Document:

Amendment No. 1 to Amended and Restated Credit Agreement

 Exhibit 10.1 
 Execution 
  
  

 
 FIRST AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 among 
 CHESAPEAKE MLP OPERATING, L.L.C., 
 as the Borrower, 

CHESAPEAKE MIDSTREAM PARTNERS, L.P., 
 as Parent, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 
 THE ROYAL BANK OF SCOTLAND plc, 
 as Syndication Agent, 

BANK OF MONTREAL, 

COMPASS BANK AND 

THE BANK OF NOVA SCOTIA, 
 as Co-Documentation Agents 
 and 

The Several Lenders from Time to Time Parties Hereto, 
 Dated as of December 20, 2011 
 WELLS FARGO SECURITIES, LLC and RBS SECURITIES
INC., 
 as Joint Lead Arrangers 
 and 
 WELLS FARGO SECURITIES, LLC, 

as Sole Book Manager 
  

 
  

  

			
		 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (herein called the “Amendment”) dated as of December 20,
2011 among CHESAPEAKE MLP OPERATING, L.L.C., a Delaware limited liability company (the “Borrower”), CHESAPEAKE MIDSTREAM PARTNERS, L.P., a Delaware limited partnership (“Parent”), WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Administrative Agent, Swing Line Lender, and the Issuing Lender, and the several banks and other financial institutions or entities from time to time parties to the Existing Credit Agreement defined below
(“Lenders”). 
 W I T N E S S E T H: 
 WHEREAS, the Borrower, Administrative Agent and Lenders entered into that certain Amended and Restated Credit Agreement dated as of June 10, 2011 (the “Existing Credit Agreement”),
for the purpose and consideration therein expressed, whereby Lenders became obligated to make loans to the Borrower as therein provided; and 
 WHEREAS, the Borrower, Administrative Agent and Lenders desire to amend the Existing Credit Agreement as set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Existing Credit Agreement, in consideration of the loans which may hereafter be made by
Lenders to the Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I. 

DEFINITIONS AND REFERENCES 
 Section 1.1. Terms Defined in the Existing Credit Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Existing Credit Agreement
shall have the same meanings whenever used in this Amendment. 
 Section 1.2. Other Defined Terms. Unless the context
otherwise requires, the following terms when used in this Amendment shall have the meanings assigned to them in this Section 1.2. 
 “Amendment” means this First Amendment to the Existing Credit Agreement. 
 “Amendment Documents” means this Amendment and all other documents or instruments delivered in connection herewith or therewith. 

“Amendment Effective Date” means the date that the conditions precedent to the effectiveness of this
Amendment specified in Section 3.1 have been satisfied. 
 “Credit Agreement” means
the Existing Credit Agreement as amended hereby. 

  

			
		 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 ARTICLE II. 
 AMENDMENTS TO EXISTING CREDIT AGREEMENT 
 Section 2.1. Additional
Defined Terms. Section 1.1 of the Existing Credit Agreement is amended to add the following definitions in the proper alphabetical order: 
 “Joint Venture”: a corporation, partnership, limited liability company, or other entity in which the Capital Stock is owned in part by the Borrower or any Subsidiary Guarantor and that is
engaged, as its primary business, in the oil, natural gas, natural gas liquids and related liquids gathering, processing, terminalling, storage, transporting and marketing operations and any business that is reasonably related, incidental or
ancillary thereto and any other business or activity that produces “qualifying income” as such term is defined in Section 7704(d) of the Code. 
 “Restricted Joint Venture”: any Joint Venture that at the time in question is designated as a Restricted Joint Venture pursuant to Section 6.12. 

“Unrestricted Joint Venture”: a Joint Venture that is not a Restricted Joint Venture. 

Section 2.2. Existing Defined Terms. 
 (a) The definition of “Consolidated EBITDA” in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“Consolidated EBITDA”: for any referenced period of four fiscal quarters, the sum of: 

(a) Consolidated Net Income for such four fiscal quarter period plus, without duplication and to the extent
reflected as a charge in the determination of such Consolidated Net Income for such period, the sum of (i) income tax expense, (ii) interest expense, (iii) depletion, depreciation and amortization expense, (iv) any loss on
Dispositions of assets or extraordinary charges or losses determined in accordance with GAAP and (v) any other non-cash charges, non-cash expenses or non-cash losses for such period (excluding any such charge, expense or loss incurred in the
ordinary course of business that constitutes an accrual of or reserve for cash charges for any future period) including non-cash losses or charges resulting from the requirements of SFAS 133 or 143; provided that cash payments made during
such period or in any future period in respect of such non-cash charges, expenses or losses (other than any such excluded charge, expense or loss as described above) shall be subtracted from Consolidated Net Income in calculating Consolidated EBITDA
for the period in which such payments are made, and minus, to the extent included in the determination of such Consolidated Net Income for such period, the sum of (A) interest income, (B) any gains on Dispositions of assets or
extraordinary income or gains determined in accordance with GAAP and (C) any other non-cash income or gain (excluding any items that 

  

			
	2	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 
represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period that are described in the parenthetical to clause (v) above) including any
non-cash income or gains resulting from the requirements of SFAS 133 or 143, all as determined on a consolidated basis in accordance with GAAP. For all purposes other than for purposes of Section 7.1(b) if, since the beginning of the four
fiscal quarter period ending on the date for which Consolidated EBITDA is determined, any Group Member shall have made any Investment in any Person that is not a Group Member, shall have made any acquisition or Disposition of assets other than from
or to another Group Member, shall have consolidated or merged with or into any Person (other than another Group Member), shall have made any acquisition or Disposition of the equity interests of a Group Member other than from or to another Group
Member or shall have made any acquisition of a Person that becomes a Group Member, Consolidated EBITDA shall be calculated giving pro forma effect thereto as if the Investment, acquisition, Disposition, consolidation or merger had occurred on the
first day of such period. Such pro forma effect shall be determined (i) in good faith by a Responsible Officer and acceptable to the Administrative Agent and (ii) without giving effect to any anticipated or proposed change in operations,
revenues, expenses or other items included in the computation of Consolidated EBITDA; plus 
 (b) the
amount of cash distributions payable in respect of net income of any Joint Venture with respect to such four fiscal quarter period paid to the Borrower or any Subsidiary Guarantor in respect of its Capital Stock ownership in such Joint Venture and
actually received on or prior to the date the financial statements referred to in Section 6.1 are required to be delivered by Parent with respect to the last fiscal quarter (or the fiscal year) included in such four fiscal quarter
period; provided that if the Borrower has acquired or disposed of any Capital Stock of such Joint Venture at any time after the first day of such four fiscal quarter period, the determinations in this clause (b) shall be made giving pro
forma effect to such acquisition or disposition as if such acquisition or disposition had occurred on the first day of the four fiscal quarter period; provided further that, for any calculation of Consolidated EBITDA, (i) the
amount of this clause (b) attributable to a Restricted Joint Venture shall not be limited and (ii) the amount of this clause (b) attributable to any Unrestricted Joint Venture shall be limited to an aggregate amount that will not
exceed 25% of Consolidated EBITDA calculated before including any amount of this clause (b). 
 (b) The definition of
“Subsidiary Guarantor” in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Subsidiary Guarantor”: each Subsidiary of the Borrower other than Immaterial Subsidiaries, Joint Ventures and Subsidiaries of Joint Ventures. 

Section 2.3. Increase in Commitments. Section 2.14(a) of the Existing Credit Agreement is hereby amended to change the
reference to “$1,000,000,000” to “$1,250,000,000”. 

  

			
	3	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 Section 2.4. Subsidiary Guarantors. Section 4.21 of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 “Section 4.21. Subsidiary Guarantors. Each
Subsidiary of the Borrower (other than any Immaterial Subsidiary, any Joint Venture and any of their Subsidiaries) is a Subsidiary Guarantor.” 
 Section 2.5. Collateral and Guarantees. 
 (a) The references in
Section 6.9(a) of the Existing Credit Agreement to (i) “Group Members’” are hereby amended to read “Borrower’s and the Subsidiary Guarantors’” and (ii) “Subsidiary” (but excluding instances
where part of the term “Subsidiary Guarantor”) are hereby amended to read “Subsidiary (other than an Unrestricted Joint Venture)”. Section 6.9(a) is further amended to add the following sentence at the end thereof:
“Notwithstanding the foregoing, no Group Members will be required to grant liens or security interests to the Administrative Agent in the Capital Stock of Unrestricted Joint Ventures.” 

(b) Section 6.9(c) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“Subject to Section 10.14, with respect to any new Subsidiary created or acquired after the Closing Date by the Borrower
or any Subsidiary Guarantor, promptly (i) cause such Subsidiary (A) to become a party to the Guarantee Agreement and (B) to deliver to the Administrative Agent a certificate of such Subsidiary, substantially in the form of Exhibit
C, with appropriate insertions and attachments, and (ii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance,
and from counsel, reasonably satisfactory to the Administrative Agent; provided that the requirements of this subsection (b) shall not apply to a Subsidiary so long as it remains an Immaterial Subsidiary, a Joint Venture or a Subsidiary
of a Joint Venture.” 
 Section 2.6. Further Assurances. The references in Section 6.10 of the Existing Credit
Agreement to (i) “the Borrower or any Group Member” are hereby amended to read “the Borrower or any Subsidiary Guarantor” and (ii) “Group Members” are hereby amended to read “The Borrower and each
Subsidiary Guarantor”. 
 Section 2.7. Designation of Restricted Joint Ventures. The Existing Credit Agreement is
hereby amended to add the following Section 6.12: 
 “Section 6.12. Designation of Restricted Joint Ventures.

 (a) The Borrower may designate as a Restricted Joint Venture (including a newly formed or newly acquired Joint
Venture) any Joint Venture if (i) immediately before and immediately after giving pro forma effect to such designation, no Default shall have occurred and be continuing, (ii) the Borrower shall have delivered to the Administrative Agent a
certificate of a Responsible Officer designating such Joint Venture as a Restricted Joint Venture and 

  

			
	4	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 
certifying compliance with clause (i) of this Section 6.12(a) and (iii) the Borrower has provided Security Documents granting a valid perfected first priority security interest in
all of the Capital Stock of such Joint Venture that is owned by the Borrower or any Subsidiary Guarantor together with officer’s certificates and legal opinions in form and substance reasonably satisfactory to the Administrative Agent to
evidence the authorization, validity, creation, non-contravention, enforceability, perfection and priority of such security interest. 
 (b) The Borrower may designate a Restricted Joint Venture to no longer be a Restricted Joint Venture if (i) immediately before and immediately after giving pro forma effect to such designation, no
Default shall have occurred and be continuing and the Borrower shall be in pro forma compliance with all of the covenants set forth in Section 7.1 and (ii) the Borrower shall have delivered to the Administrative Agent a certificate of a
Responsible Officer designating such Joint Venture to no longer be a Restricted Joint Venture and certifying compliance with clause (i) of this Section 6.12(b). 

(c) No Unrestricted Joint Venture will be the owner of Indebtedness or Capital Stock of any Group Member, and no Group
Member shall have any outstanding Guarantee Obligations in respect of obligations of an Unrestricted Joint Venture.” 

Section 2.8. Investments. Section 7.7 of the Existing Credit Agreement is hereby amended in its entirety to read as follows:

 “Section 7.7. Investments. Make any Investments in any Person that is not a Group Member
(including, without limitation, Guarantee Obligations with respect to obligations of any such Person, loans made to any such Person and Investments resulting from mergers with or sales of assets to any such Person), except: 

(a) Investments in Capital Stock representing an incidental portion of the assets of a Person acquired in an acquisition
permitted by Section 7.10; and 
 (b) other Investments, including Investments in Joint Ventures, so long as
the aggregate amount of all such Investments under this clause (b) at any one time outstanding shall not exceed 30% of Consolidated Net Tangible Assets; 
 provided that, immediately before and immediately after giving pro forma effect to any Investment made after the Closing Date, (i) no Default shall have occurred and be continuing and
(ii) the Borrower shall be in pro forma compliance with all of the covenants set forth in Section 7.1.” 

  

			
	5	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 Section 2.9. Acquisitions. Section 7.10 of the Existing Credit Agreement
is hereby amended in its entirety to read as follows: 
 Section 7.10. Acquisitions. Acquire in any
transaction or any series of transactions, including by any merger, consolidation or amalgamation between a Group Member and such Person, any ongoing business of another Person, any gathering systems of another Person, any other material operations
or facilities of another Person, or the Capital Stock of another Person (other than an Investment permitted by Section 7.7), other than (a) any such acquisition from a Person who is then a Group Member or (b) any other such
acquisition so long as (i) immediately before and immediately after giving pro forma effect to such acquisition, no Default shall have occurred and be continuing, (ii) a substantial part of the assets acquired in such acquisition are
commonly understood to be in the midstream energy business, (iii) immediately before and immediately after giving pro forma effect to such acquisition and to any Indebtedness incurred in connection with such acquisition, the Borrower shall be
in pro forma compliance with the covenants set forth in Section 7.1, (iv) if such acquisition includes the Capital Stock of a Person, such acquisition shall include all of the Capital Stock of such Person and (v) the Borrower shall
have delivered to the Administrative Agent, prior to such acquisition, a certificate of a Responsible Officer demonstrating compliance with the provisions of this Section.” 

Section 2.10. Restricted Joint Ventures. The Existing Credit Agreement is hereby amended to add the following
Section 7.19: 
 Section 7.19. Restricted Joint Ventures. Permit any Restricted Joint Venture or
any of its Subsidiaries to, directly or indirectly: 
 (a) Create, issue, incur, assume, become liable in respect
of or suffer to exist any Indebtedness; 
 (b) Create, incur, assume or suffer to exist any Lien upon any of its
property, whether now owned or hereafter acquired, except for Liens of the type permitted by Section 7.3 (a), (b), (c), (d), (e), or (i); 
 (c) Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of such Restricted Joint Venture to make Restricted Payments in respect of any Capital Stock
of such Restricted Joint Venture held by the Borrower or any of its Subsidiaries; or 
 (d) Enter into any
business except for the oil, natural gas, natural gas liquids and related liquids gathering, processing, terminalling, storage, transporting and marketing operations and any business that is reasonably related, incidental or ancillary thereto and
any other business or activity that produces “qualifying income” as such term is defined in Section 7704(d) of the Code.” 
 Section 2.11. Events of Default. Section 8(o) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 

“(o) any Group Member (other than CHKM Finance Corp.) shall be taxed as a corporation for federal income tax purposes;”

  

			
	6	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 Section 2.12. Release of Guarantees and Liens; Designation of Subsidiaries. The First
Sentence of Section 10.14 of the Existing Credit Agreement is hereby amended to replace the word “or” after clause (i) with a comma and add the following after clause (ii): 

“or (iii) to release a Subsidiary from the Guarantee Agreement upon its becoming a Joint Venture, and to release Liens existing
under the Security Document against the property of such Joint Venture, provided that in no event will the Borrower or the other Group Members permit all or substantially all of the Subsidiaries to be Joint Ventures or otherwise subject to release
from the Guarantee Agreement or the Security Documents.” 
 ARTICLE III. 

CONDITIONS OF EFFECTIVENESS 
 Section 3.1. Amendment Effective Date. This Amendment shall become effective as of the date first above written when and only when: 

(a) Administrative Agent shall have received all of the following, at Administrative Agent’s office, duly executed and delivered and
in form, substance and date satisfactory to Administrative Agent: 
 (i) the Amendment executed by the Borrower,
Parent, Administrative Agent and Majority Lenders; 
 (ii) a duly executed Consent and Agreement from Parent and
each Subsidiary Guarantor in the form attached hereto; 
 (iii) a closing certificate of each Loan Party in
substantially the form of Exhibit C to this Amendment; 
 (iv) amendments or supplements to the Mortgages
providing for the change in the maximum Total Revolving Commitments and the Revolving Termination Date provided for in this Amendment; 
 (v) legal opinion of Commercial Law Group, P.C., counsel to the Group Members, regarding such matters as may be required by the Administrative Agent; 

(vi) legal opinion of Thompson & Knight LLP, counsel to the Administrative Agent, regarding such matters as may
be required by the Administrative Agent; 
 (vii) such other supporting documents as Administrative Agent may
reasonably request. 

  

			
	7	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 (b) The Borrower shall have paid, in connection with such Loan Documents, all recording,
handling, amendment and other fees required to be paid to Administrative Agent pursuant to any Loan Documents. 
 (c) The
Borrower shall have paid, in connection with such Loan Documents, all other fees and reimbursements to be paid to Administrative Agent pursuant to any Loan Documents, or otherwise due Administrative Agent and including invoiced fees and
disbursements of Administrative Agent’s attorneys. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Representations and Warranties of the Borrower and Parent. In order to induce each Lender to enter into this Amendment, the Borrower and Parent represent and warrant to each Lender
that: 
 (a) The representations and warranties contained in Article 4 of the Existing Credit Agreement are true and
correct at and as of the time of the effectiveness hereof, except to the extent (i) that the facts on which such representations and warranties are based have been changed by the extension of credit under the Credit Agreement, and
(ii) such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except for purposes of this definition, the representations and warranties contained in
subsections (a) and (b) of Section 4.1 of the Credit Agreement shall be deemed to refer, at the time of such acquisition, to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.1 of the Credit Agreement. 
 (b) The Borrower and Parent are duly authorized to execute
and deliver this Amendment and the other Amendment Documents and the Borrower is and will continue to be duly authorized to borrow monies and to perform its obligations under the Credit Agreement. The Borrower and Parent haves duly taken all
corporate action necessary to authorize the execution and delivery of this Amendment and the other Amendment Documents and to authorize the performance of the obligations of the Borrower hereunder and thereunder. 

(c) When duly executed and delivered, each of this Amendment and the Credit Agreement will be a legal and binding obligation of the
Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’ rights and by equitable principles of general application.

 ARTICLE V. 
 MISCELLANEOUS 
 Section 5.1. Ratification of Agreements. The
Existing Credit Agreement as hereby amended is hereby ratified and confirmed in all respects. The Loan Documents, as they may be amended or affected by the various Amendment Documents, are hereby ratified and confirmed in all respects. Any reference
to the Credit Agreement in any Loan Document shall be deemed to be a reference to the Existing Credit Agreement as hereby amended. The execution, delivery and 

  

			
	8	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 
effectiveness of this Amendment and the other Amendment Documents shall not, except as expressly provided herein or therein, operate as a waiver of any right, power or remedy of Lenders under the
Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of the Credit Agreement, the Notes or any other Loan Document. 
 Section 5.2. Survival of Agreements. All representations, warranties, covenants and agreements of the Borrower and Parent herein shall survive the execution and delivery of this Amendment and the
performance hereof, including without limitation the making or granting of the Loans, and shall further survive until all of the Obligations are paid in full. All statements and agreements contained in any certificate or instrument delivered by the
Borrower or any Group Members hereunder or under the Credit Agreement to any Lender shall be deemed to constitute representations and warranties by, and/or agreements and covenants of, the Borrower and Parent under this Amendment and under the
Credit Agreement. 
 Section 5.3. Loan Documents. This Amendment and the other Amendment Documents are Loan Documents,
and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto and thereto. 
 Section 5.4. Governing
Law. This Amendment shall be governed by and construed in accordance the laws of the State of Texas and any applicable laws of the United States of America in all respects, including construction, validity and performance. 

Section 5.5. Counterparts; Fax. This Amendment may be separately executed in counterparts and by the different parties hereto in
separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. This Amendment and the other Amendment Documents may be validly executed by facsimile or other electronic transmission. 

THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS 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 OF THE PARTIES. 
 [The remainder of this page has been intentionally left blank.] 

  

			
	9	 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

					
	CHESAPEAKE MLP OPERATING, L.L.C.
		
	By:	 	/s/ Jennifer M. Grigsby
		 	 Jennifer M. Grigsby
 Senior Vice President and Treasurer

	
	CHESAPEAKE MIDSTREAM PARTNERS, L.P., a Delaware limited partnership
		
	By:	 	 Chesapeake Midstream GP, L.L.C.,
 its sole general partner

			
		 	By:	 	/s/ David C. Shiels
		 		 	 David C. Shiels

Chief Financial Officer

  

			
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CREDIT AGREEMENT]

 
			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Administrative Agent,
	as Swing Line Lender, as an Issuing Lender
	and as a Lender
		
	By:	 	/s/ Mark Oberreuter
	 Name: Mark Oberreuter
 Title: Vice President

  

			
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CREDIT AGREEMENT]

 
			
	THE ROYAL BANK OF SCOTLAND plc, as a Lender
		
	By:	 	/s/ Sanjay Remond
	 Name: Sanjay Remond

Title: Authorised Signatory

  
  

  

			
		 	[FIRST AMENDMENT TO CMP A & R CREDIT AGREEMENT]

 
			
	BANK OF MONTREAL, as a Lender
		
	By:	 	/s/ Kevin Utsey
	 Name: Kevin Utsey

Title: Director

  

			
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CREDIT AGREEMENT]

 
			
	COMPASS BANK, as a Lender
		
	By:	 	/s/ Ian Payne
	 Name: Ian Payne

Title: Vice President

  

			
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CREDIT AGREEMENT]

 
			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	/s/ Mark Sparrow
	 Name: Mark Sparrow

Title: Director

  

			
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CREDIT AGREEMENT]

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ Ronald E. McKaig
	 Name: Ronald E. McKaig
 Title: Managing Director

  

			
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	BARCLAYS BANK PLC, as a Lender
		
	By:	 	/s/ Sreedhar R. Kona
	 Name: Sreedhar R. Kona
 Title: Assistant Vice President

  

			
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	CITIBANK, N.A., as a Lender
		
	By:	 	/s/ Phil Ballard
	 Name: Phil Ballard

Title: Vice President

  

			
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	DNB BANK ASA, GRAND CAYMAN BRANCH, as a Lender
		
	By:	 	/s/ Sanjiv Nayar
	 Name: Sanjiv Nayar

Title: Senior Vice President

  

			
		
	By:	 	/s/ Philip F. Kurpiewski
	 Name: Philip F. Kurpiewski
 Title: Senior Vice President

  

			
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CREDIT AGREEMENT]

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	/s/ Ashwin Ramakrishna
	 Name: Ashwin Ramakrishna
 Title: Authorized Signatory

  

			
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	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	/s/ Sherrese Clarke
	 Name: Sherrese Clarke
 Title: Authorized Signatory

  

			
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	UBS LOAN FINANCE, LLC, as a Lender
		
	By:	 	/s/ Mary E. Evans
	 Name: Mary E. Evans

Title: Associate Director

 
			
		
	By:	 	/s/ Joselin Fernandes
	 Name: Joselin Fernandes
 Title: Associate Director

  

			
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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	/s/ Nuour Kumar
	 Name: Nuour Kumar

Title: Vice President

 
			
		
	By:	 	/s/ Vipul Dhadda
	 Name: Vipul Dhadda

Title: Associate

  

			
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	COMERICA BANK, as a Lender
		
	By:	 	/s/ John S. Lesikar
	 Name: John S. Lesikar
 Title: Assistant Vice President

  

			
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	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as a Lender

		
	By:	 	/s/ Marcus M. Tarkington
	 Name: Marcus M. Tarkington
 Title: Director

  

			
	
		
	By:	 	/s/ Erin Morrissey
	 Name: Erin Morrissey

Title: Director

  

			
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	 EXPORT DEVELOPMENT CANADA,
 as a Lender

		
	By:	 	/s/ Joanne Tognarelli
	 Name: Joanne Tognarelli
 Title: Senior Financing Manager

  

			
		
	By:	 	/s/ Christiane Debilly
	 Name: Christiane Debilly
 Title: Financing Manager

  

  

			
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		 		 	SUMITOMO MITSUI BANKING CORP., NEW YORK, as a Lender
				
		 		 	By:	 	/s/ Masakazu Hasegawa
		 		 	Name:	 	Masakazu Hasegawa
		 		 	Title:	 	Managing Director

  

			
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		 		 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
				
		 		 	By:	 	/s/ Bruce E. Hernandez
		 		 	Name:	 	Bruce E. Hernandez
		 		 	Title:	 	Vice President

  

			
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	 TORONTO DOMINION (NEW YORK)
 LLC, as a Lender

		
	By:	 	/s/ Bebi Yasin
	 Name: Bebi Yasin

Title: Authorized Signatory

  

			
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 First Amendment 
 CONSENT AND AGREEMENT 
 Each of the undersigned (in their individual capacity,
each a “Guarantor”), hereby (i) consents to the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Amended and Restated Guaranty dated as of June 10, 2011 made by it for the
benefit of Administrative Agent and Lenders executed pursuant to the Credit Agreement and the other Loan Documents, (iii) agrees that all of its respective obligations and covenants thereunder shall remain unimpaired by the execution and
delivery of this Amendment and the other documents and instruments executed in connection herewith and (iv) agrees that the Amended and Restated Guaranty and such other Loan Documents shall remain in full force and effect. 

 

			
	CHESAPEAKE MIDSTREAM PARTNERS, L.P., a Delaware limited partnership
		
	By:	 	Chesapeake Midstream GP, L.L.C.,
		 	its sole general partner

  

			
		
	        By:	 	/s/ David C. Shiels
		 	David C. Shiels Chief
		 	Financial Officer

  

			
	BLUESTEM GAS SERVICES, L.L.C.
	CHESAPEAKE MIDSTREAM GAS SERVICES, L.L.C.
	OKLAHOMA MIDSTREAM GAS SERVICES, L.L.C. MAGNOLIA MIDSTREAM GAS SERVICES, L.L.C.
PONDER MIDSTREAM GAS SERVICES, L.L.C. TEXAS MIDSTREAM GAS SERVICES, L.L.C.
		
	By:	 	Chesapeake Midstream Operating, L.L.C., sole
		 	manager

  

			
		
	        By:	 	/s/ David C. Shiels
		 	 David C. Shiels
 Chief
Financial Officer

  

			
		 	[CONSENT AND AGREEMENT TO FIRST AMENDMENT TO CMP A
& R CREDIT AGREEMENT]EMPLOYMENT AGREEMENT

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”), dated as
of December 22, 2011 by and among CARROLS RESTAURANT GROUP, INC., a Delaware corporation (“Parent”) with an address at 968 James Street, Syracuse, New York 13203, CARROLS LLC (“Employer”), a Delaware limited
liability company and a wholly-owned subsidiary of Parent with an address at 968 James Street, Syracuse, New York 13203, and DANIEL T. ACCORDINO whose principal residence is 6556 Ridgewood Drive, Naples, Florida 34108 (“Employee”):

 W I T N E S S E T H: 
 WHEREAS, Employee is presently employed by Employer as its President and Chief Operating Officer pursuant to the terms of the Amended and Restated Employment Agreement, dated as of December 13, 2008,
between Employer and Employee, as amended by Letter Agreement dated October 27, 2010 (collectively the “Prior Employment Agreement”); 
 WHEREAS, Parent will split its business into two separate, publicly traded companies through the tax-free spin-off of Parent’s subsidiary Fiesta Restaurant Group, Inc. (together with its
subsidiaries, “Fiesta”), to the Parent’s stockholders (the “Spin-Off”), which will result in Parent owning and operating its franchised Burger King® restaurants and related assets as an independent publicly traded company and Fiesta owning and operating the Pollo Tropical® and Taco Cabana® businesses as an independent publicly traded company; 
 WHEREAS, the parties have agreed that Parent, Employer and Employee shall enter into this Agreement to become effective as of January 1, 2012 (the “Effective Date”); 

WHEREAS, as of the Effective Date, Parent and Employer desire to continue to engage Employee to perform services for Employer, Parent,
and any present or future parent, subsidiary or affiliate of Employer or Parent, and their successors and assigns (the “Companies”) and Employee desires to perform such services, on the terms and conditions hereinafter set forth;

 WHEREAS, the parties have agreed that as of the Effective Date this Agreement shall supersede in its entirety the Prior
Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth and other good
and valuable consideration, the receipt and adequacy of which is mutually acknowledged, it is agreed by and between the parties as follows: 

 1. DEFINITIONS 
 For purposes of this Agreement, unless the context requires otherwise, the following words and phrases shall have the meanings indicated below: 

“Change of Control” shall mean and shall have occurred or be deemed to have occurred only if any of the following events
occurs: 
 (a) The acquisition, directly or indirectly, by any person or group (as those terms are defined in
Sections 3(a)(9), 13(d) and 14(d) of the Securities Exchange Act and the rules thereunder) of beneficial ownership (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors
(voting securities) of Parent that represent 50% or more of the combined voting power of Parent’s then outstanding voting securities, other than: 
 (i) An acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by Parent or any person controlled by Parent or by any
employee benefit plan (or related trust) sponsored or maintained by Parent or any person controlled by Parent; or 
 (ii) An acquisition of voting securities by Parent or a corporation owned, directly or indirectly by all of the stockholders of Parent in substantially the same proportions as their ownership of the stock
of Parent. 
 Notwithstanding the foregoing, the following event shall not constitute an acquisition by any person or group for purposes of this
subsection (a): an acquisition of Parent’s securities by Parent which causes Parent’s voting securities beneficially owned by a person or group to represent 50% or more of the combined voting power of Parent’s then outstanding voting
securities; provided, however, that if a person or group shall become the beneficial owner of 50% or more of the combined voting power of Parent’s then outstanding voting securities by reason of share acquisitions by Parent as
described above and shall, after such share acquisitions by Parent, become the beneficial owner of any additional voting securities of Parent, then such acquisition shall constitute a Change of Control; or 

(b) individuals who, as of the Effective Date, constitute the Board of Directors of Parent (as of the Effective Date, the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of Parent, provided that any person becoming a director subsequent to the Effective Date whose election, or nomination for election by
Parent’s stockholders, was approved by a vote of at least a two-thirds of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an
actual or threatened election contest relating to the election of the directors of Parent) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or 

(c) The consummation by Parent (whether directly involving Parent or indirectly involving Parent through one or more
intermediaries) of (i) a merger, consolidation, reorganization, or business combination, or (ii) the acquisition of assets or stock of another entity, in each case other than a transaction: 

(A) Which results in Parent’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of Parent or the person that, as a result of the transaction, controls, directly or indirectly, Parent or owns, directly or indirectly, all or substantially all
of Parent’s assets or otherwise succeeds to the business of Parent (Parent or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding
voting securities immediately after the transaction; and 

 (B) After which no person or group beneficially owns voting securities
representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this clause (B) as beneficially owning 50% or more of combined voting power of the
Successor Entity solely as a result of the voting power held in Parent prior to the consummation of the transaction; or 
 (d) a sale or disposition of all or substantially all of Parent’s assets; or 
 (e) The Parent’s stockholders approve a liquidation or dissolution of the Parent. 
 “Cause” shall mean: (i) the commission by Employee of a felony; (ii) the unauthorized disclosure of confidential proprietary information of Parent, Employer or any of the Companies
which disclosure Employee knows or reasonably should have known would be reasonably likely to result in material damage to Parent or Employer; (iii) the breach by Employee of any material provision of this Agreement, which breach, if curable,
is not remedied within thirty (30) days after Employee’s receipt of written notice thereof provided, however, that Employer need not permit Employee to cure any breach which has been the subject of a prior written notice; (iv) the
engagement in material self dealing in breach of fiduciary duties with respect to Parent’s or Employer’s assets or properties unless disclosed to and approved by the disinterested members of the Board of Directors of Parent; (v) an
act of gross misconduct in connection with Employee’s duties hereunder; or (vi) chronic alcohol or drug abuse rendering Employee incapable of carrying out his duties hereunder as determined in good faith by the Board of Directors of Parent
continuing after Employee is given a reasonable opportunity to obtain medical or other appropriate treatment or rehabilitation. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Good Reason” shall mean (i) the material failure of Employer to comply with the provisions of this Agreement which
failure shall not cease promptly and in no event more than thirty (30) days after Employer’s receipt of written notice from Employee objecting to such conduct; (ii) any termination by Parent or Employer of Employee’s employment
other than as expressly permitted in this Agreement; or (iii) the assignment to Employee of duties and responsibilities materially inconsistent with those duties and responsibilities customarily assigned to individuals holding the position of
President and Chief Executive Officer of a company of comparable size or the substantial reduction by Parent or Employer of Employee’s duties and responsibilities and, if curable, not remedied by Employer within 30 days after receipt of written
notice. 
 2. REPRESENTATIONS AND WARRANTIES 
 Employee represents and warrants that he is not subject to any restrictive covenants or other agreements or legal restrictions in favor of any person which would in any way preclude, inhibit, impair,
limit or be violated by his employment hereunder or the performance of his duties, as contemplated herein. 

 3. EMPLOYMENT 
 Employer hereby employs Employee and Employee accepts such employment as President and Chief Executive Officer of Employer. Employee shall also serve as President and Chief Executive Officer of Parent. As
its President and Chief Executive Officer, Employee shall render such services to Parent and Employer as are customarily rendered by the President and Chief Executive Officer of comparable companies and as required by the certificate of
incorporation and by-laws of Parent. During the Term, Employee shall be elected to and shall serve, if so elected, as a member of the Board of Directors of Parent and Employer and may be elected and shall serve, if so elected, as a member of the
Board of Directors of any of the other Companies as may from time to time be prescribed by the Board of Directors of Parent or Employer. Employee accepts such employment and, consistent with fiduciary standards which exist between an employer and an
employee shall perform and discharge the duties that may be assigned to him from time to time by Parent or Employer in an efficient, trustworthy and businesslike manner. It is specifically agreed that nothing in this Agreement shall prohibit
Employee from (i) serving on corporate, civic or charitable boards or committees; (ii) engaging directly or indirectly, in activities with other public or private companies or ventures; or (iii) making investments in any capacity
whatsoever, provided only that, such activities or any of them do not impair Employee’s performance of his duties or otherwise violate or result in a breach of the terms and provisions of Section 11 hereof. 

4. PLACE OF EMPLOYMENT 
 During the Term, Employee shall render services where and as reasonably required by Parent or Employer. In conformance with the foregoing and not in limitation thereof, Employee agrees to take such trips
as shall be consistent with or reasonably necessary in connection with his duties. Employer shall furnish Employee at Employer’s principal office with an office and secretarial help and such other assistance, facilities and services consistent
with Employee’s position and necessary for the adequate performance of his duties. 
 5. TERM 

Subject to the provisions of Section 10 hereof, the term of this Agreement shall commence on the Effective Date and shall expire on
February 28, 2013 (the “Initial Term”). This Agreement shall be automatically renewed for successive twelve (12) month periods on all the remaining terms and conditions set forth herein, unless either party elects not to renew
this Agreement by giving written notice to the other at least thirty (30) days before a scheduled expiration date. The Initial Term of this Agreement together with any such renewals are collectively referred to herein as the “Term.”

 6. COMPENSATION 

(a) As compensation for all services rendered and to be rendered by Employee hereunder and the fulfillment by Employee of
all of his obligations herein, Employer shall pay Employee, during the term, a base salary (the “Base Salary”) at the rate of $544,000 per annum (prorated for periods that are less than one year) payable in accordance with Employer’s
customary payroll practices. Employee’s base salary shall be subject to an annual increase at the sole discretion of the Compensation Committee of the Board of Directors of Parent. 

(b) Employee will participate in the Executive Bonus Plan of Employer (the “Executive Bonus Plan”).
Notwithstanding any provision contained herein or in the Executive Bonus Plan to the contrary, no amendment to the Executive Bonus Plan shall have a material adverse impact on Employee. If the Executive Bonus Plan is discontinued, Employer agrees to
establish a plan which will provide similar potential benefits based upon similar performance measurements to Employee. 
 (c) Employee will also be eligible to participate in all phantom and/or actual stock option or other equity incentive programs applicable to executive employees as determined by the Compensation Committee
of the Board of Directors of Parent in its sole discretion. 
 (d) Employer shall deduct from the compensation
described in (a), (b) and (c) above, any federal, state or city withholding taxes, social security contributions and any other amounts which may be required to be deducted or withheld by Employer pursuant to any federal, state or city
laws, rules or regulations. 
 (e) Any compensation otherwise payable to Employee pursuant to this Section in
respect of any period during which Employee is disabled (as contemplated in Section 10) shall be reduced by any amounts payable to Employee for loss of earnings or the like under any insurance plan or policy the premiums for which are paid for
in their entirety by Employer. 
 7. BUSINESS EXPENSES 

(a) Employer shall pay, on behalf of Employee, or reimburse Employee, for all dues to professional
societies and other organizations as are customarily joined by individuals holding the position of President and Chief Executive Officer of businesses similar to Parent and Employer. Such dues shall be paid or reimbursed no later than
March 15th of the calendar year immediately following
the calendar year in which such dues are payable. Employer will require and shall reimburse Employee for his out of pocket cost of one complete physical examination per fiscal year of the Term; provided that such out of pocket costs shall be
reimbursed no later than March 15th of the calendar
year immediately following the calendar year in which such cost is incurred. 
 (b) Each of
Parent and Employer agrees that Employee is authorized to incur reasonable expenses in the performance of his duties hereunder and agrees that all reasonable expenses incurred by Employee in the discharge and fulfillment of his duties, as set forth
in Section 3, will be promptly reimbursed or paid by Employer upon written substantiation signed by Employee, itemizing said expenses and containing all applicable vouchers. Employee shall be entitled to receive prompt reimbursement for all
reasonable travel and entertainment expenses and the costs of attending conferences and seminars, so long as such expenses relate to Employee’s ability to serve the best interests of Parent or Employer. In addition, within 30 days of the
rendition of the applicable invoices, Employer shall reimburse Employee annually for the reasonable costs incurred by Employee in tax planning and tax return preparation in an annual amount not to exceed $10,000. Notwithstanding anything herein to
the contrary, expenses that are reimbursable under this Section 7(b) shall be reimbursed no later than
March 15th of the calendar year immediately following
the calendar year in which such expenses are incurred. 

 8. BENEFITS AND INSURANCE 

(a) Employer agrees that, during the Term, Employee shall be insured under all insurance policies and shall receive all
benefits under all pension and welfare benefit plans (including, without limitation group life, medical, major medical and disability insurance) that Employer may maintain and keep in force during the Term for the benefit of Employer’s or any
of the Companies’ employees, subject to the terms, provisions and conditions of such pension and welfare benefit plans or insurance and the agreements with underwriters relating to same. In addition, Employer will provide medical and major
medical insurance for Employee and his spouse during the Term and for the remainder of their respective lives and during such period such benefit shall also provide coverage to Employee’s eligible dependents, notwithstanding the termination of
Employee’s employment hereunder, whether voluntary or involuntary (other than pursuant to Section 10(d) hereof) or following non-renewal of the Term of this Agreement, or his Disability or death, consistent with the level and type
of coverage provided to Employee by Employer’s policy at March 1, 1996, provided however, that the provisions of this Section 8(a) will not require Employer to continue post retirement or post employment medical coverage for Employee
or his spouse in the event Employer terminates its post retirement and/or post employment coverage on a company-wide basis. In the event of such termination of coverage or otherwise at the election of Employer, Employee shall be entitled to obtain a
replacement policy consistent with the level and type of coverage described in the preceding sentence covering Employee and his spouse and Employer shall reimburse Employee on an annual basis with respect to the cost of the same. 

(b) Employer and Employee agree that neither Employer nor Employee shall have any future obligations related to ITT
Hartford life insurance policy No. U01731692 (the “Policy”) owned by Lucinda Accordino and Lawrence Accordino as Trustees under the Daniel T. Accordino Insurance Trust, dated February 20, 1995, except that any cash value accumulated
with respect to the Policy as of the Effective Date shall be used to pay for and fund future annual premiums; provided, however, that at such time as the remaining cash value of the Policy becomes insufficient to fund such annual
premiums, Employee may, but shall not be obligated to, continue to pay for and fund such annual premiums and keep such Policy in effect. 
 9. VACATION 
 Employee shall be entitled to an aggregate of four (4) weeks
paid vacation during each year of the Term at time or times reasonably agreeable to both Employee and Employer, it being understood that any portion of such vacation not taken in such year shall not be available to be taken during any other year.

 10. TERMINATION; CHANGE OF CONTROL; DEATH; DISABILITY 

(a) Subject to the provisions of this Agreement, either Parent or Employer, on the one hand, or Employee, on the other
hand, may terminate the employment of Employee after receipt of written notice by the other party hereto provided that all applicable cure periods have expired if Parent or Employer terminates the employment of Employee for Cause or Employee
terminates his employment with Good Reason. 

 (b) If within twelve (12) months following a Change of Control
occurring during the Term, the employment of Employee hereunder is terminated without Cause or Employee terminates his employment for Good Reason, Employee shall be paid: (1) 30 days after such termination of employment, his accrued but unpaid
Base Salary and vacation as of the date of termination; (2) any amounts the Employee may be entitled to pursuant to the Carrols Corporation & Subsidiaries Amended and Restated Deferred Compensation Plan then in effect (the
“Deferred Compensation Plan”) at such times as provided under the Deferred Compensation Plan; (3) continue any and all benefits and insurance policies as required by Section 8 hereof and (4) a lump sum cash payment on the
six-month anniversary of such termination of employment, in an amount equal to 2.99 multiplied by the average of the sum of the Base Salary and the annual bonus paid under the Executive Bonus Plan or deferred in accordance with the Deferred
Compensation Plan in the five calendar years prior to the date of termination (the “Five-Year Compensation Average”). 
 (c) If Parent or Employer (1) during the Term enters into a binding written agreement to engage in a transaction which, if consummated, would result in a Change of Control; (2) such transaction
is consummated within twelve (12) months after the last date of the Term; and (3) subsequent to entering into such agreement Parent or Employer terminates employment of Employee without Cause or Employee terminates his employment for Good
Reason, Employer shall pay to Employee an amount equal to the payment set forth in Section 10(b) hereof. 

(d) If Employee terminates his employment pursuant to Section 10(a) hereof without Good Reason or Parent or Employer
terminates the employment of Employee hereunder for Cause, Employer’s only obligations hereunder shall be to pay to Employee (1) 30 days after such termination of employment, his accrued but unpaid Base Salary and vacation pay as of the
date of termination plus (2) any amounts Employee is entitled to under the Deferred Compensation Plan at such times as provided under the Deferred Compensation Plan. In the event of such termination, Employee shall have no further obligation to
perform services for Parent, Employer or any of the Companies. 
 (e) Other than in the case
of Employee receiving benefits under paragraph (b) above following a Change of Control, if Parent or Employer terminates employment of Employee hereunder without Cause, or Employee terminates his employment for Good Reason, Parent or Employer
shall pay to Employee (1) 30 days after such termination of employment, his accrued but unpaid Base Salary and vacation pay as of the date of termination; (2) on the six-month anniversary of such termination of employment, a lump sum cash
payment in an amount equal to 2.00 multiplied by Employee’s Five Year Compensation Average (as defined above); (3) any amounts Employee is entitled to under the Deferred Compensation Plan at such times as provided under the Deferred
Compensation Plan; (4) not later than March 15th
of the calendar year following the year in which the Employee’s employment terminates, a pro rata portion of the annual bonus for the year in which Employee’s employment is terminated payable under the terms of the Executive Bonus Plan;
and (5) continue any and all such benefits and insurance policies as required by Section 8 hereof. 

 (f) If Employee becomes physically or mentally disabled
during the Term so that he is unable to perform the services required of him pursuant to this Agreement for a period of six (6) successive months, or an aggregate of six (6) months in any twelve (12) month period, Parent or Employer
may give Employee written notice of its intention to terminate the services of Employee hereunder. In such event, Employee’s employment shall terminate effective on the thirtieth (30th) day after receipt of such notice by Employee (the
“Disability Effective Date”) provided Employee shall not have returned to the performance of Employee’s duties. In the event Employee’s employment is terminated by reason of disability, Employer’s only obligations hereunder
shall be (1) to continue the Base Salary (at the rate in effect on the Disability Effective Date) for a period of three (3) years; (2) to pay, no later than March 15th of the calendar year following the year in which the Disability Effective Date occurs, a pro rata portion of the
annual bonus for the year in which Employee’s employment is terminated payable under the terms of the Executive Bonus Plan; (3) any amounts Employee is entitled to under the Deferred Compensation Plan at such times as provided under the
Deferred Compensation Plan; and (4) to continue any and all such benefits and insurance policies as required by Section 8 hereof. 
 (g) In the event of Employee’s death during the Term, Employer shall pay to his spouse, if he is survived by a spouse, or if not, to the estate of Employee, (1) 30 days after Employee’s
death, Employee’s accrued and unpaid Base Salary (at the rate in effect on the date of death) as of the date of death; (2) no later than March 15th of the calendar year following the calendar year of Employee’s death, a pro rata share of the annual bonus for
the year of his death payable under the terms of the Executive Bonus Plan; (3) any amounts Employee is entitled to under the Deferred Compensation Plan at such times as provided under the Deferred Compensation Plan in the manner prescribed by
the executor of Employee’s estate and (4) continue any and all such benefits and insurance policies as required by Section 8 hereof. 
 (h) Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by Employer or any other person or entity to or for the benefit of
Employee is a “parachute payment” (within the meaning of Section 280G(b)(2) of the Code), whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in connection with, or arising out
of, his employment with Employer, Parent or any of the Companies or a change in ownership or effective control of the Parent or a substantial portion of its assets (a “Payment”), and would be subject to the excise tax imposed by
Section 4999 of the Code (the “Excise Tax”), concurrent with the making of such Payment, Employer shall pay to Employee an additional payment (the “Gross-Up Payment”) in an amount such that the net amount retained by
Employee, after deduction of any Excise Tax on such Payment and any federal, state or local income tax and Excise Tax on the Gross-Up Payment shall equal the amount of such Payment. All determinations concerning the application of this paragraph
shall be made by Parent’s independent accountants, whose determination shall be conclusive and binding on all parties. The fees and expenses of such accountants shall be borne by Employer. All payments under this Section 10(h) shall be
made by the end of the Employee’s taxable year following the year in which the Employee or the Employer, on the Employee’s behalf, remits the related taxes and, in the event of an audit or litigation where the result of such audit or
litigation no taxes are remitted, then all such payments shall be made by the end of the Employee’s taxable year following the year in which the audit is completed or there is a final and nonappealable settlement or other resolution of the
litigation. All payments made under this Section 10(h) shall be made in a manner and time satisfying the requirements of Treasury Regulation 1.409A-3(i)(1)(v). 

 (i) In the event that Employee is a “specified employee” then,
with respect to amounts payable or benefit provided pursuant to this Section 10 which constitute payments under a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, then all such payments
and benefits which are due within six-months of a “separation from service” within the meaning of Section 409A of the Code shall be delayed until the six-month anniversary of the Employee’s “separation from service”.

 (j) The Employer may, in its sole discretion, accelerate any “nonqualified deferred compensation
plan” within the meaning of Section 409A of the Code as permitted by Treasury Regulation 1.409A-3(j)(4). 
 11.
RESTRICTIVE COVENANTS 
 (a) During the Term and for a period of two years following termination of this
Agreement, Employee (i) will not violate or cause Parent, Employer or any of the Companies to violate the terms of any agreement, including any franchise agreement, which Employer is obligated under, except with the express written consent of
the duly empowered officer of Parent or Employer or pursuant to an order of a court of competent jurisdiction; (ii) will not divulge or use any confidential information the effect of which would be injurious to Parent, Employer or any of the
Companies without the prior written consent of a duly empowered officer of Parent or Employer; and (iii) will not divulge or use any confidential information the effect of which would be injurious to Fiesta Restaurant Group, Inc., or any of the
its subsidiaries (collectively “Fiesta”) without the prior written consent of a duly empowered officer of Fiesta. Employee shall have the right to approve the provisions of any such franchise or other agreement which restricts
Employee’s future employment or business interests. During the Term and for a period of two years following termination of Employee’s employment hereunder (the “Restricted Period”), Employee will not solicit or employ any
person, who was employed by Parent, Employer or any of the Companies within six months prior to the termination of Employee’s employment, in any business in which Employee has a material interest, direct or indirect, as an officer, partner,
shareholder or beneficial owner. The preceding sentence shall not prohibit Employee from hiring any person whose employment is terminated involuntarily by Parent or Employer or any of the Companies during the Term or at any time thereafter provided
that such hiring shall not occur until after Employee’s termination of employment hereunder. In addition, during the Restricted Period, Employee will not solicit or employ any person, who was employed by Fiesta within six months prior to the
termination of Employee’s employment, in any business in which Employee has a material interest, direct or indirect, as an officer, partner, shareholder or beneficial owner unless such hiring or solicitation is approved in advance and in
writing by Fiesta. The preceding sentence shall not prohibit Employee from hiring any person whose employment is terminated involuntarily by Fiesta during the Term or at any time thereafter provided that such hiring shall not occur until after
Employee’s termination of employment hereunder. 

 (b) In view of the unique and valuable services it is expected Employee will
render to Parent, Employer and the Companies, and in consideration of the compensation to be received hereunder, Employee agrees (i) that he will not, during the period he is employed by Employer under this Agreement or otherwise, Participate
In (as defined below) any other business or organization, which is engaged in the Retail Fast-Food Restaurant Business (as defined below), and (ii) for a period of two years after he ceases to be employed by Employer under this Agreement, he
will not compete with or be engaged in the Retail Fast-Food Restaurant Business or Participate In any other business or organization which during such two year period is engaged in the Retail Fast-Food Restaurant Business within the Area (as defined
below), except that in each case the provisions of this Section 11(b) will not be deemed breached merely because Employee owns not more than 5% of the outstanding common stock of a corporation, if, at the time of its acquisition by Employee,
such stock is listed on a national securities exchange, is listed or reported on NASDAQ, or is regularly traded in the over-the-counter market by a member of a national securities exchange. 

(c) As used in this Agreement, the term “Participate In” shall mean: “directly or indirectly, for his own
benefit or for, with, or through any other person, firm, or corporation, own, manage, operate, control, loan money to, or participate in the ownership, management, operation, or control of, or be connected as a director, officer, employee, partner,
consultant, agent, independent contractor, or otherwise with, or acquiesce in the use of his name in.” 

(d) As used in this Agreement, the term “Retail Fast-Food Restaurant Business” shall mean any restaurant which
either does not offer waiter or waitress table service or which has a drive-thru or walk-up service window. 

(e) As used in this Agreement, the term “Area” shall mean, at any particular time, any location within a 100
mile radius of any site at which any of the Companies is engaging in the retail fast-food business or, at the time of termination of employment, intends to engage in the retail fast-food business. 

(f) The parties hereto, recognizing that irreparable injury will result to Parent, Employer and the Companies, their
respective business and property in the event of Employee’s breach of this Employee covenant and non-competition provision, agree that in the event of any such breach by Employee, Parent or Employer will be entitled, in addition to any other
remedies and damages available, to an injunction to restrain the violation hereof by Employee, Employee’s partners, agents, servants, employers, employees, and all persons acting for or with Employee. Employee represents and admits that in the
event of termination of this Agreement, Employee’s experience and capabilities are such that Employee can obtain employment in a business engaged in other lines and/or of a different nature than the business of Parent, Employer or the
Companies, and that the enforcement of a remedy by way of injunction will not prevent Employee from earning a livelihood. 
 12.
INDEMNIFICATION 
 To the fullest extent permitted by Section 145 of the General Corporation Law of Delaware, as the same
may be amended and supplemented (“Section 145”) and Article Eighth of Parent’s Restated Certificate of Incorporation as in effect as of the Effective Date, each of Parent and Employer shall indemnify Employee and hold him harmless
from and against any and all of the expenses, liabilities or other matters referred to or covered in said section and certificate of 

 
incorporation (collectively, “Liabilities”) if any of such Liabilities are incurred or suffered by Employee as a result of, arising out of or in connection with his employment by
Parent, Employer or any of the Companies, provided however, that Employee acknowledges that he is not entitled to the indemnity referred to above (either as set forth in Parent’s certificate of incorporation or in this Agreement), to the extent
a dispute arises between Parent or Employer and Employee with respect to his conduct as an Employee, or any claim that may arise either directly or indirectly with respect to the breach of any terms and conditions of this Agreement. In addition to
the indemnification, as provided in Section 145, Employer shall advance expenses, including reasonable attorneys’ fees, of Employee. The indemnification and advancement of expenses provided for herein shall continue after Employee has
ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of Employee. 
 13. BINDING EFFECT 
 This Agreement shall inure to the benefit of and be binding
upon each of Parent and Employer and its successors. Each of Parent and Employer will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its assets to expressly assume
and agree to perform this Agreement in the same manner and to the same extent that Parent or Employer would be required to perform it if no such succession had taken place or with or into which Parent or Employer may consolidate or merge. Employee
agrees that this Agreement is personal to him and may not be assigned by him otherwise than by will or laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives.

 14. MISCELLANEOUS 
 (a) If any provision of this Agreement, or portion thereof, shall be held invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall attach only to such
provision or portion thereof, and this Agreement shall be carried out as if any such invalid or unenforceable provision or portion thereof were not contained herein. In addition, any such invalid or unenforceable provision or portion thereof shall
be deemed, without further action on the part of the parties hereto, modified, amended or limited to the extent necessary to render the same valid and enforceable. 

(b) This Agreement, and all of the rights and obligations of the parties in connection with the employment relationship
established hereby shall be construed and enforced in accordance with the laws of New York applicable to contracts made and fully to be performed therein, and without giving effect to any rules of conflicts of law. 

(c) All notices, requests, demands, and other communications provided for hereunder shall be in writing and shall be given
or made when (i) delivered personally; (ii) three (3) business days following mailing by first class postage prepaid, registered or certified mail, return receipt requested, to the party to be notified at its or his address set forth
herein; or (iii) on the date sent by telecopier, if the addressee has compatible receiving equipment and provided the transmittal is made on a business day during the hours of 9:00 a.m. to 6:00 p.m. of the receiving party and if sent at other
times, on the immediately succeeding business day, or (iv) on the first business day immediately succeeding delivery to an express overnight carrier for the next business day delivery. 

 (d) This Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each of the parties shall deliver such further instruments and take such further action as may be reasonably requested
by the other in order to carry out the provisions and purposes of this Agreement. This Agreement represents the entire understanding of the parties with reference to the subject matter hereof, supersedes in its entirety the provisions of the Prior
Employment Agreement, and neither this Agreement nor any provisions hereof may be modified, discharged or terminated except by an agreement in writing signed by the party against whom the enforcement of any waiver, charge, discharge or termination
is sought. Any waiver by either party of a breach of any provision of this Agreement must be in writing and no waiver of a particular breach shall operate as or be construed as waiver of any subsequent breach thereof. 

(e) In the event of any inconsistency between any provision of this Agreement and Section 409A of the Code, including
any regulatory and administrative guidance issued from time to time thereunder, the provisions of Section 409A shall control. It is the intention of the parties hereto that this Agreement satisfy the requirements of Code Section 409A, and
the parties hereby agree to amend this Agreement as and when necessary or desirable to conform to or otherwise properly reflect any guidance issued under Code Section 409A after the date hereof without violating Code Section 409A. In case
any one or more provisions of this Agreement fails to comply with the provisions of Code Section 409A, the remaining provisions of this Agreement shall remain in effect, and this Agreement shall be administered and applied as if the
non-complying provisions were not part of this Agreement. The parties in that event shall endeavor to agree upon a reasonable substitute for the non-complying provisions, to the extent that a substituted provision would not cause this Agreement to
fail to comply with Code Section 409A, and, upon so agreeing, shall incorporate such substituted provisions into this Agreement. 
 ** BALANCE OF PAGE INTENTIONALLY LEFT BLANK ** 
 ** SIGNATURE PAGE TO
FOLLOW ** 

 IN WITNESS WHEREOF, the parties hereto have executed and have caused this Amended and
Restated Employment Agreement to be executed as of the date first written above. 
  

			
	CARROLS RESTAURANT GROUP, INC.
		
	By:	 	/s/ Joseph Zirkman
		 	Name: Joseph Zirkman
		 	Title: Vice President

  

			
	CARROLS LLC
		
	 By:
	 	/s/ Joseph Zirkman
		 	Name: Joseph Zirkman
		 	Title: Vice President

  

	
	Daniel T. Accordino
	DANIEL T. ACCORDINO

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