Exhibit 10.6

EXECUTION VERSION

AMENDMENT NO. 3

TO

REGISTRATION RIGHTS AGREEMENT

December 16, 2019

Reference is hereby made to that certain Registration Rights Agreement, dated as
of July 10, 2019 (as amended from time to time prior to the date hereof, the
“Registration Rights Agreement”), by and among Franchise Group, Inc. (f/k/a
Liberty Tax, Inc.), a Delaware corporation (the “Company”), and the parties
listed on Schedule 1 thereto (the “Investors”).

WHEREAS, the Company and the Vintage Group Members desire to amend the
Registration Rights Agreement pursuant to this Amendment No. 3 (this
“Amendment”) in accordance with Section 3.12 thereof; and

WHEREAS, capitalized terms used herein but not defined shall have the meaning
set forth in the Registration Rights Agreement.

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

1. Amendment.

(a) The definition of “Registrable Shares” in Section 1.1 of the Registration
Rights Agreement is hereby amended and restated in its entirety as follows:

“Registrable Shares” means, at any time, (i) the shares of Common Stock that
were purchased by Tributum, L.P., pursuant to the Vintage Subscription
Agreements and that are beneficially owned by Tributum, L.P. (or another Vintage
Group Member as a result of a Transfer of such shares by Tributum, L.P., to such
other Vintage Group Member), (ii) the shares of Common Stock that are purchased
by any Vintage Group Member pursuant to any subscription agreement, equity
commitment or similar agreement between such Vintage Group Member and the
Company, (iii) the shares of Common Stock issued or issuable by the Company upon
a redemption of New Holdco Units and shares of Voting Non-Economic Preferred
Stock by New Holdco and the Company, respectively, pursuant to the A&R New
Holdco LLC Agreement and the Certificate of Designation, (iv) any shares of
Common Stock that were purchased by the Investors with the proceeds from the
Debt Financing or any amounts distributed thereto by New Holdco in connection
with the tender offer contemplated by the Business Combination Agreement,
(v) any shares of Common Stock issued to any Co-Investor and (vi) any shares of
capital stock or other equity securities issued in exchange for or in
substitution of a dividend or distribution on any shares of Common Stock
referred to in the immediately preceding clauses (i), (ii), (iii), (iv) and (v),
but excluding any such shares of Common Stock (including shares of Common Stock
issuable upon a redemption of New Holdco Units and shares of Voting Non-Economic
Preferred Stock) that have, after the date hereof, been Transferred pursuant to
(a) a registration statement or valid registration exemption under, and in
compliance with the requirements of, the Securities Act such that such shares
are freely tradeable or (b) Rule 144 under, and in compliance with the
requirements of, the Securities Act.

 

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(b) A new definition of “Acquisition Financing” is hereby added to Section 1.1.
of the Registration Rights Agreement as follows:

“Acquisition Financing” means any subscription for shares of Common Stock by any
Person in exchange for a cash purchase price paid by such Person to the Company
or its designee in connection with, or to fund, the acquisition of another
Person or business by the Company or any subsidiary thereof, whether by purchase
of stock, merger, consolidation, purchase of all or substantially all of the
assets of such Person or otherwise or other transactions related to such
acquisition as contemplated by the definitive agreements and documents with
respect to such acquisition (provided, that such acquisition has been approved
by the Board of Directors of the Company).

(c) A new definition of “Co-Investors” is hereby added to Section 1.1 of the
Registration Rights Agreement as follows:

“Co-Investors” means any Person who acquires shares of Common Stock in
connection with an Acquisition Financing and is set forth on Schedule 1(C).

(d) The first sentence of Section 2.1 of the Registration Rights Agreement is
hereby amended by replacing the phrase “December 20, 2019” with “January 31,
2020.”

(e) Section 3.1 of the Registration Rights Agreement is hereby amended to add at
the end of such section:

If to a Co-Investor, to the address set forth next to the name of such
Co-Investor on Schedule 1(C).

(f) Schedule 1(A) of the Registration Rights Agreement is hereby amended and
restated in its entirety as follows:

A. Vintage Group

 

Name and Address

  

Shares of

Common Stock

     Tributum, L.P.
c/o Vintage Capital Management
4705 S. Apopka Vineland Road
Suite 206
Orlando, FL 32819
Attention: Brian R. Kahn
Email: bkahn@vintcap.com    2,270,833.33   

 

2

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Vintage Tributum, L.P.

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention: Brian R. Kahn

Email: bkahn@vintcap.com

   2,075,151.00       

Stefac LP

c/o Vintage Capital Management

4705 S. Apopka Vineland Road

Suite 206

Orlando, FL 32819

Attention: Brian R. Kahn

Email: bkahn@vintcap.com

   2,803,333.33       

B. Riley FBR, Inc.

21255 Burbank Boulevard, Suite 400

Woodland Hills, CA 91367

Email: pmandarino@brileyfbr.com

Attention: Perry Mandarino

   1,000,000.00       

Brian Kahn and Lauren Kahn, as tenants by the entirety

9935 Lake Louise Drive

Windermere, FL 34786

   1,000,000.00   

(g) A new Schedule 1(C) of the Registration Rights Agreement is hereby added as
follows:

C. Co-Investors

 

Name and Address

  

Shares of

Common Stock

    

Nantahala Capital Partners II Limited

Partnership

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   191,799   

NCP QR LP

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   147,927   

 

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Nantahala Capital Partners, SI LP

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   279,458       

Nantahala Capital Partners Limited Partnership

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   14,262       

Blackwell Partners LLC – Series A

280 South Mangum Street, Suite 210

Durham, NC 27701

 

Copy to:

 

c/o Nantahala Capital Management LLC

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   92,287       

Silver Creek CS SAV, L.L.C.

1301 5th Avenue, 40th Floor

Seattle, WA 98101

 

Copy to:

 

c/o Nantahala Capital Management LLC

130 Main Street, 2nd Floor

New Canaan, CT 06840

Email: paul@nantahalapartners.com

Attention: Paul Rehm

   28,950   

 

4

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Weintraub Capital Management, L.P.

3527 Mt. Diablo Boulevard #322

Lafayette, CA 94549

Email: JWeintraub@wcapital.com

Attention: Jerald Weintraub

   50,000   

Saker Partners LP

444 N. Well St., Ste. 504

Chicago, IL 60654

Attention: Andrew Greenberg

Email: greenberg@sakermgmt.com

   30,000   

Rangeley Capital Partners Special

Opportunities Fund, L.P.

 

Rangeley Capital

3 Forest Street

New Canaan, CT 06840

Email ccdemuth@rangeleycapital.com

Attn: Christopher DeMuth

 

   21,811   

Rangeley Capital Partners, L.P.

 

Rangeley Capital

3 Forest Street

New Canaan, CT 06840

Email ccdemuth@rangeleycapital.com

Attn: Christopher DeMuth

   62,863   

Rangeley Capital Partners II, L.P.

 

Rangeley Capital

3 Forest Street

New Canaan, CT 06840

Email ccdemuth@rangeleycapital.com

Attn: Christopher DeMuth

   43,619   

Andrew Kaminsky

 

4 Edgewood Drive

Rye Brook, NY 10573

Email akaminsky@franchisegrp.com

 

   10,000   

 

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Great American Life Insurance Company

 

c/o American Money Management Corporation

301 E. Fourth St.

Cincinnati, OH 45202

Email: jfronduti@amfin.com

Attention: John Fronduti

 

   94,333   

Great American Insurance Company

 

c/o American Money Management Corporation

301 E. Fourth St.

Cincinnati, OH 45202

Email: jfronduti@amfin.com

Attention: John Fronduti

   94,333   

Denman Street LLC

 

4705 Burley Hills Drive

Cincinnati, OH 45243

Email: jberding@amfin.com

 

Attention: John Berding

 

   60,373   

John B. Berding

 

4705 Burley Hills Drive

Cincinnati, OH 45243

Email: jberding@amfin.com

Attention: John B. Berding

 

   52,826   

John B. Berding Irrevocable Family Trust

 

4705 Burley Hills Drive

Cincinnati, OH 45243

Email: jberding@amfin.com

 

Attention: John B. Berding

 

   75,469   

Joseph Haverkamp

 

c/o American Money Management Corporation

301 E. Fourth St.

Cincinnati, OH 45202

Email: jfronduti@amfin.com

 

Attention: John Fronduti

 

   1,887   

 

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Matthew Avril

 

216 Ocean Way

Vero Beach, FL 32963

Email: mea1960fla@gmail.com

 

   75,469       

Michael Piper

 

105 42nd Street

Virginia Beach, VA 23451

Email: msp@libtax.com

 

   37,735       

Eric Seeton

 

325 Prospect Street

 

Shrewsbury, MA 01545

 

Phone: 508-630-4426

 

Email: eric.seeton@gmail.com

 

   11,320       

William and Susan Laurence

 

11 Southfield Court

 

Meedham, MA 02462

 

Email: alaurence@vintvap.com

 

   15,095   

2. Third Party Beneficiaries. Each Co-Investor is an express third party
beneficiary of this Amendment No. 3 and the Registration Rights Agreement
(including with respect to all rights of the Investors under the Registration
Rights Agreement).

3. Miscellaneous; No Other Waivers or Amendments. As amended by this Amendment,
the provisions of Article I (Definitions) and Sections 3.1 (Notices), 3.2
(Waiver), 3.3 (Counterparts), 3.4 (Applicable Law), 3.5 (Waiver of Jury Trial),
3.6 (Severability), 3.8 (Delivery by Electronic Transmission), 3.11 (Descriptive
Headings; Interpretation) and 3.12 (Amendments) of the Registration Rights
Agreement shall apply to this Amendment mutatis mutandis. Except as specifically
amended hereby, the Registration Rights Agreement shall continue in full force
and effect as written. References to the Registration Rights Agreement in other
documents and agreements (including, for the avoidance of doubt, the
Registration Rights Agreement) will be deemed to be references to the
Registration Rights Agreement, as amended by this Amendment, regardless of
whether such documents and agreements refer to any amendments to the
Registration Rights Agreement.

 

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4. Entire Agreement. This Amendment, together with the Registration Rights
Agreement and all other documents and agreements referenced herein or therein,
represents the entire agreement, and supersedes all other prior agreements and
understandings, both written and oral, among the parties hereto or thereto, or
between any of them, with respect to the subject matter hereof and thereof.

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, all as of the date first
above written.

 

FRANCHISE GROUP, INC. By:  

/s/ Eric F. Seeton

  Name: Eric F. Seeton   Title:   Chief Financial Officer VINTAGE GROUP:
TRIBUTUM, L.P. By: Vintage Vista GP, LLC, its general partner By:  

/s/ Brian R. Kahn_

  Name: Brian R. Kahn   Title:   Authorized Signatory SAMJOR FAMILY LP By:
Samjor Inc., its general partner By:  

/s/ Brian R. Kahn

  Name: Brian R. Kahn   Title:   Authorized Signatory VINTAGE RTO, L.P. By:
Vintage RTO GP LLC, its general partner By:  

/s/ Brian R. Kahn

  Name: Brian R. Kahn   Title:   Authorized Signatory

[Signature page to Amendment No. 3 to Registration Rights Agreement]

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VINTAGE CAPITAL MANAGEMENT, LLC By:  

/s/ Brian R. Kahn

  Name: Brian R. Kahn   Title:   Authorized Signatory VINTAGE TRIBUTUM, LP By:
Vintage Capital Management, LLC, its general partner By:  

/s/ Brian R. Kahn

  Name: Brian R. Kahn   Title:   Authorized Signatory STEFAC LP By: FCF GP LLC,
its general partner By:  

/s/ Brian R. Kahn

  Name: Brian R. Kahn   Title:   Manager

/s/ Brian R. Kahn

Brian R. Kahn

/s/ Lauren Kahn

Lauren Kahn

[Signature page to Amendment No. 3 to Registration Rights Agreement]

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B. RILEY FBR, INC. By:  

/s/ Bryant Riley

  Name: Bryant Riley   Title:   Executive Officer

[Signature page to Amendment No. 3 to Registration Rights Agreement]