAN STANLEY BANK, N.A. 
as an Extending Lender

	By:
	         /s/ Michael King
	 

	 
	Name:
	Michael King
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	ROYAL BANK OF CANADA 
as an Extending Lender

	By:
	         /s/ Frank Lambrinos
	 

	 
	Name:
	Frank Lambrinos
	 

	 
	Title:
	Authorized Signatory
	 

	
				
	SUN TRUST BANK 
as an Extending Lender

	By:
	         /s/ Shannon Juhan
	 

	 
	Name:
	Shannon Juhan
	 

	 
	Title:
	Director
	 

	
				
	UBS AG, STAMFORD BRANCH
 as an Extending Lender

	By:
	         /s/ Craig Pearson
	 

	 
	Name:
	Craig Pearson
	 

	 
	Title:
	Associate Director 

	 

	By:
	         /s/ Darlene Arias
	 

	 
	Name:
	Darlene Arias
	 

	 
	Title:
	Director
	 

	
				
	U.S. BANK NATIONAL ASSOCIATION 
as an Extending Lender

	By:
	         /s/ James O’Shaughnessy
	 

	 
	Name:
	James O’Shaughnessy
	 

	 
	Title:
	Vice President
	 

	
				
	THE BANK OF NEW YORK MELLON 
as an Extending Lender

	By:
	         /s/ Mark W. Rogers
	 

	 
	Name:
	Mark W. Rogers
	 

	 
	Title:
	Vice President
	 

	
				
	PNC BANK, NATIONAL ASSOCIATION  
as an Extending Lender

	By:
	         /s/ Thomas E. Redmond
	 

	 
	Name:
	Thomas E. Redmond
	 

	 
	Title:
	Managing Director
	 

SCHEDULE I
COMMITMENTS AND APPLICABLE PERCENTAGES OF EXTENDING LENDERS
	
						
	LENDERS
	 
	COMMITMENT
	 
	PERCENTAGE

	 
	 
	 
	 
	 

	Wells Fargo Bank, National Association
Bank of America, N.A.
JPMorgan Chase Bank, N.A.
Barclays Bank PLC
Citibank, N.A.
Mizuho Bank, Ltd.
The Bank of Nova Scotia
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
BNP Paribas
Canadian Imperial Bank of Commerce
Credit Suisse AG, Cayman Islands Branch
Goldman Sachs Bank USA
Morgan Stanley Bank, N.A.
Royal Bank of Canada
Suntrust Bank
UBS AG, Stamford Branch
U.S. Bank National Association
The Bank of New York Mellon
PNC Bank, National Association
	 
	$
	32,500,000
32,500,000
32,500,000
32,500,000
32,500,000
32,500,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
25,000,000
15,000,000
15,000,000
	 
	6.5%
6.5%
6.5%
6.5%
6.5%
6.5%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
5.0%
3.0%
3.0%

	 
	 
	 
	 
	 
	 

	Total
	 
	$
	500,000,000
	 
	100%

Exhibit A – Form of Officer’s Certificate to be dated the Extension Date

Exhibit B – Form of Counsel’s Opinion to be dated the Extension DateRestaurant Brands International Inc. U.S. Severance Pay Plan

 EXHIBIT 10.38 

SEVERANCE PAY PLAN 
 FOR
EMPLOYEES OF U.S. SUBSIDIARIES OF 
 RESTAURANT BRANDS INTERNATIONAL INC. 

AND 
 SUMMARY PLAN
DESCRIPTION 
 Effective: November 1, 2016 

PURPOSE OF THE PLAN 
 The
purpose of this Plan is to provide severance pay benefits to eligible employees whose employment with a U.S. subsidiary of the Company is terminated involuntarily under the conditions described below. 

Except as otherwise provided by the Company or the Plan Administrator in writing, this Plan (i) is the sole arrangement of the
Company’s U.S. subsidiaries regarding severance-type benefits to eligible employees and (ii) replaces and supersedes all prior plans, programs, understandings and arrangements providing severance-type benefits to eligible employees. 

Only the Plan Administrator has the authority to approve changes to the conditions for receiving benefits under this Plan or changes to the
benefits to be provided under the Plan. Any such approval must be in writing. 
 This document contains the official text of the Plan
effective for employment terminations occurring on and after November 1, 2016. This document also serves as the summary plan description for the Plan. 

DEFINITIONS 

Company means Restaurant Brands International Inc. 

Employer means any direct or indirect U.S. subsidiary of the Company which participates in this Plan. 

Plan means the Severance Pay Plan for Employees of U.S. Subsidiaries of Restaurant Brands International Inc. 

Plan Administrator means the Company’s Benefits Plan Committee, the Company’s Chief People and
Performance Officer and such other person or committee appointed from time to time by the Company’s Benefits Plan Committee to administer the Plan. 

ELIGIBLE EMPLOYEES 
 The
benefits under this Plan are limited to U.S.-based employees who are classified by an Employer as exempt employees or non-exempt salaried employees. 

 Unless the Plan Administrator provides otherwise in writing, the following U.S.-based employees
are NOT eligible to participate in this Plan: 
  

	•	 	Any employee who classified by an Employer as an hourly employee. 

  

	•	 	Any employee who is classified by an Employer as a part-time, temporary or seasonal employee, third-party staffing agency employee or an independent contractor. 

 

	•	 	Any employee who was in a restaurant management position immediately preceding his or her involuntary termination. 

  

	•	 	Any employee who is covered by a collective bargaining agreement. 

  

	•	 	Any employee who is eligible to participate in another plan or arrangement maintained by the Company or any of its affiliates which provides severance-type benefits unless such other plan or arrangement provides
that the employee will be eligible to receive benefits under this Plan. 

  

	•	 	Any employee who is covered by an employment or other agreement unless the agreement provides that the employee will be eligible to receive benefits under this Plan. 

INVOLUNTARY TERMINATION OF EMPLOYMENT 
  

	•	 	Involuntary Termination 

 An employee will be eligible for severance benefits
under this Plan only if the Plan Administrator, in its sole discretion, determines that the employee’s employment is being terminated involuntarily for any of the following reasons: 

 

	•	 	Reduction in staff. 

  

	•	 	Position elimination. 

  

	•	 	Facility closing. 

  

	•	 	Closure of a business unit. 

  

	•	 	Organizational restructuring. 

  

	•	 	Such other circumstances as the Plan Administrator deems appropriate for the payment of severance benefits. 

  

	•	 	Termination of Employment Not Eligible for Severance Benefits 

An employee will not be eligible for severance benefits if the Plan Administrator, in its sole discretion, determines that the employee’s
employment is terminated for any of the following reasons: 
  

	•	 	Resignation or other voluntary termination of employment. 

  

	•	 	Failure to return to work upon the expiration of an authorized leave of absence. 

  

	•	 	Death or disability. 

  

	•	 	Termination for cause or for behavior prejudicial to the Employer or the Company or any of its subsidiaries or affiliates, as determined by the Plan Administrator in its sole discretion. 

 

	•	 	Termination for gross misconduct or violation of company policy. 

  

	•	 	Termination for poor performance. 

  
 [2] 

	•	 	Other Employment Offer 

 An employee will not be eligible to receive
benefits under this Plan if any of the following events has occurred: 
  

	•	 	The employee has been offered, but refused to accept, another position with an Employer or the Company or any of its subsidiaries or affiliates at a location that is 50 or fewer miles from his or her then current
primary place of residence. 

  

	•	 	The employee’s employment has been terminated in connection with a sale or transfer, merger, establishment of a joint venture, or other corporate transaction, and such employee has been offered employment by the
successor employer. 

  

	•	 	The employee’s employment is terminated in connection with the “outsourcing” of operational functions and he/she has been offered employment by the outsourcing vendor. 

CONDITIONS FOR PAYMENT OF SEVERANCE BENEFITS 

An eligible employee who is involuntarily terminated will not receive severance benefits under this Plan unless the Plan Administrator
determines that the employee has satisfied all of the following conditions: 
  

	•	 	Work Until Last Day Designated 

 The employee must continue
to be actively at work through the last day of work designated by the Employer, unless the employee is absent due to vacation, temporary layoff, or an approved absence from work (including leave under the Family and Medical Leave Act). 

 

	•	 	Execution of Release and Other Separation Documents 

The employee must execute and deliver to the Employer, within the period of time specified by the Plan Administrator, an agreement in a form
satisfactory to the Employer containing a general release of claims in favor of the Employer and, if required by the Employer, the Company and its subsidiaries and affiliates, and such other terms and provisions as may be determined by the Employer,
in its sole discretion, which include but are not limited to those related to non-disclosure, non-disparagement, non-competition,
non-solicitation, continued cooperation in litigation, and the return of company assets. 

  
 [3] 

 SEVERANCE BENEFITS 

 

	•	 	Severance Pay 

  

	•	 	Amount of Severance Pay 

 The amount of severance pay payable to an
eligible employee will be determined in accordance with the Severance Pay Guidelines below and subject to the reductions set forth below; provided, that the Plan Administrator, in its sole discretion, and on a
case-by case basis, may increase or decrease the amount of severance pay payable to an eligible employee. 
  

					
	Position	  	Severance Pay Amount	  	 Minimum /

Maximum

Amount of

Severance Pay

			
	Analyst and Senior Analyst	  	 2 weeks of Base Pay for

each Year of Service
	  	 Min. Severance = 2 weeks

Max. Severance = 2 months

			
	Manager and Senior Manager	  	 2 weeks of Base Pay for

each Year of Service
	  	 Min. Severance = 4 weeks

Max. Severance = 4 months

			
	Director and Senior Director	  	 2 weeks of Base Pay for

each Year of Service
	  	 Min. Severance = 6 weeks

Max. Severance = 6 months

			
	Vice President and above	  	 2 weeks of Base Pay for

each Year of Service
	  	 Min. Severance = 8 weeks

Max. Severance = 8 months

 For purposes of determining the amount of severance pay – 

 

	•	 	Base Pay means the employee’s regular rate of salary (determined on a weekly basis or monthly basis, as applicable, and based on a 12-month
calendar year) payable immediately preceding his or her date of termination. Base Pay does not include discretionary bonuses, other variable compensation, or extra pay. 

 

	•	 	Years of Service means an employee’s completed years of employment from his or her most recent date of hire by an Employer until his or her date of termination.

  

	•	 	Payment of Severance Pay 

 The Employer will pay the severance pay
in installments at the same time and in the same manner as the Employer’s regular payroll practice until such benefit is paid in full. Payments will begin as soon as practicable following the date in which the employee’s separation
agreement and general release becomes effective. 

  
 [4] 

 Notwithstanding the foregoing, if an employee is deemed on the date of termination to be a
“specified employee” within the meaning of Section 409A(a)(2)(B) of the Internal Revenue Code and if the severance payment is not exempt from Section 409A, then payment shall not be made or provided prior to the earlier of (A) the
expiration of six (6)-month period measured from the date of employee’s termination of employment and (B) the date of employee’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments delayed
pursuant to this paragraph shall be paid to employee in a lump sum, and any remaining payments and benefits due under this Plan shall be paid or provided in accordance with the normal payment dates specified above. 

 

	•	 	Continued Group Health Benefit Coverage – Payment of Cost for COBRA Coverage 

If the eligible employee elects to continue coverage under the Employer’s group health benefits plan in accordance with the COBRA
continuation coverage requirements, the Employer will pay a portion of the cost for COBRA coverage for a minimum period of 3 months or, if longer, until the last day of the calendar month during which the employee receives the final payment of
severance pay under this Plan. 
 The portion of the premiums to be paid by the Employer will be the same as the amount paid by the Employer
for the same group health insurance coverage for active employees. The employee will be responsible for paying the remaining portion of the COBRA premiums. 

After the end of this period, the employee, if eligible, may elect to continue COBRA coverage at his or her expense for the remainder of the
COBRA coverage period. 
 RIGHT TO TERMINATE BENEFITS 

Notwithstanding anything in this Plan to the contrary, in the event that the Plan Administrator in its discretion determines that 

 

	•	 	an employee is reemployed by the Employer or the Company or any of its subsidiaries, affiliates, or successors before the completion of the scheduled payment of severance pay, OR 

 

	•	 	the Plan Administrator determines that an employee has breached any of the terms and conditions set forth in any agreement executed by the employee as a condition to receiving benefits under this Plan, including, but
not limited to, the separation agreement and general release, or 

  

	•	 	the Plan Administrator subsequently determines that the employee engaged in an act that would have constituted grounds for termination for cause. 

then the Plan Administrator shall have the right to terminate the benefits payable under this Plan at any time. 

  
 [5] 

 ADMINISTRATION OF THE PLAN 

The Plan Administrator shall have sole authority and discretion to administer and construe the terms of this Plan, subject to applicable
requirements of law. Without limiting the generality of the foregoing, the Plan Administrator shall have complete discretionary authority to carry out the following powers and duties: 

 

	•	 	To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan; 

  

	•	 	To interpret the Plan, its interpretation thereof to be final and conclusive on all persons claiming benefits under the Plan; 

  

	•	 	To provide an employee with severance benefits other than those set out in this Plan; 

  

	•	 	To decide all questions, including without limitation, issues of fact, concerning the Plan, including the eligibility of any person to participate in, and receive benefits under, the Plan; and 

 

	•	 	To appoint such agents, counsel, accountants, consultants and other persons as may be required to assist in administering the Plan. 

CLAIMS PROCEDURE 
 The
Plan Administrator reviews and authorizes payment of severance benefits for those employees who qualify under the provisions of the Plan. No claim forms need be submitted. Questions regarding payment of the severance benefits should be directed to
the Plan Administrator. 
 If an employee feels he or she is not receiving severance benefits which are due, the employee should file a
written claim for the benefits with the Plan Administrator. A decision on whether to grant or deny the claim will be made within 90 days following receipt of the claim. If more than 90 days is required to render a decision, the employee will be
notified in writing of the reasons for delay. In any event, however, a decision to grant or deny a claim will be made by not later than 180 days following the initial receipt of the claim. 

If the claim is denied in whole or in part, the employee will receive a written explanation of the specific reasons for the denial, including a
reference to the Plan provisions on which the denial is based. 
 If the employee wishes to appeal this denial, the employee may write within
60 days after receipt of the notification of denial. The claim will then be reviewed by the Plan Administrator, and the employee will receive written notice of the final decision within 60 days after the request for review. If more than 60 days is
required to render a decision, the employee will be notified in writing of the reasons for delay before the end of the initial 60 day period. In any event, however, the employee will receive a written notice of the final decision within 120 days
after the request for review. 

  
 [6] 

 GENERAL RULES 
  

	•	 	Right to Withhold Taxes 

 The Employer shall withhold such amounts
from payments under this Plan as it determines necessary to fulfill any federal, state, or local wage or compensation withholding requirements. 
  

	•	 	No Right to Continued Employment 

 Neither the Plan nor any
action taken with respect to it shall confer upon any person the right to continue in the employ of an Employer or the Company or any of its subsidiaries or affiliates. 
  

	•	 	Benefits Non-Assignable 

 Benefits under
the Plan may not be anticipated, assigned or alienated. 
  

	•	 	Unfunded Plan 

 The Employer will make all payments under the Plan, and pay all
expenses of the Plan, from its general assets. Nothing contained in this Plan shall give any eligible employee any right, title or interest in any property of the Company or any of its subsidiaries or affiliates nor shall it create any trust
relationship. 
  

	•	 	Severability 

 The provisions of the Plan are severable. If any provision of the Plan is
deemed legally or factually invalid or unenforceable to any extent or in any application, then the remainder of the provisions of the Plan, except to such extent or in such application, shall not be affected, and each and every provision of the Plan
shall be valid and enforceable to the fullest extent and in the broadest application permitted by law. 
  

	•	 	Section Headings 

 Section headings are used herein for convenience of reference
only and shall not affect the meaning of any provision of this Plan. 
 PLAN AMENDMENT AND TERMINATION 

The Company has the power to amend, modify or terminate this Plan at any time with respect to any employee at any time prior to such
employee’s termination of employment through a written document executed by the Company’s Benefits Plan Committee. 
 Eligible
employees do not have any vested right to severance pay or other benefits under this Plan. 
 GOVERNING LAWS AND TIME LIMIT FOR BEGINNING
LEGAL ACTIONS 
 The provisions of the Plan shall be construed, administered and enforced according to applicable federal law and, where
appropriate, the laws of the State of Florida without reference to its conflict of laws rules and without regard to any rule of any jurisdiction that would result in the application of the law of another jurisdiction. 

  
 [7] 

 The parties expressly consent that any action or proceeding relating to this Plan or any release
or other agreement entered into with respect to this Plan will only be brought in the federal or state courts, as appropriate, located in the State of Florida and that any such action or proceeding be heard without jury, and the parties expressly
waive the right to bring any such action in any other jurisdiction and have such action heard before a jury. 
 No action relating to this
Plan or any release or other agreement entered into with respect to this Plan may be brought later than the second anniversary of earlier of termination of employment or other event giving rise to the claim. 

STATEMENT OF ERISA RIGHTS 

As a participant in this Plan you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974
(ERISA). ERISA provides that all plan participants shall be entitled to: 
  

	•	 	Receive Information About Your Plan and Benefits 

Examine, without charge, at the plan administrator’s office and at other specified locations all documents governing the plan and a copy
of the latest annual report (Form 5500 Series) required to be filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

Obtain, upon written request to the plan administrator, copies of documents governing the operation of the plan and copies of the latest annual
report (Form 5500 Series), if any required, and updated summary plan description. The administrator may make a reasonable charge for the copies. 
  

	•	 	Prudent Actions by Plan Fiduciaries 

 In addition to creating
rights for plan participants ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called “fiduciaries” of the plan, have a duty to do so prudently and in
the interest of you and other plan participants and beneficiaries. No one, including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your
rights under ERISA. 
  

	•	 	Enforce Your Rights 

 If your claim for a severance benefit is denied or
ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

  
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 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you
request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay
you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit
in a state or Federal court. If it should happen that plan fiduciaries misuse the plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a
Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for
example, if it finds your claim is frivolous. 
  

	•	 	Assistance with Your Questions 

 If you have any questions about
your plan, you should contact the plan administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest
office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200
Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

ADDITIONAL INFORMATION 
  

			
	Plan Sponsor:	  	 Burger King Corporation

5505 Blue Lagoon Drive

Miami, FL 33126

		
	Employer Identification Number (EIN):	  	59-0787929
		
	Plan Name:	  	Severance Pay Plan for Employees of U.S. Subsidiaries of Restaurant Brands International Inc.
		
	Type of Plan:	  	Welfare benefit plan - severance pay
		
	Plan Year:	  	Calendar year
		
	Plan Number:	  	558
		
	Plan Administrator:	  	 Chief Information and Performance Officer

Restaurant Brands International
 c/o Burger King Corporation

5505 Blue Lagoon Drive
 Miami, FL 33126

		
	Agent for Service of Legal Process:	  	Plan Administrator

  
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