Document:

Exhibit
10.3

 

VOTING
AGREEMENT

 

This
Voting Agreement (this “Agreement”), dated as of April 30, 2019, is between Burger King Corporation, a Florida
corporation (“BKC”), Blue Holdco 1, LLC, a Delaware limited liability company (“Blue Holdco”
and together with BKC the “BK Stockholders” and each a “BK Stockholder”), Cambridge Franchise
Holdings, LLC, a Delaware limited liability company (“CFH”) and Carrols Holdco Inc., a Delaware corporation
(the “Company”).

 

WHEREAS,
Carrols Restaurant Group, Inc., a Delaware corporation (“Carrols”), the Company, and CFH have entered into
that certain Agreement and Plan of Merger, dated as of February 19, 2019 (as the same may be amended from time to time, the “Merger
Agreement”), providing for, among other things, the acquisition by the Company of a wholly owned subsidiary of CFH,
effected by the merger of such subsidiary with and into a wholly owned subsidiary of the Company, in consideration for the issuance
by the Carrols Public Entity to CFH of, among other things, shares of common stock, par value $0.01 per share, of the Carrols
Public Entity (as defined below) (the “Common Stock”) equal to 19.9% of the outstanding shares of Common Stock
at the closing of the Merger Agreement (the “Newly Issued Shares”) and 10,000 shares of newly designated Series
C Convertible Preferred Stock of the Carrols Public Entity (the “Series C Convertible Preferred Shares”), in
each case pursuant to the terms and conditions of the Merger Agreement;

 

WHEREAS,
the BK Stockholders collectively hold an aggregate of 100 shares of the Series B Convertible Preferred Stock of the Carrols Public
Entity (the “Series B Convertible Preferred Stock”), authorized pursuant to a Certificate of Designation to
the Certificate of Incorporation of the Carrols Public Entity (the “Series B Certificate of Designation”) that
provides for certain rights of the BK Stockholders, including the right to designate (i) two directors of the Board of Directors
of the Carrols Public Entity (the “Board”) until the first date on which the number of shares of Common Stock
into which the Series B Convertible Preferred Stock held by the BK Stockholders are then convertible constitute less than 14.5%
of the total number of outstanding shares of Common Stock (the “Director Step-Down Date”) and (ii) one director
of the Board until the first date on which the number of shares of Common Stock into which the outstanding shares of Series B
Convertible Preferred Stock held by the BK Stockholders are then convertible constitute less than 10% of the total number of outstanding
shares of Common Stock (the “Director Cessation Date”), which percentages were based on the size of the Board
at the relevant time;

 

WHEREAS,
pursuant to the Series B Certificate of Designation, the approval of the BK Stockholders is required to effect the transaction
contemplated by the Merger Agreement (the “Series B Approval”), including but not limited to the increase in
the size of the Board;

 

WHEREAS,
in order to induce the BK Stockholders to grant the Series B Approval, the BK Stockholders have requested that the Carrols Public
Entity seek the approval of the Carrols Public Entity stockholders to an amendment of the Series B Certificate of Designation
changing the definition of (i) the Director Step-Down Date to occur upon the first date on which the number of shares of Common
Stock into which the outstanding shares of Series B Convertible Preferred Stock held by the BK Stockholders are then convertible
constitute less than 11.5% of the total number of outstanding shares of Common Stock and (ii) Director Cessation Date as the first
date on which the number of shares of Common Stock into which the outstanding shares of Series B Convertible Preferred Stock held
by the BK Stockholders are then convertible constitute less than 7.5% of the total number of outstanding shares of Common Stock
(the “Series B Certificate Amendment Proposal”);

 

     

     

    

 

WHEREAS,
the Carrols Public Entity has agreed to provide each stockholder of the Company entitled to vote at the annual meeting of the
stockholders of the Carrols Public Entity to be held in 2019, or at any special meeting of the stockholders of the Carrols Public
Entity held prior to such date (as applicable, the “2019 Stockholder Meeting”), a proxy statement soliciting
each such stockholder’s affirmative vote at the Stockholder Meeting for (i) the stockholder approval contemplated by Section
6(b) of the Carrols Public Entity’s Series C Certificate of Designation (the “Issuance Resolutions”)
and (ii) stockholder approval of the Series B Certificate Amendment Proposal and to use commercially reasonable efforts to solicit
its stockholders to obtain such stockholder approvals, and, if either the Issuance Resolutions or the Series B Certificate Amendment
are not so approved at the Stockholder Meeting, to provide such a proxy statement at each subsequent annual or special meeting
of the stockholders of the Carrols Public Entity and continue to use commercially reasonable efforts to solicit its stockholders
to obtain such stockholder approvals until the Issuance Resolutions and the Series B Certificate Amendment Proposal are so approved;

 

WHEREAS,
to induce the BK Stockholders to grant the Series B Certificate Amendment Approval, CFH has agreed to execute and deliver this
Agreement with respect to the Newly Issued Shares that will be acquired by CFH pursuant to the Merger Agreement and to make certain
representations, warranties, covenants and agreements with respect to the Newly Issued Shares that will be beneficially owned
by CFH at the time of the 2019 Stockholder Meeting.

 

WHEREAS,
to induce CFH to enter into this Agreement, each of the BK Stockholders has agreed to execute and deliver this Agreement and to
make certain representations, warranties, covenants and agreements with respect to the shares of Series B Convertible Preferred
Stock beneficially owned by the BK Stockholders and set forth below each BK Stockholder’s signature on the signature page
hereto.

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt, sufficiency and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions.

 

The
term “Carrols Public Entity” shall mean (a) prior to the closing of the transactions contemplated by the Merger
Agreement, Carrols, and (b) from and after the closing of the transactions contemplated by the Merger Agreement, the Company.

 

The
term “Transfer” shall have the meaning set forth in Section 5.

 

		2.	Representations
                                         of BK Stockholder.

 

Each
BK Stockholder represents and warrants to CFH and the Carrols Public Entity that:

 

		(a)	(i)
                                         such BK Stockholder owns beneficially (as such term is defined in Rule 13d-3 under the
                                         Exchange Act) the shares of Series B Convertible Preferred Stock set forth beside its
                                         name on the signature page hereto free and clear of all Liens, and (ii) except pursuant
                                         hereto, there are no options, warrants or other rights, agreements, arrangements or commitments
                                         of any character to which such BK Stockholder is a party relating to the pledge, disposition
                                         or voting of any of the Series B Convertible Preferred Stock and there are no voting
                                         trusts or voting agreements with respect to the Series B Convertible Preferred Stock.

 

		(b)	Such
                                         BK Stockholder does not beneficially own any equity securities or voting securities of
                                         the Carrols Public Entity other than the shares of Series B Convertible Preferred Stock
                                         that it beneficially owns as set forth on the signature page hereto.

 

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		(c)	Such
                                         BK Stockholder has full entity power and authority to enter into, execute and deliver
                                         this Agreement and to perform fully Stockholder’s obligations hereunder. This Agreement
                                         has been duly and validly executed and delivered by such BK Stockholder and constitutes
                                         the legal, valid and binding obligation of such BK Stockholder, enforceable against such
                                         BK Stockholder in accordance with its terms, except as such enforceability may be limited
                                         by bankruptcy, insolvency, moratorium or creditors’ rights generally or principles
                                         of equity.

 

		(d)	The
                                         consummation by such BK Stockholder of the transactions contemplated hereby or compliance
                                         by such BK Stockholder with any of the provisions hereof will not conflict with or result
                                         in a breach, or constitute a default (with or without notice of lapse of time or both)
                                         under any provision of, any trust agreement, loan or credit agreement, note, bond, mortgage,
                                         indenture, lease or other agreement, instrument or Law applicable to such BK Stockholder
                                         or to such BK Stockholder’s property or assets.

 

		(e)	No
                                         consent, approval or authorization of, or designation, declaration or filing with, any
                                         Governmental Authority or other Person on the part of such BK Stockholder is required
                                         in connection with the valid execution and delivery of this Agreement, other than the
                                         filing of this Agreement with the Securities and Exchange Commission (the “SEC”)
                                         pursuant to the filing obligations of such BK Stockholder.

 

		3.	BK
                                         Stockholders Agreement to Vote Shares. Each BK Stockholder agrees that, during the
                                         term of this Agreement, it shall, and shall cause each holder of record of the shares
                                         of Series B Convertible Preferred Stock, to vote the shares of Series B Convertible Preferred
                                         Stock held by it at each annual or special meeting of the stockholders of the Carrols
                                         Public Entity at which the matters set forth in the following clause (i) or (ii), as
                                         applicable, are considered and at every adjournment or postponement thereof, and to execute
                                         a written consent or consents if stockholders of the Carrols Public Entity are requested
                                         to vote their shares through the execution of an action by written consent in lieu of
                                         any such annual or special meeting of the stockholders of the Carrols Public Entity or
                                         any adjournment or postponement thereof: (i) in favor of the Issuance Resolutions and
                                         (ii) against any action, proposal, transaction or agreement that would reasonably be
                                         expected to impede, interfere with, delay, discourage or adversely affect the timely
                                         consummation of the merger contemplated by the Merger Agreement or the Issuance Resolutions.

 

		4.	Representations
                                         of CFH Stockholder.

 

CFH
represents and warrants to the BK Stockholders and the Carrols Public Entity that:

 

		(a)	CFH
                                         has full entity power and authority to enter into, execute and deliver this Agreement
                                         and to perform fully CFH’s obligations hereunder. This Agreement has been duly
                                         and validly executed and delivered by CFH and constitutes the legal, valid and binding
                                         obligation of CFH, enforceable against CFH in accordance with its terms, except as such
                                         enforceability may be limited by bankruptcy, insolvency, moratorium or creditors’
                                         rights generally or principles of equity.

 

		(b)	The
                                         consummation by CFH of the transactions contemplated hereby or compliance by CFH with
                                         any of the provisions hereof will not conflict with or result in a breach, or constitute
                                         a default (with or without notice of lapse of time or both) under any provision of, any
                                         trust agreement, loan or credit agreement, note, bond, mortgage, indenture, lease or
                                         other agreement, instrument or Law applicable to CFH or to CFH’s property or assets.

 

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		(c)	No
                                         consent, approval or authorization of, or designation, declaration or filing with, any
                                         Governmental Authority or other Person on the part of CFH is required in connection with
                                         the valid execution and delivery of this Agreement, other than in connection with any
                                         filings with the SEC that may be required to be made by CFH or its affiliates.

 

		5.	CFH
                                         Agreement to Vote Shares. CFH agrees that, during the term of this Agreement, it
                                         shall, and shall cause each holder of record of the Newly Issued Shares, to vote the
                                         Newly Issued Shares at each annual or special meeting of the stockholders of the Carrols
                                         Public Entity at which the matters set forth in the following clause (i) or (ii), as
                                         applicable, are considered and at every adjournment or postponement thereof, and to execute
                                         a written consent or consents if stockholders of the Carrols Public Entity are requested
                                         to vote their shares through the execution of an action by written consent in lieu of
                                         any such annual or special meeting of the stockholders of the Carrols Public Entity or
                                         any adjournment or postponement thereof: (i) in favor of the Series B Certificate Amendment
                                         Proposal and (ii) against any action, proposal, transaction or agreement that would reasonably
                                         be expected to impede, interfere with, delay, discourage, adversely affect the Series
                                         B Certificate Amendment Proposal.

 

		6.	No
                                         Voting Trusts or Other Arrangement.

 

Each
BK Stockholder and CFH agrees that it will not, and will not permit any entity under its control to, deposit either (i) the shares
of Series B Convertible Stock held by it, in the case of each BK Stockholder or (ii) the Newly Issued Shares, in the case of CFH
in a voting trust, grant any proxies with respect to such securities or subject any of such securities to any arrangement with
respect to the voting of such securities other than agreements entered into with the other party.

 

		7.	Additional
                                         Shares.

 

Each
of the BK Stockholders and CFH agrees that all shares of Common Stock or other shares of capital stock of the Carrols Public Entity
that such person purchases or acquires the right to vote or of which such person or other shares of capital stock of the Carrols
Public Entity otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) after the execution of
this Agreement shall be subject to the terms of this Agreement.

 

The
parties agree that nothing in this Agreement shall be deemed to limit or restrict the ability of CFH or either BK Stockholder
to, directly or indirectly, transfer, sell, offer, exchange, assign, pledge or otherwise dispose of or encumber (“Transfer”)
any of the Newly Issued Shares (in the case of CFH) or the shares of Series B Convertible Preferred Stock (in the case of each
BK Stockholder) or enter into any contract, option or other agreement with respect to, or consent to, a Transfer of, any of such
securities or such person’s voting or economic interest therein; provided that either (a) such Transfer is made (i) in an
open market transaction or (ii) by virtue of the Carrols Merger or (b) the transferee of such Transferred Shares agrees in a writing,
reasonably satisfactory in form and substance to CFH (in the case of the Transfer of shares of the Series B Convertible Preferred
Stock) or the BK Stockholders (in case of the Transfer of the Newly Issued Shares), to be bound by all of the terms of this Agreement
as if it were a party to this Agreement for all purposes hereunder.

 

		8.	Termination.

 

		(a)	Subject
                                         to Section 8(b), this Agreement shall terminate upon the earlier to occur of (i) the
                                         date on which the Issuance Resolutions and the Series B Certificate Proposal are approved
                                         by the stockholders of the Carrols Public Entity and (ii) the date on which the Merger
                                         Agreement is terminated in accordance with its terms.

 

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		(b)	The
                                         termination of this Agreement shall not prevent any party hereto from seeking any remedies
                                         (at law or in equity) against another party hereto or relieve such party from liability
                                         for such party’s breach of any provision of this Agreement prior to the termination
                                         of this Agreement. Notwithstanding anything to the contrary herein, the provisions of
                                         this Section 8(b) shall survive the termination of this Agreement.

 

		9.	Specific
                                         Performance.

 

Each
party hereto acknowledges that it will be impossible to measure in money the damage to the other party if a party hereto fails
to comply with any of the obligations imposed by this Agreement, that every such obligation is material and that, in the event
of any such failure, the other party will not have an adequate remedy at law or damages. Accordingly, each party hereto agrees
that injunctive relief or other equitable remedy, in addition to remedies at law or damages, is the appropriate remedy for any
such failure and will not oppose the seeking of such relief on the basis that the other party has an adequate remedy at law. Each
party hereto agrees that it will not seek, and agrees to waive any requirement for, the securing or posting of a bond in connection
with the other party’s seeking or obtaining such equitable relief.

 

		10.	Entire
                                         Agreement.

 

This
Agreement supersedes all prior agreements, written or oral, between the parties hereto with respect to the subject matter hereof
and contains the entire agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended
or supplemented, and no provisions hereof may be modified or waived, except by an instrument in writing signed by both of the
parties hereto. No waiver of any provisions hereof by either party shall be deemed a waiver of any other provisions hereof by
such party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by such party.

 

		11.	Notices.

 

All
notices, requests, claims, demands, and other communications hereunder shall be in writing and shall be deemed to have been given
(a) immediately upon delivery by hand on a Business Day during regular business hours (or on the next Business Day if delivered
by hand otherwise), (b) one (1) Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide
overnight courier service, (c) immediately upon transmission via e-mail of a PDF document on a Business Day during regular business
hours (or on the next Business Day if transmitted via email of a PDF document otherwise), or (d) three (3) Business Days after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent
to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given
in accordance with this Section 11) and shall be delivered to the address or email address set forth on the signature page hereof.

 

		12.	Miscellaneous.

 

		(a)	This
                                         Agreement shall be governed by and construed in accordance with the internal laws of
                                         the State of Delaware without giving effect to any choice or conflict of law provision
                                         or rule (whether of the State of Delaware or any other jurisdiction) that would cause
                                         the application of Laws of any jurisdiction other than those of the State of Delaware.

 

		(b)	The
                                         parties hereby irrevocably submit to the exclusive jurisdiction of the Court of Chancery
                                         of the State of Delaware and the federal courts of the United States of America located
                                         in the State of Delaware in respect of the interpretation and enforcement of the provisions
                                         of this Agreement.

 

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		(c)	EACH
                                         PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT
                                         IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY
                                         IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
                                         OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
                                         CONTEMPLATED BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES
                                         THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
                                         THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF
                                         A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH
                                         PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
                                         THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
                                         SECTION 12(c).

 

		(d)	The
                                         parties acknowledge that they have participated jointly in the negotiation and execution
                                         of this Agreement and hereby waive the application of any Law of construction that would
                                         provide that any ambiguity in this Agreement or any other agreement or document will
                                         be construed against the party drafting such agreement or document.

 

		(e)	If
                                         any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
                                         such invalidity, illegality or unenforceability shall not affect any other term or provision
                                         of this Agreement or invalidate or render unenforceable such term or provision in any
                                         other jurisdiction. Upon such determination that any term or other provision is invalid,
                                         illegal or unenforceable, 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
                                         in a mutually acceptable manner in order that the transactions contemplated hereby be
                                         consummated as originally contemplated to the greatest extent possible.

 

		(f)	This
                                         Agreement may be executed in two or more counterparts, each of which shall be deemed
                                         to be an original but all of which together shall constitute one and the same instrument.

 

		(g)	Each
                                         party hereto shall execute and deliver such additional documents as may be necessary
                                         or desirable to effect the transactions contemplated by this Agreement.

 

		(h)	All
                                         Section headings herein are for convenience of reference only and are not part of this
                                         Agreement, and no construction or reference shall be derived therefrom.

 

		(i)	Neither
                                         party to this Agreement may assign any of its rights or obligations under this Agreement
                                         without the prior written consent of the other party hereto, except that CFH may assign,
                                         in its sole discretion, all or any of its rights, interests and obligations hereunder
                                         to any of its Affiliates. Any assignment contrary to the provisions of this Section 12(i)
                                         shall be null and void.

 

[SIGNATURE
PAGE FOLLOWS]

 

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IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first written above.

 

	 	CAMBRIDGE FRANCHISE HOLDINGS, LLC
	 	 
	 	By:	/s/
    Matthew Perelman
	 	Name:	Matthew Perelman
	 	Title:	Co-President
	 	 	 
	 	 	Address: c/o Cambridge Franchise Partners, LLC
	 	 	                208
    N. Garnett Street
	 	 	                Henderson,
    North Carolina 27536
	 	 
	 	Carrols
    Holdco Inc.
	 	 
	 	By:	/s/
    William E. Myers
	 	Name:   	William E. Myers
	 	Title: 	Vice President, General Counsel and Secretary
	 	 	 
	 	Address: 968 James Street
	 	               Syracuse,
    New York 13203
	 	 
	 	BURGER KING CORPORATION
	 	 
	 	By:	/s/
    Lisa Giles-Klein
	 	Name:	Lisa Giles-Klein
	 	Title: 	Assistant Secretary
	 	 
	 	Number of shares of Series B Convertible
    Stock beneficially owned as of the date of this Agreement: 7 shares
	 	 
	 	Address: 5707 Blue Lagoon Drive
	 	               Miami,
    FL 33126
	 	 
	 	BLUE HOLDCO 1, LLC 
	 	 
	 	By:	/s/
    Lisa Giles-Klein
	 	Name: 	Lisa Giles-Klein
	 	Title:	Assistant Secretary
	 	 
	 	Number of shares of Series B Convertible
    Stock beneficially owned as of the date of this Agreement: 93 shares
	 	 
	 	Address: 5707 Blue Lagoon Drive
	 	               Miami,
    FL 33126

 

 

7Exhibit
10.4

 

CONSENT
AGREEMENT

 

Consent
Agreement (“Agreement”) dated as of the 30th day of April, 2019, by and among Burger King Corporation
(“BKC”), Blue Holdco 1, LLC (“Blue Holdco”), Carrols Restaurant Group, Inc.
(“Carrols”), Carrols Holdco Inc. (“NewCRG”) and Carrols Corporation.

 

WHEREAS,
Carrols, NewCRG, GRC MergerSub Inc., a wholly-owned subsidiary of NewCRG (“Carrols Merger Sub”), GRC
MergerSub LLC, a wholly-owned subsidiary of NewCRG (“Carrols CFP Merger Sub”), Cambridge Franchise Partners,
LLC (“CFP”), Cambridge Franchise Holdings, LLC, a wholly-owned subsidiary of CFP (“CFH”),
and New CFH, LLC, a wholly-owned subsidiary of CFH (“New CFH”), have entered into that certain Agreement
and Plan of Merger, dated as of February 19, 2019 (as may be amended from time to time, the “Merger Agreement”),
providing for, among other things, (a) a merger of Carrols Merger Sub and Carrols with Carrols as the surviving entity, which
will result in Carrols becoming a wholly-owned subsidiary of NewCRG (the “Holding Company Reorganization”)
and upon which the stockholders of Carrols will become stockholders of NewCRG and NewCRG will become the successor publicly-traded
company of Carrols, and (b) the acquisition by NewCRG of New CFH through a merger of Carrols CFP Merger Sub and New CFH with New
CFH as the surviving entity (the “Cambridge Merger”), in exchange for (i) the issuance of shares of
common stock, par value $0.01 per share of NewCRG (“NewCRG Common Stock”) to CFH in an amount equal
to 19.9% of the outstanding shares of NewCRG Common Stock calculated immediately prior to the issuance of such shares of NewCRG
Common Stock to CFH (the “Issued Shares of NewCRG Common Stock”), and (ii) the issuance of 10,000 shares of
Series C Convertible Preferred Stock, par value $0.01 per share, of NewCRG (the “Issued Shares of NewCRG Preferred Stock”)
to CFH (the forgoing transactions, the “Cambridge Acquisition”); and

 

WHEREAS,
BKC and Blue Holdco collectively own all of the issued and outstanding shares of Carrols Series B Convertible Preferred Stock
as of the date hereof and as such have certain rights as set forth in that certain Carrols Certificate of Designations of Series
B Convertible Preferred Stock dated as of November 30, 2018 (the "Carrols Series B Certificate of Designations")
and, upon consummation of the Holding Company Reorganization and the filing of a new NewCRG Series B Certificate of Designations
(the “NewCRG Series B Certificate of Designations”) will become the holder of all of the issued and outstanding
NewCRG Series B Convertible Preferred Stock with the same terms and conditions as the Carrols Series B Convertible Preferred Stock
(the term “Series B Certificate of Designations” shall refer to the Carrols Series B Certificate of
Designations prior to consummation of the Holding Company Reorganization and the NewCRG Series B Certificate of Designation after
consummation of the Holding Company Reorganization); and

 

WHEREAS,
the Cambridge Acquisition will require the consent of BKC and Blue Holdco as Investors under the Series B Certificate of Designation
including approval of (a) changes to the organizational documents of Carrols and NewCRG as set forth in the Merger Agreement (the
“Organizational Documents’ Changes”) as required by Section 7(c)(i) of the Series B Certificate
of Designations, (b) change in the size of the board of directors (i) of Carrols to increase from 7 directors to 9 directors prior
to the consummation of Holding Company Reorganization, (ii) of Carrols to decrease from 9 directors to 2 directors after the consummation
of the Cambridge Acquisition and (iii) of NewCRG to increase from 2 directors to 9 directors at or prior to the consummation of
the Holding Company Reorganization as required by Section 7(c)(ii) of the Series B Certificate of Designations (collectively,
the “Board Changes”), (c) engaging in the ownership, operation, development and acquisition of Popeye’s
restaurants as required by Section 7(c)(iv) of the Series B Certificate of Designations (the “Business Changes”)
and (d) the issuance of securities as required by the Holding Company Reorganization and the Cambridge Acquisition to the extent
required by Section 7(c)(v) of the Series B Certificate of Designations (the “Shares Issuances”);

 

     

     

    

 

WHEREAS,
in connection with the Holding Company Reorganization, NewCRG has filed a Form S-4 Registration Statement (with Registration No.
333-230554) (together with any prospectus and as may be further amended or supplemented, the “Registration Statement”)
with the U.S. Securities and Exchange Commission (the “SEC”) for the purpose of registering the NewCRG
Common Stock to effectuate the Holding Company Reorganization and such Registration Statement has been declared effective by the
SEC, (e) each share of common stock, par value $0.01 per share, of Carrols (the “Carrols Common Stock”)
and Series B Convertible Preferred Stock, par value $0.01 per share, of Carrols (the “Carrols Series B Convertible
Preferred Stock”) that is issued and outstanding immediately before the Holding Company Reorganization will automatically
be exchanged into a corresponding share of NewCRG Common Stock or Series B Convertible Preferred Stock of NewCRG, as applicable;
and

 

WHEREAS,
BKC and Blue Holdco have agreed to provide such consents to the Organizational Documents Changes, the Board Changes, the Business
Changes and the Shares Issuances in exchange for the agreements set forth herein and for NewCRG to (1) include in NewCRG’s
proxy statement for the next annual meeting of the stockholders of NewCRG or at any special meeting of the stockholders of the
NewCRG held prior to such date (as applicable, the “Stockholder Meeting”), a proposal soliciting each NewCRG’s
stockholder’s affirmative vote at the Stockholder Meeting for approval of a modification of the definitions included in
the Series B Certificate of Designation of (a) “Director Step-Down Date” to replace the percentage set forth therein
(14.5%) with 11.5% and (b) “Director Cessation Date” to replace the percentage set forth therein (10%) with 7.5% to
reflect the increase in the number of directors (“Stockholder Approval”) and (2) use its commercially reasonable
efforts to solicit its stockholders’ approval of such proposal (which efforts shall include, without limitation, the requirement
to hire a reputable proxy solicitor selected by NewCRG in its sole discretion) and to cause the board of directors of NewCRG to
recommend to the stockholders that they vote in favor of such proposal, unless the board of directors of NewCRG determines, after
consultation with outside legal counsel, that making such recommendation would reasonably be expected to cause the board of directors
to be in breach of its fiduciary duties under applicable law. If the Stockholder Approval is not obtained at the Stockholder Meeting,
then NewCRG will use its commercially reasonable efforts (including continuing to recommend the Stockholder Approval to the stockholders)
to obtain the Stockholder Approval at each of the following meetings of the stockholders of NewCRG until such Stockholder Approval
is obtained.

 

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NOW
THEREFORE, in consideration of the mutual covenants and conditions contained herein, the parties hereto agree as follows:

 

1.
Approvals and Consents.

 

B.
BKC and Blue Holdco each hereby grants its approval and consent to the Organizational Documents’ Changes to the extent required
by Section 7(c)(i) of the Series B Certificate of Designations.

 

C.
BKC and Blue Holdco each hereby grants its approval and consent to the Board Changes to the extent required by Section 7(c)(ii)
of the Series B Certificate of Designations.

 

D.
BKC and Blue Holdco each hereby grants its approval and consent to the Popeyes Operations to the extent required by Section 7(c)(iv)
of the Series B Certificate of Designations.

 

E.
BKC and Blue Holdco each acknowledge that issuance of the Issued Shares of NewCRG Common Stock and the Issued Shares of NewCRG
Preferred Stock may exceed, on a fully-diluted basis, 35% of the total number of shares of NewCRG Common Stock issued and outstanding
immediately prior to the time of the issuance of the Issued Shares of NewCRG Common Stock and the Issued Shares of NewCRG Preferred
Stock, and each hereby grants its approval and consent to the issuance of the Issued Shares of NewCRG Common Stock and the Issued
Shares of NewCRG Preferred Stock to the extent required by Section 7(c)(v) of the Series B Certificate of Designations.

 

2.
Stockholder Approval.

 

Carrols
and NewCRG hereby agree (1) to include in NewCRG’s proxy statement for the next Stockholder Meeting, a proposal soliciting
each NewCRG’s stockholder’s affirmative vote at the Stockholder Meeting for approval of a modification of the following
definitions included in the Series B Certificate of Designation: (a) “Director Step-Down Date” to be modified by replacing
the percentage set forth therein (14.5%) with 11.5% and (b) “Director Cessation Date” to be modified by replacing
the percentage set forth therein (10%) with 7.5% to reflect the increase in the number of directors and (2) to use its commercially
reasonable efforts to solicit its stockholders’ approval of such proposal (which efforts shall include, without limitation,
the requirement to hire a reputable proxy solicitor selected by NewCRG in its sole discretion) and to cause the board of directors
of NewCRG to recommend to the stockholders that they vote in favor of such proposal, unless the board of directors of NewCRG determines,
after consultation with outside legal counsel, that making such recommendation would reasonably be expected to cause the board
of directors to be in breach of its fiduciary duties under applicable law. If the Stockholder Approval is not obtained at the
Stockholder Meeting, then NewCRG will use its commercially reasonable efforts (including continuing to recommend the Stockholder
Approval to the stockholders) to obtain the Stockholder Approval at each of the following meetings of the stockholders of NewCRG
until such Stockholder Approval is obtained.

 

    3

     

    

 

3.
Choice of Law; Jurisdiction and the Venue. This Agreement shall be governed by and construed in accordance with
the laws of the State of Florida. The parties hereto acknowledge and agree that the United States District Court for the Southern
District of Florida, or if such court lacks jurisdiction, the 11th Judicial Court (or its successor) in and for Miami-Dade County,
Florida, shall be the venue and exclusive proper forum in which to adjudicate any case or controversy arising, either directly
or indirectly, under or in connection with this Agreement or related documentation and of the parties further agree that, in the
event of litigation arising out of or in connection with this Agreement in these courts, they will not contest or challenge the
jurisdiction or venue of these courts.

 

4.
Integration. This Agreement and the other documents being executed and delivered pursuant hereto incorporate all
prior discussions and negotiations among the parties and constitute the sole and entire agreement and understanding between the
parties hereto with respect to the subject matter hereof. No amendment to this Agreement shall be effective unless it is in writing
and signed by all parties hereto.

 

5.
Binding Effect. Except as otherwise expressly provided in this Agreement, the provisions of this Agreement shall
inure to the benefit of, and be binding upon, the parties hereto and their respective heirs, successors, assigns, executors, personal
representatives, and administrators.

 

[Signature
Page Follows] 

 

    4

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first written above.

 

	 

        
	BURGER
    KING CORPORATION 
	 	 	 
	 	By:	/s/
    Lisa Giles-Klein
	 	Name:	Lisa
    Giles-Klein 
	 	Title:	Assistant
    Secretary
	 	 	 
	 	BLUE
    HOLDCO 1, LLC
	 	 	 
	 	By: 	/s/
    Lisa Giles-Klein
	 	Name:	Lisa
    Giles-Klein 
	 	Title:	Assistant
    Secretary
	 	 	 
	 	Carrols
    Restaurant Group, Inc.
	 	 	 
	 	By:	/s/
    William E. Myers 
	 	Name:	William
    E. Myers
	 	Title:	Vice
    President, General Counsel and Secretary
	 	 	 
	 	CARROLS
    HOLDCO, INC. 
	 	 	 
	 	By:
    	/s/
    William E. Myers 
	 	Name:	William
    E. Myers
	 	Title:	Vice
    President, General Counsel and Secretary
	 	 	 
	 	Carrols
    Corporation 
	 	 	 
	 	By:
    	/s/
    William E. Myers 
	 	Name:	William
    E. Myers
	 	Title:	Vice
    President, General Counsel and Secretary

 

 

5

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