Document:

EX-10.3

 Exhibit 10.3 

BURGERFI INTERNATIONAL, INC. 

SECOND AMENDED EMPLOYMENT AGREEMENT 

THIS SECOND AMENDED EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into effective as of the 3rd day of January, 2023, by and between BURGERFI INTERNATIONAL, INC., a Delaware corporation (the “Company”), and MICHAEL RABINOVITCH, an individual
(“Executive”). 
 RECITALS 

WHEREAS, the Company and the Executive are parties to that certain Employment Agreement, dated as of February 26, 2021, as amended
(the “Employment Agreement”), pursuant to which the Executive serves as the Chief Financial Officer of the Company; 

WHEREAS, on the terms and subject to the conditions hereinafter set forth, the Company desires to amend the Employment Agreement with
respect to Executive’s compensation as set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual promises set forth herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  

	 	1.	 Capitalized Terms. Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed thereto in the Employment Agreement. 

  

	 	2.	 Amendment to Employment Agreement. The Employment Agreement is hereby amended as follows:

  

	 	a.	 Section 6.3 is hereby deleted and replaced with the following: 

6.3. Upon termination of this Agreement by the Company without cause or by Executive for Good Reason (the “Termination
Date”): 
 (i) all unvested portions of the Restricted Stock Grant and the Benchmark Restricted Stock Grant for the year in
which termination occurs shall be deemed to have been earned and vested immediately before such termination; 
 (ii) the Company shall
continue to make payment of the Executive’s annual base salary, payable in equal installments in accordance with the Company’s payroll practices (not less frequently than monthly), for a period (the “Severance
Period”) of six (6) months after the Termination Date commencing on the first payroll period after the Executive executes a general release on behalf of the Company in connection with such termination; and 

(iii) if the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”), the Company shall reimburse, grossed up for any applicable taxes, the Executive for the monthly COBRA premium paid by the Executive for the Executive and the Executive’s dependents. Such reimbursement shall be
paid to the Executive on the fifth (5) of the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (a) the
twelfth (12)-month anniversary of the Termination Date; (b) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (c) the date on which the Executive receives substantially similar coverage from another
employer or other source. 

 This Section 6.3 shall survive the termination of this Agreement
and Executive’s engagement hereunder. 
  

	 	3.	 Entirety. Except as expressly modified hereby, the Employment Agreement shall remain in
full force and effect. 

  

	 	4.	 Counterparts. This Amendment may be executed in counterparts and by facsimile
and/or email .pdf, each of which shall constitute originals and all of which, when taken together, shall constitute the same original instrument, legally binding all parties to this Amendment. 

[Signatures on the following page.] 

  
 2 

 With full power and authority and intending to be legally bound, the parties hereto have
executed this Amendment as of the date first above written. 
  

			
	BURGERFI INTERNATIONAL, INC.
		
	By:	 	 /s/ Ophir Sternberg

	Name: Ophir Sternberg
	Title: Executive Chairman
	
	EXECUTIVE:
		
	By:	 	 /s/ Michael Rabinovitch

	Michael Rabinovitch

  
 3exhibit4_1

Exhibit 4.1 NINTH AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT This NINTH AMENDMENT, dated as of January 1, 2023 (this “Amendment”), is to the Fifth Amended and Restated Credit Agreement (as heretofore amended, the “Credit Agreement”), dated as of May 1, 2015 among PENSKE AUTOMOTIVE GROUP, INC., a Delaware corporation (the “Company”), various financial institutions party thereto (the “Lenders”) and MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as agent for the Lenders (the “Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement are used herein as defined in the Credit Agreement (including as amended hereby). WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects as set forth herein. NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: SECTION 1 AMENDMENT. Subject to the terms and conditions hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 of this Amendment, Section 5.1 of the Credit Agreement is hereby amended as follows: 5.1 Non-Use Fee. The Company agrees to pay to the Agent for the account of the Lenders a non-use fee (the “Non-Use Fee”) equal to 0.20% per annum (computed for the actual number of days elapsed on the basis of a year of 360 days) of an amount equal to the Commitments (other than Commitments to issue Letters of Credit) less the Total Outstandings. Such Non-Use Fees shall accrue from and including the Effective Date to and excluding the Termination Date and be payable in arrears (x) at all times prior to the Termination Date, on an annual basis for each year, on the 20th day of the next succeeding January and (y) on the Termination Date. Each Lender shall be entitled to receive such Lender’s Pro Rata Share of the Non-Use Fee. SECTION 2 REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to the Agent and the Lenders that: (a) the representations and warranties made in Section 8 of the Credit Agreement are true and correct on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent relating solely to an earlier date, in which case they were true and correct as of such earlier date); (b) no Event of Default or Unmatured Event of Default exists or will result from the execution of this Amendment; (c) no event or circumstance has occurred since the Effective Date that has resulted, or would reasonably be expected to result, in a Material Adverse Effect; (d) the execution and delivery by the Company of this Amendment and the performance by the Company of its obligations under the Credit Agreement as amended hereby (as so amended, the “Amended Credit Agreement”) (i) are within the corporate powers of the Company, (ii) have been duly authorized by all necessary corporate action, (iii) have received all necessary approval from any governmental authority and (iv) do not and will not contravene or conflict with any provision of any law, rule or regulation or any order, decree, judgment or award which is binding on the Company or any of its Subsidiaries or of any provision of the certificate of incorporation or bylaws or other organizational documents of the Company or of any agreement, indenture, instrument or other document which is binding on the Company or any of its Subsidiaries; and (e) the Amended Credit Agreement is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability. SECTION 3 EFFECTIVENESS. This Amendment shall be effective upon the Agent’s receipt of a fully executed copy hereof. SECTION 4 RATIFICATION. Except as expressly modified in this Amendment, all of the terms, provisions and conditions of the Credit Agreement and the other Loan Documents to which each Loan Party is a party, as heretofore amended, shall remain unchanged and in full force and effect and the Credit Agreement and each other Loan Document to which a Loan Party is a party are hereby ratified and confirmed in all respects. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, or constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents. This Amendment shall not constitute a course of dealing with the Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by the Agent or the Lenders to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future. SECTION 5 MISCELLANEOUS. 5.1 Continuing Effectiveness, etc. As hereby amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. All references in the Credit Agreement, the Notes, each other Loan Document and any similar document to the “Credit Agreement” or similar terms shall refer to the Credit Agreement as amended hereby. 5.2 Counterparts. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall together constitute one and the same Amendment. 5.3 Expenses. The Company agrees to pay the reasonable costs and expenses of the Agent and the Lenders in connection with the preparation, execution and delivery of this Amendment. 5.4 Severability of Provisions. In the event that any provision in or obligation under this Amendment shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 5.5 Section Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Credit Agreement or any provision hereof or thereof. 5.6 Governing Law. This Amendment shall be a contract made under and governed by the laws of the State of New York applicable to contracts made and to be wholly performed within the State of New York. 5.7 Successors and Assigns. This Amendment shall be binding upon the Company, the Lenders and the Agent and their respective successors and assigns, and shall inure to the benefit of the Company, the Lenders and the Agent and the successors and assigns of the Lenders and the Agent. 5.8 Loan Document. This Amendment is a Loan Document. [Signatures Immediately Follow] 2 [Signature Page to Ninth Amendment] Delivered as of the day and year first above written. PENSKE AUTOMOTIVE GROUP, INC., as Company By:  /s/ Aaron Michael Name:  Aaron Michael Title:  Executive Vice President MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Agent and as a Lender By:  /s/ Farrah Vaughn-Dixon Name:  Farrah Vaughn-Dixon Title: Regional Dealer Credit Manager-National           Accounts TOYOTA MOTOR CREDIT CORPORATION, as a Lender By:  /s Gerald Jules Name:  Gerald Jules                                 Title:  Senior Manager, National Accounts

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