Document:

Exhibit 4(b)

 

FIFTH AMENDMENT OF 

LOAN AGREEMENT

 

THIS FIFTH AMENDMENT OF
LOAN AGREEMENT (“Amendment”) is entered into and effective as of the 31st day of May, 2014 among NUGEN ENERGY,
LLC, a South Dakota limited liability company (“Borrower”), FIRST NATIONAL BANK OF OMAHA in its capacities as Agent and
a Bank (“Agent”) and the Banks party to the Loan Agreement referenced below, and amends that certain Loan Agreement dated
November 1, 2011 among Borrower, the Agent and Banks (as amended, the “Loan Agreement”).

 

WHEREAS, pursuant to the
Loan Agreement, Banks extended to Borrowers the Loans described in the Loan Agreement;

 

WHEREAS, pursuant to that
certain First Amendment of Loan Agreement dated November 1, 2012, the Loan Termination Date of the Revolving Loan was extended
to May 31, 2013;

 

WHEREAS, pursuant to that
certain Second Amendment of Loan Agreement dated March 13, 2013, the Fixed Charge Coverage Ratio and Working Capital Covenant were
modified and the Loan Agreement was otherwise amended as provided for therein;

 

WHEREAS, pursuant to that
certain Third Amendment of Loan Agreement dated May 31, 2013, the Loan Termination Date of the Revolving Loan was extended to May
31, 2014;

 

WHEREAS, pursuant to that
Fourth Amendment of Loan Agreement dated January 24, 2014, the capital expenditure covenant of the Loan Agreement was modified
as provided for therein;

 

WHEREAS, Borrower, Agent and the Banks desire
to extend the Loan Termination Date applicable to the Loans, modify the interest rate applicable to the Loans, modify the Non-Use
Fee, modify the repayment provisions of the Term Loan, modify the Excess Cash Flow covenant, modify the Fixed Charge Coverage Ratio
covenant, modify the capital expenditures covenant, modify the distributions covenant and otherwise amend the Loan Agreement as
provided for in this Amendment; and

 

WHEREAS, the parties desire
to amend the Loan Agreement as provided for in this Amendment.

 

NOW, THEREFORE, in consideration
of the amendments to the Loan Agreement provided for below, the mutual covenants herein and other good and valuable consideration,
the sufficiency and receipt of which is hereby acknowledged, the parties hereto agree to amend the Loan Agreement as follows:

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1. Capitalized terms used herein
shall have the meaning given to such terms in the Loan Agreement as amended in this Amendment, unless specifically defined in this
Amendment.

 

2. The definition of the term
“Applicable Margin” in Section 1.4 of the Loan Agreement is hereby deleted in its entirety and the following is inserted
in lieu thereof:

 

1.4 “Applicable
Margin” means, at any date, (a) in the case of Revolving Loan Advances, 2.75%, (b) in the case of the Term Loan, 3%, and (c)
in the case of the Non-Use Fee, 0.25%.

 

3. The definition of the term
“Loan Termination Date” in Section 1.27 of the Loan Agreement is hereby deleted in its entirety and the following is
inserted in lieu thereof:

 

1.27 “Loan Termination
Date” means the earliest to occur of the following: (i) as to the Revolving Loan, May 31, 2015, as to the Term Loan, May 31,
2019, (ii) the date the Obligations are accelerated pursuant to this Agreement, and (iii) the date the Agent has received (a) notice
in writing from Borrower of Borrower’s election to terminate this Agreement, including the Commitments, and (b) indefeasible payment
in full of the Obligations.

 

4. The defined term “Floor”
in Section 1.22 of the Loan Agreement is hereby deleted.

 

5. Section 2.4(a) of the Loan
Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

2.4. Interest.

 

(a) The outstanding
principal balance of the REVOLVING LOAN will bear interest at a per annum variable rate equal to the LIBOR RATE plus the Applicable
Margin applicable to the REVOLVING LOAN.

 

6. The first sentence of Section
2.9 of the Loan Agreement entitled “Fees”, is hereby amended by deleting the reference to 0.5% as the Non-Use Fee and
inserting in lieu thereof 0.25%.

 

7. Section 2.13 of the Loan
Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

2.13. Interest.
The TERM LOAN will bear interest at a per annum variable rate equal to the LIBOR Rate plus the Applicable Margin for the TERM

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LOAN. Interest will
be calculated on the actual number of days outstanding on the basis of a year consisting of 360 days, and will be payable quarterly
in arrears, together with principal, on the date principal installments are due. The TERM LOAN will bear interest after occurrence
and during the continuance of an EVENT OF DEFAULT and after maturity, whether by demand, acceleration or otherwise, at a per annum
rate equal to 6% in excess of the interest rate applicable to the TERM LOAN calculated above, but not to exceed the maximum rate
allowed by applicable law.

 

8. Section 2.14 of the Loan
Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

2.14. Repayment;
Maturity. The principal balance of the TERM LOAN will be payable in equal quarterly installments of $1,500,000, commencing
on August 1, 2014, and continuing on each May 1, August 1, November 1 and February 1 thereafter until May 31, 2019 when the outstanding
principal balance of the TERM LOAN, together with accrued and unpaid interest, will be due and payable in full. The quarterly principal
payment on the TERM LOAN is calculated based upon a full amortization schedule. Each BANK with a TERM LOAN COMMITMENT will be entitled
to its pro rata share of each principal and interest payment on the TERM LOAN in accordance with its Percentage of the TERM LOAN.

 

9. Effective as of the date
of this Amendment, certain Banks will no longer be Banks under or parties to the Agreement and their respective Commitments are
hereby terminated and reallocated among the remaining Banks party to this Amendment based upon the Commitments set out in Exhibit
C attached to this Amendment and incorporated herein by reference. Exhibit C to the Loan Agreement is hereby deleted in its entirety
and the Exhibit C attached to this Amendment is inserted in lieu thereof. To reflect the foregoing reallocation of the Commitments,
on the date of this Amendment each remaining Bank shall pay to the Agent such sums as are necessary to reflect the proper allocation
of the Loans after the reallocation of the Loans contemplated in this Amendment. In addition, Borrower will execute in favor of
each remaining Bank with a Revolving Loan Commitment and deliver to Agent a First Amended and Restated Revolving Note in the maximum
principal amount of each such remaining Bank’s Revolving Loan Commitment and Borrower will execute in favor of each remaining Bank
with a Term Loan Commitment and deliver to Agent a First Amended and Restated Term Note in the maximum principal amount of each
such remaining Bank’s Term Loan Commitment.

 

10. The definition of the term
“Fixed Charge Coverage Ratio” in Section 1.21 of the Loan Agreement is hereby amended by adding the following at the
end thereof:

 

Notwithstanding the actual principal
payments due on the Term Loan as provided for in this Agreement, for purposes of calculation of the Fixed Charge Coverage Ratio
only, the scheduled quarterly principal payments on the Term Loan shall be

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deemed to be $1,375,000 resulting in
an annual scheduled principal payment on the Term Loan of $5,500,000.

 

11. Section 5.2.2 of the Loan
Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

5.2.2 For each fiscal year, BORROWER
shall determine and report to ADMINISTRATIVE AGENT, within 120 days after the end of each such fiscal year, the amount of its EXCESS
CASH FLOW for such ended fiscal year. Effective on the 120th day after the end of each fiscal year following the CLOSING
(each such day, an “EXCESS CASH FLOW REDUCTION DATE”), the BORROWER shall pay and apply to the principal balance of the
TERM LOAN an amount equal to twenty percent (20%) of the EXCESS CASH FLOW for said ended fiscal year; provided, however, that,
the maximum amount of such reduction for any fiscal year shall not exceed $6,000,000.00. Such payments shall not release BORROWER
from making any payment of principal or interest otherwise required by this AGREEMENT or the TERM NOTES.

 

12. Section 5.4.9 of the Loan
Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

5.4.9 Make, or commit to make, capital
expenditures (including the total amount of any capital leases) in an aggregate amount exceeding $5,000,000.00 in any single
fiscal year of BORROWER, nor capital expenditures not included in a ADMINISTRATIVE AGENT approved CAPEX BUDGET; provided, however,
that not more than $6,000,000 of capital expenditures from the construction of two 1,100,000 bushel capacity grain bins at the
PROJECT will be excluded from the determination of BORROWER’s capital expenditures in BORROWER’s 2014 fiscal year. ADMINISTRATIVE
AGENT hereby approves the inclusion of such grain bins in BORROWER’s 2014 CAPEX BUDGET.

 

13. Section 5.4.10 of the Loan Agreement
is hereby deleted in its entirety and the following is inserted in lieu thereof:

 

5.4.10 Borrower may not declare or pay
any dividends or distributions, or make any distribution of assets to its members, whether in cash, assets or obligations of Borrower,
or allocate or otherwise set apart any funds or assets for the payment of any dividend without the prior written consent of the
Administrative Agent except as provided for in this Section as follows (collectively, the “Permitted Distributions”):

 

(i) So long as on each payment date of
a Permitted Distribution (a) no Event of Default has occurred and is continuing or would occur after giving effect to the payment
of the Permitted Distribution described in this Subsection 5.4.10(i), (b) Borrower has complied with and delivered to the Agent
Borrower’s annual audited financial statements and compliance certificates as required in this

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Agreement and (c) Borrower is in compliance
with all of the financial and other covenants provided for in this Agreement and will remain so after giving effect to the payment
of such distribution described in this Subsection 5.4.10(i), Borrower may distribute to its members Net Income (calculated in accordance
with GAAP) each fiscal year, based upon the Net Income of Borrower for the immediately preceding fiscal year, in an amount not
to exceed the percentage of Borrower’s Net Income for such preceding fiscal year determined as follows:

 

	If Borrower’s leverage ratio (calculated as total

Indebtedness to tangible net worth) in the previous fiscal

year is:	 	Allowable Net

Income distributions

in the current fiscal

year in the aggregate

of up to:
	Greater than or equal to 1.00 : 1.00	 	45% of the previous year’s Net Income
	Less than 1.00 : 1.00 but greater than 0.75 : 1.00	 	55% of the previous year’s Net Income
	Less than 0.75 : 1.00	 	65% of the previous year’s Net Income

 

(ii) Subject to the satisfaction of the
requirements to payment provided for in subsection (i) above, Borrower may pay such Permitted Distribution at any time during the
applicable fiscal year of Borrower and may pay such Permitted Distribution in installments during such fiscal year. Notwithstanding
anything contained in this Agreement to the contrary, in no event shall any Permitted Distributions or installments thereof be
made prior to Borrower’s full payment and satisfaction of all of Borrower’s Obligations which have accrued to the date
of payment of such Permitted Distributions, including the payment of Excess Cash Flow required in this Agreement.

 

14. The defined Term “Tax Distributions”
in Section 1.44 of the Loan Agreement is hereby deleted and the term Tax Distributions is hereby otherwise deleted from the Loan
Agreement. After the date of this Amendment, the only distributions permitted under the Loan Agreement are Permitted Distributions
under Section 13 of this Amendment.

 

15. The defined term Adjusted
EBIDTA in Section 1.2 of the Loan Agreement is hereby deleted in its entirety and the following is inserted in lieu
thereof:

 

1.2 “ADJUSTED EBITDA” means
EBITDA less taxes, less capital expenditures and less Permitted Distributions and less non-cash items, in each case for the applicable
reporting period.

 

16. Section 7.4 of the Loan Agreement
is hereby amended by deleting the reference to Fallon Savage in the Agent’s notice Attention line and inserting in lieu thereof
Blake Suing.

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17. This Amendment shall not be effective
until BANK shall have received each of the following (each in form and substance acceptable to BANK) or the following conditions
have been satisfied:

 

		(a)	This Amendment, duly executed by Borrower and the Banks;

 

		(b)	The First Amended and Restated Revolving Notes;

 

		(c)	First Amended and Restated Term Notes;

 

		(d)	An amendment of the Mortgages in form and substance satisfactory to the Agent amending the maturity
date of the Loans provided for in the Mortgages;

 

		(e)	A Secretary’s Certificate and resolutions authorizing Borrower’s entry into this Amendment,
each in form and substance satisfactory to the Agent;

 

		(f)	Such other matters as the Agent may reasonably require.

 

18. Except as modified herein, all other
terms, provisions, conditions and obligations imposed under the terms of the Loan Agreement and the other Loan Documents shall
remain in full force and effect and are hereby ratified, affirmed and certified by Borrower. Borrower hereby ratifies and affirms
the accuracy and completeness of all representations and warranties contained in the Loan Agreement and other Loan Documents. Borrower
represents and warrants to the Agent and the Banks that the representations and warranties set forth in the Loan Agreement, and
each of the other Loan Documents, are true and complete on the date hereof as if made on and as of the date hereof (or, if any
such representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall
be true and correct as of such specific date), and as if each reference in “this Agreement” included references to
this Amendment. Borrower represents, warrants and confirms to the Agent and the Banks that no Events of Default is now existing
under the Loan Documents and that no event or condition exists which would constitute an Event of Default with the giving of notice
and/or the passage of time. Nothing contained in this Amendment either before or after giving effect thereto, will cause or trigger
an Event of Default under any Loan Document. To the extent necessary, the Loan Documents are hereby amended consistent with the
amendments provided for in this Amendment.

 

19. This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same instrument.

 

20. This Amendment will be governed by
and construed in accordance with the laws of the State of Nebraska, exclusive of its choice of laws rules.

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21. Borrower will comply with all terms
and conditions of this Amendment and any other documents executed pursuant hereto and will, when requested by the Agent, execute
and deliver such further documents and instruments necessary to consummate the transactions contemplated hereby and shall take
such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Amendment.

 

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties
have executed and delivered this Amendment on the date first written above.

 

	 	FIRST NATIONAL BANK OF 

OMAHA, as Agent and as a Bank
	 	 	 
	 	By:	/s/ Blake Suing
	 	Title:	Loan Officer
	 	 	 
	 	NUGEN ENERGY, LLC, Borrower
	 	 	 
	 	By:	/s/ Aaron Riedell
	 	Title:	CEO

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	 	AgStar Financial Services, PCA, as a  Bank
	 	 	 
	 	By:	/s/ Ron Monson
	 	 	 
	 	Title:	Vice President

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	 	1st Farm Credit Services, PCA, as a Bank
	 	 	 
	 	By:	/s/ Dale Richardson
	 	 	 
	 	Title:	Vice President

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	 	1st Farm Credit Services, FLCA, as a Bank
	 	 	 
	 	By:	/s/ Dale Richardson
	 	 	 
	 	Title:	Vice President

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	 	Farm Credit Services of America, PCA, as a Bank
	 	 	 
	 	By:	/s/ Ron Brandt
	 	 	 
	 	Title:	Vice President

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EXHIBIT C

BANKS’ COMMITMENTS

 

	BANK	 	TERM LOAN
 COMMITMENT
 AMOUNT*	 	REVOLVING
 LOAN
 COMMITMENT
 AMOUNT	 	TOTAL
 COMMITMENT,
 TERM LOAN AND
 REVOLVING
 LOAN
	First National Bank of Omaha	 	$	14,727,272.74	 	$	5,000,000.00	 	$	19,727,272.74
	1st Farm Credit Services, PCA	 	 	N/A	 	$	2,000,000.00	 	$	2,000,000.00
	1st Farm Credit Services, FLCA	 	$	6,000,000.00	 	 	N/A	 	$	6,000,000.00
	AgStar Financial Services, PCA	 	$	4,636,363.63	 	$	1,500,000.00	 	$	6,136,363.63
	Farm Credit Services of America, PCA	 	$	4,636,363.63	 	$	1,500,000.00	 	$	6,136,363.63
	 	 	 	 	 	 	 	 	 	 
	Totals	 	$	30,000,000.00	 	$	10,000,000.00	 	$	40,000,000.00

 

*The Total Term Loan Commitment on the date of the Fifth Amendment
of Loan Agreement is $30,000,000 and the foregoing Term Loan Commitments are calculated based upon such amount.

    	13EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 VOTING
AGREEMENT 
 This Voting Agreement (this “Agreement”) is made and entered into as of August 26, 2014, by and among
Tim Hortons Inc., a corporation organized under the laws of Canada (the “Company”) and the persons whose names appear on the signature pages hereto (each a “Stockholder” and, together, the
“Stockholders”). 
 RECITALS 

A. On August 26, 2014, Burger King Worldwide, Inc., a corporation incorporated under the laws of Delaware (“Parent”),
1011773 B.C. Unlimited Liability Company, a corporation organized under the laws of Canada (“Holdings”), New Red Canada Partnership, a limited partnership organized under the laws of Ontario and wholly owned Subsidiary of Holdings
(“Partnership”), Blue Merger Sub, Inc., a corporation incorporated under the laws of Delaware and a wholly owned Subsidiary of Partnership (“Merger Sub”), 8997900 Canada Inc., a corporation organized under the laws
of Canada and a wholly owned Subsidiary of Partnership (“Amalgamation Sub”), and the Company entered into an Arrangement Agreement and Plan of Merger (the “Arrangement Agreement”) for the purpose of effecting a
business combination transaction (the “Combination”) upon the terms and subject to the conditions set forth therein. 
 B.
In furtherance of the Combination, the parties to the Arrangement Agreement intend that (i) the Company proceed with an arrangement under section 192 of the CBCA involving the acquisition by Amalgamation Sub of all of the issued and outstanding
shares of the Company followed by an amalgamation of the Company and Amalgamation Sub, and (ii) Merger Sub be merged with and into Parent, with Parent being the surviving corporation (the “Merger”) and a Subsidiary of Holdings.

 C. The Stockholders agree to enter into this Agreement with respect to all common stock, par value $0.01 per share, of Parent (the
“Parent Common Stock”) that the Stockholders own, beneficially (as defined in Rule 13d-3 under the Securities Exchange Act) or of record, and any additional shares of Parent Common Stock that such Stockholders may hereinafter
acquire. 
 D. The Stockholders are the beneficial or record owners, and have either sole or shared voting power over, such number of shares
of Parent Common Stock as are indicated opposite each of their names on Schedule A attached hereto. 
 E. Parent and the Company
desire that the Stockholders agree, and the Stockholders are willing to agree, on terms and conditions set forth herein, not to Transfer (as defined below) any of their Parent Common Stock, and to vote all of their shares of Parent Common Stock in a
manner so as to facilitate consummation of the Combination. 
 NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants and agreements set forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as
follows: 
 1. Definitions. Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to
such terms in the Arrangement Agreement. When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall have the meanings assigned to them in this Section 1 or elsewhere in this Agreement. 

 “CBCA” means the Canada Business Corporations Act. 

“Expiration Time” shall mean the earliest to occur of (a) the Merger Effective Time and (b) such date and time as
the Arrangement Agreement shall be terminated validly pursuant to Article 9 thereof. 
 “Transfer” shall mean any direct or
indirect offer, sale, assignment, Lien, pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with
respect to any offer, sale, assignment, Lien, pledge, hypothecation, disposition, loan or other transfer (by operation of Law or otherwise), of any Parent Common Stock (or any security convertible or exchangeable into Parent Common Stock) or
interest in any Parent Common Stock, excluding, for the avoidance of doubt, entry into this Agreement. 
 2. Agreement to Retain the
Parent Common Stock. 
 2.1 No Transfer and Encumbrance of Parent Common Stock. Until the Expiration Time, the Stockholders agree,
with respect to any Parent Common Stock currently or hereinafter beneficially owned by the Stockholders, not to (a) Transfer any such Parent Common Stock or (b) deposit any such Parent Common Stock into a voting trust or enter into a
voting agreement or arrangement with respect to such Parent Common Stock or grant any proxy (except as otherwise provided herein) or power of attorney with respect thereto (other than pursuant to this Agreement); provided that any Stockholder may
Transfer any such Parent Common Stock to any Affiliate of such Stockholder if the transferee of such Parent Common Stock evidences in a writing reasonably satisfactory to the Company such transferee’s agreement to be bound by and subject to the
terms and provisions hereof to the same effect as such transferring Stockholder. 
 2.2 Additional Purchases. Each Stockholder agrees
that any Parent Common Stock and other shares of the Parent Common Stock that such Stockholder purchases or otherwise hereinafter acquires or with respect to which such Stockholder otherwise acquires sole or shared voting power after the execution
of this Agreement and prior to the Expiration Time (the “New Parent Common Stock”) shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted the Parent Common Stock set forth on
Schedule A attached hereto. 
 2.3 Unpermitted Transfers. Any Transfer or attempted Transfer of any Parent Common Stock,
including New Parent Common Stock, in violation of this Section 2 shall, to the fullest extent permitted by Law, be null and void ab initio. 

  
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 3. Agreement to Consent and Approve; Agreement to Make Exchangeable Election. 

3.1 Delivery of Written Consent. Hereafter until the Expiration Time, each Stockholder agrees that promptly (and, in any event, within
five (5) days) after the Form S-4 has been declared effective under the Securities Act by the SEC, such Stockholder shall execute and deliver to Parent and the Company an irrevocable written consent adopting and approving the Arrangement
Agreement and the Merger, in the form attached hereto as Exhibit A. Any such written consent shall be given in accordance with such procedures relating thereto so as to ensure that it is duly counted for purposes of recording the results of
such consent. No Stockholder shall enter into any tender, voting or other agreement, or grant a proxy or power of attorney, with respect to any Parent Common Stock, including New Parent Common Stock, that is inconsistent with this Agreement or
otherwise take any other action with respect to any Parent Common Stock, including any New Parent Common Stock, that would in any way restrict, limit or interfere with the performance of the Stockholders’ obligations hereunder or the
transactions contemplated hereby, including the adoption and approval by the Parent Shareholders of the Arrangement Agreement and the Merger and the consummation of the Combination. 

3.2 Exchangeable Election. Each Stockholder agrees that promptly after its receipt of an Election Form, it shall (i) return such
Election Form and validly make an Exchangeable Election, with respect to all shares of Parent Common Stock, including New Parent Common Stock, owned by such Stockholder, in accordance with the terms and conditions of the Arrangement Agreement and
(ii) not revoke such Exchangeable Election. 
 4. Irrevocable Proxy. 

4.1 Grant of Irrevocable Proxy. Each Stockholder hereby irrevocably appoints the Company and any designee of the Company, and each of
them individually, as such Stockholder’s proxy and attorney-in-fact, with full power of substitution and resubstitution, to execute consents with respect to any Parent Common Stock, including New Parent Common Stock, beneficially owned or owned
of record by such Stockholder, in each case solely to the extent and in the manner specified in Section 3. This proxy is given to secure the performance of the duties of such Stockholder under this Agreement, and its existence will not be
deemed to relieve such Stockholder of its obligations under Section 3. For Parent Common Stock, including New Parent Common Stock, as to which the Stockholder is the beneficial but not the record owner, such Stockholder will cause any record
owner of such Parent Common Stock, including New Parent Common Stock, to grant to the Company a proxy to the same effect as that contained in this Section 4.1. 

4.2 Nature of Irrevocable Proxy. Until the Expiration Time, the proxy and power of attorney granted pursuant to Section 4.1 by
each Stockholder shall be irrevocable, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies granted by such Stockholder with regard to such Stockholder’s
Parent Common Stock, including New Parent Common Stock, beneficially owned or owned of record by such Stockholder, and such Stockholder acknowledges that the proxy constitutes an inducement for the Company to enter into the Arrangement Agreement.
The power of attorney granted by each Stockholder is a durable power of attorney and shall survive the bankruptcy, dissolution, death or incapacity of such Stockholder. The proxy and power of attorney granted hereunder shall terminate at the
Expiration Time. 

  
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 5. Representations and Warranties of the Stockholders. Each Stockholder hereby represents
and warrants to the Company as follows: 
 5.1 Due Authority. Such Stockholder has the full power and authority to make, enter into
and carry out the terms of this Agreement. This Agreement has been duly and validly executed and delivered by such Stockholder and constitutes a valid and binding agreement of such Stockholder enforceable against it in accordance with its terms,
except to the extent enforceability may be limited by the effect of applicable bankruptcy, reorganization, insolvency, moratorium or other Laws affecting the enforcement of creditors’ rights generally and the effect of general principles of
equity, regardless of whether such enforceability is considered in a proceeding at Law or in equity. 
 5.2 Ownership of the Parent
Common Stock. As of the date hereof, such Stockholder (a) is the beneficial or record owner of the shares of Parent Common Stock indicated on Schedule A hereto opposite the Stockholder’s name, free and clear of any and all
Liens, other than those created by this Agreement or as disclosed on Schedule A, and (b) has sole voting power over all of the shares of Parent Common Stock beneficially owned or owned of record by such Stockholder. As of the date
hereof, such Stockholder does not own, beneficially or of record, any capital stock or other securities of Parent other than the shares of Parent Common Stock set forth on Schedule A opposite the Stockholder’s name. As of the date
hereof, such Stockholder does not own, beneficially or of record, any rights to purchase or acquire any shares of capital stock or other securities of Parent except as set forth on Schedule A opposite such Stockholder’s name. 

5.3 No Conflict; Consents. 

(a) The execution and delivery of this Agreement by such Stockholder does not, and the performance by such Stockholder of the obligations
under this Agreement and the compliance by such Stockholder with any provisions hereof do not and will not: (a) conflict with or violate any Laws applicable to such Stockholder, or (b) result in any material breach of or constitute a
material default (or an event that with notice or lapse of time or both would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any of
the Parent Common Stock beneficially owned or owned of record by such Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such Stockholder is
a party or by which such Stockholder is bound. 
 (b) No consent, approval, order or authorization of, or registration, declaration or
filing with, any governmental authority or any other Person, is required by or with respect to such Stockholder in connection with the execution and delivery of this Agreement or the consummation by such Stockholder of the transactions contemplated
hereby. 
 5.4 Absence of Litigation. As of the date hereof, there is no legal action pending against, or, to the knowledge of such
Stockholder, threatened against or affecting such Stockholder that could reasonably be expected to impair or adversely affect the ability of such Stockholder to perform such Stockholder’s obligations hereunder or to consummate the transactions
contemplated hereby on a timely basis. 
 6. Termination. This Agreement shall terminate and shall have no further force or effect
immediately as of and following the Expiration Time. Notwithstanding anything else contained herein, such termination shall not relieve any party from liability for any breach of this Agreement by the party prior to such termination. 

  
 -4- 

 7. Notice of Certain Events. Each Stockholder shall notify the Company promptly of
(a) any fact, event or circumstance that would cause, or reasonably be expected to cause or constitute, a breach in any material respect of the representations and warranties of such Stockholder under this Agreement or (b) the receipt by
such Stockholder of any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with this Agreement; provided, however, that the delivery of any notice pursuant to this
Section 7 shall not limit or otherwise affect the remedies available to the Company. 
 8. Capacity. Each Stockholder is
entering into this Agreement solely in its capacity as the record holder or beneficial owner of such Stockholder’s shares of Parent Common Stock. 

9. No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership
or incidence of ownership of or with respect to any Stockholder’s shares of Parent Common Stock. All rights, ownership and economic benefits of and relating to any such Stockholder’s shares of Parent Common Stock shall remain vested in and
belong to such Stockholder. 
 10. Miscellaneous. 

10.1 Severability. If any term or other provision of this Agreement is determined to be invalid, illegal or incapable of being enforced
by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

10.2 Binding Effect and Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. 
 10.3 Amendments and Modifications. This Agreement may
not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by all of the parties hereto. 

10.4 Specific Performance; Injunctive Relief. The parties hereto agree that irreparable damage would occur in the event any provision
of this Agreement was not performed in accordance with the terms hereof or was otherwise breached. It is accordingly agreed that the parties shall be entitled to specific relief hereunder, including, without limitation, an injunction or injunctions
to prevent and enjoin breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (unless the
Delaware Court of Chancery shall decline to accept jurisdiction over a particular matter, in which case, in any federal court 

  
 -5- 

 
within the State of Delaware), in addition to any other remedy to which they may be entitled at Law or in equity. Any requirements for the securing or posting of any bond with respect to any such
remedy are hereby waived. 
 10.5 Notices. All notices, requests, claims, consents, demands and other communications under this
Agreement shall be in writing and shall be deemed given if delivered personally, sent by overnight courier (providing proof of delivery) to the parties or sent by facsimile or e-mail of a .pdf attachment (providing confirmation of transmission) at
the following addresses or facsimile numbers (or at such other address or facsimile number for a party as shall be specified by like notice): 

(i) if to any Investor, to the address set forth for such party on Schedule A  

			
	
	with a copy to (which shall not be considered notice):
		
	Name:	  	Kirkland & Ellis LLP
	Address:	  	601 Lexington Avenue
		  	New York, New York 10022
	Fax:	  	(212) 446-6460
	Attention:	  	Stephen Fraidin
		  	William B. Sorabella
		  	David B. Feirstein
		
	and	  	
		
	Name:	  	Davies Ward Phillips and Vineberg LLP
	Address:	  	155 Wellington Street West
		  	Toronto, Ontario
		  	Canada M5V 3J7
	Fax:	  	(416) 863-0871
	Attention:	  	Patricia Olasker
		  	Steven Harris

  
 -6- 

 (ii) if to the Company 

 

			
	Tim Hortons Inc.
	874 Sinclair Road
	Oakville, ON, Canada
	Fax:	  	(905) 845-2931
	Attention:	  	Jill Sutton
	
	with a copy to (which shall not be considered notice):
		
	Name:	  	Wachtell, Lipton, Rosen & Katz
	Address:	  	51 West 52nd Street
		  	New York, New York 10019
	Fax:	  	(212) 403-2000
	Attention:	  	Adam O. Emmerich
		  	Gordon S. Moodie
		
	and	  	
		
	Name:	  	Osler, Hoskin & Harcourt LLP
	Address:	  	100 King Street West
		  	1 First Canadian Place
		  	Suite 4600, P.O. Box 50
		  	Toronto, Ontario
		  	Canada M5X 1B8
	Fax:	  	(416) 862-6666
	Attention:	  	Clay Horner
		  	Doug Bryce

 or to such other street address, individual or electronic communication number or address as may be designated by notice
given by any party to the others. Any demand, notice or other communication given by personal delivery will be conclusively deemed to have been given on the day of actual delivery thereof and, if given by facsimile or electronic communication, on
the day of transmittal thereof if given during the normal business hours of the recipient and on the following Business Day if not given during such hours on any day. 

10.6 APPLICABLE LAW; JURISDICTION OF DISPUTES. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO
NEGOTIATION AND EXPLORATION WITH RESPECT TO OR ENTERING INTO OF THIS AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (A) AGREE THAT ANY SUCH LITIGATION, PROCEEDING OR OTHER LEGAL ACTION SHALL BE
INSTITUTED EXCLUSIVELY IN 

  
 -7- 

 
A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE STATE OF DELAWARE, WHETHER A STATE OR FEDERAL COURT; (B) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH
PARTIES WILL CONSENT AND SUBMIT TO PERSONAL JURISDICTION IN ANY SUCH COURT DESCRIBED IN CLAUSE (A) OF THIS SECTION 10.6 AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS;
(C) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT
IN AN INCONVENIENT FORUM; (D) AGREE AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SECTION 10.5 FOR COMMUNICATIONS TO SUCH PARTY;
(E) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (F) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW. 
 10.7 WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES OF FACT AND LAW, AND THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY OTHERWISE HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THE NEGOTIATION, EXPLORATION, DUE DILIGENCE WITH RESPECT TO OR ENTERING INTO OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.7. 

10.8 Entire Agreement. This Agreement contains the entire understanding of the parties in respect of the subject matter hereof, and
supersedes all prior negotiations and understandings between the parties with respect to such subject matter. 
 10.9 Counterparts.
This Agreement may be executed in several counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement. 

10.10 Effect of Headings. The section headings herein are for convenience only and shall not affect the construction of interpretation
of this Agreement. 

  
 -8- 

 10.11 No Agreement Until Executed. Irrespective of negotiations among the parties or the
exchanging of drafts of this Agreement, this Agreement shall not constitute or be deemed to evidence a contract, agreement, arrangement or understanding between the parties hereto unless and until this Agreement is executed and delivered by all
parties hereto. 
 10.12 Legal Representation. This Agreement was negotiated by the parties with the benefit of legal representation
and any rule of construction or interpretation otherwise requiring this Agreement to be construed or interpreted against any party shall not apply to any construction or interpretation thereof. 

10.13 Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or
expense. 
 [Signature page follows] 

  
 -9- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the date and
year first above written. 
  

			
	TIM HORTONS INC.
		
	By:	 	 /s/ Marc Caira

	Name:	 	Marc Caira
	Title:	 	 President and Chief Executive Officer

 [Signature Page to Voting Agreement] 

 
			
	STOCKHOLDERS:
	
	3G SPECIAL SITUATIONS FUND II, L.P.
		
	By:	 	3G Special Situations Partners, Ltd.
		 	its General Partner
		
	By:	 	 /s/ Bernardo Piquet

		
	Name:	 	 Bernardo Piquet

		
	Title:	 	 Director

 [Signature Page to Voting Agreement] 

 SCHEDULE A 

 

							
	 Name
	  	 Address for Notice
	  	 Common Stock
	 
	3G Special Situations Fund II, L.P.	  	 c/o 3G Capital Inc.
 600 Third Avenue

New York, NY 10016
	  	 	243,858,915	  
			
	TOTAL	  		  			

 EXHIBIT A 

FORM OF WRITTEN CONSENT OF STOCKHOLDERS IN LIEU OF A MEETING 

[            , 20    ] 

The undersigned, being the stockholders of Burger King Worldwide, Inc., a Delaware corporation (the “Company”), holding a
majority of the outstanding shares of common stock, par value $0.01 per share, of the Company (the “Stockholders”), acting by written consent in lieu of a special meeting, pursuant to the provisions of Section 228 of the
General Corporation Law of the State of Delaware (“DGCL”), Article X of the Amended and Restated Certificate of Incorporation of the Company and Section 2.16 of the Amended and Restated Bylaws of the Company, hereby consent in
writing to the adoption without a meeting of the following resolutions and to the taking of each of the actions contemplated thereby as of the date first written above: 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that it is advisable and in the best interests of
the Company and the stockholders of the Company for the Company to enter into, and have authorized the execution and delivery of, an Arrangement Agreement and Plan of Merger (the “Agreement”), by and among the Company, 1011773 B.C.
Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (“Holdings”), New Red Canada Partnership, a general partnership organized under the laws of Ontario and wholly-owned subsidiary
of Holdings (“Partnership”), Blue Merger Sub, Inc., a corporation incorporated under the laws of Delaware and a wholly-owned subsidiary of Partnership, 8997900 Canada Inc., a corporation organized under the laws of Canada and a
wholly-owned subsidiary of Partnership, and Tim Hortons Inc., a corporation organized under the laws of Canada (“Tim Hortons”), pursuant to which, among other things, Merger Sub will merge with and into the Company (the
“Merger”), with the Company continuing as the surviving corporation and a subsidiary of Holdings; and 
 WHEREAS, in
accordance with the resolutions of the Board approving the Agreement, the Company has executed and delivered the Agreement and submitted the Agreement and the Merger to the stockholders of the Company for their adoption and approval. 

Approval of Arrangement Agreement 

NOW, THEREFORE, BE IT RESOLVED, that the Agreement and the transactions contemplated thereby, including the Merger, be, and they hereby are,
adopted, ratified, approved and authorized in all respects by the Stockholders; 
 The undersigned hereby waives compliance with any and all
notice requirements imposed by the DGCL or other applicable law. 
 When executed by the Stockholders, this Consent shall be delivered to
the Company and Tim Hortons in accordance with Section 3 of the Voting Agreement, dated as of August 26, 2014, by and among Tim Hortons and the Stockholders. 

  
 A-1 

 [Signature Page Follows] 

  
 A-2 

 IN WITNESS WHEREOF, the Stockholders have executed this written consent as of the date first
written above. 
  

			
	STOCKHOLDERS:
	
	[STOCKHOLDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[STOCKHOLDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[STOCKHOLDER]
		
	By:	 	  

	Name:	 	
	Title:

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