C O U N TE R S IG N E D A N D R E G IS TE R E D : C O N TIN EN TA L STO C K TR A N SFER & TR U ST C O M PA N Y N E W YO R K , N .Y. B Y W A R R A N T A G E N T A U TH O R IZE D S IG N A TU R E CERTIFICATE EVIDENCING COMMON UNITS REPRESENTING LIMITED PARTNER INTERESTS IN THIS CERTIFIES THAT SEE REVERSE FOR CERTAIN DEFINITIONS CUSIP 12122L 11 9 This certifies that ______________________________________, or registered assigns, is the registered holder of _______________ warrants (“Warrants” and each a “Warrant”) to purchase common stock, par value $0.0001 per share (“Common Stock”). Each Warrant entitles the holder, upon exercise during the Exercise Period set forth in the Warrant Agreement referred to below, to purchase from BurgerFi International, Inc. (the “Company”) one share of Common Stock at the exercise price the (“Exercise Price”) determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement, dated as of March 13, 2018, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent (the “Warrant Agreement”)) upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. The number of shares of Common Stock issuable on exercise of the Warrant is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. The initial Exercise Price is $11.50 per share of Common Stock. The Warrant Exercise Price is subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. Subject to the conditions and exceptions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. Corporate Secretary Chief Executive Officer BU RG ER FI I NTERNATIONAL INC.2017 DELAWARE
D at e: _ __ __ __ __ __ __ __ __ (S ig na tu re ) (A dd re ss ) (T ax Id en tifi ca tio n N um be r) Si gn at ur e( s) G ua ra nt ee d: By TH E SI G N AT U RE (S ) M U ST B E G U A RA N TE ED B Y A N E LI G IB LE G U A RA N TO R IN ST IT U TI O N (B A N K S, S TO C K BR O K ER S, S AV IN G S A N D L O A N A SS O C IA TI O N S A N D C RE D IT U N IO N S W IT H M EM BE RS H IP IN A N A PP RO V ED S IG N AT U RE G U A RA N TE E M ED A LL IO N P RO G RA M , P U RS U - A N T TO S .E .C . R U LE 1 7A d 15 U N D ER T H E SE C U RI TI ES E XC H A N G E A C T O F 19 34 , A S A M EN D ED ). Th e W ar ra nt s e vi de nc ed b y th is W ar ra nt C er tifi ca te a re p ar t o f a d ul y au th or iz ed is su e of W ar ra nt s e nt itl in g th e ho ld er o n ex er ci se to p ur ch as e sh ar es o f C om m on S to ck a nd a re is su ed o r t o be is su ed p ur su an t t o th e W ar ra nt A gr ee m en t d ul y ex ec ut ed a nd d el iv er ed b y th e C om pa ny to C on tin en ta l St oc k Tr an sf er & T ru st C om pa ny , a N ew Y or k co rp or at io n, a s w ar ra nt a ge nt (t he “ W ar ra nt A ge nt ”) , w hi ch W ar ra nt A gr ee m en t i s h er eb y in co rp or at ed b y re fe re nc e in a nd m ad e a pa rt of th is in str um en t a nd is h er eb y re fe rre d to fo r a d es cr ip tio n of th e rig ht s, lim ita tio n of ri gh ts, o bl ig at io ns , d ut ie s a nd im m un iti es th er eu nd er o f t he W ar ra nt A ge nt , t he C om pa ny a nd th e ho ld er s ( th e w or ds “ ho ld er s” o r “ ho ld er ” m ea ni ng th e R eg is te re d H ol de rs o r R eg is te re d H ol de r, re sp ec tiv el y) o f t he W ar ra nt s. A c op y of th e W ar ra nt A gr ee m en t m ay b e ob ta in ed b y th e ho ld er h er eo f u po n w rit te n re qu es t t o th e C om pa ny . D efi ne d te rm s us ed in th is W ar ra nt C er tifi ca te b ut n ot d efi ne d he re in sh al l h av e th e m ea ni ng s g iv en to th em in th e W ar ra nt A gr ee m en t. W ar ra nt s m ay b e ex er ci se d at a ny ti m e du ri ng th e Ex er ci se P er io d se t f or th in th e W ar ra nt A gr ee m en t. Th e ho ld er o f W ar ra nt s e vi de nc ed b y th is W ar ra nt C er tifi ca te m ay e xe rc is e th em b y su rr en de rin g th is W ar ra nt C er tifi ca te , w ith th e fo rm o f e le ct io n to p ur ch as e se t f or th h er eo n pr op er ly c om pl et ed an d ex ec ut ed , t og et he r w ith p ay m en t o f t he W ar ra nt E xe rc is e Pr ic e as sp ec ifi ed in th e W ar ra nt A gr ee m en t ( or th ro ug h “c as hl es s e xe rc is e” a s p ro vi de d fo r i n th e W ar ra nt A rg re em en t) at th e pr in ci pa l o ffi ce o f t he W ar ra nt A ge nt . I n th e ev en t t ha t u po n an y ex er ci se o f W ar ra nt s ev id en ce d he re by th e nu m be r o f W ar ra nt s e xe rc is ed sh al l b e le ss th an th e to ta l n um be r o f W ar ra nt s e vi de nc ed h er eb y, th er e sh al l b e is su ed to th e ho ld er h er eo f o r h is , h er o r i ts a ss ig ne e, a ne w W ar ra nt C er tifi ca te e vi de nc in g th e nu m be r o f W ar ra nt s n ot e xe rc is ed . Th e W ar ra nt A gr em en t p ro vi de s t ha t u po n th e oc cu rr en ce o f c er ta in e ve nt s t he n um be r o f W ar ra nt s a nd th e Ex er ci se P ric e m ay , s ub je ct to c er ta in co nd iti on s, be a dj us te d. W ar ra nt C er tifi ca te s, w he n su rr en de re d at th e pr in ci pa l o ffi ce o f t he W ar ra nt A ge nt b y th e R eg is te re d H ol de r t he re of in p er so n or b y le ga l re pr es en ta tiv e or a tto rn ey d ul y au th or iz ed in w rit in g, m ay b e ex ch an ge d, in th e m an ne r a nd su bj ec t t o th e lim ita tio ns p ro vi de d in th e W ar ra nt A gr ee m en t, bu t w ith ou t p ay m en t o f a ny se rv ic e ch ar ge , f or a no th er W ar ra nt C er tifi ca te o r W ar ra nt C er tifi ca te s o f l ik e te no r e vi de nc in g in th e ag gr eg at e a lik e nu m be r o f W ar ra nt s. Th e C om pa ny a nd th e W ar ra nt A ge nt m ay d ee m a nd tr ea t t he R eg is te re d H ol de r( s) h er eo f a s t he a bs ol ut e ow ne r( s) o f t hi s W ar ra nt C er tifi ca te (n ot w ith st an di ng a ny n ot at io n of o w ne rs hi p or o th er w rit in g he re on m ad e by a ny on e) , f or th e pu rp os e of a ny e xe rc is e he re of , o f a ny d is tri bu tio n to th e ho ld er (s ) h er eo f, an d fo r a ll ot he r p ur po se s, an d ne ith er th e C om pa ny n or th e W ar ra nt A ge nt sh al l b e af fe ct ed b y an y no tic e to th e co nt ra ry . N ei th er th e W ar ra nt s n or th is W ar ra nt n or th is W ar ra nt C er tifi ca te e nt itl es a ny h ol de r h er eo f t o an y rig ht s o f a st oc kh ol de r o f t he C om pa ny . El ec tio n To P ur ch as e (T o Be E xe cu te d U po n Ex er ci se o f W ar ra nt ) (c he ck ap pl ic ab le b ox ) Th e un de rs ig ne d he re by ir re vo ca bl y el ec ts to e xe rc ise th e rig ht , r ep re se nt ed b y th is W ar ra nt C er tifi ca te , t o re ce iv e __ __ __ __ __ __ __ __ __ _ sh ar es of C om m on S to ck a nd h er ew ith te nd er s p ay m en t t o th e W ar ra nt A ge nt fo r s uc h sh ar es o f C om m on S to ck fo r t he b en efi t o f th e C om pa ny i n th e am ou nt o f $_ __ __ __ __ __ __ __ in a cc or da nc e w ith th e te rm s h er eo f. Th e un de rs ig ne d re qu es ts th at a ce rt ifi ca te fo r s uc h sh ar es o f C om m on S to ck b e re gi st er ed in th e na m e of _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ , w ho se a dd re ss is _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ an d th at su ch sh ar es o f C om m on S to ck b e de liv er ed to _ __ __ __ __ __ __ __ __ __ __ __ _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _, w ho se a dd re ss is __ __ __ __ __ _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _. If sa id n um be r o f s ha re s o f C om m on S to ck is le ss th an a ll of th e sh ar es o f C om m on S to ck p ur ch as ab le h er eu nd er , t he u nd er sig ne d re qu es ts th at a n ew W ar ra nt C er tifi ca te re pr es en tin g th e re m ai ni ng b al an ce of su ch W ar ra nt s b e re gi st er ed in th e na m e of _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ , w ho se a dd re ss is _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _, a nd th at su ch W ar ra nt C er tifi ca te b e de liv er ed to _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ __ __ __ __ , w ho se a dd re ss is _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _. F or C as hl es s E xe rc ise Th e un de rs ig ne d he re by ir re vo ca bl y el ec ts to e xe rc ise th e rig ht , r ep re se nt ed b y th is W ar ra nt C er tifi ca te , t hr ou gh th e ca sh le ss e xe rc ise p ro vi sio ns o f th e W ar ra nt A gr ee m en t, to re ce iv e s ha re s o f C om m on S to ck If sa id n um be r o f s ha re s o f C om m on S to ck is le ss th an al l o f t he sh ar es o f C om m on S to ck p ur ch as ab le he re un de r ( aft er g iv in g eff ec t t o th e ca sh le ss e xe rc is e) , t he u nd er sig ne d re qu es ts th at a n ew W ar ra nt C er tifi ca te re pr es en tin g th e re m ai ni ng b al an ce o f s uc h sh ar es o f C om m on S to ck b e re gi st er ed in th e na m e of _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _, w ho se a dd re ss is _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _, a nd th at su ch W ar ra nt C er tifi ca te b e de liv er ed to _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _, w ho se a dd re ss is _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _. In th e e ve nt th at th e W ar ra nt m ay b e e xe rc ise d, to th e e xt en t a llo w ed b y th e W ar ra nt A gr ee m en t, th ro ug h ca sh le ss ex er ci se o r t he C om pa ny re qu ire s ca sh le ss e xe rc ise u po n re de m pt io n, th e nu m be r o f s ha re s o f C om m on S to ck th at th is W ar ra nt is e xe rc isa bl e fo r w ou ld b e de te rm in ed in a cc or da nc e w ith th e re le va nt se ct io n of th e W ar ra nt A gr ee m en t w hi ch a llo w s f or su ch c as hl es s e xe rc ise . Fo r C as h Ex er ci se