Document:

Exhibit 10.3

  FORM OF MANAGEMENT SUBSCRIPTION AND SHAREHOLDERS’ AGREEMENT

	
TABLE OF CONTENTS 
	
	 

		 

		 

		
Page 
	
	
ARTICLE I 
	
	
DEFINITIONS 
	
	
Section 
		
1.1 
		
Definitions 
		
2 
	
	
Section 
		
1.2 
		
Other Interpretive Provisions 
		
6 
	
	 
	
ARTICLE II 
	
	
Section 
		
2.1 
		
Purchase of Shares 
		
6 
	
	
Section 
		
2.2 
		
Consideration 
		
7 
	
	
Section 
		
2.3 
		
Time and Place 
		
7 
	
	
Section 
		
2.4 
		
Delivery by the Company 
		
7 
	
	
Section 
		
2.5 
		
Delivery by the Purchaser 
		
7 
	
	 
	
ARTICLE III 
	
	
REPRESENTATIONS, WARRANTIES AND CERTAIN COVENANTS 
	
	
Section 
		
3.1 
		
Investment Intention 
		
7 
	
	
Section 
		
3.2 
		
Securities Law Matters 
		
7 
	
	
Section 
		
3.3 
		
Compliance with Rule 144 
		
8 
	
	
Section 
		
3.4 
		
Ability to Bear Risk 
		
8 
	
	
Section 
		
3.5 
		
Access to Information 
		
8 
	
	
Section 
		
3.6 
		
Certain Restrictions on Transfer: Public Offerings; 
		 

	
	 

		 

		
Compliance with Securities Laws 
		
8 
	
	
Section 
		
3.7 
		
Section 83(b) Election 
		
9 
	
	
Section 
		
3.8 
		
Legends 
		
9 
	
	 
	
ARTICLE IV 
	
	
VOTING 
	
	
Section 
		
4.1 
		
Manner of Voting 
		
10 
	
	
Section 
		
4.2 
		
Proxy 
		
10 
	
	
Section 
		
4.3 
		
Termination of Voting Provisions 
		
11 
	
	 
	
ARTICLE V 
	
	
ADDITIONAL LIMITATIONS ON TRANSFERS OF COMPANY SHARES 
	
	
Section 
		
5.1 
		
Limitations on Transfer 
		
11 
	
	
Section 
		
5.2 
		
Tag Along Rights 
		
11 
	
	
Section 
		
5.3 
		
Drag Along Rights 
		
13 
	

i 

	
Section 
		
5.4 
		
Rights and Obligations of Transferees 
		
14 
	
	
Section 
		
5.5 
		
Certain Rights of the Company upon Termination of Active 
		 

	
	 

		 

		
Service 
		
14 
	
	
Section 
		
5.6 
		
Payment of Option Exercise Price or Tax Withholding Amount 
		
17 
	
	
Section 
		
5.7 
		
Power of Attorney 
		
18 
	
	
Section 
		
5.8 
		
Termination of Transfer Restrictions 
		
18 
	
	 	 	 	 
	
ARTICLE VI 
	
	
GENERAL PROVISIONS 
	
	
Section 
		
6.1 
		
Merger with Burger King 
		
19 
	
	
Section 
		
6.2 
		
Waiver by Purchaser 
		
19 
	
	
Section 
		
6.3 
		
Assignment; Benefit 
		
19 
	
	
Section 
		
6.4 
		
Publicity and Confidentiality 
		
19 
	
	
Section 
		
6.5 
		
Termination 
		
19 
	
	
Section 
		
6.6 
		
Severability 
		
20 
	
	
Section 
		
6.7 
		
Entire Agreement; Amendment 
		
20 
	
	
Section 
		
6.8 
		
Third Party Beneficiary Rights of the Sponsors 
		
20 
	
	
Section 
		
6.9 
		
Counterparts 
		
20 
	
	
Section 
		
6.10 
		
Notices 
		
20 
	
	
Section 
		
6.11 
		
Governing Law 
		
22 
	
	
Section 
		
6.12 
		
Jurisdiction 
		
22 
	
	
Section 
		
6.13 
		
Waiver of Jury Trial 
		
22 
	
	
Section 
		
6.14 
		
Specific Performance 
		
23 
	
	
Section 
		
6.15 
		
Burger King Liability 
		
23 
	
	
Section 
		
6.16 
		
Subsequent Acquisition of Company Shares 
		
23 
	

* * * 

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     THIS MANAGEMENT SUBSCRIPTION AND SHAREHOLDERS’ AGREEMENT (as it may be amended and in effect from time to time in accordance with the terms hereof, the “Agreement”), dated as of
______________, 2006, is made by and among Burger King Holdings, Inc., a Delaware
corporation (the “Company”), Burger King Corporation, a Florida corporation (“Burger
King”), and the purchaser whose name
appears on the signature page hereof (the “Purchaser”). 

RECITALS

     WHEREAS, the Company was converted from a Delaware limited liability company to a Delaware corporation pursuant to the filing of a certificate of conversion and a certificate of incorporation with the
Office of the Secretary of State on June 27, 2003; 

     WHEREAS, immediately following the conversion of the Company to a Delaware corporation, the Sponsors (as defined below) beneficially owned in the aggregate one hundred percent (100%) of the issued and
outstanding Common Stock (as defined below); 

     WHEREAS, the Company beneficially owns one hundred percent (100%) of the issued and outstanding common stock of Burger King; 

     WHEREAS, the Board of Directors (as defined below) has adopted the Burger King Holdings, Inc. Equity Incentive Plan pursuant to which awards may be granted to eligible employees of Burger King or any
of its subsidiaries and members of the Board of Directors who are serving as independent directors (as the same may be amended and in effect from time to time, the “Equity Incentive Plan”) with respect to an aggregate maximum of 519,410 shares of Common Stock; 

     WHEREAS, pursuant to the terms of the Equity Incentive Plan, the Board of Directors has authorized the Company to grant to the Purchaser and certain other eligible participants in the Equity Incentive
Plan awards of Options (as defined below) to purchase up to an aggregate of approximately 350,017 additional shares of Common Stock; 

     WHEREAS, the Purchaser desires to exercise the Options granted to him/her and to subscribe for and purchase from the Company pursuant to the
Equity Incentive Plan the aggregate number of shares of Common Stock set forth on the signature page hereof (the “Shares”), at an exercise price of $100.00 per share; and

     WHEREAS, the Company desires to sell the Shares to the Purchaser on the terms and subject to the conditions set forth herein and in the Equity Incentive Plan; 

     WHEREAS, the right of the Purchaser to exercise the Options and purchase the Shares is subject to the Purchaser’s execution and delivery of this Agreement, which sets forth certain rights and
obligations of the Purchaser with respect to the Shares and any other shares of Common Stock the Purchaser may acquire or hold from or after the date hereof (together with the Shares, the “Company
Shares”). 

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     NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS 

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

     “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under
common control with, such Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary. For these
purposes, “control” shall mean the possession, direct or indirect, 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.
In addition, the term “Affiliate” when used with reference to a Sponsor shall include any Person that is treated as an affiliate of such Sponsor under the Sponsor Shareholders Agreement. 

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

     “Articles” means the articles of incorporation and by-laws of the Company.

     “Authorized Representatives” means any an officer, partner or other authorized signatory of any Person within the definition of (i)
TPG, (ii) Goldman and/or (iii) Bain. 

     “Bain” means, collectively, Bain Capital VII Coinvestment Fund, LLC, Bain Capital Integral Investors, LLC and BCIP TCV, LLC and any
Affiliates of the foregoing to whom shares of Common Stock are Transferred after the effective date of the Sponsor Shareholders Agreement. 

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

     “Burger King” has the meaning set forth in the preamble. 

     “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) a material breach by the Grantee of any obligations under the Grantee’s employment agreement or any other
written agreement with any member of the Company Group, (B) a material violation by the Grantee of any Policy of any such member; (C) the failure by the Grantee to reasonably and substantially perform the duties of his employment with the Company
Group (other than as a result of physical or mental illness or injury); (D) the Grantee’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
any member of the Company 

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     Group; (E) the Grantee’s fraud or misappropriation of funds; or (F) the commission by the Grantee of a felony or other serious crime involving moral turpitude; provided that if the Grantee is party to an employment agreement
with a member of the Company Group at the time of his Termination of Active Service and such agreement contains a different definition of “cause,” the definition in such employment agreement will control for purposes of this Agreement.

     If, subsequent to the Grantee’s Termination of Active Service Without Cause, the Board determines that the Grantee’s employment could have been terminated for Cause, subject to anything to
the contrary that may be contained in an employment agreement between the Grantee and a member of the Company Group that is in effect at the time of his Termination of Active Service, the Grantee’s employment will, at the election of the Board,
be deemed to have been terminated for Cause, effective as of the date the events giving rise to Cause occurred. 

     “Closing” has the meaning set forth in Section 2.3.

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

     “Common
Stock” means the common stock of the
Company, par value $0.01 per share.

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

     “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 Board of Directors (or its designee). 

     “Company Shares” has the meaning set forth in the recitals.

     “Disability” means a physical or mental condition of the Grantee that prevents or would prevent the performance of his duties for
the Company Group for a continuous period of six (6) months or longer; provided that if the Grantee is party to an employment agreement with a member of the Company Group at the time of his termination of employment and such agreement contains a
different definition of “disability” (or any derivation thereof), the definition in such employment agreement will control for purposes of this Agreement. The Grantee’s employment shall be deemed to have terminated as a result of
Disability on the date as of which the Committee determines the Grantee has become disabled under the foregoing clause, subject to any disability provisions of the Grantee’s employment agreement. 

     “Drag-Along Buyer” has the meaning set forth in Section 5.3(a) . 

     “Drag-Along Disposition”
  has the meaning set forth in Section 5.3(a).

      “Drag-Along Notice” has the meaning set forth in Section 5.3(a) .

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

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     “Financing Agreements” has the meaning set forth in Section 5.5(e) .

     “Goldman” means, collectively, GS Capital Partners 2000, L.P., GS Capital Partners 2000 Offshore, L.P., GS Capital Partners 2000
GmbH& Co. Beteiligungs KG, GS Capital Partners 2000 Employee Fund, L.P., Bridge Street Special Opportunities Fund 2000, L.P., Stone Street Fund 2000, L.P., Goldman Sachs Direct Investment Fund 2000, L.P., GS Private Equity Partners 2000, L.P.,
GS Private Equity Partners 2000 Offshore Holdings, L.P. and GS Private Equity Partners 2000 – Direct Investment Fund, L.P. and any Affiliates of the foregoing to whom shares of Common Stock are Transferred after the effective date of the
Sponsor Shareholders Agreement. 

     “Investment Rights” means an award granted under the Equity Incentive Plan pursuant to which the grantee has a limited right to
purchase a stated number of shares of Common Stock, at a stated purchase price, on such terms and conditions as may be specified in connection with the grant of such award, including the requirement that, as a condition to the grantee’s
purchase of any shares of Common Stock upon exercise of such right, the grantee enter into (or have previously entered into) a management subscription and shareholders’ agreement, substantially in the form hereof or such other form as the Board
of Directors may approve from time to time. 

     “IPO” means an initial registered public offering of equity securities of the Company or any of its subsidiaries. 

     “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 a 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 of Common Stock, 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
shares of Common Stock are then listed for trading or the principal interdealer quotation system on which shares of Common Stock are then quoted for trading, as the case may be (or, if shares of Common Stock are not traded or quoted on such day, on
the last day shares of Common Stock are traded on such exchange or quoted on such interdealer system, as the case may be). 

     “Option” means an award granted under the Equity Incentive Plan pursuant to which the grantee may purchase a stated number of
shares of Common Stock, for a stated exercise price and during a specified exercise period, on such terms and conditions as may be specified in connection with such grant. 

     “Person” means an individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated
organization or a government or any agency or political subdivision thereof. 

     “Policy” means, with respect to each member of the Company Group, all policies, procedures, rules and regulations applicable to its
employees generally or to its employees at the Grantee’s grade level, including, without limitation, the Burger King Code of Business Ethics 

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and Conduct, in each case, as any such policies may be amended from time to time in the applicable Company Group member‘s sole discretion. 

     “Postponement Period” has the meaning set forth in Section 5.5(e) .

      “Proposed Transfer” has
  the meaning set forth in Section 5.2(a). 

     “Proposed Transferee” has the meaning set forth in Section 5.2(a) .

     “Public Offering” means the effective date of a registration statement (other than a registration statement on Form S-4 or S-8, or
any successor form) filed in connection with a registered public offering of equity securities of the Company following which at least 15% of the equity securities of the Company have been publicly distributed or sold or are being actively traded on
a national securities exchange or quoted on an interdealer quotation system. 

     “Purchaser Permitted Transferee” means, following the death of the Purchaser, the Purchaser’s estate or any other Person or
Persons to whom Company Shares shall have Transferred by operation of law pursuant to the Purchaser’s will or the laws of descent and distribution. 

     “Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the rules
and regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in
such registration statement other than a registration statement (and related prospectus) filed on Form S-8 or any successor form thereto. 

     “Repurchase Period” has the meaning set forth in Section 5.5(c) .

     “Repurchase Price” has the meaning set forth in Section 5.5(b) . 

     “Restricted Units” means an award granted under the Equity Incentive Plan pursuant to which the grantee is entitled to receive a
share of Common Stock upon the occurrence of a future event or on a future date, on such terms and conditions as may be specified in connection with such grant. 

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

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 

     “Selling Sponsors” has the meaning set forth in Section 5.3(a) .

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     “Sponsors” means, collectively, Bain, Goldman and TPG.

     “Sponsor Shareholders Agreement” means the shareholders’ agreement among the Company, Burger King and the Sponsors, as the
same may be amended and in effect from time to time. 

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

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

     “TPG” means TPG BK Holdco LLC, a Delaware limited liability company and any of its Affiliates to whom Company Shares are
Transferred after the effective date of the Sponsor Shareholders Agreement. 

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

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

     Section 1.2 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. 

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ARTICLE II

PURCHASE AND SALE OF SHARES

     Section 2.1 Purchase of Shares. Subject to all of the terms and conditions of this Agreement, the Purchaser
hereby subscribes for and shall purchase, and the Company shall sell to the Purchaser, the Shares at an exercise price of $100.00 per Share, at the Closing provided for in Section 2.3 hereof. Notwithstanding anything in this Agreement to the
contrary, the Company shall have no obligation to sell any Shares to (i) any Person who is not an employee of the Company Group at the time that such Shares are to be sold or (ii) any Person who is a resident of a jurisdiction in which the sale of
Shares to him would constitute a violation of the securities, “blue sky” or other laws of such jurisdiction.

     Section 2.2 Consideration. Subject to all of the terms and conditions of this Agreement, the Purchaser shall deliver to the Company at the Closing referred to in Section 2.3 hereof immediately available funds in an amount equal to the aggregate purchase price for the Shares set forth on the signature page
hereof. 

     Section 2.3 Time and Place. Except as otherwise agreed by the Company and the Purchaser, the closing (the
“Closing”)
of the transaction contemplated by this Agreement shall be held at the offices
of Burger King, 5505 Blue Lagoon Drive, Miami, Florida at 10:00 A.M. (eastern
daylight time) on or about _______________, 2006. 

     Section 2.4 Delivery by the Company. At the Closing, the Company shall deliver to the Purchaser a stock
certificate registered in the Purchaser’s name and representing the Shares, which certificate shall bear the legend set forth in Section 3.8 and any other legend that the Company deems appropriate.

     Section 2.5 Delivery by the Purchaser. At the Closing, the Purchaser shall deliver to the Company the
consideration referred to in Section 2.2 hereof. 

ARTICLE III 

REPRESENTATIONS, WARRANTIES AND CERTAIN COVENANTS

     On the date hereof, the Purchaser hereby represents and warrants to the Company and acknowledges and agrees, as the case may be, as follows with respect to his subscription for and purchase of the
Shares. As of the date of any subsequent subscription for and purchase or other acquisition of Company Shares, the Purchaser will be deemed to have repeated in its entirety each of the following representations, warranties, acknowledgements and
agreement as if made at and as of that time with respect to such subsequent subscription, purchase or other acquisition of Company Shares. 

     Section 3.1 Investment Intention. The Purchaser represents and warrants that he is acquiring the Shares solely
for his own account for investment and not with a view to or for sale in connection with any distribution thereof. The Purchaser further represents and warrants that any Company Shares subsequently acquired by the Purchaser will be acquired by him
solely for

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his own account and not with a view to or for sale in connection with any distribution of such Company Shares. 

     Section 3.2 Securities Law Matters. The Purchaser acknowledges receipt of advice from the Company that (i) the
Shares have not been (and any Company Shares subsequently acquired by the Purchaser are not expected to be) registered under the Securities Act or any state or foreign securities or “blue sky” laws, (ii) it is not anticipated that there
will be any public market for the Company Shares, including the Shares, (iii) the Shares (and any Company Shares subsequently acquired by the Purchaser) must be held indefinitely and the Purchaser must continue to bear the economic risk of the
investment in the Shares (and any such Company Shares) unless the Shares (or such Company Shares) are subsequently registered under the Securities Act and such state or foreign laws or an exemption from registration is available, (iv) Rule 144
promulgated under the Securities Act (“Rule l44”) is not presently available with respect to sales of securities of the Company and the Company has made no covenant to make Rule
144 available, (v) when and if the Shares (and any Company Shares subsequently acquired by the Purchaser) may be disposed of without registration in reliance upon Rule 144, such disposition can generally 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 SEC or make information concerning the Company publicly available, (vii) if the exemption afforded by Rule 144 is not available, sales of the Shares
(and any Company Shares subsequently acquired by the Purchaser) may be difficult to effect because of the absence of public information concerning the Company, (viii) a restrictive legend in the form set forth in Section 3.8 hereof shall be placed
on the certificates representing the Shares (and any Company Shares subsequently acquired by the Purchaser) and (ix) a notation shall be made in the appropriate records of the Company indicating that the Shares (and any Company Shares subsequently
acquired by the Purchaser) are subject to restrictions on transfer set forth in this 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 Shares (and any Company Shares subsequently acquired by the Purchaser). 

     Section 3.3 Compliance with Rule 144. If any of the Shares (or any Company Shares subsequently acquired by the
Purchaser) are to be disposed of in accordance with Rule 144, the Purchaser shall transmit to the Company an executed copy of Form 144 (if required by Rule 144) no later than the time such form is required to be transmitted to the SEC for filing and
such other documentation as the Company may reasonably require to assure compliance with Rule 144 in connection with such disposition. 

     Section 3.4 Ability to Bear Risk. The Purchaser represents and warrants that (i) the financial situation of
the Purchaser is such that he can afford to bear the economic risk of holding the Shares (and any Company Shares subsequently acquired by the Purchaser) for an indefinite period and (ii) he can afford to suffer the complete loss of his investment in
the Shares (and any Company Shares subsequently acquired by the Purchaser). 

     Section 3.5 Access to Information. The Purchaser represents and warrants that (i) he has carefully reviewed
the materials furnished to him in connection with the transaction contemplated hereby (or with respect to any subsequent acquisition of Company Shares by the Purchaser), (ii) he has been granted the opportunity to ask questions of, and receive
answers 

8

from, representatives of the Company concerning the terms and conditions of the purchase of the Shares (and any Company Shares subsequently acquired by the Purchaser) and to obtain any additional information that he deems
necessary to verify the accuracy of the information contained in such materials and (iii) his knowledge and experience in financial and business matters is such that he is capable of evaluating the risks of an investment in the Shares (and any
Company Shares subsequently acquired by the Purchaser). 

     Section 3.6 Certain Restrictions on Transfer: Public Offerings; Compliance with Securities Laws. 

     (a) The Purchaser acknowledges that he shall not be permitted to, and hereby agrees that he will not, Transfer any Shares (or any Company
Shares subsequently acquired by the Purchaser) 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 in
connection with an underwritten public offering of any equity securities of the Company. 

     (b) The Purchaser further understands, acknowledges and agrees that none of the Shares (and no Company Shares subsequently acquired by the
Purchaser) may be Transferred unless (i) (A) such disposition is pursuant to an effective Registration Statement under the Securities Act, (B) the Purchaser 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 the Securities Act or (C) a no-action letter from the SEC, reasonably satisfactory to the Company, shall have been obtained
with respect to such disposition, and (ii) unless such disposition is pursuant to registration under any applicable state securities laws or an exemption therefrom. 

     Section 3.7 Section 83(b) Election. The Purchaser agrees that, within 30 days after his purchase of the Shares
(and within 30 days after his purchase of any Company Shares subsequently acquired by the Purchaser), he shall, or shall affirmatively decide not to, make an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended from
time to time, or any successor thereto, with respect to the Shares purchased (and any Company Shares subsequently acquired by the Purchaser) and shall give notice to the Company of such election or decision, and acknowledges that he will be solely
responsible for any and all tax liabilities payable by him in connection with his purchase and receipt of the Shares (and any Company Shares subsequently acquired by the Purchaser) or attributable to his making or not making any such election.

     Section 3.8 Legends. The Purchaser acknowledges that each certificate evidencing the Shares (or any Company
Shares subsequently acquired by the Purchaser) shall bear appropriate legends, which will include, without limitation, the following restrictive legends, either as an endorsement or on the face thereof: 

  THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE RESTRICTIONS, TERMS AND CONDITIONS (INCLUDING FORFEITURE PROVISIONS, RESTRICTIONS 

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    AGAINST TRANSFER AND
    REPURCHASE RIGHTS) CONTAINED
    IN THE BURGER KING HOLDINGS, INC. EQUITY INCENTIVE PLAN AND A MANAGEMENT SUBSCRIPTION
    AND SHAREHOLDERS’ AGREEMENT ENTERED INTO AMONG 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. 

In the event that the restrictive legend set forth on any certificate evidencing Company Shares has ceased to be applicable, the Company shall provide the Purchaser, or his Purchaser Permitted Transferees, at their request,
without any expense to such Persons (other than applicable transfer taxes and similar governmental charges, if any), with new certificates for such securities of like tenor not bearing the legend with respect to which the restriction has ceased and
terminated. 

ARTICLE IV

VOTING 

     Section 4.1 Manner of Voting. With respect to any matter that is submitted to shareholders of the Company for
vote or for which the written consent or proxy of shareholders of the Company is solicited or requested, the Purchaser shall (i) vote all of his Company Shares

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on such matter in the same manner
as the Sponsors vote fifty-one per cent (51%) or more of the shares of Common
Stock then collectively owned by the Sponsors with respect to such matter or
(ii) provide a written consent or proxy  for all of his Company Shares that has
the same effect with respect to such matter as the written consents and/or proxies
delivered by the Sponsors for fifty-one per cent (51%) or more of the shares
of Common Stock then collectively owned by the  Sponsors with respect to such
matter. 

     Section 4.2 Proxy. Solely for purposes of Section 4.1, and in order to secure the performance of the
Purchaser’s obligations under Section 4.1, the Purchaser hereby irrevocably appoints the Authorized Representatives the attorney-in-fact and proxy of the Purchaser (with full power of substitution) to vote or provide a written consent or proxy
with respect to all of his Company Shares as described in this Section 4.2 if, and only in the event that, the Purchaser fails to vote or provide a written consent or proxy with respect to all of his Company Shares in accordance with the terms of
Section 4.1. The Purchaser shall have five (5) Business Days from the date of a request for such vote or written consent or proxy to cure such failure. If after such cure period the Purchaser has not cured such failure, the Authorized
Representatives shall have and is hereby irrevocably granted a proxy to vote or provide a written consent or proxy with respect to all of the Purchaser’s Company Shares for the purposes of taking the actions required by Section 4.1. The
Purchaser intends this proxy to be, and it shall be, irrevocable and coupled with an interest, and the Purchaser will take such further action and execute such other instruments as may be necessary to effectuate the intent of this proxy and hereby
revokes any proxy previously granted by him with respect to the matters set forth in Section 4.1 with respect to the Company Shares owned by the Purchaser. Notwithstanding the foregoing, the conditional proxy granted by this Section 4.2 shall be
deemed to be revoked upon the termination of the provisions of this Article IV in accordance with its terms. 

     Section 4.3 Termination of Voting Provisions. The provisions of this Article IV shall terminate and be of no
further force and effect upon the termination of the management provisions of the Sponsor Shareholder Agreement following an IPO. 

ARTICLE V 

ADDITIONAL LIMITATIONS ON TRANSFERS OF COMPANY SHARES 

     Section 5.1 Limitations on Transfer. 

     (a) Neither the Purchaser nor any of his heirs or representatives may Transfer any Company Shares, other than Transfers (i) pursuant to or
consequent upon the exercise of the tag or drag along rights set forth in Section 5.2 or 5.3 hereof, (ii) to the Company (or its designee) (x) upon exercise of its repurchase right under Section 5.5 hereof or (y) in accordance with Section 5.6
hereof, in satisfaction of all or a portion of (I) the option exercise price and/or related minimum statutory tax withholding amount payable by the Purchaser upon his exercise vested Options or (II) the minimum statutory tax withholding amount
payable by the Purchaser upon receipt Company Shares in settlement of Restricted Units or (iii) subject to Section 5.4, to a Purchaser Permitted Transferee upon the death of the Purchaser; provided in the case of any Transfer to a Purchaser Permitted Transferee that the Company shall have been furnished with 

11

  

  

written notice thereof and with a
copy of the will and/or such evidence as the Company may request to establish
the validity of the Transfer. 

     (b) In the event of a purported Transfer by the Purchaser of any Company Shares in violation of the provisions of this Agreement, such
purported Transfer will be void and of no effect, and the Company will not give effect to such Transfer. 

     Section 5.2 Tag Along Rights. 

     (a) In the case of a proposed Transfer (a “Proposed Transfer”) by a Sponsor (a “Transferring
Sponsor”) of shares of Common Stock representing 20% or more of the then outstanding shares of Common Stock, other than (i) to the Company, (ii) to a “permitted transferee” of such Sponsor (within the
meaning of the Sponsor Shareholders Agreement), (iii) pursuant to or consequent upon the exercise of the drag along rights set forth in Section 5.3 or (iv) in connection with any public offering of equity securities of the Company, the Purchaser
shall have the right (exercisable in accordance with paragraph 5.2(b)) to require the Transferring Sponsor to cause the proposed Transferee (a “Proposed Transferee”) to purchase
from the Purchaser up to a number of Company Shares equal to the product of (A) the total number of shares of Common Stock proposed to be Transferred by the Transferring Sponsor multiplied by (B) a fraction, the numerator of which is the aggregate number of Company Shares then owned by the Purchaser and the denominator of which is the aggregate number of shares of Common Stock then owned by the Sponsors, the Purchaser and
each other shareholder of the Company eligible to exercise substantially similar tag-along rights with respect to the Proposed Transfer; provided, however, that the Purchaser’s right under this Section 5.2(a) is subject to the determination by
the Company that his participation in the Proposed Transfer on the same terms and conditions as the Transferring Sponsor complies with all applicable Federal, state and non-U.S. securities laws or applicable exemptions therefrom. 

     (b) Promptly upon receipt thereof, the Company shall give to the Purchaser copies of any written notices, transaction documents and other
written information with respect to a Proposed Transfer delivered pursuant to the Sponsor Shareholders Agreement by the Transferring Sponsor to the other Sponsors in connection with such Proposed Transfer, including any written notice from the
Transferring Sponsor setting forth the number of shares of Common Stock proposed to be Transferred in the Proposed Transfer, the name and address of the Proposed Transferee, the proposed amount and form of consideration (and, if such consideration
consists in part or in whole of property other than cash, any information provided by the Transferring Sponsor at the request of the other Sponsors relating to such non-cash consideration), and other terms and conditions of payment offered by the
Proposed Transferee. The tag-along rights provided by this Section 5.2 must be exercised by the Purchaser within five (5) Business Days following receipt by the Purchaser of the first notice delivered to him by the Company with respect to the
Proposed Transfer, by delivery of a written notice to the Company and the Transferring Sponsor indicating his desire to exercise his tag-along rights and specifying the number of Company Shares he desires to Transfer in the Proposed Transfer.

     (c) Any Transfer of Company Shares by the Purchaser to a Proposed Transferee pursuant to this Section 5.2 shall be on the same terms and
conditions (including, without limitation, price, time of payment and form of consideration) as to be paid to the 

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Transferring Sponsor; provided that in order to be entitled to exercise his tag along right pursuant to this Section 5.2, the Purchaser must agree to make to the Proposed
Transferee representations, warranties, covenants, indemnities and agreements the same mutatis mutandis as those made by the Transferring Sponsor in connection with the Proposed Transfer (other than any non-competition or similar agreements or
covenants that would bind the Purchaser), and agree to the same conditions to the Proposed Transfer as the Transferring Sponsor agrees, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be
made by the Transferring Sponsor, the Purchaser and any other shareholder of the Company exercising similar tag-along rights severally and not jointly and that, except with respect to individual representations, warranties, covenants, indemnities
and other agreements of the Purchaser as to the unencumbered title to his Company Shares and the power, authority and legal right to Transfer such Company Shares, the aggregate amount of the liability of the Purchaser shall not exceed either (i) the
Purchaser’s pro rata portion of any such liability to be determined in accordance with the Purchaser’s portion of the total number of shares of Common Stock included in such Transfer or (ii) the proceeds to the Purchaser in connection with
such Transfer. The Purchaser shall be responsible for his proportionate share of the costs of the Proposed Transfer to the extent not paid or reimbursed by the Proposed Transferee or the Company.

     Section 5.3 Drag Along Rights. 

     (a) If Sponsors holding, in the aggregate, at least sixty percent (60%) of the shares of Common Stock owned by the Sponsors from time to time
(the “Selling Sponsors”) agree to enter into a transaction (a “Drag-Along Disposition”) which would result in
the Transfer of at least fifty-one percent (51%) of the aggregate shares of Common Stock then outstanding to a non-Affiliate third party (the “Drag-Along Buyer”) and the Selling
Sponsors direct the Company to exercise its rights under this Section 5.3, the Company shall deliver to the Purchaser promptly upon receipt thereof from the Selling Sponsors copies of any written notice(s) delivered by the Selling Sponsors to the
other Sponsors pursuant to the Sponsor Shareholder Agreement with respect to the Drag-Along Disposition, together with the Company’s written notice stating that the Company wishes to exercise its right hereunder with respect to such Drag-Along
Disposition (a “Drag-Along Notice”), including copies of any written notice from the Selling Sponsors setting forth the name and address of the Drag-Along Buyer, the number of
shares of Common Stock proposed to be Transferred, the proposed amount and form of the consideration, and all other material terms and conditions offered by the Drag-Along Buyer. 

     (b) Upon delivery of a Drag-Along Notice, the Purchaser shall be required to Transfer that percentage of the Company Shares then owned by him
equal to the percentage of shares of Common Stock held by the Selling Sponsors which is being Transferred to the Drag-Along Buyer, upon the same terms and conditions (including, without limitation, as to price, time of payment and form of
consideration) as agreed by the Selling Sponsors and the Drag-Along Buyer, and shall make to the Drag-Along Buyer representations, warranties, covenants, indemnities and agreements comparable to those made by the Selling Sponsors in connection with
the Transfer (other than any non-competition or similar agreements or covenants that would bind the Purchaser), and shall agree to the same conditions to the Transfer as the Selling Sponsors agree, it being understood that all such representations,
warranties, covenants, indemnities and agreements shall be made by each Selling Sponsor, the Purchaser and any other shareholder of the Company participating in the Drag-Along Disposition severally and not 

13

  

  

jointly and that, except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Purchaser as to the unencumbered title to his Company Shares and the power, authority and legal
right to Transfer such Company Shares, the aggregate amount of the liability of the Purchaser shall not exceed either (i) the Purchaser’s pro rata portion of any such liability, to be determined in accordance with the Purchaser’s portion
of the total number of shares of Common Stock included in such Transfer or (ii) the proceeds to the Purchaser in connection with such Transfer. 

     (c) In the event that any such Transfer is structured as a merger, consolidation, or similar business combination, the Purchaser agrees to (i)
vote in favor of the transaction, (ii) take such other action as may be required to effect such transaction (subject to Section 5.3(b)), and (iii) take all action to waive any dissenters, appraisal or other similar rights with respect thereto.

     (d) If the Purchaser fails to deliver to the Drag-Along Buyer the certificate or certificates evidencing his Company Shares to be sold pursuant
to this Section 5.3, the Company may, at its option, in addition to all other remedies it may have, request the Selling Sponsors to deposit the purchase price (including any promissory note constituting all or any portion thereof) for such Company
Shares with any national bank or trust company having combined capital, surplus and undivided profits in excess of $100 million (the “Escrow Agent”), and the Company shall
cancel on its books the certificate or certificates representing such Company Shares and thereupon all of such Purchaser’s rights in and to such Company Shares shall terminate. Thereafter, upon delivery to the Company by the Purchaser of the certificate or certificates evidencing such Company Shares (duly endorsed, or with stock powers duly endorsed, for transfer, with signature guaranteed, free and
clear of any liens or encumbrances, and with any stock transfer tax stamps affixed), the Company shall notify the Selling Sponsors to instruct the Escrow Agent to deliver the purchase price (without any interest from the date of the closing to the
date of such delivery, any such interest to accrue to the Company) to the Purchaser. 

     Section 5.4 Rights and Obligations of Transferees. Any Transfer of Company Shares by the Purchaser to any
Person other than a Sponsor or the Company, which Transfer is otherwise in compliance herewith, shall be permitted hereunder only if the Transferee of such Company Shares agrees in writing that it shall, upon such Transfer, assume with respect to
such Company Shares the Purchaser’s obligations under this Agreement and become, for such purpose, a party to this Agreement and any other agreement or instrument executed and delivered by the Purchaser in respect of the Company Shares.

     Section 5.5 Certain Rights of the Company upon Termination of Active Service.

     (a) Company’s Repurchase Right following Termination of Active Service. Following the Purchaser’s
Termination of Active Service for any reason, the Company (or its designee) shall have the right (but not the obligation) to repurchase all or any portion of the Company Shares then held by the Purchaser (or any Purchaser Permitted Transferee),
including (i) Company Shares purchased prior to the Termination Date upon exercise of Investment Rights or vested Options, (ii) Company Shares purchased on or after the Termination Date upon exercise of vested Options and (iii) Company Shares
transferred to the Purchaser at any time in settlement of vested Restricted Units.

14

  

  

     (b) Repurchase Price. The repurchase price (“Repurchase Price”) for Company Shares repurchased by
the Company (or its designee) following the Purchaser’s Termination of Active Service shall vary depending upon the time and circumstances of the Purchaser’s Termination of Active Service, as follows: 

	Type of

    Termination	Company Shares

    Purchased
    on Exercise

    of Vested Options 	Company Shares

    Delivered
    in Settlement

    of Vested Restricted

    Units	Company Shares

    Purchased
    on Exercise

    of Investment Rights  
	Without Cause  	Market Value  	Market Value  	Market Value  
	Resignation by the
    Purchaser  	Lesser of (i) Market Value
        and (ii) corresponding Option exercise
        price plus simple interest at 8% per
    annum  	Market Value  	Resignation prior to first anniversary
        of grant  date of Investment  Rights,
        the lesser of (i) Market Value
        and (ii)  the original purchase price
        for the Company Shares

      Resignation
          on or after first anniversary, Market
    Value 

	Due to Death, Disability
    or Retirement	Market Value  	Market Value  	Market Value  
	By the Company Group
    for Cause	Lesser of (i) Market Value
        and (ii) corresponding Option exercise
    price	N/A, all Restricted Units forfeited	Lesser of (i) Market Value
        and (ii) the original purchase price for
    the Company Shares

In all cases, Market Value shall
be determined as of the commencement date of the applicable Repurchase Period
and, if applicable, interest shall be deemed to have accrued for the period from
the date of grant of the corresponding  Options or Restricted Units, as the case
may be, to the commencement date of the applicable Repurchase Period. 

     (c) Repurchase Period. The Company shall be permitted to exercise its right to repurchase (or to cause its
designee to repurchase) Company Shares following the Purchaser’s Termination of Active Service during a period of six months, commencing on the applicable day specified below for the applicable type of Company Shares (the “Repurchase Period”); provided that the Repurchase Period shall expire as of any earlier day during the Repurchase Period that the Company
delivers written notice to the Purchaser of its election to exercise (or decision not to exercise) its repurchase right with respect to such Company Shares: 

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	Type of

      Termination	Commencement Date:
	Company Shares Purchased

    on
    Exercise of Vested

    Options  	Company Shares

    Delivered
    in Settlement

    of Vested Restricted

    Units	Company Shares

    Purchased
    on Exercise of

    Investment Rights
	Without Cause	The later of (i) the Purchaser’s
        Termination Date and (ii) the six-month anniversary
        of the date of the Purchaser’s
        last purchase of Company Shares
    on exercise of Options	The later of (i) the Purchaser’s Termination
        Date and (ii) the six-month anniversary
        of the last vesting date for any installment
    of the Purchaser’s Restricted Units	The later of (i) the Purchaser’s
        Termination Date and (ii) the six- month
        anniversary of the date of the Purchaser’s last
        purchase of Company Shares on exercise
    of Investment Rights
	Resignation by
    the Participant	The later of (i) the 91st day following
        the Purchaser’s Termination Date
        and (ii) the six-month anniversary of
        the Purchaser’s last purchase of
    Company Shares on exercise of Options	The later of (i) the 91st  day
        following the Purchaser’s Termination
        Date and (ii) the six-month anniversary
        of the last vesting date for any installment
    of the Purchaser’s Restricted Units	The later of (i) the 91st  day
        following the Purchaser’s Termination Date
        and (ii) the six- month anniversary
        of the date of the Purchaser’s last
        purchase of Company Shares on exercise
    of Investment Rights
	Due to Death, Disability or Retirement	The later of (i) the Purchaser’s
        Termination Date and (ii) the six month anniversary
        of the date of the Purchaser’s
        or, if applicable, the Purchaser Permitted
        Transferee’s, last purchase of
    Company Shares upon exercise of Options	The Purchaser’s Termination
    Date	The Purchaser’s Termination
    Date
	By the Company Group
    for Cause	The date notice of termination
    is delivered to the Purchaser	N/A	The date notice of termination
    is delivered to the Purchaser

16

     (d) Procedures; Closing of Repurchase.

        (i) Notice of Election. The Company shall be entitled to exercise its right to repurchase (or to cause its
    designee to repurchase) the Purchaser’s Company Shares by delivering written notice to the Purchaser, which notice specifies the number of Company Shares that it (or its designee) will repurchase and the Repurchase Price therefor. Such notice
    of exercise may be delivered by the Company at any time during the Repurchase Period applicable to the Company Shares subject to repurchase. 

        (ii) Closing of Repurchase. The closing of a repurchase of the Purchaser’s Company Shares following the
    Purchaser’s Termination of Active Service shall take place at the principal office of the Company on the tenth Business Day following the date of delivery of written notice to the Purchaser of the Company’s election to repurchase (or to
    cause its designee to repurchase) such Company Shares, unless specified otherwise in such notice. At the closing, the Purchaser shall deliver to the Company (or its designee) the stock certificates representing the Company Shares to be purchased,
    duly endorsed in blank or accompanied by stock powers duly executed in blank, and such other instruments or documents as the Company may request, signed by the Purchaser, free and clear of all security interests, liens, claims, encumbrances,
    charges, options, restrictions on transfer, proxies and voting and other agreements of whatever nature. Subject to Section 5.5(e), payment of the Repurchase Price shall be made by the Company at the closing in cash, by delivery of a Promissory Note
    or partly by delivery of a Promissory Note, with the balance paid in cash. 

     (e) Delay of Repurchase. Notwithstanding any other provision of this Agreement, (i) the Company shall be
permitted to delay the repurchase of Company Shares pursuant to Section 5.5 hereof in the event that any such repurchase (or the payment of the Repurchase Price in connection with any such repurchase) would result in a violation of the terms or
provisions of, or a default or an event of default under, any credit, loan, guarantee, financing or security or other similar agreement by which the Company or any member of the Company Group is bound as of any date in the period beginning on the
Purchaser’s Termination Date and ending on the last day of the applicable Repurchase Period (such agreements and documents, as each may be amended, modified or supplemented from time to time, are referred herein as the “Financing Agreements”). In any such event, such repurchase will be postponed (any such period of postponement referred to as the “Postponement Period”) and will be effected without the application of further conditions or impediments at the first opportunity thereafter when such repurchase (and the payment of the Repurchase Price) will not result in any default, event of
default or violation under any of the Financing Agreements, and the Repurchase Price for such Company Shares shall be increased by interest thereon for the Postponement Period at an annual rate equal to two percentage points greater than the LIBOR
rate in effect as of the first day of the calendar month commencing coincident with or immediately prior to the Postponement Period.

     Section 5.6 Payment of Option Exercise Price or Tax Withholding Amount. Solely if and to the extent the
Purchaser receives all necessary approvals and consents to tender and transfer Company Shares to the Company to satisfy [his or her] obligation to pay all or a portion of (i) the exercise price and/or related minimum statutory tax withholding amount payable by the

17

  

  

Purchaser upon his exercise of any vested Options or (ii) the minimum statutory tax withholding amount payable by the Purchaser upon his receipt of Company Shares in settlement of Restricted Units, the Purchaser shall be permitted
to Transfer a number of whole Company Shares to the Company having an aggregate Market Value as of the date of the proposed exercise or settlement, as the case may be, equal to the portion of the option exercise price and/or minimum statutory tax
withholding amount for which all necessary consents and approvals have been obtained, as determined by the Board of Directors, provided that (i) any such Company Shares Transferred to the Company shall have been owned by the Purchaser on an
unconditional basis for at least six months prior to the date of the proposed exercise and (ii) any such Transfer complies with all of the terms and provisions of this Agreement, the Equity Incentive Plan and any agreement with the Company or Burger
King evidencing the Options to be exercised or Restricted Units to be settled. 

     Section 5.7 Power of Attorney. Solely for purposes of Section 5.3 and 5.5, in order to secure the performance
of the Purchaser’s obligations under such Sections, the Purchaser hereby irrevocably appoints each of the Authorized Representatives the attorney-in-fact and proxy of the Purchaser (with full power of substitution) to (i) vote or provide a
written consent with respect to the Company Shares as described in this paragraph if, and only in the event that, the Purchaser fails to vote or provide a written consent with respect to the Company Shares in accordance with the terms of Section
5.3(c) within three (3) days of a request for such vote or written consent and (ii) Transfer any Company Shares required to be Transferred by the Purchaser pursuant to Section 5.3 or 5.5, as the case may be, and to execute and deliver on behalf of
the Purchaser any and all documents any Authorized Representative deems necessary or appropriate to effect any such Transfer, if, and only in the event that, the Purchaser fails to Transfer such Company Shares or execute any such document at the
time and on and the terms and conditions set forth in Section 5.3 or 5.5, as the case may be. Upon any such failure, the Authorized Representatives shall have and are hereby irrevocably granted (i) a proxy to vote or provide a written consent with
respect to the Purchaser’s Company Shares for the purposes of taking the actions required by Section 5.3(c) or Transferring any such Company Shares pursuant to Section 5.3 or 5.5, as applicable, and (ii) a power of attorney to execute and
deliver on behalf of the Purchaser any and all documents any Authorized Representative deems necessary or appropriate to effect any such vote, written consent or Transfer. The Purchaser intends this proxy and power of attorney to be, and it shall
be, irrevocable and coupled with an interest, and the Purchaser will take such further action and execute such other instruments as may be necessary to effectuate the intent of this proxy and power of attorney and hereby revokes any proxy or power
of attorney previously granted by him with respect to the matters set forth in this Section 5.7. Notwithstanding the foregoing, the conditional proxy and power of attorney granted by this Section 5.7 shall be deemed to be revoked upon the
termination of this Article V in accordance with its terms. 

     Section 5.8 Termination of Transfer Restrictions. The provisions of this Article V shall terminate and be of
no further force and effect upon the consummation of a Public Offering. 

18

ARTICLE VI

GENERAL PROVISIONS

     Section 6.1 Merger with Burger King. In the event of any merger, statutory share exchange or other business
combination of the Company with Burger King or any of Burger King’s subsidiaries, (i) the Purchaser and Burger King (or, if different, the surviving entity of the merger) shall execute a management shareholders’ agreement with terms that
are substantially equivalent to this Agreement; provided that such management shareholders’ agreement shall terminate upon the same terms and conditions as provided herein, and (ii) the
Company shall distribute any securities issued to the Company pursuant to such merger to the Purchaser pro rata in accordance with
the percentage of the outstanding shares of Common Stock represented by the Company Shares then owned by the Purchaser, determined on a fully diluted basis. 

     Section 6.2 Waiver by Purchaser. The rights and obligations contained in this Agreement are in addition to the
relevant provisions of the Articles in force from time to time and shall be construed to comply with such provisions. To the extent that this Agreement is determined to be in contravention of the Articles, this Agreement shall constitute a waiver by
the Purchaser, to the fullest extent permissible under applicable laws, of any right the Purchaser may have pursuant to the Articles that is inconsistent with this Agreement. 

     Section 6.3 Assignment; Benefit. 

     (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto except as
provided under Article 5. Any assignment of rights or obligations in violation of this Section 6.3 shall be null and void. 

     (b) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted
assigns, and, except as provided in Section 6.8, there shall be no third-party beneficiaries to this Agreement.

     Section 6.4 Publicity and Confidentiality. The Purchaser shall keep confidential this Agreement and the
transactions contemplated hereby and shall not disclose, issue any press release or otherwise make any public statement in connection therewith without the prior written consent of the Company, unless so required by applicable law or any
governmental authority; provided that no such written consent shall be required (and the Purchaser shall be free to release such information) for disclosures to the Purchaser’s
advisors, accountants or attorneys, so long as such persons agree to keep such information confidential. 

     Section 6.5 Termination.

     (a) Article IV of this Agreement shall terminate as set forth in Section 4.3. Article V of this Agreement shall terminate as set forth in
Section 5.8. The remainder of this Agreement shall terminate automatically (without any action by any party hereto) upon an IPO of the Company, provided that Article VI shall survive such
termination in accordance with the terms hereof and Section 3.6 shall survive such termination indefinitely. 

19

  

  

     (b) Upon termination of this Agreement, unless otherwise agreed, at the request of the Company, the Purchaser shall take all necessary action
to amend the Articles to remove any provisions that are in such documents solely due to the existence of this Agreement. 

     Section 6.6 Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 

     Section 6.7 Entire Agreement; Amendment. (a) This Agreement sets forth the entire understanding and agreement
between the parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case written or oral, of any kind and every nature with respect hereto. No
provision of this Agreement may be amended, modified or waived in whole or in part at any time without an agreement in writing executed by each of the parties hereto and, in the case of any amendment to any provision of Article V, without the
written consent of Sponsors holding a majority of the shares of Common Stock then owned in the aggregate by the Sponsors.

     (b) No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and
executed and delivered by the party against whom such waiver is claimed and, in the case of a waiver of any of the provisions of Article V, is consented to, in writing, by Sponsors holding a majority of the shares of Common Stock then owned in the
aggregate by the Sponsors. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as
otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof,
nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

     Section 6.8 Third Party Beneficiary Rights of the Sponsors. Notwithstanding any other provision of this
Agreement, each of the Sponsors shall have the rights of a third party beneficiary in law and in equity to enforce the provisions of Articles IV and V and Sections 6.6, 6.7, 6.8, 6.10, 6.11, 6.12, 6.13 and 6.14 of this Agreement as if each Sponsor
was the Company and a party to this Agreement. 

     Section 6.9 Counterparts. This Agreement may be executed in any number of separate counterparts each of which
when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

      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 

20

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: 
	 	 	Burger King Corporation

    
	 	 	 5505 Blue Lagoon Drive

    
	 	 	 Miami, FL 33126-2029

    
	 	 	Attention:
          Executive Vice President & Chief Human Resources Officer 

    
	 	 	Telephone: 305-378-3755 

    
	 	 	Fax: 305-378-3189
	 	 	 
	 	 	and
	 	 	 
	 	 	Attention:
    Executive Vice President & General Counsel 

	 	 	Telephone: 305-378-7913
	 	 	 Fax: 305-378-7112 

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

Copies (which shall not constitute notice) of any notice or other written communication given under this Agreement with respect to any of the provisions of Article V shall also be given to:

	 	Texas Pacific Group

301 Commerce Street

Suite 3300

Fort Worth, Texas 76102

    Attention: Richard A. Ekleberry, Esq.

Telephone: 817-871-4080 

21

  

	 	Fax: 817-871-4088

      GS Capital Partners 2000, L.P.

  c/o Goldman Sachs & Co.

  85 Broad Street New York, NY 10004

  Attention: Adrian Jones

                  Ben
Adler

  Telephone: 212-902-1000

  Fax: 212-902-3000 

      Bain

        111 Huntington Avenue

  Boston, MA 02199

  Attention: Phil Loughlin

  Telephone: 617-516-2000

  Fax: 617-516-2010

     Section 6.10 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 6.11 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 OR (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 6.12 Waiver
of Jury Trial. TO THE EXTENT NOT PROHIBITED
BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE  PURCHASER WAIVES, AND COVENANTS
THAT THE PURCHASER 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
PURCHASER, THE COMPANY, BURGER KING OR ANY SPONSOR 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, Burger King and any Sponsor may
file an original counterpart or a copy of this Section 6.13 with any court as
written evidence of the consent of the Purchaser to the waiver of his right to
 trial by jury. 

22

  

  

     Section 6.13 Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure
in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not
have an adequate remedy at law. Any such party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations,
without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

     Section 6.14 Burger King Liability. Burger King agrees that it shall be jointly and severally liable with the
Company with respect to all of the Company’s payment and other obligations hereunder.

     Section 6.15 Subsequent Acquisition of Company Shares. Any securities of the Company acquired subsequent to
the date hereof by the Purchaser shall be subject to the terms and conditions of this Agreement and such shares shall be considered to be “Company Shares” as such term is used herein for purposes of this Agreement. 

* * * * * *

23

  

  

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written. 

	 	 	BURGER KING HOLDINGS, INC.  
	 	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	BURGER KING CORPORATION  
	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	THE PURCHASER  
	 	 	 	 
	 	 	By:	 
	 	 	 	

	Number of Shares of  	 	Name:	 
	Common Stock:  	 	 	 
	 	 	 	 	 
	Aggregate Exercise Price:  	ADDRESS:  	 

  24Exhibit 10.4

FORM OF BOARD MEMBER 

SUBSCRIPTION AND SHAREHOLDERS’
AGREEMENT

	
TABLE OF CONTENTS 
        
	 

        	 

        	 

        	
Page 
        
	
ARTICLE I 
        
	
DEFINITIONS 
        
	
Section 
        	
1.1 
        	Definitions 
        	
1 
        
	
Section 
        	
1.2 
        	Other Interpretive Provisions 
        	
6 
        
	 	 	 	 
	
ARTICLE II 
        
	
PURCHASE AND SALE OF COMPANY SHARES 
        
	
Section 
        	
2.1 
        	Purchase of Shares 
        	
6 
        
	
Section 
        	
2.2 
        	Consideration 
        	
7 
        
	
Section 
        	
2.3 
        	Time and Place 
        	
7 
        
	
Section 
        	
2.4 
        	Delivery by the Company 
        	
7 
        
	
Section 
        	
2.5 
        	Delivery by the Purchaser 
        	
7 
        
	 	 	 	 
	
ARTICLE III 
        
	
               REPRESENTATIONS AND WARRANTIES 
        
	
Section 
        	
3.1 
        	Investment Intention 
        	
7 
        
	
Section 
        	
3.2 
        	Securities Law Matters 
        	
7 
        
	
Section 
        	
3.3 
        	Compliance with Rule 144 
        	
8 
        
	
Section 
        	
3.4 
        	Ability to Bear Risk 
        	
8 
        
	
Section 
        	
3.5 
        	Access to Information 
        	
8 
        
	
Section 
        	
3.6 
        	Certain Restrictions on Transfer: Public Offerings; Compliance 
        	 

        
	 

        	 

        	with Securities Laws 
        	
8 
        
	
Section 
        	
3.7 
        	Section 83(b) Election 
        	
9 
        
	
Section 
        	
3.8 
        	Legends 
        	
9 
        
	 	 	 	 
	
ARTICLE IV 
        
	
VOTING 
        
	
Section 
        	
4.1 
        	Manner of Voting 
        	
10 
        
	
Section 
        	
4.2 
        	Proxy 
        	
10 
        
	
Section 
        	
4.3 
        	Termination of Voting Provisions 
        	
11 
        

i

	
ARTICLE V 
        
	
ADDITIONAL LIMITATIONS ON 
        
	
TRANSFERS OF COMPANY SHARES 
        
	
Section 
        	
5.1 
        	
Limitations on Transfer 
        	
11 
        
	
Section 
        	
5.2 
        	
Tag Along Rights 
        	
12 
        
	
Section 
        	
5.3 
        	
Drag Along Rights 
        	
13 
        
	
Section 
        	
5.4 
        	
Rights and Obligations of Transferees 
        	
14 
        
	
Section 
        	
5.5 
        	
Certain Rights of the Company upon Termination of Active 
        	 

        
	 

        	 

        	
Service 
        	
14 
        
	
Section 
        	
5.6 
        	
Payment of Option Exercise Price or Tax Withholding Amount 
        	
17 
        
	
Section 
        	
5.7 
        	
Power of Attorney 
        	 

        
	
Section 
        	
5.8 
        	
Termination of Transfer Restrictions 
        	 

        
	 	 	 	 
	
ARTICLE VI 
        
	
GENERAL PROVISIONS 
        
	
Section 
        	
6.1 
        	
Merger with Burger King 
        	
18 
        
	
Section 
        	
6.2 
        	
Waiver by Purchaser 
        	
18 
        
	
Section 
        	
6.3 
        	
Assignment; Benefit 
        	
18 
        
	
Section 
        	
6.4 
        	
Publicity and Confidentiality 
        	
19 
        
	
Section 
        	
6.5 
        	
Termination 
        	
19 
        
	
Section 
        	
6.6 
        	
Severability 
        	
19 
        
	
Section 
        	
6.7 
        	
Entire Agreement; Amendment 
        	
19 
        
	
Section 
        	
6.8 
        	
Third Party Beneficiary Rights of the Sponsors 
        	
20 
        
	
Section 
        	
6.9 
        	
Counterparts 
        	
20 
        
	
Section 
        	
6.10 
        	
Notices 
        	
20 
        
	
Section 
        	
6.11 
        	
Governing Law 
        	
21 
        
	
Section 
        	
6.12 
        	
Jurisdiction 
        	
21 
        
	
Section 
        	
6.13 
        	
Waiver of Jury Trial 
        	
22 
        
	
Section 
        	
6.14 
        	
Specific Performance 
        	
22 
        
	
Section 
        	
6.15 
        	
Burger King Liability 
        	
22 
        
	
Section 
        	
6.16 
        	
Subsequent Acquisition of Company Shares 
        	
22 
        
	 

        	 

        	
* * * 
        	 

        

ii

     THIS BOARD MEMBER SUBSCRIPTION
AND SHAREHOLDERS’ AGREEMENT (as it may be amended and in effect from time
to time in accordance with the terms hereof, the “Agreement”), dated as
of ___________ ___, ____, is made by and among Burger King Holdings, Inc., a
Delaware corporation (the “Company”),
 Burger King Corporation, a Florida corporation (“Burger
 King”), and the purchaser whose name
 appears on the signature page hereof (the “Purchaser”). 

RECITALS

     WHEREAS, the Company was converted from a Delaware limited liability company to a Delaware corporation pursuant to the filing of a certificate of conversion and a certificate of incorporation with the
Office of the Secretary of State on June 27, 2003; 

     WHEREAS, immediately following the conversion of the Company to a Delaware corporation, the Sponsors (as defined below) beneficially owned in the aggregate one hundred percent (100%) of the issued and
outstanding Common Stock (as defined below); 

     WHEREAS, the Company beneficially owns one hundred percent (100%) of the issued and outstanding common stock of Burger King; 

     WHEREAS, the Board of
Directors (as defined below) has adopted the Burger King Holdings, Inc. Equity
Incentive Plan pursuant to which awards may be granted to eligible employees
of Burger King or any  of its subsidiaries and members of the Board of Directors
who are serving as  independent directors (as the same may be amended and in
effect from time to time,  the “ Equity Incentive Plan”) with
respect to an aggregate maximum of                 shares of Common Stock; 

     WHEREAS, pursuant to the terms of the Equity Incentive Plan, the Board of Directors has authorized the Company to grant to the Purchaser (i) an award of Investment Rights (as defined below) to
purchase up to an aggregate of approximately 4,943 shares of Common Stock, subject to the purchase by the Purchaser from one or more of the Sponsors, as and to the extent the Company shall direct, of 9% Senior Notes due 2013 having an adjusted issue
price equal to a percentage of the aggregate purchase price for shares purchased upon exercise of such Investment Rights (the “Senior Notes”), and/or (ii) Options (as defined
below) to purchase up to an aggregate of approximately 450 additional shares of Common Stock; 

     WHEREAS, the terms of the grant to the Purchaser of the Investment Rights and Options and the sale or transfer of shares of Common Stock upon exercise of Investment Rights or Options are set forth in
a Confidential Offering Memorandum, dated July 11, 2003 (the “Offering Memorandum”), as supplemented and the additional documents enclosed therewith (together with the Offering
Memorandum, the “Offering Materials”), copies of all of which have been provided to the Purchaser; 

     WHEREAS, the Purchaser desires to exercise the Investment Rights granted to him and to subscribe for and purchase from the Company pursuant to the Equity Incentive Plan the aggregate number of shares
of Common Stock set forth on the signature page hereof (the “Shares”), at a purchase price of $100.00 per share;

     WHEREAS, concurrently with his subscription for and purchase of the Shares, the Purchaser desires to subscribe for and purchase from one or more of the Sponsors, as and to the extent the Company shall
direct, Senior Notes having an aggregate adjusted issue price equal to the amount set forth on the signature page hereof (together with principal added to such Senior Notes pursuant to Section 1(b) of the promissory notes evidencing such notes, the
“Purchased Senior Notes”); 

     WHEREAS, the Company desires to sell the Shares to the Purchaser on the terms and subject to the conditions set forth herein and in the Equity Incentive Plan and Offering Materials; 

     WHEREAS, the right of the Purchaser to subscribe for and purchase the Shares is subject to, among other things, the Purchaser’s execution and delivery of this Agreement, which sets forth certain
rights and obligations of the Purchaser with respect to the Shares and any other shares of Common Stock the Purchaser may acquire or hold from or after the date hereof (together with the Shares, the “Company
Shares”). 

     NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I

DEFINITIONS 

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

     “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under
common control with, such Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary. For these
purposes, “control” shall mean the possession, direct or indirect, 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.
In addition, the term “Affiliate” when used with reference to a Sponsor shall include any Person that is treated as an affiliate of such Sponsor under the Sponsor Shareholders Agreement. 

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

     “Articles” means the articles of incorporation and by-laws of the Company.

     “Authorized Representatives” means any an officer, partner or other authorized signatory of any Person within the definition of (i)
TPG, (ii) Goldman and/or (iii) Bain. 

     “Bain” means, collectively, Bain Capital VII Coinvestment Fund, LLC, Bain Capital Integral Investors, LLC and BCIP TCV, LLC and any
Affiliates of the foregoing to 

2

  

  

whom shares of Common Stock are Transferred
after the effective date of the Sponsor Shareholders Agreement. 

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

     “Burger King” has the meaning set forth in the preamble. 

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

     “Cause” means the Purchaser’s (i) gross negligence or willful misconduct in connection with his duties as a member of the
Board of Directors or refusal, after demand, to substantially perform such duties, (ii) dishonesty, fraud, embezzlement, misappropriation of funds or theft or (iii) conviction of, or plea of nolo
contendere to, a felony or other serious crime. If, subsequent to the Purchaser’s Termination of Active Service Without Cause, the Board of Directors determines that the Purchaser’s service as a member of the
Board of Directors could have been terminated for Cause, the Purchaser’s service as a member of the Board of Directors will, at the election of the Board of Directors, be deemed to have been terminated for Cause, effective as of the date the
events giving rise to Cause occurred. 

     “Closing” has the meaning set forth in Section 2.3. 

     “Common Stock” means the common stock of the Company, par value $0.01 per share. 

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

     “Company Shares” has the meaning set forth in the recitals.

     “Disability” means a physical or mental condition of the Purchaser rendering him unable to perform his duties as a member of the
Board of Directors for a period of six (6) consecutive months or longer. The Purchaser’s service as a member of the Board of Directors shall be deemed to have terminated as a result of Disability on the date as of which the Board of Directors
(or its designee) determines the Purchaser has become disabled under the foregoing definition. 

     “Drag-Along Buyer” has the meaning set forth in Section 5.3(b) .

     “Drag-Along Debt Buyer” has
the meaning set forth in Section 5.3(b) .

     “Drag-Along Debt Disposition” has the meaning set forth in Section 5.3(b) .

      “Drag-Along Debt
Notice” has the meaning set forth in Section 5.3(b) .

     “Drag-Along Disposition” has the meaning set forth in Section 5.3(b) .

     “Drag-Along Equity Buyer” has the meaning set forth in Section 5.3(a) . 

3

  

  

     “Drag-Along Equity Disposition” has the meaning set forth in Section 5.3(a) . 

     “Drag-Along
  Equity Notice” has the meaning set forth in Section 5.3(a). 

     “Drag-Along
        Notice” has the meaning set forth
    in Section 5.3(b) .

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

      “Financing
        Agreements” has the meaning set forth
        in Section 5.5(e) . 

     “Goldman” means, collectively, GS Capital Partners 2000, L.P., GS Capital Partners 2000 Offshore, L.P., GS Capital Partners 2000
GmbH& Co. Beteiligungs KG, GS Capital Partners 2000 Employee Fund, L.P., Bridge Street Special Opportunities Fund 2000, L.P., Stone Street Fund 2000, L.P., Goldman Sachs Direct Investment Fund 2000, L.P., GS Private Equity Partners 2000, L.P.,
GS Private Equity Partners 2000 Offshore Holdings, L.P. and GS Private Equity Partners 2000 – Direct Investment Fund, L.P. and any Affiliates of the foregoing to whom shares of Common Stock are Transferred after the effective date of the
Sponsor Shareholders Agreement. 

     “Investment Rights” means an award granted under the Equity Incentive Plan pursuant to which the grantee has a limited right to
purchase a stated number of shares of Common Stock, at a stated purchase price, on such terms and conditions as may be specified in connection with the grant of such award, including the requirement that, as a condition to the grantee’s
purchase of any shares of Common Stock upon exercise of such right, the grantee enter into (or have previously entered into) a subscription and shareholders’ agreement, substantially in the form hereof or such other form as the Board of
Directors may approve from time to time. 

     “IPO” means an initial registered public offering of equity securities of the Company or any of its subsidiaries. 

     “Market Value” means, as of the applicable date of determination, the fair market value of a share of Common Stock, as determined
by the Board of Directors, in good faith, based on such factors as the Board of Directors deems appropriate; provided that, following a 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 of Common Stock, 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 shares of Common Stock are then listed for trading or the principal interdealer quotation system on which shares of Common Stock are then quoted for trading, as the case may be (or, if shares of Common Stock are not traded or
quoted on such day, on the last day shares of Common Stock are traded on such exchange or quoted on such interdealer system, as the case may be). 

     “Option” means an award granted under the Equity Incentive Plan pursuant to which the grantee may purchase a stated number of
shares of Common Stock, for a stated exercise price and during a specified exercise period, on such terms and conditions as may be specified in connection with such grant. 

4

  

  

     “Person” means an individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated
organization or a government or any agency or political subdivision thereof. 

     “Postponement Period” has the meaning set forth in Section 5.5(e) . 

     “Proposed Transfer” has
  the meaning set forth in Section 5.2(a) .

     “Proposed Transferee” has the meaning set forth in Section 5.2(a) .

     “Public Offering” means the effective date of a registration statement (other than a registration statement on Form S-4 or S-8, or
any successor form) filed in connection with a registered public offering of equity securities of the Company following which at least 15% of the equity securities of the Company have been publicly distributed or sold or are being actively traded on
a national securities exchange or quoted on an interdealer quotation system. 

     “Purchased Senior Notes” has the meaning set forth in the recitals.

     “Purchaser Permitted Transferee” means, following the death of the Purchaser, the Purchaser’s estate or any other Person or
Persons to whom Company Shares shall have Transferred by operation of law pursuant to the Purchaser’s will or the laws of descent and distribution. 

     “Registration Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the rules
and regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in
such registration statement other than a registration statement (and related prospectus) filed on Form S-8 or any successor form thereto. 

     “Repurchase Period” has the meaning set forth in Section 5.5(c) .

     “Repurchase Price” has the meaning set forth in Section 5.5(b) . 

     “Retirement” means the Purchaser’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 of Directors. 

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the United States Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 

     “Selling Debt Sponsors” has the meaning set forth in Section 5.3(b) . 

     “Selling Equity Sponsors” has the meaning set forth in Section 5.3(a) .

5

  

  

     “Selling Sponsors” has the meaning set forth in Section 5.3(b) . 

     “Senior Notes” has the
  meaning set forth in the recitals. 

     “Sponsors” means, collectively, Bain, Goldman and TPG. 

     “Sponsor Shareholders Agreement” means the shareholders’ agreement among the Company, Burger King and the Sponsors, as the
same may be amended and in effect from time to time. 

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

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

     “TPG” means TPG BK Holdco LLC, a Delaware limited liability company and any of its Affiliates to whom Company Shares are
Transferred after the effective date of the Sponsor Shareholders Agreement. 

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

     “Without Cause” means the Purchaser’s Termination of Active Service by the Board of Directors, other than any such termination
by the Board of Directors for Cause or due to the Purchaser’s death, Disability or Retirement. 

     Section 1.2 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. 

6

  

  

ARTICLE II

SUBSCRIPTION FOR SHARES AND SENIOR NOTES;

PURCHASE
AND SALE 

     Section 2.1 Subscription for and Purchase of Shares and Senior Notes. (a) Subject to all of the terms and
conditions of this Agreement, the Purchaser hereby subscribes for and shall purchase, and the Company shall sell to the Purchaser, the Shares at a purchase price of $100.00 per Share, at the Closing provided for in Section 2.3 hereof.

     (b) Subject to all of the terms and conditions of this Agreement, the Purchaser hereby subscribes for and shall purchase, and, provided all
necessary consents have been provided to the Sponsors, the Company shall use its reasonable commercial efforts to cause one or more of the Sponsors identified by the Board of Directors to sell to the Purchaser, the Purchased Senior Notes, at the
Closing provided for in Section 2.3 hereof. 

     (c) Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to sell any Shares or to use its
reasonable commercial efforts to cause one or more of the Sponsors to sell any Purchased Senior Notes and the Sponsors shall have no obligation to sell any Purchased Senior Notes to (i) any Person who is not an member of the Board of Directors at
the time that such Shares and/or Purchased Senior Notes are to be sold or (ii) any Person who is a resident of a jurisdiction in which the sale of Shares or Purchased Senior Notes to him would constitute a violation of the securities, “blue
sky” or other laws of such jurisdiction.

     Section 2.2 Consideration. Subject to all of the terms and conditions of this Agreement, the Purchaser shall
deliver to the Company at the Closing referred to in Section 2.3 hereof immediately available funds in an amount equal to the aggregate purchase price for the Shares set forth on the signature page hereof and the aggregate adjusted issue price for
the Purchased Senior Notes set forth on the signature page hereof; provided that the Company and the Purchaser hereby acknowledge and agree that the Company shall accept the funds delivered by the Purchaser as consideration for the Purchased Senior
Notes on behalf of, and as agent and representative for, the Sponsor or Sponsors selling the Purchased Senior Notes to the Purchaser and the Company hereby further agrees to pay such funds (or cause such funds to be paid) to the selling Sponsor or
Sponsors on behalf of the Purchaser as soon as practicable following receipt by the Company of those promissory notes of such Sponsor or Sponsors evidencing, in whole or in part, any portion of the Purchased Senior Notes to be sold to the Purchaser
pursuant to this Agreement. 

     Section 2.3 Time and Place. Except as otherwise agreed by the Company and the Purchaser, the closing (the
“Closing”) of the transaction contemplated by this Agreement shall be held at the offices of Burger King, 5505 Blue Lagoon Drive, Miami, Florida at 10:00 A.M. (eastern daylight
time) on December 17, 2004. 

     Section 2.4 Delivery by the Company and the Sponsors. At the Closing, (i) the Company shall deliver to the
Purchaser a stock certificate registered in the Purchaser’s name and representing the Shares, which certificate shall bear the legend set forth in Section 3.8 and any 

7

  

  

other legend that the Company deems appropriate, and (ii) as agent and representative for and on behalf of the Sponsor or Sponsors that sell Purchased Senior Notes to the Purchaser, the Company shall deliver to the Purchaser a
promissory note evidencing the Purchased Senior Notes, payable to the Purchaser, as the payee thereunder, substantially in the form thereof included in the Offering Materials; provided however that, in the Company’s sole discretion, in lieu of
delivering a promissory evidencing the Purchased Senior Notes, the Company may deposit the funds delivered by the Purchaser as consideration for the Purchased Senior Notes in an interest bearing escrow account with a nationally recognized bank, as
escrow agent, pending delivery of such funds to the selling Sponsor or Sponsors on receipt by the Company of the promissory notes of such selling Sponsor or Sponsors evidencing, in whole or in part, any portion of the Purchased Senior Notes
purchased by the Purchaser hereunder. In such event, the terms of the escrow arrangement shall provide for (i) the release of the escrow funds (net of any accrued interest thereon) solely to the selling Sponsor or Sponsors upon and subject to
receipt by the escrow agent of written notice from the Company, acknowledged by the Purchaser, that the Company has delivered a promissory note evidencing the Purchased Senior Notes to the Purchaser, such funds to be released and paid to each
selling Sponsor in such amounts as the Company shall direct, and (ii) all interest earned on the escrow funds to accrue for the benefit of and be payable to the Purchaser at the time of release of the escrow funds (net of such accrued interest) to
the selling Sponsor or Sponsors. 

     Section 2.5 Delivery by the Purchaser. At the Closing, the Purchaser shall deliver to the Company the
consideration referred to in Section 2.2 hereof. 

ARTICLE III 

REPRESENTATIONS, WARRANTIES AND CERTAIN COVENANTS

     On the date hereof, the Purchaser hereby represents and warrants to the Company and acknowledges and agrees, as the case may be, as follows with respect to his subscription for and purchase of the
Shares and Purchased Senior Notes. As of the date of any subsequent subscription for and purchase or other acquisition of Company Shares, the Purchaser will be deemed to have repeated in its entirety each of the following representations,
warranties, acknowledgements and agreement as if made at and as of that time with respect to such subsequent subscription, purchase or other acquisition of Company Shares. 

     Section 3.1 Investment Intention. The Purchaser represents and warrants that he is acquiring the Shares and
the Purchased Senior Notes solely for his own account for investment and not with a view to or for sale in connection with any distribution thereof. The Purchaser further represents and warrants that any Company Shares subsequently acquired by the
Purchaser will be acquired by him solely for his own account and not with a view to or for sale in connection with any distribution of such Company Shares. 

     Section 3.2 Securities Law Matters. The Purchaser acknowledges receipt of advice from the Company that (i)
neither the Shares nor and the Purchased Senior Notes have been (and any Company Shares subsequently acquired by the Purchaser are not expected to be) registered under the Securities Act or any state or foreign securities or “blue sky”
laws, (ii) it is not anticipated that there will be any public market for the Company Shares, including the Shares, or 

8

  

  

the Purchased Senior Notes, (iii) the Shares (and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes must be held indefinitely and the Purchaser must continue to bear the economic risk of the
investment in the Shares (and any such Company Shares) and the Purchased Senior Notes unless the Shares (or such Company Shares) and/or Purchased Senior Notes are subsequently registered under the Securities Act and such state or foreign laws or an
exemption from registration is available, (iv) Rule 144 promulgated under the Securities Act (“Rule l44”) is not presently available with respect to sales of securities of the
Company and the Company has made no covenant to make Rule 144 available, (v) when and if the Shares (and any Company Shares subsequently acquired by the Purchaser) and/or the Purchased Senior Notes may be disposed of without registration in reliance
upon Rule 144, such disposition can generally 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 SEC or make information concerning the Company publicly
available, (vii) if the exemption afforded by Rule 144 is not available, sales of the Shares (and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes may be difficult to effect because of the absence of public
information concerning the Company, (viii) the Purchaser is an “Accredited Investor” as such term is defined in Section 501(a),(1), (2), (3), (4) and (7) of Regulation D under the Securities Act and has such knowledge and experience in
financial and business matters so as to be capable of evaluating the merits and risks of his investment in the Shares and Purchased Senior Notes, and such holder is capable of bearing the economic risks of such investment (ix) a restrictive legend
in the form set forth in Section 3.8 hereof shall be placed on the certificates representing the Shares (and any Company Shares subsequently acquired by the Purchaser), (x) a restrictive legend in the form set forth in the form of Senior Note
included with the Offering Materials shall be placed on the promissory note evidencing the Purchased Senior Notes and (xi) a notation shall be made in the appropriate records of the Company indicating that the Shares (and any Company Shares
subsequently acquired by the Purchaser) and the Purchased Senior Notes are subject to restrictions on transfer set forth in this Agreement and in the promissory note evidencing the Purchased Senior Notes and, if the Company should in the future
engage the services of a transfer agent, appropriate stop-transfer restrictions will be issued to such transfer agent with respect to the Shares (and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes, as
applicable. 

     Section 3.3 Compliance with Rule 144. If any of the Shares (or any Company Shares subsequently acquired by the
Purchaser) or Purchased Senior Notes are to be disposed of in accordance with Rule 144, the Purchaser shall transmit to the Company an executed copy of Form 144 (if required by Rule 144) no later than the time such form is required to be transmitted
to the SEC for filing and such other documentation as the Company may reasonably require to assure compliance with Rule 144 in connection with such disposition. 

     Section 3.4 Ability to Bear Risk. The Purchaser represents and warrants that (i) the financial situation of
the Purchaser is such that he can afford to bear the economic risk of holding the Shares (and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes for an indefinite period and (ii) he can afford to suffer the
complete loss of his investment in the Shares (and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes. 

9

     Section 3.5 Access to Information. The Purchaser represents and warrants that (i) he has carefully reviewed
the materials furnished to him in connection with the transaction contemplated hereby (or with respect to any subsequent acquisition of Company Shares by the Purchaser), (ii) he has been granted the opportunity to ask questions of, and receive
answers from, representatives of the Company concerning the terms and conditions of the purchase of the Shares (and any Company Shares subsequently acquired by the Purchaser) and/or the Purchased Senior Notes and to obtain any additional information
that he deems necessary to verify the accuracy of the information contained in such materials and (iii) his knowledge and experience in financial and business matters is such that he is capable of evaluating the risks of an investment in the Shares
(and any Company Shares subsequently acquired by the Purchaser) and the Purchased Senior Notes. 

     Section 3.6 Certain Restrictions on Transfer: Public Offerings; Compliance with Securities Laws. 

     (a) The Purchaser acknowledges that he shall not be permitted to, and hereby agrees that he will not, Transfer any Shares (or any Company
Shares subsequently acquired by the Purchaser) 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 in
connection with an underwritten public offering of any equity securities of the Company. 

     (b) The Purchaser further understands, acknowledges and agrees that none of the Shares (and no Company Shares subsequently acquired by the
Purchaser) may be Transferred unless (i) (A) such disposition is pursuant to an effective Registration Statement under the Securities Act, (B) the Purchaser 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 the Securities Act or (C) a no-action letter from the SEC, reasonably satisfactory to the Company, shall have been obtained
with respect to such disposition, and (ii) unless such disposition is pursuant to registration under any applicable state securities laws or an exemption therefrom. 

     (c) The Purchaser further understands, acknowledges and agrees that none of the Purchased Senior Notes may be Transferred except in accordance
with the terms thereof, as set forth in the promissory notes evidencing the Purchased Senior Notes and the applicable terms of this Agreement. 

     Section 3.7 Income Tax Liability; Section 83(b) Election. The Purchaser agrees that, within 20 days after his
purchase of the Shares (and within 20 days after his purchase of any Company Shares subsequently acquired by the Purchaser), he shall, or shall affirmatively decide not to, make an election pursuant to Section 83(b) of the Internal Revenue Code of
1986, as amended from time to time, or any successor thereto, with respect to the Shares purchased (and any Company Shares subsequently acquired by the Purchaser) and shall give notice to the Company of such election or decision. 

     The Purchaser further acknowledges and agrees that he will be solely responsible for any and all tax liabilities payable by him in connection with his purchase and receipt of the Shares 

10

  

  

(and any Company Shares subsequently acquired by the Purchaser) or attributable to his making or not making an election pursuant to Section 83(b) of the Internal Revenue Code and in connection with his purchase and receipt of the
Purchased Senior Notes and any principal or interest payable or accrued with respect thereto. 

     Section 3.8 Legends on Share Certificates. The Purchaser acknowledges that each certificate evidencing the
Shares (or any Company Shares subsequently acquired by the Purchaser) shall bear appropriate legends, which will include, without limitation, the following restrictive legends, either as an endorsement or on the face thereof: 

  
  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 AMONG 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. 

11

  

  

In the event that the restrictive legend set forth on any certificate evidencing Company Shares has ceased to be applicable, the Company shall provide the Purchaser, or his Purchaser Permitted Transferees, at their request,
without any expense to such Persons (other than applicable transfer taxes and similar governmental charges, if any), with new certificates for such securities of like tenor not bearing the legend with respect to which the restriction has ceased and
terminated. 

ARTICLE IV

VOTING AND OTHER ACTIONS

     Section 4.1 Manner of Voting Company Shares. With respect to any matter that is submitted to shareholders of
the Company for vote or for which the written consent or proxy of shareholders of the Company is solicited or requested, the Purchaser shall (i) vote all of his Company Shares on such matter in the same manner as the Sponsors vote fifty-one per cent
(51%) or more of the shares of Common Stock then collectively owned by the Sponsors with respect to such matter or (ii) provide a written consent or proxy for all of his Company Shares that has the same effect with respect to such matter as the
written consents and/or proxies delivered by the Sponsors for fifty-one per cent (51%) or more of the shares of Common Stock then collectively owned by the Sponsors with respect to such matter. 

     Section 4.2 Actions With Respect to Purchased Senior Notes. With respect to any matter that is submitted to
holders of the Senior Notes for consent, waiver or other consideration or for which consent, waiver or other consideration of holders of the Senior Notes is solicited or requested, the Purchaser shall consent to, waive or take such other action
concerning such matter with respect to all of the Purchased Senior Notes in a manner that has the same effect as the consents, waivers or other actions of Sponsors holding a majority or more in principal amount of the Senior Notes then collectively
owned by the Sponsors concerning such matter. 

     Section 4.3 Proxy. Solely for purposes of Section 4.1 and Section 4.2, and in order to secure the performance
of the Purchaser’s obligations under such Sections, the Purchaser hereby irrevocably appoints the Authorized Representatives the attorney-in-fact and proxy of the Purchaser (with full power of substitution) to (i) vote or provide a written
consent or proxy with respect to all of his Company Shares as described in this Section 4.3 if, and only in the event that, the Purchaser fails to vote or provide a written consent or proxy with respect to all of his Company Shares in accordance
with the terms of Section 4.1 and/or (ii) take such action with respect to all of the Purchased Senior Notes as described in this Section 4.3 if, and only in the event that, the Purchaser fails to consent, waive or take such action with respect to
the Purchased Senior Notes in accordance with the terms of Section 4.2. The Purchaser shall have five (5) Business Days from the date of a request for such (i) vote or written consent or proxy, in the case of his Company Shares or (ii) consent,
waiver or other action with respect to the Purchased Senior Notes to cure such failure. If after such cure period the Purchaser has not cured such failure, the Authorized Representatives shall have and is hereby irrevocably granted a proxy (i) to
vote or provide a written consent or proxy with respect to all of the Purchaser’s Company Shares for the purposes of taking the actions required by Section 4.1 and/or (ii) provide consent, waive or take such other action with respect to the
Purchased Senior Notes for the purposes of taking the actions required by Section 4.2. The Purchaser intends this proxy to be, and it shall be, irrevocable and coupled with an interest, and the Purchaser will take such further action and 

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execute such other instruments
as may be necessary to effectuate the intent of this proxy and hereby revokes
any proxy previously granted by him with respect to the matters set forth in
Section 4.1 with respect to the Company  Shares and/or Purchased Senior Notes
owned by the Purchaser. Notwithstanding the foregoing, the conditional proxy
granted by this Section 4.3 shall be deemed to be revoked upon the termination
of the provisions of this Article IV in accordance with  its terms. 

     Section 4.4 Termination of Voting Provisions. The provisions of this Article IV shall terminate and be of no
further force and effect (i) in the case of the Company Shares, upon the termination of the management provisions of the Sponsor Shareholder Agreement following an IPO and (ii) in the case of the Purchased Senior Notes, as and to the extent Sponsors
holding a majority or more in principal amount of the Senior Notes then collectively owned by the Sponsors may direct, in writing, from time to time. 

ARTICLE V

ADDITIONAL LIMITATIONS ON TRANSFER

     Section 5.1 Limitations on Transfer. 

     (a) Neither the Purchaser nor any of his heirs or representatives may Transfer any Company Shares, other than Transfers (i) pursuant to or
consequent upon the exercise of the tag or drag along rights set forth in Section 5.2 or 5.3 hereof, (ii) to the Company (or its designee) (x) upon exercise of its repurchase right under Section 5.5 hereof or (y) in satisfaction of all or a portion
of the option exercise price payable by the Purchaser upon his exercise vested Options in accordance with Section 5.6 hereof or (iii) subject to Section 5.4, to a Purchaser Permitted Transferee upon the death of the Purchaser; provided in the case of any Transfer to a Purchaser Permitted Transferee that the Company shall have been furnished with written notice thereof and with a copy of the will and/or such evidence as the
Company may request to establish the validity of the Transfer. 

     (b) Neither the Purchaser nor any of his heirs or representatives may Transfer any Purchased Senior Notes, other than Transfers (i) with and to
the extent of the prior written consent of the Company, (ii) pursuant to or consequent upon the exercise of the drag along rights set forth in Section 5.3 hereof, (iii) to the Company (or its designee) upon exercise of the repurchase right under
Section 5.5 hereof or (iv) subject to Section 5.4, to the estate of the Purchaser upon the death of the Purchaser; provided in the case of any Transfer to the estate of the Purchaser that
the Company shall have been furnished with written notice thereof and such evidence as the Company may request to establish the validity of the Transfer, including the due appointment of the executor or administrator of the Purchaser’s estate.

     (c) In the event of a purported Transfer by the Purchaser of any Company Shares or Purchased Senior Notes in violation of the provisions of
this Agreement, such purported Transfer will be void and of no effect, and the Company will not give effect to such Transfer. 

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     Section 5.2 Tag Along Rights with respect to Company Shares.

       (a) In
  the case of a proposed Transfer (a “Proposed Transfer”) by a Sponsor
  (a “Transferring
Sponsor”) of shares of Common Stock representing 20% or more of the then outstanding shares of Common Stock, other than (i) to the Company, (ii) to a “permitted transferee” of
such Sponsor (within the meaning of the Sponsor Shareholders Agreement), (iii)
pursuant to or consequent upon the exercise of the drag along rights set forth
in Section 5.3 or (iv) in connection with any public offering of equity securities
of the Company, the Purchaser shall have the right (exercisable in accordance
with paragraph 5.2(b)) to require the Transferring Sponsor to cause the proposed
Transferee (a “Proposed Transferee”) to purchase
from the Purchaser up to a number of Company Shares equal to the product of (A)
the total number of shares of Common Stock proposed to be Transferred by the
Transferring Sponsor multiplied by (B) a fraction, the numerator of which
is the aggregate number of Company Shares then owned by the Purchaser and the
denominator of which is the aggregate number of shares of Common Stock then owned
by the Sponsors, the Purchaser and each other shareholder of the Company eligible
to exercise substantially similar tag-along rights with respect to the Proposed
Transfer; provided, however, that the Purchaser’s right under this Section
5.2(a) is subject to the determination by the Company that his participation
in the Proposed Transfer on the same terms and conditions as the Transferring
Sponsor complies with all applicable Federal, state and non-U.S. securities laws
or applicable exemptions therefrom. 

     (b) Promptly upon receipt thereof, the Company shall give to the Purchaser copies of any written notices, transaction documents and other
written information with respect to a Proposed Transfer delivered pursuant to the Sponsor Shareholders Agreement by the Transferring Sponsor to the other Sponsors in connection with such Proposed Transfer, including any written notice from the
Transferring Sponsor setting forth the number of shares of Common Stock proposed to be Transferred in the Proposed Transfer, the name and address of the Proposed Transferee, the proposed amount and form of consideration (and, if such consideration
consists in part or in whole of property other than cash, any information provided by the Transferring Sponsor at the request of the other Sponsors relating to such non-cash consideration), and other terms and conditions of payment offered by the
Proposed Transferee. The tag-along rights provided by this Section 5.2 must be exercised by the Purchaser within five (5) Business Days following receipt by the Purchaser of the first notice delivered to him by the Company with respect to the
Proposed Transfer, by delivery of a written notice to the Company and the Transferring Sponsor indicating his desire to exercise his tag-along rights and specifying the number of Company Shares he desires to Transfer in the Proposed Transfer.

     (c) Any Transfer of Company Shares by the Purchaser to a Proposed Transferee pursuant to this Section 5.2 shall be on the same terms and
conditions (including, without limitation, price, time of payment and form of consideration) as to be paid to the Transferring Sponsor; provided that in order to be entitled to exercise his
tag along right pursuant to this Section 5.2, the Purchaser must agree to make to the Proposed Transferee representations, warranties, covenants, indemnities and agreements the same mutatis mutandis as those made by the Transferring Sponsor in
connection with the Proposed Transfer (other than any non-competition or similar agreements or covenants that would bind the Purchaser), and agree to the same conditions to the Proposed Transfer as the Transferring Sponsor agrees, it being
understood that all such representations, warranties, covenants, indemnities and agreements shall be made by

14

  

  

the Transferring Sponsor, the
Purchaser and any other shareholder of the Company exercising similar tag-along
rights severally and not jointly and that, except with respect to individual
representations, warranties, covenants,  indemnities and other agreements of
the Purchaser as to the unencumbered title to his Company Shares and the power,
authority and legal right to Transfer such Company Shares, the aggregate amount
of the liability of the Purchaser shall not exceed  either (i) the Purchaser’s
pro rata portion of any such liability to be determined in accordance with the
Purchaser’s portion of the total number of shares of Common Stock included
in such Transfer or (ii) the proceeds to the Purchaser in  connection with such
Transfer. The Purchaser shall be responsible for his proportionate share of the
costs of the Proposed Transfer to the extent not paid or reimbursed by the Proposed
Transferee or the Company.

     Section 5.3 Drag Along Rights with respect to Company Shares and Purchased Senior Notes. 

       (a) If
  Sponsors holding, in the aggregate, at least sixty percent (60%) of the shares
  of Common Stock owned by the Sponsors from time to time (the “Selling Equity Sponsors”)
  agree to enter into a transaction (a “Drag-Along Equity
Disposition”) which would result in the Transfer of at least fifty-one
percent (51%) of the aggregate shares of Common Stock then outstanding to a non-Affiliate
third party (the “Drag-Along Equity Buyer”) and the Selling Equity Sponsors direct the Company to exercise its rights under this Section 5.3(a), the Company shall deliver to the Purchaser promptly upon receipt thereof
from the Selling Equity Sponsors copies of any written notice(s) delivered by the Selling Equity Sponsors to the other Sponsors pursuant to the Sponsor Shareholder Agreement with respect to the Drag-Along Equity Disposition, together with the
Company’s written notice stating that the Company wishes to exercise its
right hereunder with respect to such Drag-Along Equity Disposition (a “Drag-Along Equity Notice”), including copies
of any written notice from the Selling Equity Sponsors setting forth the name
and address of the Drag-Along Equity Buyer, the number of shares of Common Stock
proposed to be Transferred, the proposed amount and form of the consideration,
and all other material terms and conditions offered by the Drag-Along Equity
Buyer. 

     (b) If Sponsors holding, in the aggregate, at least sixty percent (60%) in principal amount of the outstanding Senior Notes owned by the
Sponsors from time to time (the “Selling Debt Sponsors” and, together with the Selling Equity Sponsors, the “Selling Sponsors”) agree to enter into a transaction (a “Drag-Along Debt Disposition” and, together with a Drag-Along Equity Disposition, a “Drag-Along Disposition”) which would result in the Transfer of at least a majority in principal amount of the outstanding Senior Notes then owned by the Sponsors to a non-Affiliate third party (the
“Drag-Along Debt Buyer” and, together with the Drag-Along Equity Buyer, the “Drag-Along Buyer”) and the Selling
Debt Sponsors direct the Company to exercise its rights under this Section 5.3(b), the Company shall promptly deliver to the Purchaser the Company’s written notice stating that the Company wishes to exercise its right hereunder with respect to
such Drag-Along Debt Disposition (a “Drag-Along Debt Notice” and, together with a Drag-Along Equity Notice, a “Drag-Along Notice”), including copies of any written notice
received by the Company from the Selling Debt Sponsors setting forth the name and address of the Drag-Along Debt Buyer, the aggregate principal amount of the Senior Notes proposed to be Transferred, the proposed amount and form of the consideration,
and all other material terms and conditions offered by the Drag-Along Debt Buyer. 

15

  

  

     (c) Upon delivery of a Drag-Along Notice, the Purchaser shall be required to Transfer that percentage of the Company Shares and/or Purchased
Senior Notes then owned by him equal to the percentage of shares of Common Stock or of the principal amount of Senior Notes then held by the Selling Sponsors which is being Transferred to the Drag-Along Buyer, as the case may be, upon the same terms
and conditions (including, without limitation, as to price, time of payment and form of consideration) as agreed by the Selling Sponsors and the Drag-Along Buyer, and shall make to the Drag-Along Buyer representations, warranties, covenants,
indemnities and agreements comparable to those made by the Selling Sponsors in connection with the Transfer (other than any non-competition or similar agreements or covenants that would bind the Purchaser), and shall agree to the same conditions to
the Transfer as the Selling Sponsors agree, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be made by each Selling Sponsor, the Purchaser and any other shareholder of the Company
participating in the Drag-Along Disposition severally and not jointly and that, except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Purchaser as to the unencumbered title to his Company
Shares and/or Purchased Senior Notes and the power, authority and legal right to Transfer such Company Shares and/or Purchased Senior Notes, as the case may be, the aggregate amount of the liability of the Purchaser shall not exceed either (i) the
Purchaser’s pro rata portion of any such liability, to be determined in accordance with the Purchaser’s portion of the total number of shares of Common Stock or principal amount of Senior Notes included in such Transfer, as the case may
be, or (ii) the proceeds to the Purchaser in connection with such Transfer. 

     (d) In the event that any such Transfer is structured as a merger, consolidation, or similar business combination, the Purchaser agrees to (i)
vote his Company Shares in favor of the transaction, (ii) take such other action with respect to his Company Shares and/or Purchased Senior Notes as may be required to effect such transaction (subject to Section 5.3(c)), and (iii) take all action to
waive any dissenters, appraisal or other similar rights attached to his Company Shares and/or Purchased Senior Notes with respect thereto. 

     (e) If the Purchaser fails to deliver to the Drag-Along Buyer the certificate or certificates evidencing his Company Shares or the promissory
note or notes evidencing his Purchased Senior Notes to be sold pursuant to this Section 5.3, as the case may be, the Company may, at its option, in addition to all other remedies it may have, request the Selling Sponsors to deposit the purchase
price (including any promissory note constituting all or any portion thereof) for such Company Shares or Purchased Senior Notes with any national bank or trust company having combined capital, surplus and undivided profits in excess of $100
million (the “Escrow Agent”), and the Company shall cancel on its books the certificate or certificates representing such
Company Shares and/or the notes representing such Purchased Senior Notes and thereupon all of such Purchaser’s rights in and to such Company Shares or Purchased Senior Notes, as the case may be, shall terminate. Thereafter, upon delivery to the
Company by the Purchaser of the certificate or certificates evidencing such Company Shares (duly endorsed, or with stock powers duly endorsed, for transfer, with signature guaranteed, free and clear of any liens or encumbrances, and with any stock
transfer tax stamps affixed) or promissory note or notes evidencing such Purchased Senior Notes, as the case may be, the Company shall notify the Selling Sponsors to instruct the Escrow Agent to deliver the purchase price (without any interest from
the date of the closing to the date of such delivery, any such interest to accrue to the Company) to the Purchaser. 

16

     Section 5.4 Rights and Obligations of Transferees of Company Shares or Purchased Senior Notes. Any Transfer of Company Shares and/or Purchased Senior Notes by the Purchaser to any Person other than a Sponsor or the Company, which Transfer is otherwise in compliance herewith, shall be
permitted hereunder only if the Transferee of such Company Shares and/or Purchased Senior Notes, as the case may be, agrees in writing that it shall, upon such Transfer, assume with respect to such Company Shares and/or Purchased Senior Notes, as
the case may be, the Purchaser’s obligations under this Agreement and become, for such purpose, a party to this Agreement and any other agreement or instrument executed and delivered by the Purchaser in respect of the Company Shares and/or
Purchased Senior Notes, as the case may be. 

     Section 5.5 Certain Rights of the Company upon Termination of Active Service; Company Shares and Purchased Senior Notes.

     (a) Company’s Repurchase Right following Termination of Active Service. Following the Purchaser’s
Termination of Active Service for any reason, the Company (or its designee) shall have the right (but not the obligation) to repurchase all or any portion of the Company Shares and/or all or any percentage of the Purchased Senior Notes then held by
the Purchaser (or any Purchaser Permitted Transferee), including (i) Company Shares purchased prior to the Termination Date upon exercise of Investment Rights or vested Options, (ii) Company Shares purchased on or after the Termination Date upon
exercise of vested Options and (iii) Purchased Senior Notes purchased pursuant to this Agreement.

     (b) Repurchase Price. The repurchase price (“Repurchase Price”) for Company Shares and/or Purchased
Senior Notes repurchased by the Company (or its designee) following the Purchaser’s Termination of Active Service shall vary depending upon the time and circumstances of the Purchaser’s Termination of Active Service, as follows: 

	Type of

    Termination	Company Shares

    Purchased
    on

    Exercise of Vested

    Options	Company Shares

    Purchased
    on Exercise of

    Investment Rights	Percentage of Purchased

    Senior
    Notes
	Without Cause	Market Value	Market Value	Applicable percentage of unpaid
        principal amount then outstanding plus
        all accrued and unpaid interest
    on such principal amount then outstanding

  17

  

  

	Type of

    Termination	Company Shares

      Purchased on

      Exercise of Vested

    Options	Company Shares

      Purchased on Exercise of

    Investment Rights	Percentage of Purchased

      Senior Notes
	Resignation by
    the Purchaser	Lesser of (i) Market Value
        and (ii) corresponding Option exercise
        price plus simple interest at 8% per
    annum	Resignation prior to second
          anniversary of grant date of Investment Rights,
          the lesser of (i) Market Value and (ii)
          the original purchase price for the
          Company Shares 

      Resignation after second anniversary,
    Market Value
	Applicable percentage of then
        outstanding unpaid principal amount
    only
	Due to Death, Disability or Retirement	Market Value	Market Value	Applicable percentage of unpaid
        principal amount then outstanding plus
        all accrued and unpaid interest
    on such principal amount then outstanding
	By the Board
        of Directors for
    Cause	Lesser of (i) Market Value
        and (ii) corresponding Option exercise
    price	Lesser of (i) Market Value and
        (ii) the original purchase price for
    the Company Shares	Applicable percentage of then
        outstanding unpaid principal amount
    only

In all cases, Market Value shall be determined as of the commencement date of the applicable Repurchase Period and, if applicable in the case of a repurchase of Company Shares purchased on exercise of vested Options, interest
shall be deemed to have accrued for the period from the date of grant of the corresponding Options to the commencement date of the applicable Repurchase Period. 

     (c) Repurchase Period. The Company shall be permitted to exercise its right to repurchase (or to cause its
designee to repurchase) Company Shares and/or Purchased Senior Notes, as the case may be, following the Purchaser’s Termination of Active Service during a period of six months, commencing on the applicable day specified below for the applicable
type of Company Shares or for the Purchased Senior Notes, as the case may be (the “Repurchase Period”); provided that the Repurchase Period shall expire as of any earlier day during the Repurchase Period that the Company delivers written notice to the Purchaser of its election to exercise (or decision not to
exercise) its repurchase right with respect to such Company Shares and/or Purchased Senior Notes, as the case may be: 

18

  

  

	Type
        of

        Termination	 Commencement Date:
	Company Shares Purchased on

      Exercise
    of Vested Options	Company Shares Purchased

      on
    Exercise of Investment

    Rights	Purchased

      Senior
    Notes
	Without Cause	The six-month anniversary of the
        later of (i) the Purchaser’s Termination
        Date and (ii) the date of the Purchaser’s
        last   purchase of Company Shares on
    exercise of Options	The six-month anniversary of
        the later of (i) thePurchaser’s
        Termination Date and (ii) the
        date of the Purchaser’s last
        purchase of Company Shares on exercise of
    Investment Rights	The Purchaser’s Termination Date
	Resignation by
    the Participant	The later of (i) the 91st day following
        the Purchaser’s Termination
        Date and (ii) the six-month anniversary
        of the Purchaser’s last purchase
        of Company Shares on exercise
    ofOptions	The later of (i) the 91st day following
        the Purchaser’s Termination Date
        and (ii) the six-month anniversary of the
        date of the Purchaser’s last purchase
        of Company Shares on exercise of Investment
    Rights	The Purchaser’s Termination Date
	Due to Death, Disability or Retirement	The later of (i) the Purchaser’s Termination
        Date and (ii) the six month anniversary
        of the date of the Purchaser’s
        or, if applicable, the Purchaser Permitted
        Transferee’s, last purchase of
    Company Shares upon exercise of Options	The Purchaser’s Termination Date	The Purchaser’s Termination Date
	By the Board
        of Directors for
    Cause	The date notice of termination is
    delivered to the Purchaser	The date notice of termination
    is delivered to the Purchaser	The date notice of
        termination is delivered to the
    Purchaser

  

     (d) Procedures;
  Closing of Repurchase.
  

        (i) Notice of Election. The Company shall be entitled to exercise its right to repurchase (or to cause its
    designee to repurchase) the Purchaser’s Company Shares and/or Purchased Senior Notes, as the case may be, by delivering written notice to the Purchaser, which notice specifies the number of Company Shares that it (or its designee) will
    repurchase and the Repurchase Price therefor and/or the percentage of Purchased Senior Notes that it (or its designee) will repurchase and the Repurchase Price therefor, as

19

  

  

   the case may be. Such notice of exercise may be delivered by the Company at any time during the Repurchase Period applicable to the Company Shares and/or Purchased Senior Notes subject to repurchase, as the case may be. 

        (ii) Closing of Repurchase. The closing of a repurchase of the Purchaser’s Company Shares and/or
  Purchased Senior Notes following the Purchaser’s Termination of Active Service shall take place at the principal office of the Company on the tenth Business Day following the date of delivery of written notice to the Purchaser of the
  Company’s election to repurchase (or to cause its designee to repurchase) such Company Shares and/or Purchased Senior Notes, as the case may be, unless specified otherwise in such notice. At the closing, the Purchaser shall deliver to the
  Company (or its designee) (i) (x) the stock certificates representing the Company Shares to be purchased, duly endorsed in blank or accompanied by stock powers duly executed in blank, and/or (y) the certificate representing the Purchased Senior
  Notes, as the case may be, and (ii) such other instruments or documents as the Company may request, signed by the Purchaser, free and clear of all security interests, liens, claims, encumbrances, charges, options, restrictions on transfer, proxies
  and voting and other agreements of whatever nature. Subject to Section 5.5(e), payment of the Repurchase Price shall be made by the Company (or its designee) at the closing in cash, by delivery of a Promissory Note or partly by delivery of a
  Promissory Note, with the balance paid in cash. 

     (e) Delay of Repurchase. Notwithstanding any other provision of this Agreement, (i) the Company shall be
permitted to delay the repurchase of Company Shares and/or Purchased Senior Notes pursuant to Section 5.5 hereof in the event that any such repurchase (or the payment of the Repurchase Price in connection with any such repurchase) would result in a
violation of the terms or provisions of, or a default or an event of default under, any credit, loan, guarantee, financing or security or other similar agreement by which the Company or any member of the Company Group is bound as of any date in the
period beginning on the Purchaser’s Termination Date and ending on the last day of the applicable Repurchase Period (such agreements and documents, as each may be amended, modified or supplemented from time to time, are referred herein as the
“Financing Agreements”). In any such event, such repurchase will be postponed (any such period of postponement referred to as the “Postponement
Period”) and will be effected without the application of further conditions or impediments at the first opportunity thereafter when such repurchase (and the payment of the Repurchase Price) will not result in any
default, event of default or violation under any of the Financing Agreements, and the Repurchase Price for such Company Shares and/or Purchased Senior Notes, as the case may be, shall be increased by interest thereon for the Postponement Period at
an annual rate equal to two percentage points greater than the LIBOR rate in effect as of the first day of the calendar month commencing coincident with or immediately prior to the Postponement Period.

     (f) Additional Rights With Respect to Purchased Senior Notes. Any repurchase rights in this Agreement in
respect of the Purchased Senior Notes are in addition to any rights the Company has to prepay the Purchased Senior Notes under the promissory notes evidencing the Purchased Senior Notes. 

     Section 5.6 Payment of Option Exercise Price or Tax Withholding Amount. Solely if and to the extent the
Purchaser receives all necessary approvals and consents in connection with 

20 

the exercise by the Purchaser of any vested Options to pay all or a portion of the option exercise price in respect of such exercise by tendering Company Shares to the Company, the Purchaser shall be permitted to Transfer a number
of whole Company Shares to the Company having an aggregate Market Value as of the date of the proposed exercise equal to the portion of the option exercise price for which all necessary consents and approvals have been obtained, as determined by the
Board of Directors, provided that (i) any such Company Shares Transferred to the Company shall have owned by the Purchaser on an unconditional basis for at least six months prior to the date of the proposed exercise and (ii) any such Transfer
complies with all of the terms and provisions of the Equity Incentive Plan and any agreement with the Company or Burger King evidencing the Options to be exercised. 

     Section 5.7 Power of Attorney. Solely for purposes of Section 5.3 and 5.5, in order to secure the performance
of the Purchaser’s obligations under such Sections, the Purchaser hereby irrevocably appoints each of the Authorized Representatives the attorney-in-fact and proxy of the Purchaser (with full power of substitution) to (i) vote or provide a
written consent with respect to the Company Shares and/or take any other action with respect to the Company Shares and/or Purchased Senior Notes as described in this paragraph if, and only in the event that, the Purchaser fails to vote, provide a
written consent or take such other action with respect to the Company Shares and/or Purchased Senior Notes in accordance with the terms of Section 5.3(d) within three (3) days of a request for such vote, written consent or other action and (ii)
Transfer any Company Shares and/or Purchased Senior Notes, as the case may be, required to be Transferred by the Purchaser pursuant to Section 5.3 or 5.5, as the case may be, and to execute and deliver on behalf of the Purchaser any and all
documents any Authorized Representative deems necessary or appropriate to effect any such Transfer, if, and only in the event that, the Purchaser fails to Transfer such Company Shares and/or Purchased Senior Notes or execute any such document at the
time and on and the terms and conditions set forth in Section 5.3 or 5.5, as the case may be. Upon any such failure, the Authorized Representatives shall have and are hereby irrevocably granted (i) a proxy to vote or provide a written consent with
respect to the Purchaser’s Company Shares and/or Purchased Senior Notes for the purposes of taking the actions required by Section 5.3(d) or Transferring any such Company Shares and/or Purchased Senior Notes pursuant to Section 5.3 or 5.5, as
applicable, and (ii) a power of attorney to execute and deliver on behalf of the Purchaser any and all documents any Authorized Representative deems necessary or appropriate to effect any such vote or written consent, Transfer or other action. The
Purchaser intends this proxy and power of attorney to be, and it shall be, irrevocable and coupled with an interest, and the Purchaser will take such further action and execute such other instruments as may be necessary to effectuate the intent of
this proxy and power of attorney and hereby revokes any proxy or power of attorney previously granted by him with respect to the matters set forth in this Section 5.7. Notwithstanding the foregoing, the conditional proxy and power of attorney
granted by this Section 5.7 shall be deemed to be revoked upon the termination of this Article V in accordance with its terms. 

     Section 5.8 Termination of Transfer Restrictions. The provisions of this Article V shall terminate and be of
no further force and effect (i) in the case of the Company Shares, upon the consummation of a Public Offering and (ii) in the case of the Purchased Senior Notes, as and to the extent Sponsors holding fifty-one per cent (51%) or more in principal
amount of the Senior Notes then collectively owned by the Sponsors may direct, in writing, from time to time. 

21

ARTICLE VI

GENERAL PROVISIONS

     Section 6.1 Merger with Burger King. In the event of any merger, statutory share exchange or other business
combination of the Company with Burger King or any of Burger King’s subsidiaries, (i) the Purchaser and Burger King (or, if different, the surviving entity of the merger) shall execute a shareholders’ agreement with terms that are
substantially equivalent to this Agreement, including, without limitation, terms relating to the Purchased Senior Notes; provided that such shareholders’ agreement shall terminate upon
the same terms and conditions as provided herein, and (ii) the Company shall distribute any securities issued to the Company pursuant to such merger to the Purchaser pro rata in accordance with the percentage of the outstanding shares of Common Stock represented by the Company Shares then owned by the Purchaser, determined on a fully diluted basis. 

     Section 6.2 Waiver by Purchaser. The rights and obligations contained in this Agreement are in addition to the
relevant provisions of the Articles in force from time to time and shall be construed to comply with such provisions. To the extent that this Agreement is determined to be in contravention of the Articles, this Agreement shall constitute a waiver by
the Purchaser, to the fullest extent permissible under applicable laws, of any right the Purchaser may have pursuant to the Articles that is inconsistent with this Agreement. 

     Section 6.3 Assignment; Benefit. 

     (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto except as
provided under Article 5. Any assignment of rights or obligations in violation of this Section 6.3 shall be null and void. 

     (b) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted
assigns, and, except as provided in Section 6.8, there shall be no third-party beneficiaries to this Agreement.

     Section 6.4 Publicity and Confidentiality. The Purchaser shall keep confidential this Agreement and the
transactions contemplated hereby and shall not disclose, issue any press release or otherwise make any public statement in connection therewith without the prior written consent of the Company, unless so required by applicable law or any
governmental authority; provided that no such written consent shall be required (and the Purchaser shall be free to release such information) for disclosures to the Purchaser’s
advisors, accountants or attorneys, so long as such persons agree to keep such information confidential. 

     Section 6.5 Termination.

     (a) Article IV of this Agreement shall terminate as set forth in Section 4.3. Article V of this Agreement shall terminate as set forth in
Section 5.8. The remainder of this Agreement shall terminate automatically (without any action by any party hereto) upon an IPO of the Company, provided that Article VI shall survive such
termination in accordance with the terms hereof and Section 3.6 shall survive such termination indefinitely. 

22

  

  

     (b) Upon termination of this Agreement, unless otherwise agreed, at the request of the Company, the Purchaser shall take all necessary action
to amend the Articles to remove any provisions that are in such documents solely due to the existence of this Agreement. 

     Section 6.6 Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 

     Section 6.7 Entire Agreement; Amendment. (a) This Agreement (together with the promissory note evidencing the
Purchased Senior Notes, solely in the case of the Purchased Senior Notes) sets forth the entire understanding and agreement between the parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding,
agreement or statement of intent, in each case written or oral, of any kind and every nature with respect hereto. No provision of this Agreement may be amended, modified or waived in whole or in part at any time without an agreement in writing
executed by each of the parties hereto and, in the case of any amendment to any provision of Article V, without the written consent of Sponsors holding a majority of the shares of Common Stock then owned in the aggregate by the Sponsors.

     (b) No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and
executed and delivered by the party against whom such waiver is claimed and, in the case of a waiver of any of the provisions of Article V, is consented to, in writing, by Sponsors holding a majority of the shares of Common Stock then owned in the
aggregate by the Sponsors. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as
otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof,
nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

     Section 6.8 Third Party Beneficiary Rights of the Sponsors. Notwithstanding any other provision of this
Agreement, each of the Sponsors shall have the rights of a third party beneficiary in law and in equity to enforce the provisions of (i) Articles IV and V and Sections 6.10, 6.11, 6.12, 6.13 and 6.14 of this Agreement and (ii) solely with respect to
the Purchased Senior Notes, Articles II and III, in each case, as if each Sponsor was the Company and a party to this Agreement. 

     Section 6.9 Counterparts. This Agreement may be executed in any number of separate counterparts each of which
when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

     Section 6.10 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 

23

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

	 	if to the Purchaser, to the address
    set forth on the signature page hereof.
	 	 	 
	 	if to the Company: 
	 	 	Burger King Holdings Inc. 

301 Commerce Street

Suite 3300

Fort Worth, Texas 76102

    Attention: Richard A. Ekleberry, Esq.

Telephone: 817-871-4080

Fax: 817-871-4088

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

One Liberty Plaza

New York, NY 10006

Attention: Michael L. Ryan, Esq. 

                  Michael
A. Gerstenzang, Esq.

Telephone: 212-225-2000

Fax: 212-225-3999

E-mail: mryan@cgsh.com

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

One Whopper Way

Miami, FL 33126 

    Attention: Executive Vice President-Human
    Resources

                   General
Counsel

Telephone: 305-378-7515

                    305-378-7213

Fax: 305 378 7112

        305-378-3330

E-mail: scerrone@whopper.com 

             eromero@whopper.com 

Copies (which shall not constitute notice) of any notice or other written communication given under this Agreement with respect to any of the provisions of Article V shall also be given to:

24

  

  

	 	 	Texas Pacific Group

301 Commerce Street

Suite 3300

Fort Worth, Texas 76102

    Attention: Richard A. Ekleberry, Esq.

Telephone: 817-871-4080

Fax: 817-871-4088

E-mail: rekleberry@texpac.com  
	 	 	 
	 	 	GS Capital Partners 2000, L.P. 

c/o Goldman Sachs & Co. 

85 Broad Street 

New York, NY 10004

Attention: Adrian Jones

                  Ben
Adler

Telephone: 212-902-1000

Fax: 212-902-3000

E-mail: Adrian.Jones@gs.com

            Ben.Adler@gs.com
	 	 	 
	 	 	Bain

    111 Huntington Avenue

Boston, MA 02199

Attention: Phil Loughlin

Telephone: 617-516-2000

Fax: 617-516-2010 

    E-mail: ploughlin@baincapital.com  

     Section 6.11 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 6.12 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 OR (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 6.13 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE
PURCHASER WAIVES, AND COVENANTS THAT THE PURCHASER 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 

25

  

  

AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH THE DEALINGS OF THE PURCHASER, THE COMPANY, BURGER KING OR ANY SPONSOR 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, Burger King and any Sponsor may file an original counterpart or a copy of this Section 6.13 with any court as written evidence of the consent of the Purchaser to the waiver of his right to
trial by jury. 

     Section 6.14 Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure
in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be irreparably damaged and will not
have an adequate remedy at law. Any such party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific performance, to enforce such obligations,
without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

     Section 6.15 Burger King Liability. Burger King agrees that it shall be jointly and severally liable with the
Company with respect to all of the Company’s payment and other obligations hereunder.

     Section 6.16 Subsequent Acquisition of Company Shares. Any securities of the Company acquired subsequent to
the date hereof by the Purchaser shall be subject to the terms and conditions of this Agreement and such shares shall be considered to be “Company Shares” as such term is used herein for purposes of this Agreement.

26

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written. 

	 	 	BURGER KING HOLDINGS, INC.  
	 	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	BURGER KING CORPORATION  
	 	 	 
	 	 	By:	 
	 	 	 	

	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	THE PURCHASER  
	 	 	 	 
	 	 	By:	 
	 	 	 	

	Number of Shares of  	 	Name:	 
	Common Stock:  	 	 	 
	 	 	 	 	 
	Aggregate Exercise Price:  	ADDRESS:  	 
	 	 	 
	 Aggregate
          adjusted issue price for Purchased

    Senior Notes:

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