Document:

EX-10.5

 FOGO HOSPITALITY INC. 

2021 LONG-TERM INCENTIVE COMPENSATION PLAN 

 FOGO HOSPITALITY INC. 

2021 LONG-TERM INCENTIVE COMPENSATION PLAN 

ARTICLE I 
 GENERAL

  

	1.1	 Purpose 

The purpose of the Fogo Hospitality Inc. Long-Term Incentive Compensation Plan (as amended from time to time, the
“Plan”) is to help Fogo (as hereinafter defined): (1) attract, retain and motivate designated Participants (as hereinafter defined) of Fogo Hospitality Inc., a Delaware corporation
(“Fogo”)); (2) align the interests of such persons with Fogo’s stockholders; and (3) promote ownership of Fogo’s equity. 
  

	1.2	 Definitions of Certain Terms 

For purposes of this Plan, the following terms have the meanings set forth below: 

1.2.1 “Acquisition Awards” has the meaning set forth in Section 1.6.1. 

1.2.2 “Award” means an award made pursuant to the Plan. 

1.2.3 “Award Agreement” means the written document by which each Award is evidenced, and which may, but need not be (as determined by
the Committee) executed or acknowledged by a Participant as a condition to receiving an Award or the benefits under an Award, and which sets forth the terms and provisions applicable to Awards granted under the Plan to such Participant. Any
reference herein to an agreement in writing will be deemed to include an electronic writing to the extent permitted by applicable law. 
 1.2.4
“Board” means the Board of Directors of Fogo. 
 1.2.5 “Business Combination” has the meaning provided in the
definition of Change in Control. 
 1.2.6 “Cause” means (a) with respect to a Participant employed pursuant to a written
employment agreement which agreement includes a definition of “Cause,” “Cause” as defined in that agreement or (b) with respect to any other Participant, the occurrence of any of the following : (i) such Participant’s
conviction of, or plea of guilty or no contest to, any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof or under the laws of any other jurisdiction, (ii) such
Participant’s attempted commission of, or participation in, a fraud or theft against Fogo or any client of Fogo, (iii) such Participant’s engagement in gross misconduct that causes financial or reputation harm to Fogo, (iv) such
Participant’s repeated failure to substantially perform his or her duties and responsibilities to Fogo (other than failure resulting from incapacity due to mental or physical illness or injury or from any permitted leave required by law), (v)
such Participant’s material violation of any contract or agreement between the Participant and Fogo or any written Company policy, (vi) such Participant’s habitual abuse of narcotics or (vii) such Participant’s
disqualification or bar by any governmental or self-regulatory authority from serving in the capacity required by his or her job description or such Participant’s loss of any governmental or self-regulatory license that is reasonably necessary
for such Participant to perform his or her duties or responsibilities, in each case as an Employee or a Consultant, as applicable, of Fogo. 

 1.2.7 “Certificate” means a stock certificate (or other appropriate document or
evidence of ownership) representing Shares. 
 1.2.8 “Change in Control” means, except in connection with any initial public offering
of the Common Stock, the occurrence of any of the following events after the completion of the initial public offering of Fogo: 
 (a) during any period of
not more than 36 months, individuals who constitute the Board as of the beginning of the period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any
person becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board
(either by a specific vote or by approval of the proxy statement of Fogo in which such person is named as a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided, however, that no
individual initially elected or nominated as a director of Fogo as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or on
behalf of any person other than the Board will be deemed to be an Incumbent Director; 
 (b) any “person” (as such term is defined in
Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of Fogo representing 50% or more of the combined voting power of Fogo’s then-outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”);
provided, however, that the event described in this paragraph (b) will not be deemed to be a Change in Control by virtue of the ownership, or acquisition, of Company Voting Securities: (A) by Fogo, (B) by
Rhône Capital LLC and its respective affiliates, (C) by any employee benefit plan (or related trust) sponsored or maintained by Fogo, (D) by any underwriter temporarily holding securities pursuant to an offering of such securities or
(E) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition); 
 (c) the
consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving Fogo that requires the approval of Fogo’s stockholders, whether for such transaction or the issuance of securities in the
transaction (a “Business Combination”), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the
“Surviving Entity”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting power, is represented by Company Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof
is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than 

  
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any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the parent), becomes the beneficial owner, directly or indirectly, of 50% or more of the total
voting power of the outstanding voting securities eligible to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (C) at least a majority of the members of the board of directors of the parent (or, if there is no
parent, the Surviving Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B) and (C) of this paragraph (c) will be deemed to be a “Non-Qualifying Transaction”); or 

(d) the consummation of a sale of all or substantially all of Fogo’s assets (other than to an affiliate of Fogo); or 

(e) Fogo’s stockholders approve a plan of complete liquidation or dissolution of Fogo. 

Notwithstanding the foregoing, a Change in Control will not be deemed to occur solely because any person acquires beneficial ownership of more
than 50% of Fogo Voting Securities as a result of the acquisition of Company Voting Securities by Fogo which reduces the number of Company Voting Securities outstanding; provided that if after such acquisition by Fogo such person
becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control will then occur. 

1.2.9 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto, and the applicable
rulings and regulations thereunder. 
 1.2.10 “Committee” has the meaning set forth in Section 1.3.1. 

1.2.11 “Common Stock” means the common stock of Fogo par value $0.01 per share, and any other securities or property issued in exchange
therefor or in lieu thereof pursuant to Section 1.6.3. 
 1.2.12 “Company” means Fogo Hospitality Inc. and
any Subsidiary, and any successor entity thereto. 
 1.2.13 “Company Voting Securities” has the meaning provided in the definition of
Change in Control. 
 1.2.14 “Consent” has the meaning set forth in Section 3.3.2. 

1.2.15 “Consultant” means any individual (other than a non-employee Director), corporation,
partnership, limited liability company or other entity that provides bona fide consulting or advisory services to Fogo. 
 1.2.16 “Covered
Person” has the meaning set forth in Section 1.3.4. 
 1.2.17 “Director” means a member of the
Board. 

  
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 1.2.18 “Disability” means as a result of a Participant’s incapacity due to
physical or mental illness, such Participant will have been substantially unable to perform his or her duties in connection with his or her Employment for a continuous period of 180 days. 

1.2.19 “Effective Date” has the meaning set forth in Section 3.23. 

1.2.20 “Employee” means a regular, active employee and/or a prospective employee of Fogo, but not including a non-employee Director. 
 1.2.21 “Employment” means a Participant’s performance of services
for Fogo, as determined by the Committee. The terms “employ” and “employed” will have their correlative meanings. The Committee in its sole discretion may determine (a) whether and when a Participant’s leave of absence
results in a termination of Employment, (b) whether and when a change in a Participant’s association with Fogo results in a termination of Employment and (c) the impact, if any, of any such leave of absence or change in association on
outstanding Awards. Unless expressly provided otherwise, any references in the Plan or any Award Agreement to a Participant’s Employment being terminated will include both voluntary and involuntary terminations. 

1.2.22 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto, and the
applicable rules and regulations thereunder. 
 1.2.23 “Fair Market Value” means, with respect to a Share, the closing price reported
for the Common Stock on the applicable date as reported on the New York Stock Exchange or, if not so reported, as determined in accordance with a valuation methodology approved by the Committee, unless determined as otherwise specified
herein. For purposes of the grant of any Award, the applicable date will be the trading day on which the Award is granted or, if the date the Award is granted is not a trading day, the trading day immediately prior to the date the Award is granted.
For purposes of the exercise of any Award, the applicable date is the date a notice of exercise is received by Fogo or, if such date is not a trading day, the trading day immediately following the date a notice of exercise is received by Fogo. 

1.2.24 “Good Reason” means (a) with respect to a Participant employed pursuant to a written employment agreement which agreement
includes a definition of “Good Reason,” “Good Reason” as defined in that agreement or (b) with respect to any other Participant, the occurrence of any of the following in the absence of the Participant’s written
consent: (i) any material and adverse change in the Participant’s position or authority with Fogo as in effect immediately before a Change in Control, other than an isolated and insubstantial action not taken in bad faith and which is
remedied by Fogo within 30 days after receipt of notice thereof given by the Participant; (ii) the transfer of, other than in the normal course of business, the Participant’s primary work site to a new primary work site that is more than
50 miles from the Participant’s primary work site in effect immediately before a Change in Control; or (iii) a diminution of the Participant’s base salary in effect immediately before a Change in Control by more than 10%, unless such
diminution applies to all similarly situated employees. If the Participant does not deliver to Fogo a written notice of termination within 60 days after the Participant has knowledge that an event constituting Good Reason has occurred, the event
will no longer constitute Good Reason. In addition, the Participant must give Fogo 30 days to cure the event constituting Good Reason. 

  
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 1.2.25 “Incentive Stock Option” means a stock option to purchase Shares that is
intended to be an “incentive stock option” within the meaning of Sections 421 and 422 of the Code, as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is designated as an Incentive Stock
Option in the applicable Award Agreement. 
 1.2.26 “Incumbent Directors” has the meaning provided in the definition of Change in
Control. 
 1.2.27 “Non-Qualifying Transaction” has the meaning provided in the definition of
Change in Control. 
 1.2.28 “Other Stock-Based or Cash-Based Awards” has the meaning set forth in
Section 2.9.1. 
 1.2.29 “Participant” means any Employee, Consultant or
Non-Employee Director who receives an Award. 
 1.2.30 “Plan” has the meaning set forth in
Section 1.1. 
 1.2.31 “Plan Action” has the meaning set forth in Section 3.3.1.

 1.2.32 “Retirement” means (i) the applicable statutory age in Participant’s primary work location, (ii) if no such
statutory retirement age exists, age 65 or (iii) the age determined in an Award Agreement by the Board as the applicable retirement age. 
 1.2.33
“Section 409A” means Section 409A of the Code, including any amendments or successor provisions to that section, and any regulations and other administrative guidance thereunder, in each
case as they may be from time to time amended or interpreted through further administrative guidance. 
 1.2.34 “Securities Act”
means the Securities Act of 1933, as amended from time to time, or any successor thereto, and the applicable rules and regulations thereunder. 
 1.2.35
“Share Limit” has the meaning set forth in Section 1.6.1. 
 1.2.36 “Shares” means
shares of Common Stock. 
 1.2.37 “Subsidiary” means any corporation, partnership, limited liability company or other legal entity in
which Fogo, directly or indirectly, owns stock or other equity interests possessing 25% or more of the total combined voting power of all classes of the then-outstanding stock or other equity interests. 

1.2.38 “Surviving Entity” has the meaning provided in the definition of Change in Control. 

  
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 1.2.39 “Ten Percent Stockholder” means a person owning stock possessing more than
10% of the total combined voting power of all classes of stock of Fogo and of any Subsidiary or parent corporation of Fogo. 
 1.2.40 “Treasury
Regulations” means the regulations promulgated under the Code by the United States Treasury Department, as amended. 
  

	1.3	 Administration 

1.3.1 The Compensation Committee of the Board (as constituted from time to time, and including any successor committee, the
“Committee”) will administer the Plan. In particular, the Committee will have the authority in its sole discretion to: 
 (a)
exercise all of the powers granted to it under the Plan; 
 (b) construe, interpret and implement the Plan and all Award Agreements; 

(c) prescribe, amend and rescind rules and regulations relating to the Plan, including rules governing the Committee’s own operations; 

(d) make all determinations necessary or advisable in administering the Plan; 

(e) correct any defect, supply any omission and reconcile any inconsistency in the Plan; 

(f) amend the Plan to reflect changes in applicable law; 
 (g)
grant, or recommend to the Board for approval to grant, Awards and determine who will receive Awards, when such Awards will be granted and the terms of such Awards, including setting forth provisions with regard to the effect of a termination of
Employment on such Awards and conditioning the vesting of, or the lapsing of any applicable vesting restrictions or other vesting conditions on, Awards upon the attainment of performance goals and/or upon continued service; 

(h) amend any outstanding Award Agreement in any respect including, without limitation, to 

(1) accelerate the time or times at which the Award becomes vested, unrestricted or may be exercised (and, in connection with such acceleration, the Committee
may provide that any Shares acquired pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Participant’s underlying Award), 

(2) accelerate the time or times at which Shares are delivered under the Award (and, without limitation on the Committee’s rights, in connection with such
acceleration, the Committee may provide that any Shares delivered pursuant to such Award will be restricted shares, which are subject to vesting, transfer, forfeiture or repayment provisions similar to those in the Participant’s underlying
Award), 
 (3) waive or amend any goals, restrictions, vesting provisions or conditions set forth in such Award Agreement, or impose new goals, restrictions,
vesting provisions and conditions or 

  
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 (4) reflect a change in the Participant’s circumstances (e.g., a change to part-time employment
status or a change in position, duties or responsibilities); and 
 (i) determine at any time whether, to what extent and under what circumstances and method
or methods, subject to Section 3.14, 
 (1) Awards may be 

(A) settled in cash, Shares, other securities, other Awards or other property (in which event, the Committee may specify what other effects such settlement
will have on the Participant’s Award, including the effect on any repayment provisions under the Plan or Award Agreement), 
 (B) exercised or 

(C) canceled, forfeited or suspended, 
 (2) Shares, other
securities, other Awards or other property and other amounts payable with respect to an Award may be deferred either automatically or at the election of the Participant thereof or of the Committee, 

(3) to the extent permitted under applicable law, loans (whether or not secured by Common Stock) may be extended by Fogo with respect to any Awards, 

(4) Awards may be settled by Fogo, any of its Subsidiaries or affiliates or any of their designees and 

(5) the exercise price for any stock option (other than an Incentive Stock Option, unless the Committee determines that such a stock option will no longer
constitute an Incentive Stock Option) or stock appreciation right may be reset. 
 1.3.2 The determination of the Committee on all matters relating to the
Plan or any Award Agreement will be final, binding and conclusive. The Committee may allocate among its members and delegate to any person who is not a member of the Committee, or to any administrative group within Fogo, any of its powers,
responsibilities or duties. In delegating its authority, the Committee will consider the extent to which any delegation may cause Awards to fail to meet the requirements of Rule 16(b)-3(d)(1) or Rule 16(b)-3(e) under the Exchange Act. Except as specifically provided to the contrary, references to the Committee include any administrative group, individual or individuals to whom the Committee has delegated its
duties and powers. 
 1.3.3 Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to
time, grant Awards or administer the Plan. In any such case, the Board will have all of the authority and responsibility granted to the Committee herein. 

  
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 1.3.4 No member of the Committee or any person to whom the Committee delegates its powers, responsibilities
or duties in writing, including by resolution (each such person, a “Covered Person”), will have any liability to any person (including any Participant) for any action taken or omitted to be taken or any determination made
with respect to the Plan or any Award, except as expressly provided by statute. Each Covered Person will be indemnified and held harmless by Fogo against and from: 

(a) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or
resulting from any action, suit or proceeding to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement, in each case, in
good faith and 
 (b) any and all amounts paid by such Covered Person, with Fogo’s approval, in settlement thereof, or paid by such Covered Person in
satisfaction of any judgment in any such action, suit or proceeding against such Covered Person, provided that Fogo will have the right, at its own expense, to assume and defend any such action, suit or proceeding and, once Fogo
gives notice of its intent to assume the defense, Fogo will have sole control over such defense with counsel of Fogo’s choice. 
 The
foregoing right of indemnification will not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject to further appeal, determines that the
acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive of any other rights of
indemnification to which Covered Persons may be entitled under Fogo’s articles of incorporation or bylaws, pursuant to any individual indemnification agreements between such Covered Person and Fogo, as a matter of law, or otherwise, or any
other power that Fogo may have to indemnify such persons or hold them harmless. 
  

	1.4	 Persons Eligible for Awards 

Awards under the Plan may be made to Employees, Consultants and Non-Employee Directors. 

 

	1.5	 Types of Awards Under Plan 

Awards may be made under the Plan in the form of cash-based or stock-based Awards. Stock-based Awards may be in the form of any of the
following, in each case in respect of Common Stock: 
 (a) stock options, 

(b) stock appreciation rights, 
 (c) restricted shares, 

(d) restricted stock units, 
 (e) dividend equivalent rights and

  
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 (f) other equity-based or equity-related Awards (as further described in
Section 2.9), that the Committee determines to be consistent with the purposes of the Plan and the interests of Fogo. 
  

	1.6	 Shares of Common Stock Available for Awards 

1.6.1 Common Stock Subject to the Plan. Subject to the other provisions of this Section 1.6, the total number of
Shares that may be granted under the Plan will be [•] (the “Share Limit”). Shares of Common Stock subject to awards that are assumed, converted or substituted under the Plan as a result of Fogo’s acquisition of
another company (including by way of merger, combination or similar transaction) (“Acquisition Awards”) will not count against the number of shares that may be granted under the Plan. Available shares under a stockholder
approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and do not reduce the maximum number of shares available for grant under the Plan, subject to applicable stock exchange
requirements. 
 1.6.2 Replacement of Shares. Shares subject to an Award that is forfeited (including any restricted shares repurchased
by Fogo at the same price paid by the Participant so that such Shares are returned to Fogo), expires or is settled for cash (in whole or in part), to the extent of such forfeiture, expiration or cash settlement will be available for future grants of
Awards under the Plan and will be added back in the same number of Shares as were deducted in respect of the grant of such Award. The payment of dividend equivalent rights in cash in conjunction with any outstanding Awards will not be counted
against the Shares available for issuance under the Plan. Shares tendered by a Participant or withheld by Fogo in payment of the exercise price of a stock option or to satisfy any tax withholding obligation with respect to an Award will not again be
available for Awards. 
 1.6.3 Adjustments. The Committee will: 

(a) adjust the number of Shares authorized pursuant to Section 1.6.1, 

(b) adjust the individual Participant limitations set forth in Sections 1.7, 2.4.1 and 2.5.1, 

(c) adjust the number of Shares set forth in Section 2.3.2 that can be issued through Incentive Stock Options and 

(d) adjust the terms of any outstanding Awards (including, without limitation, the number of Shares covered by each outstanding Award, the type of property or
securities to which the Award relates and the exercise or strike price of any Award), 
 in such manner as it deems appropriate (including,
without limitation, by payment of cash) to prevent the enlargement or dilution of rights, as a result of any increase or decrease in the number of issued Shares (or issuance of shares of stock other than Shares) resulting from a recapitalization,
stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation or any other change in the corporate
structure or Shares, including any extraordinary dividend or extraordinary distribution; provided that no such adjustment may be made if or to the extent that it would cause an outstanding Award to cease to be exempt from, or to fail
to comply with, Section 409A of the Code. 

  
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 ARTICLE II 

AWARDS UNDER THE PLAN 
  

	2.1	 Agreements Evidencing Awards 

Each Award granted under the Plan will be evidenced by an Award Agreement that will contain such provisions and conditions as the Committee
deems appropriate. Unless otherwise provided herein, the Committee may grant Awards in tandem with or, subject to Section 3.14, in substitution for or satisfaction of any other Award or Awards granted under the Plan or any
award granted under any other plan of Fogo. By accepting an Award pursuant to the Plan, a Participant thereby agrees that the Award will be subject to all of the terms and provisions of the Plan and the applicable Award Agreement. 

 

	2.2	 No Rights as a Stockholder 

No Participant (or other person having rights pursuant to an Award) will have any of the rights of a stockholder of Fogo with respect to
Shares subject to an Award until the delivery of such Shares. Except as otherwise provided in Section 1.6.3, no adjustments will be made for dividends, distributions or other rights (whether ordinary or extraordinary, and
whether in cash, Common Stock, other securities or other property) for which the record date is before the date the Certificates for the Shares are delivered, or in the event the Committee elects to use another system, such as book entries by the
transfer agent, before the date in which such system evidences the Participant’s ownership of such Shares. 
  

	2.3	 Options 

2.3.1 Grant. Stock options may be granted to eligible recipients in such number and at such times during the term of the Plan as the Committee
may determine; provided, however, that the maximum number of Shares as to which stock options may be granted under the Plan to any one individual in any fiscal year may not exceed [•] Shares (as adjusted
pursuant to the provisions of Section 1.6.3). 
 2.3.2 Incentive Stock Options. At the time of grant, the
Committee will determine: 
 (a) whether all or any part of a stock option granted to an eligible Employee will be an Incentive Stock Option and 

(b) the number of Shares subject to such Incentive Stock Option; provided, however, that 

(1) the aggregate Fair Market Value (determined as of the time the option is granted) of the stock with respect to which Incentive Stock Options are
exercisable for the first time by an eligible Employee during any fiscal year (under all such plans of Fogo and of any Subsidiary or parent corporation of Fogo) may not exceed $100,000 and 

(2) no Incentive Stock Option (other than an Incentive Stock Option that may be assumed or issued by Fogo in connection with a transaction to which
Section 424(a) of the Code applies) may be granted to a person who is not eligible to receive an Incentive Stock Option under the Code. 

  
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 The form of any stock option which is entirely or in part an Incentive Stock Option will
clearly indicate that such stock option is an Incentive Stock Option or, if applicable, the number of Shares subject to the Incentive Stock Option. No more than [•] Shares (as adjusted pursuant to the provisions of
Section 1.6.3) that can be delivered under the Plan may be issued through Incentive Stock Options. 
 2.3.3 Exercise
Price. The exercise price per share with respect to each stock option will be determined by the Committee but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of a
share of Common Stock (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110% of the Fair Market Value). Unless otherwise noted in the Award Agreement, the Fair Market Value of the Common Stock will be its Fair
Market Value on the date of grant of the Award of stock options. 
 2.3.4 Term of Stock Option. In no event will any stock option
be exercisable after the expiration of 10 years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 5 years) from the date on which the stock option is granted. 

2.3.5 Vesting and Exercise of Stock Option and Payment for Shares. A stock option may vest and be exercised at such time or times and
subject to such terms and conditions as will be determined by the Committee at the time the stock option is granted and set forth in the Award Agreement. Subject to any limitations in the applicable Award Agreement, any Shares not acquired pursuant
to the exercise of a stock option on the applicable vesting date may be acquired thereafter at any time before the final expiration of the stock option. 

To exercise a stock option, the Participant must give written notice to Fogo specifying the number of Shares to be acquired and accompanied by
payment of the full purchase price therefor in cash or by certified or official bank check or in another form as determined by Fogo, which may include (a) personal check, (b) Shares, based on the Fair Market Value as of the exercise date,
(c) any other form of consideration approved by Fogo and permitted by applicable law and (d) any combination of the foregoing. 

The Committee may also make arrangements for the cashless exercise of a stock option. Any person exercising a stock option will make such
representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by Fogo on terms acceptable to Fogo with the provisions of the Securities Act, the
Exchange Act and any other applicable legal requirements. The Committee may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share
certificates and issuing stop-transfer notices to agents and registrars. If a Participant so requests, Shares acquired pursuant to the exercise of a stock option may be issued in the name of the Participant and another jointly with the right of
survivorship. 
  

	2.4	 Stock Appreciation Rights 

2.4.1 Grant. Stock appreciation rights may be granted to eligible recipients in such number and at such times during the term of the Plan
as the Committee may determine; provided, however, that the maximum number of Shares as to which stock appreciation rights may be granted under the Plan to any one individual in any fiscal year may not exceed
[•] Shares (as adjusted pursuant to the provisions of Section 1.6.3). 

  
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 2.4.2 Exercise Price. The exercise price per share with respect to each stock
appreciation right will be determined by the Committee but, except as otherwise permitted by Section 1.6.3, may never be less than the Fair Market Value of the Common Stock. Unless otherwise noted in the Award Agreement,
the Fair Market Value of the Common Stock will be its Fair Market Value on the date of grant of the Award of stock appreciation rights. 
 2.4.3
Term of Stock Appreciation Right. In no event will any stock appreciation right be exercisable after the expiration of 10 years from the date on which the stock appreciation right is granted. 

2.4.4 Vesting and Exercise of Stock Appreciation Right and Delivery of Shares. Each stock appreciation right may vest and be exercised in
such installments as may be determined in the Award Agreement at the time the stock appreciation right is granted. Subject to any limitations in the applicable Award Agreement, any stock appreciation rights not exercised on the applicable vesting
date may be exercised thereafter at any time before the final expiration of the stock appreciation right. 
 To exercise a stock
appreciation right, the Participant must give written notice to Fogo specifying the number of stock appreciation rights to be exercised. Upon exercise of stock appreciation rights, Shares, cash or other securities or property, or a combination
thereof, as specified by the Committee, equal in value to (a) the excess of (i) the Fair Market Value of the Common Stock on the date of exercise over (ii) the exercise price of such stock appreciation right multiplied
by (b) the number of stock appreciation rights exercised, will be delivered to the Participant. 
 Any person exercising a stock
appreciation right will make such representations and agreements and furnish such information as the Committee may, in its sole discretion, deem necessary or desirable to effect or assure compliance by Fogo on terms acceptable to Fogo with the
provisions of the Securities Act, the Exchange Act and any other applicable legal requirements. If a Participant so requests, Shares purchased may be issued in the name of the Participant and another jointly with the right of survivorship. 

 

	2.5	 Restricted Shares 

2.5.1 Grants. The Committee may grant or offer for sale restricted shares in such amounts and subject to such terms and conditions as the
Committee may determine. Upon the delivery of such shares, the Participant will have the rights of a stockholder with respect to the restricted shares, subject to any other restrictions and conditions as the Committee may include in the applicable
Award Agreement. Each Participant of an Award of restricted shares will be issued a Certificate in respect of such shares, unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of such
shares. In the event that a Certificate is issued in respect of restricted shares, such Certificate may be registered in the name of the Participant, and will, in addition to such legends required by applicable securities laws, bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Award, but will be held by Fogo or its designated agent until the time the restrictions lapse. 

  
 -12- 

 2.5.2 Right to Vote and Receive Dividends on Restricted Shares. Each Participant of an
Award of restricted shares will, during the period of restriction, be the beneficial and record owner of such restricted shares and will have full voting rights with respect thereto. Unless the Committee determines otherwise in an Award Agreement,
during the period of restriction, all ordinary cash dividends or other ordinary distributions paid upon any restricted share will be retained by the Company and will be paid to the relevant Participant (without interest) when the Award of restricted
shares vests and will revert back to the Company if for any reason the restricted share upon which such dividends or other distributions were paid reverts back to the Company (any extraordinary dividends or other extraordinary distributions will be
treated in accordance with Section 1.6.3). 
  

	2.6	 Restricted Stock Units 

The Committee may grant Awards of restricted stock units in such amounts and subject to such terms and conditions as the Committee may determine. A Participant
of a restricted stock unit will have only the rights of a general unsecured creditor of Fogo, until delivery of Shares, cash or other securities or property is made as specified in the applicable Award Agreement. On the delivery date specified in
the Award Agreement, the Participant of each restricted stock unit not previously forfeited or terminated will receive one share of Common Stock, cash or other securities or property equal in value to a share of Common Stock or a combination
thereof, as specified by the Committee. 
  

	2.7	 Dividend Equivalent Rights 

The Committee may include in the Award Agreement with respect to any Award a dividend equivalent right entitling the Participant to receive
amounts equal to all or any portion of the regular cash dividends that would be paid on the Shares covered by such Award if such Shares had been delivered pursuant to such Award. The grantee of a dividend equivalent right will have only the rights
of a general unsecured creditor of Fogo until payment of such amounts is made as specified in the applicable Award Agreement. In the event such a provision is included in an Award Agreement, the Committee will determine whether such payments will be
made in cash, in Shares or in another form, whether they will be conditioned upon the exercise of the Award to which they relate (subject to compliance with Section 409A of the Code), the time or times at which they will be made, and such other
terms and conditions as the Committee will deem appropriate; provided that in no event may such payments may be made unless and until the Award to which they relate vests. 
  

	2.8	 Other Stock-Based or Cash-Based Awards 

2.8.1 Grant. The Committee may grant other types of equity-based, equity-related or cash-based Awards (including the grant or offer for
sale of unrestricted Shares, performance share awards, performance units settled in cash) (“Other Stock-Based or Cash-Based Awards”) in such amounts and subject to such terms and conditions as the Committee may determine. The
terms and conditions set forth by the Committee in the applicable Award Agreement may relate to the achievement of Performance Goals, as determined by the Committee at the time of grant. Such Awards may entail the transfer of actual Shares to Award
recipients and may include Awards designed to comply with or take advantage of the applicable local laws of jurisdictions other than the United States. 

  
 -13- 

	2.9	 Repayment If Conditions Not Met 

If the Committee later determines that all terms and conditions of the Plan and a Participant’s Award Agreement were not satisfied due to
a miscalculation, and that the failure to satisfy such terms and conditions is material, then the Participant will be obligated to pay Fogo immediately upon demand therefor, (a) with respect to a stock option and a stock appreciation right, an
amount equal to the excess of the Fair Market Value (determined at the time of exercise) of the Shares that were delivered in respect of such exercised stock option or stock appreciation right, as applicable, over the exercise price paid therefor,
(b) with respect to restricted shares, an amount equal to the Fair Market Value (determined at the time such shares became vested) of such restricted shares and (c) with respect to restricted stock units, an amount equal to the Fair Market
Value (determined at the time of delivery) of the Shares delivered with respect to the applicable delivery date, in each case with respect to clauses (a), (b) and (c) of this Section 2.10, without reduction for any
amount applied to satisfy withholding tax or other obligations in respect of such Award. 
 ARTICLE III 

MISCELLANEOUS 
  

	3.1	 Amendment of the Plan 

3.1.1 Unless otherwise provided in the Plan or in an Award Agreement, the Board may at any time and from time to time suspend, discontinue, revise or amend the
Plan in any respect whatsoever but, subject to Sections 1.3, 1.6.3 and 3.7, no such amendment may materially adversely impair the rights of the Participant of any Award without the Participant’s consent. Subject to
Sections 1.3, 1.6.3 and 3.7, an Award Agreement may not be amended to materially adversely impair the rights of a Participant without the Participant’s consent. 

3.1.2 Unless otherwise determined by the Board, stockholder approval of any suspension, discontinuance, revision or amendment will be obtained only to the
extent necessary to comply with any applicable laws, regulations or rules of a securities exchange or self-regulatory agency; provided, however, no amendment that would require stockholder approval under Section 422 of the Code
will be effective without the approval of Fogo’s stockholders. 
  

	3.2	 Tax Withholding 

Participants will be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and
any interest that accrues thereon, that they incur in connection with the receipt, vesting or exercise of any Award. As a condition to the delivery of any Shares, cash or other securities or property pursuant to any Award or the lifting or lapse of
restrictions on any Award, or in connection with any other event that gives rise to a federal or other governmental tax withholding obligation on the part of Fogo relating to an Award (including, without limitation, the Federal Insurance
Contributions Act (FICA) tax), 

  
 -14- 

 (a) Fogo may deduct or withhold (or cause to be deducted or withheld) from any payment or distribution to a
Participant whether or not pursuant to the Plan (including Shares otherwise deliverable), 
 (b) the Committee will be entitled to require that the
Participant remit cash to Fogo (through payroll deduction or otherwise) or 
 (c) Fogo may enter into any other suitable arrangements to withhold, in each
case in Fogo’s discretion the amounts of such taxes to be withheld based on the individual tax rates applicable to the Participant. 
  

	3.3	 Required Consents and Legends 

3.3.1 If the Committee at any time determines that any Consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the
granting of any Award, the delivery of Shares or the delivery of any cash, securities or other property under the Plan, or the taking of any other action thereunder (each such action a “Plan Action”), then, subject to
Section 3.15 such Plan Action will not be taken, in whole or in part, unless and until such Consent will have been effected or obtained to the full satisfaction of the Committee. The Committee may direct that any
Certificate evidencing Shares delivered pursuant to the Plan will bear a legend setting forth such restrictions on transferability as the Committee may determine to be necessary or desirable, and may advise the transfer agent to place a stop
transfer order against any legended shares. 
 3.3.2 The term “Consent” as used in this Article III with respect to any Plan Action
includes: 
 (a) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state, or local
law, or law, rule or regulation of a jurisdiction outside the United States, 
 (b) any and all written agreements and representations by the Participant
with respect to the disposition of Shares, or with respect to any other matter, which the Committee may deem necessary or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the
requirement that any such listing, qualification or registration be made, 
 (c) any and all other consents, clearances and approvals in respect of a Plan
Action by any governmental or other regulatory body or any stock exchange or self-regulatory agency, 
 (d) any and all consents by the Participant to: 

(i) Fogo’s supplying to any third party recordkeeper of the Plan such personal information as the Committee deems advisable to administer the Plan, 

  
 -15- 

 (ii) Fogo’s deducting amounts from the Participant’s wages, or another arrangement satisfactory to
the Committee, to reimburse Fogo for advances made on the Participant’s behalf to satisfy certain withholding and other tax obligations in connection with an Award and 

(iii) Fogo’s imposing sales and transfer procedures and restrictions and hedging restrictions on Shares delivered under the Plan and 

(e) any and all consents or authorizations required to comply with, or required to be obtained under, applicable local law or otherwise required by the
Committee. Nothing herein will require Fogo to list, register or qualify the Shares on any securities exchange. 
  

	3.4	 Right of Offset 

Fogo will have the right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement
any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to Fogo pursuant to tax equalization, housing, automobile or other
employee programs) that the Participant then owes to Fogo and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award provides for the deferral of
compensation within the meaning of Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver Shares (or other property or cash) under the Plan or any Award Agreement if such offset could subject the
Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award. 
  

	3.5	 Nonassignability; No Hedging 

Unless otherwise provided in an Award Agreement, no Award (or any rights and obligations thereunder) granted to any person under the Plan may
be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or
otherwise, other than by will or by the laws of descent and distribution, and all such Awards (and any rights thereunder) will be exercisable during the life of the Participant only by the Participant or the Participant’s legal representative.
Notwithstanding the foregoing, the Committee may permit, under such terms and conditions that it deems appropriate in its sole discretion, a Participant to transfer any Award to any person or entity that the Committee so determines. Any sale,
exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 3.5 will be null and void and any Award which is hedged in any manner will immediately be forfeited.
All of the terms and conditions of the Plan and the Award Agreements will be binding upon any permitted successors and assigns. 

  
 -16- 

	3.6	 Change in Control 

3.6.1 Unless the Committee determines otherwise or as otherwise provided in the applicable Award Agreement, if a Participant’s Employment is terminated by
Fogo or any successor entity thereto without Cause, or the Participant resigns his or her Employment for Good Reason, in either case, on or within two (2) years after a Change in Control, (i) each Award granted to such Participant prior to
such Change in Control may become fully vested (including the lapsing of all restrictions and conditions) and, as applicable, exercisable, and (ii) any Shares deliverable pursuant to restricted stock units may be delivered promptly (but no
later than 15 days) following such Participant’s termination of Employment. As of the Change in Control date, any outstanding performance-based Awards may be deemed earned at the level of achievement determined by the Committee as
of the date of the Change of Control. 
 3.6.2 Notwithstanding the foregoing, in the event of a Change in Control, a Participant’s Award may be treated,
to the extent determined by the Committee and permitted under Section 409A, in accordance with one or more of the following methods as determined by the Committee in its sole discretion: (i) settle such Awards for an amount of cash or
securities equal to their value, where in the case of stock options and stock appreciation rights, the value of such awards, if any, will be equal to their in-the-money
spread value (if any), as determined in the sole discretion of the Committee; (ii) provide for the assumption of or the issuance of substitute awards that will substantially preserve the otherwise applicable terms of any affected Awards
previously granted under the Plan, as determined by the Committee in its sole discretion; (iii) modify the terms of such awards to add events, conditions or circumstances (including termination of Employment within a specified period after a
Change in Control) upon which the vesting of such Awards or lapse of restrictions thereon will accelerate; or (iv) provide that for a period of at least 20 days prior to the Change in Control, any stock options or stock appreciation rights that
would not otherwise become exercisable prior to the Change in Control will be exercisable as to all Shares subject thereto (but any such exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in
Control does not take place within a specified period after giving such notice for any reason whatsoever, the exercise will be null and void) and that any stock options or stock appreciation rights not exercised prior to the consummation of the
Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control. In the event that the consideration paid in the Change in Control includes contingent value rights, earnout or indemnity payments
or similar payments, then the Committee will determine if Awards settled under clause (i) above are (a) valued at closing taking into account such contingent consideration (with the value determined by the Committee in its sole discretion)
or (b) entitled to a share of such contingent consideration. For the avoidance of doubt, in the event of a Change in Control where all stock options and stock appreciation rights are settled for an amount (as determined in the sole discretion
of the Committee) of cash or securities, the Committee may, in its sole discretion, terminate any stock option or stock appreciation right for which the exercise price is equal to or exceeds the per share value of the consideration to be paid in the
Change in Control transaction without payment of consideration therefor. Similar actions to those specified in this Section 3.6.2 may be taken in the event of a merger or other corporate reorganization that does not
constitute a Change in Control. 
  

	3.7	 No Continued Employment or Engagement; Right of Discharge Reserved 

Neither the adoption of the Plan nor the grant of any Award (or any provision in the Plan or Award Agreement) will confer upon any Participant
any right to continued Employment, or other engagement, with Fogo, nor will it interfere in any way with the right of Fogo to terminate, or alter the terms and conditions of, such Employment or other engagement at any time. 

  
 -17- 

	3.8	 Nature of Payments 

3.8.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other property under the Plan will be in consideration of services
performed or to be performed for Fogo by the Participant. Awards under the Plan may, in the discretion of the Committee, be made in substitution in whole or in part for cash or other compensation otherwise payable to a Participant. Only whole Shares
will be delivered under the Plan. Awards will, to the extent reasonably practicable, be aggregated in order to eliminate any fractional shares. Fractional shares may, in the discretion of the Committee, be forfeited or be settled in cash or
otherwise as the Committee may determine. 
 3.8.2 All such grants and deliveries of Shares, cash, securities or other property under the Plan will
constitute a special discretionary incentive payment to the Participant, will not entitle the Participant to the grant of any future Awards and will not be required to be taken into account in computing the amount of salary or compensation of the
Participant for the purpose of determining any contributions to or any benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of Fogo or under any agreement with the Participant, unless Fogo
specifically provides otherwise. 
  

	3.9	 Non-Uniform Determinations 

3.9.1 The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations may be made by it selectively
among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (a) the persons to receive Awards,
(b) the terms and provisions of Awards and (c) whether a Participant’s Employment has been terminated for purposes of the Plan. 
 3.9.2 To
the extent the Committee deems it necessary, appropriate or desirable to comply with foreign law or practices and to further the purposes of the Plan, the Committee may, in its sole discretion and without amending the Plan, (a) establish
special rules applicable to Awards to Participants who are foreign nationals, are employed outside the United States or both and grant Awards (or amend existing Awards) in accordance with those rules and (b) cause Fogo to enter into an
agreement with any local Subsidiary pursuant to which such Subsidiary will reimburse Fogo for the cost of such equity incentives. 
  

	3.10	 Other Payments or Awards 

Nothing contained in the Plan will be deemed in any way to limit or restrict Fogo from making any award or payment to any person under any
other plan, arrangement or understanding, whether now existing or hereafter in effect. 

  
 -18- 

	3.11	 Plan Headings 

The headings in the Plan are for the purpose of convenience only and are not intended to define or limit the construction of the provisions
hereof. 
  

	3.12	 Termination of Plan 

The Board reserves the right to terminate the Plan at any time; provided, however, that in any case, the Plan will
terminate on the day before the tenth anniversary of the Effective Date, and provided further, that all Awards made under the Plan before its termination will remain in effect until such Awards have been satisfied or terminated
in accordance with the terms and provisions of the Plan and the applicable Award Agreements. 
  

	3.13	 Clawback/Recapture Policy 

Awards under the Plan will be subject to any clawback or recapture policy that Fogo may adopt from time to time to the extent provided in such
policy and, in accordance with such policy, may be subject to the requirement that the Awards be repaid to Fogo after they have been distributed to the Participant. 
  

	3.14	 Section 409A 

3.14.1 All Awards made under the Plan that are intended to be “deferred compensation” subject to Section 409A will be interpreted, administered
and construed to comply with Section 409A, and all Awards made under the Plan that are intended to be exempt from Section 409A will be interpreted, administered and construed to comply with and preserve such exemption. The Board and the
Committee will have full authority to give effect to the intent of the foregoing sentence. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the Plan and a provision of any Award or
Award Agreement with respect to an Award, the Plan will govern. 
 3.14.2 Without limiting the generality of Section 3.15.1, with
respect to any Award made under the Plan that is intended to be “deferred compensation” subject to Section 409A: 
 (a) any payment due upon a
Participant’s termination of Employment will be paid only upon such Participant’s separation from service from Fogo within the meaning of Section 409A; 

(b) any payment due upon a Change in Control of Fogo will be paid only if such Change in Control constitutes a “change in ownership” or “change
in effective control” within the meaning of Section 409A, and in the event that such Change in Control does not constitute a “change in the ownership” or “change in the effective control” within the meaning of
Section 409A, such Award will vest upon the Change in Control and any payment will be delayed until the first compliant date under Section 409A; 

(c) any payment to be made with respect to such Award in connection with the Participant’s separation from service from Fogo within the meaning of
Section 409A (and any other payment that would be subject to the limitations in Section 409A(a)(2)(B) of the Code) will be delayed until six months after the Participant’s separation from service (or earlier death) in accordance with
the requirements of Section 409A; 

  
 -19- 

 (d) if any payment to be made with respect to such Award would occur at a time when the tax deduction with
respect to such payment would be limited or eliminated by Section 162(m) of the Code, such payment may be deferred by Fogo under the circumstances described in Section 409A until the earliest date that Fogo reasonably anticipates that the
deduction or payment will not be limited or eliminated; 
 (e) to the extent necessary to comply with Section 409A, any other securities, other Awards
or other property that Fogo may deliver in lieu of Shares in respect of an Award will not have the effect of deferring delivery or payment beyond the date on which such delivery or payment would occur with respect to the Shares that would otherwise
have been deliverable (unless the Committee elects a later date for this purpose in accordance with the requirements of Section 409A); 
 (f) with
respect to any required Consent described in Section 3.3 or the applicable Award Agreement, if such Consent has not been effected or obtained as of the latest date provided by such Award Agreement for payment in respect of
such Award and further delay of payment is not permitted in accordance with the requirements of Section 409A, such Award or portion thereof, as applicable, will be forfeited and terminate notwithstanding any prior earning or vesting; 

(g) if the Award includes a “series of installment payments” (within the meaning of
Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participant’s right to the series of installment payments will be treated as a right to a series of separate payments and not as a right
to a single payment; 
 (h) if the Award includes “dividend equivalents” (within the meaning of
Section 1.409A-3(e) of the Treasury Regulations), the Participant’s right to the dividend equivalents will be treated separately from the right to other amounts under the Award; and 

(i) for purposes of determining whether the Participant has experienced a separation from service from Fogo within the meaning of Section 409A,
“subsidiary” will mean a corporation or other entity in a chain of corporations or other entities in which each corporation or other entity, starting with Fogo, has a controlling interest in another corporation or other entity in the
chain, ending with such corporation or other entity. For purposes of the preceding sentence, the term “controlling interest” has the same meaning as provided in Section 1.414(c)-2(b)(2)(i) of
the Treasury Regulations, provided that the language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2(b)(2)(i)
of the Treasury Regulations. 
  

	3.15	 Governing Law 

THE PLAN AND ALL AWARDS MADE AND ACTIONS TAKEN THEREUNDER WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. 

  
 -20- 

	3.16	 Disputes; Choice of Forum 

3.16.1 Fogo and each Participant, as a condition to such Participant’s participation in the Plan, hereby irrevocably submit to the exclusive jurisdiction
of any state or federal court located in the State of Delaware, over any suit, action or proceeding arising out of or relating to or concerning the Plan or, to the extent not otherwise specified in any individual agreement between Fogo and the
Participant, any aspect of the Participant’s Employment with Fogo or the termination of that Employment. Fogo and each Participant, as a condition to such Participant’s participation in the Plan, acknowledge that the forum designated by
this Section 3.18.1 has a reasonable relation to the Plan and to the relationship between such Participant and Fogo. Notwithstanding the foregoing, nothing herein will preclude Fogo from bringing any action or proceeding in
any other court for the purpose of enforcing the provisions of this Section 3.18.1. 
 3.16.2 The agreement by Fogo and each
Participant as to forum is independent of the law that may be applied in the action, and Fogo and each Participant, as a condition to such Participant’s participation in the Plan, (i) agree to such forum even if the forum may under
applicable law choose to apply non-forum law, (ii) hereby waive, to the fullest extent permitted by applicable law, any objection which Fogo or such Participant now or hereafter may have to personal
jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in Section 3.18.1, (iii) undertake not to commence any action arising out of or relating to or concerning the Plan in
any forum other than the forum described in this Section 3.18 and (iv) agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any
such suit, action or proceeding in any such court will be conclusive and binding upon Fogo and each Participant. 
 3.16.3 Each Participant, as a condition
to such Participant’s participation in the Plan, hereby irrevocably appoints the General Counsel of Fogo as such Participant’s agent for service of process in connection with any action, suit or proceeding arising out of or relating to or
concerning the Plan, who will promptly advise such Participant of any such service of process. 
 3.16.4 Each Participant, as a condition to such
Participant’s participation in the Plan, agrees to keep confidential the existence of, and any information concerning, a dispute, controversy or claim described in Section 3.20, except that a Participant may disclose
information concerning such dispute, controversy or claim to the court that is considering such dispute, controversy or claim or to such Participant’s legal counsel (provided that such counsel agrees not to disclose any such information other
than as necessary to the prosecution or defense of the dispute, controversy or claim). 
  

	3.17	 Waiver of Jury Trial 

EACH GRANTEE WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION WITH
THE PLAN. 

  
 -21- 

	3.18	 Waiver of Claims 

Each Participant of an Award recognizes and agrees that before being selected by the Committee to receive an Award the Participant has no right
to any benefits under the Plan. Accordingly, in consideration of the Participant’s receipt of any Award hereunder, the Participant expressly waives any right to contest the amount of any Award, the terms of any Award Agreement, any
determination, action or omission hereunder or under any Award Agreement by the Committee, Fogo or the Board, or any amendment to the Plan or any Award Agreement (other than an amendment to the Plan or an Award Agreement to which his or her consent
is expressly required by the express terms of an Award Agreement). Nothing contained in the Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between Fogo and
any Participant. The Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA), as amended. 
  

	3.19	 No Repricing or Reloads 

Except as otherwise permitted by Section 1.6.3, reducing the exercise price of stock options or stock appreciation
rights issued and outstanding under the Plan, including through amendment, cancellation in exchange for the grant of a substitute Award or repurchase for cash or other consideration (in each case that has the effect of reducing the exercise price),
will require approval of Fogo’s stockholders. Fogo will not grant any stock options or stock appreciation rights with automatic reload features. 
  

	3.20	 Severability; Entire Agreement 

If any of the provisions of the Plan or any Award Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in
part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions will not be affected thereby; provided that if any of such provisions
is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to
modify such scope in order to make such provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises,
covenants, arrangements, communications, representations and warranties between them, whether written or oral with respect to the subject matter thereof. 
  

	3.21	 No Liability With Respect to Tax Qualification or Adverse Tax Treatment 

Notwithstanding anything to the contrary contained herein, in no event will Fogo be liable to a Participant on account of an Award’s
failure to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A. 

  
 -22- 

	3.22	 No Third-Party Beneficiaries 

Except as expressly provided in an Award Agreement, neither the Plan nor any Award Agreement will confer on any person other than Fogo and the
Participant of any Award any rights or remedies thereunder. The exculpation and indemnification provisions of Section 1.3.4 will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees. 

 

	3.23	 Successors and Assigns of Fogo 

The terms of the Plan will be binding upon and inure to the benefit of Fogo and any successor entity, including as contemplated by
Section 3.6. 
  

	3.24	 Date of Adoption and Approval of Stockholders 

The Plan was adopted by the Board on [•] and was approved by Fogo’s stockholders on [•] (the
“Effective Date”). 
  

	3.25	 Limits on Compensation to Non-Employee Directors.

 No non-employee director of Fogo may be granted (in any calendar year)
compensation with a value in excess of $1,000,000, with the value of any equity-based awards based on the accounting grant date value of such award. 

  
 -23-EX-10.7

 Exhibit 10.7 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is entered as of the 15th day of
July, 2013 (“Effective Date”) by and between Fogo de Chão (Holdings) Inc., a Delaware corporation (“Company”), and Barry McGowan (“Executive”). 

WHEREAS, the Company desires to hire Executive as President and the Executive desires to accept such employment with the Company. 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Company and the Executive hereby agree as follows: 

1. Term. The initial term (“Initial Term”) of employment under this Agreement shall commence and this Agreement shall be effective as
of the Effective Date and shall continue for a period ending on December 31, 2015, unless sooner terminated in accordance with the terms hereof. The Initial Term shall be automatically extended for additional
one-year periods (each such year an “Extended Term”) on the same terms and conditions set forth in this Agreement, unless either party provides notice of his or its intention not to extend
this Agreement at least ninety (90) days prior to the expiration of the Initial Term or, if previously extended, any Extended Term. The Initial Term and any Extended Term may be collectively referred to in this Agreement as the
“Term.” 
 2. Employment Duties. 

(a) Position. Commencing upon the Effective Date and continuing through the period of the Executive’s employment by the Company,
the Executive shall serve as President of the Company and shall have the duties, responsibilities and authority set forth on Exhibit A to this Agreement. The Executive shall report to the Chief Executive Officer of the Company. 

(b) Obligations. The Executive agrees to devote his full business time and attention to the business and affairs of the Company. The
foregoing, however, shall not preclude the Executive from (i) serving on corporate, civic or charitable boards or committees or managing personal investments, so long as such activities do not, in the judgment of the Chief Executive Officer,
interfere with the performance of the Executive’s responsibilities hereunder; provided, however, that Executive’s service on any corporate board or committee shall be subject to the prior written approval of the Chief Executive Officer or
(ii) going on leave for vacation or permitted hereunder or illness; provided, however, that leave for vacation shall not interfere with the performance of the Executive’s duties hereunder. 

3. Compensation and Benefits. 
 (a)
Base Salary. During the period of the Executive’s employment by the Company, the Executive shall receive an annual base salary of not less than US$375,000 (“Base Salary”) payable in equal semi-monthly installments, less
applicable withholdings. Each year, the Chief Executive Officer shall review the Base Salary and other compensation of the Executive based upon performance and other factors deemed appropriate by the Chief Executive Officer and, subject to approval
by the Board of Directors of the Company (the “Board”) make such increases or decreases as Chief Executive Officer and the Board deem appropriate. 

 (b) Annual Performance Bonus. During the period of the Executive’s employment by
the Company hereunder, the Executive shall receive each year an annual performance bonus (“Annual Performance Bonus”) based upon achievement of budget and performance goals established by the Chief Executive Officer and the Board
for the year. The Annual Performance Bonus shall be determined in accordance with the criteria set forth in Exhibit B, which will be in effect for the fiscal year ending December 31, 2013. The Annual Performance Bonus shall have a target
amount as specified in the Company’s Budget (“Target Bonus Amount”), which amount shall be no less than 50% of the Executive’s Base Salary. The Annual Performance Bonus shall be paid not later than March 15 of the
calendar year following the end of the calendar year in which the Annual Performance Bonus is earned. 
 (c) Equity Awards. The
Company will cause to be awarded to the Executive options under the Brasa (Parent) Inc. 2012 Omnibus Equity Incentive Plan to purchase 7,400 shares of the Company’s common stock at an exercise price of $205.14 per share and to purchase 3,100
shares of the Company’s common stock at an exercise price of $410.28 per share. The Executive may be entitled to participate in future awards under such plan and all other equity compensation plans that may be adopted by the Company after the
date of this Agreement upon terms and conditions approved by the Chief Executive Officer and the Board. 
 (d) Employee Benefits. The
Executive shall be entitled to the following benefits during the period of the Executive’s employment by the Company hereunder: (i) to the extent permitted by applicable law, the Executive shall be entitled to receive benefits and fringes
(whether subsidized in part, or paid for in full by the Company) including, but not limited to, medical, dental and disability insurance, which the Company now or in the future generally offers to its executive officers; (ii) the Company will
pay the entire amount of each monthly premium for full family coverage for the benefit of the Executive and the Executive’s family under the Company’s health and dental insurance plans in which the Executive and the Executive’s family
members are eligible to participate; and (iii) the Executive shall be eligible to participate in any of the Company’s savings, retirement and other qualified and non-qualified plans sponsored by the
Company. 
 (e) Expenses. The Executive shall be entitled to receive prompt reimbursement of all expenses reasonably incurred by him
in connection with the performance of his duties hereunder, in each case in accordance with policies established by the Board from time to time and upon receipt of appropriate documentation. Upon the Executive’s termination of employment (as
provided in, and subject to the provisions of, Section 4), any outstanding reimbursement requests must be submitted promptly and payment shall occur thereafter but no later than December 31st of the calendar year following the calendar
year in which such expenses were incurred. 
 (f) Office and Facilities. The Executive shall be provided with an appropriate office
and with such secretarial and other support facilities as are determined by the Chief Executive Officer to be commensurate with the Executive’s status with the Company and adequate for the performance of his duties hereunder. 

(g) Vacation. The Executive shall be entitled to four (4) weeks of annual vacation in accordance with the policies periodically
established by the Board. 

  
 2 

 (h) Airline Travel. The Executive shall be entitled to and the Company shall arrange
and pay for business class air travel (or first class for flights that offer only two (2) classes of service) for flights in excess of two (2) hours. 

4. Termination and Payments Upon Termination. 

(a) Death. The Executive’s employment hereunder shall terminate upon the Executive’s death. 

(b) Disability. Either the Executive or the Company shall be entitled to terminate the Executive’s employment for
“Disability” by giving the other party a Notice of Termination (as defined below). For purposes of this Agreement, “Disability” shall mean the Executive’s inability to perform his duties for a period of thirty
(30) consecutive days or sixty (60) days in any calendar year as a result of physical or mental impairment, illness or injury, and such condition, in the opinion of a medical doctor selected by either the Executive or the Company and
reasonably acceptable to the other party (if the Executive, then, if applicable, his legal representative), is total and long-term or permanent. 

(c) Cause. The Company shall be entitled to terminate the Executive’s employment for Cause by giving the Executive a Notice of
Termination. For purposes of this Agreement, “Cause” shall mean: (i) the Executive’s misappropriation or theft of the Company’s or any of its subsidiary’s funds or property, (ii) the Executive’s
conviction or entering of a plea of nolo contendere of any fraud, misappropriation, embezzlement or similar act, felony or crime involving dishonesty or moral turpitude, (iii) the Executive’s engagement in any conduct that is
materially injurious to the Company or the Executive’s material breach of this Agreement or material failure to perform any of his duties assigned by the Chief Executive Officer or (iv) the Executive’s commission of any act involving
willful malfeasance or gross negligence or the Executive’s failure to act involving material nonfeasance. 
 (d) Without Cause.
The Board may terminate the Executive’s employment hereunder, without Cause, at any time and for any reason or for no reason by giving the Executive a Notice of Termination (as defined below). 

(e) Voluntary Termination. The Executive may terminate his employment hereunder at any time and for any reason by giving the Company a
Notice of Termination. 
 (f) Notice of Termination. For purposes of this Agreement, a “Notice of Termination” shall
mean a notice given by either the Company or the Executive which terminates the Executive’s employment under this Agreement. The Termination Date (as defined below) specified in such Notice of Termination shall be no less than two weeks from
the date the Notice of Termination is given; provided, however, that if (i) the Executive’s employment is terminated by the Company due to Disability, the date specified in the Notice of Termination shall be at least thirty (30) days
from the date the Notice of Termination is given to the Executive, and (ii) the Executive’s employment is terminated by the Company for Cause, the Termination Date shall be the date specified in the Notice of Termination. 

  
 3 

 (g) Termination Date. “Termination Date” shall mean the date of the
termination of the Executive’s employment with the Company and specifically (i) in the case of the Executive’s death, his date of death; (ii) in the case of the expiration of the Term of this Agreement in accordance with
Section 1, the date of such expiration; and (iii) in all other cases, the date specified in the Notice of Termination, as defined in Section 4(f). 

5. Compensation Upon Termination of Employment. 

(a) Termination by Company with Cause. If during the Term of this Agreement, the Executive’s employment under this Agreement is
terminated (i) by the Company for Cause or (ii) by the Executive, the Company’s sole obligation hereunder shall be to pay the Executive the following amounts earned, accrued or owing hereunder but not paid as of the Termination Date
(collectively, “Accrued Compensation”): 
 (i) Base Salary and vacation, each to the extent accrued but unpaid through the
Termination Date; 
 (ii) all other compensation which has been earned, accrued or is owing, under the terms of the applicable plan, program
or practice, to the Executive as of the Termination Date but not paid, including, without limitation, the pro-rated portion of the Annual Performance Bonus and any incentive awards under any incentive or bonus
plan; 
 (iii) any amounts which the Executive had previously deferred; and 

(iv) reimbursement of any and all reasonable expenses incurred in connection with the Executive’s duties and responsibilities under this
Agreement in accordance with policies established by the Board from time to time and upon receipt of appropriate documentation; and other or additional benefits and entitlements in accordance with applicable plans, programs and arrangements of the
Company. 
 For the purposes of Section 5(a)(ii), to the extent that compensation has not been accrued under any incentive and bonus plan, the
applicable metrics under each such plan shall be pro-rated so that such metrics and the measurement of the performance applicable to such metrics shall be calculated based on the number of days of the fiscal
year in which the Executive was terminated prior to the Termination Date. The Accrued Compensation shall be paid in a single lump-sum cash payment within ten (10) days following the Executive’s
Termination Date, except that any portion thereof required to be paid sooner under applicable law shall be paid by the applicable deadline. The Executive shall not be entitled to any other payment after payment in full of the Accrued Compensation,
other than any payment required under any indemnification obligation of the Company and employee benefits to which the Executive is entitled under COBRA (as defined in Section 5(f)), which obligations shall survive termination
(collectively, “Post-Termination Obligations”). 
 (b) Disability. If the Executive’s employment hereunder is
terminated by either party by reason of the Executive’s Disability, the Company’s shall pay the Executive the unpaid Accrued Compensation through the Termination Date within thirty (30) days following the Executive’s Termination
Date, except that any portion thereof required to be paid sooner under applicable law shall be paid by the applicable deadline. 

  
 4 

 (c) Death. If the Executive’s employment hereunder is terminated due to his
death, the Company shall: 
 (i) pay the Executive’s estate or his beneficiaries (as the case may be) the unpaid Accrued Compensation
through the Termination Date within thirty (30) days following the Executive’s Termination Date, except that any portion thereof required to be paid sooner under applicable law shall be paid by the applicable deadline; and 

(ii) provide such assistance as is necessary to facilitate the payment of any life insurance proceeds provided for in Section 3(e)
of this Agreement that may be payable to the Executive’s beneficiary or beneficiaries. 
 (d) Termination by Company without
Cause. If during the Term of this Agreement, the Executive’s employment is terminated by the Company without Cause pursuant to Section 4(d), the Company shall pay the Executive the following amounts: 

(i) the Accrued Compensation; 

(ii) an amount equal to the product of one times the sum of (y) Executive’s then current annual Base Salary plus (z) the
aggregate of the Annual Performance Bonus paid or payable for the fiscal year immediately preceding the fiscal year in which termination occurs (such product referred to herein as the “Severance Payment”); and 

(iii) the Post-Termination Obligations. 
 The
Accrued Compensation shall be paid by the deadline prescribed in Section 5(a) and the Severance Payment, if such payment is payable pursuant to this Section 5(d), shall be paid in cash in three installments as follows: fifty
percent (50%) of the Severance Payment shall be paid within thirty (30) days following the Termination Date, twenty-five percent (25%) shall be paid on the 6-month anniversary of the Termination Date and
the remaining twenty-five percent (25%) shall be paid on the 12-month anniversary of the Termination Date, provided, however, that any portion thereof required to be paid sooner under applicable law shall be
paid by the applicable deadline. 
 (e) Determination of Base Salary. For purposes of this Section 5, Base Salary shall be
determined by the Base Salary at the annualized rate in effect on the Termination Date. 
 (f) Continuation of Employee Benefits.
Subject to applicable law, the Company shall, at its expense, provide to the Executive and his beneficiaries continued participation in all medical, dental, vision, prescription drug, hospitalization and life insurance coverages and in all other
employee benefit plans, programs and arrangements in which the Executive was participating immediately prior to the Termination Date (other than equity compensation plans, programs and arrangements), on terms and conditions that are no less
favorable than those that applied on the Termination Date, for a period of six months following the Termination Date, if the Executive’s employment is terminated by the Company other than for Cause. In each case, benefits required pursuant to
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) will commence after the applicable period has been completed. Notwithstanding the foregoing, the Company’s obligation under this Section 5(f) shall be reduced
to the extent that equivalent coverages and benefits (determined on a coverage-by-coverage and
benefit-by-benefit basis) are provided under the plans, programs or arrangements of a subsequent employer of the Executive. 

  
 5 

 (g) Offset. In the event of any termination of his employment hereunder, all payments
or benefits to which the Executive may be entitled pursuant to this Agreement shall be offset or reduced by the amount of any compensation or benefit provided to the Executive in any subsequent employment. 

(h) Section 409A. It is the intent of this Agreement that no payment to the Executive shall result in nonqualified deferred
compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations and applicable guidance promulgated thereunder. However, in the event that all, or a
portion, of the payments set forth in this Agreement meet the definition of nonqualified deferred compensation, the Company intends that such payments be made in a manner that complies with Section 409A of the Code and any guidance issued
thereunder. The Company shall use its best efforts to fulfill this intent, including, but not limited to, making any amendments to this Agreement as may be necessary to comply with the provisions of Section 409A of the Code. In addition, the
following delay of payment will not in and of itself constitute a violation of the deferral or distribution requirements of Section 409A of the Code so long as such delay is based on the Company’s reasonable understanding that such payment
would violate U.S. federal securities laws or other applicable laws; provided payment shall be made at the earliest date at which the Company reasonably anticipates making the payment will not cause such violation. 

Payment or reimbursement of any expenses incurred by Executive pursuant to this Agreement, if any, other than reimbursements that would otherwise be exempt
from income or the application of Code Section 409A, shall be made promptly and in no event later than December 31 of the year following the year in which such expenses were incurred, and the amount of such expenses eligible for payment or
reimbursement, or in-kind benefits provided, in any year shall not affect the amount of such expenses eligible for payment or reimbursement, or in-kind benefits to be
provided, in any other year, except for any limit on the amount of expenses that may be reimbursed under an arrangement described in Code Section 105(b). Additionally, any right to expense reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit. 
 For purposes of this
Agreement, phrases like “termination of employment,” “termination of Executive’s employment,” “Executive terminates his employment”, and similar phrases shall be interpreted to comply with the requirements of Code
Section 409A and the Treasury regulations and applicable guidance promulgated thereunder. 
 For the avoidance of doubt, nothing in this Agreement is
intended to guarantee that Executive shall not be subjected to the payment of “additional tax” or interest under Code Section 409A, and nothing in the Agreement permits Executive to seek or obtain such indemnification from the Company
for any such “additional tax” or interest. 

  
 6 

 6. Employer Covenants. 

(a) The Company agrees, in consideration for the Executive’s covenants made herein, to (i) provide the Executive with Trade Secrets
and Confidential Information of the Company such as those examples identified below, or access to such information; (ii) provide the Executive with goodwill support such as expense reimbursements in accordance with the Company’s policy
limits, provide access to Confidential Information, and/or facilitate contact with suppliers, in order to help the Executive develop goodwill for the Company; and, (iii) provide the Executive with specialized training covering its products,
sales techniques and/or other information. The agreements in this Section 6(a) are fully enforceable at the time they are made and are not contingent upon continued employment of the Executive. For purposes of this Agreement,
“Trade Secrets” are information of special value, not generally known to the public, that the Company has taken steps to maintain as secret from persons other than those selected by the Company. “Confidential
Information” is information acquired by the Executive in the course and scope of his activities for the Company that may be designated or marked by the Company as “Confidential” or that the Company indicates through its policies,
procedures, or other instructions should not be disclosed to anyone outside the Company. Without limitation, some examples of protected Confidential Information and Trade Secrets under this Agreement are internal financial data, research and
development regarding existing and prospective site locations and suppliers, personnel evaluations, information and material provided to the Company by third parties in confidence and/or with nondisclosure restrictions, computer access passwords,
and internal market studies or surveys. 
 7. Executive Covenants. 

(a) Unauthorized Disclosure. The Executive shall not, during the Term of this Agreement and thereafter, make any Unauthorized
Disclosure. For purposes of this Agreement, “Unauthorized Disclosure” shall mean disclosure by the Executive without the prior written consent of the Board to any person, other than an employee of the Company or a person to whom
disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties as an executive officer of the Company, of any Confidential Information relating to the business or prospects of the Company
including, but not limited to, any Confidential Information with respect to any of the Company’s suppliers, products, strategies, business and marketing plans and business policies and practices, except (i) to the extent disclosure is or
may be required by law, by a court of law or by any governmental agency or other person or entity with apparent jurisdiction to require him to divulge, disclose or make available such information or (ii) in confidence to an attorney or other
advisor for the purpose of securing professional advice concerning the Executive’s personal matters provided such attorney or other advisor agrees to observe these confidentiality provisions. Unauthorized Disclosure shall not include the use or
disclosure by the Executive, without consent, of any information known generally to the public or known within the Company’s trade or industry (other than as a result of disclosure by him in violation of this Section 7(a)). This
confidentiality covenant has no temporal, geographical or territorial restriction. 

  
 7 

 (b) Non-Competition. The Executive agrees
that, during his employment by the Company pursuant to this Agreement and for a period of two (2) years following the Termination Date, for any reason, of his employment hereunder, he will not, directly or indirectly and in any way, whether as
principal or director, officer, employee, consultant, agent, partner or stockholder to another entity (other than by the ownership of a passive investment interest of not more than 2.5% of the outstanding equity securities of a company with publicly
traded equity securities): 
 (i) own, manage, operate, control, be employed by, participate in, or be connected in any manner with the
ownership, management, operation, or control of any business which involves the development, opening, operation or franchising of restaurants that derive more than twenty-five percent (25%) of their annual food sales from steak products in the
United States; 
 (ii) contact, interfere with, solicit on behalf of another, or attempt to entice away from the Company (or any affiliate or
subsidiary of the Company): 
 (1) any supplier of the Company (or any subsidiary of the Company) that supplied a material supply of goods
to the Company during the Term; or 
 (2) any contract, agreement or arrangement that the Company (or any affiliate or subsidiary of the
Company) is actively negotiating with any other party at the Termination Date; or 
 (3) any prospective business opportunity that the
Company (or any subsidiary of the Company) has identified to the Board in writing prior to the Termination Date. 
 (c) Non-Solicitation. The Executive agrees that he will not for a period of two (2) years immediately following the termination of his employment, for any reason, either on his own account or in conjunction
with or on behalf of any other person, company, business entity or other organization, directly or indirectly: 
 (i) induce, solicit, entire
or procure any person who is an employee of the Company to leave such employment, where that person is: 
 (1) a Company employee on the
Termination Date; or 
 (2) had been a Company employee in any part of the three (3) years immediately preceding the Termination Date;

 (ii) accept into employment or otherwise engage or use the services of any person who: 

(1) is a Company employee on the Termination Date; or 

(2) had been a Company employee in any part of the three (3) years immediately preceding the Termination Date. 

(iii) The Executive agrees that in the event of receiving from any person, company, business entity, or other organization an offer or
employment either during the continuance of this Agreement or during the continuance in force of any of the restrictions set out herein, he will forthwith provide to such person, company, business entity, or other organization making such the offer
of employment a full and accurate copy of Section 7 of this Agreement signed by the parties hereto. 

  
 8 

 (d) Non-disparagement. The Employee agrees
that he will not at any time make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of its employees, officers or
directors. This subsection does not, in any way, restrict or impede the Employee from exercising his rights under Section 7 of the National Labor Relations Act to the extent that such rights cannot be waived by agreement or from complying with
any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation or order. 

(e) Remedies. The Executive agrees that any breach of the terms of this Section 7 would result in irreparable injury and
damage to the Company for which the Company would have no adequate remedy at law; the Executive therefore also agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining
order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/or with the Executive, without having to prove damages, in addition to any other remedies to
which the Company may be entitled at law or in equity. The terms of this Section 7(e) shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not limited to the
recovery of damages from the Executive. 
 8. Successors and Assigns. 

(a) This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and assigns. The Company shall require
any successor or assign (whether, in each instance, direct or indirect, by purchase, merger, consolidation, sale of all or substantially all of the business and/or assets of the Company or otherwise) to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. The term “Company” as used herein shall include any such successors and
assigns. The term “successors and assigns” as used herein shall mean a corporation or other entity acquiring or otherwise succeeding to, directly or indirectly, all or substantially all the assets and business of the Company
(including this Agreement) whether by operation of law or otherwise. 
 (b) Neither this Agreement nor any right or interest hereunder shall
be assignable or transferable by the Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal
personal representative. 
 9. Venue. In the event of any controversy or claim between the Company or any of its affiliates and the Executive arising
out of or relating to this Agreement that is not settled by mutual agreement or arbitration pursuant to Section 20, such controversy or claim (only to the extent arbitration is not required pursuant to Section 20) shall be
determined in a court of competent jurisdiction in Dallas County, Texas, or the federal court for Dallas County, Texas, and each party waives any claim to have the matter heard in any other local, state, or federal jurisdiction. 

  
 9 

 10. Severability. If, for any reason, any provision of this Agreement is held invalid, illegal or
unenforceable such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement not held so invalid, illegal or unenforceable, and each such other provision shall, to the full extent consistent with law, continue
in full force and effect. In addition, if any provision of this Agreement shall be held invalid, illegal or unenforceable in part, such invalidity, illegality or unenforceability shall in no way affect the rest of such provision not held so invalid,
illegal or unenforceable and the rest of such provision, together with all other provisions of this Agreement, shall, to the full extent consistent with law, continue in full force and effect. If any provision or part thereof shall be held invalid,
illegal or unenforceable, to the fullest extent permitted by law, a provision or part thereof shall be substituted therefor that is valid, legal and enforceable. 

11. Headings. The headings of sections are included solely for convenience of reference and shall not control the meaning or interpretation of any of
the provisions of this Agreement. 
 12. Withholding. All amounts paid pursuant to this Agreement shall be subject to withholding for taxes (federal,
state, local or otherwise) to the extent required by applicable law. 
 13. No Conflicts. Each of the Company and Executive represents and warrants
to the other party that neither the execution, delivery and performance by the such person of this Agreement will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, any agreement to
which such person is a party or which it or she may be subject. 
 14. Notice. For the purposes of this Agreement, notices and all other
communications provided for in the Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or three days after being sent by sent by registered or certified mail,
return receipt requested, postage prepaid, or upon receipt if overnight delivery service or facsimile is used, addressed as follows: 
  

			
	To the Executive:	  	Barry McGowan
		  	[insert address]
		
	To the Company:	  	Fogo de Chão (Holdings) Inc.
		  	14881 Quorum Drive, Suite 750
		  	Dallas, TX 75254
		  	Attn: Chief Executive Officer

 15. Settlement of Claims. The Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may
have against the Executive. 

  
 10 

 16. Survivorship. Except as otherwise set forth in this Agreement, the respective rights and
obligations of the Executive and the Company hereunder shall survive any termination of the Executive’s employment. 
 17. Miscellaneous. No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and the Company except for increases in the Base Salary, other compensation and
benefits provided for in Section 3. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by
either party which are not expressly set forth in this Agreement. 
 18. Governing Law. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Texas without giving effect to the conflict of law principles thereof. 
 19. Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto with respect to the employment of the Executive by the Company and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between the
parties hereto with respect to the subject matter hereof including without limitation any non-compete covenant agreed to by the Executive. This Agreement may be executed in one or more counterparts. 

20. Arbitration. Any claim or dispute arising under or relating to this Agreement or the breach, termination, or validity of any term of this Agreement
shall be subject to arbitration, and prior to commencing any court action, the parties agree that they shall arbitrate all controversies; provided, however, that nothing in this Section shall prohibit the Company from exercising its right under
Section 7 hereof to pursue injunctive remedies with respect to a breach or threatened breach of the Executive’s covenants. The arbitration shall be conducted in Dallas, Texas, in accordance with the Employment Dispute Rules of the
American Arbitration Association and the Federal Arbitration Act, 9 U.S.C. §1, et. seq. Any award shall be binding and conclusive upon the parties hereto, subject to 9 U.S.C. §10. Each party shall have the right to have the award made the
judgment of a court of competent jurisdiction. Pending the resolution of any claim under this Agreement, the Executive (and his beneficiaries) shall continue to receive all payments and benefits due under this Agreement, except to the extent that
the arbitrator (or a Court if an action is brought to enforce Section 7) otherwise provides. 
 21. Attorneys’ Fees. In the event of
any action for the breach of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in connection with such action. 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly
authorized officer and the Executive has executed this Agreement as of the day and year first above written. 
  

			
	COMPANY:
	
	 Fogo de Chão (Holdings) Inc.,

a Delaware corporation

		
	By:	 	 /s/ Lawrence J. Johnson

	Name: Lawrence J. Johnson
	Title: Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/ Barry McGowan

	Barry McGowan

  
 12 

 EXHIBIT A 

Duties, Responsibilities and Authority 

The Executive shall be responsible for the general supervision and direction of the Company’s domestic operations and employees, including sales,
business development, marketing, purchasing, quality assurance, beverages, food innovation and human resources. Notwithstanding the foregoing, the Executive shall not have responsibility or supervisory authority with respect to (i) the Chief
Financial Officer and all employees who report to the Chief Financial Officer, (ii) employees included in the Development section of the Company and (iii) until such time as determined by the Chief Executive Officer in his discretion,
employees included in the International Operations section of the Company. 
 The Executive shall at all times be subject to the direction of the Chief
Executive Officer and such limitations as prescribed by the Company’s Board of Directors. The Executive understands and agrees that the Company is a rapidly growing and changing organization and the precise nature of the work to be performed by
the Executive as President may be adjusted by the Chief Executive Officer from time to time without adjustment in salary or other compensation. 

  
 A-1 

 EXHIBIT B 

Criteria for Annual Performance Bonus 

[TBD] 

  
 B-1 

 FIRST AMENDMENT TO FOGO DE CHAO (HOLDINGS) INC. 

EMPLOYMENT AGREEMENT 

THIS FIRST AMENDMENT TO FOGO DE CHAO (HOLDINGS) INC. EMPLOYMENT AGREEMENT is entered into this November 8, 2021 by and among Fogo de
Chao (Holdings) Inc., a Delaware corporation (the “Company”) and Barry McGowan (“Executive”) (each a “Party” and collectively, the “Parties”). 

WHEREAS, the Company and Executive are parties to the Fogo De Chao (Holdings) Inc., dated as of July 15, 2013 (the
“Agreement”); and 
 WHEREAS, the Parties wish to supplement Paragraph 5(h) of the Agreement. 

NOW, THEREFORE, in consideration of the promises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto do hereby agree as follows: 
 1. Effective November 8, 2021, Paragraph 5(h) of the Agreement, shall
be amended by adding the following paragraph: 
 “Notwithstanding any provision of this Agreement to the contrary, if necessary to
comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees” (as defined in Section 409A) any payment on account of Executive’s separation from service that would otherwise be due
hereunder within six months after such separation will nonetheless be delayed until the first business day of the seventh month following Executive’s date of termination and the first such payment will include the cumulative amount of any
payments that would have been paid prior to such date if not for such restriction.” 

  
 Page 1 of 2

 2. Except as provided herein, all terms and conditions of the Agreement remain in full force
and effect. 
 The signatures below signify that both Executive and Company understand and accept all of the above terms relating to this
FIRST AMENDMENT TO FOGO DE CHAO (HOLDINGS) INC. EMPLOYMENT AGREEMENT. 
  

			
	 So Agreed:
  

FOGO DE CHAO (HOLDINGS) INC.
	  	
		
	 /s/ Anthony Laday
	  	
	By: Anthony Laday	  	 Date: 11/8/2021

	Title: Chief Financial Officer	  	
		
	EXECUTIVE	  	
		
	 /s/ Barry McGowan
	  	
	Barry McGowan	  	 Date: 11/8/2021

  
 Page 2 of 2

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