Document:

EXHIBIT 10.20

MANAGEMENT STOCK OPTION AGREEMENT

     THIS MANAGEMENT STOCK OPTION AGREEMENT (as it may be amended and in effect from time to time in accordance with the terms hereof, the “Agreement”), dated as of June 8, 2004, is made by and among Burger King Holdings, Inc., a Delaware corporation (or any Successor thereto, the “Company”), Burger King Corporation, a Florida corporation (or any Successor thereto, “Burger King”), and the individual whose name appears on the signature page hereof (the “Grantee”). 

W I T N E S S E T H:

     WHEREAS, the Board has determined that it is in the best interest of the Company and its shareholders for the Company to grant awards with respect to the Common Stock to select key
employees of the Company Group and members of the Board who are serving as independent directors to motivate such participants to continue in the service of the Company Group and to perform their duties and responsibilities to the best of their
professional ability by aligning the interests of participants with those of the shareholders of the Company in increasing shareholder value; 

     WHEREAS, to this end, the Board has adopted the Burger King Holdings, Inc. Equity Incentive Plan (as the same may be amended and in effect from time to time, the “Equity Incentive Plan”) and has authorized the Company to grant to the
Grantee and certain other eligible participants options to purchase shares of Common Stock on the terms and conditions set forth in this Agreement and in substantially identical management stock option agreements entered into by the Company, Burger
King and such other eligible participants; and 

     WHEREAS, the Company, Burger King and the Grantee desire to enter into this Agreement to evidence and confirm the grant of options to the Grantee on the terms and subject to the
conditions set forth herein. 

     NOW, THEREFORE, to evidence the grant of the options described herein to the Grantee, and to set forth the terms and conditions governing such options, the Company, Burger King and
the Grantee hereby agree as follows: 

ARTICLE I

CERTAIN DEFINITIONS

     Section 1.1 Certain Definitions. As
used in the Agreement, the following terms shall have the following meanings. 

     “Base Option” means each Base Option granted to the Grantee pursuant to Section
2.1. Each Base Option provides the Grantee a right to purchase one Base Option Share (subject to adjustment in accordance with the Equity Incentive Plan and this Agreement) on the terms and subject to the conditions in this Agreement and the Equity
Incentive Plan. 

     “Base Option Price” means $100.00, the exercise price at which the Grantee may purchase a Base Option Share on exercise
of a Vested Option granted hereunder, as provided in Section 2.2, subject to adjustment in accordance with the Equity Incentive Plan and this Agreement. 

     “Base Option Share” means a share of Common Stock the Grantee is entitled to
purchase on exercise of the corresponding Base Option granted hereunder, subject to all applicable terms and conditions of, and as may be adjusted in accordance with, this Agreement and the Equity Incentive Plan. 

      “Board” means the Board of Directors of the Company. 

     “Burger King” has the meaning assigned thereto in the preamble to this Agreement.

     “Business Day” means any day other than a Saturday, Sunday or day on which
banking institutions in New York, New York are authorized or obligated by law or executive order to close. 

     “Cause” means the Grantee’s (A) failure or refusal to reasonably and
substantially perform the duties of his employment with the Company Group (other than due to illness or injury), (B) gross negligence, willful misconduct or insubordination in connection with such duties, (C) dishonesty, fraud, embezzlement,
misappropriation of funds or theft, (D) conviction of, or plea of nolo contendere to, a felony or other serious crime or (E) breach of any of his material
obligations under any written agreement with any member of the Company Group or violation of any policy or code of ethics or conduct of any such member; provided that if the Grantee is party to an employment agreement with a member of the Company
Group at the time of his Termination of Active Service and such agreement contains a different definition of “cause,” the definition in such employment agreement will control for purposes of this Agreement. 

If, subsequent to the Grantee’s Termination of Active Service Without Cause, the Board determines that the Grantee’s employment could have been terminated for Cause, the Grantee’s employment will,
at the election of the Board, be deemed to have been terminated for Cause, effective as of the date the events giving rise to Cause occurred. 

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Committee” means the committee of the Board designated by the Board to
administer the Equity Incentive Plan or, at any time that no committee has been designated, the Board. 

     “Common Stock” means the common stock of the Company, par value $0.01 per
share, or any equity securities into or for which such common stock may be converted or exchanged in connection with an Adjustment Event. 

     “Company” has the meaning assigned thereto in the preamble to this Agreement.

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     “Company Group” means, collectively, Burger King, its direct and indirect
Subsidiaries and any Affiliate of Burger King specifically designated as a member of the Company Group by the Committee. 

     “Disability” means (i) a physical or mental condition entitling the Grantee to
benefits under the long-term disability policy of the Company Group covering the Grantee or (ii) in the absence of any such plan, a physical or mental condition of the Grantee rendering him unable to perform his duties for the Company Group for a
period of six (6) consecutive months or longer; provided that if the Grantee is party to an employment agreement with a member of the Company Group at the time of his termination of employment and such agreement contains a different definition of
“disability” (or any derivation thereof), the definition in such employment agreement will control for purposes of this Agreement. The Grantee’s employment shall be deemed to have terminated as a result of Disability on the date as of
which he is first entitled to receive disability benefits under such policy or the date the Committee determines the Grantee has become disabled under the foregoing clause (ii), subject to any disability provisions of the Grantee’s employment
agreement. 

     “Employment Agreement” means the Employment Agreement between Grantee and Burger
King dated as of February 24, 2004, as amended by the Amendment to Employment Agreement dated June 8, 2004. 

     “Equity Incentive Plan” has the meaning set forth in the preambles hereto. 

     “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

     “Grant Date” means June 8, 2004, the effective date on which the Options
evidenced hereby are granted to the Grantee, as provided in Section 2.2. 

     “Hurdle Option” means each Hurdle Option granted to the Grantee pursuant to
Section 2.1. Each Hurdle Option provides the Grantee a right to purchase one Hurdle Option Share (subject to adjustment in accordance with the Equity Incentive Plan and this Agreement) on the terms and subject to the conditions in this Agreement and
the Equity Incentive Plan. 

     “Hurdle Option Price” means $300.00, the exercise price at which the Grantee may purchase a Hurdle Option Share on
exercise of a Vested Option granted hereunder, as provided in Section 2.2, subject to adjustment in accordance with the Equity Incentive Plan and this Agreement. 

     “Hurdle Option Share” means a share of Common Stock the Grantee is entitled to
purchase on exercise of the corresponding Hurdle Option granted hereunder, subject to all applicable terms and conditions of, and as may be adjusted in accordance with, this Agreement and the Equity Incentive Plan. 

      “Initial Public Offering” or “IPO” means the effective date of a registration statement (other than a registration statement on Form S-4 or S-8, or any successor form) filed in connection with a registered public
offering of equity securities of the Company following which at least 15% of the equity securities of the Company have been publicly distributed or sold or are

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being actively traded on a national securities exchange or quoted on an interdealer quotation system. 

     “Management Shareholders Agreement” means the management subscription and
shareholders agreement entered into by the Company, Burger King and a participant in the Equity Incentive Plan setting forth the terms and conditions applicable to any shares of Common Stock acquired by such participant prior to an Initial Public
Offering, including any shares of Common Stock purchased upon the exercise of options granted under the Equity Incentive Plan, which agreement shall be in such form as the Committee shall approve. 

     “Market Value” means, as of the applicable date of determination, the fair
market value of a share of Common Stock, as determined by the Board, in good faith, based on such factors as the Board deems appropriate; provided that,
following an Initial Public Offering, the Market Value of a share of Common Stock shall be the closing price for a share (or the average of the last bid and ask prices for a Share, if applicable) on the last trading day prior to the day as of which
Market Value is determined on the principal securities exchange on which the Common Stock is then listed for trading or the principal interdealer quotation system on which the Common Stock is then quoted for trading (or, if the Common Stock is not
traded or quoted on such day, on the last day the Common Stock is traded on such exchange or quoted on such interdealer system). 

     “Normal Expiration Date” means the tenth anniversary of the Grant Date.

     “Option” means, collectively, each Base Option or Hurdle Option granted to
Grantee pursuant to Section 2.1.

     “Option Share” means, collectively, each Base Option Share or Hurdle Option Share.

     “Retirement” means the Grantee’s Termination of Active Service at or after
the later of (i) his 65th birthday and (ii) his completion of five years of employment with the Company Group. 

     “Securities Act” means the U.S. Securities Act of 1933, as amended.

     “Termination of Active Service” means the termination of the Grantee’s
active employment with the Company Group for any reason, including the Grantee’s resignation, death, Disability or Retirement or termination by the member of the Company Group that employs the Grantee Without Cause or for Cause. 

     “Termination Date” means the date of the Grantee’s Termination of Active Service.

     “Transfer” means any direct or indirect transfer, sale, exchange, assignment,
pledge, hypothecation, gift, testamentary transfer or other encumbrance or other disposition of any interest, including the grant of an option or other right in respect of such interest, whether directly or indirectly, whether voluntarily,
involuntarily or by operation of law; and “Transferred”, “Transferee” and “Transferability” shall each have a correlative meaning. 

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     “Vested” means, with respect to an Option and the Option Share covered thereby,
that the Grantee has an immediate right to purchase such Option Share on exercise of such Option in accordance with the Equity Incentive Plan and Article III; provided that (x) the Grantee’s right to Transfer Option Shares may continue to be
subject to restriction during any period prior to an Initial Public Offering and (y) the Grantee shall not be permitted to Transfer any Option Shares during the 20 days prior to and the 180 days (or such longer period as the applicable underwriters
may specify) following the effective date of any registration statement filed by the Company or Burger King in connection with an underwritten public offering of equity securities of the Company or Burger King. The terms “Vesting”,
“Vest” and other derivations of the term vested shall have correlative meanings. 

     “Vesting Date” means, with respect to an Option, the date or dates specified in
Section 3.3 of this Agreement as of which the Grantee’s rights in respect of such Option become Vested. 

     “Without Cause” means the Grantee’s Termination of Active Service by the
member of the Company Group that employs the Grantee, other than any such termination by such member of the Company Group for Cause or due to the Grantee’s death, Disability or Retirement. 

     Section 1.2 Other Capitalized Terms.
All capitalized terms used herein and not defined shall have the meanings set forth in the Equity Incentive Plan. 

     Section 1.3 Other Interpretive Provisions. 

     (a) The meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms. 

     (b) The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement
unless otherwise specified. 

     (c) The term “including” is not limiting and means “including without limitation.” 

     (d) The captions and headings of this Agreement are for convenience of reference only
and shall not affect the interpretation of this Agreement. 

     (e) Whenever the context requires, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms. 

ARTICLE II

GRANT OF OPTIONS 

     Section 2.1 Confirmation of Grant.
The Company hereby evidences and confirms its grant to the Grantee, effective as of the Grant Date, of the number of Base Options and Hurdle Options set forth on the signature page hereof, each such Base Option providing the Grantee the right to
purchase one Base Option Share and each such Hurdle Option providing the Grantee the 

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right to purchase one Hurdle Option Share, on and subject to the terms and conditions of this Agreement and the Equity Incentive Plan. The Options are not intended to be incentive stock options under the U.S.
Internal Revenue Code of 1986, as amended. This Agreement is subordinate to, and the terms and conditions of the Options granted hereunder and the Option Shares are subject to, the terms and conditions of the Equity Incentive Plan. If there is any
inconsistency between the terms hereof and the terms of the Equity Incentive Plan, the terms of the Equity Incentive Plan shall govern. 

     Section 2.2 Option Price. Each Base
Option Share covered by a Base Option shall have a Base Option Price of $100.00. Each Hurdle Option Share covered by a Hurdle Option shall have a Hurdle Option Price of $300.00.

ARTICLE III

VESTING OF OPTIONS

     Section 3.1 Vesting Schedule. The
Options shall become Vested in five equal installments, as follows. One-fifth of the Options shall become Vested on each of the first five anniversaries of the Grant Date, provided in the case of each installment that (i) the Grantee continues in
the active employment of the Company Group from the Grant Date to the anniversary date on which such installment is scheduled to become Vested, and (ii) the Grantee has completed his relocation to the Miami, Florida area in accordance with Section
7(c) of the Employment Agreement. 

     Section 3.2 Exercise of Vested Options. The Grantee may exercise Vested Options and purchase the Option Shares covered thereby at any time and from time to time on or after the Vesting Date for such Options provided in Section 3.1 until the date on which such Options
terminate or otherwise expire pursuant to Article IV or upon or in connection with a Change in Control if applicable under the Equity Incentive Plan, subject to compliance with the provisions hereof, provided that if the Grantee elects to exercise
any Vested Options prior to an Initial Public Offering, (i) the Grantee shall be required to execute and deliver a Management Shareholders Agreement (or have previously executed and delivered a Management Shareholders Agreement, the provisions of
which will automatically apply to Option Shares purchased by the Grantee) and (ii) the purchase of Option Shares upon such exercise must be in compliance with the Management Shareholders Agreement. 

     Section 3.3 Discretion. The Committee
may accelerate the Vesting or exercisability of any Option, all Options or any class of Options, at any time and from time to time. 

ARTICLE IV

TERMINATION/EXPIRATION OF OPTIONS

     Section 4.1 Normal Expiration Date.
Any Options that have not been exercised and are then outstanding shall automatically terminate, expire and be canceled on the Normal Expiration Date. 

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     Section 4.2 Termination of Active Service; Expiration of Options that are not
Vested. Upon the Grantee’s Termination of Active Service prior to the Normal Expiration Date, all Options then held by the Grantee that have not become Vested on or before the Grantee’s
Termination Date shall automatically terminate, expire and be canceled on such Termination Date. 

     Section 4.3 Termination of Active Service; Expiration of Vested
Options. Upon the Grantee’s Termination of Active Service prior to the Normal Expiration Date, all Vested Options held by the Grantee on the Grantee’s Termination Date shall remain exercisable
for a period that varies based upon the circumstances of the Grantee’s Termination of Active Service, as follows: 

  	Circumstance of Termination of

        Active Service	Exercise Period Following

          Termination Date
	Ø Without Cause  	90 day period beginning on the Termination Date 
	Ø Resignation  	90 day period beginning on the Termination Date 
	Ø Retirement  	One year period beginning on the Termination Date  
	Ø Disability  	One year period beginning on the Termination Date  
	Ø Death  	One year period beginning on the Termination Date 
	Ø For Cause  	None, all Options expire immediately  

  

Notwithstanding the foregoing, all Vested Options shall terminate earlier than the expiration of the applicable period specified above, upon on the Normal Expiration Date. All Vested Options that are not exercised
within the applicable period for exercise following the Grantee’s Termination Date shall automatically terminate, expire and be canceled upon the expiration of such period. 

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     Section 4.4 Termination for Cause.
Notwithstanding any other provision herein, in the event of the Grantee’s Termination of Active Service for Cause, all Options then held by the Grantee (whether or not then Vested) shall terminate and be canceled automatically and immediately
upon the delivery of written notice of such termination to the Grantee. 

     Section 4.5 Discretionary Termination or Settlement of Options pursuant to the
Equity Incentive Plan. Notwithstanding any other provision of this Agreement, all or any portion of the
Options may be terminated or otherwise settled upon or in connection with a Change in Control in accordance with the Equity Incentive Plan. 

ARTICLE V

EXERCISE OF VESTED OPTIONS

     Section 5.1 In General. The Vested
Options shall be exercisable in whole or in part; provided, that no partial exercise of Vested Options shall be for an aggregate exercise price of less than $100 and no fractional Shares will be issued in connection with any exercise of Options.
The partial exercise of Vested Options shall not cause the expiration, termination or cancellation of the remaining portion thereof. 

     Section 5.2 Notice of Exercise. The
Grantee may exercise Vested Options by delivering written notice to the Company’s principal office, to the attention of its Vice President of Total Awards, no less than three Business Days in advance of the effective date of the proposed
exercise. Such notice shall (i) specify the number of Vested Options being exercised and the aggregate Option Price therefore, (ii) specify the effective date of the proposed exercise, (iii) if such exercise will be effective prior to an Initial
Public Offering, indicate in writing that the Grantee agrees to enter into and comply with the terms of a Management Shareholders Agreement (or, if the Grantee has previously entered into a Management Shareholders Agreement, that the Grantee
acknowledges and agrees that the Option Shares to be purchased upon the exercise of the Vested Options identified in such exercise notice will be subject to all of the terms and conditions of such Management Shareholders Agreement), and (iv) specify
the manner in which the Grantee intends to pay the Option Price and satisfy the tax withholding obligations related to such exercise, together with a copy of any Committee approval that may be required with respect thereto. The Grantee may withdraw
any notice of exercise at any time prior to the close of business on the Business Day immediately preceding the effective date of the proposed exercise. 

     Section 5.3 Share Withholding or Share Tender To Satisfy Option Price or Withholding
Taxes.

     (a) Conditions: Holding Period and Committee Approval. The Grantee’s right to tender previously owned shares of Common Stock or to have the Company withhold Options Shares otherwise issuable upon exercise of any Vested Options, in any such case, to pay all or any
portion of the Option Price and/or satisfy all or any portion of the minimum statutory tax withholding obligations with respect to such exercise is subject to the following conditions. 

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        (i) The Grantee’s receipt of the prior written approval of the Committee, which
    approval may be withheld for any reason or no reason and may be withheld from the Grantee without regard to the Committee’s treatment of other requests. The Committee’s approval with respect to the Grantee’s exercise of Vested Options
    at one time will not constitute approval with respect to any other exercise of Vested Options by the Grantee. 

        (ii) Previously owned shares of Common Stock may be tendered only if the Grantee has
    owned such shares on an unconditional basis for at least six months prior to the date of his request to the Committee to tender such shares. 

        (iii) No tax amount in excess of the minimum amount required to be withheld by the
    Company Group under the applicable statutory tax provisions then in effect may be satisfied by the Grantee by tendering previously owned shares and/or having Option Shares withheld. 

     (b) Grantee’s Request for Approval. If the Grantee wishes to pay all or any portion of the Option Price and/or satisfy all or any portion of his minimum statutory tax withholding obligations with respect to his exercise of any Vested Options (i) by tendering shares of
Common Stock that have been owned by the Grantee for at least six months prior to the effective date of exercise and/or (ii) by having the Company withhold Option Shares otherwise issuable upon such exercise, the Grantee shall submit a written
request to the Committee prior to his delivery of notice of exercise to the Company pursuant to Section 5.2 for the Committee’s approval to tender such shares and/or have such Option Shares withheld, as the case may be. Such written request
shall (i) specify the dollar amount of the aggregate Option Price and/or the percentage or dollar amount of such minimum statutory tax withholding that the Grantee wishes to satisfy by tendering previously owned shares of Common Stock and/or having
Option Shares withheld, as the case may be, (ii) include the Grantee’s representation to the effect that, as of the date of such request, the Grantee has unconditionally owned any shares of Common Stock that he proposes to tender for at least
six months and (iii) include such supporting documentation or other evidence as the Committee may request to evidence the Grantee’s unconditional ownership of any such shares of Common Stock as of the date of such request and for the six month
period preceding such date.

     (c) Value of Tendered/Withheld Shares. Any shares of Common Stock tendered or Option Shares withheld to pay the Option Price and/or to satisfy the Grantee’s minimum statutory tax withholding obligations will be valued at the Market Value of such shares on the
effective date of the corresponding Option exercise. 

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     Section 5.4 Additional Conditions to Exercise prior to an IPO. If the Grantee elects to exercise any Vested Option prior to an Initial Public Offering, on or before the effective date of such exercise and as a condition to such
exercise, the Company, the Grantee and Burger King shall enter into a Management Shareholders Agreement with respect to the Option Shares to be purchased upon such exercise, which shall provide, among other things, for restrictions on Transfer of
the Option Shares and the right of the Company to repurchase such Option Shares on election by the Company and to require the Grantee to sell such Option Shares in the event of certain sales of shares of Common Stock by the other shareholders of the
Company. 

     Section 5.5 Manner of Payment. On or
before the effective date of exercise, the Grantee shall deliver to the Company full payment of the Option Price for the Option Shares to be purchased upon such exercise and full payment of the minimum statutory tax withholding amount due in respect
of such exercise. Such amounts may be paid in whole or in part either (x) in cash, by certified check, bank cashier’s check or wire transfer or (y) subject to the prior written approval of the Committee, (I) in shares of Common Stock that have
been owned by the Grantee on an unconditional basis for at least six months prior to the effective date of exercise, or (II) by requesting the Company withhold Option Shares otherwise issuable to the Grantee in connection with such exercise;
provided that the aggregate amount of such cash, the Market Value of any shares of Common Stock tendered and/or the Market Value of any Option Shares withheld, as applicable, is equal to the aggregate amount required to be paid by the Grantee in
connection with such exercise as of the proposed exercise date. 

     Any payment made in shares of Common Stock shall be effected by the delivery of the certificate(s) for such shares to the Vice President of Total Rewards of the Company, duly endorsed
in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidences as the Vice President of Total Rewards of the Company shall require from time to time. 

     Section 5.6 Share Certificates.
Following full payment of amounts due under Section 5.5 in connection with any exercise of Vested Options and, if prior to an Initial Public Offering, execution and delivery by the Grantee of a
Management Shareholders Agreement in accordance with Section 5.4, certificates for the Option Shares purchased upon the exercise of Vested Options shall be issued in the name of the Grantee and delivered to the Grantee as soon as practicable
following the effective date on which the Vested Options are exercised. Prior to an Initial Public Offering, such share certificates shall bear such legends as the Committee shall determine, including the following: 

  
    
      “THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS AND CONDITIONS (INCLUDING FORFEITURE PROVISIONS, RESTRICTIONS AGAINST TRANSFER AND
      REPURCHASE RIGHTS) CONTAINED IN THE BURGER KING HOLDINGS, INC. EQUITY INCENTIVE PLAN AND A MANAGEMENT SUBSCRIPTION AND SHAREHOLDERS AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER OF SUCH SHARES, BURGER KING CORPORATION AND BURGER KING HOLDINGS, INC. COPIES OF THE 

  

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      PLAN AND AGREEMENT ARE ON FILE IN THE OFFICE OF THE SECRETARY OF BURGER KING HOLDINGS, INC., AT [ADDRESS]. 

    
      THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE OR NON-U.S. SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (I)(A) SUCH
        DISPOSITION IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE COMPANY AN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY
        TO THE COMPANY, TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF SUCH ACT OR (C) A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, SHALL HAVE BEEN OBTAINED WITH RESPECT TO SUCH DISPOSITION AND (II) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE STATE AND NON-U.S. SECURITIES LAWS OR AN EXEMPTION
      THEREFROM.” 

  

ARTICLE VI

NO TRANSFER OF OPTIONS

     During the Grantee’s lifetime, the Grantee may not Transfer any Options and all Options granted to the Grantee may be exercised solely by the Grantee. Transfer of Option Shares
purchased upon exercise of Vested Options prior to an Initial Public Offering will be subject to the Management Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or
administrators of the Grantee’s estate or by the Grantee’s beneficiary who shall have acquired such right to exercise by will or by the laws of descent and distribution. No Transfer of Vested Options to any executor or administrator of the
Grantee’s estate or to any beneficiary of the Grantee by will or the laws of descent and distribution, or the right to exercise any Vested Option, shall be effective to bind the Company unless the Committee shall have been furnished with (i)
written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the Transfer and (ii) the written agreement of the Transferee to comply with all of the terms and conditions
applicable to the Vested Options and any Option Shares purchased upon exercise of Vested Options that are or would have been applicable to the Grantee, including the requirement to enter into a Management Shareholders Agreement as a condition to the
exercise of Vested Options prior to an Initial Public Offering. 

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ARTICLE VII

GRANTEE’S REPRESENTATIONS, WARRANTIES AND COVENANTS.

     Section 7.1 Investment Intention. The
Grantee represents and warrants that the Options have been, and any Option Shares will be, acquired by him solely for the Grantee’s own account for investment and not with a view to or for sale in connection with any distribution thereof. The
Grantee agrees that the Grantee will not, directly or indirectly, Transfer or otherwise dispose of all or any of the Options or any of the Option Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any of
the Options or any of the Option Shares), except, in the case of the Option Shares, in compliance with the Securities Act and the rules and regulations of the Commission thereunder, and in compliance with applicable state securities or “blue
sky” laws and non-U.S. securities laws. The Grantee further understands, acknowledges and agrees that none of the Option Shares may be Transferred or otherwise disposed of unless the provisions of the related Management Shareholders Agreement
shall have been complied with or have expired. 

     Section 7.2 Securities Law Matters.
The Grantee acknowledges receipt of advice from the Company that (i) the Option Shares have not been registered under the Securities Act or qualified under any state securities or “blue sky” or non-U.S. securities laws, (ii) it is not
anticipated that there will be any public market for the Option Shares, (iii) the Option Shares must be held indefinitely and the Grantee must continue to bear the economic risk of the investment in the Option Shares unless the Option Shares are
subsequently registered under the Securities Act and such state laws or an exemption from registration is available, (iv) Rule 144 is not presently available with respect to sales of securities of the Company and the Company has made no covenant to
the Grantee to make Rule 144 available, (v) when and if the Option Shares may be disposed of without registration in reliance upon Rule 144, such disposition can be made only in limited amounts in accordance with the terms and conditions of such
Rule, (vi) the Company does not plan to file reports with the Commission or make public information concerning the Company available, (vii) if the exemption afforded by Rule 144 is not available, sales of the Option Shares may be difficult to effect
because of the absence of public information concerning the Company and a public market for securities of the Company, (viii) a restrictive legend in the form heretofore set forth shall be placed on the certificates representing the Option Shares
and (ix) a notation shall be made in the appropriate records of the Company indicating that the Option Shares are subject to restrictions on transfer set forth in this Agreement and the Management Shareholders Agreement and, if the Company should in
the future engage the services of a stock transfer agent, appropriate stop-transfer restrictions will be issued to such transfer agent with respect to the Option Shares. 

     Section 7.3 Ability to Bear Risk. The
Grantee covenants that the Grantee will not exercise all or any of the Vested Options unless (i) the financial situation of the Grantee is such that the Grantee can afford to bear the economic risk of holding the Option Shares for an indefinite
period and (ii) the Grantee can afford to suffer the complete loss of the Grantee’s investment in the Option Shares. 

     Section 7.4 Restrictions on Sale upon Public Offering. The Grantee
agrees that, in the event that the Company or Burger King files a registration statement under the Securities Act

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with respect to an underwritten public offering of any shares of its capital stock, the Grantee will not effect any public sale or distribution of any shares of Common Stock, including but not limited to, pursuant
to Rule 144 or Rule 144A under the Securities Act, during the 20 days prior to and the 180 days (or such longer period as may be specified by the underwriters) after the effective date of such registration statement. The Grantee further understands
and acknowledges that any sale, transfer or other disposition of the Option Shares by him following a public offering will be subject to compliance with, and may be limited under, the federal securities laws and/or state “blue sky” and/or
non-U.S. securities laws. 

     Section 7.5 Section 83(b) Election.
The Grantee agrees that, within 20 days following the date on which any Vested Options are exercised by the Grantee that occurs prior to an Initial Public Offering, the Grantee shall give notice to the Company as to whether the Grantee has made or
intends to make an election pursuant to Section 83(b) of the Code with respect to the Option Shares purchased on such date, and acknowledges that the Grantee will be solely responsible for any and all U.S., state, local and non-U.S. income and other
tax liabilities payable by the Grantee in connection with the Grantee’s exercise of any Options or purchase or receipt of any Option Shares or attributable to the Grantee’s making or failing to make such an election. 

     Section 7.6 Withholding. Whenever
Option Shares are to be issued or any other consideration is to be paid on exercise or other settlement of Vested Options, the Company may require the Grantee to remit to the Company an amount in cash sufficient to satisfy any applicable U.S.
federal, state and local and non-U.S. tax withholding requirements as a condition to the issuance of such Option Shares or payment of other consideration. 

ARTICLE VIII

CAPITAL ADJUSTMENTS

     If the event of any change in the number, class or type of shares of Common Stock outstanding or other change in the capitalization of the Company by reason of an Adjustment Event,
the Committee may make such adjustments as it determines are appropriate to the number of Option Shares and/or the class or type of shares of capital stock or other equity securities covered by then outstanding Options and, if applicable, the Option
Price of each Option then outstanding. 

     In the event of any adjustment to the class or type of shares or other equity securities subject to outstanding Options, references herein will be deemed to refer to such different
class or type of shares of capital stock or other equity securities. 

ARTICLE IX 

MISCELLANEOUS

     Section 9.1 Notices. Unless otherwise
specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be

13

given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed
envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed to the parties at the following addresses (or at such other address for the parties as shall be specified
by like notice): 

	 	 if to the Company:
	 	 	Burger King Holdings, Inc.

      301 Commerce Street

      Suite 3300

      Fort Worth, Texas 76102

      Attention: Richard A. Ekleberry, Esq.

      Telephone: 817-871-4080

      Fax: 817-871-4088

      E-mail: rekleberry@texpac.com 
	 	 	 
	 	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Cleary, Gottlieb, Steen & Hamilton

      One Liberty Plaza

      New York, NY 10006

      Attention: Michael L. Ryan, Esq.

                  Michael A. Gerstenzang, Esq.

      Telephone: 212-225-2000

      Fax: 212-225-3999

      E-mail: mryan@cgsh.com

             mgerstenzang@cgsh.com
	 	 	 
	 	if to Burger King: 
	 	 	Burger King Corporation

      One Whopper Way 

      Miami, FL 33126

      Attention: Executive Vice President-Human Resources

                   General Counsel

      Telephone: 305-378-7515

                    305-378-7213

      Fax: 305-378-7112

        305-378-3330

      E-mail: eromero@whopper.com 
	 	 	 
	 	if to the Grantee, to the address set forth on the signature page hereof.

14

     Section 9.2 No Rights as Stockholder.
The Grantee shall have no voting or other rights as a stockholder of the Company with respect to any Option Shares covered by the Options until the exercise of the Options and the issuance of a certificate or certificates to the Grantee for such
Option Shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the issuance of such certificate or certificates. 

     Section 9.3 Binding Effect; Benefits.
This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other
than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 

     Section 9.4 Waiver; Amendment.

     (a) Waiver. Any party hereto may by
written notice to the other parties (A) extend the time for the performance of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any of the conditions or covenants of the other parties
contained in this Agreement and (C) waive or modify performance of any of the obligations of the other parties under this Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, without
limitation, any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any party
hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party to exercise any right or privilege hereunder shall be deemed a waiver of such
party’s rights or privileges hereunder or shall be deemed a waiver or such party’s or beneficiary’s rights to exercise the same at any subsequent time or times hereunder. 

     (b) Amendment. This Agreement may not
be amended, modified or supplemented orally, but only by a written instrument executed by the Grantee, the Company and Burger King. 

     Section 9.5 Assignability. Neither
this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Company, Burger King or the Grantee without the prior written consent of the other parties. 

     Section 9.6 Governing Law. THIS
AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 

     Section 9.7 Jurisdiction. ANY ACTION
OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF FLORIDA (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
OF FLORIDA, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR 

15

PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION. 

     Section 9.8 Waiver of Jury Trial. TO
THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE GRANTEE WAIVES, AND COVENANTS THAT THE GRANTEE WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE,
CLAIM OR PROCEEDING ARISING OUT OF THIS 

AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF THE GRANTEE, THE COMPANY OR BURGER KING IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. The Company and Burger King may file an original counterpart or a copy of this Section 9.8 with any court as written evidence of the consent of the Grantee to the waiver of his right to trial by
jury. 

     Section 9.9 Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 

     Section 9.10 Grantee’s Acknowledgement. The Grantee hereby acknowledges receipt of a copy of the Equity Incentive Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of this Agreement, the Equity Incentive
Plan and the Management Shareholders Agreement shall be final and conclusive. 

     Section 9.11 Severability. The
provisions in this Agreement are severable and if any provision is determined to be prohibited or unenforceable in any jurisdiction, the remaining provisions shall nevertheless be binding and enforceable. 

16

     IN WITNESS WHEREOF, the Company, Burger King and the Grantee have executed this Agreement as of the date first above written. 

	 	 	BURGER KING HOLDINGS, INC.  
	 	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	BURGER KING CORPORATION  
	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	THE GRANTEE 
	 	 	 	 
	 	 	By:	 
	 	 	 	

	Number of Options: 6,740 Base Options 	 	Name:	John Chidsey 
	
      
             3,595 Hurdle Options 

      

    
	 	 	 
	 	 	 	 
	 	ADDRESS:  	c/o Burger King Corporation 
	 	 	5505 Blue Lagoon Drive 
	 	 	Miami, FL 33156 
	 	 	 
	 	 	 

17EXHIBIT 10.21

  MANAGEMENT STOCK OPTION AGREEMENT

       THIS MANAGEMENT
  STOCK OPTION AGREEMENT (as it may be amended and in effect from time to time
  in accordance with the terms hereof, the “Agreement”), effective
  as of August 1, 2004, is made by and among Burger King Holdings, Inc., a Delaware
  corporation (or any Successor thereto, the “Company”), Burger
  King Corporation, a Florida corporation (or any Successor thereto, “Burger King”),
and the individual whose name appears on the signature page hereof (the “Grantee”). 

WITNESSETH:

       WHEREAS, the Board has determined that it is in the best interest of the Company and its shareholders for the Company to grant awards with respect to the Common Stock to select key employees of the
Company Group and members of the Board who are serving as independent directors to motivate such participants to continue in the service of the Company Group and to perform their duties and responsibilities to the best of their professional ability
by aligning the interests of participants with those of the shareholders of the Company in increasing shareholder value; 

       WHEREAS, to
  this end, the Board has adopted the Burger King Holdings, Inc. Equity Incentive
  Plan (as the same may be amended and in effect from time to time, the “Equity Incentive Plan”)
  and, has authorized the Company to grant to the Grantee and certain other eligible
  participants options to purchase shares of Common Stock on the terms and conditions
  set forth in this Agreement and in substantially identical, management stock
  option agreements entered into by the Company, Burger King and such other eligible
participants; 

       WHEREAS, Burger
  King and the Grantee have entered into an employment agreement dated as of
  June 28, 2004 (as the same may be amended and in effect from time to time,
  the “Employment Agreement”), which provides, among other things,
  for the grant of options to Grantee on the terms set forth in the Employment
Agreement and the Equity Incentive Plan; and 

       WHEREAS, the Company, Burger King and the Grantee desire to enter into this Agreement to evidence and confirm, the grant of options to the Grantee on the terms and subject to the conditions set forth
herein. 

       NOW, THEREFORE, to evidence the grant of the options described herein to the Grantee, and to set forth the terms and conditions governing such options, the Company, Burger King and the Grantee hereby
agree as follows: 

  

    ARTICLE I

    CERTAIN DEFINITIONS

       Section 1.1 Certain Definitions. As used in the Agreement, the following terms shall have the following meanings. 

            “Base Option” means
  each Base Option granted to the Grantee pursuant to Section 2.1. Each Base
  Option provides the Grantee a right to purchase one Base Option Share (subject
  to adjustment in accordance with the Equity Incentive Plan and this Agreement)
  on the terms and subject to the conditions in this Agreement and the Equity
Incentive Plan. 

            “Base Option Price” means
  $100.00, the exercise price at which the Grantee may purchase a Base Option
  Share on exercise of a Vested Option granted hereunder, as provided in Section.
  2.2, subject to adjustment in accordance with the Equity Incentive Plan and
this Agreement. 

            “Base Option Share” means
  a share of Common Stock the Grantee is entitled to purchase on exercise of
  the corresponding Base Option granted hereunder, subject to all applicable
  terms and conditions of, and as may be adjusted in accordance with, this Agreement
and the Equity Incentive Plan. 

            “Board” means
the Board of Directors of the Company. 

            “Burger King” has
the meaning assigned thereto in the preamble to this Agreement.

            “Business Day” means
  any day other than a Saturday, Sunday or day on which banking institutions
  in New York, New York are authorized or obligated by law or executive order
to close. 

            “Cause” has the meaning assigned thereto in the Employment Agreement. If, subsequent to the Grantee’s Termination of Active
Service Without Cause, the Board determines that the Grantee’s employment could have been terminated for Cause, the Grantee’s
employment will, at the election of the Board, be deemed to have been terminated
for Cause, effective as of the date the events giving rise to Cause occurred. 

            “Change
  in Control” has
the meaning assigned thereto in the Equity Incentive Plan.

            “Code” means
the Internal Revenue Code of 1986, as amended. 

            “Committee” means
  the committee of the Board designated by the Board to administer the Equity
Incentive Plan or, at any time that no committee has been designated, the Board. 

2

  

            “Common Stock” means
  the common stock of the Company, par value $0.01 per share, or any equity securities
  into or for which such common stock may be converted or exchanged in connection
with, an Adjustment Event. 

            “Company” has
the meaning assigned thereto in the preamble to this Agreement. 

            “Company Group” means,
  collectively, Burger King, its direct and indirect Subsidiaries and any Affiliate
  of Burger King specifically designated as a member of the Company Group by
the Committee. 

            “Disability” has the meaning assigned thereto in the Employment Agreement. The Grantee’s
  employment shall be deemed to have terminated as a result of Disability on
  the date the Committee determines the Grantee has become disabled under the
foregoing clause, subject to any disability provisions of the Employment Agreement, 

            “Equity Incentive Plan” has the meaning set forth in the preambles hereto. 

          “Exchange
                    Act” means the U.S. Securities Exchange Act of 1934,
                    as amended.

          “Good Reason” has the meaning assigned thereto in the Employment Agreement. 

          “Grant Date” means
  August 1, 2004, the effective date on which the Options evidenced hereby are
granted to the Grantee, as provided in Section 2.2. 

            “Hurdle
  Option” means
  each Hurdle Option granted to the Grantee pursuant to Section 2.1, Each Hurdle
  Option provides the Grantee a right to purchase one Hurdle Option Share (subject
  to adjustment in accordance with the Equity Incentive Plan and this Agreement)
  on the terms and subject to the conditions in this Agreement and the Equity
Incentive Plan. 

            “Hurdle Option Price” means
  $200.00, the exercise price at which the Grantee may purchase a Hurdle Option
  Share on exercise of a Vested Option granted hereunder, as provided in Section
  2.2, subject to adjustment in accordance with the Equity Incentive Plan and
this Agreement. 

            “Hurdle Option Share” means
  a share of Common Stock the Grantee is entitled to purchase on exercise of
  the corresponding Hurdle Option granted hereunder, subject to all applicable
  terms and conditions of and as may be adjusted in accordance with, is Agreement
and the Equity Incentive Plan. 

            “Initial Public Offering” or “IPO” means
  the effective date of a registration statement (other than a registration statement
  on Form S-4 or S-8, or any successor form) filed in connection with a registered
  public offering of equity securities of the Company following which at least
  1.5% of the equity securities of the Company have been publicly distributed,
  or sold or are being actively traded on a national securities exchange or quoted
on an interdealer quotation system. 

3

  

            “Management Shareholders Agreement” means
  the management subscription and shareholders agreement entered into by the
  Company, Burger King and a participant in the Equity Incentive Plan setting
  forth the terms and conditions applicable to any shares of Common Stock acquired
  by such participant prior to an Initial Public Offering, including any shares
  of Common Stock purchased upon the exercise of options granted under the Equity
  Incentive Plan, which agreement shall be in such form, as the Committee shall
approve. 

            “Market Value” means,
  as of the applicable date of determination, the fair market value of a share
  of Common Stock, as determined by the Board, in good faith, based on such factors
  as the Board deems appropriate; provided that, following an Initial Public
  Offering, the Market Value of a share of Common Stock shall be the closing
  price for a share (or the average of the last bid and ask prices for a Share,
  if applicable) on the last trading day prior to the day as of which Market
  Value is determined, on the principal securities exchange on which the Common
  Stock is then listed for trading or the principal interdealer quotation system
  on which the Common Stock is then quoted for trading (or, if the Common Stock
  is not traded or quoted on such day, on the last day the Common Stock is traded
on such exchange or quoted on such interdealer system). 

            “Normal Expiration Date” means
the tenth anniversary of the Grant Date. 

            “Option” means,
  collectively, each Base Option or Hurdle Option granted to Grantee pursuant
to Section 2.1. 

            “Option Share” means,
collectively, each Base Option Share or Hurdle Option Share.

            “Retirement” means the Grantee’s
  Termination of Active Service at or after the later of (i) his 65th birthday
and (ii) his completion of five years of employment with the Company Group. 

            “Securities Act” means
the U.S. Securities Act of 1933, as amended. 

            “Termination of Active Service” means the termination of the Grantee’s active employment with the Company Group for any
reason, including the Grantee’s resignation, death, Disability or Retirement
or termination, by the member of the Company Group that employs the Grantee Without
Cause or for Cause. 

            “Termination Date” means the date of the Grantee’s
Termination of Active Service.

            “Transfer” means
  any direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation,
  gift, testamentary transfer or other encumbrance or other disposition of any
  interest, including the grant of an option or other right in respect of such
  interest, whether directly or indirectly, whether voluntarily, involuntarily
  or by operation, of law; and “Transferred”, “Transferee” and “Transferability” shall,
each have a correlative meaning. 

4

  

            “Vested” means, with respect to an Option and the Option Share covered, thereby, that the Grantee has an immediate right to
purchase such Option Share on exercise of such Option, in accordance with the Equity incentive Plan and Article III; provided that (x) the Grantee’s right to Transfer. Option Shares may continue to be subject to restriction during any period
prior to an Initial Public Offering and (y) the Grantee shall not be permitted to Transfer any Option Shares during the 20 days prior to and the 180 days (or such longer period as the applicable underwriters may specify) following the effective date
of any registration statement filed by the Company or Burger King in connection with an underwritten public offering of equity securities of the Company or Burger King. The terms “Vesting”, “Vest” and
other derivations of the term vested shall have correlative meanings. 

            “Vesting Date” means, with respect to an Option, the date or dates specified in Section 3.3 of this Agreement as of which the
Grantee’s rights in respect of such Option become Vested. 

            “Without Cause” has
the meaning assigned thereto in the Employment Agreement.

       Section 1.2 Other Capitalized Terms. All capitalized terms used herein and not defined shall have the meanings set forth in the Equity Incentive Plan. 

       Section 1.3 Other Interpretive Provisions. 

       (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

       (b) The words “hereof”, “herein”, “hereunder” and
  similar, words refer to this Agreement as a whole and not to any particular
  provision of this Agreement; and any subsection and Section references are
to this Agreement unless otherwise specified. 

       (c) The term “including” is
  not limiting and means “including without limitation.”
  

       (d) The captions
  and headings of this Agreement are for convenience of reference only and shall
  not affect the interpretation of his Agreement.

       (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms. 

ARTICLE II

    GRANT OF OPTIONS

       Section. 2.1 Confirmation of Grant. The Company hereby evidences and confirms its grant to the Grantee, effective as of the Grant Date, of
the number of Base Options and Hurdle Options set forth on the signature page hereof; each such Base Option providing the Grantee the right to purchase one Base Option Share and each such Hurdle Option providing the Grantee the

5

  

  right to purchase one Hurdle Option Share, on and subject to the terms and conditions of this Agreement and the Equity Incentive Plan. The Options are not intended to be incentive stock options under the U.S. Internal Revenue Code
of 1986, as amended. This Agreement is subordinate to, and the terms and conditions of the Options granted hereunder and the Option Shares are subject to, the terms and conditions of the Equity Incentive Plan. If there is any inconsistency between
the terms hereof and the terms of the Equity Incentive Plan, the terms of the Equity Incentive Plan shall govern. 

       Section 2.2 Option Price. Each Base Option Share covered by a Base Option shall have a Base Option Price of $100.00. Each Hurdle Option Share
covered by a Hurdle Option shall have a Hurdle Option Price of $200.00. 

ARTICLE III

    VESTING OF OPTIONS

       Section 3.1. Vesting Schedule. Subject to the provisions of Section 3.2 below, the Options shall become Vested in five equal installments, as
follows. One-fifth of the Options shall become Vested on each of the first five anniversaries of the Grant Date, provided, in the case of each installment that the Grantee continues in the active employment of the Company Group from the Grant Date
to the anniversary date on which such installment is scheduled to become Vested. 

       Section 3.2 Accelerated Vesting.
  In the event of the Grantee’s Termination of Active Service prior to August 1, 2007 by Burger King
Without Cause or by Grantee’s resignation for Good Reason, the Options due to Vest within the twelve-month period immediately following the Termination Date shall immediately Vest on the Termination Date, and the remaining Options shall
automatically terminate, expire and be cancelled on the Termination Date. In the event of the Grantee’s Termination of Active Service on or after August 1, 2007 by Burger King Without Cause as a result of Burger King serving notice of
non-renewal pursuant to Section 1 of the Employment Agreement or by the Grantee’s resignation for Good Reason, all Options then held by the Grantee that have not become Vested shall immediately Vest on the Termination Date. Notwithstanding the
foregoing, if a Change in Control occurs and, after the date of such Change in Control, the Grantee’s employment is terminated by Burger King Without Cause or by the Grantee’s
resignation for Good Reason, all of the Options shall, immediately Vest on the
Termination Date. 

       Section 3.3 Exercise of Vested Options. The Grantee may exercise Vested Options and purchase the Option Shares covered thereby at any time
and from time to time on or after the Vesting Date for such Options provided in Section 3.1 until the date on which such Options terminate or otherwise expire pursuant to Article IV or upon or in connection with a Change in Control if applicable
under the Equity Incentive Plan, subject to compliance with the provisions hereof, provided that if the Grantee elects to exercise any Vested Options prior to an Initial Public Offering, (i) the Grantee shall be required to execute and deliver a
Management Shareholders Agreement (or have previously executed and delivered a Management Shareholders Agreement, the provisions of which will automatically apply to Option Shares 

6

  purchased by the Grantee) and (ii) the purchase of Option Shares upon such exercise must be in compliance with the Management Shareholders Agreement. 

       Section 3.4 Discretion. The Committee may accelerate the Vesting or exercisability of any Option, all Options or any class of Options, at any
time and from time to time. 

ARTICLE IV

  TERMINATION/EXPIRATION OF OPTIONS

       Section 4.1 Normal
  Expiration Date. Any Options that have not been exercised and are then
  outstanding shall automatically terminate, expire  and be canceled on the Normal
  Expiration Date.

       Section 4.2 Termination of Active Service: Expiration of Options that are not Vested.
  Upon the Grantee’s Termination of Active Service
prior to the Normal Expiration Date, all Options then held by the Grantee that have not become Vested on or before the Grantee’s
Termination Dale shall automatically terminate, expire and be canceled on such
Termination Date. 

       Section 4.3 Termination of Active Service Expiration of Vested Options.
  Notwithstanding any provision to the contrary in the Equity Incentive Plan,
  upon the Grantee’s Termination of Active Service prior to the Normal Expiration Date, all Vested Options held by the Grantee on the Grantee’s
Termination Date shall remain exercisable for a period that varies based upon the circumstances of the Grantee’s
Termination of Active Service, as follows: 

  	Circumstance of Termination
          of

        Active Service	Exercise Period Following

          Termination Date
	Ø Without
          Cause  	One year period beginning
          on the Termination Date
	Ø Resignation  	One year period beginning
          on the Termination Date
	Ø Retirement  	One year period beginning
          on the Termination Date  
	Ø Disability  	One year period beginning
          on the Termination Date  
	Ø Death  	One year period beginning
          on the Termination Date 
	Ø For
          Cause  	None, all Options expire
          immediately  

     Notwithstanding the foregoing, all Vested Options shall terminate earlier than the expiration of the applicable period specified above, upon on the Normal Expiration Date, All Vested Options that are
not exercised within the applicable period for exercise following the 

7

  

  Grantee’s Termination Date shall automatically
terminate, expire and be canceled upon the expiration of such period. 

       Section 4.4 Termination for Cause.
  Notwithstanding any other provision herein, in the event of the Grantee’s
  Termination of Active Service for Cause, all Options then held by the Grantee
  (whether or not Vested) shall terminate and be canceled automatically and immediately
upon the delivery of written notice of such termination to the Grantee. 

       Section 4.5 Settlement
  of Options Pursuant to the Equity Incentive Plan. Notwithstanding any other
  provision of this Agreement, all or any portion of the Options may be settled
  upon or in connection with a Change in Control in accordance with the Equity
  Incentive Plan. 

ARTICLE V

  EXERCISE OF VESTED OPTIONS

       Section 5.1 In General. The Vested Options shall be exercisable in whole or in part; provided, that no partial exercise of Vested Options
shall be for an aggregate exercise price of less than $100 and no fractional Shares will be issued in connection with any exercise of Options. The partial exercise of Vested Options shall not cause the expiration, termination or cancellation of the
remaining portion thereof. 

       Section 5.2 Notice of Exercise.
  The Grantee may exercise Vested Options by delivering written notice to the
  Company’s principal office,
to the attention of its Vice President of Total Awards, no less than three Business
  Days in advance of the effective date of the proposed exercise. Such notice
  shall (i) specify the number of Vested Options being exercised and the aggregate
  Option Price therefore, (ii) specify the effective date of the proposed exercise,
  (iii) if such exercise will be effective prior to an Initial Public Offering,
  indicate in writing that the Grantee agrees to enter into and comply with the
  terms of a Management Shareholders Agreement (or, if the Grantee has previously
  entered into a Management Shareholders Agreement, that the Grantee acknowledges
  and agrees that the Option Shares to be purchased upon the exercise of the
  Vested Options identified in such exercise notice will be subject to all of
  the terms and conditions of such Management Shareholders Agreement), and (iv)
  specify the manner in which the Grantee intends to pay the Option Price and
  satisfy the tax withholding obligations related to such exercise, together
  with a copy of any Committee approval that may be required with respect thereto.
  The Grantee may withdraw any notice of exercise at any time prior to the close
  of business on the Business Day immediately preceding the effective date of
the proposed exercise. 

       Section 5.3 Share Withholding or Share Tender To Satisfy Option Price or Withholding Taxes. 

       (a) Conditions: Holding Period and Committee Approval.
  The Grantee’s right to tender previously owned shares of Common Stock
  or to have the Company withhold Options Shares otherwise issuable upon exercise
of any Vested Options, in any such case, to pay all or

8

  

  any portion of the Option Price and/or satisfy all or any portion of the minimum statutory tax withholding obligations with respect to such exercise is subject to the following conditions. 

        (i) The
        Grantee’s receipt of the prior written approval of the Committee, which approval may be withheld for any reason or no reason and may be withheld from the Grantee without regard to the
    Committee’s treatment of other requests. The Committee’s approval, with, respect to the Grantee’s
    exercise of Vested Options at one time will not constitute approval, with
    respect to any other exercise of Vested Options by the Grantee. 

        (ii) Previously owned shares of Common Stock may be tendered only if the Grantee has owned such shares on an unconditional basis for at least six months prior to the date of his request to the
    Committee to tender such shares. 

        (iii) No tax amount in excess of the minimum amount required to be withheld by the Company Group under the applicable statutory tax provisions then in effect may be satisfied by the Grantee by
    tendering previously owned shares and/or having Option Shares withheld. 

       (b) Grantee’s
  Request for Approval. If the Grantee wishes to pay all or any portion of
  the Option Price and/or satisfy all or any portion of his minimum statutory
  tax withholding obligations with respect to his exercise of any Vested Options
  (i) by tendering shares of Common Stock that have been owned by the Grantee
  for at least six months prior to the effective date of exercise and/or (ii)
  by having the Company withhold Option Shares otherwise issuable upon such exercise,
  the Grantee shall submit a written request to the Committee prior to his delivery
  of notice of exercise to the Company pursuant to Section 5.2 for the Committee’s approval to tender such shares and/or have such Option Shares withheld, as the case may be. Such written request shall (i) specify the dollar amount of the aggregate Option Price and/or the percentage or dollar amount of
such minimum statutory tax withholding that the Grantee wishes to satisfy by tendering previously owned shares of Common Stock and/or having Option Shares withheld, as the case may be, (ii) include the Grantee’s representation to the effect
that, as of the date of such, request, the Grantee has unconditionally owned any shares of Common Stock that he proposes to tender for at least six months and (iii) include such supporting documentation or other evidence as the Committee may request
to evidence the Grantee’s unconditional ownership of any such shares of
Common Stock as of the date of such request and for the six month period preceding
such date. 

       (c) Value of Tendered/Withheld Shares.
  Any shares of Common Stock tendered or Option Shares withheld to pay the Option
  Price and/or to satisfy the Grantee’s minimum statutory tax withholding
  obligations will be valued at the Market Value of such shares on the effective
date of the corresponding Option exercise. 

       Section 5.4 Additional Conditions to Exercise prior to an IPO. If the Grantee elects to exercise any Vested Option prior to an Initial Public
Offering, on or before the effective date of such exercise and as a condition to such exercise, the Company, the Grantee and Burger King 

9

  

  shall enter into a Management Shareholders Agreement with respect to the Option Shares to be purchased upon such exercise, which shall provide, among other things, for restrictions on Transfer of the Option Shares and the right of
the Company to repurchase such Option Shares on election by the Company and to require the Grantee to sell such Option Shares in the event of certain sales of shares of Common Stock by the other shareholders of the Company. 

       Section. 5.5 Manner of Payment.
  On or before the effective date of exercise, the Grantee shall deliver to the
  Company full payment of the Option Price for the Option Shares to be purchased
  upon such exercise and full payment of the minimum statutory tax withholding
  amount due in respect of such exercise. Such amounts may be paid in whole or
  in part either (x) in cash, by certified, check, bank cashier’s check
  or wire transfer or (y) subject to the prior written approval of the Committee,
  (I) in shares of Common Stock that have been owned by the Grantee on an unconditional
  basis for at least six months prior to the effective date of exercise, or (II)
  by requesting the Company withhold Option Shares otherwise issuable to the
  Grantee in connection with such exercise; provided that the aggregate amount
  of such cash, the Market Value of any shares of Common Stock tendered and/or
  the Market Value of any Option Shares withheld, as applicable, is equal to
  the aggregate amount required to be paid by the Grantee in connection with
such exercise as of the proposed exercise date. 

       Any payment made in shares of Common Stock shall be effected by the delivery of the certificates) for such shares to the Vice President of Total Rewards of the Company, duly endorsed in blank or
accompanied by stock powers duly executed in blank, together with any other documents and evidences as the Vice President of Total Rewards of the Company shall require from time to time. 

       Section. 5.6 Share Certificates. Following full payment of amounts due under Section 5.5 in connection with any exercise of Vested Options
and, if prior to an Initial Public Offering, execution and delivery by the Grantee of a Management Shareholders Agreement in accordance with Section 5.4, certificates for the Option, Shares purchased, upon the exercise of Vested Options shall, be
issued in the name of the Grantee and delivered to the Grantee as soon as practicable following the effective date on which the Vested Options are exercised Prior to an Initial Public Offering, such share certificates shall bear such legends as the
Committee shall determine, including the following: 

  
    
      “THE TRANSFERABILITY OF THIS CERTIFICATE
      AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS,
      TERMS AND CONDITIONS (INCLUDING FORFEITURE PROVISIONS, RESTRICTIONS AGAINST
      TRANSFER AND REPURCHASE RIGHTS) CONTAINED IN THE BURGER KING HOLDINGS,
      INC. EQUITY INCENTIVE
        PLAN AND A MANAGEMENT SUBSCRIPTION AND SHAREHOLDERS AGREEMENT ENTERED
      INTO BETWEEN THE REGISTERED OWNER OF SUCH SHARES, BURGER KING CORPORATION
      AND BURGER KING HOLDINGS, INC. COPIES OF THE PLAN AND AGREEMENT ARE ON
      FILE IN THE OFFICE OF THE SECRETARY OF BURGER KING HOLDINGS, INC., AT [ADDRESS]. 

  

10

  

  
    
      THE SHARES REPRESENTED BY THIS CERTIFICATE
      HAVE NOT BEEN REGISTERED PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR QUALIFIED UNDER ANY STATE
      OR NON-U.S. SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD, PLEDGED,
      HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (I)(A) SUCH DISPOSITION IS
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
      OF 1933, AS AMENDED, (B) THE HOLDER HEREOF SHALL HAVE DELIVERED TO THE
      COMPANY AN OPINION OF COUNSEL, WHICH OPINION AND COUNSEL SHALL BE REASONABLY
      SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH DISPOSITION IS EXEMPT
      FROM THE PROVISIONS OF SECTION 5 OF SUCH ACT OR (C) A NO-ACTION LETTER
      FROM THE SECURITIES AND EXCHANGE COMMISSION, REASONABLY SATISFACTORY TO COUNSEL
      FOR THE COMPANY, SHALL HAVE BEEN OBTAINED WITH RESPECT TO SUCH DISPOSITION
      AND (II) SUCH DISPOSITION IS PURSUANT TO REGISTRATION UNDER ANY APPLICABLE
      STATE AND NON-U.S. SECURITIES LAWS OR AN EXEMPTION THEREFROM.”
      

  

ARTICLE VI

  NO TRANSFER OF OPTIONS

       During the
  Grantee’s lifetime, the Grantee may not Transfer any Options and all Options granted to the Grantee may be exercised solely by the Grantee. Transfer of Option Shares purchased upon
exercise of Vested Options prior to an Initial Public Offering will, be subject to the Management Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or administrators of
the Grantee’s estate or by the Grantee’s beneficiary who shall have acquired such right to exercise by will or by the laws of descent and distribution. No Transfer of Vested Options to any executor or administrator, of the Grantee’s
estate or to any beneficiary of the Grantee by will, or the laws of descent and
distribution, or the right to exercise any Vested Option, shall be effective
to bind the Company unless the Committee shall have been furnished with (i) written
notice thereof and with a copy of the will and/or such evidence as the Committee
may deem necessary to establish the validity of the Transfer and (ii) the written
agreement of the Transferee to comply with all of the terms and conditions applicable
to the Vested Options and any Option Shares purchased upon exercise of Vested
Options that are or would have been applicable to the Grantee, including the
requirement to enter into a Management Shareholders Agreement as a condition
to the exercise of Vested Options prior to an Initial Public Offering. 

ARTICLE VII

    GRANTEE’S REPRESENTATIONS, WARRANTIES AND COVENANTS

       Section 7.1 Investment Intention.
  The Grantee represents and warrants that the Options have been, and any Option
Shares will be, acquired by him solely for the Grantee’s own

  11

  account for investment and not with a view to or
  for sale in connection with any distribution thereof. The Grantee agrees that
  the Grantee will not, directly or indirectly, Transfer or otherwise dispose
  of all, or any of the Options or any of the Option Shares (or solicit any offers
  to buy, purchase or otherwise acquire or take a pledge of all or any of the
  Options or any of the Option Shares), except, in the case of the Option Shares,
  in compliance with the Securities Act and the rules and regulations of the
  Commission thereunder, and in compliance with applicable state securities or “blue sky” laws
  and non-U.S. securities laws. The Grantee further understands, acknowledges
  and agrees that none of the Option Shares may be Transferred or otherwise disposed
  of unless the provisions of the related Management Shareholders Agreement shall
have been complied with or have expired. 

       Section 7.2 Securities Law Matters.
  The Grantee acknowledges receipt of advice from the Company that (i) the Option
  Shares have not been registered under the Securities Act or qualified under
  any state securities or “blue sky’’ or non-U.S. securities laws,
  (ii) it is not anticipated that there will be any public market for the Option
  Shares, (iii) the Option Shares must be held indefinitely and the Grantee must
  continue to bear the economic risk of the investment in the Option Shares unless
  the Option Shares are subsequently registered under the Securities Act and
  such state laws or an exemption from registration is available, (iv) Rule 144
  is not presently available with respect to sales of securities of the Company
  and the Company has made no covenant to the Grantee to make Rule 144 available,
  (v) when and if the Option Shares maybe disposed of without registration in
  reliance upon Rule 144, such disposition, can be made only in limited amounts
  in accordance with the terms and conditions of such Rule, (vi) the Company
  does not plan to file reports with the Commission or make public information
  concerning the Company available, (vii) if the exemption afforded by Rule 144
  is not available, sales of the Option Shares may be difficult to effect because
  of the absence of public information concerning the Company and a public market
  for securities of the Company, (viii) a restrictive legend in the form heretofore
  set forth shall be placed on the certificates representing the Option Shares
  and (ix) a notation shall be made in the appropriate records of the Company
  indicating that the Option Shares are subject to restrictions on transfer set
  forth in this Agreement and the Management Shareholders Agreement and, if the
  Company should in the future engage the services of a stock transfer agent,
  appropriate stop-transfer restrictions will be issued to such transfer agent
with respect to the Option Shares. 

       Section 7.3 Ability to Bear Risk.
  The Grantee covenants that the Grantee will not exercise all, or any of the
  Vested Options unless (i) the financial situation of the Grantee is such that
  the Grantee can afford to bear the economic risk of holding the Option Shares
  for an indefinite period and (ii) the Grantee can afford to suffer the complete
  loss of the Grantee’s investment in
the Option Shares. 

       Section 7.4 Restrictions on Sale upon Public Offering. The Grantee agrees that, in the event that the Company or Burger King files a
registration statement under the Securities Act with respect to an underwritten public offering of any shares of its capital stock, the Grantee will not effect any public sale or distribution of any shares of Common Stock, including but not limited
to, pursuant to Rule 144 or Rule 144A under the Securities Act, during the 20 days prior to and the 180 days (or such longer period as may be specified by the underwriters) after the 

12

  

  effective date of such registration statement.
  The Grantee further understands and acknowledges that any sale, transfer or
  other disposition of the Option Shares by him following a public offering will
  be subject to compliance with, and may be limited under, the federal securities
laws and/or state “blue sky” and/or non-U.S. securities laws. 

       Section 7.5 Section 83(b) Election.
  The Grantee agrees that, within 20 days following the date on which, any Vested
  Options are exercised by the Grantee that occurs prior to an Initial Public
  Offering, the Grantee shall give notice to the Company as to whether the Grantee
  has made or intends to make an election pursuant to Section 83(b) of the Code
  with respect to the Option Shares purchased on such date, and acknowledges
  that the Grantee will be solely responsible for any and all U.S., state, local
  and non-U.S. income and other tax liabilities payable by the Grantee in connection
  with the Grantee’s exercise of any
Options or purchase or receipt of any Option Shares or attributable to the Grantee’s
making or failing to make such an election. 

       Section 7.6 Withholding. Whenever Option Shares are to be issued or any other consideration is to be paid on exercise or other settlement of
Vested Options, the Company may require the Grantee to remit to the Company an amount in cash sufficient to satisfy any applicable U.S. federal, state and local and non-U.S. tax withholding requirements as a condition to the issuance of such Option
Shares or payment of other consideration. 

ARTICLE VIII

    CAPITAL ADJUSTMENTS

       If the event of any change in the number, class or type of shares of Common Stock outstanding or other change in the capital of the Company by reason of an Adjustment Event, the Committee may make
such adjustments as it determines are appropriate to the number of Option Shares and/or the class or type of shares of capital Stock or other equity securities covered by then outstanding Options and, if applicable, the Option Price of each Option
then outstanding. 

       In the event of any adjustment to the class or type of shares or other equity securities subject to outstanding Options, references herein will be deemed to refer to such different class or type of
shares of capital stock or other equity securities. 

ARTICLE IX

    MISCELLANEOUS

       Section 9.1 Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests, waivers, elections
and other communications authorized or required to be given, pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal
hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, 

13

  

  or by air courier guaranteeing overnight delivery, addressed to the parties at the following addresses (or at such other address for the parties as shall be specified by like notice): 

	 	 if to the Company:
	 	 	Burger King Holdings, Inc.

      301 Commerce Street

      Suite 3300

      Fort Worth, Texas 76102

      Attention: Richard A. Ekleberry, Esq.

      Telephone: 817-871-4080

      Fax: 817-871-4088

      E-mail: rekleberry@texpac.com 
	 	 	 
	 	with a copy (which shall not constitute notice)
    to:
	 	 	 
	 	 	Cleary, Gottlieb, Steen & Hamilton

      One Liberty Plaza

      New York, NY 10006

      Attention: Michael L. Ryan, Esq.

                   Michael
A. Gerstenzang, Esq.

      Telephone: 212-225-2000

      Fax: 212-225-3999

      E-mail: mryan@cgsh.com

             mgerstenzang@cgsh.com
	 	 	 
	 	if
        to Burger King: 

	 	 	Burger King Corporation

      One Whopper Way 

      Miami, FL 33126

      Attention: Executive Vice President-Human
      Resources

                  General
Counsel

      Telephone: 305-378-7515

                  305-378-7213

      Fax: 305-378-7112

        305-378-3330

    E-mail: eromero@whopper.com

     if to the Grantee,
to the address set forth on the signature page hereof. 

       Section 9.2 No Rights as Stockholder. The Grantee shall have no voting or other rights as a stockholder of the Company with respect to any
Option Shares covered by the Options until the exercise of the Options and the issuance of a certificate or certificates to the Grantee for such Option Shares. Except as may be provided in the Equity Incentive Plan or the Employment Agreement, no
adjustment shall be made for dividends or other rights for which the record date is prior to the issuance of such certificate or certificates. 

14

  

       Section 9.3 Binding Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable
right, remedy or claim under or in respect of any agreement or any provision contained herein. 

     Section 9.4 Waiver; Amendment.

       (a) Waiver.
  Any party hereto may by written notice to the other parties (A) extend the
  time for the performance of any of the obligations or other actions of the
  other parties under this Agreement, (B) waive compliance with any of the conditions
  or covenants of the other parties contained in this Agreement and (C) waive
  or modify performance of any of the obligations of the other parties under
  this Agreement. Except as provided in the preceding sentence, no action taken
  pursuant to this Agreement, including, without limitation, any investigation
  by or on behalf of any party, shall, be deemed to constitute a waiver by the
  party taking such action, of compliance with any representations, warranties,
  covenants or agreements contained herein. The waiver by any party hereto of
  a breach of any provision of this Agreement shall not operate or be construed
  as a waiver of any preceding or succeeding breach and no failure by a party
  to exercise any right or privilege hereunder shall be deemed a waiver of such
  party’s rights or privileges hereunder or shall be deemed a waiver or such party’s or beneficiary’s
rights to exercise the same at any subsequent time or times hereunder. 

       (b) Amendment. This Agreement may not be amended, modified or supplemented orally, but only by a written instrument executed by the Grantee,
the Company and Burger King. 

       Section 9.5 Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall
be assignable by the Company, Burger King or the Grantee without the prior written consent of the other parties. 

       Section 9.6 Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE. 

       Section 9.7 Jurisdiction. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN
THE COURTS OF THE STATE OF FLORIDA (TO THE EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFORE) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF FLORIDA, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF
ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION. 

15

  

       Section 9.8 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE GRANTEE WAIVES, AND COVENANTS
THAT THE GRANTEE WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF THE GRANTEE, THE COMPANY OR BURGER KING IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN
CONTRACT, TORT OR OTHERWISE. The Company and Burger King may file an original counterpart or a copy of this Section 9.5 with any court as written evidence of the consent of the Grantee to the waiver of his right to trial by jury. 

       Section 9.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and
all of which together shall constitute one and the same instrument. 

       Section 9.10 Grantee’s
  Acknowledgement. The Grantee hereby acknowledges receipt of a copy of the Equity Incentive Plan The Grantee
hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of this Agreement, the Equity Incentive Plan and the Management Shareholders Agreement shall be final and conclusive. 

       Section 9.11 Severability. The provisions in this Agreement are severable and if any provision is determined to be prohibited or
unenforceable in any jurisdiction, the remaining provisions shall nevertheless be binding and enforceable. 

16

  

       IN WITNESS WHEREOF, the Company, Burger King and the Grantee have executed this Agreement as of the date first above written. 

	 	 	BURGER KING HOLDINGS, INC.  
	 	 	 	 
	 	 	By:	/s/ Dick Boyce
	 	 	 	

	 	 	 	Name:	Dick Boyce
	 	 	 	Title:	CHM
	 	 	 
	 	 	 
	 	 	BURGER KING CORPORATION  
	 	 	 
	 	 	By:	/s/ Dick Boyce
	 	 	 	

	 	 	 	Name:	Dick Boyce
	 	 	 	Title:	CHM
	 	 	 	 	 
	 	 	 	 	 
	 	 	THE GRANTEE 
	 	 	 	 
	 	 	By:	/s/ Greg Brenneman
	 	 	 	

	Number of Options: 	89,864 Base Options	 	Name:	Greg Brenneman
	 	24,982 Hurdle Options	 	 	 
	 	 	 	 	 
	 	 	ADDRESS:  	c/o Burger King Corporation
	 	 	 	 	 5505 Blue Lagoon Drive
	 	 	 	 	 Miami, FL 33456

17

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