Document:

EX-10.45 Option Award Agreement dated June 6, 2006

 

EXHIBIT 10.45

BURGER KING HOLDINGS, INC.

EQUITY INCENTIVE PLAN

OPTION AWARD

     Unless defined in this Option Award Agreement (this “Award Agreement”), capitalized terms will
have the same meanings ascribed to them in the Burger King Holdings, Inc. Equity Incentive Plan (as
may be amended from time to time, the “Plan”).

     Pursuant to Article 4 of the Plan, you have been granted a non-qualified Option on the
following terms and subject to the provisions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the provisions of the Plan and this Award Agreement,
the provisions of the Plan will govern.

	 	 	 
	Participant:

	 	Charles M. Fallon
	 
	 	 
	Total Number of Shares Underlying Option:

	 	29,007 Shares
	 
	 	 
	Exercise Price per Share:

	 	$18.91 per Share
	 
	 	 
	Grant Date:

	 	June 2, 2006
	 
	 	 
	Expiration Date:

	 	June 1, 2016
	 
	 	 
	Vesting Schedule:

	 	40% of the Shares subject to the
Option will vest on the second
anniversary of the Grant Date,
subject to your remaining
actively employed on such
vesting date, and thereafter,
20% of the Shares subject to the
Option will vest on each
anniversary of the Grant Date
subject to your remaining
actively employed on each such
vesting date, all vesting being
further subject to the Section
entitled “Termination” in
Exhibit A.

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the Plan and
the terms and conditions set forth in the attached as Exhibit A.

	 	 	 	 	 
	PARTICIPANT 

 	 
	/s/ Charles M. Fallon
 	 
	Charles M. Fallon 	 
	 	 	 
	 

Date: June 6, 2006          

	 	 	 	 	 
	BURGER KING HOLDINGS, INC.

 	 
	By:  	/s/ Peter C. Smith
 	 
	 	Title: Chief Human Resources Officer 	 
	 	 	 
	 

Date: June 19, 2006          

 

 

EXHIBIT A

TERMS AND CONDITIONS OF THE

OPTION AWARD

Vesting.

     This Option will vest and become exercisable in accordance with the “Vesting Schedule” set
forth in this Award Agreement. Any portion of this Option that becomes exercisable in accordance
with the foregoing will remain exercisable until the Expiration Date, unless earlier terminated
pursuant to the Plan or this Award Agreement (including, without limitation, the section below
entitled “Termination”). Subject to the section below entitled “Termination,” this Option may be
exercised only while you are employed by the Company. Prior to the exercise of this Option, you
will not have any rights of a shareholder with respect to such Option or the Shares subject
thereto.

     Subject to your commencing employment on June 19, 2006, in the event your employment is
terminated Without Cause prior to May 17, 2008, or upon the occurrence of your death or Disability
prior to May 17, 2008 (any such event being hereinafter referred to as a “Vesting Event”), then the
Company shall compensate you, at the Company’s option and in its sole discretion, either through
the accelerated vesting of (a) this Option and/or (b) that Option granted to you pursuant to the
Option Award Agreement dated May 17, 2006, and/or in cash or any combination of the foregoing, the
aggregate amount of the difference between $1,250,000.00 and the value (as determined below) of
your then vested Options in the Company (the “Difference”). The value of your Options (vested and
unvested) shall be determined on the date of the Vesting Event. The value of the Option shall be
the difference between the exercise price of any such Option and the Market Value of the Shares
represented by the Option on the date of the Vesting Event. For the avoidance of doubt,
notwithstanding the fact that a similar provision may be contained in the other equity award
agreement described above, the Company’s obligation, if any, to pay the foregoing amount shall
apply only once, up to the total amount of the Difference.

Method of Exercise.

     This Option will be exercisable pursuant to procedures approved by the Committee and
communicated to you. No Shares will be delivered pursuant to the exercise of this Option unless
(i) you have complied with your obligations under this Award Agreement, (ii) the exercise of this
Option and the delivery of such Shares complies with applicable law and (iii) full payment (or
satisfactory provision therefor) of the aggregate exercise price of the Option and any withholding
or other applicable taxes have been received by the Company. Until such time as the Shares are
delivered to you (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), you will have no right to vote or receive dividends or
any other rights as a shareholder with respect to such Shares, notwithstanding exercise of this
Option.

Termination.

     Upon termination of your employment (to the extent relevant, as determined under criteria
established by the Committee) for any reason, you may exercise this Option, to the extent vested on
the date of your termination (other than as set forth below), as provided for below. Except as set
forth below, if this Option (or any portion of this Option) is unvested on the date of such
termination, then it (or such portion) will be forfeited without any consideration due to you.

     In the event that a Change in Control occurs and, within twenty-four months following the date
of such Change in Control, your employment is terminated by the Company Without Cause, the portion
of this Option that is unvested at the time of termination shall vest in full upon such
termination.

     To the extent this Option is or becomes exercisable on the date of such termination, then, if
you (or, if applicable, such other person who is entitled to exercise this Option) do not exercise
this Option on
or prior to the expiration of the Option Exercise Period (as set forth below), this Option
will terminate. In no event may you exercise this Option after the Expiration Date.

 

 

	 	 	 	 	 	 
	 
	 	Type of Termination	 	 	Option Exercise Period	 
	 	Without Cause

	 	 	90 day period beginning on the date of termination	 
	 	Resignation

	 	 	90 day period beginning on the date of termination	 
	 	Retirement

	 	 	One year period beginning on the date of termination	 
	 	Disability

	 	 	One year period beginning on the date of termination	 
	 	Death

	 	 	One year period beginning on the date of termination	 
	 	For Cause

	 	 	None, all Options expire immediately	 
	 

     In the event that there is a conflict between the terms of this Award Agreement regarding
the effect of a termination of employment on this Option and the terms of any employment agreement
or offer, promotion or confirmation letter (“Employment Agreement”) with the Company or one of its
Affiliates, the terms of your Employment Agreement will govern.

Taxes.

     You acknowledge that you are required to pay any withholding or other applicable taxes that
may be due as a result of receipt of this Option or the delivery of Shares underlying this Option,
and no stock certificate will be released to you until your tax obligations are satisfied. In the
discretion of the Committee, your tax obligations may be satisfied by, where permitted by
applicable law, withholding of Shares that otherwise would be released to you upon exercise of this
Option or surrendering of Shares that you already own, based on the Market Value of the Shares that
are withheld or that you surrender determined as of the date when the taxes otherwise would have
been withheld in cash.

No Guarantee of Continued Service.

     You acknowledge and agree that the vesting of this Option pursuant to the “vesting schedule”
set forth in the Award Agreement is earned only by continuing as an employee at the will of the
Company (not through the act of being hired or being granted this Award). You further acknowledge
and agree that this Award Agreement, the transactions contemplated hereunder and the “vesting
schedule” do not constitute an express or implied promise of continued employment for any period or
at all and will not interfere in any way with your right or the Company’s or any Affiliate’s right
to dismiss you from employment at any time or for any reason not prohibited by law and will not
confer upon you any right to continue your employment for any specified period of time.

2

 

Termination for Cause; Restrictive Covenants.

     In consideration for the grant of this Option and for other good and valuable consideration,
the sufficiency of which is acknowledged by you, you agree as follows:

     Upon (i) a termination of your employment for Cause, (ii) a retroactive termination of your
employment for Cause as permitted under the Plan, (iii) a violation of any post-termination
restrictive
covenant (including, without limitation, non-disclosure, non-competition and/or
non-solicitation) contained in your Employment Agreement or (iv) a violation of any
post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in any separation or termination or similar
agreement you may enter into with the Company or one of its Affiliates in connection with your
termination of employment, any Options you hold that are then outstanding shall be immediately
forfeited and the Company may require that you repay (with interest or appreciation (if any), as
applicable, determined up to the date payment is made), and you shall promptly repay, to the
Company, the Market Value (in cash or in Shares) of any Shares received upon the exercise of
Options during the period beginning on the date that is one year before the date of your
termination and ending on the first anniversary of the date of your termination, minus the
applicable exercise price. The Market Value of any such Shares shall be determined as of the date
of exercise of such Option.

Securities Laws.

     By accepting this Option, you acknowledge that federal securities laws and/or the Company’s
policies regarding trading in its securities may limit or restrict your right to buy or sell
Shares, including, without limitation, sales of Shares acquired in connection the exercise of this
Option. You agree to comply with such federal securities law requirements and Company policies, as
such laws and policies are amended from time to time.

Entire Agreement; Dispute Resolution; Governing Law.

     The Plan, this Award Agreement and, to the extent applicable, your Employment Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and you with
respect to the subject matter hereof. This Award Agreement may not be modified in a manner that
adversely affects your rights heretofore granted under the Plan, except with your consent. This
Award Agreement is governed by the laws of the State of Delaware.

     The Company and you agree that any dispute or controversy arising under or in connection with
this Award Agreement shall be resolved by final and binding arbitration before the American
Arbitration Association (“AAA”). The arbitration shall be conducted in accordance with AAA’s
National Rules for the Resolution of Employment Disputes then in effect at the time of the
arbitration. The arbitration shall be held in Miami, Florida.

     By signing this Award Agreement, you acknowledge receipt of a copy of the Plan and represent
that you are familiar with the terms and conditions of the Plan, and hereby accept this Award
subject to all provisions in this Award Agreement and in the Plan. You hereby agree to accept as
final, conclusive and binding all decisions or interpretations of the Committee upon any questions arising under the Plan or this Award Agreement.

3EX-10.46 Option Award Agreement dated June 6, 2006

 

EXHIBIT 10.46

BURGER KING HOLDINGS, INC.

EQUITY INCENTIVE PLAN

OPTION AWARD

     Unless defined in this Option Award Agreement (this “Award Agreement”), capitalized terms will
have the same meanings ascribed to them in the Burger King Holdings, Inc. Equity Incentive Plan (as
may be amended from time to time, the “Plan”).

     Pursuant to Article 4 of the Plan, you have been granted a non-qualified Option on the
following terms and subject to the provisions of the Plan, which is incorporated herein by
reference. In the event of a conflict between the provisions of the Plan and this Award Agreement,
the provisions of the Plan will govern.

	 	 	 
	Participant:

	 	Charles M. Fallon
	 
	 	 
	Total Number of Shares Underlying Option:

	 	210,769 Shares
	 
	 	 
	Exercise Price per Share:

	 	$17 per Share
	 
	 	 
	Grant Date:

	 	May 17, 2006
	 
	 	 
	Expiration Date:

	 	May 16, 2016
	 
	 	 
	Vesting Schedule:

	 	40% of the Shares subject to the
Option will vest on the second
anniversary of the Grant Date,
subject to your remaining
actively employed on such
vesting date, and thereafter,
20% of the Shares subject to the
Option will vest on each
anniversary of the Grant Date
subject to your remaining
actively employed on each such
vesting date, all vesting being
further subject to the Section
entitled “Termination” in
Exhibit A.

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the Plan and
the terms and conditions set forth in the attached as Exhibit A.

	 	 	 	 	 
	PARTICIPANT 

 	 
	/s/ Charles M. Fallon
 	 
	Charles M. Fallon 	 
	 	 
	 

Date: June 6, 2006          

	 	 	 	 	 
	BURGER KING HOLDINGS, INC.

 	 
	By:  	/s/ Peter C. Smith
 	 
	 	Title: Chief Human Resources Officer 	 
	 	 	 
	 

Date: June 19, 2006          

 

 

EXHIBIT A

TERMS AND CONDITIONS OF THE

OPTION AWARD

Vesting.

     This Option will vest and become exercisable in accordance with the “Vesting Schedule” set
forth in this Award Agreement. Any portion of this Option that becomes exercisable in accordance
with the foregoing will remain exercisable until the Expiration Date, unless earlier terminated
pursuant to the Plan or this Award Agreement (including, without limitation, the section below
entitled “Termination”). Subject to the section below entitled “Termination,” this Option may be
exercised only while you are employed by the Company. Prior to the exercise of this Option, you
will not have any rights of a shareholder with respect to such Option or the Shares subject
thereto.

     Subject to your commencing employment on June 19, 2006, in the event your employment is
terminated Without Cause prior to May 17, 2008, or upon the occurrence of your death or Disability
prior to May 17, 2008 (any such event being hereinafter referred to as a “Vesting Event”), then the
Company shall compensate you, at the Company’s option and in its sole discretion, either through
the accelerated vesting of (a) this Option and/or (b) that Option granted to you pursuant to the
Option Award Agreement dated June 2, 2006, and/or in cash or any combination of the foregoing, the
aggregate amount of the difference between $1,250,000.00 and the value (as determined below) of
your then vested Options in the Company (the “Difference”). The value of your Options (vested and
unvested) shall be determined on the date of the Vesting Event. The value of the Option shall be
the difference between the exercise price of any such Option and the Market Value of the Shares
represented by the Option on the date of the Vesting Event. For the avoidance of doubt,
notwithstanding the fact that a similar provision may be contained in the other equity award
agreement described above, the Company’s obligation, if any, to pay the foregoing amount shall
apply only once, up to the total amount of the Difference.

Method of Exercise.

     This Option will be exercisable pursuant to procedures approved by the Committee and
communicated to you. No Shares will be delivered pursuant to the exercise of this Option unless
(i) you have complied with your obligations under this Award Agreement, (ii) the exercise of this
Option and the delivery of such Shares complies with applicable law and (iii) full payment (or
satisfactory provision therefor) of the aggregate exercise price of the Option and any withholding
or other applicable taxes have been received by the Company. Until such time as the Shares are
delivered to you (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), you will have no right to vote or receive dividends or
any other rights as a shareholder with respect to such Shares, notwithstanding exercise of this
Option.

Termination.

     Upon termination of your employment (to the extent relevant, as determined under criteria
established by the Committee) for any reason, you may exercise this Option, to the extent vested on
the date of your termination (other than as set forth below), as provided for below. Except as set
forth below, if this Option (or any portion of this Option) is unvested on the date of such
termination, then it (or such portion) will be forfeited without any consideration due to you.

     In the event that a Change in Control occurs and, within twenty-four months following the date
of such Change in Control, your employment is terminated by the Company Without Cause, the portion
of this Option that is unvested at the time of termination shall vest in full upon such
termination.

     To the extent this Option is or becomes exercisable on the date of such termination, then, if
you (or, if applicable, such other person who is entitled to exercise this Option) do not exercise
this Option on
or prior to the expiration of the Option Exercise Period (as set forth below), this Option
will terminate. In no event may you exercise this Option after the Expiration Date.

 

 

	 	 	 	 	 	 
	 
	 	Type of Termination	 	 	Option Exercise Period	 
	 	Without Cause

	 	 	90 day period beginning on the date of termination	 
	 	Resignation

	 	 	90 day period beginning on the date of termination	 
	 	Retirement

	 	 	One year period beginning on the date of termination	 
	 	Disability

	 	 	One year period beginning on the date of termination	 
	 	Death

	 	 	One year period beginning on the date of termination	 
	 	For Cause

	 	 	None, all Options expire immediately	 
	 

     In the event that there is a conflict between the terms of this Award Agreement regarding
the effect of a termination of employment on this Option and the terms of any employment agreement
or offer, promotion or confirmation letter (“Employment Agreement”) with the Company or one of its
Affiliates, the terms of your Employment Agreement will govern.

Taxes.

     You acknowledge that you are required to pay any withholding or other applicable taxes that
may be due as a result of receipt of this Option or the delivery of Shares underlying this Option,
and no stock certificate will be released to you until your tax obligations are satisfied. In the
discretion of the Committee, your tax obligations may be satisfied by, where permitted by
applicable law, withholding of Shares that otherwise would be released to you upon exercise of this
Option or surrendering of Shares that you already own, based on the Market Value of the Shares that
are withheld or that you surrender determined as of the date when the taxes otherwise would have
been withheld in cash.

No Guarantee of Continued Service.

     You acknowledge and agree that the vesting of this Option pursuant to the “vesting schedule”
set forth in the Award Agreement is earned only by continuing as an employee at the will of the
Company (not through the act of being hired or being granted this Award). You further acknowledge
and agree that this Award Agreement, the transactions contemplated hereunder and the “vesting
schedule” do not constitute an express or implied promise of continued employment for any period or
at all and will not interfere in any way with your right or the Company’s or any Affiliate’s right
to dismiss you from employment at any time or for any reason not prohibited by law and will not
confer upon you any right to continue your employment for any specified period of time.

2

 

Termination for Cause; Restrictive Covenants.

     In consideration for the grant of this Option and for other good and valuable consideration,
the sufficiency of which is acknowledged by you, you agree as follows:

     Upon (i) a termination of your employment for Cause, (ii) a retroactive termination of your
employment for Cause as permitted under the Plan, (iii) a violation of any post-termination
restrictive
covenant (including, without limitation, non-disclosure, non-competition and/or
non-solicitation) contained in your Employment Agreement or (iv) a violation of any
post-termination restrictive covenant (including, without limitation, non-disclosure,
non-competition and/or non-solicitation) contained in any separation or termination or similar
agreement you may enter into with the Company or one of its Affiliates in connection with your
termination of employment, any Options you hold that are then outstanding shall be immediately
forfeited and the Company may require that you repay (with interest or appreciation (if any), as
applicable, determined up to the date payment is made), and you shall promptly repay, to the
Company, the Market Value (in cash or in Shares) of any Shares received upon the exercise of
Options during the period beginning on the date that is one year before the date of your
termination and ending on the first anniversary of the date of your termination, minus the
applicable exercise price. The Market Value of any such Shares shall be determined as of the date
of exercise of such Option.

Securities Laws.

     By accepting this Option, you acknowledge that federal securities laws and/or the Company’s
policies regarding trading in its securities may limit or restrict your right to buy or sell
Shares, including, without limitation, sales of Shares acquired in connection the exercise of this
Option. You agree to comply with such federal securities law requirements and Company policies, as
such laws and policies are amended from time to time.

Entire Agreement; Dispute Resolution; Governing Law.

     The Plan, this Award Agreement and, to the extent applicable, your Employment Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and you with
respect to the subject matter hereof. This Award Agreement may not be modified in a manner that
adversely affects your rights heretofore granted under the Plan, except with your consent. This
Award Agreement is governed by the laws of the State of Delaware.

     The Company and you agree that any dispute or controversy arising under or in connection with
this Award Agreement shall be resolved by final and binding arbitration before the American
Arbitration Association (“AAA”). The arbitration shall be conducted in accordance with AAA’s
National Rules for the Resolution of Employment Disputes then in effect at the time of the
arbitration. The arbitration shall be held in Miami, Florida.

     By signing this Award Agreement, you acknowledge receipt of a copy of the Plan and represent
that you are familiar with the terms and conditions of the Plan, and hereby accept this Award
subject to all provisions in this Award Agreement and in the Plan. You hereby agree to accept as
final, conclusive and binding all decisions or interpretations of the Committee upon any questions
arising under the Plan or this Award Agreement.

3

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