Document:

Exhibit 10.2

 

WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY
SHARES

AKARI THERAPEUTICS, PLC.

 

	Warrant No.: 2022 [Month] - __	Initial Exercise Date: [____] __, 2022
	 	Issuance Date: [____] __, 2022

 

Number of American Depositary Shares: ________________

 

THIS WARRANT TO PURCHASE ORDINARY
SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”) certifies that, for value received, _____________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after [__], 2022 (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on [__], 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
Akari Therapeutics, Plc., a public company with limited liability incorporated under the laws of England and Wales (the “Company”),
up to ______ Ordinary Shares (the “Warrant Shares”) represented by ________ American Depositary Shares (“ADSs”),
as subject to adjustment hereunder (the “Warrant ADSs”). The purchase price of one Warrant ADS shall be equal to the
Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated [__], 2022 among the Company and the purchasers signatory thereto.

 

Section 2. Exercise.

 

a) Exercise of
Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the
Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company)
and the Depositary of a duly executed facsimile copy (or .pdf copy via e-mail) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid the Holder shall deliver
to the Company the aggregate applicable Exercise Price of the Warrant ADSs thereby purchased by wire transfer or cashier’s check
drawn on a United States bank. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type
of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall
not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant ADSs available hereunder
and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within
three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number
of Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company
shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder,
the number of Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b) Exercise Price.
Subject to Section 2(c) hereof, the exercise price per ADS under this Warrant shall be $[__], subject to adjustment hereunder (or, if
higher, the nominal value of an ADS at the time of issue) (the “Exercise Price”).

 

c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering with a current prospectus
available for the resale of the Warrant ADSs by the Holder, then this Warrant may (if permitted by applicable law and the
Company’s articles of association) also be exercised, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall, upon payment to the Company of a reduced Exercise Price per Warrant ADS actually to be
issued pursuant to the cashless exercise equal to the nominal value of an ADS (i.e., $0. 01) be entitled to receive a number of
Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

     

     

    

 

	 	(A) =	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	(B) =	the Exercise Price of this Warrant for cash exercise, as adjusted hereunder; and
	 	(X) =	the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or quoted
on a Trading Market, the bid price of the ADSs for the time in question (or the nearest preceding date) on the Trading Market on which
the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m.
(New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such date (or
the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs not then listed or quoted for trading on OTCQB or OTCQX and
if prices for the ADSs are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the ADSs so reported, or (d) in all
other cases, the fair market value of an ADSs as determined by an independent appraiser selected in good faith by the Holders of a majority
in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs then listed or quoted on
a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on the Trading Market
on which the ADSs then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02
p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the ADSs for such date
(or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs not then listed or quoted for trading on OTCQB or OTCQX
and if prices for the ADSs are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases,
the fair market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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d) Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. The Company shall deposit the Warrant Shares subject to such exercise with Deutsche Bank Trust Company
Americas, the Depositary for the ADSs (the “Depositary”) and instruct the Depositary to credit the Holder’s prime
broker with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if the Depositary
is then a participant in such system and either (A) there is an effective registration statement with a current prospectus registering
for resale of the Warrant Shares represented by the Warrant ADSs by the Holder or (B) this Warrant is being exercised via cashless exercise
and the Warrant ADSs have been sold by the Holder prior to the Warrant ADS Delivery Date (as defined below), and otherwise by electronic
(registered in book-entry format) or physical delivery to the address specified by the Holder in the Notice of Exercise, by the date that
is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) two (2) Trading Days after
delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period
after the delivery to the Company of the Notice of Exercise and the aggregate Exercise Price (such date, the “Warrant ADS Delivery
Date”). Upon delivery of the Notice of Exercise, the Company shall treat the Holder for all corporate purposes as if it were
the beneficial owner of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the date of delivery of
the Warrant Shares, provided that payment of the aggregate Exercise Price is received within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company
fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by the Warrant ADS Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise
(based on the VWAP of the ADSs on the date of the applicable Notice of Exercise), $10.00 per Trading Day (increasing to $20.00 per Trading
Day on the third Trading Day after the Warrant ADS Delivery Date) for each Trading Day after such Warrant ADS Delivery Date until such
Warrant ADSs are delivered or the Holder rescinds such exercise. The Company agrees to use commercially reasonable efforts to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
 “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the ADSs as in effect on the date of delivery of the Notice of Exercise.

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant ADSs pursuant to Section 2(d)(i) by
the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise in respect of the untransmitted Warrant ADSs
(with the effect that the Holder’s right to acquire such Warrant ADSs pursuant to this Warrant shall be restored) and the Company
shall return to the Holder the aggregate Exercise Price paid to the Company for such Warrant ADSs.

 

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iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required by
its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, ADSs
to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise (a
 “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount
obtained by multiplying (1) the number of Warrant ADSs that the Company failed to deliver to the Holder in connection with the
exercise at issue by (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the
option of the Holder, either reinstate the portion of the Warrant in respect of the Warrant ADSs for which such exercise was not
honored and return any amount received by the Company in respect of the Exercise Price for those Warrant ADSs (in which case such
exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of the Warrant with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver ADSs upon exercise of the Warrant
as required pursuant to the terms hereof.

 

v. No Fractional
Shares or Scrip. No fractional Warrant Shares or Warrant ADSs shall be issued upon the exercise of this Warrant. As to any fraction
of an ADS which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay
a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to
the next whole ADS; provided, however, the fraction of an ADS shall not be rounded up to the next whole ADS if such rounding results in
the issue price being lower than the nominal value of the ADS.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of Warrant ADSs, all of which taxes and expenses shall be paid by the Company, and such Warrant ADSs
shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Depositary fees required
for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation
performing similar functions) required for same-day electronic issuance and delivery of the Warrant ADSs.

 

vii. Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof; provided, however, that the foregoing shall not be deemed or construed to limit any rights of the Depositary
under the terms and provisions of the deposit agreement among, inter alia, the Company and the Depositary.

 

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e) Holder’s
Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of
any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms
and conditions of this Warrant and any such exercise shall be null and void and treated if never made, to the extent that after
giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess
of [9.99][4.99]% (the “Maximum Percentage”) of the number of Ordinary Shares outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the
Holder and the other Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the Holder and all
other Attribution Parties plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with respect to
which the determination of such sentence is being made, but shall exclude the number of Ordinary Shares underlying ADSs which would
be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the
other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Company beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous
to the limitation contained in this Section 3(e). For purposes of this Section 3(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act. For purposes of this Warrant, in determining the number of Ordinary Shares
underlying ADSs the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may
rely on the number of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Current Report
on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement by the Company or
(3) any other written notice by the Company setting forth the number of Ordinary Shares outstanding (the “Reported
Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of
outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing
of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the
Holder’s beneficial ownership, as determined pursuant to this Section 2(e), to exceed the Maximum Percentage, the Holder must
notify the Company of a reduced number of Warrant ADSs to be purchased pursuant to such Exercise Notice (the number of shares by
which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company
shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the
written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic
mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and
any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the
issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties
being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares
(as determined under Section 13(d) of the Exchange Act), the Company and the Holder shall use commercially reasonable efforts to
procure that the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate
beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) are repurchased by the Company (out of
its distributable reserves pursuant to a contract duly authorized in accordance with the law, or as it may otherwise be legally
permitted from time to time) for a price equal to the applicable Exercise Price, and pending such repurchase the Holder agrees it
shall not exercise any rights relating to the power to vote or to transfer the Excess Shares. Upon delivery of a written notice to
the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st) day after
delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such
notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after
such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other
Attribution Parties and not to any other holder of Warrants that is not an Attribution Party of the Holder. For purposes of clarity,
the Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be
beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 3(e) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or
inconsistent with the intended beneficial ownership limitation contained in this Section 2(e) or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and
shall apply to a successor holder of this Warrant. “Attribution Parties” means, collectively, the following
Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to
time after the issuance date, directly or indirectly managed or advised by the Holder’s investment manager or any of its
Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or
who could be deemed to be acting as a group together with the Holder or any of the foregoing and (iv) any other Persons whose
beneficial ownership of the Company’s Ordinary Shares would or could be aggregated with the Holder’s and the other
Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject
collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

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f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

Section 3. Certain
Adjustments.

 

a) Share Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution
or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable in Ordinary Shares or ADSs
(which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this Warrant), as applicable, (ii) subdivides
outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable, (iii) combines (including by way of reverse
share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or ADSs, as applicable, (iv) redesignates any other securities
as Ordinary Shares or ADSs or (v) issues Ordinary Shares or ADSs by way of capitalization of profits or reserves, then in each case the
Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of ADSs (excluding treasury shares, if any)
outstanding immediately before such event and of which the denominator shall be the number of ADSs outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted so that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date or (if there is no record date) the effective date of the transaction giving rise to the adjustment.

 

b) [RESERVED]

 

c) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record holders of
any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the
number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or
sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to
be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to
participate in any such Purchase Right would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled
to participate in such Purchase Right to such extent (or beneficial ownership of such ADSs as a result of such Purchase Right to such
extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Maximum Percentage).

 

d) Pro Rata
Distributions. Except to the extent that the adjustments pursuant to Section 3(a) above apply, during such time as this Warrant
is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its
assets) to holders of Ordinary Shares or ADSs, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the
issuance of this Warrant, then, in each such case, the Holder shall be entitled to receive at the time such Distribution is made the
amount of cash or assets that are distributed in the Distribution per Ordinary Share or ADS multiplied by the number of Ordinary
Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Maximum Percentage) immediately before the date of which a record is taken for such Distribution, or, if no
such record is taken, the date as of which the record holders of Ordinary Shares or ADSs are to be determined for the participation
in such Distribution (provided, however, that the Holder shall not be entitled to receive any Ordinary Shares or ADSs
pursuant to the foregoing right to the extent that this would result in the Holder exceeding the Maximum Percentage, and any such
Ordinary Shares or ADSs shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Maximum Percentage).

 

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e) Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly
or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person,
(ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to
which the Ordinary Shares is effectively converted into or exchanged for other securities, cash or property, or (v) the Company,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not
including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the
other Persons making or party to, such stock or share purchase agreement or other business combination) (each a
 “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right
to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this
Warrant), the number of shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and/or any additional consideration (the “Alternate Consideration “) receivable as a result of such Fundamental
Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount
of Alternate Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a
Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior
to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a
security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of
this Warrant) prior to such Fundamental Transaction, and with an Exercise price which applies the Exercise Price hereunder to such
shares of capital stock (but taking into account the relative value of the Ordinary Shares pursuant to such Fundamental Transaction
and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose
of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and
which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the
Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the
provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise
every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect
as if such Successor Entity had been named as the Company herein.

 

    7

     

    

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For purposes
of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number
of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to
Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant
ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to
Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares or ADSs, (C) the
Company shall authorize the granting to all holders of the Ordinary Shares or ADSs rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares or ADSs, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall
appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares or ADSs of record to be
entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such
notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on
Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment,
the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this
Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the
Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant issued.

 

    8

     

    

 

b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent
or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company
shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with
such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date and shall be identical with this Warrant except
as to the number of Warrant ADSs issuable pursuant thereto.

 

c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the
absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual
notice to the contrary.

 

Section 5. Miscellaneous.

 

a) No Rights
as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder
of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to
it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant ADSs, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include
the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make
and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized
Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, its directors will have authority to allot a sufficient number of
shares to provide for the issuance of the Warrant ADSs and underlying Ordinary Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The
Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the applicable Trading Market upon which the
Ordinary Shares and ADSs may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for
such Warrant ADSs in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

    9

     

    

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof. Unless required by law, the Company shall not do anything that would require the Exercise
Price to be adjusted to an amount that is less than the nominal value of an ADS at that time.

 

e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

g) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in
accordance with the notice provisions of the Purchase Agreement.

 

h) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
ADSs, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Ordinary Shares or ADSs or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors
of the Company.

 

i) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

    10

     

    

 

j) Depositary.
For the avoidance of doubt, notwithstanding anything to the contrary contained herein, the Depositary’s rights and obligations with
respect to the Company and the ADSs (including the Warrant ADSs) shall be as set forth in, and subject to, the terms and provisions of
the deposit agreement among, inter alia, the Company and the Depositary and in no event shall this Warrant be deemed or construed
to impose any additional obligations or liabilities on the Depositary.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant ADSs.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

********************

(Signature Page Follows)

 

    11

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	AKARI THERAPEUTICS, PLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    12

     

    

 

NOTICE OF EXERCISE

 

	To:	AKARI THERAPEUTICS, PLC

Deutsche
Bank TRUST COMPANY AMERICAS, AS DEPOSITARY

 

(1) The undersigned hereby elects
to purchase ________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form
of (check applicable box):

 

 ̈
in lawful money of the United States; or

 ̈
if permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise procedure set
forth in subsection 2(c).

 

(3) Please register and issue
said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

DTC Participant name and number:

________________________

________________________

 

Name and account number of DTC Participant
Client:

________________________

________________________

 

Contact of DTC Participant:

_______________________

________________________

________________________

 

Contact of Holder:

_______________________

________________________

________________________

 

Telephone Number of DTC Participant:

_____________________

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 	 
	Signature of Authorized Signatory of Investing Entity:	 	 
	Name of Authorized Signatory:	 	 
	Title of Authorized Signatory:	 	 
	Date:	 	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase Warrant ADSs.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: _________________	 	 
	 	 	 
	Holder’s Address: __________________EX-10.1

 Exhibit 10.1 

TWELFTH AMENDMENT TO CREDIT AGREEMENT 

THIS TWELFTH AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of March 9, 2022, is entered into by and among
BURGERFI INTERNATIONAL, INC., a Delaware corporation (“Parent”), PLASTIC TRIPOD, INC., a Delaware corporation (together with Parent, each a “Borrower” and collectively, the “Borrowers”), the other
Subsidiaries of Parent party hereto (each a “Guarantor” and collectively, the “Guarantors”), the Lenders party hereto, and REGIONS BANK, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). 
 RECITALS 

WHEREAS, the Borrowers, the Guarantors, the Lenders from time to time party thereto, the Administrative Agent, the Collateral Agent, the
Swingline Lender, and the Issuing Bank are parties to that certain Credit Agreement dated as of December 15, 2015 (as amended by that certain First Amendment to Credit Agreement dated as of March 31, 2017, that certain Second Amendment to
Credit Agreement dated as of March 9, 2018, that certain Third Amendment to Credit Agreement dated as of March 29, 2019, that certain Fourth Amendment and Waiver dated as of October 30 2019, that certain Forbearance Agreement and
Fifth Amendment to Credit Agreement dated as of March 25, 2020, that certain Sixth Amendment to Credit Agreement dated as of March 30, 2020, that certain Seventh Amendment to Credit Agreement dated as of May 15, 2020, that certain
Eighth Amendment to Credit Agreement dated as of May 19, 2020, that certain Ninth Amendment to Credit Agreement and Waiver dated as of April 1, 2021, that certain Tenth Amendment to Credit Agreement and Joinder dated as of November 3,
2021, and that certain Eleventh Amendment to Credit Agreement dated as of November 23, 2021, and as further amended, modified, extended, restated, replaced, or supplemented in writing from time to time, the “Credit Agreement”).

 WHEREAS, the Credit Parties have requested that the Required Lenders agree to make certain amendments to the Credit Agreement. 

WHEREAS, the Required Lenders have agreed to do so, subject to the terms and conditions set forth herein. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the
Credit Agreement (as in effect immediately after giving effect to the transactions contemplated hereby). The rules of interpretation set forth in Section 1.3(a) of the Credit Agreement are applicable to this Agreement. As used in this
Agreement, the following terms shall have the meanings set forth below: 
 “Administrative Agent” has the meaning set forth
in the preamble. 
 “Agreement” has the meaning set forth in the preamble. 

“Amendment Fee” has the meaning set forth in Section 4 hereto. 

“Amendment Fee Effective Date Portion” has the meaning set forth in Section 4 hereto. 

 “Amendment Fee Letter” means that certain letter agreement dated as of
March 9, 2022, executed by Regions Bank and acknowledged and agreed to by the Borrowers. 
 “Borrower” and
“Borrowers” have the meanings set forth in the preamble. 
 “Consenting Lender” and “Consenting
Lenders” have the meanings set forth in Section 4. 
 “Credit Agreement” has the meaning
set forth in the Recitals. 
 “Effective Date” has the meaning set forth in Section 5 hereto.

 “Guarantor” and “Guarantors” have the meanings set forth in the preamble. 

“Lender Party” has the meaning set forth in Section 7 hereto. 

“Parent” has the meaning set forth in the preamble. 

2. Estoppels, Consents, Acknowledgements, and Reaffirmations from the Credit Parties. 

(a) Estoppel (Loans Other Than Delayed Draw Term Loan). Each Credit Party hereby acknowledges and agrees that, as of the
close of business on March 7, 2022, (i) the Outstanding Amount of the Revolving Loans was $2,500,000.00, (ii) the Outstanding Amount of the Term Loan was $57,761,429.85, (iii) the Outstanding Amount of the Swingline Loans was $0.00, and
(iv) the Outstanding Amount of the Letter of Credit Obligations was $0.00, each of which constitutes a valid and subsisting obligation, as a borrower or a guarantor, as applicable, of each Credit Party, jointly and severally, owed to the
Lenders (other than the Delayed Draw Term Loan Lenders) that is not subject to any credits, offsets, defenses, claims, counterclaims, or adjustments of any kind. 

(b) Estoppel (Delayed Draw Term Loan). Each Credit Party hereby acknowledges and agrees that, as of the close of
business on March 7, 2022, the Outstanding Amount of the Delayed Draw Term Loan was $10,000,000.00, which constitutes a valid and subsisting obligation, as a borrower or a guarantor, as applicable, of each Credit Party, jointly and severally,
owed to the Delayed Draw Term Loan Lenders that is not subject to any credits, offsets, defenses, claims, counterclaims, or adjustments of any kind. 

(c) Consents, Acknowledgements, and Reaffirmations. Each Credit Party hereby: (i) acknowledges and consents to this
Agreement and the terms and provisions hereof; (ii) reaffirms the covenants and agreements contained in each Credit Document to which such Person is party, including, in each case, as such covenants and agreements may be modified by this
Agreement and the transactions contemplated hereby; (iii) reaffirms that each of the Liens created and granted in or pursuant to the Credit Documents in favor of the Collateral Agent for the benefit of the holders of the Obligations is valid
and subsisting, and acknowledges and agrees that this Agreement shall in no manner impair or otherwise adversely affect such Liens; and (iv) confirms that each Credit Document to which such Person is a party is and shall continue to be in full
force and effect and the same is hereby ratified and confirmed in all respects, except that upon the effectiveness of this Agreement, all references in such Credit Documents to the “Credit Agreement”, “thereunder”,
“thereof”, or words of like import shall mean the Credit Agreement and the other Credit Documents, as the case may be, as in effect and as modified by this Agreement. 

  
 2 

 3. Amended Credit Agreement. As of the Effective Date, the Credit Agreement is hereby
amended as follows: 
 (a) The following definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate
alphabetical order: 
 “Financial Advisor” means as defined in Section 7.15. 

“Financial Advisor Scope” means as defined in Section 7.15. 

“Incremental Accrual Period” means with respect to the Loans (other than any Delayed Draw Term Loan), the period from the
Twelfth Amendment Effective Date through the earlier to occur of (i) repayment (whether by acceleration or otherwise) thereof and (ii) June 15, 2023. 

“Incremental Deferred Interest” means as defined in Section 2.7(b). 

“Incremental Margin Rate” means with respect to the Loans (other than any Delayed Draw Term Loan), 2.00% per annum. 

“Twelfth Amendment Effective Date” means March 9, 2022. 

(b) Section 2.7(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(b) Each Loan shall further bear additional interest on the unpaid principal amount thereof during the Incremental Accrual
Period at the Incremental Margin Rate (such accrued additional interest, the “Incremental Deferred Interest”), which shall be payable in arrears at the conclusion of the Incremental Accrual Period; provided that if no Event
of Default has occurred and is continuing, then (i) the Incremental Deferred Interest shall be automatically deemed cancelled and waived upon repayment in full in cash of all Obligations (other than (A) the Incremental Deferred Interest,
the (B) Delayed Draw Term Loans and (C) any contingent obligations for which a claim has not been made) on or prior to December 31, 2022 and (ii) fifty percent (50%) of the Incremental Deferred Interest shall be automatically
deemed cancelled and waived upon repayment in full in cash of all Obligations (other than (A) fifty percent (50%) of the Incremental Deferred Interest, the (B) Delayed Draw Term Loans and (C) any contingent obligations for which a
claim has not been made) from and after January 1, 2023 and on or prior to March 31, 2023. 
 (c)
Section 2.7(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (f) Except
as otherwise set forth herein, interest on each Loan shall accrue on a daily basis and shall be payable in arrears on (i) each Interest Payment Date applicable to that Loan; (ii) upon any prepayment of that Loan (other than a voluntary
prepayment of a Revolving Loan or Term Loan which interest shall be payable in accordance with clause (i) above), to the extent accrued on the amount being prepaid; and (iii) at maturity, including final maturity; provided
that Incremental Deferred Interest shall be payable in accordance with Section 2.7(b). 
 (d)
Section 7 of the Credit Agreement is hereby amended by adding a new Section 7.15 to the Credit Agreement immediately after Section 7.14 of the Credit Agreement to read as follows: 

  
 3 

 Section 7.15 Financial Advisor. The Loan Parties shall engage by
no later than December 31, 2022, and at all times thereafter the Loan Parties shall continue to retain, a financial advisor (the “Financial Advisor”) reasonably acceptable to the Required Lenders and the Loan Parties. The Loan
Parties shall be responsible for the fees and expenses incurred in connection with the engagement of the Financial Advisor. The scope of the Financial Advisor’s engagement shall relate to a refinancing of the Obligations and be on terms
reasonably acceptable to the Required Lenders (the “Financial Advisor Scope”). The Financial Advisor shall report to the Chief Executive Officer of the Borrowers and work with management for the purpose of carrying out the Financial
Advisor Scope. The Loan Parties shall not make any material change, limitation, or revision to the Financial Advisor Scope without the prior written consent of the Required Lenders, which consent shall not be unreasonably withheld, conditioned, or
delayed; provided that, notwithstanding the foregoing the Loan Parties may broaden the Financial Advisor Scope without the consent of the Required Lenders. The Loan Parties shall be prohibited from terminating the Financial Advisor’s
engagement without the prior written consent of the Required Lenders, which shall not be unreasonably withheld, conditioned, or delayed and shall not be required if the Financial Advisor is replaced with another Financial Advisor whose identity and
scope of engagement are reasonably acceptable to the Required Lenders within fifteen (15) days of such termination. 

(e) Section 8.8(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) Consolidated Senior Lease-Adjusted Leverage Ratio. Beginning with the Fiscal Quarter closest to the calendar quarter
ending March 31, 2022, permit the Consolidated Senior Lease-Adjusted Leverage Ratio as of the end of each Fiscal Quarter of Parent to be greater than the correlative amount set forth in the table below: 

 

			
	 Each Fiscal Quarter ending closest to

the calendar quarters ending
	  	Maximum
Consolidated Senior
Lease-Adjusted
Leverage Ratio
	 March 31, 2022
	  	8.05 to 1.00
	 June 30, 2022
	  	7.95 to 1.00
	 September 30, 2022
	  	7.10 to 1.00
	 December 31, 2022
	  	6.40 to 1.00
	 March 31, 2023
	  	5.50 to 1.00
	 June 30, 2023
	  	5.25 to 1.00
	 September 30, 2023 and thereafter
	  	5.00 to 1.00

 (f) Section 8.8(b) of the Credit Agreement is hereby amended and restated in its entirety to read as
follows: 
 (b) Consolidated Fixed Charge Coverage Ratio. Beginning with the Fiscal Quarter ending closest to the
calendar quarter ending March 31, 2022, permit the Consolidated Fixed Charge Coverage Ratio as of the end of each Fiscal Quarter of Parent to be less than the correlative amount set forth in the table below: 

  
 4 

			
	 Each Fiscal Quarter ending closest to

the calendar quarters ending
	  	Minimum
Consolidated Fixed
Charge Coverage
Ratio
	 March 31, 2022
	  	1.00 to 1.00
	 June 30, 2022
	  	1.00 to 1.00
	 September 30, 2022
	  	1.10 to 1.00
	 December 31, 2022
	  	1.20 to 1.00
	 March 31, 2023 and thereafter
	  	1.30 to 1.00

 (g) Section 9.1(c) of the Credit Agreement is hereby amended and restated in its entirety
to read as follows: 
 (c) Breach of Certain Covenants. Failure of any Credit Party to perform or comply with any term
or condition contained in Section 7.1, Section 7.2, Section 7.5, Section 7.6, Section 7.7,
Section 7.8, Section 7.9, Section 7.10, Section 7.11, Section 7.13, Section 7.15 or
Section 8; or 
 4. Amendment Fee. In consideration of the written consent of the Lenders (other than the
Delayed Draw Term Loan Lenders) that have delivered a duly executed signature page to this Agreement to the Administrative Agent by 12:00 p.m. (Eastern time) on the Effective Date (or such later time as may be agreed to by the Borrowers and the
Administrative Agent) (each a “Consenting Lender” and collectively, the “Consenting Lenders”), the Borrowers shall pay to the Administrative Agent, for the account of each Consenting Lender, a one-time fee (the “Amendment Fee”) in an amount equal to fifty basis points (0.50%) of the sum of (a) the Outstanding Amount of the Term Loan as of the Effective Date plus (b) the amount
of the Aggregate Revolving Commitments as of the Effective Date. The Amendment Fee shall be fully earned and non-refundable as of the Effective Date and due and payable in immediately available funds as
follows: (i) fifty percent (50%) of the Amendment Fee on the Effective Date (the “Amendment Fee Effective Date Portion”); and (ii) fifty percent (50%) of the Amendment Fee on the earlier to occur of (A) the Maturity
Date and (B) the repayment in full of the other Obligations (other than any contingent obligations for which a claim has not been made). 

5. Conditions Precedent. This Agreement shall be effective on the date (the “Effective Date”) that each of the
following conditions have been satisfied or waived by the Administrative Agent and each Lender, in each case as determined by the Administrative Agent and each Lender in their sole discretion: 

(a) Executed Agreement. The Administrative Agent shall have received a copy of this Amendment duly executed by each of
the Credit Parties, the Lenders constituting the Required Lenders, and the Administrative Agent. 
 (b) Organizational
Documents. The Administrative Agent shall have received certified articles of incorporation or organization (or equivalent), good standing certificates (with respect to the applicable jurisdiction of incorporation or organization of each Credit
Party), certified copies of bylaws, operating agreements, partnership agreements, and other Organizational Documents of the Credit Parties, customary authorizing resolutions of the appropriate governing body of each Credit Party, and customary
incumbency certificates for each Credit Party; provided that to the extent that any of the foregoing (other than customary authorizing resolutions) has previously been delivered to the Administrative Agent by a Credit Party, then an
Authorized Officer of such Credit Party may deliver a certificate certifying that such Credit Party has not modified its bylaws, operating agreement, partnership agreement, or other Organizational Document since the Closing Date (or such later date
that such documents were delivered to the Administrative Agent). 

  
 5 

 (c) Consenting Lenders’ Amendment Fee. The Administrative Agent
shall have received, for the ratable benefit of the Consenting Lenders, the Amendment Fee Effective Date Portion. 
 (d)
Administrative Agent’s Fees and Expenses. The Administrative Agent shall have: (i) been paid all fees payable to the Administrative Agent required to be paid on the Effective Date pursuant to the Amendment Fee Letter; and
(ii) received reimbursement from the Borrowers for all of the Administrative Agent’s reasonable, documented, and invoiced (at least one (1) Business Day prior to the Effective Date) fees and expenses incurred in connection with this
Agreement, the Credit Agreement, and the other Credit Documents (including the reasonable, documented, and invoiced fees and expenses of Moore & Van Allen PLLC, as counsel to the Administrative Agent). 

6. Representations of Credit Parties. Each Credit Party represents and warrants to the Administrative Agent and the Lenders as follows:

 (a) Each Credit Party (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization, (ii) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out
the transactions contemplated thereby, and (iii) is qualified to do business and in good standing in every jurisdiction where necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in
good standing, and could not be reasonably expected to have, a Material Adverse Effect; provided that the failure of any of the following entities to not be in good standing in any jurisdiction shall not constitute a breach of this
representation: Anthony’s Coal Fired Pizza of Newton LLC and Anthony’s Coal Fired Pizza of Great Neck, LLC. 
 (b)
This Agreement has been duly executed and delivered by each Credit Party and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its respective terms, except as may be limited by
Debtor Relief Laws or by equitable principles relating to enforceability. 
 (c) The execution, delivery, and performance by
the Credit Parties of this Agreement and the consummation of the transactions contemplated by this Agreement do not and will not: (i) violate in any material respect any provision of any Applicable Laws relating to any Credit Party, any of the
Organizational Documents of any Credit Party, or any order, judgment, or decree of any court or other agency of government binding on any Credit Party; or (ii) require, as a condition to the effectiveness thereof, any registration with, consent
or approval of, or notice to, or other action to, with or by, any Governmental Authority except for (A) those consents, approvals, notices or other actions, the failure of which to obtain or make would not reasonably be expected to result in,
individually or in the aggregate, a Material Adverse Effect and (B) other filings, recordings or consents which have been obtained or made, as applicable. 

(d) After giving effect to this Agreement, those representations and warranties set forth in Section 6.15 of the Credit
Agreement are true and correct in all respects as of the Effective Date. 
 (e) The parties executing this Agreement as
Guarantors include each Subsidiary of any Credit Party that is required pursuant to Section 7.13 of the Credit Agreement to become a Credit Party as of the date hereof. 

  
 6 

 7. Release. Each Credit Party hereby releases and forever discharges the
Administrative Agent, the Collateral Agent, the Swingline Lender, the Issuing Bank, each Lender, and their respective predecessors, successors, assigns, attorneys, and Related Parties (each and every of the foregoing, a “Lender
Party”) from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions, and causes of action of any nature whatsoever, in each case to the extent arising in connection with any of the Credit Documents through
the Effective Date, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, whether liquidated or unliquidated, whether absolute or contingent, whether foreseen or unforeseen, and whether or not
heretofore asserted, which any Credit Party may have or claim to have against any Lender Party. 
 8. No Actions, Claims. Each Credit
Party represents, warrants, acknowledges, and confirms that, as of the date hereof, it has no knowledge of any action, cause of action, claim, demand, damage, or liability of whatever kind or nature, in law or in equity, it has against any Lender
Party arising from any action by such Persons, or failure of such Persons to act, under or in connection with any of the Credit Documents. 

9. Continuing Effectiveness of Agreement. Except as specifically modified herein, the terms of the Credit Documents shall remain in
full force and effect. The execution, delivery, and effectiveness of this Agreement shall not operate as a waiver of any right, power, or remedy of the Administrative Agent, the Collateral Agent, or the Lenders under the Credit Documents, or
constitute a waiver or amendment of any provision of the Credit Documents, except as expressly set forth herein. This Agreement shall constitute a Credit Document.  

10. No Third-Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties
hereto and their respective successors and assigns, and the obligations hereof shall be binding upon the Credit Parties. No other Person shall have or be entitled to assert rights or benefits under this Agreement, other than any non-party Lender Party with respect to Section 7 and Section 8 hereof. 

11. Entirety. This Agreement, the Credit Agreement, and the other Credit Documents embody the entire agreement among the parties hereto
and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. This Agreement, the Credit Agreement, and the other Credit Documents represent the final agreement between the parties and may not
be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. 
 12. Counterparts/Telecopy.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of executed counterparts of this Agreement by
telecopy or other secure electronic format (.pdf) shall be effective as an original. 
 13. Governing Law; Submission to Jurisdiction;
Waiver of Venue; Service of Process; Waiver of Jury Trial. The governing law, submission to jurisdiction, waiver of venue, service of process, and waiver of jury trial provisions contained in Sections 11.13 and 11.14 of the Credit Agreement are
hereby incorporated by reference mutatis mutandis. 
 14. Further Assurances. Each of the parties hereto agrees to execute and
deliver, or to cause to be executed and delivered, all such instruments as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Agreement. 

  
 7 

 15. Miscellaneous. Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose. Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be prohibited by or invalid under applicable law, then such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of
this Agreement. Except as otherwise provided in this Agreement, if any provision contained in this Agreement conflicts with, or is inconsistent with, any provision in any Credit Document, then the provision contained in this Agreement shall govern
and control. 
 [Remainder of page intentionally left blank.] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Twelfth Amendment to Credit
Agreement to be duly executed as of the date first above written. 
  

							
	BORROWERS:	 		 	BURGERFI INTERNATIONAL, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title:   Chief Financial Officer
			
		 		 	 PLASTIC TRIPOD, INC.,
 a Delaware
corporation

				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer
			
	GUARANTORS:	 		 	HOT AIR, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer
			
		 		 	 ACFP MANAGEMENT, INC., 
 a Delaware
corporation

				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer
			
		 		 	ANTHONY’S PIZZA HOLDING COMPANY, LLC,
		 		 	a Florida limited liability company
				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer

 [Signature pages for Credit Parties continue.] 

  
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Twelfth Amendment to Credit Agreement 

							
		 		 	 ANTHONY’S COAL FIRED PIZZA OF PIKE CREEK, LLC,

a Delaware limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF WILMINGTON, LLC,

a Delaware limited liability company

		 		 	 ACFP/NYNJ VENTURES LLC,
 a Florida
limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF AVENTURA, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF BOCA RATON, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF CORAL SPRINGS, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF PEMBROKE PINES, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF PALM BEACH GARDENS, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF PLANTATION, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S SPORTS BAR AND GRILL, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF WESTON, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF STUART LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF CORAL GABLES, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL-FIRED PIZZA, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF SOUTH TAMPA, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF DORAL LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF PINECREST, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF WELLINGTON, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF MIAMI LAKES, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF KENDALL, LLC,

a Florida limited liability company

				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer

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Twelfth Amendment to Credit Agreement 

							
		 		 	 ANTHONY’S COAL FIRED PIZZA OF NORTH TAMPA, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF CLEARWATER, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF SAND LAKE, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF BRANDON, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF ALTAMONTE SPRINGS, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF EAST BOCA LLC,

a Florida limited liability company

		 		 	 ACFP BOCA MGT LLC,
 a Florida
limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF NORTH LAUDERDALE LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF NORTH MIAMI LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF MIRAMAR LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF DELRAY BEACH, LLC,

a Florida limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF LITTLETON LLC,

a Massachusetts limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF WESTWOOD LLC,

a Massachusetts limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF READING LLC,

a Massachusetts limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF CLIFTON, LLC,

a New Jersey limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF EDISON LLC,

a New Jersey limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF RAMSEY, LLC,

a New Jersey limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF FAIR LAWN, LLC,

a New Jersey limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF WAYNE NJ LLC,

a New Jersey limited liability company

		 		 	 ANTHONY’S COAL FIRED PIZZA OF LIVINGSTON LLC,

a New Jersey limited liability company

				
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name: Michael Rabinovitch
		 		 	Title: Chief Financial Officer

 [Signature pages for Credit Parties continue.] 

  
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Twelfth Amendment to Credit Agreement 

 
			
	 ANTHONY’S COAL FIRED PIZZA OF MARLBORO LLC,

a New Jersey limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF MOUNT LAUREL LLC,

a New Jersey limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF COMMACK LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WHITE PLAINS, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF CARLE PLACE, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WOODBURY, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WANTAGH, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF BOHEMIA, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF GREAT NECK, LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF FARMINGDALE LLC,

a New York limited liability company

	 BH SAUCE, LLC,
 a Nevada limited
liability company

	 ANTHONY’S COAL FIRED PIZZA OF HORSHAM, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WAYNE, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL-FIRED PIZZA OF MONROEVILLE, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL-FIRED PIZZA OF SETTLER’S RIDGE, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF CRANBERRY, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF MCMURRAY, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF EXTON, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WYOMISSING, LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WYNNEWOOD LLC,

a Pennsylvania limited liability company

		
	By:	 	 /s/ Michael Rabinovitch

	Name: Michael Rabinovitch
	Title: Chief Financial Officer

 [Signature pages for Credit Parties continue.] 

  
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Twelfth Amendment to Credit Agreement 

 
			
	 ANTHONY’S COAL FIRED PIZZA OF TREXLERTOWN LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF BLUE BELL LLC,

a Pennsylvania limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF NEWTON LLC,

a Massachusetts limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF STONY BROOK LLC,

a New York limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF CRANSTON LLC,

a Rhode Island limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF NATICK LLC,

a Massachusetts limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF WEST PALM BEACH LLC,

a Florida limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF BETHESDA LLC,

a Maryland limited liability company

	 ANTHONY’S COAL FIRED PIZZA OF SPRINGFIELD LLC,

a Pennsylvania limited liability company

		
	By:	 	 /s/ Michael Rabinovitch

	Name: Michael Rabinovitch
	Title: Chief Financial Officer

 [Signature pages for Credit Parties continue.] 

  
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Twelfth Amendment to Credit Agreement 

 
			
	 BURGERFI INTERNATIONAL, LLC,
 a
Delaware limited liability company

	BF RESTAURANT MANAGEMENT, LLC,
	a Florida limited liability company
	 BURGERFI IP, LLC,
 a Florida limited
liability company

	 BURGERFI-DELRAY BEACH, LLC,
 a
Delaware limited liability company

	 BF CORAL SPRINGS, LLC,
 a Florida
limited liability company

	 BF CITY PLACE-WEST PALM, LLC,
 a
Florida limited liability company

	 BF JUPITER, LLC,
 a Florida limited
liability company

	 BF WEST DELRAY, LLC,
 a Florida
limited liability company

	 BF LBTS, LLC,
 a Florida limited
liability company

	 BF PHILADELPHIA, LLC,
 a Florida
limited liability company

	 BF COMMACK, LLC,
 a New York limited
liability company

	 BF JACKSONVILLE TOWN CENTER, LLC,
 a
Florida limited liability company

	 BF JACKSONVILLE RIVERSIDE, LLC,
 a
Florida limited liability company

	 BF DELRAY—LINTON, LLC,
 a
Florida limited liability company

	 BF PINES CITY CENTER, LLC,
 a
Florida limited liability company

	 BF ORLANDO – DR. PHILLIPS, LLC,

a Florida limited liability company

	 BF DANIA BEACH, LLC,
 a Florida
limited liability company

	 BF FORT MYERS—DANIELS, LLC,
 a
Florida limited liability company

	 BF BOCA RATON—BOCA POINTE, LLC,

a Florida limited liability company

	 BF BOCA RATON, LLC,
 a Florida
limited liability company

	 BF PBG, LLC,
 a Florida limited
liability company

	 BF JUPITER—INDIANTOWN, LLC,
 a
Florida limited liability company

		
	By:	 	 /s/ Michael Rabinovitch

	Name: Michael Rabinovitch
	Title: Chief Financial Officer

 [Signature pages for Credit Parties continue.] 

  
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Twelfth Amendment to Credit Agreement 

 
			
	 BF WELLINGTON, LLC,
 a Florida
limited liability company

	 BF NEPTUNE BEACH, LLC,
 a Florida
limited liability company

	 BF POUGHKEEPSIE, LLC,
 a Florida
limited liability company

	 BF ATLANTA—PERIMETER MARKETPLACE, LLC,

a Georgia limited liability company

	 BF FOOD TRUCK, LLC,
 a Florida
limited liability company

	 BF ODESSA, LLC,
 a Florida limited
liability company

	 BF MIAMI BEACH—MERIDIAN, LLC,

a Florida limited liability company

	 BF MIRAMAR LLC,
 a Florida limited
liability company

	 BF TAMPA BAY, LLC,
 a Florida
limited liability company

	 BF TAMPA—CHANNELSIDE, LLC,
 a
Florida limited liability company

	 BF WILLIAMSBURG, LLC,
 a Florida
limited liability company

	 BF TAMPA—WESTCHASE, LLC,
 a
Florida limited liability company

	 BF HENDERSONVILLE, LLC,
 a Tennessee
limited liability company

	 BF CHARLOTTESVILLE, LLC,
 a Virginia
limited liability company

	 BF TALLAHASSEE VARSITY, LLC,
 a
Florida limited liability company

	 BURGERFI MANAGEMENT SERVICES, LLC,

a Florida limited liability company

	 BF COMMISSARY, LLC,
 a Florida
limited liability company

	 BGM PEMBROKE PINES, LLC,
 a Florida
limited liability company

	 BF BABCOCK, LLC,
 a Florida limited
liability company

	 BF MIAMI LAKES, LLC,
 a Florida
limited liability company

		
	By:	 	 /s/ Michael Rabinovitch

	Name: Michael Rabinovitch
	Title: Chief Financial Officer

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Twelfth Amendment to Credit Agreement 

			
		 	 BF GALLATIN AVENUE NASHVILLE, LLC,
 a Tennessee
limited liability company

		 	 BF HERMITAGE LLC,
 a Tennessee limited liability
company

		 	 BURGERFI ENTERPRISES, LLC,
 a Florida limited
liability company

  

							
		 		 	By:	 	 /s/ Michael Rabinovitch

		 		 	Name:	 	Michael Rabinovitch
		 		 	Title:	 	Chief Financial Officer

 [Signature pages for Credit Parties end.] 

  
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Twelfth Amendment to Credit Agreement 

					
	ADMINISTRATIVE AGENT:	  	REGIONS BANK
			
		  	By:	  	 /s/ J. Richard Baker

		  	Name:	  	J. Richard Baker
		  	Title:	  	Senior Vice President

  
 Signature Page 

Twelfth Amendment to Credit Agreement 

					
	LENDERS:	  	REGIONS BANK,
		  	as a Lender
			
		  	By:	  	 /s/ J. Richard Baker

		  	Name:	  	J. Richard Baker
		  	Title:	  	Senior Vice President

  
 Signature Page 

Twelfth Amendment to Credit Agreement 

 
			
	CADENCE BANK,
	as a Lender
		
	By:	 	 /s/ Michael R. Moers

	Name:	 	Michael R. Moers
	Title:	 	S.V.P.

  
 Signature Page 

Twelfth Amendment to Credit Agreement 

 
			
	 SYNOVUS BANK, 
 as a
Lender

		
	By:	 	 /s/ Gregory Felix

	Name:	 	Gregory Felix
	Title:	 	Special Assets Officer, Sr.

  
 Signature Page 

Twelfth Amendment to Credit Agreement 

 
			
	WEBSTER BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Robert Graham

	Name:	 	Robert Graham
	Title:	 	Vice President

  
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Twelfth Amendment to Credit Agreement

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