Document:

EXHIBIT 10.22 

BOARD MEMBER STOCK OPTION AGREEMENT

       THIS BOARD
  MEMBER STOCK OPTION AGREEMENT (as it may be amended and in effect from time
  to time in accordance with the terms hereof, the “Agreement”),
  dated February 14, 2006, 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 and subject to the
  terms and conditions set forth in the Equity Incentive Plan and this Agreement;
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. 

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

          “Board Member Shareholders Agreement” means the subscription and shareholders agreement entered into by the Company, Burger King
and the Grantee setting forth the terms and conditions applicable to any shares of Common Stock acquired by the Grantee prior to an Initial Public Offering, including any shares of Common Stock purchased upon the exercise of the Options. 

          “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 (A) the Grantee’s gross negligence or willful misconduct in connection with his duties as a member of the Board
or refusal, after demand, to substantially perform such duties, (B) the Grantee’s dishonesty, fraud, embezzlement, misappropriation of funds or theft or (C) conviction of the Grantee of, or plea of nolo
contendere by the Grantee to, a felony or other serious crime. If, subsequent to the Grantee’s Termination of Active Service Without Cause, the Board determines that the Grantee’s service as a member of the
Board could have been terminated for Cause, the Grantee’s service as a member of the Board 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.

          “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 a physical or mental condition of the Grantee that prevents or would prevent the performance of his duties as a
member of the Board for a continuous period of six (6) consecutive months or longer. The Grantee’s service as a member of the Board shall be deemed to have terminated as a result of Disability on the date as of which the Board (or its designee)
determines the Grantee has become disabled under the foregoing definition. 

          “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 February 14, 2006 the effective date on which the Options evidenced hereby are granted to the Grantee, as
provided in Section 2.1. 

          “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

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

          “Market Value” means, as of the applicable date of determination, the fair market value of a share of Common Stock, as determined
by the Committee, in good faith, based on such factors as the Committee 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 each Option granted to the Grantee pursuant to Section 2.1. Each Option provides the Grantee a right to purchase one
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. 

          “Option Price” means $570.00, the exercise price at which the Grantee may purchase an 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. 

          “Option Share” means a share of Common Stock the Grantee is entitled to purchase on exercise of the corresponding 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. 

          “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 service as a member of the Board. 

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

          “Termination of Active Service” means the termination of the Grantee’s active services as a member of the Board for any
reason. 

          “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 

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  directly or
  indirectly, whether voluntarily, involuntarily or by operation of law; and “Transferred”, “Transferee” and “Transferability” shall
each have a correlative meaning. 

          “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 3.1 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 Board, other than any such termination by the Board
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 Options set forth
on the

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signature page hereof, each such Option providing the Grantee the right to purchase one 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 Option Share covered by an Option shall have an Option Price of $570.00.

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 the Grantee continues to actively serve as a member of the Board from the Grant Date to the
anniversary date on which such installment is scheduled to become Vested. 

     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 Board Member Shareholders Agreement (or have previously executed and delivered a Board Member 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 Board Member 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. 

     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 

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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 (i) on the Normal Expiration Date or (ii) upon
or in connection with a Change in Control if applicable under the Equity Incentive
  Plan. 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. 

     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. 

ARTICLE V

  EXERCISE OF VESTED OPTIONS

     Section 5.1 In
General. The Vested Options shall be exercisable
in whole or in part; provide, that no partial  exercise of Vested Options shall
be for an aggregate exercise price of less than the Option Price 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. 

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     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 Board Member Shareholders Agreement (or, if the Grantee has previously entered into a Board Member 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 Board Member 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.

     (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. 

        (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 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 Grantee’s 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 

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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 all or any portion of 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 shall enter into a Board Member 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, 

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execution and delivery by the Grantee of a Board Member 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 BOARD MEMBER 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]. 

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 Board Member Shareholders Agreement. Upon the death of the Grantee, any Vested Options then outstanding may be exercised only by the executors or administrators of
the

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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 Board Member
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 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 Board Member 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 

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Board Member 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 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 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. 

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     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 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
	 	 	 
	 	 	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
	 	 	 
	 	if to Burger
    King: 

12

 

	 	 	Burger King Corporation

      5505 Blue Lagoon Drive

      Miami, FL 33126

      

      Attention: Executive Vice President and
      Human Resources Officer 

Telephone: 305-378-3755

 Fax:           305-378-3189

and

      Attention: Executive Vice President and
      General Counsel 

Telephone: 305-378-7913

Fax: 305-378-7112
	 	 	 
	 	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. 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 (i) extend the time for the
performance of any of the obligations or other actions of the other parties under this Agreement, (ii) waive compliance with any of the conditions or covenants of the other parties contained in this Agreement and (iii) 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. 

13 

     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. 

     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 Board Member 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. 

14

     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:	/s/ Armando Codina 
	 	 	 	

	Number of Options: 1,000 	 	Name:	Armando Codina  
	 	 	 	 
	Option Price (per Option): $570  	 	 	 
	 	ADDRESS:  	 
	Grant date: February 14, 2006  	           355
    Alhambra Circle, Suite 900
	 	           Coral
    Gables, FL 33134

15Exhibit 10.23

EMPLOYMENT AGREEMENT

       This EMPLOYMENT
  AGREEMENT (this “Agreement”) is entered into as of this 7
  day of April 2006 by and between Burger King Corporation, a Florida corporation
  (together with any successor thereto, the “Company”), and
John Chidsey (“Executive”). 

       WHEREAS, Executive
  commenced employment with the Company on March 1, 2004 (the “Commencement Date”);
and 

       WHEREAS, Executive
  has served as the President and Chief Financial Officer of the Company pursuant
  to an Employment Agreement with the Company, dated as of February 24, 2004
(as amended from time to time, the “Original Agreement”); 

       WHEREAS, the Company desires that Executive serve the Company as the Chief Executive Officer on the terms and conditions set forth in this Agreement; and 

       WHEREAS, the
  parties desire to enter into this Agreement setting forth the terms and conditions
  of Executive’s continued employment with the Company and desire that this
Agreement shall supersede the Original Agreement. 

       NOW, THEREFORE, in consideration of the premises and the mutual covenants and promises contained herein and for other good and valuable consideration, the Company and Executive hereby agree as
follows: 

       1. Agreement to Employ. Upon the terms and subject to the conditions of this Agreement, the Company hereby
agrees to continue to employ Executive, and Executive hereby accepts such continued employment with the Company. 

       2. Amendment and Restatement of Original Agreement. This Agreement shall serve as a complete amendment and
restatement of the Original Agreement. All terms of the Original Agreement shall be superseded by the terms of this Agreement and, upon execution of this Agreement, the Original Agreement shall be of no further force and effect. 

       3. Term of Employment.
  Unless Executive’s employment shall sooner terminate pursuant to Section
  10, the Company shall employ Executive on the terms and subject to the conditions
  of this Agreement for the term commencing on April 7, 2006 and ending on April
  6, 2009 (the “Term”).
Effective upon the expiration of the Term and each Additional Term (as defined below), Executive’s
employment hereunder shall be deemed to be automatically extended, upon the same
terms and conditions, for an additional period of three years (each, an “Additional Term”),
in each such case, commencing upon the expiration of the Term or the then current
Additional Term, as the case may be, unless either party shall have given written
notice to the other, at least six (6) months prior to the expiration of the Term
or such Additional Term, of its intention not to extend the Employment Period
(as defined below) hereunder; provided that any such notice of non-extension
delivered by the Company to Executive shall be deemed to constitute a termination
of Executive’s employment by the Company Without Cause (as defined
below) pursuant to Section 10(c) hereof. The period during which Executive is
employed by the 

1

  Company pursuant to this Agreement, including any
  extension thereof in accordance with this section, shall be referred to as
the “Employment Period.” 

       4. Position and Responsibilities.
  During the Employment Period, Executive shall serve as the Chief Executive
  Officer of the Company, shall report to the Board of Directors of the Company
  (the “Board”) and shall have such duties and responsibilities as are customarily assigned to
individuals serving in such position and such other duties consistent with Executive’s
title and position as the Board (or any committee thereof, such committee also
referred to as the “Board”) specifies from time to time.

        Executive
  shall devote substantially all of his skill, knowledge, commercial efforts
  and reasonable business time to the conscientious and faithful performance
  of his duties and responsibilities for the Company to the best of his ability,
  except for vacation time as provided by Company policy and absence for sickness
  or similar disability. Consistent with the foregoing, Executive shall spend
  such reasonable time as may be devoted to the fulfillment of Executive’s
  civic responsibilities and as may be necessary from time to time for personal
financial matters.

       5. Base
  Salary. During the Employment Period, the Company
  shall pay
  Executive a base salary at an annualized rate of
  $1,000,000, payable in installments on the Company’s regular payroll dates.
  The Board shall review Executive’s
  base salary annually during the Employment Period and, in its sole discretion,
  may increase (but not decrease) such base salary from time to time based upon
  such factors as the Board shall consider relevant. The annual base salary payable
to Executive under this Section 5 shall hereinafter be referred to as the “Base
Salary.” 

       6. Annual Incentive Compensation.
  Executive shall be eligible to earn an annual bonus for each fiscal year of
  the Company ending during the Employment Period (each, an “Annual Bonus”) as follows: (i) a Target Annual Bonus equal to 100% of Executive’s Base Salary for such fiscal year,
if the Company achieves the target performance goals established by the Board for such fiscal year, (ii) a Stretch Annual Bonus equal to 200% of Executive’s Base Salary for such fiscal year, if the Company achieves or exceeds the stretch
performance goals established by the Board for such fiscal year, and (iii) a minimum Annual Bonus equal to 50% of Executive’s Base Salary for such fiscal year, if the Company achieves at least the threshold performance goals established by the
Board for such fiscal year, in each case, as determined by the Board. For performance above the threshold but below the stretch performance goals, Executive will be eligible to earn an Annual Bonus for the relevant fiscal year in such amount as the
Board shall determine in accordance with an interpolation formula adopted by the Board. If the Company does not achieve the threshold performance goals for a fiscal year, Executive shall not be entitled to receive an Annual Bonus for such fiscal
year although the Board may determine that Executive has achieved the personal goals established by the Board for such fiscal year, if any, and award an annual bonus to Executive in such amount as the Board determines based on such achievement. The
Board may increase Executive’s Annual Bonus for extraordinary performance at the Board’s
sole discretion. Notwithstanding the foregoing, Executive hereby acknowledges
that, in connection with or subsequent to any IPO and while the Company is a
publicly held corporation, the Company may make such modifications to any incentive
compensation plan, program or arrangement (including, without limitation, the
annual 

2

  

  bonuses contemplated by this Section 6) to the
  extent necessary so that such incentive compensation qualifies as qualified
  performance-based compensation within the meaning of Section 162(m) of the
  Internal Revenue Code of 1986, as amended (the “Code”)
  and the regulations promulgated thereunder (the “Regulations”) or otherwise comply with
Section 162(m) of the Code and be deductible by the Company. Any such modification will not affect the Annual Bonus targets set forth herein and Executive acknowledges that notwithstanding anything in this Agreement to the contrary any such
modification will not constitute grounds for Executive to terminate his employment with the Company for Good Reason (as defined below). In connection with an IPO, the Company shall take appropriate action so that Executive’s
incentive compensation remains fully deductible and no reduction under this paragraph
is necessary although the timing of such payments may be deferred.

       Any Annual
  Bonus that becomes payable to Executive pursuant to this Section 6 shall be
  paid to Executive as soon as reasonably practicable following receipt by the
  Board of the audited consolidated financial statements of the Company for the
  relevant fiscal year, but in no event later than two and a half (2 1⁄2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. Executive shall be entitled to
receive any Annual Bonus that becomes payable in a lump sum cash payment, or, at his election, in any form that the Board generally makes available to the Company’s
executive management team; provided that any such election is made by Executive in compliance with Section 409A of the Code and the regulations promulgated thereunder.

     7. Equity Incentive Arrangements.

       (a) Long-Term
Incentive Compensation. Except as expressly provided
for herein, (i) all options to purchase shares of common stock of Burger  King
Holdings, Inc. (“BKH,” and
such shares “BKH Shares”)
currently held by Executive as of the date hereof  (including the Base Price
Options and the Hurdle Options, each as defined in the Original Agreement) (the “Options”),
(ii) any other equity-based awards with respect to BKH Shares  held by Executive
as of the date hereof, and (iii) any Management Subscription and Shareholders’ Agreement,
Management Stock Option Agreement and Restricted Share Agreement to which Executive
is a party as of the date hereof, will continue in  accordance with the applicable
plan document and grant agreements (including, without limitation, any Management
Shareholders Agreement, to the extent applicable).

       Each of the
  Options will vest as provided in the applicable plan document and grant agreements
  (20% on each of the first five anniversaries of the applicable grant date,
  subject to Executive’s
continuous employment with the Company from the date of grant through the applicable
  vesting date), provided that in
  the event that (i) Executive’s employment is terminated at any time due to Executive’s
  death or Disability (as defined below), all Options and all equity awards issued
  to Executive pursuant to the Burger King Holdings, Inc. 2006 Omnibus Incentive
  Plan (the “2006 Plan”) or under any other new equity plan established by the Company shall immediately vest on the Date of Termination (as defined below) or (ii) a Change in Control (as
defined below) occurs and, within twenty-four (24) months following the date of the Change in Control, Executive’s employment is terminated by the Company Without Cause or by Executive’s
resignation for Good Reason, all Options and all equity awards issued to Executive
during the Employment Period pursuant to the 2006 Plan or under any other new
equity plan 

3

  

  established by the Company will become fully vested as of the Date of Termination; provided,
  that, in the event of a Change in Control where, in the good faith determination
  of the Board, the acquirer is a Strategic Buyer, Executive shall have the right,
  for any reason or no reason at all, to resign within the 30 day period following
  the one year anniversary of the effective date of such Change in Control and
  such resignation shall be treated as a termination by the Company Without Cause
  for all purposes under this Agreement and any equity agreement with Executive
  then in place. Following any termination of Executive’s employment with
  the Company, all unvested Options and all unvested equity awards issued under
  the 2006 Plan (or other equity plan established by the Company) shall be immediately
  cancelled and forfeited and all vested equity awards issued under the 2006
  Plan (or other equity plan established by the Company) will remain exercisable
  until the earlier of (1) the tenth anniversary of the grant date, (2) the first
  anniversary of the Date of Termination in the case of termination for any reason
  other than Cause, and (3) the commencement of business on the date notice of
  termination for Cause is delivered to Executive. For purposes of this Agreement,
  the term “Change in Control” shall have the
meaning ascribed to such term in the 2006 Plan. Notwithstanding the foregoing
  sentence, the Company and Executive agree that an IPO shall not constitute
a Change in Control for purposes of this Agreement. 

       (b) Restricted Shares.
  As soon as practicable following execution of this Agreement, the Board will
  grant Executive an award of 8,000 restricted shares or restricted stock units,
  as determined by the Board (the “Restricted Shares”) under
  the 2006 Plan. The Restricted Shares shall vest in equal installments on each
  of the first five anniversaries following the date of grant as set forth in
  the grant agreement evidencing the award of such Restricted Shares and shall
  otherwise be subject to the terms and conditions set forth in such grant agreement
and the 2006 Plan. 

       (c) Annual Incentive Compensation.
  Executive shall be entitled to receive a target annual performance-based restricted
  stock and option grant (the “Annual Equity Incentive”) equal to 400% of Executive’s Base Pay, in accordance with the terms and conditions
of the 2006 Plan and any applicable grant agreement. The grant date value of the Annual Equity Incentive may be greater or less than 400% of Base Pay depending upon the Company’s
performance as determined by the Compensation Committee of the Board with respect
to the Annual Equity Incentive. 

       (d) Certain Additional Terms and Conditions.
  As a condition to (i) Executive’s purchase of any BKH Shares upon exercise
  of any of the Options and (ii) the delivery to Executive of any BKH Shares
  in settlement of vested Restricted Units (as defined in the Original Agreement),
  Executive shall be required to execute and deliver to BKH the Management Shareholders
  Agreement (as defined below). The Management Shareholders Agreement will provide,
  among other things, (A) that BKH Shares purchased or otherwise beneficially
  owned by Executive will not be transferable, except upon death or to certain
  limited permitted transferees for estate planning purposes, (B) for certain
  drag-along and tag-along rights and obligations of Executive in respect of
  all such BKH Shares, including a provision with respect to any Options that
  are not vested as of the date of a Change in Control (“Unvested COC Options”)
  that requires the purchaser on or as soon as practicable after the date Executive
  acquires BKH Shares (or successor shares) pursuant to the exercise of Unvested
  COC Options that become vested following the Change in Control to (1) in the
case of a purchase for cash or 

4

  

  cash equivalents of BKH Shares owned by the Sponsors
  (as defined in the Burger King Holdings, Inc. Equity Incentive Plan (the “Equity Incentive Plan”), agree to
purchase such BKH Shares acquired by Executive pursuant to such exercise to the extent such shares would have been purchased on the Change in Control (or any subsequent sale by the Sponsors) pursuant to the tag along rights had such Options been
vested on the applicable date of sale by the Sponsors for the same price and on the same terms received by the Sponsors for their BKH Shares and (2) in the event the Sponsors receive publicly-traded stock in exchange for their BKH Shares, agree to
provide Executive shares (or the equivalent cash) with the same value as the shares received by the Sponsors measured as of the date of the Change in Control and on the same terms as Sponsors, (C) except as specifically provided herein, the right of
BKH to repurchase or require Executive to transfer to a designated Person all or a portion of any such BKH Shares following any termination of Executive’s employment with the Company, (D) for certain lock-up restrictions in connection with any
underwritten public offering of equity securities of BKH or any Affiliate and (E) that Executive make such representations and execute such documents as BKH determines are reasonably necessary or appropriate to comply with applicable securities or
tax law requirements, to qualify for any exemption from any applicable securities laws or to ensure Executive’s
compliance with his obligations under the Management Shareholders Agreement. 

       (e) Notwithstanding
  Section 7.2 of the Equity Incentive Plan or any similar repurchase provision
  in the Management Subscription and Shareholders Agreement among the Company,
  BKH and Executive (the “Management Shareholders Agreement”), BKH shall not have the right to repurchase any portion of the Purchase Investment Interests (as defined in the Original Agreement) following
the termination (for any reason) of Executive’s employment with the Company. If, in accordance with the Management Shareholders Agreement, BKH has the right to acquire any BKH Shares from Executive at Market Value, Market Value shall be defined
as (i) prior to an IPO, the fair market value of a BKH Share as determined by an outside third party expert and ratified by the Board; and (ii) following an IPO, the closing price for a BKH Share (or the average of the last bid and ask prices for a
BKH 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 BKH Shares are then listed for trading or the principal interdealer quotation system on which the
BKH Shares are then quoted for trading (or, if BKH Shares are not traded or quoted on such day, on the last day BKH Shares are traded on such exchange or quoted on such interdealer system). This provision shall in no way affect BKH’s
drag-along rights pursuant to the Management Shareholders Agreement.

       8. Employee Benefits.

       (a) General.
  During the Employment Period, Executive will be eligible to participate in
  the employee and executive benefit plans and programs maintained by the Company
  from time to time in which senior executives of the Company are eligible to
  participate, including to the extent maintained by the Company life, medical,
  dental, accidental and disability insurance plans and retirement, deferred
  compensation and savings plans, in accordance with the terms and conditions
  thereof as in effect from time to time. The benefits referred to in this Section
  8 shall be provided to Executive on a basis that is commensurate with Executive’s
  position and duties with the Company and shall in no event be less than the
current

5

  

  level provided to Executive or, if greater, the level of benefits provided to any other senior executive of the Company. 

       (b) Benefit Allowance. During the Employment Period, in addition to the benefits provided under Section 8(a), Executive will also be entitled
to receive a perquisite allowance on an annualized basis of $50,000 to be used by Executive in connection with (i) financial planning services, (ii) a car allowance and (iii) additional life insurance benefits.

       9. Expenses; Etc. 

       (a) Business Travel, Lodging, etc. During the Employment Period, the Company will reimburse Executive for reasonable travel, lodging, meal
and other reasonable expenses incurred by him in connection with the performance of his duties and responsibilities hereunder upon submission of evidence, satisfactory to the Company, of the incurrence and purpose of each such expense,
  provided that such expenses are permitted under and otherwise in accordance
  with the terms and conditions of the Company’s business expense reimbursement
  policy applicable to its senior executives, as in effect from time to time.
  During the Employment Period, Executive will be provided the opportunity to
  utilize a private charter jet for business travel (and up to $100,000 per annum
  of private charter jet travel may be for personal use, which allowance will
  be calculated using the per hour charge being charged to the Company by the
  private charter service plus any applicable fuel surcharge), and Executive
  shall have the right, at his discretion, to fly first class on all other business-related
flights. 

       (b) Vacation. During the Employment Period, Executive shall be entitled to paid vacation and sick leave benefits equal to the maximum
available to any senior executive of the Company, determined without regard to the period of service that might otherwise be necessary to entitle Executive to such vacation or sick leave under company Policy. Executive is currently entitled to five
(5) weeks of vacation without carry-over accumulation. 

     10. Termination of Employment.

       (a) Termination
Due to Death or Disability. Executive’s employment
shall automatically terminate upon his death and may be terminated by  the Company
due to Executive’s Disability (as defined below). In the event that Executive’s
employment is terminated due to his Disability or death, no termination benefits
shall be payable to or in respect of Executive except as provided  in Section
10(f)(i). For purposes of this Agreement, “Disability” means
a physical or mental disability that prevents or would prevent the performance
by Executive of his duties hereunder for a continuous period of  six months or
longer. The determination of Executive’s Disability will (i) be made by
an independent physician identified by the Company’s disability insurance
provider, (ii) be final and binding on the parties hereto and (iii) be based
on  such competent medical evidence as shall be presented to such independent
physician by Executive and/or the Company or by any physician or group of physicians
or other competent medical experts employed by Executive and/or the Company to
advise such  independent physician. 

       (b) Termination by the Company for Cause.
  Executive’s employment may be terminated by the Company for Cause (as
defined below). In the event of a termination of 

  6

  Executive’s employment by the Company for
  Cause, no termination benefits shall be payable to or in respect of Executive
  except as provided in Section 10(f)(ii). For purposes of this Agreement, “Cause” means
(i) a material breach by Executive of any provision of this Agreement;
(ii) a material and willful violation by Executive of any applicable Company
policy, procedure, rule or regulation, including without limitation, the Burger
King Companies’ Code of Business Ethics and Conduct, in
each case as any such policy, procedure, rule or regulation may be amended from
time to time in the Company’s sole discretion; (iii) the failure by Executive
to reasonably and substantially perform his duties hereunder (other than as a
result  of physical or mental illness or injury); (iv) Executive’s willful
misconduct or gross negligence that has caused or is reasonably expected to result
in material injury to the business, reputation or prospects of the Company or
any of its  Affiliates; (v) Executive’s fraud or misappropriation of funds;
or (vi) the commission by Executive of a felony or other serious crime involving
moral turpitude; provided that
in the  case of any breach of clauses (i), (ii) or (iii) that is curable, no
termination thereunder shall be effective unless the Company shall have given
Executive notice of the event or events constituting Cause and Executive shall
have failed to cure  such event or events within thirty (30) business days after
receipt of such notice. If, in the event Executive’s employment is terminated
by the Company Without Cause (as defined in subsection (c) below) and, on or
before the 12-month  anniversary of the applicable Date of Termination of such
termination Without Cause, it is determined in good faith by the Board that Executive’s
employment could have been terminated for Cause under clauses (iv), (v) or (vi)
hereof,  Executive’s employment shall, at the election of the Board, be
deemed to have been terminated for Cause, effective as of the date of the occurrence
of the events giving rise to the Cause termination.

       (c) Termination Without Cause.
  Executive’s employment may be terminated by the Company Without Cause (as defined below) at any time. In
the event of a termination of Executive’s employment by the Company Without
Cause, no termination benefits shall be payable to or in respect of Executive
except as provided in Section 10(f)(i). For purposes of this Agreement, a termination “Without Cause” shall mean a termination of Executive’s
employment by the Company other than for Cause as described in Section 10(b)
or on account of death or Disability under Section 10(a). 

       (d) Termination by Executive.
  Executive may terminate his employment for any reason, including for Good Reason
  (as defined below). In the event of a termination of Executive’s employment by Executive other than for Good Reason, no termination benefits shall be payable to or in respect of Executive except as provided in Section 10(f)(ii) and in the event of a termination of
Executive’s employment by Executive for Good Reason, no termination benefits
shall be payable to or in respect of Executive except as provided in Section
10(f)(i). For purposes of this Agreement, a termination of employment by Executive
for “Good Reason” shall mean a termination by Executive of his employment with the Company within thirty (30) days following the occurrence, without Executive’s consent, of any of
the following events: (i) a material diminution in Executive’s position, authority or responsibilities as Chief Executive Officer of the Company, the assignment to Executive by the Company of duties materially inconsistent with the duties
associated with the position described in Section 4 herein, the occurrence of acts or conduct on the part of the Company or the board of directors of the Company which prevent Executive from, or substantially hinder Executive in, performing his
duties or responsibilities pursuant to this Agreement; (ii) any decrease in Executive’s base pay, any material decrease in Executive’s
incentive compensation opportunities or any material 

7

  

  decrease in the aggregate employee benefits provided
  to Executive pursuant to Section 8(a) of this Agreement, other than any decrease
  caused by the amendment, modification or termination of any employee benefit
  plan, program or arrangement that is generally applicable to all participants
  in such plan, program or arrangement; (iii) any other material breach by the
  Company of a material provision of this Agreement; (iv) termination of Executive’s employment as a result
of his death or Disability; or (v) the Company, other than at the initiative of Executive, requiring Executive to permanently be based anywhere that is more than 75 miles from the Company’s
current principal office in Miami, Florida; provided that, except in the case of clause (iv) above, Executive shall have given the Company notice of the event or events
constituting Good Reason and the Company shall have failed to cure such event or events within thirty (30) business days after receipt of such notice. 

       (e) Notice of Termination; Date of Termination. 

       (i) Notice of Termination.
  Any termination of Executive’s employment by the Company or by Executive (other than as a result of
Executive’s death) shall be communicated by a written Notice of Termination
addressed to the other party to this Agreement. A “Notice of Termination” shall mean a notice stating that Executive or the Company, as the case may be, is electing to terminate Executive’s
employment with the Company (and thereby terminating the Employment Period),
and stating the proposed effective date of such termination. 

       (ii) Date of Termination.
  The term “Date of Termination” shall mean (i)
if Executive’s employment is terminated by his death, the date of his death, (ii) if Executive’s employment is terminated by the Company for Cause or Without Cause, the date on which Notice of Termination is given or, if later, the
effective date of termination specified in such Notice of Termination, and (iii) if Executive’s employment is terminated by the Company due to Executive’s
Disability or by Executive for any reason, the date specified in the applicable
Notice of Termination, provided that such date shall not be less than thirty (30) days nor more than sixty (60) days after the date on which Notice of Termination is given. The Employment
Period shall expire on the Date of Termination. 

       (f) Payments Upon Certain Terminations. 

       (i) In the
  event of a termination of Executive’s employment by the Company Without Cause, as a result of the Company serving notice of non-renewal of the Employment Period as described in Section
3 herein or by Executive’s resignation from employment for Good Reason (including a deemed resignation as described in clause (iv) of Section 10(d)) during the Employment Period, the Company shall pay to Executive (or, following his death, to
Executive’s estate), within thirty (30) days of the Date of Termination,
his (x) full Base Salary through the Date of Termination, to the extent not previously
paid, (y) reimbursement for any unreimbursed business expenses incurred by Executive
prior to the Date of Termination that are subject to reimbursement pursuant to
Section 9(a) and (z) payment for vacation time accrued as of the Date of Termination
but unused (such amounts under clauses (x), (y) and (z), collectively the “Accrued Obligations”). In addition, in the event of any such termination of Executive’s
employment, provided
Executive executes and delivers to the Company a Release and Discharge of All Claims substantially in the form approved by the Company (except in the case of 

8

  

  Executive’s death), Executive (or, following his death, Executive’s
estate) shall be entitled to the following payments and benefits: 

        (A) continued
      payments of an amount equal to (x) if such termination occurs prior to
      a Change in Control, two (2) times, or (y) if such termination occurs subsequent
      to a Change in Control, three (3) times, the sum of Executive’s Base Salary as of the Date of Termination and Executive’s Target Annual Bonus (as described in Section 6(i) herein), in each case payable in
    equal installments in accordance with the Company’s regular payroll
    policies, for the period beginning on the six (6) month anniversary of the
    Date of Termination and ending on the one (1) year anniversary of the Date
    of Termination;

  
         (B) continued coverage during the period beginning on the
    Date of Termination and ending on the (x) second anniversary,
    if such termination occurs prior to a Change in Control or (y) third anniversary,
    if such termination occurs subsequent to a Change in Control, of the Date
    of Termination (the “Severance Period”)
    under the Company’s medical, dental and life insurance plans referred
    to in Section 8(a) and continued payment during the Severance Period of the
    Benefits Allowance referred to in Section 8(b) (collectively, the “Continued
     Benefits”) for Executive and his eligible
     dependents participating in such plans immediately prior to the Date  of
     Termination in the same manner that Executive received during his employment,
     subject to timely payment by Executive of all premiums, contributions and
     other co-payments required to be paid by active senior executives of the
     Company under the terms of such plans as in effect from time to time; and 

        (C) to the extent applicable, the Options and other equity awards held by Executive shall vest and be exercisable in accordance with the terms and conditions of Section 7 of this Agreement. 

       Executive shall
  not have a duty to mitigate the costs to the Company under this Section 10(f)(i),
  nor shall any payments from the Company to Executive of Base Salary be reduced,
  offset or canceled by any compensation or fees earned by (whether or not paid
  currently) or offered to Executive during the Severance Period by a subsequent
  employer or other Person (as defined below) for which Executive performs services,
  including but not limited to consulting services. Notwithstanding anything
  in this Section 10(f)(i) to the contrary, (i) in the event of a termination
  of Executive’s employment with the Company upon Executive’s death or due to his Disability, any payments from the
Company to Executive described in Section 10(f)(i)(A) shall be reduced by the value of any Company provided life and disability benefits Executive (or Executive’s
estate in the case of his death) is entitled to receive in connection with such
death or Disability, and (ii) should Executive receive or be offered health or
medical benefits coverage during the Severance Period by a subsequent employer
or Person for whom Executive performs services, all similar health and medical
benefits coverage provided by the Company to Executive shall immediately terminate. 

       (ii) If the
  Company shall terminate Executive’s employment for Cause or Executive
  shall resign from his employment without Good Reason or as a result of Executive
  serving notice of non-renewal of the Employment Period as described in Section
3 herein, in any 

9

  

  such case during the Employment Period, the Company
  shall pay to Executive (or, in the event of Executive’s death, to his
  estate) the Accrued Obligations within thirty (30) days following the Date
of Termination.

       (iii) Except
  as specifically set forth in this Section 10(f), no termination payments or
  benefits or similar payments or benefits (including any payments or benefits
  under any otherwise applicable plan, policy, program or practice of the Company
  or its Affiliates) shall be payable to Executive or in respect of Executive’s
employment with the Company or its Affiliates.

       (g) Resignation upon Termination.
  Effective as of any Date of Termination under this Section 10 or otherwise
  as of the date of Executive’s termination of employment with the Company,
  Executive shall resign, in writing, from all Board and any Board Committee
  memberships and other positions then held by him, or to which he has been appointed,
designated or nominated, with the Company and its Affiliates, if any. 

       11. Confidentiality.Executive
  agrees that during his employment with the Company and thereafter, Executive
  will not, directly or indirectly (i) disclose any Confidential Information
  to any Person (other than, only with respect to the period that Executive is
  employed by the Company, to an employee of the Company who requires such information
  to perform his or her duties for the Company), or (ii) use any Confidential
  Information for Executive’s own benefit or the benefit of any third party. “Confidential Information” means
confidential, proprietary or commercially sensitive information relating to (i) the Company or its Affiliates, or members of their management or boards or (ii) any third parties who do business with the Company or its Affiliates, including
franchisees and suppliers. Confidential Information includes, without limitation, marketing plans, business plans, financial information and records, operation methods, personnel information, drawings, designs, information regarding product
development, other commercial or business information and any other information not available to the public generally. The foregoing obligation shall not apply to any Confidential Information that has been previously disclosed to the public or is in
the public domain (other than by reason of a breach of Executive’s obligations
to hold such Confidential Information confidential). If Executive is required
or requested by a court or governmental agency to disclose Confidential Information,
Executive must notify the General Counsel of the Company of such disclosure obligation
or request no later than three (3) business days after Executive learns of such
obligation or request, and permit the Company to take all lawful steps it deems
appropriate to prevent or limit the required disclosure.

       12. Non-Competition.Each of the Company and Executive agrees that Executive will have a prominent role in the
management of the business, and the development of the goodwill, of the Company and its Affiliates, and will establish and develop relations and contacts with the principal franchisees, customers and suppliers of the Company and its Affiliates
throughout the world, all of which constitute valuable goodwill of, and could be used by Executive to compete unfairly with, the Company and its Affiliates. Executive agrees that during his employment with the Company and for the period of one (1)
year following any termination of his employment with the Company, Executive shall not directly or indirectly engage in any activities that are competitive with any business conducted by the Company and Executive shall not, directly or indirectly,
become employed by, render services for, engage in 

10

  

  business with, serve as an agent or consultant to, or become a partner, member, principal, stockholder or other owner of, any Person or entity that engages in the quick serve restaurant business, provided that Executive shall be permitted to hold a one percent (1%) or less interest in the equity or debt securities of any publicly traded company. 

       13. Non-Solicitation.
  During the period of Executive’s employment with the Company and for the one
(1)-year period following the termination of his employment, Executive shall not, directly or indirectly, by himself or through any third party, whether on Executive’s own behalf or on behalf of any other Person or entity, (i) solicit or
endeavor to solicit, employ or retain, (ii) interfere with the relationship of the Company or any of its Affiliates with, or (iii) attempt to establish a business relationship with (A) any natural person who is or was (during Executive’s
employment with the Company) an employee or engaged by the Company to provide services to it, or (B) any Person who is or was (during Executive’s
employment with the Company) a franchisee of the Company or any of its Affiliates. 

       14. Work Product.
  Executive agrees that all of Executive’s work product (created solely or jointly with
others, and including any intellectual property or moral rights in such work product), given, disclosed, created, developed or prepared in connection with Executive’s
employment with the Company, whether ensuing
during or after Executive’s employment with the Company (“Work Product”) shall
exclusively vest in and be the sole and exclusive property of the Company and shall constitute “work made for hire” (as that term is defined under Section 101 of the U.S. Copyright Act, 17 U.S.C. § 101) with the Company being the
person for whom the work was prepared. In the event that any such Work Product is deemed not to be a “work made for hire” or does not vest by operation of law in the Company, Executive hereby irrevocably assigns, transfers and conveys to
the Company, exclusively and perpetually, all right, title and interest which Executive may have or acquire in and to such Work Product throughout the world, including without limitation any copyrights and patents, and the right to secure
registrations, renewals, reissues, and extensions thereof. The Company and its Affiliates or their designees shall have the exclusive right to make full and complete use of, and make changes to all Work Product without restrictions or liabilities of
any kind, and Executive shall not have the right to use any such materials, other than within the legitimate scope and purpose of Executive’s
employment with the Company. Executive shall promptly disclose to the Company
the creation or existence of any Work Product and shall take whatever additional
lawful action may be necessary, and sign whatever documents the Company may require,
in order to secure and vest in the Company or its designee all right, title and
interest in and to all Work Product and any intellectual property rights therein
(including full cooperation in support of any Company applications for patents
and copyright or trademark registrations). 

       15. Return of Company Property.
  In the event of termination of Executive’s employment for any reason,
   Executive shall return to the Company all of the property of the Company and
  its Affiliates, including without limitation all materials or documents containing
  or pertaining to Confidential Information, and including without limitation,
  any company car, all computers (including laptops), cell phones, keys, PDAs,
  Blackberries, credit cards, facsimile machines, televisions, card access to
  any Company building, customer lists, computer disks, reports, files, e-mails,
  work papers, Work Product, documents, memoranda, records and software, computer
  access codes or disks and instructional manuals, internal policies, and other
  similar materials or documents which Executive used, received or prepared,
helped prepare or 

11

  

  supervised the preparation of in connection with
  Executive’s employment with the Company. Executive agrees not to retain
any copies, duplicates, reproductions or excerpts of such material or documents. 

     16. Compliance With Company Policies.

            a. During
  Executive’s employment with the Company, Executive shall be governed by and be subject to, and Executive hereby agrees to comply
with, all applicable Company policies, procedures, rules and regulations, including without limitation, the Burger King Companies’ Code of Business Ethics and Conduct, in each case, as any such policies may be amended from time to time in the
Company’s sole discretion. 

            b. Data
Protection & Privacy.

                 i. Executive acknowledges that the Company, directly or through its Affiliates, collects and processes data (including personal sensitive data
and information retained in email) relating to Executive. Executive hereby agrees to such collection and processing and further agrees to execute the Burger King Corporation Employee Consent to Collection and Processing of Personal Information, a
copy of which is attached to this Agreement as Attachment 1, unless a previously executed copy of such Consent is on file with the Company. 

                 ii. To ensure regulatory compliance and for the protection of its workers, customers, suppliers and business, the Company reserves the right to
monitor, intercept, review and access telephone logs, internet usage, voicemail, email and other communication facilities provided by the Company which Executive may use during his employment with the Company. Executive hereby acknowledges that all
communications and activities on Company equipment or premises cannot be presumed to be private. 

       17. Injunctive Relief with Respect to Covenants. Executive acknowledges and agrees that the covenants,
obligations and agreements of Executive contained in Sections 11 through 16 (inclusive) relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants, obligations or agreements will cause the Company
irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a
court of competent jurisdiction may deem necessary or appropriate to restrain Executive from committing any violation of such covenants, obligations or agreements. These injunctive remedies are cumulative and in addition to any other rights and
remedies the Company may have. All disputes not relating to any request or application for injunctive relief in accordance with this Section 17 shall be resolved by arbitration in accordance with Section 21(b). 

       Notwithstanding
  any other provision hereof, the Company’s obligations to pay Executive any amount or provide Executive with any benefit or right following a termination of Executive’s
employment pursuant to Sections 7 and/or 10(f) is subject to Executive’s
compliance with his obligations under Sections 11 through 16, inclusive, and
in the event that Executive fails in any respect to comply with any such obligations
or is deemed to have been terminated for 

12

  

  Cause pursuant to Section 10(b), the Company’s
  obligations to make any additional payments or provide any additional benefits
  or other rights or entitlements to Executive pursuant to any provision of this
  Agreement shall immediately cease and Executive shall be required to immediately
  repay to the Company all amounts theretofore paid to Executive pursuant to
  Section 10(f). In addition, if not repaid, the Company shall have the right
  to set off from any amounts otherwise due to Executive any amounts previously
  paid pursuant to Section 10(f) (other than the Accrued Obligations). Executive
  further agrees that the foregoing is appropriate for any such breach inasmuch
  as actual damages cannot be readily calculated, the amount is fair and reasonable
  under the circumstances, and the Company would suffer irreparable harm if any
of these Sections were breached.

       18. Assumption of Agreement.
  The Company shall require any Successor thereto, by agreement in form and substance
  reasonably satisfactory to Executive, 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 had taken place. Failure of
  the Company to obtain such agreement prior to the effectiveness of any such
  succession shall be a breach of this Agreement and shall entitle Executive
  to compensation from the Company in the same amount and on the same terms as
  Executive would be entitled hereunder if the Company had terminated Executive’s
  employment Without Cause as described in Section 10, except that for purposes
  of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. 

       19. Indemnification. The Company agrees both during and after the Employment Period to indemnify Executive to
the fullest extent permitted by its Certificate of Incorporation (including payment of expenses in advance of final disposition of a proceeding) against actions or inactions of Executive during the Employment Period as an officer, director or
employee of the Company or any of its Subsidiaries or Affiliates or as a fiduciary of any benefit plan of any of the foregoing. The Company also agrees to provide Executive with directors and officers insurance coverage both during and, with regard
to matters occurring during the Employment Period, after the Employment Period. Such coverage shall be at a level at least equal to the level being maintained at such time for the then current officers and directors or, if then being maintained at a
higher level with regard to any prior period activities for officers or directors during such prior period, such higher amount with regard to Executive's activities during such prior period.

       20. Entire Agreement. This Agreement, together with the Management Shareholders Agreement, constitutes the
entire agreement among the parties hereto with respect to the subject matter hereof. All prior correspondence and proposals (including but not limited to summaries of proposed terms) and all prior promises, representations, understandings,
arrangements and agreements relating to such subject matter (including but not limited to those made to or with Executive by any other Person and those contained in any prior employment, consulting or similar agreement, including the Original
Agreement, entered into by Executive and the Company or any predecessor thereto or Affiliate thereof) are merged herein and superseded hereby. 

     21. Miscellaneous.

13

  

       (a) Binding Effect; Assignment. This Agreement shall be binding on and inure to the benefit of the Company and its successors and permitted
assigns. This Agreement shall also be binding on and inure to the benefit of Executive and his heirs, executors, administrators and legal representatives. This Agreement shall not be assignable by any party hereto without the prior written consent
of the other parties hereto. The Company may effect such an assignment without prior written approval of Executive upon the transfer of all or substantially all of its business and/or assets (by whatever means), provided that the Successor to the Company shall expressly assume and agree to perform this Agreement in accordance with the provisions of Section 18. 

       (b) Arbitration. Any dispute or controversy arising under or in connection with this Agreement (except in connection with any request or
application for injunctive relief in accordance with Section 17) shall be resolved by binding arbitration. The arbitration shall be held in Miami, Florida and, except to the extent inconsistent with this Agreement, shall be conducted in accordance
with the Commercial Arbitration Rules of the American Arbitration Association then in effect at the time of the arbitration, and otherwise in accordance with principles which would be applied by a court of law or equity. The arbitrator shall be
acceptable to both the Company and Executive. If the parties cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by the Company, one appointed by Executive, and the third appointed by
the other two arbitrators. All expenses of arbitration shall be borne by the party who incurs the expense, or, in the case of joint expenses, by both parties in equal portions. 

       (c) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without reference to
principles of conflicts of laws. 

     (d) Payments and Taxes.

       (i) Provided
  an IPO has occurred, if any payment, distribution or provision of a benefit
  by the Company to or for the benefit of Executive, whether paid or payable,
  distributed or distributable or provided or to be provided pursuant to the
  terms of this Agreement or otherwise (each a “Payment” and
  the aggregate of such Payments, the “Aggregate Payment”),
  would be subject to an excise tax imposed by Section 4999 of the Code that
  would not have been imposed absent such Payment, or any interest or penalties
  with respect to such excise tax (such excise tax, together with any such interest
  or penalties, hereinafter collectively referred to as the “Excise Tax”),
  Company shall pay to Executive an additional payment (a “Gross-up Payment”)
  in an amount such that after payment by Executive of all taxes (including any
  interest or penalties imposed with respect to such taxes), including any income
  taxes and Excise Taxes imposed on any Gross-up Payment, Executive retains an
  amount of the Gross-up Payment (taking into account any similar gross-up payments
  to Executive under any stock incentive or other benefit plan or program of
  the Company) equal to the Excise Tax imposed upon the Payments. The determination
  as to whether a Gross-up Payment is required and the amount of any such Gross-up
  Payment shall be made by an independent auditor (the “Auditor”)
  jointly selected by the Company and Executive. The Auditor shall be a nationally
  recognized United States public accounting firm. Executive shall notify the
  Company in writing of any claim by the Internal Revenue Service which, if successful,
would require Company to make a Gross-up 

14

  

  Payment (or a Gross-up Payment in excess of that, if any, initially determined by the Company and Executive) within ten (10) business days after the receipt of such claim. The Company shall notify Executive in writing at least ten
(10) business days prior to the due date of any response required with respect to such claim if it plans to contest the claim. If the Company decides to contest such claim, Executive shall cooperate fully with the Company in such action;
  provided, however,
  Company shall bear and pay directly or indirectly all costs and expenses (including
  additional interest and penalties) incurred in connection with such action
  and shall indemnify and hold Executive harmless, on an after-tax basis, for
  any Excise Tax or income tax, including interest and penalties with respect
  thereto, imposed as a result of the Company’s action. If, as a result of the Company’s
  action with respect to a claim, Executive receives a refund of any amount paid
  by the Company with respect to such claim, Executive shall promptly pay such
  refund to the Company. If the Company fails to timely notify Executive whether
  it will contest such claim or the Company determines not to contest such claim,
  then the Company shall immediately pay to Executive the portion of such claim,
if any, which it has not previously paid to Executive.

       (ii) Notwithstanding
  anything in Section 21(d)(i) to the contrary, in the event that the Auditor
  determines that the Aggregate Payment is equal to less than 110% of the product
  of (i) three and (ii) Executive’s Base Amount (as such term is defined
  in Section 280G(b)(3) of the Code and the regulations issued under Section
  280G of the Code), the Aggregate Payment will be reduced to the minimum amount
  as will result in no portion of the Aggregate Payment being subject to the
  Excise Tax; provided that the payments and/or benefits to be eliminated in effecting such
reduction shall be agreed upon between the Company and Executive. 

       (iii) The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment and social insurance taxes, as shall be required by
law. 

       (e) Amendments. No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is
approved by the Board or a Person authorized thereby and is agreed to in writing by Executive and the Company. No waiver by any party hereto at any time of any breach by any 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 waiver of any provision of this Agreement shall be implied from any
course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

       (f) Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 

       (g) Notices. Any notice or other communication required or permitted to be delivered under this Agreement shall be (i) in writing, (ii)
delivered personally, by courier service or by certified or registered mail, first-class postage prepaid and return receipt requested, (iii) deemed to have been received on the date of delivery or, if mailed, on the third business day 

15

  

  after the mailing thereof, and (iv) addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 

	 	
      (A)	
      If to the Company, to it at: 
	 	 	 
	 	 	
  Burger King Corporation

5505 Blue Lagoon Drive

Miami, Florida
33126-2029

Attention: Chief Human Resources Officer

Telephone:
305-378-3755

Facsimile: 305-378-3189  
	 	 	 

     (B) if to Executive, to him at his residential address as currently on file with the Company. 

       (h) Voluntary Agreement; No Conflicts.
  Executive represents that he is entering into this Agreement voluntarily and
  that Executive’s
employment hereunder and compliance with the terms and conditions of this Agreement
  will not conflict with or result in the breach by Executive of any agreement
to which he is a party or by which he or his properties or assets may be bound. 

       (i) Counterparts/Facsimile. This Agreement may be executed in counterparts (including by facsimile), each of which shall be deemed an
original and all of which together shall constitute one and the same instrument. 

       (j) Headings. The section and other headings contained in this Agreement are for the convenience of the parties only and are not intended to
be a part hereof or to affect the meaning or interpretation hereof. 

     (k) Certain Other Definitions.

       “Affiliate”: with respect to any Person, means any other Person that, directly or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of any such Person. 

       “Control” (including, with correlative meanings, the terms “Controlling,” “Controlled by” and “under
common Control with”): with respect to any Person, shall mean the possession,
directly or indirectly, severally or jointly, of the power to direct or cause
the direction of the management and policies of such Person, whether through
the ownership of voting securities, by contract, or otherwise. 

       “Person”:
  any natural person, firm, partnership, limited liability company, association,
  corporation, company, trust, business trust, governmental authority or other
entity. 

       “Strategic Buyer”:
  an entity that is engaged in the production of goods or the provision of services
  other than the investment of capital. Solely by way of example, and without
  limiting the foregoing, Berkshire Hathaway, Inc. would not be a Strategic Buyer
for purposes of this Agreement. 

16

  

       “Subsidiary”:
  with respect to any Person, each corporation or other Person in which the first
  Person owns or Controls, directly or indirectly, capital stock or other ownership
  interests representing fifty percent (50%) or more of the combined voting power
  of the outstanding voting stock or other ownership interests of such corporation
or other Person. 

       “Successor”: of a Person means a Person that succeeds to the first Person’s
  assets and liabilities by merger, liquidation, dissolution or otherwise by
  operation of law, or a Person to which all or substantially all the assets
and/or business of the first Person are transferred. 

       “IPO”:
shall have the meaning set forth in the Management Shareholders Agreement.

* * * * *

17

  

       IN WITNESS WHEREOF, the Company has duly executed this Agreement by its authorized representatives, and Executive has hereunto set his hand, in each case effective as of the date first above written.

	 	 BURGER KING CORPORATION 
	 	 	 	 
	 	By:	/s/ PETER SMITH   
	 	 	

	 	Name:	
       Peter Smith
	 	Title:	
       EVP, Chief Human Resources Officer
        

	 	
      EXECUTIVE
        
	 	 
	 	
      /s/ JOHN CHIDSEY
	 	

	 	
      John Chidsey

  

  ATTACHMENT 1

       BURGER KING CORPORATION

EMPLOYEE
CONSENT TO COLLECTION

  
  AND PROCESSING OF PERSONAL INFORMATION

  Burger King Corporation (the “Company”)
  has informed me that the Company collects and processes my personal information
  only for legitimate human resource and business reasons such as payroll administration,
  to fill employment positions, maintaining accurate benefits records, meet governmental
  reporting requirements, security, health and safety management, performance
  management, company network access and authentication. I understand the Company
  will treat my personal data as confidential and will not permit unauthorized
  access to this personal data. I HEREBY CONSENT to the Company
collecting and processing my personal information for such human resource and business reasons. 

  I understand the Company may from time-to-time transfer my personal data to the corporate office of the Company (currently located in Miami, Florida, United States of America), another subsidiary, an associated business entity or
an agent of the Company, located either in the United States or in another country, for similar human resource and business reasons.  I HEREBY CONSENT to such transfer of my personal data outside the country in which I work to the corporate office in the United States of America, another subsidiary or associated business entity or agent for human resource management and business
purposes. 

  I further understand the Company may from time-to-time transfer my personal information to a third party, either in the United States or another country, for processing the information for legitimate human resource and business
purposes. I HEREBY CONSENT to the transfer of my personal information for such human resource purposes to a third party. 

  I understand the Company may from time-to-time collect and process personal information regarding my race and/or national origin for the limited use of complying with legal reporting requirements under the laws of the State of
Florida and U.S. federal law.  I HEREBY CONSENT to the Company collecting and processing information regarding my race and/or national origin for this
purpose.

	 	
      /s/ JOHN CHIDSEY
	 	

	 	
      John Chidsey

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