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EXHIBIT L DEVELOPMENT INCENTIVE PROGRAM ADDENDA TO FRANCHISE AGREEMENT

STANDARD DEVELOPMENT INCENTIVE PROGRAM ADDENDUM

DEVELOPMENT INCENTIVE PROGRAM ADDENDUM TO THE CARL'S JR. RESTAURANT FRANCHISE AGREEMENT

RECITALS

• A. In order to stimulate the development of new franchised Carl's Jr. Restaurants and the continued expansion of the System at eligible travel center and goas and convenience locations, CJR has established the 2025 CJR development incentive program ("Program").
• B. To be eligible for the Program, the following requirements must be satisfied: (i) Franchisee must sign a Development Agreement for the development of a newly-constructed Carl's Jr. Restaurant by no later than May 24, 2026 or Franchisee must sign a Franchise Agreement for the development of a newly constructed Hardee's Restaurant pursuant to the terms of a Development Agreement dated no later than May 24, 2026, (ii) Franchisee must open the newlyconstructed Carl's Jr. Restaurant(s) by the date(s) outlined in the corresponding Development Agreement or Franchise Agreement, (iii) Franchisee may not be in default of its obligations under its existing franchise agreements or related agreements with CJR or its affiliates, (iv) Franchisee must be approved for growth by CJR and its affiliates, (vi) Franchisee must satisfy CJR's thencurrent financial and operational requirements for new restaurant development, and (v) Franchisee and the Carl's Jr. Restaurant(s) otherwise meet the requirements of the Program.
  • C. Franchisee and the Franchised Restaurant are eligible to participate in the Program.
• D. Consequently, CJR and Franchisee are entering into this Addendum to modify the Franchise Agreement to reflect the Franchisee's participation in the Program incentives.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants, agreements and obligations set forth below, the parties, intending to be legally bound, agree to amend the Franchise Agreement as follows:

1. Reduced Royalty and APO for Limited Period of Time.

Notwithstanding anything to the contrary contained in the Franchise Agreement, CJR agrees that each of the royalty fee and APO to be paid by Franchisee for the Franchised Restaurant will be reduced by: (A) 3% of Gross Sales for Gross Sales accruing during the Franchised Restaurant's first 12 months of operation under the Franchise Agreement; (B) 2% of Gross Sales for Gross Sales accruing during the Franchised Restaurant's second 12 months of operation under the Franchise Agreement; and (C) 1% of Gross Sales for Gross Sales accruing during the Franchised Restaurant's third 12 months of operation under the Franchise Agreement. Thereafter and during the remaining Initial Term of the Franchise Agreement the royalty fee will revert to 4%

of Gross Sales and the APO will revert to 5.5% of Gross Sales. The royalty fee and APO to be paid pursuant to this Addendum are set forth in Exhibit 1.

• 2. Other Development Incentive Programs. Franchisee acknowledges and agrees that, by signing this Addendum, it will not be entitled, with respect to the Franchised Restaurant, to any other incentive that have been or may be offered by CJR.
• 3. Termination of Program Incentives. This Addendum and the Program will terminate following written notice to Franchisee if:
• A. Franchisee fails to open the Franchised Restaurant on or before 120 days after the contractual opening date pursuant to the terms of the Franchisee's Development Agreement or Franchise Agreement; or
• B. Franchisee or any affiliate of Franchisee receives, during the first three years of operation of the Franchised Restaurant under the Franchise Agreement, a written notice of default under any agreement between Franchisee or any affiliate of Franchisee and CJR or any affiliate of CJR and fails to cure the default within the applicable cure period, if any.
• 4. Effect of Termination. If this Addendum is terminated during the first three years of the Franchised Restaurant's operation under the Franchise Agreement, the royalty fee and APO for the Franchised Restaurant will immediately revert to the applicable amounts set forth in the Franchise Agreement.
• 5. Capitalized Terms. Any capitalized term that is not defined in this Addendum will have the meaning given it in the Franchise Agreement.
• 6. Limited Modification. Except as expressly modified by this Addendum, the Franchise Agreement remains unmodified and in full force and effect.

[Signatures on following page.]

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

HR:

CARL'S JR.

Source: Item 21 — FINANCIAL STATEMENTS (FDD page 75)