Document:

Amended and Restated Employment Agreement (Daniel T. Accordino)

 Exhibit 10.22 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This Amended and Restated Employment Agreement
(“Agreement”), dated as of December 13, 2006, as amended and restated as of December 13, 2008, by and among CARROLS RESTAURANT GROUP, INC., a Delaware corporation (“Parent”) with an address at 968 James Street,
Syracuse, New York 13203, CARROLS CORPORATION (“Employer”), a Delaware corporation 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 has been and is presently employed by Employer as its President and Chief Operating Officer pursuant to the terms of the Second Amended
and Restated Employment Agreement, dated as of March 27, 1997, between Employer and Employee, as amended and extended pursuant to an Extension of Employment Agreement, dated April 1, 2002, as further extended pursuant to a Second Extension
of Employment Agreement, dated November 11, 2004 and as further extended pursuant to a third Extension of Employment Agreement, dated as of May 3, 2005 (together, the “Prior Employment Agreement”); 
 WHEREAS, the parties have agreed that Parent, Employer and Employee shall enter into this Agreement which, effective as of the Effective Date (as defined
herein), shall supersede in its entirety the Prior Employment Agreement; 
 WHEREAS, the parties wish to amend and restate this Agreement to
comply with the requirements of Section 409A of the Internal Revenue Code (the “Code”) and the regulations issued thereunder; and 
 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; 
 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. 
 “Effective Date” shall mean December 14, 2006, which was the date that the Registration Statement was declared effective by the Securities
and Exchange Commission. 
  

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 “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 Operating 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.

 “Registration Statement” shall mean Parent’s Registration Statement on Form S-1 (Registration No. 333-137524), filed
with the Securities and Exchange Commission under the Securities Act of 1933, as amended, with respect to the initial public offering of Parent’s common stock. 
 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 Operating Officer of Employer. Employee shall also serve as President and Chief Operating Officer of Parent. As its President and Chief Operating Officer, Employee
shall render such services to Parent and Employer as are customarily rendered by the President and Chief Operating 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 December 31, 2008 (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 ninety (90) 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.” 
  

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 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 $500,000 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 Operating Officer of businesses similar to Parent and Employer. Such dues shall be paid or reimbursed no later than March 15
th 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 

  

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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.

  

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 (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; (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 

  

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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; and (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. 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, 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 (i) the individual who is the general counsel of
Parent or Employer as of the Effective Date at any time, or (ii) 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. 
 (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, 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, 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.” 
  

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 (d) 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. 
 (e) 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. 
  

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 (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. 
 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 CORPORATION
  

		
	By:	 	 /s/ Joseph Zirkman

		
		 	Name: Joseph Zirkman
		
		 	 Title:   Vice President
  

		
		 	 /s/ Daniel Accordino

		
		 	DANIEL T. ACCORDINO

  

 9Amended and Restated Deferred Compensation Plan

 Exhibit 10.23 
 CARROLS CORPORATION & SUBSIDIARIES 
 AMENDED AND RESTATED 
 DEFERRED COMPENSATION PLAN 
 (Amended and
Restated as of December 1, 2008) 
 1. PURPOSE. 
 The Plan is established in order to provide deferred compensation to a select group of management and highly compensated employees of Carrols Corporation and its Affiliates. The Plan, originally adopted on April 1, 2005, replaced that
certain Carrols Corporation & Subsidiaries Deferred Compensation dated January 1, 2003. As of December 1, 2008, the Plan has been amended and restated as the Carrols Corporation & Subsidiaries Amended and Restated
Deferred Compensation Plan. 
 2. DEFINITIONS. 
 Unless the context requires otherwise, the following words as used in the Plan shall have the meanings ascribed to each below: 
  

	2.1.	“Active Participant” means a Participant who is currently having Deferred Salary credited to his Deferral Account hereunder. 

  

	2.2.	“Affiliate” shall mean the Company and any entity affiliated with the Company within the meaning of Code Section 414(b) with respect to a controlled group of
corporations, Code Section 414(c) with respect to trades or businesses under common control with the Company, Code Section 414(m) with respect to affiliated service groups and any other entity required to be aggregated with the Company
under Section 414(o) of the Code. No entity shall be treated as an Affiliate for any period during which it is not part of the controlled group, under common control or otherwise required to be aggregated under Code Section 414.

  

	2.3.	“Beneficiary” means the individual designated by the Participant, on a form acceptable by the Committee, to receive benefits payable under this Plan in the event of the
Participant’s death. If no Beneficiary is designated, the Participant’s Beneficiary shall be his legal spouse, or if the Participant is not married, the Participant’s estate. Upon the acceptance by the Committee of a new beneficiary
designation form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last beneficiary designation form filed by the Participant and accepted by the Committee prior to his death.

  

	2.4.	“Board” shall mean the Board of Directors of the Company. 

  

	2.5.	“Bonus” means the amount payable to the Participant by any Employer under any bonus plan or arrangement or any other performance compensation plan, program or arrangement
under which the Company pays an amount of cash remuneration to an Employee above such Employee’s Salary. 

  

	2.6.	“Carrols Restaurant Group” means Carrols Restaurant Group, Inc. 

  

	(a)	“Code” means the Internal Revenue Code of 1986, as amended and as hereafter amended from time to time. 

  

	2.7.	“Committee” means Carrols Restaurant Group’s Compensation Committee or such sub-committee appointed by the Compensation Committee to administer the Plan.

  

	2.8.	“Company” means Carrols Corporation, a Delaware corporation, and any successor corporation by merger, consolidation or transfer of assets. 

  

	2.9.	“Deferral Agreement” means an agreement entered into between a Participant and the Employer to authorize the Employer to reduce the Participant’s Salary and/ Bonus
and credit the amount of such reduction to the Plan. A Deferral Agreement shall contain such provisions, consistent with the provisions of the Plan, as may be established from time to time by the Employer (through the Committee).

	2.10.	“Deferred Benefit” means the benefit payable under the Plan, which shall be payable in accordance with Section 7 hereof. 

  

	2.11.	“Deferred Bonus” means the amount of Bonus, if any, deferred by a Participant pursuant to Section 4. 

  

	2.12.	“Deferred Salary” means the amount of Salary, if any, deferred by a Participant pursuant to Section 4. 

  

	2.13.	“Deferral Period” means, with regard to each Deferred Salary and/or Deferred Bonus, the period of deferral selected by the Participant for the period described in
Section 4.1, adjusted for any extensions to the Deferral Period made pursuant to Section 4.3. 

  

	2.14.	“Disability” occurs with respect to a Participant if such Participants meets one of the following requirements (i) the Participant is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expect to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii) the Participant is,
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not
less than three months under an accident and health plan covering employees of the Employer. The determination of whether a Participant has incurred a Disability shall be made in a manner consistent with the requirements of Treasury Regulation
1.409A-3(i)(4). 

  

	2.15.	“Earnings” means, for any Plan Year, earnings on amounts in the Salary Deferral Account computed in accordance with Section 5 hereof. 

  

	2.16.	“Effective Date” means March 1, 2005. 

  

	2.17.	“Eligible Employee” means any Employee who is selected by the Board and who is a member of a select group of management or is a highly compensated employee (within the
meaning of Section 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended), provided that any Employee eligible to participate in the Company’s 401(k) plan shall not be an Eligible Employee. 

 

	2.18.	“Employee” means any person classified as an employee that is to receive a W-2 from the Employer on its payroll system. Employee does not include persons classified as
independent contractors at the time (whether or not reclassified). 

  

	2.19.	“Employer” means the Company and any Affiliate which has adopted this Plan. 

  

	2.20.	“Participant” means any Eligible Employee who shall have become an Active Participant in the Plan and any individual with a balance credited to his Salary Deferral
Account. 

  

	2.21.	“Plan” means the Carrols Corporation Amended and Restated Deferred Compensation Plan. 

  

	2.22.	“Plan Year” means the calendar year. 

  

	2.23.	“Salary” means a Participant’s base cash compensation for services paid by the Employer to the Participant. Salary shall not include commissions, bonuses, overtime
pay, incentive compensation, benefits paid under any qualified plan, any group medical, dental or other welfare benefit plan, non-cash compensation or any other additional compensation but shall include amounts reduced pursuant to a
Participant’s salary reduction agreement under Sections 125 or 132 of the Code (if any) or a nonqualified elective deferred compensation arrangement to the extent that in each such case the reduction is to base salary. 

 

	2.24.	“Salary Deferral Account” means the account to which a Participant’s book entry contributions made pursuant to Section 4 herein shall be credited.

  

	2.25.	“Separation from Service” shall have the meaning given such term in Section 409A of the Code and such regulations as have been or may be promulgated thereunder.

  

	2.26.	“Service” means the period of time during which the Participant was considered employed by the Employer and ending on his Separation from Service, Disability or death. For
all purposes of the Plan, Service shall be expressed as years and a fraction of a year, with such fraction representing completed months of employment. 

  

 2 

	2.27. “Unforeseeable	Emergency” means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s
beneficiary, or the Participant’s dependent; loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The
existence of an Unforeseeable Emergency shall be determined in a manner consistent with the requirements of Treasury Regulation 1.409A-3(i)(3). Examples of Unforeseeable Emergency could include the imminent foreclosure of or eviction from the
Participant’s primary residence, the need to pay medical expenses, included non-refundable deductibles, as well as the costs of prescription drug medication, or the need to pay funeral expenses for a spouse, beneficiary or dependent. As a
general matter, Unforeseeable Emergency will not include the purchase of a home or the payment of college tuition. 

 3. PARTICIPATION.

 Each Employee who is an Eligible Employee with respect to a Plan Year shall be eligible to become an Active Participant in the Plan
pursuant to Section 4 with respect to such Plan Year. A Participant shall cease to be an Active Participant with regard to a Plan Year if he is not, or ceases to be, an Eligible Employee with regard to the Plan. A Participant’s
classification as an Eligible Employee shall be made anew for each Plan Year and a new Deferral Agreement must be made for each Plan Year. 
 4. DEFERRAL OF
SALARY AND/OR BONUS. 
  

	 4.1.
	 Deferral Agreement. An Eligible Employee may elect, on a Deferral Agreement, to defer receipt of all or a
specified percentage of his Salary and, if applicable, all or a specified percentage of his Bonus (unless specified otherwise by the Committee), payable with respect to a Plan Year. At the time of the deferral election, a Participant shall also
elect the length of the Deferral Period in years, which Deferral Period shall begin on the last day of the calendar year with regard to which the Salary and/or Bonus deferred relates and shall be paid on or about January 15th of the calendar year immediately following the appropriate anniversary (e.g., a 2 year deferral made with respect to 2008 shall be paid on or about
January 15 2011). Deferred Salary and/or Deferred Bonus shall be credited to a Salary Deferral Account in the name of the Participant on the date such amount would otherwise be payable to the Participant. Any election to defer payment of a
portion of a Participant’s Salary and/or Bonus shall be made by the Participant in writing to the Committee on a Deferral Agreement on or before the last day of the Plan Year preceding the Plan Year in which the Salary and/or Bonus is earned,
and shall apply on a pro rata basis with respect to the entire amount of Salary and/or Bonus earned in or for such Plan Year, whenever payable, or on such other basis as may be agreed to by the Committee. Any such election made by the last day of
the preceding Plan Year shall become effective on the first day of the following Plan Year. If no new election is made with respect to any subsequent Plan Year, the Salary and/or Bonus earned in such Plan Years shall not be deferred under the Plan.

 Notwithstanding the foregoing, if an employee first becomes an Eligible Employee during a Plan Year, he may elect to
become a Participant with respect to such Plan Year (solely with respect to Salary and/or Bonus earned after the Deferral Agreement is executed and delivered to the Employer pursuant to the procedures established by the Committee) prior to the end
of the thirty (30) day period following the date he becomes an Eligible Employee, by making an election, in writing, on a form prescribed by the Committee. 
  

	4.2.	 Irrevocability of Deferral Agreement. Subject to Section 7 of the Plan, an election to defer Salary and/or Bonus hereunder is irrevocable and is valid
only for the Plan Year following the election. If no new election is made with respect to any subsequent Plan Year, the Salary and/or Bonus earned in such Plan Years shall not be deferred under the Plan. A Participant shall not be entitled to, and
the Employer shall not be obligated to pay to such Participant, the whole or any part of the amounts deferred under the Plan, except as provided in the Plan. Notwithstanding the previous sentence, upon the request of a Participant, the Committee, in
its sole discretion, may permit the Participant to revoke his Deferral Agreement with respect to future Salary and/or Bonus due to the Participant’s Unforeseeable Emergency. A Participant who revokes a Deferral Agreement pursuant to this
Section 4.2 shall not be entitled to enter into a new Deferral Agreement during a 

  

 3 

	 	 
suspension period which shall commence with respect to the pay period which follows the pay period which includes the date of such revocation, and shall
continue until the first calendar year commencing more than six (6) months after such revocation. 

  

	4.3.	Redeferrals. A Participant may extend his Deferral Period by an additional set number of years by providing written notice (in a form acceptable to the Committee) delivered
to the Committee, provided, however, that any such redeferral must (i) not take effect until at least 12 months after the date on which the redeferral election is made, (ii) extend the Deferral Period by not less than five
(5) years and (iii) be made not less than 12 months before the date the payment is scheduled to be made. 

  

	4.4.	Earnings. Earnings shall be credited to a Participant’s Salary Deferral Account as provided in Section 5 below. 

 5. MEASUREMENT OF EARNINGS. 
 The Committee shall credit the
Earnings computed under this Section to the balance in each Participant’s Account as of the last business day of each Plan Year or such other dates as are selected by the Committee, in its sole discretion. The measurement used to calculate
Earnings on the amounts in a Participant’s Account, if applicable, shall be the rate of eight (8%) percent per annum, accrued monthly. 
 6.
VESTING. 
 A Participant’s Salary Deferral Account shall be fully vested at all times, including Earnings thereon. 
 7. AMOUNT AND DISTRIBUTION OF DEFERRED BENEFIT 
  

	7.1.	Amount of Deferred Benefit. A Participant’s Deferred Benefit shall consist of the vested balance in his Salary Deferral Account. 

  

	7.2.	Time of Deferred Benefit. Except as provided in Sections 7.4, 7.5, 7.6 or 8 below, a Participant’s Deferred Benefit and the Earnings shall be paid, or commence being
paid, to the Participant, in the form specified in Section 7.3, at the earlier of (i) upon the end of the applicable Deferral Period; or (ii) within sixty (60) after Separation from Service (other than as a result of death or
Disability); provided, however, that in the event that a Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code and the regulations promulgated thereunder, then any amounts due
upon a Separation from Service (other than as a result of death or Disability) shall be delayed until the date that is six (6) months after the date of the Separation from Service (or, if earlier, the date of death of the Participant).

  

	7.3.	Form of Deferred Benefit. A Participant’s Deferred Benefit and the Earnings attributable thereto shall be paid to him (or, in the event of death, his Beneficiary) in a
lump sum. A Participant shall not be entitled to, and the Employer shall not be obligated to pay to such Participant, the whole or any part of the amounts deferred or credited under the Plan, except as provided in the Plan. 

 

	7.4.	Death/Disability. Notwithstanding anything herein to the contrary, if a Participant dies or incurs a Disability prior to receiving the total amount of his Salary Deferral
Account, the unpaid portion of his Salary Deferral Account shall be paid to the Participant’s Beneficiary in a single lump sum, upon the first business day of the month coincident with or next following the Participant’s death or
Disability (or as administratively feasible thereafter, but in no event later than 90 days after the death or Disability). If the Committee is in doubt as to the right of any person to receive any amount, the Committee may retain such amount,
without liability for any interest thereon, until the rights thereto are determined, or the Committee may pay such amount into any court of appropriate jurisdiction, and such payment shall be a complete discharge of the liability of the Plan, the
Committee and the Company and the applicable Employer. 

  

	7.5.	 Change of Control. Notwithstanding anything herein to the contrary, including, without limitation, the Deferral Period, in the event of a Change of Control,
each Participant hereunder shall receive his entire Deferred Benefit, from the Plan, equal to the Participant’s entire Salary Deferral Account, payable in the form of one (1) lump sum, as soon as administratively practicable following such
Change of Control, but in no event later than five (5) days after the date of such Change of Control. A “Change of Control” has the 

  

 4 

	 	 
meaning set forth in Appendix A attached hereto; provided, however, that in the event that a transaction (or series of transactions)
constitutes a Change of Control, as defined in Appendix A, but does not constitute a “change in control event” within the meaning of Treasury Regulation 1.409A-3(i)(5), then such transaction (or series of transactions) shall not constitute
a Change of Control under the Plan. 

  

	7.6.	Other Payment Events. The Company may, in its sole discretion, permit payment of a Participant’s Deferred Benefit upon any event permissible pursuant to Treasury
Regulation 1.409A-3(j)(4); provided, however, that the provisions of Treasury Regulation 1.409A-3(j)(4) are satisfied. 

  

	7.7.	Installment Payments. The right to a series of installment payments shall at all times be treated as a right to a series of separate payments for purposes of
Section 409A of the Code. 

 8. UNFORESEEABLE EMERGENCY WITHDRAWALS. 
 Upon the request of a Participant, the Committee, in its sole discretion, may approve, due to the Participant’s Unforeseeable Emergency, an
immediate lump sum distribution of the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the
distribution). Such a distribution shall be made from the Salary Deferral Account and shall reduce the next scheduled payments from the Salary Deferral Account by the amount distributed. 
 9. ADMINISTRATION. 
 The Plan shall be administered by the Committee. The Committee (or its delegate) shall
have the exclusive right, power, and authority, in its sole and absolute discretion, to administer, apply and interpret the Plan and any other Plan documents and to decide all matters arising in connection with the operation or administration of the
Plan. Without limiting the generality of the foregoing, the Committee shall have the sole and absolute discretionary authority: (a) to take all actions and make all decisions with respect to the eligibility for, and the amount of, benefits
payable under the Plan; (b) to formulate, interpret and apply rules, regulations and policies necessary to administer the Plan in accordance with its terms; (c) to decide questions, including legal or factual questions, relating to the
calculation and payment of benefits under the Plan; (d) to resolve and/or clarify any ambiguities, inconsistencies and omissions arising under the Plan or other Plan documents; and (e) to process and approve or deny benefit claims and rule
on any benefit exclusions. All determinations made by the Committee (or any delegate) with respect to any matter arising under the Plan and any other Plan documents including, without limitation, any question concerning the selection of Participants
and the interpretation and administration of the Plan shall be final, binding and conclusive on all parties. 
 The Committee may impose such
rules designed to facilitate compliance with the securities laws. To the extent required by applicable law, this Plan is intended to comply with, and shall be subject to the limitations of Rule 701 under the Securities Act of 1933 and/or the
exemption from registration set forth in Section 4(2) of the Securities Act of 1933. The Committee shall have the authority to suspend the Plan and take any action necessary, including revoking Participants’ Deferral Agreements,
prospectively and/or retroactively, to ensure that the Plan complies with Federal and state securities laws, including to the extent applicable, the limitations of Section 4(2) and Rule 701 under the Securities Act of 1933 and/or
Section 40 of the Securities Act of 1933. 
 No member of the Committee and no officer, director or employee of the Company or any other
Affiliate shall be liable for any action or inaction with respect to his functions under the Plan unless such action or inaction is adjudged to be due to fraud. Further, no such person shall be personally liable merely by virtue of any instrument
executed by him or on his behalf in connection with the Plan. 
 Each Employer shall indemnify, to the full extent permitted by law and its
Certificate of Incorporation and By-laws (but only to the extent not covered by insurance) its officers and directors (and any employee involved in carrying out the functions of such Employer under the Plan) and each member of the Committee against
any expenses, including amounts paid in settlement of a liability, which are reasonably incurred in connection with 

  

 5 

 
any legal action to which such person is a party by reason of his duties or responsibilities with respect to the Plan (other than as a Participant), except
with regard to matters as to which he or she shall be adjudged in such action to be liable for fraud in the performance of his duties. 
 10. CLAIMS
PROCEDURES. 
 Any claim by a Participant or Beneficiary (“Claimant”) with respect to eligibility, participation, contributions,
benefits or other aspects of the operation of the Plan shall be made in writing to the Committee or such other person designated by the Committee from time to time for such purpose. If the designated person receiving a claim believes, following
consultation with the Chairman of the Committee, that the claim should be denied, he shall notify the Claimant in writing of the denial of the claim within ninety (90) days after his receipt thereof (this period may be extended an additional
ninety (90) days in special circumstances and, in such event, the Claimant shall be notified in writing of the extension). Such notice shall (a) set forth the specific reason or reasons for the denial making reference to the pertinent
provisions of the Plan or of Plan documents on which the denial is based, (b) describe any additional material or information necessary to perfect the claim, and explain why such material or information, if any, is necessary, and
(c) inform the Claimant of his right pursuant to this section to request review of the decision. 
 A Claimant may appeal the denial of
a claim by submitting a written request for review to the Committee, within sixty (60) days after the date on which such denial is received. Such period may be extended by the Committee for good cause shown. The Committee will then review the
claim. A Claimant or his duly authorized representative may discuss any issues relevant to the claim, may review pertinent documents and may submit issues and comments in writing. If the Committee deems it appropriate, it may hold a hearing as to a
claim. If a hearing is held, the Claimant shall be entitled to be represented by counsel. The Committee shall decide whether or not to grant the claim within sixty (60) days after receipt of the request for review, but this period may be
extended by the Committee for up to an additional sixty (60) days in special circumstances. Written notice of any such special circumstances shall be sent to the Claimant. Any claim not decided upon in the required time period shall be deemed
denied. All interpretations, determinations and decisions of the Committee with respect to any claim shall be made in its sole discretion based on the Plan and other relevant documents and shall be final, conclusive and binding on all persons.

 11. CONSTRUCTION OF PLAN. 
 This Plan is
“unfunded” and Deferred Benefits payable hereunder shall be paid by the Employer out of its general assets. Participants and their designated Beneficiaries shall not have any interest in any specific asset of the Employer as a result of
this Plan. Nothing contained in this Plan and no action taken pursuant to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship amongst any Employer, the Committee, and the Participants,
their designated Beneficiaries or any other person. Any funds which may be invested under the provisions of this Plan shall continue for all purposes to be part of the general funds of the applicable Employer and no person other than the applicable
Employer shall by virtue of the provisions of this Plan have any interest in such funds. To the extent that any person acquires a right to receive payments from any Employer under this Plan, such right shall be no greater than the right of any
unsecured general creditor of the Employer. The Employer may, in its sole discretion, establish a “rabbi trust” to pay Deferred Benefits hereunder. 
 12. NON-TRANSFERABILITY OF RIGHTS UNDER THE PLAN. 
 No amounts payable or other rights under the Plan shall be sold, transferred,
assigned, pledged or otherwise disposed of or encumbered by a Participant, except as provided herein. 
 13. MINORS AND INCOMPETENTS. 
 In the event that the Committee finds that a Participant is unable to care for his affairs because of illness or accident, then benefits payable
hereunder, unless claim has been made therefor by a duly appointed guardian, 

  

 6 

 
committee, or other legal representative, may be paid in such manner as the Committee shall determine, and the application thereof shall be a complete
discharge of all liability for any payments or benefits to which such Participant was or would have been otherwise entitled under this Plan. Any payments to a minor from this Plan may be paid by the Committee in its sole and absolute discretion
(a) directly to such minor; (b) to the legal or natural guardian of such minor; or (c) to any other person, whether or not appointed guardian of the minor, who shall have the care and custody of such minor. The receipt by such
individual shall be a complete discharge of all liability under the Plan therefor. 
 14. WITHHOLDING TAXES. 
 The Employer shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may have to withhold
federal, state or local income or other taxes incurred by reason of payments pursuant to the Plan. In lieu thereof, the Employer shall have the right to withhold the amount of such taxes from any other sums due or to become due from the Employer to
the Participant upon such terms and conditions as the Committee may prescribe. 
 15. ASSIGNMENT. 
 The Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Participants and their heirs, executors,
administrators and legal representatives. 
 16. NON-ALIENATION OF BENEFITS. 
 The benefits payable under the Plan shall not be subject to alienation, transfer, assignment, garnishment, execution or levy of any kind, and any attempt to cause any benefits to be so subjected shall not be
recognized. 
 17. LIMITATION OF RIGHTS. 
 Nothing contained herein shall be construed (a) as conferring upon an employee the right to continue in the employ of the Employer as- an executive or in any other capacity; (b) to interfere with the Employer’s right to
discharge him at any time for any reason whatsoever, or (c) as guaranteeing a payment to a Participant. 
 18. NO FUNDING OBLIGATION. 
 The Plan shall not be construed to require the Employer to fund any of the benefits payable under the Plan or to set aside or earmark any monies or other
assets specifically for payments under the Plan. If the Company or any Employer decides to establish any advance accrued reserve on its books against the future expense of benefits payable hereunder, or if the Company or any Employer is required to
fund a trust under this Plan, such reserve or trust shall not under any circumstances be deemed to be an asset of the Plan. 
 19. AMENDMENT OR TERMINATION
OF PLAN. 
 The Board (or a duly authorized committee thereof may, in its sole and absolute discretion, amend the Plan from time to time and
at any time in such manner as it deems appropriate or desirable, and the Board (or a duly authorized committee thereof) may, in its sole and absolute discretion, terminate the Plan for any reason from time to time and at any time in such manner as
it deems appropriate or desirable. No amendment or termination shall reduce or terminate the then vested benefit of any Participant or Beneficiary. Upon an amendment or termination, the Company shall not be required to distribute a
Participant’s Deferred Benefit prior to the Participant’s Separation From Service, but, in the event of a termination of the Plan, the Company may distribute each Participant’s Deferred Benefit in the manner and at times permitted by
Treasury Regulation 1.409A-3(j)(4)(ix). Notwithstanding anything herein to the contrary, the Board (or a duly authorized committee thereof) may, in its sole and absolute discretion, amend the Plan from time to time and at any time in such manner as
it deems it appropriate or desirable for purposes of complying with Section 409A of the Code and the regulations promulgated thereunder. 
  

 7 

 20. SEVERABILITY OF PROVISIONS. 
 In case any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such
provisions had not been included. 
 21. ENTIRE AGREEMENT. 
 This Agreement, along with the Participant’s elections hereunder, constitutes the entire agreement between the Company, the applicable Employer and the Participant pertaining to the subject matter herein and
supersedes any other plan or agreement, whether written or oral, pertaining to the subject matter herein. No agreements or representations, other than as set forth herein, have been made by the Company or any Employer with respect to the subject
matter herein. 
 22. HEADINGS AND CAPTIONS. 
 The headings and captions herein are provided for reference and convenience only. They shall not be considered part of the Plan and shall not be employed in the construction of the Plan. 
 23. GENDER AND NUMBER. 
 Whenever used in the Plan, the
masculine shall be deemed to include the feminine and the singular shall be deemed to include the plural, unless the context clearly indicates otherwise. 
 24. NON-EMPLOYMENT. 
 The Plan is not an agreement of employment and it shall not grant an employee any rights of employment.

 25. PAYMENT NOT SALARY. 
 Any Deferred
Benefits payable under this Plan shall not be deemed salary or other compensation to the employee for the purposes of computing benefits to which he or she may be entitled under any pension plan or other arrangement of any Employer for the benefit
of its employees, except as otherwise provided in any benefit plan or arrangement. 
 26. CONTROLLING LAW. 
 To the extent legally required, the Code and the Employee Retirement Income Security Act of 1974, as amended shall govern the Plan and, if any provision
hereof is in violation of any applicable requirement thereof, the Company reserves the right to retroactively amend the Plan to comply therewith. To the extent not governed by the Code and the Employee Retirement Income Security Act of 1974, as
amended, the Plan shall be governed by the laws of the State of New York. 
 27. CODE SECTION 409A. 
 In the event of any inconsistency between any provision of this Plan and Section 409A of the Code, including any regulatory and administrative
guidance issued from time to time thereunder, the provisions of Code Section 409A shall control. In case any one or more provisions of this Plan fails to comply with the provisions of Code Section 409A, the remaining provisions of this
Plan shall remain in effect, and this Plan shall be administered and applied as if the non-complying provisions were not part of this Plan. 
  

 8 

 IN WITNESS WHEREOF, the Company caused the Plan to
be executed as of the 1st day of December 2008. 
  

			
	 CARROLS CORPORATION
  

	 /s/ Joseph A Zirkman

	  

	 By:
	 	Joseph A Zirkman
	 Title:
	 	Vice President

  

 9 

 APPENDIX A 
 Change of Control 
 “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 Carrols Restaurant Group that represent 50% or more of the combined voting power of Carrols Restaurant Group’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 Carrols Restaurant Group or any person controlled by Carrols Restaurant Group or by any employee benefit plan (or related trust) sponsored or maintained by Carrols Restaurant Group or any person controlled by Carrols Restaurant Group;
or 
 (ii) An acquisition of voting securities by Carrols Restaurant Group or a corporation owned, directly or indirectly by
all of the stockholders of Carrols Restaurant Group in substantially the same proportions as their ownership of the stock of Carrols Restaurant Group. 
 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 Carrols Restaurant Group’s securities by Carrols Restaurant Group
which causes Carrols Restaurant Group’s voting securities beneficially owned by a person or group to represent 50% or more of the combined voting power of Carrols Restaurant Group’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 Carrols Restaurant Group’s then outstanding voting securities by reason of share acquisitions by Carrols Restaurant Group
as described above and shall, after such share acquisitions by Carrols Restaurant Group, become the beneficial owner of any additional voting securities of Carrols Restaurant Group, then such acquisition shall constitute a Change of Control; or

 (b) individuals who, as of the [Date], constitute the Board of Directors of Carrols Restaurant Group (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board of Directors of Carrols Restaurant Group, provided that any person becoming a director subsequent to the Effective Date whose election, or nomination for election by Carrols
Restaurant Group’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 Carrols Restaurant Group) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or 
 (c) the consummation by Carrols Restaurant Group (whether directly involving Carrols Restaurant Group or indirectly involving Carrols Restaurant Group
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: 
 (i) Which results in Carrols Restaurant Group’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of Carrols Restaurant Group or the person that, as a result of the transaction, controls, directly or indirectly, Carrols Restaurant Group or owns, directly or
indirectly, all or substantially all of Carrols Restaurant Group’s assets or otherwise succeeds to the business of Carrols Restaurant Group (Carrols Restaurant Group 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 
  

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 (ii) 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 Carrols Restaurant Group prior to the consummation of the transaction; or 
 (d) a sale or
disposition of all or substantially all of Carrols Restaurant Group’s assets. 
  

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