Document:

EX-10.5.2

 Exhibit 10.5.2 

FOGO HOSPITALITY INC. 

2022 LONG-TERM INCENTIVE PLAN 

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT 

This Performance Restricted Stock Unit Award Agreement (this “Award Agreement”) evidences an award of performance
restricted stock units (the “PSUs”) by Fogo Hospitality Inc., a Delaware corporation (“Fogo”) under the Fogo Hospitality Inc. 2022 Long Term Incentive Plan (the “Plan”).
Capitalized terms not defined in the Award Agreement have the meanings given to them in the Plan. 
  

			
	Name of Grantee:	  	                             (the “Grantee”).
		
	Grant Date:	  	                             (the “Grant Date”).
		
	Number of PSUs:	  	                             (the “Target Number of
PSUs”). The number of PSUs that are earned and be eligible to vest will range from 0% to     % of the Target Number of PSUs and be determined based on achievement of the Performance Metrics set forth in
Schedule A.
		
	Performance Period:	  	                    , 20     to
                    , 20    .
		
	Vesting Date:	  	 The PSUs shall vest on the date on which the Committee determines the number of earned PSUs following the end of the Performance Period
(the “Vesting Date”).
  
 The PSUs will vest only if the Grantee is,
and has been, continuously employed by Fogo from the Grant Date through the Vesting Date and to the extent that the Performance Metrics are satisfied, and any unvested PSUs will be forfeited upon any termination of Employment for any reason.

 
 [Notwithstanding the foregoing and any provision in the Plan:

 
 A. Upon a termination of Employment due to
death, Disability or without Cause, the Participant will vest in a prorated portion of his or her PSUs based on the number of days from the Grant date through the Participant’s date of termination, subject to a Release of Claims (as defined
below) other than in the event of death;
  

B. Upon Participant’s retirement at the applicable statutory age in his or her primary work location or if
no such statutory retirement age exists, age 65, then the Participant will vest in a prorated portion of his or her PSUs based on the number of days from the Grant Date through the Participant’s retirement date, subject to a Release of
Claims.

			
	  
	  	 C. Upon a Participant’s termination due to death, Disability, retirement or without
Cause, the Committee will determine the level at which the Target Number of PSUs is achieved based on performance through the date of termination.
  

D. Upon a Change in Control that occurs during the Performance Period, the Committee will deem the performance
conditions set forth in Schedule A achieved at a level of performance determined by the Committee based on performance through the date of the Change in Control.]1

		
	Performance Metrics:	  	As set forth in Schedule A.
		
	Delivery Date:	  	No later than 60 days after the Vesting Date (or, if earlier, 60 days after the date of the Participant’s Qualifying Termination), Fogo will issue to the Grantee one share of common stock, par value $0.01 per share (each, a
“Share”), of Fogo for each vested PSU, subject to applicable tax withholding (the date the Shares are so issued, the “Delivery Date”). In the discretion of the Committee, in lieu of all or any portion
of the Shares otherwise deliverable in respect of the vested PSUs, the Company may deliver a cash amount equal to the number of such Shares multiplied by the Fair Market Value of a Share on the date when Shares would otherwise have been issued as
determined by the Committee.
		
	Dividend Equivalents Rights:	  	On the Delivery Date, Fogo will pay to the Participant a cash amount equal to the cash dividends or other distributions (other than any dividends or distributions for which the PSUs were adjusted pursuant to Section 1.6.3 of
the Plan), if any, that would have been paid on the Shares delivered to the Participant on the Delivery Date if such Shares had been outstanding as of the Grant Date. The number of Shares delivered on the Delivery Date shall include for this purpose
any Shares withheld to satisfy tax withholding obligations.
		
	Voting Rights	  	The Participant will have no voting rights with respect to any of the Shares underlying any PSUs until such Shares are issued and delivered to the Participant and the Participant’s name is entered as a stockholder of record
on the books of Fogo.

  

	1 	 Note to Draft: To be included or revised as applicable. 

  
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	Section 409A:	  	Payments under this Award Agreement are intended to be exempt from or comply with Section 409A of the Internal Revenue Code (“Section 409A”) to the extent applicable, and this Award Agreement
shall be administered accordingly. Notwithstanding anything to the contrary contained in this Award Agreement or any employment agreement the Grantee has entered into with Fogo (“Employment Agreement”), to the extent that any
payment under this Award Agreement is determined by Fogo to constitute “non-qualified deferred compensation” subject to Section 409A and is payable to the Grantee by reason of termination of the
Grantee’s Employment, then (a) such payment shall be made to the Grantee only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if the Grantee is a
“specified employee” (within the meaning of Section 409A and as determined by Fogo), such payment shall not be made before the date that is six months after the date of the Grantee’s separation from service (or the Grantee’s
earlier death). Each payment under this Award Agreement shall be treated as a separate payment for purposes of Section 409A.
		
	Tax Withholding:	  	The Participant is advised to review with his/her own tax advisors the federal, state and local tax consequences of the PSUs. The Participant hereby represents to Fogo that he/she is relying solely on such advisors and not on any
statements or representations of Fogo, its Affiliates or any of their respective agents. If, in connection with the PSUs (including the dividend equivalent rights in connection with the PSUs), Fogo is required to withhold any amounts by reason of
any federal, state or local tax, such withholding shall be effected in accordance with Section 3.2 of the Plan. If the PSUs vest prior to payment for tax purposes, then the Participant agrees to cooperate with Fogo to satisfy any tax
withholding obligations, in such manner as determined by the Committee in its sole discretion.
		
	Transfer Restrictions:	  	The Participant may not sell, exchange, transfer, assign, pledge, hedge, hypothecate or otherwise encumber the PSUs or the Shares underlying the PSUs, other than to the extent provided in Section 3.5 of the Plan.
		
	Release of Claims:	  	The Participant’s right to vest in, and receive payment in respect of, the PSUs in connection with a Qualifying Termination (other than due to death) is contingent upon the Participant signing, and not revoking, a general
release of claims (the “Release of Claims”) in favor of the Company and its affiliates in such form as provided by the Company, which will contain a non-competition and non-solicitation of employees and customers for a period of      months after the Qualifying Termination.

  
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	Clawback:	  	 The PSUs (or a portion thereof) will be subject to clawback in the case of (i) a material downward restatement of the Company’s
EBITDA, other financial measure or performance measure incorporated into the performance terms themselves, with respect to any applicable performance period, (ii) the Participant’s violation of any restrictive covenants, or (iii) the
termination of the Participant’s employment with the Company for Cause, or the discovery, following a termination of the Participant’s employment with the Company, of facts by the Board of Directors of Fogo that would have entitled Fogo to
terminate the Participant for Cause. Any decision to clawback PSUs under this paragraph will be made by the Committee in its sole discretion.
  

In addition to the foregoing, the PSUs will be subject to any clawback or recapture policy that the Company may adopt from time to time to the extent provided
in such policy

		
	Amendment:	  	The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement, except that the Committee shall not make any amendment in a manner unfavorable to the Grantee (other than if
immaterial), without the Grantee’s consent. Any amendment of this Award Agreement shall be in writing and signed by an authorized member of the Committee or a person or persons designated by the Committee.
		
	Governing Law:	  	This Award Agreement shall be deemed to be made under, and in all respects be interpreted, construed and governed by and in accordance with, the laws of the State of Delaware without regard to conflict of law
principles.
		
	All Other Terms:	  	As set forth in the Plan.

 The Plan is incorporated herein by reference. Except as otherwise set forth in the Award Agreement, the Award
Agreement and the Plan constitute the entire agreement and understanding of the parties with respect to the PSUs. In the event that any provision of the Award Agreement is inconsistent with the Plan, the terms of the Plan will control. Except as
specifically provided herein, in the event that any provision of this Award Agreement is inconsistent with any Employment Agreement, the terms of the Employment Agreement will control. By accepting this Award Agreement, the Grantee agrees to be
subject to the terms and conditions of the Plan. 
 This Award Agreement may be executed in counterparts, which together will constitute one
and the same original. 

  
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 IN WITNESS WHEREOF, the parties have caused this Award Agreement to be duly executed
and effective as of the Grant Date. 
  

					
	FOGO HOSPITALITY INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 		 	[NAME OF GRANTEE]
		 		 	  

 SCHEDULE A: PERFORMANCE METRICS 

  
 A-1-EX-10.11

 Exhibit 10.11 

FOGO HOSPITALITY, INC. 

RESTRICTED STOCK GRANT 

(Replacement Award for Prime Cut Holdings L.P. Incentive Interests) 

THIS RESTRICTED STOCK GRANT (the “Agreement”), is made effective as of the date set forth on the Company signature page (the
“Signature Page”) attached hereto, by and among Fogo Hospitality, Inc., a Delaware corporation (together with its successors and assigns, the “Company”), the participant identified on the Signature Page attached
hereto (“Participant”) and Prime Cut Holdings L.P., a Delaware limited partnership (“Parent”). 
 R E C
I T A L S: 
 WHEREAS, Participant holds the number of Common Interests and Incentive Interests of Parent (collectively, the
“Interests”) specified on the Signature Page, which Interests were issued pursuant to the Amended and Restated Limited Partnership Agreement of Parent (as amended from time to time, the “LP Agreement”) and one or
more Subscription Agreements (collectively, the “Subscription Agreements”); 
 WHEREAS, in connection with, and subject to
the effectiveness of the registration statement on Form S-1 filed by the Company (Reg. No. 333-261132), as may be amended or supplemented from time to time, and
closing of the initial public offering of the Company (the “IPO”), Parent will distribute shares (“Shares”) of common stock, par value $0.01, of the Company to certain limited partners, including the Participant,
and following such distribution (the “Exchange” and the date of such Exchange, the “Exchange Date”), the Participant will no longer hold any interest in Parent; 

WHEREAS, for purposes of determining the number of Shares that the Participant will receive in the Exchange, (x) the time-vesting
conditions applicable to the Incentive Interests will be deemed satisfied and (y) the performance-vesting conditions applicable to the Incentive Interests will be deemed satisfied to the extent such conditions would be met based on the price at
which a Share is sold in the Company’s initial public offering (the “IPO Price”) or as otherwise determined by the Compensation Committee of the Board of Directors of the Company (the “Committee”),
(collectively, the “Deemed Vesting”); 
 WHEREAS, as of the Exchange Date, the Company will have adopted the Fogo
Hospitality, Inc. 2022 Long-Term Incentive Plan (the “Plan”); and 
 WHEREAS, as of the Exchange Date, the Interests will
be cancelled and will cease to be issued and outstanding and Participant will receive, in exchange for the Common Interests and the vested portion of the Incentive Interests after taking into account the Deemed Vesting (the Common Interests and
vested Incentive Interests collectively, the “Vested Interests”), Shares with an equivalent value based on the IPO Price. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

 

	 	1.	 Exchange Shares. 

(a)    Subject to the terms and conditions set forth in this Agreement and the closing of the IPO, effective as of the
Exchange Date, the Interests are hereby cancelled and the Participant shall receive a distribution of the number of Shares calculated by the Committee in accordance with this Section 1(a), which will be specified on the
Signature Page (the “Exchange Shares”). In the event the IPO is not consummated within 30 days following the date hereof, this Agreement and the Exchange will be null and 

 
void and of no further force or effect. The number of Exchange Shares will be calculated by the Committee in its reasonable good faith discretion, such that the aggregate value of the Exchange
Shares equals the value that the Participant would have received if Parent had sold the Participant’s proportionate interest in the Shares (determined pursuant to the LP Agreement based on Vested Interests) at the IPO Price, net of the
Participant’s share of any expenses of Parent; provided that the number of Exchange Shares will be rounded down to the nearest whole number of Shares. 

(b)    Within 30 days following the Exchange Date, Participant will file, via certified mail, return receipt requested, an
election under Section 83(b) of the Internal Revenue Code of 1986, as amended, with the Internal Revenue Service in the form of Exhibit A attached hereto, and thereafter will certify to the Company that Participant has made such timely
filing and furnish a copy of such filing to the Company. Participant should consult his or her tax advisor regarding the consequences of a Section 83(b) election, as well as the receipt, lapsing of any substantial risk of forfeiture, holding
and sale of the Exchange Shares. 
 2.    Restrictions. The Exchange Shares will be subject to the restrictions
as set forth in Schedule I of this Agreement and that certain lockup agreement executed on or around the date hereof (the “Lockup Agreement”). 

3.    Book Entry; Certificates. The Company may recognize Participant’s ownership of Shares through
uncertificated book entry or through the issuance of certificates evidencing the Exchange Shares. Any such certificates will be registered in Participant’s name on the stock transfer books of the Company promptly after the Exchange Date, but
may remain in the physical custody of the Company or its designee at all times prior to the expiration of any restrictions set forth in this Agreement or otherwise applicable to the Exchange Shares. As soon as practicable following such time, any
certificates for the Exchange Shares will be delivered to Participant or to Participant’s legal guardian or representative along with the stock powers relating thereto. The Company will not be liable to Participant for damages relating to any
delays in issuing the certificates (if any) to Participant, any loss by Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 

4.    Rights as a Stockholder. Participant will be the record owner of the Exchange Shares until or unless such
Shares are forfeited pursuant to the terms of this Agreement, and as record owner will be entitled to all rights of a common stockholder of the Company, including, without limitation, voting rights with respect to the Exchange Shares and rights to
dividends or other distributions; provided, that the Exchange Shares will be subject to the limitations on transfer and encumbrance set forth in Section 2. 

5.    Legend. To the extent applicable, all book entries (or certificates, if any) representing the Exchange Shares
delivered to Participant as contemplated by Section 3 above will be subject to the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed,
and any applicable Federal or state laws, and the Company may cause notations to be made next to the book entries (or a legend or legends put on certificates, if any) to make appropriate reference to such restrictions. 

6.    No Right to Continued Employment. Neither the Plan nor this Agreement nor Participant’s receipt of the
Exchange Shares hereunder will impose any obligation on the Company or any Affiliate to continue the employment or engagement of Participant. Further, the Company or any Affiliate (as applicable) may at any time terminate the employment or
engagement of such Participant, free from any liability or claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

  
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 7.    Assignment Restrictions. 

(a)    The Exchange Shares may not, at any time prior to becoming unrestricted and transferable pursuant to the terms of
this Agreement, be Assigned and any such purported Assignment will be void and unenforceable against the Company or any Affiliate; provided, that the designation of a beneficiary will not constitute an Assignment. 

(b)     “Assign” or “Assignment” will mean (in either the noun or the verb form,
including with respect to the verb form, all conjugations thereof within their correlative meanings) with respect to any security, the gift, sale, assignment, transfer, pledge, hedge, hypothecation or other disposition (whether for or without
consideration, whether directly or indirectly, and whether voluntary, involuntary or by operation of law) of such security or any interest therein. 

8.    Notices. Any notice necessary under this Agreement will be addressed to the Company in care of its General
Counsel at the principal executive office of the Company and to Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other address as either party hereto may hereafter designate
in writing to the other. Any such notice will be deemed effective upon receipt thereof by the addressee. 

9.    Choice of Law; Jurisdiction; Venue. This Agreement will be governed by and construed in accordance with the
internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. Any suit, action or proceeding with respect to this Agreement
(or any provision incorporated by reference), or any judgment entered by any court in respect of any thereof, will be brought in any court of competent jurisdiction in the State of Delaware, and each of Participant, the Company, and any transferees
who hold Shares pursuant to a valid Assignment, hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding, or judgment. Each of Participant, the Company, and any transferees who hold Shares
pursuant to a valid Assignment hereby irrevocably waives (a) any objections which it may now or hereafter have to the laying of the venue of any suit, action, or proceeding arising out of or relating to this Agreement brought in any court of
competent jurisdiction in the State of Delaware, (b) any claim that any such suit, action, or proceeding brought in any such court has been brought in any inconvenient forum and (c) any right to a jury trial. 

10.    Shares Subject to Plan; Amendment. By entering into this Agreement, Participant agrees and acknowledges that
Participant has received and read a copy of the Plan. The Exchange Shares granted hereunder are subject to the Plan. The terms and provisions of the Plan, as it may be amended from time to time, are hereby incorporated herein by reference. In the
event of a conflict between any term or provision contained herein applicable to the Exchange Shares and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. The Compensation Committee may waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination will materially adversely
affect the rights of Participant hereunder without the consent of Participant. 
 11.    Parent. Participant
agrees and acknowledges that, upon consummation of the Exchange, Participant will (i) hold no equity or other interest in Parent, (ii) no longer be a member of Parent and (iii) have no surviving rights under the governing documents of
Parent (including, without limitation, the LP Agreement or the Subscription Agreements). 

  
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 12.    Entire Agreement. This Agreement is the final, complete
and exclusive agreement of the parties with respect to its subject matter and supersedes and merges all prior or contemporaneous discussions or agreements, whether written or oral, regarding the subject matter of this Agreement. 

13.    Severability. In the event that any provision of this Agreement or application thereof to anyone or under
any circumstance is found to be invalid or unenforceable in any jurisdiction to any extent for any reason, such invalidity or unenforceability will not affect any other provision or application of this Agreement which can be given effect without the
invalid or unenforceable provision or application and will not invalidate or render unenforceable such provision or application in any other jurisdiction. 

14.    Counterparts. This Agreement may be executed in several counterparts, each of which is an original and all
of which will constitute one instrument. It will not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts. 

[Signatures on next page.] 

  
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 IN WITNESS WHEREOF, Participant acknowledges and accepts the terms of this Agreement, which
will be effective as of the date set forth below and countersignature by the Company. 
  

			
	 Participant

	
	  

	 Name:
	 	
	 Dated:
	 	  

  
 [Signature Page –
Exchange Agreement for Interests in Prime Cut Holdings L.P.] 

 Agreement acknowledged and confirmed: 

 

									
	PRIME CUT HOLDINGS L.P.	 		  	        FOGO HOSPITALITY, INC.
			
	By: Prime Cut GP L.L.C., its general partner	 		  	

									
					
	By:	 	  
	 		  	By:	 	  

									
	Name:	 		  	Name:
	Title:	 		 		  	Title:	 	

 Equity Schedule 

Name: 
 Exchange Date: 

 

									
	 	  	Number of
Interests	 	  	Number of
Exchange
Shares	 
	 Common Interests
	  				  			
	 Time Vested Incentive Interests
	  				  			
	 Performance Vested Incentive
	  				  			
	 Interests
	  				  			
	 Total
	  				  			

  
 [Signature Page –
Exchange Agreement for Interests in Prime Cut Holdings L.P.] 

 Schedule I 

Restrictions 
 The Exchange
Shares issued in respect of the Incentive Interests will be subject to the following terms and conditions: 

(i)    Restrictions on sale of Exchange Shares will lapse in accordance with the following schedule: 50% on the second
anniversary of the closing of the IPO (rounded down to the nearest whole number of Shares), 25% on the third anniversary of the closing of the IPO (rounded down to the nearest whole number of Shares) and the remainder on the fourth anniversary of
the closing of the IPO. 
 (ii)    If any Participant voluntarily ceases to be any of a director, officer or employee of
the Company or its subsidiaries (other than due to retirement at the age of 65 or in a manner agreed by the Board of Directors of the Company or a committee thereof and, for the avoidance of doubt, other than due to death or disability) or is
dismissed for Cause (as defined in the Plan) after the IPO (together, a “Bad Leaver”) then the restrictions on the sale of the Exchange Shares will, notwithstanding paragraph (i) above, lapse on the tenth anniversary of the
closing of the IPO. 
 (iii)    If any Participant ceases to be any of a director, officer or employee of the Company or
its subsidiaries, other than as a Bad Leaver, then the restrictions on such Exchange Shares will continue to lapse in the same proportion, and on the same schedule and terms as such Exchange Shares would have lapsed had Participant remained a
director, officer or employee of the Company or its subsidiaries. 
 (iv)    Notwithstanding the foregoing (other than
with respect to the schedule for a Bad Leaver set out in paragraph (ii) above), the restrictions applicable to any outstanding Exchange Shares will lapse six months after the date on which the Rhône Partners V L.P. and Rhône
Offshore Partners V L.P. (together with Rhône Partners V L.P., the “Rhône Funds”) have sold at least 85% of the Shares held directly or indirectly by the Rhône Funds immediately after the closing of the IPO. 

All Exchange Shares (whether restricted or unrestricted and whether issued in respect of Common Interests and Incentive Interests) will be
subject to the following terms and conditions: 
 (i)    Any Exchange Shares will be subject to any policies of the
Company applicable to Participants as in effect from time to time, including the Lockup Agreement, insider trading policies and applicable law. 

 Exhibit A 

ELECTION TO INCLUDE SHARES IN GROSS 

INCOME PURSUANT TO SECTION 83(b) OF THE 

INTERNAL REVENUE CODE 

The undersigned acquired shares of common stock, par value $0.01 per share (the “Shares”), of Fogo Hospitality Inc. (the
“Company”) on [    ], 2022 (the “Transfer Date”). 
 The undersigned desires to make
an election to have the Shares taxed under the provision of Section 83(b) of the Internal Revenue Code of 1986, as amended (“Code §83(b)”), at the time the undersigned acquired the Shares. 

Therefore, pursuant to Code §83(b) and Treasury Regulation §1.83-2 promulgated thereunder,
the undersigned hereby makes an election, with respect to the Shares (described below), to report as taxable income for calendar year 2022 the excess, if any, of the Shares’ fair market value on the Transfer Date over the acquisition price
thereof. 
 The following information is supplied in accordance with Treasury Regulation
§1.83-2(e): 
  

	 	1.	 The name, address and social security number of the undersigned: 

 

	 	    	 Name: 

	 	    	 Address: 

	 	    	 SSN:    — 

 

	 	2.	 A description of the property with respect to which the election is being made:
[        ] Shares of the Company. 

  

	 	3.	 The date on which the property was transferred: the Transfer Date. The taxable year for which such election is
made: calendar year 2022. 

  

	 	4.	 The restrictions to which the property is subject: The Shares are subject to time based and/or performance
based conditions. If the undersigned ceases to be employed by any of the Company or an affiliate under certain circumstances, all or a portion of the Shares may be subject to forfeiture. The Shares are also subject to transfer restrictions.

  

	 	5.	 The aggregate fair market value on the Transfer Date of the property with respect to which the election is
being made, determined without regard to any lapse restrictions: $[    ] 

  

	 	6.	 The aggregate amount paid for such property: $[    ] 

A copy of this election has been furnished to the Secretary of the Company pursuant to Treasury Regulations
§1.83-2(e)(7). 
  

			
	  

	Name:	 	
	Dated:

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