Document:

Exhibit 10.28 

SEPARATION AND CONSULTING SERVICES AGREEMENT

     This Separation and Consulting Services Agreement (this “Agreement”), dated April 6, 2006, is
entered into by and between Burger King Corporation (the “Company”), and Greg Brenneman (“you”). 

     1. Separation from Employment. 

          (a) This Agreement memorializes your resignation from the position of Chief Executive Officer of the Company, effective as of April 7, 2006 (the “Date of Termination”), and our agreement as to the benefits and obligations associated with your separation, based on the provisions of Section 9(f)(i) of your Employment Agreement,
dated as of September 27, 2004 (the “Employment Agreement”). Prior to the Date of Termination, your Employment Agreement shall govern your employment. Capitalized terms used but not defined herein shall have the meaning ascribed to such
terms in the Employment Agreement. 

          (b) Consulting Services. From April 8, 2006 through June 30, 2006 (or such earlier date as
provided in this Section 1(b)) (the “Consulting Term”), you will provide such consulting services as the Company’s Board of Directors (the
“Board”) shall reasonably request from time to time, including without limitation assistance regarding the transition of the new Chief Executive Officer of
the Company (the “Consulting Services”); provided, that, notwithstanding
the foregoing, the Consulting Term may be terminated by either party at any time upon notice to the other party. You will at all times be an independent contractor of the Company and shall have no authority to bind the Company in any matter without
the prior written consent of the Board. During the Consulting Term, you will be paid your current base salary, payable in accordance with the Company’s regular payroll practices. 

          (c) Waiver of Notice. Each of the parties hereto waives such party’s right to any notice
under Section 9(e)(ii) of your Employment Agreement (the “Notice Period”). 

     2. Separation Benefits. Without admission of any
liability and in exchange for the release and your obligations under Sections 4 and 10 through 12 (inclusive) of this Agreement, the Company agrees to provide you with the following payments and benefits in full satisfaction of any obligations it
may have to you under the Employment Agreement (the “Separation Benefits”): 

          (a) Continued payment of your current base salary of $1,030,000 payable in installments in accordance with the Company’s regular payroll policies for the period beginning on the
last day of the Consulting Term and ending on the third anniversary of the Consulting Term; provided, however, that upon your request and so long as any such payment would be consistent with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), any amounts not then paid pursuant to this Section 2(a) shall be paid to you on April 2, 2007. 

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          (b) Payment of your Annual Incentive Compensation in an amount equal to $2,060,000, payable at the same time as Annual Bonus payments for this fiscal year are actually paid by the
Company to its active executives. 

          (c) Notwithstanding the foregoing, in the event of an initial public offering of the Company’s common stock on or prior to the last day of the Consulting Term, any payments under
paragraph (a) or (b) above may be delayed to the extent necessary to comply with Section 409A of the Code with respect to “specified employees” (as such term is defined in Section 409A of the Code). Any such delayed or suspended payment(s)
shall be paid as soon as administratively feasible thereafter and all other such payment(s) shall resume as scheduled. 

          (d) The Company agrees to accelerate the vesting of the next tranche of the options (the “Options”), granted to you pursuant to the Management Stock Option Agreement dated as of August 1, 2004 (the “Option Agreement”), by and
among you, Burger King Holdings, Inc. (“Holdings”) and the Company and pursuant to the Holdings Equity Incentive Plan (the “Equity Plan”), that are scheduled to vest on August 1, 2006, representing Options to purchase 22,968 shares of common stock of Holdings, par value $0.01 per share (the
“Shares”) (the “Accelerated Options”), such that the
Accelerated Options shall become vested as of the Date of Termination. Of these Accelerated Options, Options to purchase 17,972 Shares are Base Options and Options to purchase 4,996 Shares are Hurdle Options. The Accelerated Options, and the 22,968
Options that had vested on or before the Date of Termination in accordance with the terms of the Option Agreement (together, the “Vested Options”), shall
remain exercisable for one year following the Date of Termination. You agree that the remaining Options to purchase the 68,910 Shares will automatically terminate, expire and be cancelled on the Date of Termination without payment of any
consideration or other amount to you and any Vested Options not exercised by you within the one year period immediately following the Date of Termination will automatically terminate, expire and be cancelled on such one-year anniversary of the Date
of Termination. 

          (e) The Company shall provide the Continued Benefits until April 30, 2007, which may be provided by the Company by paying your COBRA premiums (less any amount you are obligated to pay
pursuant to the terms of your Employment Agreement and not to exceed the premiums, contributions and other co-payments required to be paid by active senior executives of the Company under the terms of such plans as may be in effect from time to
time). The foregoing notwithstanding, should you receive or be offered health or medical benefits coverage by a subsequent employer or Person for whom you perform services, all similar health and medical benefits coverage provided by the Company to
you shall immediately terminate. 

          (f) In the event that you relocate your primary residence from Miami, Florida to any one of one of the contiguous 48 states of the United States of America within 18 months of the Date of
Termination, the Company shall provide you with a one-time relocation benefit pursuant to the Company’s Domestic Relocation Policy Plan A without regard to any restrictions conditioned upon continued employment, to assist you in your
relocation. 

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     3. Other Payments & Benefits. 

          (a) Accrued Obligations. In accordance with the terms of the Employment Agreement, within thirty
(30) days of the Date of Termination, the Company shall pay to you all Accrued Obligations. 

          (b) Other Benefit Plans. All other benefits shall terminate effective on the Date of Termination,
including, without limitation:

	 	 	(i) 	401(k)
            Plan. Your contributions
            to, and the Company’s matching contributions on your behalf
            pursuant to, the Company’s Savings Plan (“401(k)”),
            will cease as of the Date of Termination. Detailed information regarding
            the treatment or continuation of your 401(k) account can be obtained
    by calling American Express Trust at 1-800-728-3123. 
	 	 	 	 
	 	 	(ii) 	Executive
            Retirement Program.
            You will retain your rights to any vested amounts under the Executive
            Retirement Program (“Retirement
            Program”), as of the
            last day of the Consulting Term, if any, in accordance with the terms
            of the Retirement Program, but additional accrual shall cease immediately
    as of your Date of Termination.
            Any such vested amounts will be distributed
            to you in accordance with the Retirement Program rules and will be
            subject to any applicable requirements of Section 409A of the Code.
            The Company shall use reasonable efforts to comply with Section 409A
            of the Code as to the timing, form and amount of any distribution
            to you under the Retirement Program, including the imposition of
            a six month delay or suspension (if applicable) of any distribution
    under the Retirement Program. 

          (c) Stock
Options and Other Equity Plan Benefits.
Except as provided in Section 4 below, your, the  Company’s and Holdings’ rights
and obligations with respect to any Shares currently held by you or purchased
by you upon exercise of the Options shall continue to be subject to the Management
Subscription and Shareholders’ Agreement,
dated as of August 1, 2004 by and among the Company, Holdings and you (the “Management
Shareholders’ Agreement”),
which shall continue in full force  and effect following the Date of Termination. 

          (d) Indemnity. Notwithstanding anything to the contrary herein, Section 18 of the Employment
Agreement is hereby included in the Agreement as if fully restated herein.

     4. Lock-up. You agree to be bound by the terms of the lock-up arrangements contained in the
Management Shareholders Agreement and to enter into and be bound by the terms of such other lock-up arrangement as the other senior

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executives of the Company may enter into in connection with a public offering of the Shares of Holdings or its Affiliates, if the underwriters so request as to you. In exchange therefor the Company agrees to waive its
right to exercise its repurchase right under Section 5.5 of the Management Shareholders’ Agreement with respect to any Shares purchased by you upon exercise of the Options and any other Shares you own outright. 

     5. Payments and Accord and Satisfaction. You agree that, other than as specifically set forth in
this Agreement, you are not due any compensation or benefits, including without limitation compensation for unpaid salary, unpaid bonus, commissions, severance, or accrued or unused vacation time or vacation pay, arising from or relating to your
employment with the Company or the termination of your employment. 

     6. General
Release of All Claims. In consideration
of the agreements set forth herein and other  good and valuable consideration,
you agree as follows: You, on your own behalf and on behalf of your successors,
heirs, beneficiaries, agents, assigns, and representatives (collectively, the “Releasors”)
voluntarily, knowingly, and willingly covenant not to sue or bring any action
or other proceeding of any nature against, and fully release, the Company, and
its parents,  subsidiaries, predecessors, affiliated entities, successors and
assigns, together with each of those entities' respective owners, officers, directors,
partners, shareholders, employees, agents, representatives, fiduciaries, franchisees
and  administrators (collectively, the “Releasees”),
from any and all known and unknown claims, complaints, causes of action, demands
or rights of any nature  whatsoever which any Releasor now has or in the future
may have against any Releasee (“Actions”) of whatever kind or nature arising out of any actions, inactions, conduct, decisions, behavior, or events
occurring on or prior to the date of this Agreement and the Date of Termination, whether known or unknown, including without limiting the generality of the foregoing, Actions under Title VII of the Civil Rights Act of 1964; the Age Discrimination in
Employment Act, as amended by the Older Workers’ Benefit Protection Act;
the Equal Pay Act; Section 1981 of the Civil Rights Act of 1866; the Civil Rights
Act of 1991; the Americans with Disabilities Act; the Family and Medical Leave
Act of 1993; the Florida Human Rights Act; any other federal, state, or local
law, regulation or ordinance; and any theory of libel, slander, breach of contract,
wrongful discharge, detrimental reliance, intentional infliction of emotional
distress, tort, or any other theory under the common law or in equity; and any
Actions for uncompensated expenses, severance pay, incentive pay, or any other
form of compensation or benefits. 

     7. No Admission of Wrongdoing. By entering into this Agreement, you agree that neither you nor the
Releasees admit any wrongdoing or violation of any law. The existence and execution of this Agreement shall not be considered, and shall not be admissible in any proceeding, as an admission by the Releasees of any liability, error, violation, or
omission. 

     8. No Other Claims. You affirm that you are not a party to, and have not filed or caused to be
filed, any claim, complaint, or action against any Releasee in any forum. You affirm that you have been paid and/or have received all leave (paid or unpaid), compensation, wages, bonuses, severance or termination pay, commissions, notice period,
and/or benefits under any benefit plan, program or policy of the Company or its

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affiliates to which you may be entitled, and that no other remuneration or benefits are due to you, except as provided in this Agreement. You furthermore affirm that you have no known workplace injuries or occupational
diseases and have been provided any and all leave requested under the Family and Medical Leave Act. You affirm that you have not complained of, and are not aware of, any fraudulent activity or any act(s) which would form the basis of a claim of
fraudulent or illegal activity by the Company and that you have disclosed to the Company any information you have concerning any conduct involving the Company, any of its affiliates or any of their respective employees that you have any reason to
believe may be unlawful. You hereby waive any right that you may have to reinstatement with Releasees. 

     9. Taxes. All payments and benefits under this Agreement shall be subject to applicable tax and
employment withholdings. It is the intention of the parties that all payments and benefits under this Agreement shall comply with Section 409A of the Code, and this Agreement shall be interpreted accordingly. 

     10. Cooperation. You agree to cooperate with the Company in its defense in any investigation,
litigation or administrative proceeding, including any charges or claims filed against it by current or former employees regarding matters occurring during your employment. The Company shall fully reimburse you for reasonable out-of-pocket expenses
incident to such cooperation provided they are properly documented. 

     11. Resignation From All Positions. In addition to your resignation as Chief Executive Officer and
notwithstanding the Consulting Services you may provide to the Company, this Agreement also represents your resignation from your position as a director and as Chairman of the Board of, and any other positions that you hold with, the Company,
Holdings and all of their subsidiaries or its affiliates, effective as of April 7, 2006. You agree to execute and return to the Company, on the Date of Termination, a letter in the form attached as Schedule 1, which separately confirms your
resignation from such positions and the Company shall issue a press release in the form attached as Schedule 2. 

     12. Restrictive Covenants. Sections 10 through 16 (inclusive) and Annex A of the Employment
Agreement are hereby included in the Agreement as if fully restated herein. 

     13. Breach of Agreements and Equitable Relief. A breach by you of any provision of Sections 4, 10,
11 and 12 of this Agreement shall be deemed a material breach of this Agreement and that remedies at law may be inadequate to protect the Company and its affiliates in the event of such breach, and, without prejudice to any other rights and remedies
otherwise available to the Company, you agree to the granting of injunctive relief in the Company’s favor in connection with any such breach or violation without proof of irreparable harm, plus attorneys’ fees and costs to enforce these
provisions. You further agree that the Company’s obligation to pay you any amount or provide you with any benefit or right pursuant to this Agreement is subject to your compliance with your obligations under Sections 4, 10, 11 or 12 of this
Agreement, and that in the event of a breach by you of any provision of such Sections, you shall be deemed to have been terminated for Cause and (a) you shall be obligated to immediately

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repay to the Company all amounts and benefits theretofore paid to or received by you pursuant to this Agreement and (b) you shall not be entitled to any further payments or benefits under this Agreement. You further
agree that the foregoing is appropriate for any such breach inasmuch as actual damages cannot be readily calculated, the amount is fair and reasonable under the circumstances, and the Company would suffer irreparable harm if this section were
breached. 

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

     15. Entire Agreement and Waiver. Effective as of the Date of Termination, this Agreement
(including all attachments and schedules hereto and thereto) constitutes the entire agreement between you and the Company with respect to your termination of employment, and supersedes all other correspondence, offers, proposals, promises,
agreements or arrangements relating to the subject matter contained herein, including without limitation the Employment Agreement (except for those provisions specifically incorporated by reference in Sections 3(d), 12 and 20 hereof or as otherwise
provided in this Agreement). The failure of any party to at any time enforce any of the provisions of this Agreement not be deemed or construed to be a waiver of any such provisions, nor in any way affect the validity of this Agreement or any
provision hereof or the right of either of the parties to thereafter enforce each and every provision of this Agreement. You acknowledge that you have not relied on any representation, promises, or agreements of any kind made in connection with the
decision to sign this Agreement, except for those set forth in this Agreement. 

     16. No Modification. This Agreement may not be changed unless the changes are in writing and
signed by you and a proper representative of the Company.

     17. Governing Law. The terms of this Agreement shall be governed by and construed in accordance
with the laws of the State of Florida. 

     18. Waiver. By signing this Agreement, you acknowledge that: 

          (a) You have carefully read and understand this Agreement; 

          (b) The Company advised you to consult with an attorney and/or any other advisors of your choice before signing this Agreement; 

          (c) You understand that this Agreement is LEGALLY BINDING and by signing it you give up certain rights;

          (d) You have voluntarily chosen to enter into this Agreement and have not been forced or pressured in any way to sign it; and 

          (e) The General Release in this Agreement includes a WAIVER OF ALL RIGHTS AND CLAIMS you may have under
the Age Discrimination in 

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Employment Act of 1967 (29 U.S.C. §621 et seq.), as amended by the Older Workers’ Benefit Protection Act. 

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

     20. Dispute Resolution. You agree that any dispute or claim under this Agreement shall be resolved
in accordance with the provisions set forth in Section 20(b) of the Employment Agreement. 

* * * * * 

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     IN WITNESS WHEREOF, you and the Company hereto knowingly and voluntarily executed this agreement as of the date first written above: 

	
GREG BRENNEMAN 
		BURGER KING CORPORATION  
	 	 	 	 
	
BY:
		 /s/GREG BRENNEMAN 	BY: 
		
/s/PETER C. SMITH 
	
	 
		

		
		
      

	
	 

		 

		 
		
NAME: 
		
Peter C. Smith 
	
	 

		 

		 
		
TITLE: 
		
EVP Chief Human Resource Officer 
	

  

  

  8Exhibit 10.29

[BURGER KING LOGO]

July 30, 2004

Bradley D. Blum

c/o Burger King Corporation

5505 Blue
Lagoon Drive

Miami, Florida 33126 

Dear Brad:

     This letter is effective as of June 21, 2004 and confirms the mutual determination by you and Burger King Corporation (“Burger King”) that your employment with Burger King will terminate and
confirms our agreements concerning the termination of your employment and the terms of your employment with Burger King during the transition period described below. This letter also confirms your resignation as a member of the Boards of Directors
of Burger King Holdings, Inc. and Burger King Corporation, effective as of July 2, 2004. 

     The termination of your employment will be treated for all purposes under your employment and equity agreements as a termination without “cause,” entitling you to retain your commencement
bonus and to receive severance compensation in accordance with your employment agreement with Burger King and providing you the applicable rights in respect of your equity interests described in your stock option and management subscription and
shareholders’ agreements with our parent, Burger King Holdings, Inc. (“Holdings”). We also agree that any public statements by executives of Burger King or its affiliates or by you or your representatives will characterize your
separation from Burger King in a mutually agreeable way. Furthermore, the text of any public announcement of your separation from Burger King will be subject to mutual comment and approval (which won’t be unreasonably delayed or withheld) prior
to its public dissemination. 

     Your transition period of employment will be considered to have commenced on June 1, 2004 and will end on the earliest of (i) September 1, 2004 and (ii) the termination of your employment at the
direction of the Compensation Committee of the Board of Directors of Burger King, as a result of the Committee’s determination that your continued employment with Burger King is no longer in its best interests and that such change in circumstances has not been caused by any direct action by you, such as your speaking with the press, or

 interfering with the relationship of Burger King with any of its
employees, franchisees or customers. During the transition period, you will assist and fully cooperate with Burger King in connection with ongoing business and transition issues, subject to the direction of the Board of Directors. The Board has
given you specific areas of focus (international, global executive team and no contact with the press) and these are the Board’s performance expectations for you. 

     For your services during the transition period, you will be entitled to continued monthly payments of your current base salary, at an annual rate of $1,000,000, and payment of your annual bonus
for the 2004 fiscal year of Burger King (e.g., the fiscal year ending June 30, 2004) and a pro rata bonus for the 2005 fiscal year, based on a target annual bonus amount of 100% of your current base salary. Consistent with your employment agreement,
the amount of your annual bonus for fiscal year 2004 will be determined by the Compensation Committee of the Board of Directors based on the same performance objectives, achievement levels and other factors as are applied by the Committee in
determining the annual bonuses for the 2004 fiscal year for the other members of the Burger King executive team. Your annual bonus for fiscal year 2004 will be paid to you 100% in cash in accordance with the provisions of the Holdings Equity
Incentive Plan at the same time as annual bonuses for the 2004 fiscal year are paid to the other members of the executive team. In light of the brief period that you will continue with Burger King in its 2005 fiscal year, your pro rata bonus for
fiscal year 2005 will be equal to your pro rated target bonus amount (e.g., 100% of base salary) and will be paid to you at the end of the transition period. 

     During the transition period, you will also be entitled to participate in the employee and executive benefit plans and programs of Burger King and to reimbursement of business expenses in accordance
with your employment agreement, including continued salary deferrals under the Burger King Investment Deferred Compensation Plan. 

     With respect to the options to purchase 103,343 shares of common stock of Holdings granted to you on August 21, 2003, your management stock option agreement for these options provides that the options
will become vested in five equal annual installments on the first five annual anniversaries of August 21, 2003 so long as you remain continuously employed by Burger King until the applicable annual vesting date. Your management stock option
agreement further provides that you will have 90 days following a termination without “cause” to exercise vested options. As of today, none of your options are vested. As compensation for your services during the transition period and
provided you remain actively employed through the end of the transition period, we have agreed that (i) 20% of your options will become vested on the earlier of (x) August 21, 2004 and (y) the last day of the transition period and (ii) an additional 10% of your options will become vested on the last day of the transition period as follows:

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	 	Ø	The 20% tranche will consist of
        Base Price Options (e.g., options with an exercise price of $100
        as defined in your employment agreement) covering 16,173 shares of Holdings
        common stock and Hurdle Options (e.g., options with an exercise price
        of $300, also as defined in your employment agreement) covering 4,493
    shares of Holdings common stock. 
	 	 	 
	 	Ø	The 10% tranche will consist of
        Base Price Options covering 8,088 shares of Holdings common stock and
    Hurdle Options covering 2,247 shares of Holdings common stock. 

     We have also agreed
    that, provided you remain actively employed through the end of the transition
    period, you will have until March 1, 2006 to exercise your vested options,
    in lieu of the customary 90 days. Of course, any shares of Holdings common
    stock purchased by you on exercise of the vested options will be governed
by the terms of your management subscription and shareholders’ agreement. 

     With respect to the 19,500 shares of Holdings common stock purchased by you on August 21, 2003 (the “Purchased Shares”), your management subscription and shareholders’ agreement
governing these shares (your “MSA”) provides Holdings the right to repurchase all or portion of the Purchased Shares following any termination of your employment for their current “Market Value,” as defined in the MSA. We have
agreed that, provided you remain actively employed through the end of the transition period, Holdings will exercise its right to repurchase one-half of the Purchased Shares (for which the CEO has paid cash), for a repurchase price of $100 per
share. Such repurchase of one-half of the Purchased Shares will be effected in accordance with the procedures and mechanics specified in your MSA. 

     Provided that you remain actively employed through the end of the transition period, (i) Holdings will permit you to retain the remaining one-half of the Purchased Shares (the “Remaining
Shares”), subject to the terms of your MSA, and (ii) at your election delivered in accordance with the terms and during the period specified in the immediately following sentence, Holdings will repurchase all of the Remaining Shares from you,
for a repurchase price of (x) $100 per share if you elect to require such repurchase on or prior to December 31, 2004 or (y) the lesser of the per share Market Value (as defined in your MSA) as of the date of your election and $100 per share
if you elect to require such repurchase after December 31, 2004. Any election by you under the preceding sentence must be communicated to Holdings by you, in writing, at least 30 days prior to a Public Offering (as defined in your MSA), provided
that, in the event notice of any Proposed Transfer or Drag-Along Disposition under Section 5.2 or 5.3 of your MSA is delivered to you, (i) your right to make any such election shall be suspended until such Proposed Transfer or Drag-Along Disposition
is

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 consummated or, by resolution of the Board of Directors of Holdings, abandoned, (ii) your rights and obligations with respect to any shares of Holdings common stock then held by you shall be subject to the terms of your MSA, including such rights
and obligations with respect to the transfer of such shares in connection with any Proposed Transfer or Drag-Along Disposition, and (iii) your right to make any such election with respect to any Remaining Shares transferred by you in connection with
any such Proposed Transfer or Drag-Along Disposition shall automatically terminate as of the consummation of such Proposed Transfer or Drag-Along Disposition, whichever is applicable. Any repurchase of Remaining Shares at your election under this
paragraph will be effected in accordance with the procedures and mechanics specified in your MSA. 

     If, prior to the end of the transition period, Burger King terminates your employment (other than for “cause” as defined in your employment agreement), you will be entitled to the rights
described above (e.g., vesting and extension of exercise period for options, right to retain the Remaining Shares and right to elect that Holdings repurchase the Remaining Shares) with respect to a pro rata portion of your options and Remaining
Shares. Specifically, a pro rata portion of the Base Price Options and Hurdle Options in both the 20% tranche and the 10% tranche above will become vested and remain exercisable for eighteen (18) months following your termination. (For example, if
your termination date is August 1, you will have until February 1, 2006 to exercise your vested options.) Similarly, Holdings will permit you to retain, and subsequently elect the repurchase by Holdings of, a pro rata portion of the Remaining Shares
and will have the right under the MSA to repurchase all of your other Purchased Shares in connection with the termination of your employment. For this purpose, the pro rata portion will be determined based on the ratio of the number of days in the
transition period up to your termination date to 93 days (e.g., the total number of days in the transition period, assuming the transition period ends on September 1).

     As noted in the second paragraph of this letter, following any termination of your employment, whether at the end of the transition period or prior to the end of the transition period, including your
resignation, you will be entitled to severance compensation and benefits in accordance with the current terms of your employment agreement, including continued payments of your current base salary and continued medical coverage for one year, except
that if you are entitled to payment of a pro rata bonus for fiscal year 2005 under this letter, you will not receive a pro rata bonus for the year of termination under your employment agreement. However, if you resign from your active employment
with Burger King for any reason prior to the end of the transition period, you will not be entitled to any of the rights described above with respect to your options and/or Remaining Shares. In that event, your equity interests will be subject to
the existing terms of your stock option and management subscription and shareholders’ agreements, in each case, assuming that your termination is without “cause.” 

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     All of the terms and conditions of your agreements with Burger King and, where applicable, Holdings, will continue, except as changed above, and you, Burger King and Holdings will each honor and
perform all of your and their respective obligations under and in accordance with such agreements. Without limiting the foregoing, as required pursuant to your employment agreement as a condition to your receipt of certain severance compensation and
benefits, and in consideration of the additional payments and benefits set forth in this letter, you have agreed to execute the release attached as Exhibit A hereto and incorporated herein by this reference. If you are in agreement with the
foregoing, please sign the enclosed copy of this letter, and return the executed copy of this agreement to me. 

  	
    Very truly yours, 
      
	 
	 
	
    /s/ Peter C. Smith 
      
	
    Peter C. Smith 
      
	
    EVP, Chief Human Resources Officer 
      

  

	
Accepted and Agreed
	
As of this 31st day
of July 2004
	 
	 
	
/s/ Bradley D. Blum
	

	
	
Bradley D. Blum 
	

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Exhibit A

Release and Discharge of All Claims

     In exchange for the payments and benefits is set forth in Sections 9(f) (i) (A) and (C) of the Amended and Restated Employment Agreement, dated as of August 15, 2003, by and between Burger King
Corporation (“BKC”) and Bradley D. Blum (“Executive”) (the “Employment Agreement”) and the additional payments and benefits set forth in the letter dated June 21, 2004 by and between BKC and Executive (collectively
“Separation Payments”), Executive hereby voluntarily, knowingly and willingly releases, remises and acquits BKC, its parent and all of their respective affiliates, and each of their respective officers, directors, shareholders, members,
partners, agents, employees, consultants, independent contractors, attorneys, advisers, successors and assigns (collectively, the “Releasees”), jointly and severally, from any and
all claims, known or unknown, which the Executive or the Executive’s heirs, successors or assigns have or may have against any of the Releasees arising on or prior to the date of this Release and any and all liability which any of the Releasees
may have to the Executive, whether denominated claims, demands, causes of action, obligations, damages or liabilities arising from any and all bases, however, denominated, including but not limited to, the Age Discrimination in Employment Act
(“ADEA”), the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the laws of the state of Florida or any other federal, state
or local law and any workers’ compensation or disability claims under any such laws or claims under any contract including the Amended and Restated Employment Agreement and the Equity Agreements. This Release relates to claims arising from
and/or during the Executive’s employment relationship with BKC and its affiliates, as a result of the termination of such relationship or in respect of any Investment Shares purchased by the Executive or equity based awards granted to the
Executive. The Executive further agrees that the Executive will not file or permit to be filed on the Executive’s behalf any such claim. Notwithstanding the preceding sentence, this release is not intended to interfere with the Executive’s
right to file a charge with the Equal Employment Opportunity Commission the “EEOC”) in connection with any claim he believes he may have against BKC or its affiliates. However, by
executing this Release, the Executive hereby waives the right to recover in any proceeding the Executive may bring before the EEOC or any state human rights commission or in any proceeding brought by the EEOC or any state human rights commission on
the Executive’s behalf. In addition, this Release is not intended to interfere with the Executive’s right to challenge that his waiver of any and all ADEA claims pursuant to this Release is a knowing and voluntary waiver, notwithstanding
the Executive’s specific representation that he has entered into this Release knowingly and voluntarily. This Release is for any relief, no matter 

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how denominated, including, but not limited to, injunctive relief, wages, back pay, front pay, compensatory damages, or punitive damages. This Release shall not apply to any obligation of BKC or Burger King Holdings, Inc. pursuant
to the letter agreement between Executive and BKC dated as of June 21, 2004. 

     The Executive acknowledges that the Separation Payments referred to in the first sentence hereof are in addition to anything of value to which the Executive already is entitled from BKC, its parent or
their affiliates and constitutes good and valuable consideration for this Release. 

     Knowing and Voluntary Waiver. The Executive hereby acknowledges that, by the Executive’s free and voluntary act of signing below, the Executive agrees to all of
the terms of this Release and intends to be legally bound thereby. 

     The Executive understands that he may consider whether to agree to the terms contained herein for a period of twenty-one days after the date hereof. Accordingly, the Executive may execute this Release
on or before August 20, 2004, to acknowledge his understanding of and agreement with the foregoing. In the event that the Executive revokes this Release as permitted below, this Release shall be null and void ab
initio. The Executive acknowledges that he has been advised to consult with an attorney prior to executing this Release. 

     This Release will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by the Executive (the “Effective Date”). During the seven-day period prior to the Effective Date, the Executive may revoke his agreement to accept the terms hereof
by indicating in writing to BKC his intention to revoke. If the Executive exercises his right to revoke hereunder, he shall forfeit his right to receive any of the Separation Payments, and to the extent such Separation Payments have already been
made, the Executive agrees that he will immediately reimburse BKC for the amounts of such payments. 

     Capitalized Terms. All capitalized terms used but not defined herein shall have the meaning ascribed to them in the Amended and Restated Employment Agreement, dated as
of August 15, 2003, by and between BKC and Brad Blum. 

     IN WITNESS WHEREOF, the Employer has caused this Agreement to be signed by its duly authorized representative and the Executive has signed this Agreement as of the 30th day of July, 2004. 

	 

		 
		
/s/ Bradley D. Blum 
	
	
      

		
		
      

	
	
Witness 
		 
		
By: Bradley D. Blum 
	
	 		
	 		
	
      

		
		
	
	
Print Name 
		 
		 

	

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