FAT
BRANDS INC.


 


REGISTRATION
RIGHTS AGREEMENT


(Series
A Fixed Rate Cumulative Preferred Stock)


 


This
Registration Rights Agreement (this “Agreement”) is made and entered into as of June 7, 2018, by and between
FAT Brands Inc., a Delaware corporation (the “Company”), and each of the purchasers who has delivered a signature
page hereto (collectively, the “Investors” and, each individually, an “Investor”).


 


WHEREAS,
the Company and the Investors are parties to that certain Subscription Agreement, dated June 7, 2018 (the “Subscription
Agreement”), pursuant to which each Investor is purchasing units of the Company (the “Units”), with
each Unit consisting of (i) shares of Series A Fixed Rate Cumulative Preferred Stock (the “Preferred Stock”)
and (ii) a warrant to purchase shares of the Company’s Common Stock (the “Warrants”); and


 


WHEREAS,
in connection with the consummation of the transactions contemplated by the Subscription Agreement, and pursuant to the terms
of the Subscription Agreement, the parties hereto desire to enter into this Agreement in order to grant certain registration rights
to the Investors as set forth below.


 


NOW,
THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto
agree as follows:


 


1.
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:


 


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


 


“Commission”
means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act
at the time.


 


“Common
Stock” means the common stock, par value $0.0001 per share, of the Company and any other shares of stock issued or issuable
with respect thereto (whether by way of a change in par value, stock dividend or stock split or in exchange for or upon conversion
of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation,
other corporate reorganization or other similar event with respect to the Common Stock).


 


“Company”
has the meaning set forth in the preamble and includes the Company’s successors by merger, acquisition, reorganization or
otherwise.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or
instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of law), or any arbitrator, court or tribunal of competent jurisdiction.


 




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“Holder”
means the Investor, or any assignee of an Investor


 


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


 


“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.


 


“Prospectus”
means the prospectus or prospectuses included in any registration statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance
on Rule 430A under the Securities Act or any successor rule thereto), as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by such registration statement
and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated
by reference in such prospectus or prospectuses.


 


“Registrable
Securities” means (a) the shares of Preferred Stock issued to the Investors under the Subscription Agreement, (b) the
shares of Common Stock issuable to the Investors upon exercise of the Warrants, and (c) any shares of Preferred Stock or Common
Stock issued or issuable with respect to any shares described in subsection (a) or (b) above by way of a stock dividend or stock
split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution,
recapitalization, merger, consolidation, other reorganization or other similar event with respect to the Preferred Stock or Common
Stock (it being understood that, for purposes of this Agreement, a Person shall be deemed to be a Holder of Registrable Securities
whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such
acquisition has actually been effected). As to any particular Registrable Securities, such securities shall cease to be Registrable
Securities when (i) the Commission has declared a registration statement covering such securities effective and such securities
have been disposed of pursuant to such effective registration statement, (ii) such securities are sold under circumstances in
which all of the applicable conditions of Rule 144 under the Securities Act are met, or (iii) such securities have ceased to be
outstanding.


 


“Registration
Effectiveness Period” has the meaning set forth in Section 2(b).


 


“Rule
144” means Rule 144 under the Securities Act or any successor rule thereto.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


“Selling
Expenses” means all underwriting discounts and selling commissions applicable to the sale of Registrable Securities.


 




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“Subscription
Agreement” has the meaning set forth in the recitals.


 


Capitalized
terms used herein without definition shall have the meanings set forth in the Subscription Agreement.


 


2.
Registration Procedures. The Company shall use its reasonable best efforts to effect the registration of the offer and
sale of the Registrable Securities under the Securities Act in accordance with the intended method of disposition thereof, and
pursuant thereto the Company shall as soon as reasonably practicable and as applicable:


 


(a)
prepare and file with the Commission a registration statement covering such Registrable Securities and use its reasonable best
efforts to cause such registration statement to be declared effective;


 


(b)
prepare and file with the Commission such amendments, post-effective amendments and supplements to such registration statement
and the Prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period
of not less than twelve (12) months (or, in the case of a firm commitment underwritten offering, ninety (90) days), or if earlier,
until all of such Registrable Securities have been disposed of and to comply with the provisions of the Securities Act with respect
to the disposition of such Registrable Securities in accordance with the intended methods of disposition set forth in such registration
statement (the “Registration Effectiveness Period”);


 


(c)
as soon as reasonably practicable before filing such registration statement, Prospectus or amendments or supplements thereto with
the Commission, furnish to the Holder of such Registrable Securities copies of such documents proposed to be filed, which documents
shall be subject to the review, comment and approval of such Holder’s counsel;


 


(d)
notify each selling Holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when such
registration statement has been declared effective or a supplement to any Prospectus forming a part of such registration statement
has been filed with the Commission;


 


(e)
furnish to each selling Holder of Registrable Securities such number of copies of the Prospectus included in such registration
statement (including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents
incorporated by reference therein), and such other documents as such Holder may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller;


 


(f)
use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or “blue
sky” laws of such jurisdictions as any selling Holder reasonably requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable such Holders to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such Holders; provided, that the Company shall not be required to qualify generally to do business,
subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be
required to do so;


 




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(g)
notify the Holders of Registrable Securities promptly of any request by the Commission for the amending or supplementing of such
registration statement or Prospectus or for additional information;


 


(h)
cooperate with the Holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates representing
the Registrable Securities to be sold pursuant to such registration statement or Rule 144 free of any restrictive legends and
representing such number of shares of Common Stock and registered in such names as the Holders of the Registrable Securities may
reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such registration statement
or Rule 144;


 


(i)
take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that
any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable;


 


(j)
otherwise use its reasonable best efforts to take all other steps necessary to effect the registration of such Registrable Securities
contemplated hereby; and


 


(k)
in connection with an underwritten offering, the Company will enter into such customary agreements (including underwriting and
lock-up agreements in customary form) and take all such other customary actions as the Holders of such Registrable Securities
or the managing underwriter of such offering reasonably request in order to facilitate the intended disposition of the Registrable
Securities.


 


3.
Expenses. All expenses (other than Selling Expenses of the Holders and other expenses of the Holders specified in the last
sentence of this Section 3) incurred by the Company in complying with its obligations pursuant to this Agreement and in
connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without limitation,
all (i) registration and filing fees (including, without limitation, any fees relating to filings required to be made with, or
the listing of any Registrable Securities on, any securities exchange or over-the-counter trading market on which the Registrable
Securities are listed or quoted); (ii) underwriting expenses (other than fees, commissions or discounts); (iii) expenses of any
audits incident to or required by any such registration; (iv) fees and expenses of complying with securities and “blue sky”
laws (including, without limitation, fees and disbursements of counsel for the Company in connection with “blue sky”
qualifications or exemptions of the Registrable Securities); (v) printing expenses; (vi) messenger, telephone and delivery expenses;
(vii) fees and expenses of the Company’s counsel and accountants; and (viii) Financial Industry Regulatory Authority, Inc.
filing fees (if any). In addition, the Company shall be responsible for all of its internal expenses incurred in connection with
the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses
of its officers and employees performing legal or accounting duties) and the expense of any annual audits. All Selling Expenses
relating to the offer and sale of Registrable Securities registered under the Securities Act by a Holder pursuant to this Agreement
shall be borne and paid by such Holder. In addition, each Holder of Registrable Securities shall be responsible for paying any
stock transfer taxes applicable to the sale of Registrable Securities by such Holder, and the fees and disbursements of counsel,
if any, retained by such Holder.


 




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4.
Indemnification. (a) The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder
of Registrable Securities, such Holder’s officers, directors, managers, members, partners, stockholders and Affiliates,
each underwriter, broker or other Person acting on behalf of such Holder of Registrable Securities and each “controlling
person” (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), if any, who controls
any of the foregoing Persons, against all losses, claims, actions, damages, liabilities and expenses, joint or several, to which
any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, actions,
damages, liabilities or expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained
in any registration statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities
Act or any successor rule thereto), information statement, offering circular, test-the-waters materials or other offering materials
or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading; and shall reimburse such Persons for any legal or other expenses reasonably
incurred by any of them in connection with investigating or defending any such loss, claim, action, damage or liability, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. This indemnity shall be in addition to any liability the Company may otherwise have.


 


(b)
In connection with any registration in which a Holder of Registrable Securities is participating, each such Holder shall furnish
to the Company in writing such information as the Company reasonably requests for use in connection with any such registration
statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each director of
the Company, each officer of the Company who shall sign such registration statement, each underwriter, broker or other Person
acting on behalf of the Holders of Registrable Securities and each “controlling person” (within the meaning of Section
15 of the Securities Act and Section 20 of the Exchange Act) who controls any of the foregoing Persons against any losses, claims,
actions, damages, liabilities or expenses resulting from any untrue or alleged untrue statement of material fact contained in
the registration statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities
Act or any successor rule thereto), information statement or offering circular or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, but only to the extent that such untrue statement or
omission is contained in any information so furnished in writing by such Holder; provided, that the obligation to indemnify
shall be several, not joint and several, for each Holder and shall not exceed an amount equal to the net proceeds (after underwriting
fees, commissions or discounts) actually received by such Holder from the sale of Registrable Securities pursuant to such registration
statement. This indemnity shall be in addition to any liability the selling Holder may otherwise have.


 




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(c)
Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in this
Section 4, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give written
notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying party
of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the
indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case
any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume
the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after written notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense thereof; provided, that, if (i) any indemnified party shall have reasonably concluded that
there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with
those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond
the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified
party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of
such action on behalf of such indemnified party without such indemnified party’s prior written consent (but, without such
consent, shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such
indemnified party and any “controlling person” of such indemnified party for that portion of the fees and expenses
of any counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided
hereunder. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it shall not be obligated
to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party
and any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall
have a right to retain one separate counsel, chosen by the Holders of a majority of the Registrable Securities included in the
registration, at the expense of the indemnifying party.


 


(d)
If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a
result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions
which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided,
that the maximum amount of liability in respect of such contribution shall be limited, in the case of each Holder of Registrable
Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such
seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying
party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant
hereto were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable
considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f)
of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.


 




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5.
Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements on
customary terms approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents in customary form reasonably
required under the terms of such underwriting arrangements.


 


6.
Rule 144 Compliance. With a view to making available to the Holders of Registrable Securities the benefits of Rule 144
and any other rule or regulation of the Commission that may at any time permit a Holder to sell securities of the Company to the
public without registration, the Company shall:


 


(a)
make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the Registration
Date;


 


(b)
use reasonable best efforts to file with the Commission in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act, at any time after the Registration Date; and


 


(c)
furnish to any Holder so long as the Holder owns Registrable Securities, promptly upon request, a written statement by the Company
as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the
most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the Company
as such Holder may reasonably request in connection with the sale of Registrable Securities without registration.


 


7.
Quotation. The Company shall use its reasonable best efforts to cause OTC Markets Group to provide, and to continue to
provide, quotations for the Preferred Stock on the OTCQX, OTCQB or Pink (with Current Information) markets not later than September
8, 2018.


 


8.
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable
Securities outstanding; provided, that the provisions of Section 4 and Section 6 shall survive any such termination.


 


9.
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient; or (d) on the third (3rd) day after the date mailed, by certified or
registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses indicated in the Subscription Agreement.


 




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10.
Entire Agreement. This Agreement, together with the Subscription Agreement and other Transaction Documents (as defined
in the Subscription Agreement), constitutes the sole and entire agreement of the parties to this Agreement with respect to the
subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and
oral, with respect to such subject matter. Notwithstanding the foregoing, in the event of any conflict between the terms and provisions
of this Agreement and those of the Subscription Agreement or any other Transaction Document with respect to or relating to
the registration rights provided for herein, the terms and conditions of this Agreement shall control.


 


11.
Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with a sale or acquisition
of the Company, whether by merger, consolidation, sale of all or substantially all of the Company’s assets, or similar transaction,
without the consent of the Investor; provided, that the successor or acquiring Person agrees in writing to assume all of
the Company’s rights and obligations under this Agreement.


 


12.
No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.


 


13.
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.


 


14.
Amendment, Modification and Waiver. The provisions of this Agreement may only be amended, modified, supplemented or waived
with the prior written consent of the Company and the Holders of a majority of the then outstanding Registrable Shares; provided,
however, that any amendment that would affect any Holder of Registrable Securities then outstanding (solely in such Holder’s
capacity as a Holder of Registrable Securities and not otherwise) in a disproportionately material or adverse manner shall be
effected only with the prior written consent of such Holder. No waiver by any party or parties shall operate or be construed as
a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or
different character, and whether occurring before or after that waiver. Except as otherwise set forth in this Agreement, no failure
to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed
as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege.


 


15.
Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.


 




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16.
Remedies.


 


(a)
Each Holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery
of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement
and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.


 


(b)
In the event that no registration statement has been declared effective by the SEC pursuant to Section 2(a) on or before October
8, 2018, or the effectiveness of such registration statement lapses during Registration Effectiveness Period for more than ten
(10) consecutive Business Days (other than due to SEC review of post-effective amendments), then for each month or portion thereof
thereafter that no such registration statement is effective and available for disposition of Registrable Securities by Holders,
the Company shall issue to each Holder of Registrable Securities a warrant, in the same form as the Warrants, exercisable for
a number of shares of Common Stock equal to one percent (1.0% ) of the number of shares of Registerable Securities held by or
issuable to such Holder, it being understood that the exercise of any such Warrants shall be limited to 19.99% of the Company’s
issued and outstanding shares of Common Stock, as provided in Section 3(f) of the Warrants.


 


(c)
In the event that OTC Market Groups does not provide and continue to provide, quotations for the Preferred Stock on the OTCQX,
OTCQB or Pink (with Current Information) markets on and after October 8, 2018, then for each month or portion thereof thereafter
that no such quotations are provided (subject to one grace period of up to ten (10) consecutive Business Days during each calendar
year), the Company shall issue to each Holder of Registrable Securities a warrant, in the same form as the Warrants, exercisable
for a number of shares of Common Stock equal to one percent (1.0% ) of the number of shares of Registerable Securities held by
or issuable to such Holder, it being understood that the exercise of any such Warrants shall be limited to 19.99% of the Company’s
issued and outstanding shares of Common Stock, as provided in Section 3(f) of the Warrants.


 


17.
Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction). Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of Delaware, and each
party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process,
summons, notice or other document by mail to such party’s address set forth herein shall be effective service of process
for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection
to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to plead or claim
in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.


 




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18.
Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely
to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it
may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated
hereby. Each party to this Agreement certifies and acknowledges that (a) no representative of any other party has represented,
expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (b)
such party has considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such party has
been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 18.


 


19.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all
of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.


 


20.
No Conflicting Rights. As of the date of this Agreement, the Company has not granted registration rights to any Person
other than the registration rights provided for by this Agreement to the Holders. The Company shall not (a) grant any registration
rights to third parties which are more favorable than or inconsistent with the rights granted hereunder, or (b) enter into any
agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights
expressly granted to the Holders of Registrable Securities in this Agreement. The Company agrees that in no event will the Company
effect, or permit to be effected, an initial public offering of the Company’s business through any parent or subsidiary
of the Company or any other entity other than the Company.


 


21.
Further Assurances. Each of the parties to this Agreement shall, and shall cause their affiliates to, execute and deliver
such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required
to carry out the provisions hereof and to give effect to the transactions contemplated hereby.


 


[SIGNATURE
PAGE FOLLOWS]


 




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IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the date first written above.


 


COMPANY


 





	FAT
    BRANDS INC.  	 
	 	 	 
	By:	/s/
    Andrew A. Wiederhorn 	 
	Name:
    	Andrew
    A. Wiederhorn	 
	Title:
    	Chief
    Executive Officer 	 
	 	 	 
	INVESTOR
     	 


 


	Print
    Name:   	 	 


 


	 	 	 
	By:	 	 
	Name:	 	 
	Title:
    	 	 


 




















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