Document:

EX-10.4

 Exhibit 10.4 
 Execution Version 
  
  

 
 GUARANTY AND SECURITY AGREEMENT

 Dated as of October 25, 2013 
 among  
 PMI HOLDINGS, INC., 

a Delaware corporation 
 and 
 Each Other Grantor 

From Time to Time Party Hereto 
 and 
 GOLUB CAPITAL LLC, 

as Agent 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	ARTICLE I DEFINED TERMS	  	 	1	  
		 	Section 1.1	  	Definitions	  	 	1	  
		 	Section 1.2	  	Certain Other Terms	  	 	4	  
		
	 ARTICLE II GUARANTY
	  	 	5	  
		 	Section 2.1	  	Guaranty	  	 	5	  
		 	Section 2.2	  	Limitation of Guaranty	  	 	6	  
		 	Section 2.3	  	Contribution	  	 	6	  
		 	Section 2.4	  	Authorization; Other Agreements	  	 	6	  
		 	Section 2.5	  	Guaranty Absolute and Unconditional	  	 	7	  
		 	Section 2.6	  	Waivers	  	 	8	  
		 	Section 2.7	  	Reliance	  	 	8	  
		
	 ARTICLE III GRANT OF SECURITY INTEREST
	  	 	8	  
		 	Section 3.1	  	Collateral	  	 	8	  
		 	Section 3.2	  	Grant of Security Interest in Collateral	  	 	9	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	9	  
		 	Section 4.1	  	Title; No Other Liens	  	 	9	  
		 	Section 4.2	  	Perfection and Priority	  	 	10	  
		 	Section 4.3	  	Jurisdiction of Organization; Chief Executive Office	  	 	10	  
		 	Section 4.4	  	Locations of Inventory, Equipment and Books and Records	  	 	11	  
		 	Section 4.5	  	Pledged Collateral	  	 	11	  
		 	Section 4.6	  	Instruments and Tangible Chattel Paper Formerly Accounts	  	 	11	  
		 	Section 4.7	  	Intellectual Property	  	 	11	  
		 	Section 4.8	  	Commercial Tort Claims	  	 	12	  
		 	Section 4.9	  	Specific Collateral	  	 	12	  
		 	Section 4.10	  	Enforcement	  	 	12	  
		
	 ARTICLE V COVENANTS
	  	 	13	  
		 	Section 5.1	  	Maintenance of Perfected Security Interest; Further Documentation and Consents	  	 	13	  
		 	Section 5.2	  	Changes in Locations, Name, Etc.	  	 	13	  
		 	Section 5.3	  	Pledged Collateral	  	 	14	  
		 	Section 5.4	  	Accounts	  	 	15	  
		 	Section 5.5	  	Commodity Contracts	  	 	15	  
		 	Section 5.6	  	Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper	  	 	15	  
		 	Section 5.7	  	Intellectual Property	  	 	17	  
		 	Section 5.8	  	Notices	  	 	18	  
		 	Section 5.9	  	Notice of Commercial Tort Claims	  	 	18	  
		
	 ARTICLE VI REMEDIAL PROVISIONS
	  	 	18	  
		 	 Section 6.1
	  	Code and Other Remedies	  	 	18	  

  
 i 

 TABLE OF CONTENTS 
 (continued) 
  

									
	 	  	 	 	 	  	Page	 
		  	Section 6.2	 	Accounts and Payments in Respect of General Intangibles	  	 	22	  
		  	Section 6.3	 	Pledged Collateral	  	 	23	  
		  	Section 6.4	 	Proceeds to be Turned over to and Held by Agent	  	 	24	  
		  	Section 6.5	 	Sale of Pledged Collateral	  	 	24	  
		  	Section 6.6	 	Deficiency	  	 	25	  
		
	ARTICLE VII AGENT	  	 	25	  
		  	Section 7.1	 	Agent’s Appointment as Attorney-in-Fact	  	 	25	  
		  	Section 7.2	 	Authorization to File Financing Statements	  	 	27	  
		  	Section 7.3	 	Authority of Agent	  	 	27	  
		  	Section 7.4	 	Duty; Obligations and Liabilities	  	 	27	  
		
	ARTICLE VIII MISCELLANEOUS	  	 	28	  
		  	Section 8.1	 	Reinstatement	  	 	28	  
		  	Section 8.2	 	Release of Collateral	  	 	28	  
		  	Section 8.3	 	Independent Obligations	  	 	29	  
		  	Section 8.4	 	No Waiver by Course of Conduct	  	 	29	  
		  	Section 8.5	 	Amendments in Writing	  	 	29	  
		  	Section 8.6	 	Additional Grantors; Additional Pledged Collateral	  	 	29	  
		  	Section 8.7	 	Notices	  	 	30	  
		  	Section 8.8	 	Successors and Assigns	  	 	30	  
		  	Section 8.9	 	Counterparts	  	 	30	  
		  	Section 8.10	 	Severability	  	 	30	  
		  	Section 8.11	 	Governing Law	  	 	30	  
		  	Section 8.12	 	Waiver of Jury Trial	  	 	30	  
		  	Section 8.13	 	ULC Limitation	  	 	31	  
		  	Section 8.14	 	Subordination of Intercompany Indebtedness	  	 	32	  

  
 ii 

 ANNEXES AND SCHEDULES 

 

			
	Annex 1	  	Form of Pledge Amendment
	Annex 2	  	Form of Joinder Agreement
	Annex 3	  	Form of Intellectual Property Security Agreement
		
	Schedule 1	  	Commercial Tort Claims
	Schedule 2	  	Filings
	Schedule 3	  	Jurisdiction of Organization; Chief Executive Office
	Schedule 4	  	Location of Inventory and Equipment
	Schedule 5	  	Pledged Collateral
	Schedule 6	  	Intellectual Property

  

  
 iii

 GUARANTY AND SECURITY AGREEMENT, dated as of October 25, 2013, by PMI HOLDINGS, INC., a
Delaware corporation (the “Borrower”) and each of the other entities listed on the signature pages hereof or that becomes a party hereto pursuant to Section 8.6 (together with the Borrower, the
“Grantors”), in favor of Golub Capital LLC (“Golub Capital”), as administrative agent (in such capacity, together with its successors and permitted assigns, “Agent”) for the Lenders, the L/C Issuers
and each other Secured Party (each as defined in the Credit Agreement referred to below). 
 W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement dated as of the date hereof (as the same may be amended, restated, amended and restated,
supplemented and/or otherwise modified from time to time, the “Credit Agreement”) by and among the Borrower, the other Credit Parties party thereto, the Lenders, the L/C Issuers from time to time party thereto and Golub Capital, as
Agent for the Lenders and the L/C Issuers, and as a Lender, the Lenders and the L/C Issuers have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, each Grantor (other than the Borrower) has agreed to guaranty the Obligations (as defined in the Credit Agreement) of the
Borrower; 
 WHEREAS, each Grantor will derive substantial direct and indirect benefits from the making of the extensions of
credit under the Credit Agreement; and 
 WHEREAS, it is a condition precedent to the obligation of the Lenders and the L/C
Issuers to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to Agent; 
 NOW, THEREFORE, in consideration of the premises and to induce the Lenders, the L/C Issuers and Agent to enter into the Credit Agreement and to induce the Lenders and the L/C Issuers to make their
respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with Agent as follows: 
 ARTICLE I

 DEFINED TERMS 
 Section 1.1 Definitions. (a) Capital terms used herein without definition are used as defined in the Credit Agreement. 

(b) The following terms have the meanings given to them in the UCC and terms used herein without definition that are defined in
the UCC have the meanings given to them in the UCC (such meanings to be equally applicable to both the singular and plural forms of the terms defined): “account”, “account debtor”, “as-extracted
collateral”, “certificated security”, “chattel paper”, “commercial tort claim”, “commodity contract”, “deposit account”, “electronic chattel
paper”, “equipment”, “farm products”, “fixture”, “general intangible”, “goods”, “health-care-insurance receivable”,
“instruments”, “inventory”, “investment property”, “letter-of-credit right”, “proceeds”, “record”, “securities account”,
“security”, “supporting obligation” and “tangible chattel paper”. 

 (c) The following terms shall have the following meanings: 

“Agreement” means this Guaranty and Security Agreement. 

“Applicable IP Office” means the United States Patent and Trademark Office, or the United States Copyright Office.

 “Cash Collateral Account” means a deposit account or securities account subject, in each instance, to a
Control Agreement, other than accounts established to cash collateralize L/C Reimbursement Obligations. 

“Collateral” has the meaning specified in Section 3.1. 

“Controlled Securities Account” means each securities account (including all financial assets held therein and all
certificates and instruments, if any, representing or evidencing such financial assets) that is the subject of an effective Control Agreement. 
 “Excluded Equity” means any voting stock in excess of sixty-five percent (65%) of the outstanding voting stock of any Foreign Subsidiary, which, pursuant to the terms of the Credit
Agreement, is not required to guaranty the Obligations. For the purposes of this definition, “voting stock” means, with respect to any issuer, the issued and outstanding shares of each class of Stock of such issuer entitled to vote
(within the meaning of Treasury Regulations § 1.956-2(c)(2)). 
 “Excluded Property” means,
collectively, (i) Excluded Equity, (ii) any permit or license or any Contractual Obligation entered into by any Grantor (A) that prohibits or requires the consent of any Person other than the Borrower and its Affiliates which has not
been obtained as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Obligation or any Stock or Stock Equivalent related thereto or (B) to the extent that any Requirement
of Law applicable thereto prohibits the creation of a Lien thereon, but only, with respect to the prohibition in (A) and (B), to the extent, and for as long as, such prohibition is not terminated or rendered unenforceable or otherwise deemed
ineffective by the UCC or any other Requirement of Law, (iii) Property owned by any Grantor that is subject to a purchase money Lien or a Capital Lease permitted under the Credit Agreement if the Contractual Obligation pursuant to which such
Lien is granted (or in the document providing for such Capital Lease) prohibits or requires the consent of any Person other than the Borrower and its Affiliates which has not been obtained as a condition to the creation of any other Lien on such
equipment and (iv) any “intent to use” Trademark applications for which a statement of use has not been filed (but only until such statement is filed); provided, however, “Excluded Property” shall not
include any proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Property). 

  
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 “Guaranteed Obligations” has the meaning set forth in
Section 2.1. 
 “Guarantor” means each Grantor other than the Borrower. 

“Guaranty” means the guaranty of the Guaranteed Obligations made by the Guarantors as set forth in this Agreement.

 “Internet Domain Name” means all right, title and interest (and all related IP Ancillary Rights) arising
under any Requirement of Law in or relating to Internet domain names. 
 “Material Intellectual Property” means
Intellectual Property that is owned by or licensed to a Grantor and material to the conduct of the Grantors’ business taken as a whole. 
 “Pledged Certificated Stock” means all certificated securities and any other Stock or Stock Equivalent of any Person evidenced by a certificate, instrument or other similar document (as
defined in the UCC), in each case owned by any Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all Stock and Stock Equivalents listed on Schedule 5. Pledged
Certificated Stock excludes any Excluded Property and any Cash Equivalents that are not held in Controlled Securities Accounts to the extent permitted by Section 5.3 hereof. 

“Pledged Collateral” means, collectively, the Pledged Stock and the Pledged Debt Instruments. 

“Pledged Debt Instruments” means all right, title and interest of any Grantor in instruments evidencing any Indebtedness
owed to such Grantor or other obligations owed to such Grantor, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time, including all Indebtedness described on Schedule 5, issued by the
obligors named therein. Pledged Debt Instruments excludes any Cash Equivalents that are not held in Controlled Securities Accounts to the extent permitted by Section 5.3 hereof. 

“Pledged Investment Property” means any investment property of any Grantor, and any distribution of property made on, in
respect of or in exchange for the foregoing from time to time, other than any Pledged Stock or Pledged Debt Instruments. Pledged Investment Property excludes any Cash Equivalents that are not held in Controlled Securities Accounts to the extent
permitted by Section 5.3 hereof. 
 “Pledged Stock” means all Pledged Certificated Stock and all
Pledged Uncertificated Stock. 

  
 3 

 “Pledged ULC Shares” means the Pledged Stock which are shares in capital
stock of a ULC. 
 “Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not
Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or general partner in any partnership not constituting Pledged Certificated Stock or as a member of any limited liability company, all right, title and
interest of any Grantor in, to and under any Organization Document of any partnership or limited liability company to which it is a party, and any distribution of property made on, in respect of or in exchange for the foregoing from time to time,
including in each case those interests set forth on Schedule 5, to the extent such interests are not certificated. Pledged Uncertificated Stock excludes any Excluded Property and any Cash Equivalents that are not held in Controlled
Securities Accounts to the extent permitted by Section 5.3 hereof. 
 “Software” means (a) all
computer programs, including source code and object code versions, (b) all data, databases and compilations of data, whether machine readable or otherwise, and (c) all documentation, training materials and configurations related to any of
the foregoing. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New
York; provided, however, that, in the event that, by reason of mandatory provisions of any applicable Requirement of Law, any of the attachment, perfection or priority of Agent’s or any other Secured Party’s security interest
in any Collateral is governed by the Uniform Commercial Code of a jurisdiction other than the State of New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions
hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions. 
 “ULC” means any unlimited company, unlimited liability company or unlimited liability corporation or any similar entity existing under the laws of any province or territory of Canada and
any successor to any such entity. 
 Section 1.2 Certain Other Terms. 

(a) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The
terms “herein”, “hereof” and similar terms refer to this Agreement as a whole and not to any particular Article, Section or clause in this Agreement. References herein to an Annex, Schedule, Article, Section or clause refer to
the appropriate Annex or Schedule to, or Article, Section or clause in this Agreement. Where the context requires, provisions relating to any Collateral when used in relation to a Grantor shall refer to such Grantor’s Collateral or any relevant
part thereof. 

  
 4 

 (b) Other Interpretive Provisions. 

(i) Defined Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement shall have the
defined meanings when used in any certificate or other document made or delivered pursuant hereto. 
 (ii) The
Agreement. The words “hereof”, “herein”, “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

 (iii) Certain Common Terms. The term “including” is not limiting and means “including
without limitation.” 
 (iv) Performance; Time. Whenever any performance obligation hereunder shall
be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.” 

(v) Contracts. Unless otherwise expressly provided herein, references to agreements and other contractual
instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments, thereto, restatements and substitutions thereof and other modifications and supplements thereto which are in effect from time
to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document. 
 (vi) Laws. References to any statute or regulation are to be construed as including all statutory and regulatory provisions related thereto or consolidating, amending, replacing, supplementing or
interpreting the statute or regulation. 
 ARTICLE II 

GUARANTY 

Section 2.1 Guaranty. To induce the Lenders to make the Loans, the L/C Issuers to Issue Letters of Credit and
each other Secured Party to make credit available to or for the benefit of the Borrower, each Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, the full and
punctual payment when due, whether at stated maturity or earlier, by reason of acceleration, mandatory prepayment or otherwise in accordance with any Loan Document, of all the Obligations of Borrower whether existing on the date hereof or
hereinafter incurred or created (the “Guaranteed Obligations”). This Guaranty by each Guarantor hereunder constitutes a guaranty of payment and not of collection. 

  
 5 

 Section 2.2 Limitation of Guaranty. Any term or provision of this
Guaranty or any other Loan Document to the contrary notwithstanding, the maximum aggregate amount for which any Guarantor shall be liable hereunder shall not exceed the maximum amount for which such Guarantor can be liable without rendering this
Guaranty or any other Loan Document, as it relates to such Guarantor, subject to avoidance under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer (including the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act and Section 548 of title 11 of the United States Code or any applicable provisions of comparable Requirements of Law) (collectively, “Fraudulent Transfer Laws”). Any analysis of the provisions of this Guaranty
for purposes of Fraudulent Transfer Laws shall take into account the right of contribution established in Section 2.3 and, for purposes of such analysis, give effect to any discharge of intercompany debt as a result of any payment made
under the Guaranty. 
 Section 2.3 Contribution. To the extent that any Guarantor shall be required hereunder
to pay any portion of any Guaranteed Obligation exceeding the greater of (a) the amount of the value actually received by such Guarantor and its Subsidiaries from the Loans and other Obligations and (b) the amount such Guarantor would
otherwise have paid if such Guarantor had paid the aggregate amount of the Guaranteed Obligations (excluding the amount thereof repaid by the Borrower) in the same proportion as such Guarantor’s net worth on the date enforcement is sought
hereunder bears to the aggregate net worth of all the Guarantors on such date, then such Guarantor shall be reimbursed by such other Guarantors for the amount of such excess, pro rata, based on the respective net worth of such other Guarantors on
such date. 
 Section 2.4 Authorization; Other Agreements. The Secured Parties are hereby authorized, without
notice to or demand upon any Guarantor and without discharging or otherwise affecting the obligations of any Guarantor hereunder and without incurring any liability hereunder, from time to time, to do each of the following: 

(a) (i) subject to compliance, if applicable, with Section 9.1 of the Credit Agreement, modify, amend, supplement or
otherwise change, (ii) accelerate or otherwise change the time of payment or (iii) waive or otherwise consent to noncompliance with, any Guaranteed Obligation or any Loan Document; 

(b) apply to the Guaranteed Obligations any sums by whomever paid or however realized to any Guaranteed Obligation in such order
as provided in the Loan Documents; 
 (c) refund at any time any payment received by any Secured Party in respect of any
Guaranteed Obligation; 
 (d) (i) sell, exchange, enforce, waive, substitute, liquidate, terminate, release, abandon,
fail to perfect, subordinate, accept, substitute, surrender, exchange, affect, impair or otherwise alter or release any Collateral for any Guaranteed Obligation or any other guaranty therefor in any manner, (ii) receive, take and hold
additional 

  
 6 

 
Collateral to secure any Guaranteed Obligation, (iii) add, release or substitute any one or more other Guarantors, makers or endorsers of any Guaranteed Obligation or any part thereof and
(iv) otherwise deal in any manner with the Borrower or any other Guarantor, maker or endorser of any Guaranteed Obligation or any part thereof; and 
 (e) settle, release, compromise, collect or otherwise liquidate the Guaranteed Obligations. 
 Section 2.5 Guaranty Absolute and Unconditional. Each Guarantor hereby waives and agrees not to assert any defense, whether arising in connection with or in respect of any of the
following or otherwise, and hereby agrees that its obligations under this Guaranty are irrevocable, absolute and unconditional and shall not be discharged as a result of or otherwise affected by any of the following (which may not be pleaded and
evidence of which may not be introduced in any proceeding with respect to this Guaranty, in each case except as otherwise agreed in writing by Agent): 
 (a) the invalidity or unenforceability of any obligation of the Borrower or any other Guarantor under any Loan Document or any other agreement or instrument relating thereto (including any
amendment, consent or waiver thereto), or any security for, or other guaranty of, any Guaranteed Obligation or any part thereof, or the lack of perfection or continuing perfection or failure of priority of any security for the Guaranteed Obligations
or any part thereof; 
 (b) the absence of (i) any attempt to collect any Guaranteed Obligation or any part thereof
from the Borrower or any other Guarantor or other action to enforce the same or (ii) any action to enforce any Loan Document or any Lien thereunder; 
 (c) the failure by any Person to take any steps to perfect and maintain any Lien on, or to preserve any rights with respect to, any Collateral; 

(d) any workout, insolvency, bankruptcy proceeding, reorganization, arrangement, liquidation or dissolution by or against the
Borrower, any other Guarantor or any of the Borrower’s other Subsidiaries or any procedure, agreement, order, stipulation, election, action or omission thereunder, including any discharge or disallowance of, or bar or stay against collecting,
any Guaranteed Obligation (or any interest thereon) in or as a result of any such proceeding; 
 (e) any foreclosure,
whether or not through judicial sale, and any other sale or other disposition of any Collateral or any election following the occurrence of an Event of Default that is continuing by any Secured Party to proceed separately against any Collateral in
accordance with such Secured Party’s rights under any applicable Requirement of Law; or 
 (f) any other defense,
setoff, counterclaim or any other circumstance that might otherwise constitute a legal or equitable discharge of the Borrower, any other Guarantor or any other Subsidiary of the Borrower, in each case other than the payment in full of the Guaranteed
Obligations. 

  
 7 

 Section 2.6 Waivers. Each Guarantor hereby unconditionally and
irrevocably waives and agrees not to assert any claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder including any of the following: (a) any demand for payment
or performance and protest and notice of protest; (b) any notice of acceptance; (c) any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation (including any accrued but
unpaid interest thereon) becoming immediately due and payable; and (d) any other notice in respect of any Guaranteed Obligation or any part thereof, and any defense arising by reason of any disability or other defense of the Borrower or any
other Guarantor. Each Guarantor further unconditionally and irrevocably agrees not to (x) enforce or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar right against the Borrower or any other
Guarantor by reason of any Loan Document or any payment made thereunder or (y) assert any claim, defense, setoff or counterclaim it may have against any other Credit Party or set off any of its obligations to such other Credit Party against
obligations of such Credit Party to such Guarantor. No obligation of any Guarantor hereunder shall be discharged other than by complete performance. 
 Section 2.7 Reliance. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower, each other Guarantor and any
other guarantor, maker or endorser of any Guaranteed Obligation or any part thereof, and of all other circumstances bearing upon the risk of nonpayment of any Guaranteed Obligation or any part thereof that diligent inquiry would reveal, and each
Guarantor hereby agrees that no Secured Party shall have any duty to advise any Guarantor of information known to it regarding such condition or any such circumstances. In the event any Secured Party, in its sole discretion, undertakes at any time
or from time to time to provide any such information to any Guarantor, such Secured Party shall be under no obligation to (a) undertake any investigation not a part of its regular business routine, (b) disclose any information that such
Secured Party, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) make any future disclosures of such information or any other information to any Guarantor. 

ARTICLE III 

GRANT OF SECURITY INTEREST 
 Section 3.1 Collateral. For the purposes of this Agreement, all of the following property now owned or at any time hereafter acquired by a Grantor or in which a Grantor now has or at
any time in the future may acquire any right, title or interests is collectively referred to as the “Collateral”: 
 (a) all accounts, chattel paper, deposit accounts, documents, equipment, general intangibles, instruments, insurance, inventory, investment property, letter of credit rights, each Cash Collateral
Account, each Controlled Securities Account, all Pledged Collateral and any supporting obligations related to any of the foregoing; 

  
 8 

 (b) the commercial tort claims described on Schedule 1 and on any
supplement thereto received by Agent pursuant to Section 5.9; 
 (c) all books and records pertaining to the
other property described in this Section 3.1; 
 (d) all property of such Grantor held by any Secured Party,
including all property of every description, in the custody of or in transit to such Secured Party for any purpose, including safekeeping, collection or pledge, for the account of such Grantor or as to which such Grantor may have any right or power,
including but not limited to cash; 
 (e) all other goods (including but not limited to fixtures) and personal property
of such Grantor, whether tangible or intangible and wherever located; and 
 (f) to the extent not otherwise included,
all proceeds of the foregoing. 
 Section 3.2 Grant of Security Interest in Collateral. Each Grantor, as
collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations of such Grantor (the “Secured Obligations”), hereby mortgages, pledges
and hypothecates to Agent for the benefit of the Secured Parties, and grants to Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title and interest in, to and under the Collateral of such Grantor;
provided, however, notwithstanding the foregoing, no Lien or security interest is hereby granted on any Excluded Property; provided, further, that if and when any property shall cease to be Excluded Property, a Lien on
and security in such property shall be deemed granted therein. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 To induce the Lenders, the L/C Issuers and Agent to enter into the Loan Documents, each Grantor hereby represents and warrants each of the following to Agent, the Lenders, the L/C Issuers and the other
Secured Parties: 
 Section 4.1 Title; No Other Liens. Except for the Lien granted to Agent pursuant to this
Agreement and other Permitted Liens under any Loan Document (including Section 4.2), such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. Such Grantor (a) is the record and
beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates and (b) has rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder, free and clear of any
other Lien (other than Permitted Liens). 

  
 9 

 Section 4.2 Perfection and Priority. The security interest granted
pursuant to this Agreement constitutes a valid and continuing perfected security interest in favor of Agent in all Collateral subject, for the following Collateral, to the occurrence of the following: (i) in the case of all Collateral in which
a security interest may be perfected by filing a financing statement under the UCC, the completion of the filings and other actions specified on Schedule 2 (which, in the case of all filings and other documents referred to on such
schedule, have been delivered to Agent in completed and duly authorized form), (ii) with respect to any deposit account or securities account, the execution of Control Agreements, (iii) in the case of all Copyrights, Trademarks and Patents
for which UCC filings are insufficient, all appropriate filings having been made with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, (iv) in the case of letter-of-credit rights that are not
supporting obligations of Collateral, the execution of a Contractual Obligation granting control to Agent over such letter-of-credit rights and (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control
to Agent over such electronic chattel paper. Such security interest shall be prior to all other Liens on the Collateral except for Permitted Liens having priority over Agent’s Lien by operation of law or permitted pursuant to subsections
5.1(e), (g), (h), (i), (j) or (k) of the Credit Agreement upon (i) in the case of all Pledged Certificated Stock, Pledged Debt Instruments and Pledged Investment Property, the delivery thereof to Agent of such Pledged Certificated
Stock, Pledged Debt Instruments and Pledged Investment Property consisting of instruments and certificates, in each case properly endorsed for transfer to Agent or in blank, (ii) in the case of all Pledged Investment Property not in
certificated form, the execution of Control Agreements with respect to such investment property; (iii) in the case of all other instruments and tangible chattel paper that are not Pledged Certificated Stock, Pledged Debt Instruments or Pledged
Investment Property, the delivery thereof to Agent of such instruments and tangible chattel paper; (iv) in the case of letter-of-credit rights that are not supporting obligations of Collateral, the execution of a Contractual Obligation granting
control to Agent over such letter-of-credit rights and (v) in the case of electronic chattel paper, the completion of all steps necessary to grant control to Agent over such electronic chattel paper. Except as set forth in this
Section 4.2, all actions by each Grantor necessary to protect and perfect the Lien granted hereunder on the Collateral have been duly taken to the extent requested by Agent. 

Section 4.3 Jurisdiction of Organization; Chief Executive Office. Such Grantor’s jurisdiction of
organization, legal name and organizational identification number, if any, and the location of such Grantor’s chief executive office or sole place of business, in each case as of the date hereof, is specified on Schedule 3 and such
Schedule 3 also lists all jurisdictions of incorporation, legal names and locations of such Grantor’s chief executive office or sole place of business for the five years preceding the date hereof. 

  
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 Section 4.4 Locations of Inventory, Equipment and Books and Records. On
the date hereof, such Grantor’s inventory and equipment (other than inventory or equipment in transit) and books and records concerning the Collateral are kept at the locations listed on Schedule 4. 

Section 4.5 Pledged Collateral. (a) The Pledged Stock pledged by such Grantor hereunder (a) is listed on
Schedule 5 and constitutes that percentage of the issued and outstanding equity of all classes of each issuer thereof as set forth on Schedule 5, (b) has been duly authorized, validly issued and is fully paid and
non-assessable (other than Pledged Stock in limited liability companies and partnerships) and (c) constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms. 

(b) As of the Closing Date, all Pledged Collateral (other than Pledged Uncertificated Stock) and all Pledged Investment Property
consisting of instruments and certificates has been delivered to Agent in accordance with Section 5.3(a). 
 (c)
Upon the occurrence and during the continuance of an Event of Default, upon notice by Agent to a Grantor, Agent shall be entitled to exercise all of the rights of such Grantor granting the security interest in any Pledged Stock, and a transferee
or assignee of such Pledged Stock shall become a holder of such Pledged Stock to the same extent as such Grantor and be entitled to participate in the management of the issuer of such Pledged Stock and, upon the transfer of the entire interest of
such Grantor, such Grantor shall, by operation of law, cease to be a holder of such Pledged Stock. 
 (d) No Grantor
shall take any action to cause any membership interest, partnership interest, or other equity interest, comprising the Pledged Uncertificated Stock to be or become a “security” within the meaning of, or to be governed by Article 8 of the
UCC as in effect under the laws of any state having jurisdiction and shall not cause or permit any Subsidiary to “opt in” or to take any other action seeking to establish any membership interest or partnership interest of the Pledged
Uncertificated Stock as a “security” or to become certificated. 
 Section 4.6 Instruments and Tangible
Chattel Paper Formerly Accounts. No amount payable to such Grantor under or in connection with any account is evidenced by any instrument or tangible chattel paper that has not been delivered to Agent, properly endorsed for transfer, to the
extent delivery is required by Section 5.6(a). 
 Section 4.7 Intellectual Property. 

(a) Schedule 6 sets forth a true and complete list of the following Intellectual Property such Grantor owns and is
registered or subject to applications for registration, including for each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or otherwise arises or in which an application
for registration has been filed and (4) the registration or application number and registration or application date. 

  
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 (b) On the Closing Date, all Material Intellectual Property owned by such Grantor is
valid, in full force and effect, subsisting, unexpired and enforceable, and no Material Intellectual Property has been abandoned. No breach or default of any material IP License shall be caused by any of the following, and none of the following
shall limit or impair the ownership, use, validity or enforceability of, or any rights of such Grantor in, any Material Intellectual Property: (i) the consummation of the transactions contemplated by any Loan Document or (ii) any holding,
decision, judgment or order rendered by any Governmental Authority. There are no pending (or, to the knowledge of such Grantor, threatened) actions, investigations, suits, proceedings, audits, claims, demands, orders or disputes challenging the
ownership, use, validity, enforceability of, or such Grantor’s rights in, any Intellectual Property of such Grantor that could reasonably be expected to result in a Material Adverse Effect. To such Grantor’s knowledge, no Person has been
or is infringing, misappropriating, diluting, violating or otherwise impairing any Intellectual Property of such Grantor that could reasonably be expected to result in a Material Adverse Effect. Such Grantor, and to such Grantor’s knowledge
each other party thereto, is not in material breach or default of any material IP License. 
 Section 4.8
Commercial Tort Claims. The only commercial tort claims of any Grantor existing on the date hereof (regardless of whether such commercial tort claim has been asserted, threatened or has otherwise been made known to the obligee thereof or
whether litigation has been commenced for such claims) are those listed on Schedule 1, which sets forth such information separately for each Grantor. 
 Section 4.9 Specific Collateral. None of the Collateral is or is proceeds or products of farm products, as-extracted collateral, health-care-insurance receivables or timber to be cut.

 Section 4.10 Enforcement. No Permit, notice to or filing with any Governmental Authority or any other
Person or any consent from any Person is required for the exercise by Agent of its rights (including voting rights) provided for in this Agreement or the enforcement of remedies in respect of the Collateral pursuant to this Agreement, including the
transfer of any Collateral, except as may be required in connection with the disposition of any portion of the Pledged Collateral by laws affecting the offering and sale of securities generally or any approvals that may be required to be obtained
from any bailees or landlords to collect the Collateral. 

  
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 ARTICLE V 
 COVENANTS 
 Each Grantor agrees with Agent to the following, as long as any
Obligation or Commitment remains outstanding (other than contingent indemnification Obligations to the extent no claim giving rise thereto has been asserted): 
 Section 5.1 Maintenance of Perfected Security Interest; Further Documentation and Consents. (a) Generally. Such Grantor shall (i) not use or permit any Collateral to be
used unlawfully or in violation of any provision of any Loan Document, any Related Agreement, any material Requirement of Law or any policy of insurance covering the Collateral and (ii) not enter into any Contractual Obligation or undertaking
restricting the right or ability of such Grantor or Agent to sell, assign, convey or transfer any Collateral if such restriction would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

(b) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least
the priority described in Section 4.2 and shall defend such security interest and such priority against the claims and demands of all Persons. 
 (c) Such Grantor shall furnish to Agent from time to time statements and schedules further identifying and describing the Collateral and such other documents in connection with the Collateral as
Agent may reasonably request, all in reasonable detail and in form and substance reasonably satisfactory to Agent. 
 (d)
At any time and from time to time, upon the written request of Agent, such Grantor shall, for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, (i) promptly and duly
execute and deliver, and have recorded, such further documents, including an authorization to file (or, as applicable, the filing) of any financing statement or amendment under the UCC (or other filings under similar Requirements of Law) in effect
in any jurisdiction with respect to the security interest created hereby and (ii) take such further action as Agent may reasonably request, including (A) using its commercially reasonable efforts to secure all approvals necessary or
appropriate for the assignment to or for the benefit of Agent of any Contractual Obligation, including any IP License, held by such Grantor and to enforce the security interests granted hereunder and (B) executing and delivering any Control
Agreements with respect to deposit accounts and securities accounts to the extent required by Section 4.11 of the Credit Agreement. 
 (e) To ensure that a Lien and security interest is granted on any of the Excluded Property set forth in clause (ii) of the definition of “Excluded Property”, such Grantor
shall use its commercially reasonable efforts to obtain any required consents from any Person other than the Borrower and its Affiliates with respect to any permit or license or any Contractual Obligation with such Person entered into by such
Grantor that requires such consent as a condition to the creation by such Grantor of a Lien on any right, title or interest in such permit, license or Contractual Obligation or any Stock or Stock Equivalent related thereto. 

Section 5.2 Changes in Locations, Name, Etc. Except upon five (5) days’ prior written notice to Agent (or
such lesser period of notice as Agent, in its sole discretion, from time to time may agree in writing) and delivery to Agent of (a) all documents reasonably requested by Agent to maintain the validity, perfection and priority of the security
interests provided for herein and (b) if applicable, a written supplement to Schedule 4 showing any additional and/or change in chief executive office, such Grantor shall not do any of the following: 

(i) change its jurisdiction of organization or its location, in each case from that referred to in Section 4.3; or

  
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 (ii) change its legal name or organizational identification number, if any,
or corporation, limited liability company, partnership or other organizational structure to such an extent that any financing statement filed in connection with this Agreement would become misleading. 

Section 5.3 Pledged Collateral. (a) Delivery of Pledged Collateral. Such Grantor shall (i) deliver to
Agent, in suitable form for transfer and in form and substance reasonably satisfactory to Agent, (A) all Pledged Certificated Stock, (B) all Pledged Debt Instruments in excess of $250,000 individually and $1,000,000 in the aggregate and
(C) all certificates and instruments evidencing Pledged Investment Property in excess of $250,000 individually and $500,000 in the aggregate and (ii) maintain all other Pledged Investment Property in excess of $250,000 in the aggregate in
a Controlled Securities Account. 
 (b) Event of Default. During the continuance of an Event of Default, Agent
shall have the right, at any time in its discretion and without notice to the Grantor, to (i) transfer to or to register in its name or in the name of its nominees any Pledged Collateral or any Pledged Investment Property and (ii) exchange
any certificate or instrument representing or evidencing any Pledged Collateral or any Pledged Investment Property for certificates or instruments of smaller or larger denominations. 

(c) Cash Distributions with respect to Pledged Collateral. Except as provided in Article VI and subject to the
limitations set forth in the Credit Agreement, such Grantor shall be entitled to receive all cash distributions paid in respect of the Pledged Collateral. 
 (d) Voting Rights. Except as provided in Article VI, such Grantor shall be entitled to exercise all voting, consent and corporate, partnership, limited liability company and
similar rights with respect to the Pledged Collateral; provided, however, that no vote shall be cast, consent given or right exercised or other action taken by such Grantor that would result in any violation of any provision of any
Loan Document, except to the extent such vote, consent, right or action results in payment in full of the Obligations. 

(e) Each Grantor irrevocably waives any and all of its rights under those provisions of the operating agreement or limited
partnership agreement of (and the laws under which there has been organized) each Subsidiary of such Grantor which is a limited liability company or limited partnership, respectively, that (a) prohibit, restrict, condition or otherwise affect
the grant hereunder of any security interest or lien on any of the Pledged Collateral or any enforcement action which may be taken in respect of any 

  
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such security interest or lien or (b) otherwise conflict with the terms of this Agreement. To the extent that this provision is inconsistent with the terms of the operating agreement or
limited partnership agreement, as applicable, of any such Subsidiary, such operating agreement or limited partnership agreement, as applicable, shall be deemed to be amended so as to be consistent with the terms of this
Section 5.3(e). With respect to any of such Grantor’s Pledged Stock in a limited liability company or limited partnership, each Grantor hereby irrevocably consents to the grant of the security interest provided for herein and
to the Agent or its nominee becoming a member, limited partner or general partner, as applicable, in such limited liability company or limited partnership, as applicable (including succeeding to any management rights appurtenant thereto), pursuant
to a disposition thereof in connection with (or in lieu of) an exercise of remedies pursuant to this Agreement; provided that such successor member or partner, as applicable, then agrees in writing to be bound by, and a party to, the
applicable operating agreement or limited partnership agreement. 
 Section 5.4 Accounts. 

(a) Such Grantor shall not, other than in the ordinary course of business, (i) grant any extension of the time of payment of
any account, (ii) compromise or settle any account for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any account, (iv) allow any credit or discount on any account or
(v) amend, supplement or modify any account in any manner that could adversely affect the value thereof. 
 (b) So
long as an Event of Default is continuing, Agent shall have the right to make test verifications of the Accounts in any manner and through any medium that it reasonably considers advisable, and such Grantor shall furnish all such assistance and
information as Agent may reasonably require in connection therewith. At any time and from time to time during the continuance of an Event of Default, upon Agent’s reasonable request, such Grantor shall cause independent public accountants or
others satisfactory to Agent to furnish to Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the accounts. 
 Section 5.5 Commodity Contracts. Such Grantor shall not have commodity contracts in excess of $50,000 individually or $150,000 in the aggregate unless subject to a Control Agreement.

 Section 5.6 Delivery of Instruments and Tangible Chattel Paper and Control of Investment Property,
Letter-of-Credit Rights and Electronic Chattel Paper. (a) If any amount in excess of $100,000 payable under or in connection with any Collateral owned by such Grantor shall be or become evidenced by an instrument or tangible chattel paper,
other than such instrument delivered in accordance with Section 5.3(a) and in the possession of Agent, such Grantor shall (i) promptly provide notice to Agent and (ii) at the request of Agent mark all such instruments and
tangible chattel paper with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest of General Electric Capital Corporation, as Agent” and, at 

  
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the request of Agent, shall immediately deliver such instrument or tangible chattel paper to Agent, duly indorsed in a manner satisfactory to Agent. Notwithstanding the foregoing, so long as no
Event of Default shall have occurred and be continuing, such Grantor may retain for collection in the Ordinary Course of Business any instrument received for payment in the Ordinary Course of Business, and the Agent shall, within reasonable time
upon request of the Grantor, make appropriate arrangements for making any instrument or tangible chattel paper delivered by Grantor available to Grantor for purposes of presentation, collection or renewal (any such arrangement to be effected, to the
extent deemed appropriate by Agent, against trust receipts or like document). 
 (b) Such Grantor shall not grant
“control” (within the meaning of such term under Article 9-106 of the UCC) over any investment property to any Person other than Agent, a securities intermediary or a commodity intermediary. 

(c) If such Grantor is or becomes the beneficiary of a letter of credit that is (i) not a supporting obligation of any
Collateral and (ii) in excess of $500,000, such Grantor shall promptly, and in any event within five (5) Business Days after becoming a beneficiary (or such later date as Agent, in its sole discretion, from time to time may agree in
writing), notify Agent thereof and use commercially reasonable efforts to enter into a Contractual Obligation with Agent, the issuer of such letter of credit or any nominated person with respect to the letter-of-credit rights under such letter of
credit. Such Contractual Obligation shall assign such letter-of-credit rights to Agent and such assignment shall be sufficient to grant control for the purposes of Section 9-107 of the UCC (or any similar section under any equivalent UCC). Such
Contractual Obligation shall also direct all payments thereunder to a Cash Collateral Account. The provisions of the Contractual Obligation shall be in form and substance reasonably satisfactory to Agent. Notwithstanding the foregoing, so long as no
Event of Default shall have occurred and be continuing, such Grantor may retain for collection (for a period of time not to exceed ten (10) days) in the Ordinary Course of Business any documentary letters of credit received in the Ordinary
Course of Business, and Agent shall, within reasonable time upon the request of the Grantor, make appropriate arrangements for making any letters of credit delivered by Grantor available to Grantor for purposes of presentation, collection or renewal
(any such arrangement to be effected, to the extent deemed appropriate by Agent, against trust receipts or like document). 

(d) If any amount in excess of $250,000 payable under or in connection with any Collateral owned by such Grantor shall be or
become evidenced by electronic chattel paper, such Grantor shall take all steps reasonably requested by Agent after notification by Grantor of ownership of such Collateral, to grant Agent control of all such electronic chattel paper for the purposes
of Section 9-105 of the UCC (or any similar section under any equivalent UCC) and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National
Commerce Act. 

  
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 Section 5.7 Intellectual Property. (a) Within forty-five
(45) days after any change to Schedule 6 for such Grantor, such Grantor shall provide Agent notification thereof and the short-form intellectual property agreements and assignments as described in this Section 5.7 and
any other documents that Agent reasonably requests with respect thereto. 
 (b) Such Grantor shall (and shall cause all
its licensees to) (i) (1) continue to use each Trademark included in the Material Intellectual Property in order to maintain such Trademark in full force and effect with respect to each class of goods for which such Trademark is currently used,
free from any claim of abandonment for non-use, (2) maintain at least the same standards of quality of products and services offered under such Trademark as are currently maintained, (3) use such Trademark with the appropriate notice of
registration and all other notices and legends required by applicable Requirements of Law, (4) not adopt or use any other Trademark that is confusingly similar or a colorable imitation of such Trademark unless Agent shall obtain a perfected
security interest in such other Trademark pursuant to this Agreement and (ii) not do any act or omit to do any act whereby (w) such Trademark (or any goodwill associated therewith) may become destroyed, invalidated, impaired or harmed in
any way, (x) any Patent included in the Material Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, (y) any portion of the Copyrights included in the Material Intellectual Property may
become invalidated, otherwise impaired or fall into the public domain or (z) any Trade Secret that is Material Intellectual Property may become publicly available or otherwise unprotectable. 

(c) Such Grantor shall notify Agent immediately if it knows, or has reason to know, that any application or registration relating
to any Material Intellectual Property may become forfeited, misused, unenforceable, abandoned or dedicated to the public, or of any adverse determination or development regarding the validity or enforceability or such Grantor’s ownership of,
interest in, right to use, register, own or maintain any Material Intellectual Property (including the institution of, or any such determination or development in, any proceeding relating to the foregoing in any Applicable IP Office). Such Grantor
shall take all actions that are necessary or reasonably requested by Agent to maintain and pursue each application (and to obtain the relevant registration or recordation) and to maintain each registration and recordation included in the Material
Intellectual Property. 
 (d) Such Grantor shall not knowingly do any act or omit to do any act to infringe,
misappropriate, dilute, violate or otherwise impair the Intellectual Property of any other Person, except to the extent that such action would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. In
the event that any Material Intellectual Property of such Grantor is or has been infringed, misappropriated, violated, diluted or otherwise impaired by a third party, such Grantor shall take such action as it reasonably deems appropriate under the
circumstances in response thereto, including promptly bringing suit and recovering all damages therefor. 

  
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 (e) Such Grantor shall execute and deliver to Agent in form and substance reasonably
acceptable to Agent and suitable for (i) filing in the Applicable IP Office the short-form intellectual property security agreements in the form attached hereto as Annex 3 for all Copyrights, Trademarks and Patents of such Grantor and
(ii) if requested by Agent, recording with the appropriate Internet domain name registrar, a duly executed form of assignment for all material Internet Domain Names of such Grantor (together with appropriate supporting documentation as may be
requested by Agent). 
 Section 5.8 Notices. Such Grantor shall promptly notify Agent in writing of its
acquisition of any interest hereafter in material property that is of a type where a security interest or lien must be or may be registered, recorded or filed under, or notice thereof given under, any federal statute or regulation. 

Section 5.9 Notice of Commercial Tort Claims. Such Grantor agrees that, if it shall acquire any interest in any
commercial tort claim in excess of $100,000 individually and $250,000 in the aggregate for all such commercial tort claims (whether from another Person or because such commercial tort claim shall have come into existence), (i) such Grantor
shall, within five (5) Business Days (or such later period acceptable to Agent) of such acquisition, deliver to Agent, in each case in form and substance reasonably satisfactory to Agent, a notice of the existence and nature of such commercial
tort claim and a supplement to Schedule 1 containing a specific description of such commercial tort claim, (ii) Section 3.1 shall apply to such commercial tort claim and (iii) such Grantor shall execute and deliver
to Agent, in each case in form and substance reasonably satisfactory to Agent, any document, and take all other action, deemed by Agent to be reasonably necessary or appropriate for Agent to obtain, on behalf of the Lenders, a perfected security
interest having at least the priority set forth in Section 4.2 in all such commercial tort claims. Any supplement to Schedule 1 delivered pursuant to this Section 5.9 shall, after the receipt thereof by Agent,
become part of Schedule 1 for all purposes hereunder other than in respect of representations and warranties made prior to the date of such receipt. 
 ARTICLE VI 
 REMEDIAL PROVISIONS 

Section 6.1 Code and Other Remedies. (a) UCC Remedies. During the continuance of an Event of Default,
Agent may exercise, in addition to all other rights and remedies granted to it in this Agreement and in any other instrument or agreement securing, evidencing or relating to any Secured Obligation, all rights and remedies of a secured party under
the UCC or any other applicable law. 
 (b) Disposition of Collateral. Without limiting the generality of the
foregoing, Agent may, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which
demands, defenses, advertisements and notices are hereby waived), during the continuance of any Event of Default (personally or through its agents or attorneys), (i) enter upon the premises where any Collateral is located, without any
obligation to pay rent, through self-help, without judicial process, without first obtaining a final judgment or giving any 

  
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Grantor or any other Person notice or opportunity for a hearing on Agent’s claim or action, (ii) collect, receive, appropriate and realize upon any Collateral and (iii) sell,
assign, convey, transfer, grant option or options to purchase and deliver any Collateral (or enter into Contractual Obligations to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Agent shall have
the right, upon any such public sale or sales and, to the extent permitted by the UCC and other applicable Requirements of Law, upon any such private sale, to purchase the whole or any part of the Collateral so sold, free of any right or equity of
redemption of any Grantor, which right or equity is hereby waived and released. 
 (c) Management of the
Collateral. Each Grantor further agrees, that, during the continuance of any Event of Default, (i) at Agent’s request, it shall assemble the Collateral and make it available to Agent at places that Agent shall reasonably select,
whether at such Grantor’s premises or elsewhere, (ii) without limiting the foregoing, Agent also has the right to require that each Grantor store and keep any Collateral pending further action by Agent and, while any such Collateral is so
stored or kept, provide such guards and maintenance services as shall be necessary to protect the same and to preserve and maintain such Collateral in good condition, (iii) until Agent is able to sell, assign, convey or transfer any Collateral,
Agent shall have the right to hold or use such Collateral to the extent that it deems appropriate for the purpose of preserving the Collateral or its value or for any other purpose deemed appropriate by Agent and (iv) Agent may, if it so
elects, seek the appointment of a receiver or keeper to take possession of any Collateral and to enforce any of Agent’s remedies (for the benefit of the Secured Parties), with respect to such appointment without prior notice or hearing as to
such appointment. Agent shall not have any obligation to any Grantor to maintain or preserve the rights of any Grantor as against third parties with respect to any Collateral while such Collateral is in the possession of Agent. 

(d) Application of Proceeds. Agent shall apply the cash proceeds of any action taken by it pursuant to this
Section 6.1, as set forth in the Credit Agreement, and only after such application and after the payment by Agent of any other amount required by any Requirement of Law, need Agent account for the surplus, if any, to any Grantor.

 (e) Direct Obligation. Neither Agent nor any other Secured Party shall be required to make any demand upon, or
pursue or exhaust any right or remedy against, any Grantor, any other Credit Party or any other Person with respect to the payment of the Obligations or to pursue or exhaust any right or remedy with respect to any Collateral therefor or any direct
or indirect guaranty thereof. All of the rights and remedies of Agent and any other Secured Party under any Loan Document shall be cumulative, may be exercised individually or concurrently and not exclusive of any other rights or remedies provided
by any Requirement of Law. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and 

  
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advantage of, and covenants not to assert against Agent or any other Secured Party, any valuation, stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it
may have as a surety, now or hereafter existing, arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of any Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least 10 days before such sale or other disposition. 
 (f) Commercially Reasonable. To the
extent that applicable Requirements of Law impose duties on Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Agent to do any of the following:

 (i) fail to incur significant costs, expenses or other Liabilities reasonably deemed as such by Agent to
prepare any Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition; 
 (ii) fail to obtain Permits, or other consents, for access to any Collateral to sell or for the collection or sale of any Collateral, or, if not required by other Requirements of Law, fail to obtain
Permits or other consents for the collection or disposition of any Collateral; 
 (iii) fail to exercise remedies
against account debtors or other Persons obligated on any Collateral or to remove Liens on any Collateral or to remove any adverse claims against any Collateral; 

(iv) advertise dispositions of any Collateral through publications or media of general circulation, whether or not such
Collateral is of a specialized nature, or to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring any such Collateral; 

(v) exercise collection remedies against account debtors and other Persons obligated on any Collateral, directly or
through the use of collection agencies or other collection specialists, hire one or more professional auctioneers to assist in the disposition of any Collateral, whether or not such Collateral is of a specialized nature, or, to the extent deemed
appropriate by Agent, obtain the services of other brokers, investment bankers, consultants and other professionals to assist Agent in the collection or disposition of any Collateral, or utilize Internet sites that provide for the auction of assets
of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets to dispose of any Collateral; 

(vi) dispose of assets in wholesale rather than retail markets; 

  
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 (vii) disclaim disposition warranties, such as title, possession or quiet
enjoyment; or 
 (viii) purchase insurance or credit enhancements to insure Agent against risks of loss,
collection or disposition of any Collateral or to provide to Agent a guaranteed return from the collection or disposition of any Collateral. 

Each Grantor acknowledges that the purpose of this Section 6.1 is to provide a non-exhaustive list of actions or omissions that are
commercially reasonable when exercising remedies against any Collateral and that other actions or omissions by the Secured Parties shall not be deemed commercially unreasonable solely on account of not being indicated in this
Section 6.1. Without limitation upon the foregoing, nothing contained in this Section 6.1 shall be construed to grant any rights to any Grantor or to impose any duties on Agent that would not have been granted or imposed by
this Agreement or by applicable Requirements of Law in the absence of this Section 6.1. 
 (g) IP
Licenses. For the purpose of enabling Agent to exercise rights and remedies under this Section 6.1 (including in order to take possession of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign,
convey, transfer or grant options to purchase any Collateral) at such time as Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to Agent, for the benefit of the Secured Parties, (i) an
irrevocable, nonexclusive, worldwide license (exercisable without payment of royalty or other compensation to such Grantor), including in such license the right to sublicense, use and practice any Intellectual Property now owned or hereafter
acquired by such Grantor and access to all media in which any of the licensed items may be recorded or stored and to all Software and programs used for the compilation or printout thereof and (ii) an irrevocable license (without payment of rent
or other compensation to such Grantor) to use, operate and occupy all real Property owned, operated, leased, subleased or otherwise occupied by such Grantor. 
 (h) Exercise of Remedies Pursuant to Control Agreements. Agent agrees with each of the Grantors that, with respect to any deposit, securities or commodities account subject to a Control
Agreement, Agent shall not be entitled to exercise sole control or send any “blockage” or equivalent notice under any such Control Agreement unless an Event of Default under Section 7.1(a), (c) (solely with respect to a
breach of Article VI), (d) (solely with respect to a breach of Sections 4.1 or 4.2(b)), (f) or (g) of the Credit Agreement shall have occurred and be continuing or an acceleration of the Loans and/or termination of the Commitments has
occurred pursuant to Section 7.2 of the Credit Agreement; provided, however, that Agent shall not have any withdrawal rights over such accounts in respect of which a notice of sole control, “blockage” or equivalent is given

  
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 Section 6.2 Accounts and Payments in Respect of General Intangibles.
(a) In addition to, and not in substitution for, any similar requirement in the Credit Agreement, if required by Agent at any time during the continuance of an Event of Default, any payment of accounts or payment in respect of general
intangibles, when collected by any Grantor, shall be promptly (and, in any event, within 2 Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to Agent, in a Cash Collateral Account, subject to
withdrawal by Agent as provided in Section 6.4. Until so turned over, such payment shall be held by such Grantor in trust for Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and payments in
respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 
 (b) At any time during the continuance of an Event of Default: 
 (i) each Grantor shall, upon Agent’s request, deliver to Agent all original and other documents evidencing, and relating to, the Contractual Obligations and transactions that gave rise to any account
or any payment in respect of general intangibles, including all original orders, invoices and shipping receipts and notify account debtors that the accounts or general intangibles have been collaterally assigned to Agent and that payments in respect
thereof shall be made directly to Agent; 
 (ii) Agent may, without notice, at any time during the continuance of
an Event of Default, limit or terminate the authority of a Grantor to collect its accounts or amounts due under general intangibles or any thereof and, in its own name or in the name of others, communicate with account debtors to verify with them to
Agent’s satisfaction the existence, amount and terms of any account or amounts due under any general intangible. In addition, Agent may at any time enforce such Grantor’s rights against such account debtors and obligors of general
intangibles; and 
 (iii) each Grantor shall take all actions, deliver all documents and provide all information
necessary or reasonably requested by Agent to ensure any Internet Domain Name is registered. 
 (c) Anything herein to
the contrary notwithstanding, each Grantor shall remain liable under each account and each payment in respect of general intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in
accordance with the terms of any agreement giving rise thereto. No Secured Party shall have any obligation or liability under any agreement giving rise to an account or a payment in respect of a general intangible by reason of or arising out of any
Loan Document or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured Party be obligated in any manner to perform any obligation of any Grantor under or pursuant to any agreement giving rise to an account or a
payment in respect of a general intangible, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim,
to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 

  
 22 

 Section 6.3 Pledged Collateral. (a) Voting Rights. During the
continuance of an Event of Default, upon notice by Agent to the relevant Grantor or Grantors, Agent or its nominee may exercise (A) any voting, consent, corporate and other right pertaining to the Pledged Collateral at any meeting of
shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B) any right of conversion, exchange and subscription and any other right, privilege or option pertaining to the
Pledged Collateral as if it were the absolute owner thereof (including the right to exchange at its discretion any Pledged Collateral upon the merger, amalgamation, consolidation, reorganization, recapitalization or other fundamental change in the
corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and deliver any Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as Agent
may determine), all without liability except to account for property actually received by it; provided, however, that Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible
for any failure to do so or delay in so doing. 
 (b) Proxies. If an Event of Default has occurred and is
continuing, each Grantor shall, at its sole cost and expense, from time to time execute and deliver to the Agent appropriate instruments as Agent may reasonably request in order to permit Agent to exercise the voting and other consensual rights
which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder. Each Grantor hereby grants to Agent an irrevocable proxy to vote all or any part of the Pledged
Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be,
calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral
on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an Event of Default and which proxy shall only terminate upon the payment in
full of the Secured Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted). 
 (c) Authorization of Issuers. Each Grantor hereby expressly and irrevocably authorizes and instructs, without any further instructions from such Grantor, each issuer of any Pledged
Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from Agent in writing that states that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each
Grantor agrees that such issuer shall be fully protected from Liabilities to such Grantor in so complying and (ii) unless otherwise expressly permitted hereby or the Credit Agreement, pay any dividend or make any other payment with respect to
the Pledged Collateral directly to Agent. 

  
 23 

 (d) Pledged Stock. Upon the occurrence and during the continuance of an Event
of Default, upon notice by Agent to the relevant Grantor or Grantors, Agent shall be entitled to exercise all of the rights of the Grantor granting the security interest in any Pledged Stock, and a transferee or assignee of such Pledged Stock shall
become a holder of such Pledged Stock to the same extent as such Grantor and be entitled to participate in the management of the issuer of such Pledged Stock and, upon the transfer of the entire interest of such Grantor, such Grantor shall, by
operation of law, cease to be a holder of such Pledged Stock. 
 Section 6.4 Proceeds to be Turned over to and
Held by Agent. During the continuance of an Event of Default, unless otherwise expressly provided in the Credit Agreement or this Agreement, all proceeds of any Collateral received by any Grantor hereunder in cash or Cash Equivalents shall be
held by such Grantor in trust for Agent and the other Secured Parties, segregated from other funds of such Grantor, and shall, promptly upon receipt by any Grantor, be turned over to Agent in the exact form received (with any necessary endorsement).
All such proceeds of Collateral and any other proceeds of any Collateral received by Agent in cash or Cash Equivalents shall be held by Agent in a Cash Collateral Account. All proceeds being held by Agent in a Cash Collateral Account (or by such
Grantor in trust for Agent) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied as provided in the Credit Agreement. 

Section 6.5 Sale of Pledged Collateral. (a) Each Grantor recognizes that Agent may be unable to effect a public
sale of any Pledged Collateral by reason of certain prohibitions contained in the Securities Act and applicable state or foreign securities laws or otherwise or may determine that a public sale is impracticable, not desirable or not commercially
reasonable and, accordingly, may resort to one or more private sales thereof to a restricted group of purchasers that shall be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view
to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any
such private sale shall be deemed to have been made in a commercially reasonable manner. Agent shall be under no obligation to delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer thereof to register such
securities for public sale under the Securities Act or under applicable state securities laws even if such issuer would agree to do so. 
 (b) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of any portion of the Pledged Collateral pursuant to
Section 6.1 and this Section 6.5 valid and binding and in compliance with all applicable Requirements of Law. Each Grantor further agrees that a breach of any covenant contained herein will cause irreparable injury to Agent
and other Secured Parties, that Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained herein shall be specifically enforceable against such Grantor,
and such Grantor hereby 

  
 24 

 
waives and agrees not to assert any defense against an action for specific performance of such covenants except for a defense that no Event of Default has occurred under the Credit Agreement.
Each Grantor waives any and all rights of contribution or subrogation upon the sale or disposition of all or any portion of the Pledged Collateral by Agent. 
 Section 6.6 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of any Collateral are insufficient to pay the Secured
Obligations and the fees and disbursements of any attorney employed by Agent or any other Secured Party to collect such deficiency. 
 ARTICLE VII 
 AGENT 

Section 7.1 Agent’s Appointment as Attorney-in-Fact. (a) Each Grantor hereby irrevocably constitutes and
appoints Agent and any Related Person thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own
name, for the purpose of carrying out the terms of the Loan Documents, to take any appropriate action and to execute any document or instrument that may be necessary or desirable to accomplish the purposes of the Loan Documents, and, without
limiting the generality of the foregoing, each Grantor hereby gives Agent and its Related Persons the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any of the following when an Event of Default shall
be continuing: 
 (i) in the name of such Grantor, in its own name or otherwise, take possession of and indorse
and collect any check, draft, note, acceptance or other instrument for the payment of moneys due under any account or general intangible or with respect to any other Collateral and file any claim or take any other action or proceeding in any court
of law or equity or otherwise deemed appropriate by Agent for the purpose of collecting any such moneys due under any account or general intangible or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property owned by or licensed to the Grantors, execute, deliver and have recorded any
document that Agent may request to evidence, effect, publicize or record Agent’s security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby; 

(iii) pay or discharge taxes and Liens levied or placed on or threatened against any Collateral, effect any repair or pay
any insurance called for by the terms of the Credit Agreement (including all or any part of the premiums therefor and the costs thereof); 

  
 25 

 (iv) execute, in connection with any sale provided for in
Section 6.1 or Section 6.5, any document to effect or otherwise necessary or appropriate in relation to evidence the sale of any Collateral; or 

(v) (A) direct any party liable for any payment under any Collateral to make payment of any moneys due or to become due
thereunder directly to Agent or as Agent shall direct, (B) ask or demand for, and collect and receive payment of and receipt for, any moneys, claims and other amounts due or to become due at any time in respect of or arising out of any
Collateral, (C) sign and indorse any invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft against debtors, assignment, verification, notice and other document in connection with any Collateral, (D) commence
and prosecute any suit, action or proceeding at law or in equity in any court of competent jurisdiction to collect any Collateral and to enforce any other right in respect of any Collateral, (E) defend any actions, suits, proceedings, audits,
claims, demands, orders or disputes brought against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any such actions, suits, proceedings, audits, claims, demands, orders or disputes and, in connection therewith,
give such discharges or releases as Agent may deem appropriate, (G) assign any Intellectual Property owned by the Grantors or any IP Licenses of the Grantors throughout the world on such terms and conditions and in such manner as Agent shall in
its sole discretion determine, including the execution and filing of any document necessary to effectuate or record such assignment and (H) generally, sell, assign, convey, transfer or grant a Lien on, make any Contractual Obligation with
respect to and otherwise deal with, any Collateral as fully and completely as though Agent were the absolute owner thereof for all purposes and do, at Agent’s option, at any time or from time to time, all acts and things that Agent deems
necessary to protect, preserve or realize upon any Collateral and the Secured Parties’ security interests therein and to effect the intent of the Loan Documents, all as fully and effectively as such Grantor might do. 

(vi) If any Grantor fails to perform or comply with any Contractual Obligation contained herein, Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such Contractual Obligation. 
 (b) Subject to Section 9.5 of the Credit Agreement, the expenses of Agent incurred in connection with actions undertaken as provided in this Section 7.1, shall be payable by such
Grantor to Agent on demand. 
 (c) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be
done by virtue of this Section 7.1. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are
released. 

  
 26 

 Section 7.2 Authorization to File Financing Statements. Each Grantor
authorizes Agent and its Related Persons, at any time and from time to time, to file or record financing statements, amendments thereto, and other filing or recording documents or instruments with respect to any Collateral in such form and in such
offices as Agent reasonably determines appropriate to perfect, or continue or maintain perfection of, the security interests of Agent under this Agreement, and such financing statements and amendments may describe the Collateral covered thereby as
“all assets of the debtor”. To the extent permitted by applicable law, a photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for
filing or recording in any jurisdiction. Such Grantor also hereby ratifies its authorization for Agent to have filed any initial financing statement or amendment thereto under the UCC (or other similar laws) in effect in any jurisdiction if filed
prior to the date hereof. 
 Section 7.3 Authority of Agent. Each Grantor acknowledges that the rights and
responsibilities of Agent under this Agreement with respect to any action taken by Agent or the exercise or non-exercise by Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out
of this Agreement shall, as between Agent and the other Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between Agent and the Grantors, Agent
shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation or entitlement to make any inquiry respecting such authority.

 Section 7.4 Duty; Obligations and Liabilities. (a) Duty of Agent. Agent’s sole duty with respect
to the custody, safekeeping and physical preservation of the Collateral in its possession shall be to deal with it in the same manner as Agent deals with similar property for its own account. The powers conferred on Agent hereunder are solely to
protect Agent’s interest in the Collateral and shall not impose any duty upon Agent to exercise any such powers. Agent shall be accountable only for amounts that it receives as a result of the exercise of such powers, and neither it nor any of
its Related Persons shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. In addition, Agent shall not be
liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehousemen, carrier, forwarding agency, consignee or other bailee if such Person has been selected
by Agent in good faith. 
 (b) Obligations and Liabilities with respect to Collateral. No Secured Party and no
Related Person thereof shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any
other Person or to take any other action whatsoever with regard to any Collateral. The powers conferred on Agent hereunder shall not impose any duty upon any other Secured Party to exercise any such powers. The other Secured Parties shall be
accountable only for 

  
 27 

 
amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their respective officers, directors, employees or agents shall be responsible to any
Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 
 ARTICLE VIII 
 MISCELLANEOUS 

Section 8.1 Reinstatement. Each Grantor agrees that, if any payment made by any Credit Party or other Person and
applied to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be
returned by any Secured Party to such Credit Party, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or
repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of the foregoing, (a) any Lien or other Collateral securing such
Grantor’s liability hereunder shall have been released or terminated by virtue of the foregoing or (b) any provision of the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision
shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other
Collateral securing such obligation or the amount of such payment. 
 Section 8.2 Release of Collateral.
(a) At the time provided in Section 8.10 of the Credit Agreement, the Collateral shall be released from the Lien created hereby and this Agreement and all obligations (other than those expressly stated to survive such termination)
of Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. Each Grantor is hereby authorized to file UCC
amendments at such time evidencing the termination of the Liens so released. At the request of any Grantor following any such termination, Agent shall deliver to such Grantor any Collateral of such Grantor held by Agent hereunder and execute and
deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 (b) If
Agent shall be directed or permitted pursuant to subsection 8.10(b) of the Credit Agreement to release any Lien or any Collateral, such Collateral shall be released from the Lien created hereby to the extent provided under, and subject to the
terms and conditions set forth in, such subsection. In connection therewith, Agent, at the request of any Grantor, shall execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such release.

  
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 (c) At the time provided in subsection 8.10(b) of the Credit Agreement and at
the request of the Borrower, a Grantor shall be released from its obligations hereunder in the event that all the Stock and Stock Equivalents of such Grantor shall be sold to any Person other than Holdings or any of its Subsidiaries in a transaction
permitted by the Loan Documents. 
 Section 8.3 Independent Obligations. The obligations of each Grantor
hereunder are independent of and separate from the Secured Obligations and the Guaranteed Obligations. If any Secured Obligation or Guaranteed Obligation is not paid when due, or upon any Event of Default, Agent may, at its sole election, proceed
directly and at once, without notice, against any Grantor and any Collateral to collect and recover the full amount of any Secured Obligation or Guaranteed Obligation then due, without first proceeding against any other Grantor, any other Credit
Party or any other Collateral and without first joining any other Grantor or any other Credit Party in any proceeding. 

Section 8.4 No Waiver by Course of Conduct. No Secured Party shall by any act (except by a written instrument pursuant
to Section 8.5 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the
part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of
any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that such Secured Party would otherwise have on any future occasion.

 Section 8.5 Amendments in Writing. None of the terms or provisions of this Agreement may be waived,
amended, supplemented or otherwise modified except in accordance with Section 9.1 of the Credit Agreement; provided, however, that annexes to this Agreement may be supplemented (but no existing provisions may be modified
and no Collateral may be released) through Pledge Amendments and Joinder Agreements, in substantially the form of Annex 1 and Annex 2, respectively, in each case duly executed by Agent and each Grantor directly affected thereby.

 Section 8.6 Additional Grantors; Additional Pledged Collateral. (a) Joinder Agreements. If, at the
option of the Borrower or as required pursuant to Section 4.13 of the Credit Agreement, the Borrower shall cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such Subsidiary shall execute and deliver to Agent a
Joinder Agreement substantially in the form of Annex 2 and shall thereafter for all purposes be a party hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing Date. 

(b) Pledge Amendments. To the extent any Pledged Collateral has not been delivered as of the Closing Date, such Grantor
shall deliver a pledge amendment duly executed by the Grantor in substantially the form of Annex 1 (each, a “Pledge Amendment”). Such Grantor authorizes Agent to attach each Pledge Amendment to this Agreement. 

  
 29 

 Section 8.7 Notices. All notices, requests and demands to or upon Agent
or any Grantor hereunder shall be effected in the manner provided for in Section 9.2 of the Credit Agreement; provided, however, that any such notice, request or demand to or upon any Grantor shall be addressed to the
Borrower’s notice address set forth in such Section 9.2. 
 Section 8.8 Successors and Assigns.
This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of each Secured Party and their successors and assigns; provided, however, that no Grantor may assign, transfer or delegate
any of its rights or obligations under this Agreement without the prior written consent of Agent. 
 Section 8.9
Counterparts. This Agreement may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or by Electronic Transmission
shall be as effective as delivery of a manually executed counterpart hereof. 
 Section 8.10 Severability.
Any provision of this Agreement being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of this Agreement or any part of such
provision in any other jurisdiction. 
 Section 8.11 Governing Law. This Agreement and the rights and
obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
 Section 8.12 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO, OR DIRECTLY OR INDIRECTLY ARISING OUT OF,
UNDER OR IN CONNECTION WITH, ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREIN OR RELATED THERETO (WHETHER FOUNDED IN CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO OTHER PARTY AND NO RELATED PERSON OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.12. 

  
 30 

 EACH GRANTOR AGREES TO BE BOUND BY THE PROVISIONS OF SUBSECTIONS 9.18(b) AND (c) OF THE
CREDIT AGREEMENT. 
 Section 8.13 ULC Limitation. Notwithstanding any provisions to the contrary contained in
this Agreement, the Credit Agreement or any other document or agreement among all or some of the parties hereto, each applicable Grantor is as of the date of this Agreement the sole registered and beneficial owner of all Pledged ULC Shares more
particularly described in Schedule 5 to this Agreement and will remain so until such time as such Pledged ULC Shares are fully and effectively transferred into the name of Agent or any other person on the books and records of such ULC.
Nothing in this Agreement, the Credit Agreement or any other document or agreement delivered among all or some of the parties hereto is intended to or shall constitute Agent or any person other than a Grantor to be a member or shareholder of any ULC
until such time as written notice is given to the applicable Grantor and all further steps are taken so as to register Agent or other person as holder of the Pledged ULC Shares. The granting of the pledge and security interest pursuant to Article
III does not make Agent a successor to any Grantor as a member or shareholder of any ULC, and neither Agent nor any of its respective successors or assigns hereunder shall be deemed to become a member or shareholder of any ULC by accepting this
Agreement or exercising any right granted herein unless and until such time, if any, when Agent or any successor or assign expressly becomes a registered member or shareholder of any ULC. Each applicable Grantor shall be entitled to receive and
retain for its own account any dividends or other distributions if any, in respect of the Collateral, and shall have the right to vote such Pledged ULC Shares and to control the direction, management and policies of the ULC issuing such Pledged ULC
Shares to the same extent as such Grantor would if such Pledged ULC Shares were not pledged to Agent or to any other person pursuant hereto. To the extent any provision hereof would have the effect of constituting Agent to be a member or shareholder
of any ULC prior to such time, such provision shall be severed herefrom and ineffective with respect to the relevant Pledged ULC Shares without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering
unenforceable such provision insofar as it relates to Collateral other than Pledged ULC Shares. Notwithstanding anything herein to the contrary (except to the extent, if any, that Agent or any of its successors or assigns hereafter expressly becomes
a registered member or shareholder of any ULC), neither Agent nor any of its respective successors or assigns shall be deemed to have assumed or otherwise become liable for any debts or obligations of any ULC. Except upon the exercise by Agent or
other persons of rights to sell or otherwise dispose of Pledged ULC Shares or other remedies following the occurrence and during the continuance of an Event of Default, each applicable Grantor shall not cause or permit, or enable any ULC in which it
holds Pledged ULC Shares to cause or permit, Agent to: (a) be registered as member or shareholder of such ULC; (b) have any notation entered in its favour in the share register of such ULC; (c) be held out as member or shareholder of
such ULC; (d) receive, directly or indirectly, any dividends, property or other distributions from such ULC by reason of Agent or other person holding a security interest in the Pledged ULC Shares; or (e) act as a member or shareholder of
such ULC, or exercise any rights of a member or shareholder of such ULC, including the right to attend a meeting of such ULC or vote the shares of such ULC. 

  
 31 

 Section 8.14 Subordination of Intercompany Indebtedness. Each Grantor
hereby agrees that all Indebtedness permitted by Section 5.4(b) of the Credit Agreement shall be subordinated to the prior payment in full in cash of the Obligations. 
 — Remainder of Page Intentionally Left Blank; Signature Pages Follow — 

  
 32 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guaranty and Security Agreement
to be duly executed and delivered as of the date first above written. 
  

	
	GRANTORS:
	
	PMI HOLDINGS, INC., a Delaware corporation, as a Grantor 
	
	 PAPA MURPHY’S INTERMEDIATE, INC., a 
 Delaware corporation, as a Grantor

	
	 PAPA MURPHY’S COMPANY STORES, INC.,
 a Washington corporation, as a Grantor

	
	 MURPHY’S MARKETING SERVICES, INC., a Florida corporation, as a Grantor

	
	 PAPA MURPHY’S INTERNATIONAL LLC, a Delaware limited liability company, as a Grantor

  

			
	PAPA MURPHY’S WORLDWIDE LLC, a Delaware limited liability company, as a Grantor
		
	By:	 	/s/ Ken Calwell
		 	 Name: Ken Calwell
 Title:
Chief Executive Officer

			
	 ACCEPTED AND AGREED

as of the date first above written: 
  

GOLUB CAPITAL LLC, as Agent

		
	By:	 	/s/ Marc C. Robinson
		 	 Name: Marc C. Robinson

Title: Managing Director

 ANNEX 1 
 TO 
 GUARANTY AND SECURITY AGREEMENT1 

FORM OF PLEDGE AMENDMENT 
 This Pledge Amendment, dated as of             , 201    , is delivered pursuant to Section 8.6 of
the Guaranty and Security Agreement, dated as of October 25, 2013, by PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”), the undersigned Grantor and the other Persons from time to time party thereto as Grantors in
favor of Golub Capital LLC, as Agent for the Secured Parties referred to therein (as such agreement may be amended, restated, amended and restated, supplemented and/or otherwise modified from time to time, the “Guaranty and Security
Agreement”). Capitalized terms used herein without definition are used as defined in the Guaranty and Security Agreement. 
 The undersigned hereby agrees that this Pledge Amendment may be attached to the Guaranty and Security Agreement and that the Pledged Collateral listed on Annex 1-A to this Pledge Amendment
shall be and become part of the Collateral referred to in the Guaranty and Security Agreement and shall secure all Obligations of the undersigned. 
 The undersigned hereby represents and warrants that each of the representations and warranties contained in Sections 4.1, 4.2, 4.5 and 4.10 of the Guaranty and Security
Agreement is true and correct in all material respects as of the date hereof as if made on and as of such date (except to the extent they relate to an earlier date, in which case, they are true and correct in all material respects as of such earlier
date). 
 This Pledge Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York. 
  

			
	[GRANTOR] 
		
	By:	 	 
		 	 Name:

Title:

  

To be used for pledge of Additional Pledged Collateral by existing Grantor. 

  
 A1-1

 Annex 1-A 
 PLEDGED STOCK 
  

									
	 ISSUER
	  	 CLASS
	  	 CERTIFICATE

NO(S).
	  	 PAR

VALUE
	  	 NUMBER

OF

SHARES,
 UNITS
OR
 INTERESTS

 PLEDGED DEBT INSTRUMENTS 
  

									
	 ISSUER
	  	 DESCRIPTION OF

DEBT
	  	 CERTIFICATE

NO(S).
	  	 FINAL

MATURITY
	  	 PRINCIPAL AMOUNT

  
 A1-2

			
	 ACKNOWLEDGED AND AGREED
 as of the date first above written: 
  
 GOLUB CAPITAL LLC, as Agent

		
	By:	 	 
		 	 Name:
 Title: Duly
Authorized Signatory

  
 A1-3

 ANNEX 2 
 TO 
 GUARANTY AND SECURITY AGREEMENT 

FORM OF JOINDER AGREEMENT 
 This JOINDER AGREEMENT, dated as of             , 201    , is delivered pursuant to Section 8.6 of
the Guaranty and Security Agreement, dated as of October 25, 2013, by PMI HOLDINGS, INC., a Delaware corporation (the “Borrower”) and the other Persons from time to time party thereto as Grantors in favor of General Electric
Capital Corporation, as Agent for the Secured Parties referred to therein (as such agreement may be amended, restated, amended and restated, supplemented, and/or otherwise modified from time to time, the “Guaranty and Security
Agreement”). Capitalized terms used herein without definition are used as defined in the Guaranty and Security Agreement. 
 By executing and delivering this Joinder Agreement, the undersigned, as provided in Section 8.6 of the Guaranty and Security Agreement, hereby becomes a party to the Guaranty and Security
Agreement as a Grantor thereunder with the same force and effect as if originally named as a Grantor therein and, without limiting the generality of the foregoing, as collateral security for the prompt and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of the undersigned, hereby mortgages, pledges and hypothecates to Agent for the benefit of the Secured Parties, and grants to Agent for the benefit of the Secured
Parties a lien on and security interest in, all of its right, title and interest in, to and under the Collateral of the undersigned and expressly assumes all obligations and liabilities of a Grantor thereunder. The undersigned hereby agrees to be
bound as a Grantor for the purposes of the Guaranty and Security Agreement. 
 The information set forth in Annex 1-A is hereby added to the information set forth in Schedules 1 through 6 to the Guaranty and Security Agreement By acknowledging and agreeing to this Joinder Agreement, the undersigned
hereby agrees that this Joinder Agreement may be attached to the Guaranty and Security Agreement and that the Collateral listed on Annex 1-A to this Joinder Amendment shall be and become part of
the Collateral referred to in the Guaranty and Security Agreement and shall secure all Secured Obligations of the undersigned. 

The undersigned hereby represents and warrants that each of the representations and warranties contained in Article IV of the
Guaranty and Security Agreement applicable to it is true and correct in all material respects as of the date hereof as if made on and as of such date (except to the extent they relate to an earlier date, in which case, they are true and correct in
all material respects as of such earlier date. 
 This Joinder Agreement and the rights and obligations of the parties hereto
shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

  
 A2-1

 IN WITNESS WHEREOF, THE UNDERSIGNED HAS CAUSED THIS JOINDER AGREEMENT TO BE DULY EXECUTED
AND DELIVERED AS OF THE DATE FIRST ABOVE WRITTEN. 
  

			
	[Additional Grantor]
		
	By:	 	 
		 	 Name:

Title:

  
 A2-2

			
	 ACKNOWLEDGED AND AGREED
 as of the date first above written:
  
 [EACH GRANTOR PLEDGING ADDITIONAL COLLATERAL]

		
	By:	 	 
		 	 Name:

Title:

  

			
	GOLUB CAPITAL LLC, as Agent 
		
	By:	 	 
		 	 Name:
 Title: Duly
Authorized Signatory

  
 A2-3

 ANNEX 3 
 TO 
 GUARANTY AND SECURITY AGREEMENT 

FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT 
 THIS [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT, dated as of             
        , 201_, is made by each of the entities listed on the signature pages hereof (each a “Grantor” and, collectively, the “Grantors”), in favor of Golub Capital LLC
(“Golub Capital”), as administrative agent (in such capacity, together with its successors and permitted assigns, the “Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below) and the
other Secured Parties. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Credit Agreement, dated as of October 25, 2013 (as the same may be amended, restated, amended and restated, supplemented and/or modified from time to time, the
“Credit Agreement”), by and among the PMI Holdings, Inc., a Delaware corporation (the “Borrower”), the other Credit Parties, the Lenders and the L/C Issuers from time to time party thereto and Golub Capital, as
Agent for the Lenders and the L/C Issuers, the Lenders and the L/C Issuers have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein; 

WHEREAS, each Grantor has agreed, pursuant to a Guaranty and Security Agreement of even date herewith in favor of Agent (as such
agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty and Security Agreement”), to guarantee the Obligations (as defined in the Credit Agreement) of the
Borrower; and 
 WHEREAS, all of the Grantors are party to the Guaranty and Security Agreement pursuant to which the Grantors
are required to execute and deliver this [Copyright] [Patent] [Trademark] Security Agreement; 
 NOW, THEREFORE, in
consideration of the premises and to induce the Lenders, the L/C Issuers and Agent to enter into the Credit Agreement and to induce the Lenders and the L/C Issuers to make their respective extensions of credit to the Borrower thereunder, each
Grantor hereby agrees with Agent as follows: 
 Section 1. Defined Terms. Capitalized terms used herein
without definition are used as defined in the Guaranty and Security Agreement. 
 Section 2. Grant of Security
Interest in [Copyright] [Trademark] [Patent] Collateral. Each Grantor, as collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations of such Grantor, hereby mortgages, pledges and hypothecates to Agent for the benefit of the Secured Parties, and grants to Agent for the benefit of the Secured Parties a Lien on and security interest in, all of its right, title and
interest in, to and under the following Collateral of such Grantor (the “[Copyright] [Patent] [Trademark] Collateral”): 
 (a) [all of its Copyrights including, without limitation, those referred to on Schedule 1 hereto; 

  
 A3-1

 (b) all renewals, reversions and extensions of the foregoing; and 

(c) all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the
foregoing, including, without limitation, all rights to sue and recover at law or in equity for any past, present and future infringement, misappropriation, dilution, violation or other impairment thereof;] 

or 
 (a) [all of its
Patents including, without limitation, those referred to on Schedule 1 hereto; 
 (b) all reissues,
reexaminations, continuations, continuations-in-part, divisionals, renewals and extensions of the foregoing; and 
 (c)
all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the foregoing, including, without limitation, all rights to sue and recover at law or in equity for any past, present and future
infringement, misappropriation, dilution, violation or other impairment thereof;] 
 or 

(a) [all of its Trademarks including, without limitation, those referred to on Schedule 1 hereto; 

(b) all renewals and extensions of the foregoing; 
 (c) all goodwill of the business connected with the use of, and symbolized by, each such Trademark; and 
 (d) all income, royalties, proceeds and Liabilities at any time due or payable or asserted under and with respect to any of the foregoing, including, without limitation, all rights to sue and recover
at law or in equity for any past, present and future infringement, misappropriation, dilution, violation or other impairment thereof;] 

provided, however, the [Copyright][Patent][Trademark] Collateral shall not include any Excluded Property. 

  
 A3-2

 Section 3. Guaranty and Security Agreement. The security interest granted
pursuant to this [Copyright] [Patent] [Trademark] Security Agreement is granted in conjunction with the security interest granted to Agent pursuant to the Guaranty and Security Agreement and each Grantor hereby acknowledges and agrees that
the rights and remedies of Agent with respect to the security interest in the [Copyright] [Patent] [Trademark] Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of
which are incorporated by reference herein as if fully set forth herein. 
 Section 4. Grantor Remains
Liable. Each Grantor hereby agrees that, anything herein to the contrary notwithstanding, such Grantor shall assume full and complete responsibility for the prosecution, defense, enforcement or any other necessary or desirable actions in
connection with their [Copyrights] [Patents] [Trademarks] and IP Licenses subject to a security interest hereunder. 

Section 5. Counterparts. This [Copyright] [Patent] [Trademark] Security Agreement may be executed in any number
of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from
multiple separate counterparts and attached to a single counterpart. 
 Section 6. Governing Law. This
[Copyright] [Patent] [Trademark] Security Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 

[SIGNATURE PAGES FOLLOW] 

  
 A3-3

 IN WITNESS WHEREOF, each Grantor has caused this [Copyright] [Patent] [Trademark]
Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

			
	 Very truly yours,
  

[GRANTOR] 
 as
Grantor

		
	By:	 	 
		 	 Name:

Title:

  

			
	 ACCEPTED AND AGREED

as of the date first above written: 
  

GOLUB CAPITAL LLC, as Agent

		
	By:	 	 
		 	 Name:
 Title: Duly
Authorized Signatory

 [SIGNATURE PAGE TO [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT] 

  
 A3-4

 SCHEDULE I 

TO 

[COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT 
 [Copyright] [Patent] [Trademark] Registrations 
  

	1.	REGISTERED [COPYRIGHTS] [PATENTS] [TRADEMARKS] 

 [Include Registration Number and Date] 
  

	2.	[COPYRIGHT] [PATENT] [TRADEMARK] APPLICATIONS 

 [Include Application Number and Date] 

 SCHEDULE 1 

COMMERCIAL TORT CLAIMS 
 None. 

 SCHEDULE 2 

FILINGS 
  

			
	 CREDIT PARTY
	  	 FILING

	 Papa Murphy’s Intermediate, Inc.
	  	Delaware Secretary of State
	 PMI Holdings, Inc.
	  	Delaware Secretary of State
	 Papa Murphy’s International LLC
	  	Delaware Secretary of State
	 Papa Murphy’s Company Stores, Inc
	  	Washington Secretary of State
	 Papa Murphy’s Worldwide LLC
	  	Delaware Secretary of State
	 Murphy’s Marketing Services, Inc.
	  	Florida Secretary of State

 SCHEDULE 3 

JURISDICTION OF ORGANIZATION; CHIEF EXECUTIVE
OFFICE 
  

							
	 CREDIT PARTY
	  	 JURISDICTION
	  	
ORGANIZATIONAL ID NUMBER
	  	 CHIEF EXECUTIVE
OFFICE

	 Papa Murphy’s Intermediate, Inc.
	  	Delaware	  	4814363	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

	 PMI Holdings, Inc.
	  	Delaware	  	3814836	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

	 Papa Murphy’s International LLC
	  	Delaware	  	3814784	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

	 Papa Murphy’s Company Stores, Inc
	  	Washington	  	602001747	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

	 Papa Murphy’s Worldwide LLC
	  	Delaware	  	4148329	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

	 Murphy’s Marketing Services, Inc.
	  	Florida	  	P10000071270	  	 8000 N.E. Parkway Drive, Suite 350

Vancouver, WA 98662

 SCHEDULE 4 

LOCATION OF INVENTORY AND EQUIPMENT 

 

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Intermediate, Inc.	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

		
	PMI Holdings, Inc.	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

		
	Papa Murphy’s International LLC	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

		
	Papa Murphy’s International LLC	  	 Commercial and Records Storage

Bluebird Transfer
 2500 East 5th Street
 Vancouver, WA 98661

		
	Papa Murphy’s International LLC	  	 Records Storage
 Access
Storage
 7207 N. Leadbetter Road

Portland, OR 97203

		
	Papa Murphy’s International LLC	  	 Commercial Storage
 Crown
Moving Co., Inc.
 705 SE Victory Avenue, Suite 100
 Vancouver, WA

		
	Papa Murphy’s International LLC	  	 Convention Model Store
 The
Wasserstrom Company
 2300 Lockbourne Road
 Columbus, OH 43207

		
	Papa Murphy’s International LLC	  	 Convention Model Store
 Curtis
Equipment, Inc.
 555 Shelley Street

Springfield, OR 97477

		
	Papa Murphy’s Company Stores, Inc.	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO002
 2800 West 10th
Street
 Greeley, CO 80634

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO006
 1708 Dublin
Boulevard
 Colorado Springs, CO 80918

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO008
 12158 East
Mississippi Avenue
 Aurora, CO 80012

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO010
 15440 East
Hampden Avenue
 Aurora, CO 80013

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Company Stores, Inc.	  	 Store CO013
 18741 Ponderosa
Drive, Suite E
 Parker, CO 80134

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO017
 6350 Sheridan
Boulevard, Unit 105A
 Arvada, CO 80003

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO019
 840 South Prairie
Avenue, Suite 2
 Pueblo, CO 81005

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO022
 2888 North Powers
Boulevard
 Colorado Springs, CO 80922

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO024
 680 E. 120th
Avenue, Suite A
 Northglenn, CO 80233

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO029
 12650 W. 64th
Avenue, Suite D
 Arvada, CO 80004

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO030
 3782 E. 104th
Avenue
 Thornton, CO 80233

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO032
 18525 East Smokey
Hill Road, Suite J
 Centennial, CO 80015

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO033
 50 W. Littleton
Boulevard, Suite 303
 Littleton, CO 80120

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO045
 2460 South Academy
Boulevard
 Colorado Springs, CO 80916

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO046
 754 South Perry
Street, Unit F
 Castle Rock, CO 80104

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO047
 1203 North Circle
Drive
 Colorado Springs, CO 80909

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO055
 7669 McLaughlin
Road
 Falcon, CO 80831

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO058
 1617 West US
Highway 50
 Pueblo, CO 81008

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO059
 3301 North Tower
Road
 Aurora, CO 80011 (Wal-Mart Store #5334)

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO064
 1725 Sheridan
Boulevard, Unit C
 Edgewater, CO 80214

  
 5 

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Company Stores, Inc.	  	 Store CO070
 11614 W. Belleview
Avenue, Suite N
 Littleton, CO 80127

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO073
 300 East
Highway 24, Unit B
 Woodland Park, CO 80863

		
	Papa Murphy’s Company Stores, Inc.	  	 Store CO083
 9231 E. Lincoln
Avenue
 Lonetree, CO 80124

		
	Papa Murphy’s Company Stores, Inc.	  	 Store ID005
 920 Caldwell
Boulevard
 Nampa, ID 83651

		
	Papa Murphy’s Company Stores, Inc.	  	 Store ID011
 2707 10th Avenue
South
 Caldwell, ID 83605

		
	Papa Murphy’s Company Stores, Inc.	  	 Store ID022
 2418 12th Avenue
Road
 Nampa, ID 83686

		
	Papa Murphy’s Company Stores, Inc.	  	 Store ID027
 1545 Linder
Road
 Kuna, ID 83634

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS010
 2110 North Maize
Road, Suite 100
 Wichita, KS 67212

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS013
 9747 East 21st
Street North
 Wichita, KS 67206

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS014
 1636 North Rock
Road, Suite 400
 Derby, KS 67037

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS028
 13303 West Maple
Street, Suite 127
 Wichita, KS 67235

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS029
 229 N. Andover
Road, Suite 700
 Andover, KS 67002

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS031
 1410 S. Kansas
Avenue, Suite 1200
 Newton, KS 67114

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS034
 2712 S. Seneca
Street
 Wichita, KS 67217

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS036
 4813 E. Central
Avenue
 Wichita, KS 67208

		
	Papa Murphy’s Company Stores, Inc.	  	 Store KS039
 2348 W. Central
Avenue
 El Dorado, KS 67042

  
 6 

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Company Stores, Inc.	  	 Store MI009
 5311 Eastern
Avenue SW
 Kentwood, MI 49508

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI014
 809 S. Beacon
Boulevard
 Grand Haven, MI 49417

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI018
 5751 Byron Center
Avenue SW
 Wyoming, MI 49519

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI026
 5210 Northland
Drive NE
 Grand Rapids, MI 49525

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI030
 3355 Henry Street,
Suite H
 Muskegon, MI 49441

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI031
 1239 Leonard
Street NE
 Grand Rapids, MI 49505

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MI042
 650 Baldwin
Street
 Jenison, MI 49428

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN012
 10604 France
Avenue South, Suite B
 Bloomington, MN 55431

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN021
 8471 East Point
Douglas Road South
 Cottage Grove, MN 55016

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN023
 15052 Gleason
Path
 Apple Valley, MN 55124

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN030
 8507 Lyndale
Avenue South
 Bloomington, MN 55420

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN037
 7455 Currell
Boulevard
 Woodbury, MN 55125

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN038
 15043 Crestone
Avenue
 Rosemount, MN 55068

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN047
 172 Tyler Road
South
 Red Wing, MN 55066

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN056
 1771 Market
Boulevard
 Hastings, MN 55033

		
	Papa Murphy’s Company Stores, Inc.	  	 Store MN088
 20190 Heritage
Drive
 Lakeville, MN 55044

  
 7 

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Company Stores, Inc.	  	 Store MN089
 7017 10th Street
North
 Oakdale, MN 55128

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM003
 2800 Coors
Boulevard NW
 Albuquerque, NM 87120

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM014
 200 Tramway Blvd
SE
 Albuquerque, NM 87123 (Smith’s Store #427)

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM018
 1000 Rio Rancho
Drive SE
 Albuquerque, NM 87124 (Smith’s Store #413)

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM019
 8400 Menaul
Boulevard NE, Suite G
 Albuquerque, NM 87112

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM029
 2839 Carlisle
Boulevard NE, Suite 110
 Albuquerque, NM 87110

		
	Papa Murphy’s Company Stores, Inc.	  	 Store NM031
 1121 Unser Blvd
SE
 Rio Rancho, NM 87124

		
	Papa Murphy’s Company Stores, Inc.	  	 Store OR004
 5541 SW
Beaverton-Hillsdale Highway
 Portland, OR 97221

		
	Papa Murphy’s Company Stores, Inc.	  	 Store OR042
 1503 North Pacific
Highway
 Woodburn, OR 97071

		
	Papa Murphy’s Company Stores, Inc.	  	 Store OR055
 4350 SW Multnomah
Boulevard
 Portland, OR 97219

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WA082
 3404 Kitsap
Way
 Bremerton, WA 98312

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WA087
 1468 Olney Street
SE, Suite 105
 Port Orchard, WA 98366

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WA100
 4213 Wheaton
Way
 Bremerton, WA 98310

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WA132
 6715 NE 63rd
Street, Suite 105
 Vancouver, WA 98661

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WA147
 2220 Bucklin Hill
Road, Suite 102
 Silverdale, WA 98383

		
	Papa Murphy’s Company Stores, Inc.	  	 Store WI055
 955 Mutual
Way
 Appleton, WI 54913 (Wal-Mart Store #1982)

  
 8 

			
	 CREDIT PARTY
	  	 LOCATION OF INVENTORY
AND EQUIPMENT

	Papa Murphy’s Company Stores, Inc.	  	 Store WI071
 2304 South Main
Street, Suite 7
 Rice Lake, WI 54868

		
	Papa Murphy’s Company Stores, Inc.	  	 Equipment in Storage
 State
Line Storage
 200 State Line Road

Temperance, MI 48182

		
	Papa Murphy’s Company Stores, Inc.	  	 Equipment in Storage
 Mini U
Storage
 5980 Sheridan Boulevard

Arvada, CO 80003

		
	Papa Murphy’s Company Stores, Inc.	  	 Equipment in Storage
 Van Mall
Storage
 4214 NE
72nd Avenue

Vancouver, WA 98661

		
	Papa Murphy’s Worldwide LLC	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

		
	Murphy’s Marketing Services, Inc.	  	 Corporate Office
 8000 N.E.
Parkway Drive, Suite 350
 Vancouver, WA 98662

  
 9 

 SCHEDULE 5 

PLEDGED COLLATERAL 
 (A) ALL PLEDGED CERTIFICATED STOCK: 
  

															
	 ENTITY
	  	 OWNED BY
	  	PERCENTAGE
OF 
PLEDGED
INTEREST	 	 	CERTIFICATE
NUMBER	 	  	NUMBER
OF
SHARES	 
	 PMI Holdings, Inc.
	  	 Papa Murphy’s Intermediate, Inc.
	  	 	100	% 	 	 	1	  	  	 	1,000	  
	 Papa Murphy’s Company Stores, Inc.
	  	 PMI Holdings, Inc.
	  	 	100	% 	 	 	3	  	  	 	500	  
	 Papa Murphy’s International LLC
	  	 Papa Murphy’s Company Stores, Inc.
	  	 	100	% 	 	 	N/A	  	  	 	N/A	  
	 Papa Murphy’s Worldwide LLC
	  	 Papa Murphy’s International LLC
	  	 	100	% 	 	 	N/A	  	  	 	N/A	  
	 Murphy’s Marketing Services, Inc.
	  	 Papa Murphy’s Company Stores, Inc.
	  	 	100	% 	 	 	1	  	  	 	1,000	  
	 PMI Canada ULC
	  	 Papa Murphy’s Worldwide LLC
	  	 	66 1/3	% 	 	 	2	  	  	 	666.33	  

 (B) PLEDGED DEBT INSTRUMENTS: 

 

	 	1.	Promissory Note dated August 18, 2009 issued by Pizza Masters of Illinois, Inc. to Papa Murphy’s Company Stores, Inc. in the amount of $492,000, as amended by
First Amendment to Promissory Note dated September 31, 2013. 

  

	 	2.	Promissory Note dated December 15, 2009 issued by Ananda Holdings Ltd. to PMI Canada, ULC in the amount of $1,000,000 (CAD), as amended and assigned to Papa
Murphy’s Worldwide LLC by Amendment and Assignment to Promissory Note dated March 13, 2012. 

  

	 	3.	Replacement Promissory Note dated as of June 7, 2012 issued as replacement for that certain Promissory Note dated May 25, 2011, as amended by Amendment to
Promissory Note dated June 1, 2011, issued by Ken Calwell to Papa Murphy’s International LLC in the amount of $547,949. 

  

	 	4.	$15,000,000 Revolving Promissory Note dated as of December 15, 2011 by and among Papa Murphy’s Company Stores, Inc., Papa Murphy’s International LLC and
Papa Murphy’s Canada LLC as Borrower and PMI Holdings, Inc. as Lender. 

 (C) PLEDGED
INVESTMENT PROPERTY: 
 None. 

 SCHEDULE 6 

INTELLECTUAL PROPERTY 
 Trademarks whose record owner is Papa Murphy’s International LLC: 
  

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	UNITED STATES	  		  		  		  	
					
	A FRESH WAY OF MAKING PIZZA	  	Words	  	2,736,495	  	7/15/03	  	 Unbaked pizza prepared for off-premises baking and consumption
 (IC030)

					
	C.Y.O. CREATE YOUR OWN	  	

	  	 85/938889*
 Serial No.
	  	 5/21/2013
 Application Date
	  	Retail store services featuring pizza (IC035)
					
	CINNAMURPH	  	Words	  	 86/033103*
 Serial No.
	  	 8/8/2013
 Application Date
	  	 Desserts prepared for off premises baking and consumption.

 
 Retail store services featuring desserts (IC030, IC035)

					
	CINNAWEEKEND	  	Words	  	 86/033109*
 Serial No.
	  	 8/8/2013
 Application Date
	  	 Desserts prepared for off premises baking and consumption.

 
 Retail store services featuring desserts (IC030, IC035)

					
	deLITE	  	

	  	2,186,254	  	9/1/98	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	DELITE	  	Words	  	3,339,186	  	11/20/07	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	FAVES	  	Words	  	 85/920760*
 Serial No.
	  	 5/1/2013
 Application Date
	  	 Unbaked pizza prepared for off-premises baking and consumption

 
 Retail store services featuring pizza (IC030, IC035)

					
	HAND MADE HOME BAKED	  	Words	  	 2,815,887
 Supp Reg
	  	2/17/04	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	HANDMADE HOME BAKED	  	Words	  	4,137,870	  	5/8/2012	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	HANDMADE HOME BAKED	  	Words	  	4,145,311	  	5/22/2012	  	Retail Store services featuring pizza (IC035)
					
	HEARTBAKER	  	Words	  	4,222,983	  	10/9/2012	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	JOIN THE TAKE ‘N’ BAKE REVOLUTION	  	Words	  	4,157,809	  	6/12/2012	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	LITTLE BIG FRESH PAN COOKIE	  	Words	  	86/033116*	  	8/8/2013	  	 Desserts prepared for off premises baking and consumption.

 
 Retail store services featuring desserts (IC030, IC035)

					
	MAKE IT A MEAL	  	Words	  	3,676,208	  	9/1/09	  	Retail Store services featuring pizza (IC035)
					
	MINI MURPH	  	Words	  	85,451,478*	  	10/19/2011	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	OPEN OVEN DESIGN	  	

	  	3,211,275	  	2/20/07	  	Retail Store services featuring pizza (IC035)
					
	OPEN OVEN DESIGN B&W	  	

	  	3,405,204	  	4/1/08	  	Food products, specifically unbaked pizza and calzone, prepared for off-premises baking and consumption (IC030)
					
	PAPA ALDO’S	  	Words	  	1,837,441	  	5/24/94	  	Uncooked pizza, pastas, sauces, spices, lasagna and cookie dough (IC030)
					
	PAPA MURPHY’S	  	Words	  	1,983,341	  	7/2/96	  	Unbaked pizza prepared for off-premises baking and consumption (IC030)
					
	PAPA MURPHY’S PIZZA (black & white with design)	  	

	  	3,961,116	  	5/17/2011	  	Retail store services featuring pizza. (IC035)
					
	PAPA MURPHY’S PIZZA (color with design)	  	

	  	4,131,041	  	4/24/2012	  	Retail store services featuring pizza. (IC035)
					
	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (standard characters)
	  	Words	  	3,148,464	  	9/26/06	  	Retail store services featuring pizza. (IC035)
					
	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (stylized and/or with design)
	  	

	  	3,148,456	  	9/26/06	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption. (IC030)
					
	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (with design)
	  	

	  	3,148,457	  	9/26/06	  	 Retail store services featuring pizza.
 (IC035)

					
	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (stylized and/or with design)
	  	

	  	3,148,460	  	9/26/06	  	 Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and
consumption.
 (IC030)

					
	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (stylized and/or with design)
	  	

	  	3,148,461	  	9/26/06	  	 Retail store services featuring pizza.
 (IC035)

  
 12 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	 PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA
 (stylized and/or with design)
	  	Words	  	3,192,303	  	1/2/07	  	 Precut vegetable salads, namely garden salads, club salads, Caesar salads and Italian salads (IC029)

 
 Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls,
and cookies, prepared for off-premises baking and consumption.
 (IC030)

					
	PAPA’S FAVORITE	  	Words	  	1,447,787	  	7/14/87	  	Pizza for consumption off the premises.
					
	PAPA-RONI	  	Words	  	2,924,995	  	2/8/05	  	Unbaked pizza prepared for off-premises cooking and consumption (IC030)
					
	WE CAN DO THAT	  	Words	  	3,518,907	  	10/21/08	  	Retail store services featuring pizza (IC035)
					
	 AUSTRALIA
	  		  		  		  	
					
	PAPA MURPHY’S	  	Words	  	1199578	  	5/28/2008	  	 Bakery products and pre-prepared meals, including pizza,, namely, unbaked pizza prepared for off-premises baking and consumption;
calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC030)
  
 Retail sale of pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC035)

					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA & Design	  	

	  	1199577	  	5/28/2008	  	 Bakery products and pre-prepared meals, including pizza,, namely, unbaked pizza prepared for off-premises baking and consumption;
calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC030)
  
 Retail sale of pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC035)

					
	 BAHRAIN
	  		  		  		  	
					
	PAPA MURPHY’S	  	

	  	TM94380*	  	10/21/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption. (IC030)
					
	 CANADA
	  		  		  		  	
					
	HEARTBAKER	  	Words	  	TMA856,011	  	9/22/2011	  	Retail store services featuring the sale of pizza, namely, unbaked pizza prepared for off- premises baking and
consumption.

  
 13 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	PAPA MURPHY’S	  	Words	  	TMA674,442	  	10/6/2006	  	 Pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough;
and cinnamon rolls.
  
 Retail store services featuring the sale of pizza,
namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls.

					
	PAPA MURPHY’S	  	Words	  	TMA504,251	  	11/18/1998	  	Fresh pizza, fresh lasagna and fresh calzones
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	

	  	TMA674,152	  	10/4/2006	  	Retail store services featuring the sale of pizza, namely, unbaked pizza prepared for off- premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough;
and cinnamon rolls.
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	

	  	TMA674,167	  	10/4/2006	  	 Pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough;
and cinnamon rolls.
  
 Retail store services featuring the sale of pizza,
namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls.

	
	 COMMUNITY TRADEMARK (EUROPEAN UNION)

					
	PAPA MURPHY’S PIZZA	  	Words	  	012110037*	  	9/3/2013	  	 Advertising signs of paper or cardboard; paper; paper bags; paper boxes; cardboard boxes; printed matter; printed packaging materials of
paper; printed paper labels; printed paper signs; printing paper; printed publications; stationery; paper, cardboard and goods made from these materials, not included in other classes; plastic material for packaging (IC016)

 
 Flour and preparations made from cereals; pizzas; pizza bases; pizza dough; pizza
sauces; pizza flour; pizza mixes; prepared pizza meals; preparations for making pizza bases; chilled pizzas; frozen pizzas; fresh pizzas; uncooked pizzas; pizza spices; pizza crusts; bakery products and pre-prepared meals, including pizza, namely,
unbaked pizza prepared for off-premises baking and consumption; calzones; lasagne; salads; cheese bread; cookie dough; cookies; cinnamon rolls; baked goods, confectionery, chocolate and desserts; dessert pizzas
(IC030)

  
 14 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

		  		  		  		  	Retail services in connection with flour and preparations made from cereals, pizzas, pizza bases, pizza dough, pizza sauces, pizza flour, pizza mixes, prepared pizza meals,
preparations for making pizza bases, chilled pizzas, frozen pizzas, fresh pizzas, uncooked pizzas, pizza spices, pizza crusts, calzones, lasagne, salads, cheese bread, cookie dough, cookies and cinnamon rolls, bakery products and pre-prepared meals,
including pizza, namely, unbaked pizza prepared for off-premises baking and consumption; administration of the business affairs of franchises; advice in the running of establishments as franchises; advisory services (business -) relating to the
establishment of franchises; advisory services (business -) relating to the operation of franchises; advisory services relating to publicity for franchisees; assistance in business management within the framework of a franchise contract; assistance
in franchised commercial business management; assistance in product commercialization, within the framework of a franchise contract; business assistance relating to the establishment of franchises; provision of assistance [business] in the
establishment of franchises; provision of assistance [business] in the operation of franchises (IC035)
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	

	  	012110052*	  	9/3/2013	  	 Advertising signs of paper or cardboard; paper; paper bags; paper boxes; cardboard boxes; printed matter; printed packaging materials of
paper; printed paper labels; printed paper signs; printing paper; printed publications; stationery; paper, cardboard and goods made from these materials, not included in other classes; plastic material for packaging (IC016)

 
 Flour and preparations made from cereals; pizzas; pizza bases; pizza dough; pizza
sauces; pizza flour; pizza mixes; prepared pizza meals; preparations for making pizza bases; chilled pizzas; frozen pizzas; fresh pizzas; uncooked pizzas; pizza spices; pizza crusts; bakery products and pre-prepared meals, including pizza, namely,
unbaked pizza prepared for off-premises baking and consumption; calzones; lasagne; salads;

  
 15 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

		  		  		  		  	 cheese bread; cookie dough; cookies; cinnamon rolls; baked goods, confectionery, chocolate and desserts; dessert pizzas
(IC030)
  
 Retail services in connection with flour and preparations made
from cereals, pizzas, pizza bases, pizza dough, pizza sauces, pizza flour, pizza mixes, prepared pizza meals, preparations for making pizza bases, chilled pizzas, frozen pizzas, fresh pizzas, uncooked pizzas, pizza spices, pizza crusts, calzones,
lasagne, salads, cheese bread, cookie dough, cookies and cinnamon rolls, bakery products and pre-prepared meals, including pizza, namely, unbaked pizza prepared for off-premises baking and consumption; administration of the business affairs of
franchises; advice in the running of establishments as franchises; advisory services (business -) relating to the establishment of franchises; advisory services (business -) relating to the operation of franchises; advisory services relating to
publicity for franchisees; assistance in business management within the framework of a franchise contract; assistance in franchised commercial business management; assistance in product commercialization, within the framework of a franchise
contract; business assistance relating to the establishment of franchises; provision of assistance [business] in the establishment of franchises; provision of assistance [business] in the operation of franchises (IC035)

	
	 KINGDOM OF SAUDI ARABIA

					
	PAPA MURPHY’S	  	

	  	182943*	  	6/5/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption. (IC030)
					
	 KUWAIT
	  		  		  		  	
					
	PAPA MURPHY’S	  	

	  	130459*	  	5/27/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption.
(IC030)

  
 16 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	 MEXICO

					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	Words	  	961633	  	2/17/2006	  	Servicios de comercializacion de productos alimenticios preparados para ser cocinados en casa, servicios de tiendas de comida preparada. (IC035)
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	

	  	975745	  	2/17/2006	  	Servicios de comercializacion de productos alimenticios preparados para ser cocinados en casa, servicios de tiendas de comida preparada. (IC035)
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	Words	  	950748	  	2/17/2006	  	Calzones, roles de canela; galletas, pizzas, pasta, calzone, pizzas dulce y pasteles preparado para hornear (IC030)
					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA	  	

	  	950749	  	2/17/2006	  	Calzones, roles de canela; galletas, pizzas, pasta, calzone, pizzas dulce y pasteles preparado para hornear (IC030)
					
	NEW ZEALAND	  		  		  		  	
					
	PAPA MURPHY’S	  	Words	  	775967	  	11/13/2008	  	 Pizza,, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough;
and cinnamon rolls (IC030)
  
 Retail store services featuring the sale of
pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC035)

					
	PAPA MURPHY’S TAKE ‘N’ BAKE PIZZA & Design	  	

	  	775977	  	9/17/2007	  	 Pizza,, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough;
and cinnamon rolls (IC030)
  
 Retail store services featuring the sale of
pizza, namely, unbaked pizza prepared for off-premises baking and consumption; calzones; lasagna; salads; cheese bread; cookie dough; and cinnamon rolls (IC035)

					
	OMAN	  		  		  		  	
					
	PAPA MURPHY’S	  	

	  	75015*	  	6/26/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption. (IC030)
					
	QATAR	  		  		  		  	
					
	PAPA MURPHY’S	  	

	  	75220*	  	6/6/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption.
(IC030)

  
 17 

									
	 Mark
	  	 Example
	  	 Registration/

Application No.
	  	 Registration/

Application
Date
	  	 For

	UNITED ARAB EMIRATES
					
	PAPA MURPHY’S	  	

	  	174511*	  	5/31/2012	  	Food products, specifically, unbaked pizza, calzones, dessert pizza, cinnamon rolls, and cookies, prepared for off-premises baking and consumption. (IC030)

  

	*	Registration is pending. Serial number and filing date provided. 

  
 18EX-10.6

 Exhibit 10.6 
 Papa Murphy’s International LLC 
 Franchise Agreement 

Table of Contents 
  

									
	 	 	 	  	 	  	Page	 
	 1.    
	 	 DEFINITIONS
	  	 	1	  
		 	 1.1    
	  	“Franchised Business”	  	 	1	  
		 	 1.2
	  	“Internet”	  	 	1	  
		 	 1.3
	  	“Manual”	  	 	1	  
		 	 1.4
	  	“Marks”	  	 	1	  
		 	 1.5
	  	“Methods of Operation”	  	 	2	  
		 	 1.6
	  	“Multi-Area Marketing Programs”	  	 	2	  
		 	 1.7
	  	“Net Sales”	  	 	2	  
		 	 1.8
	  	“Transfer”	  	 	2	  
			
	 2.
	 	 GRANT OF FRANCHISE; TRAINING
	  	 	2	  
		 	 2.1
	  	Grant of Franchise and Customer Solicitation Limitations	  	 	2	  
		 	 2.2
	  	Reservation of Rights	  	 	3	  
		 	 2.3
	  	Initial Training and Test Period	  	 	4	  
		 	 2.4
	  	Additional Training	  	 	5	  
		 	 2.5
	  	Duty to Maintain Computer Skills	  	 	5	  
		 	 2.6
	  	Franchise Advisory Board	  	 	5	  
			
	 3.
	 	 SITE SELECTION, PLANS AND CONSTRUCTION
	  	 	5	  
		 	 3.1
	  	Site Selection Area	  	 	5	  
		 	 3.2
	  	Site Selection	  	 	6	  
		 	 3.3
	  	Our Approval of a Lease or Purchase Agreement	  	 	6	  
		 	 3.4
	  	Permits and Licenses	  	 	7	  
		 	 3.5
	  	Design Plan for Your Franchised Location	  	 	7	  
		 	 3.6
	  	Construction of Your Franchised Location	  	 	7	  
		 	 3.7
	  	Timing for Construction	  	 	8	  
		 	 3.8
	  	Timing for Opening the Franchised Business	  	 	8	  
		 	 3.9
	  	Relocation of Franchised Location	  	 	9	  
			
	 4.
	 	 FEES AND OTHER FINANCIAL AND MARKETING REQUIREMENTS
	  	 	9	  
		 	 4.1
	  	Franchise Fees	  	 	9	  
		 	 4.2
	  	Royalty and Services Fee	  	 	9	  
		 	 4.3
	  	Advertising Fee and Advertising Requirements	  	 	9	  
		 	 4.4
	  	Local Marketing	  	 	10	  
		 	 4.5
	  	Multi-Area Marketing and Cooperative Advertising	  	 	11	  
		 	 4.6
	  	Manner of Payment and Reports	  	 	11	  
		 	 4.7
	  	Records	  	 	12	  
		 	 4.8
	  	Audits	  	 	13	  
		 	 4.9
	  	Application of Payments; Setoff; Security Interest	  	 	14	  

  

					
		 	i	 	March 2014

									
		 	 4.10    
	  	Vendor and Supplier Payments	  	 	14	  
		 	 4.11
	  	Bookkeeping and Payroll Services	  	 	14	  
		 	 4.12
	  	Third Party Programs	  	 	14	  
			
	 5.    
	 	 YOUR DUTIES
	  	 	14	  
		 	 5.1
	  	Time to Complete Training and Commence Operation	  	 	14	  
		 	 5.2
	  	Permits, Licenses, and Laws	  	 	14	  
		 	 5.3
	  	Uniformity and Image	  	 	15	  
		 	 5.4
	  	Specifications and Standards	  	 	15	  
		 	 5.5
	  	Operations	  	 	15	  
		 	 5.6
	  	Right of Entry and Inspection	  	 	15	  
		 	 5.7
	  	Uniforms	  	 	16	  
		 	 5.8
	  	Upgrade, Refurbish and Replacement	  	 	16	  
		 	 5.9
	  	Computer and Communication Systems	  	 	16	  
		 	 5.10
	  	Approved Products	  	 	16	  
		 	 5.11
	  	Personal Participation	  	 	17	  
		 	 5.12
	  	Other Operating Standards	  	 	17	  
		 	 5.13
	  	Marks and Internet	  	 	18	  
		 	 5.14
	  	Manual and Methods of Operation	  	 	19	  
		 	 5.15
	  	Confidential Information	  	 	20	  
		 	 5.16
	  	Covenants Not to Compete	  	 	20	  
		 	 5.17
	  	Notice of Court or Government Action	  	 	21	  
		 	 5.18
	  	Compliance with Anti-Terrorism Laws	  	 	21	  
		 	 5.19
	  	Franchise Convention	  	 	22	  
			
	 6.
	 	 CONTINUATION OF ABILITY TO OPERATE, TERMINATION AND STEP-IN RIGHTS
	  	 	22	  
		 	 6.1
	  	Continuing to Operate Beyond this Agreement	  	 	22	  
		 	 6.2
	  	Termination by You	  	 	23	  
		 	 6.3
	  	Termination by Us	  	 	23	  
		 	 6.4
	  	Effect of Termination	  	 	25	  
		 	 6.5
	  	Our Step-In Rights	  	 	26	  
		 	 6.6
	  	Interim Period	  	 	27	  
			
	 7.
	 	 TRANSFER
	  	 	28	  
		 	 7.1
	  	Sale or Assignment by You	  	 	28	  
		 	 7.2
	  	Your Death or Disability	  	 	31	  
			
	 8.
	 	 INDEMNITY, INSURANCE, CONDEMNATION AND CASUALTY
	  	 	31	  
		 	 8.1
	  	Indemnification	  	 	31	  
		 	 8.2
	  	Insurance	  	 	31	  
		 	 8.3
	  	Condemnation and Casualty	  	 	33	  
			
	 9.
	 	 NOTICE AND MISCELLANEOUS
	  	 	33	  
		 	 9.1
	  	Notices	  	 	33	  
		 	 9.2
	  	Relationship of Parties	  	 	34	  
		 	 9.3
	  	Non-Waiver of Rights	  	 	34	  

  

					
		 	ii	 	March 2014

									
		 	 9.4    
	  	Risk of Operations	  	 	35	  
		 	 9.5
	  	Severability	  	 	35	  
		 	 9.6
	  	Interpretation and Execution	  	 	35	  
		 	 9.7
	  	Modification	  	 	36	  
		 	 9.8
	  	Representations and Warranties by Franchise Owner	  	 	36	  
		 	 9.9
	  	Negotiation and Mediation	  	 	36	  
		 	 9.10
	  	Waiver of Rights	  	 	36	  
		 	 9.11
	  	Injunction, Enforcement, Costs and Venue	  	 	37	  
		 	 9.12
	  	Attorneys’ Fees	  	 	37	  
		 	 9.13
	  	Binding Effect	  	 	37	  
		 	 9.14
	  	Independent Investigation	  	 	37	  
		 	 9.15
	  	Our Acceptance	  	 	38	  
		 	 9.16
	  	Counterparts	  	 	38	  
		 	 9.17
	  	Time of Essence	  	 	38	  
			
	 10.    
	 	 FRANCHISE OWNER INFORMATION.
	  	 	38	  
		 	 10.1
	  	Managing Owner	  	 	38	  
		 	 10.2
	  	Statement of Ownership	  	 	38	  
		 	 10.3
	  	Financial Records	  	 	39	  

 Attachments: 
  

							
		  	Attachment A:	  	Franchised Location and Required Opening Date
		  	Attachment B:	  	Owner Agreement and Guaranty for all Entity Franchise Owners
		  	Attachment C:	  	Addendum to Lease
		  	Attachment D:	  	Nondisclosure Agreement
		  	Attachment E:	  	Successive Addendum

  

					
		 	iii	 	March 2014

 FRANCHISE AGREEMENT 

This Franchise Agreement (“Agreement”) is entered into and effective
                            ,          (“Effective
Date”) between Papa Murphy’s International LLC, a Delaware limited liability company, located at 8000 NE Parkway Drive, Suite 350, Vancouver, Washington 98662 (“we” “us” or
“our”), and the person(s) listed as the Franchise Owner on the signature block of this Agreement (“Franchise Owner,” “you” or “yours”).  

WHEREAS, we have developed a unique system for establishing and operating pizza stores under the service mark
“Papa Murphy’s®” and other related marks; and 

WHEREAS, we grant franchises for the operation of Papa Murphy’s Take ‘N’ Bake Pizza stores to qualified candidates
who are willing to adhere to our Methods of Operation and quality standards; and 
 WHEREAS, you desire to operate
a Papa Murphy’s Take ‘N’ Bake Pizza store in compliance with our Methods of Operation and quality standards. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:  
  

	1.	DEFINITIONS 

 1.1
“Franchised Business” means all business conducted at, through, or in relation to your Papa Murphy’s Take ‘N’ Bake Pizza store. 
 1.2 “Internet” means any of one or more local or global interactive communications media that is now available, or that may become available, and includes websites, domain names, social media,
and any other existing or future form of electronic communication or commerce. Unless the context otherwise indicates, Internet includes methods of accessing limited access electronic networks, such as Intranets, Extranets, and wide area networks.

 1.3 “Manual” means our confidential: (i) manual or manuals, and (ii) any Intranet, Extranet, or password
protected portion of an Internet site that contain manual(s) or other embodiments of the Methods of Operation, and (iii) any embodiment of the Methods of Operation, including notices of new standards and techniques, and (iv) any
amendments, supplements, derivative works, and replacements, whether embodied in electronic or other media. 
 1.4 “Marks” means our trade names, trademarks, service marks, logos, décor, trade dress, layout, and commercial symbols, and similar and related words, symbols or designs, now or in the
future associated with us, you, the Methods of Operation or the Franchised Business, whether or not they are registered, including, but not limited to, “Papa Murphy’s®,” “Papa Murphy’s Take ‘N’ Bake®” and “Papa Murphy’s Take ‘N’ Bake Pizza®.” 

  

					
		 	1	 	March 2014

 1.5 “Methods of Operation” means, collectively, our valuable know-how,
information, trade secrets, methods, Manual, standards, designs, usage of the Marks, copyrighted works, products and service sources and specifications, proprietary software, confidential electronic and other communications, methods of Internet
usage, marketing programs, and research and development connected with the operation and promotion of the Franchised Business, as modified by us at any time. All such modifications become our property. 

1.6 “Multi-Area Marketing Programs” means regional, national, or international programs designed to increase business or
generate awareness and brand recognition for us and the franchise system; including multi-area customer, regional customer, national customer, commercial customer, Internet, social media, event, yellow pages, directory, affinity, vendor, stored
value cards, gift cards, and any other program offered or produced, and co-branding programs. 
 1.7 “Net Sales” means
the gross amount, whether in money or other form of consideration, earned or received by you from any source in connection with the operation of the Franchised Business or with any similar or related activity, whether on or off your business
premises, and whether for goods, services or promotions, excluding only sales tax receipts that you must by law collect from customers and that you actually pay to the government, and any customer refunds paid. If you participate in certain online
marketing programs in which a third party vendor accepts payment on your behalf in exchange for the sale of discount coupons, you must report Net Sales from such activity at the earlier of (a) the day a coupon is used to pay for goods or
services from your Franchised Business, or (b) within 180 days of the day you receive cash payment from the third party vendor. 
 1.8 “Transfer” means to voluntarily or involuntarily transfer, assign, sell, or encumber any interest in or ownership or control of, the Franchised Business, substantial assets of the Franchised
Business, of this Agreement or any interest in the legal entity, which owns the Franchised Business, including any change or series of changes in the percentage of the franchise owner entity which is owned, directly or indirectly, by any principal
owner which results in any addition or deletion of any person or entity. 
  

	2.	GRANT OF FRANCHISE; TRAINING 

 2.1 Grant of Franchise and Customer Solicitation Limitations. 
 (a) If this
is our first franchise agreement with you (the “Initial Franchise Agreement”), we grant to you a non-exclusive license to operate the Franchised Business at a specific location, using the Marks and Methods of Operation for ten years
from the Commencement Date of this Agreement, unless terminated earlier under this Agreement. The “Commencement Date” shall be the first date the franchise premises opens for business. This grant is for your operation of one Papa
Murphy’s Take ‘N’ Bake Pizza store at the location identified in Attachment A if such location has been identified at the time of execution of this Agreement. If the location has not been identified at the time of
execution of this Agreement, the general location in which the Franchised Business may be located is identified in Attachment A. At or before the time the lease for the franchise premises is signed, the specific address will be added to
Attachment A. You must obtain our prior written approval for the site of the franchise premises. 

  

					
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 (b) If this Agreement with you is other than the Initial Franchise Agreement (in which event
this is a “Successive Franchise Agreement”), we grant to you a non-exclusive license to operate the Franchised Business at its current location, using the Marks and Methods of Operation for five years from the expiration date of
your prior Franchise Agreement, unless terminated earlier under this Agreement. 
 (c) You may not relocate the Franchised
Business without our prior written approval as set forth in Section 3.9 of this Agreement. 
 (d) If you are a legal
entity, each of your owners must sign the Owner Agreement and Guaranty for All Entity Franchise Owners in the form attached as Attachment B. 
 (e) You may not do business, solicit customers, or place advertisements by means, or using electronic or other media (including the Internet), that primarily reach persons outside your regional
advertising (or local cooperative, if applicable) area, except with our prior written consent or by following the requirements of the Manual. 
 2.2 Reservation of Rights. You will not receive an exclusive territory or any protected area and we expressly reserve the following rights: 

(a) We may establish company-owned or franchised operations using our Methods of Operation, trade names or trademarks, including one or
more of the Marks, that will compete with you, at any location we select; 
 (b) We may offer and sell food products or other
products, including products ready for immediate consumption, under the Marks or any other marks, through retail food stores, convenience stores, hotel shops, kiosks, theatres, malls, airports, gas stations, college campuses, or other
non-traditional venues, at other retail locations, at special events or through any other channels of distribution, including other restaurants, mail order, catalog sales, over the Internet, and retail or government/military channels. The Internet
is a channel of distribution reserved exclusively to us, and you may not independently market on the Internet, establish or operate your own website, accept online orders through any website or other form of
e-commerce other than a website operated by us or conduct any other form of e-commerce. You may not, utilize social media sites or other forms of electronic
communication to promote your Franchised Business. We may choose to direct or control use of social media sites and other electronic media; 
 (c) We may purchase or be purchased by, or merge or combine with, competing businesses wherever located, including a chain of company-owned or franchised locations that competes directly with your
Franchised Business; 
 (d) We may offer franchises in the future, and have done so in the past, on terms we deem appropriate,
including terms that differ from this Agreement; and 

  

					
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 (e) We may conduct Multi-Area Marketing Programs anywhere. We reserve the right to determine
all policies and practices related to Multi-Area Marketing Programs, including the right to set maximum resale prices to the extent permitted by law. 
 2.3 Initial Training and Test Period. 
 (a) If this is your first Franchised
Business, you or, if you are a legal entity, your designated owner, will work in an existing Papa Murphy’s store for approximately 30 hours within 30 days of the Effective Date of this Agreement, as a mutual test period
(“Phase 1”). Phase 1 will expire upon the earlier of the completion of the 30 hours or the expiration of the 30-day period, whichever occurs first. You will not be paid or insured, and will be subject to this
Agreement, including but not limited to provisions related to indemnity, confidentiality, and noncompetition. 
 (b) You or we
may decide for any reason to terminate this Agreement at any time during Phase 1. If you terminate this Agreement during Phase 1, we will return the Initial Franchise Fee, subject to compliance with this Section 2.3, less $5,000. If
we terminate this Agreement during Phase 1, we will return the entire Initial Franchise Fee. 
 (c) If this is your first
Franchised Business pursuant to a transfer agreement, and you terminate during Phase 1, we will return the Transfer Fee (as defined in Section 7.1(a)), less $5,000. If the Transfer Fee is less than $5,000, we will retain the entire fee. If
this is your first Franchised Business pursuant to a transfer agreement, and we terminate during Phase 1, we will return the entire Transfer Fee. 
 (d) In the event either party is going to terminate pursuant to this Section, notice must be received during or within five days after Phase 1 and must be delivered in accordance with
Section 9.1. 
 (e) In the case of termination by either party, you will be bound by, and must confirm before receiving
your refund, your post-termination obligations, including but not limited to confidentiality, noncompetition, indemnity and mutual releases. You must also sign a Termination and Mutual Release Agreement releasing us from all claims. 

(f) Phases 1 through 5 of the training program are mandatory. You will perform Phase 2 of the training program on your own. We will
provide Phase 3 of the training program in a designated certified training store. Phase 5 of the training program will be held at our corporate headquarters in Vancouver, Washington. This training course will cover the operation of a Papa
Murphy’s Take ‘N’ Bake Pizza store, including financial controls, marketing techniques, service methods, deployment of labor, and maintenance of quality standards. Phase 4 of the training program will be held either at our
corporate headquarters or at a certified training site as designated by us. Phase 6 of the training program is optional. You will be responsible for travel, accommodations, meals and other expenses for all training. 

(g) If you do not successfully complete Phase 2, Phase 3, Phase 4 or Phase 5 of the training program, we may terminate this
Agreement and we will retain your Initial Franchise Fee. 

  

					
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 (h) All stores must be managed by a trained owner or a Certified Manager (“Certified
Manager”). A Certified Manager is a manager or other employee who has received in-store training from the franchise owner in accordance with the In-Store Training Workbook and has successfully completed the Papa Murphy’s Basic
Manager’s Class. Basic Manager’s Classes are offered by us at no additional expense to you, but you will be responsible for paying all costs associated with the manager or other employee’s attendance as well as all wages and benefits
of the manager or other employee earned during the Basic Manager’s Class.  
 (i) You must successfully complete the
mandatory training program no later than four weeks before opening for business. You must successfully complete each phase of the mandatory training program or we may revoke this Agreement and retain the Initial Franchise Fee. 

2.4 Additional Training. You and your manager must complete to our satisfaction any additional or advanced training or attend any
regional meetings we may at any time require. You will be responsible for the cost of any additional training on the PMI Enterprise Solution. All other training will be provided at no cost to you, other than any necessary travel, accommodations,
meals, and other expenses which will be at your sole cost and expense. 
 2.5 Duty to Maintain Computer Skills. You must
at all times have sufficient computer skills to operate your computer, understand how to utilize the software, and access email, the Internet, and our database management and Intranet system. If we determine that you require additional computer
training, we will advise you in writing regarding the nature of the additional training required, and you will have 90 days to complete such training at a local computer training school at your expense. We reserve the right to designate the computer
training school which you must attend. At the end of the training program, you must show us a certificate acceptable to us to prove that you passed the training course. 
 2.6 Franchise Advisory Board. A Franchise Advisory Board (“FAB”) has been formed and shall be utilized by us to gather input and advice from the franchise community on key
initiatives and business issues. The FAB serves in an advisory capacity only. Members of the FAB are franchise owners elected by the franchise community or appointed by us. The purpose of the FAB is to encourage open communication and cooperation
between us and our franchise owners. We may, as we deem necessary, create ad hoc committees to provide insight and advice on particular topics. 
  

	3.	SITE SELECTION, PLANS AND CONSTRUCTION 

 3.1 Site Selection Area. The site selection area (“Site Selection Area”) designated by us is described in Attachment A. Unless otherwise approved by us, you must obtain
a site for your Franchised Business (“Franchised Location”) within the Site Selection Area. You will not have any exclusive rights to the Site Selection Area. 

  

					
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 3.2 Site Selection. 

(a) You assume all cost, liability, expense and responsibility for locating, presenting for our prior review, securing and developing a
site for the Franchised Business within the Site Selection Area. In fulfilling your responsibility, you may consult with real estate and other professionals identified by us. Our evaluation of a prospective site and the providing of assistance in
the selection of a site does not mean that we represent, promise, warranty or guarantee that a Franchised Business operated at that site will be profitable or otherwise successful. You also assume all cost, liability, expense and responsibility for
constructing and equipping the Franchised Business at the Franchised Location. You may not make any binding commitment to a prospective vendor or landlord with respect to a site for the Franchised Business until the site is reviewed, evaluated, and
approved in accordance with this Section 3. 
 (b) Prior to securing a site for the Franchised Business by lease or
purchase, you, with our site selection assistance, must locate a site that is approved by us. 
 (i) You must
submit to us, in writing, in the form we specify, a description of the proposed site. You will complete a Site Submission Package as detailed in the Manual at least 20 days prior to executing your lease. This package will contain information that
you prepare about your proposed site, proposed economics of the deal and other relevant information about your trade area. The Site Submission Package must be submitted with such other information and materials as we may reasonably require,
including a letter of intent or other evidence satisfactory to us that confirms your favorable prospects for obtaining the proposed site and the landlord’s willingness to sign the Addendum to Lease attached to this Agreement as Attachment
C. We will review and approve your proposed site based on this and other information in our sole and absolute discretion. 
 (ii) We will have 20 days after receipt of the Site Submission Package and additional information and materials to approve or disapprove the proposed site as the location for the Franchised Business.
No site may be used for the location of the Franchised Business unless it is first reviewed, evaluated, and approved in writing by us, and any objections are resolved by you to our satisfaction. If within 20 days after submission of the Site
Submission Package, we have not advised you in writing that the proposed site is disapproved, the proposed site will be deemed approved by us for you to use. 
 (iii) After a site for the Franchised Business is approved by us and acquired by you, the site shall be described as the Franchised Location in Attachment A. 

3.3 Our Approval of a Lease or Purchase Agreement. If you purchase the Franchised Location, you must submit a copy of the proposed
contract of sale to us for our review 20 days prior to your signing the contract and you must furnish to us a copy of the contract of sale within 10 days after the contract is signed by all parties. If you lease the Franchised Location, you must
submit a copy of the proposed lease to us for our review 20 days prior to signing the lease and you must furnish to us a copy of the lease within 10 days after the lease is signed by all parties. Any lease for a Franchised Location must include an
Addendum to the Lease between you and the landlord in substantially the form attached as Attachment C. We will have 10 days after receipt of the proposed lease or the proposed contract of sale to review and evaluate the contract or the
lease and outline required revisions. 

  

					
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 3.4 Permits and Licenses. You are responsible for obtaining all zoning
classifications, permits, variances, certificates of occupancy and clearances, that may be required by state or local laws, ordinances or regulations or that may be necessary as a result of any restrictive covenants, reciprocal easement agreement,
or other similar documentation relating to the Franchised Location. Prior to beginning construction of the Franchised Business, you must (i) obtain all permits including, but not limited to, health code permits and building permits, licenses
and certifications required for the lawful construction or remodeling and operation of the Franchised Business, and (ii) certify in writing to us that the insurance coverage specified in Section 8.2 is in full force and effect and that all
required approvals, clearances, permits and certifications have been obtained. You must provide to us copies of your insurance policies or certificates of insurance and copies of all such approvals, clearances, permits and certifications prior to
beginning construction of the Franchised Business. You must also provide us with a copy of your certificate of occupancy prior to opening the Franchised Business. 
 3.5 Design Plan for Your Franchised Location. We will loan you a copy of our standards and specifications for the construction of your Franchised Business, including interior and exterior design,
layout, floor plans, signs, color, décor, equipment and fixtures and such design and permit guidance as we or our affiliate deems appropriate and you must construct your Franchised Location in accordance with our standards and specifications.
Our design and permit guidance may include but not be limited to layout analyses, a preliminary design meeting for the layout of the Franchised Business site approved by us, layout design plans for the Franchised Location approved by us, and
guidance with the permit process. You are solely responsible for all expenses incurred for permitting, construction, and architectural and engineering requirements to construct and open your Franchised Business. 

3.6 Construction of Your Franchised Location. 
 (a) We will provide you with the design and pre-construction assistance described above. You must independently obtain stamped plans from a licensed architect or engineer and any additional architectural,
engineering and design services you deem necessary for the construction of your Franchised Business at your own expense from an architectural, engineering or design firm approved by us. 

(b) Any adaptations to the design plans for the Franchised Location provided by us must be at your sole expense and are subject to our
approval. If we determine that your modified plans do not satisfy our architectural or design standards and specifications for a Franchised Business or are not consistent with the best interests of the Papa Murphy’s brand, we may deny you
permission to use such plans, and in this event will advise you of any objections within 15 days of receiving your modified plans. 
 (c) If we fail to advise you of an objection to the plans within said 15-day time period, you may use your modified plans. If we object to your modified plans, we will provide you with a detailed list of
changes necessary to make your modified plans acceptable. 

  

					
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 (d) We will, upon your resubmission of the plans with such changes, notify you within 10
days of receiving the resubmitted plans whether the plans are acceptable. If we conclude your changes are not acceptable, we will notify you of our objections as described above, and you must resubmit your modified plans in accordance with the
procedures described above until we approve your modified plans. If we do not notify you of any objection within the time period described above, you may use the resubmitted plans. 

(e) You acknowledge that our providing the design plans to you and/or accepting your modified design plans does not constitute a
representation, warranty, or guarantee, express or implied, by us that your modified plans are free of architectural or design errors or that they comply with applicable legal requirements (including the requirements of the Americans With
Disabilities Act) and we shall have no liability to you or any other party because of your use of the modified plans. 
 3.7
Timing for Construction. Once your modified plans have been approved and you have signed a lease or completed the purchase of the Franchised Location, you must start and diligently pursue construction or remodeling (as applicable) of the
Franchised Business. You will be considered to have started construction at the time when any site work is initiated by or on behalf of you at the Franchised Location. Site work includes, but is not limited to, any site work commenced for the
construction of a stand-alone building, removing prior tenant improvements, construction of interior walls, and installation of your tenant improvements. During construction or remodeling, you must provide us with periodic reports regarding the
progress of the construction or remodeling as we reasonably request. In addition, we may make any on-site inspections as we may deem necessary to evaluate your progress. If, during any inspections, we identify instances where your construction or
remodeling is inconsistent with, or does not meet, our standards, we will notify you in writing of the deficiencies, and you must correct the deficiencies prior to opening. You must notify us of the scheduled date you intend to complete construction
or remodeling no later than 30 days prior to that date. Within a reasonable time after the date of completion of construction or remodeling, we may, at our option, conduct an inspection of the completed Franchised Business. You acknowledge and agree
that you will not open the Franchised Business for business without our written authorization and that our written authorization to open will be conditioned upon your strict compliance with this Agreement. 

3.8 Timing for Opening the Franchised Business. You acknowledge that time is of the essence. Subject to your compliance with the
conditions contained herein, you must open the Franchised Business and commence operations within 12 months after the Effective Date (“Required Opening Date”) set forth in Attachment A, unless you obtain our written
permission to extend the Required Opening Date. So long as you have been continuously and diligently pursuing opening the Franchised Business, an extension will not be unreasonably withheld. If this Agreement is signed as part of an Area Development
Agreement, the Required Opening Date shall be the date required in the Area Development Agreement. If you fail to comply with the requirements identified in Section 3.7 above, we will have the right to prohibit you from opening the Franchised
Business. 

  

					
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 3.9 Relocation of Franchised Location. 

(a) You may not relocate the Franchised Business without our prior written consent. This Agreement does not grant you the right or license
to operate the Franchised Business from any location except the Franchised Location or to use the Methods of Operation or the Marks to offer or sell any products, merchandise or services through any channel of distribution except the Franchised
Business or as specified in the Manual. 
 (b) If you are unable to continue the operation of the Franchised Business at the
Franchised Location because of a force majeure event, casualty, or condemnation, you may request, in writing, our approval to relocate the Franchised Business to another location in the Site Selection Area. Any such request to relocate the
Franchised Business shall also be subject to our written approval. If we decide to grant you the right to relocate the Franchised Business, you must comply with the site selection and construction procedures described in this Section 3 with
respect to the new Franchised Location. 
  

	4.	FEES AND OTHER FINANCIAL AND MARKETING REQUIREMENTS 

 4.1 Franchise Fees. You will pay us the applicable amount set forth below, plus, if due and payable, all applicable federal, state or municipal taxes, as a non-recurring franchise fee upon signing
this Agreement. The franchise fee will be paid by means of check, money order or wire transfer. The franchise fee is fully earned upon payment and is nonrefundable. 
 (a) If this is your first franchise, you will pay us a nonrefundable Initial Franchise Fee (“Initial Franchise Fee”) upon the signing of this Agreement of $25,000. 

(b) If you are an existing franchise owner and the franchise is being purchased by the same legal entity or principal owner, you will pay
us a nonrefundable Subsequent Franchise Fee (“Subsequent Franchise Fee”) upon the signing of this Agreement of $15,000. 
 (c) If you have signed an Area Development Agreement and paid the Area Development Fee, you will pay us a nonrefundable Subsequent Franchise Fee of $10,000 at the time(s) set forth in the Area Development
Agreement. 
 4.2 Royalty and Services Fee. Beginning on the Commencement Date, you will pay to us a continuing royalty
and services fee equal to 5 percent of your Net Sales (“Royalty Fee”), which will be reported and paid to us as provided in this Agreement. 
 4.3 Advertising Fee and Advertising Requirements. 
 (a) You will pay us an
advertising fee of 2 percent of your Net Sales (“Advertising and Development Fee”) that will be placed in an advertising and development fund (“ADF”). The Advertising and Development Fee will be paid in the same
manner and at the same time as the Royalty Fee. We reserve the right to place the Advertising and Development Fees in a separate bank account administered by us or an affiliate but are not required to do so. We will use the ADF for marketing
research and development, local franchise owner group advertising or marketing, public relations, local, regional, national, Internet, or international advertising or marketing, development and maintenance of any Internet or 

  

					
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e-commerce programs, stored value card programs, gift card programs, point-of-purchase programs, administration of advertising or marketing (including
reasonable salaries, accounting, collection, quality assurance, legal and other costs), related expenses, and any media or agency costs. We make no promise or guarantee that advertising expenditures will be proportionate to contributions or provide
direct benefit, or any benefit, to you or any other franchise owner. We have the sole right to decide how to spend the Advertising and Development Fees, and have no fiduciary duty with regard to the ADF. Upon request, we will provide you with an
unaudited annual summary report of Advertising and Development Fees and expenditures. 
 (b) We will administer the ADF and
direct all advertising programs with sole decision-making authority over the creative concepts, materials, endorsements, placement, and allocation of overhead expenses. We will have the sole right to enforce the obligations to pay Advertising and
Development Fees but we have no obligation to do so. Neither you nor any other of our franchise owners will be deemed a third party beneficiary with respect to the Advertising and Development Fees or ADF or have any right to enforce any obligation
to pay Advertising and Development Fees. 
 (c) We may develop mandatory or voluntary special discount or free coupon programs
and other Multi-Area Marketing Programs. You must follow our advertising guidelines and purchase and use advertising material that we may designate. You must place our franchise sales brochures that we provide at our cost in your store if we so
request. You must participate in the Multi-Area Marketing Programs that we specify and we may specify maximum resale prices in connection with such programs. For example, you must participate in periodic national or international promotions, and
purchase related marketing kits at your cost. If you participate in a voluntary program, you will follow all provisions of the program. If you elect to be excluded from a voluntary program, we may advise consumers, by advertising, sales solicitation
or otherwise, that you are not a participant. 
 (d) You may not use any advertising, marketing, promotional materials, or
advertising vendors that have not been provided by us or approved by us in writing. You may not embark upon advertising in any media or location without our written approval of the media. If within ten days after submission, we have not advised you
in writing that the material is approved, the material will be deemed disapproved by us for you to use. 
 (e) We may, at our
discretion, require that all or a portion of your Local Marketing Expense (as defined below) or advertising cooperative contribution be paid into the ADF. In the event that we require you to pay all or a portion of your Local Marketing Expense or
advertising cooperative contribution into the ADF, such amounts will be credited toward the minimum Local Marketing Expense. 

4.4 Local Marketing. 
 (a) You must spend each month on local marketing a minimum of the greater of $2,000 or 5 percent of your Net Sales (“Local Marketing Expense”). You will use only franchisor-approved
advertising, marketing and promotional materials. You will report and document your Local Marketing Expense to us at such times and in such manner as we specify, including by electronic means. 

  

					
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 (b) You must spend through us or at our direction up to $30,000 on advertising, including
local marketing, prior to and during your first 180 days of operation. In addition, you may be required to obtain professional public relations assistance and advice, to effectively execute the opening marketing plan. 

(c) You must adhere to, participate in, and follow our marketing programs and guidance, including local store marketing activities,
displays, signage, customer loyalty, gift certificates, stored value cards, or gift cards, online ordering and advertising in accordance with our Manual. 
 4.5 Multi-Area Marketing and Cooperative Advertising. 
 (a) You must
participate in Multi-Area Marketing Programs. Such programs will allow us or others to solicit or sell to customers anywhere, and may require your cooperation (including refraining from certain channels of marketing and distribution), participation
(including payment of commissions or referral fees or accepting gift cards and stored value cards sold by us or other franchise owners), and adherence to maximum retail pricing to the extent permitted by law. All such programs are our proprietary
trade secrets. We reserve the right to issue mandatory policies to coordinate such Multi-Area Marketing Programs. For example, you must participate in periodic national promotions, and in connection with such promotions purchase related marketing
kits at your cost. 
 (b) We may designate local or regional advertising coverage areas to develop cooperative local or regional
advertising and promotional programs. You must participate in and contribute your share to the cooperative advertising and promotional programs in your advertising coverage area. 

(c) Your contributions to cooperative advertising or promotional programs will be credited toward the minimum Local Marketing Expense.
Any such cooperatives will establish the procedures for contribution payments. You may be required to belong to and contribute a minimum of 3 percent of Net Sales to a maximum of 5 percent of Net Sales to any cooperative to which you are
assigned. The cooperative membership may elect to require a greater contribution rate than is required by this Agreement. The minimum contribution may be reduced by the cooperative if your Franchised Location does not receive full benefit of the
cooperative’s advertising. We may designate the coverage area and method and timing of payment; and may form, change, merge or dissolve cooperatives; and may approve or disapprove any outside agencies, articles, bylaws, other governing
documents, and all activities and advertising; of any such cooperative; and may specify maximum resale prices to the extent permitted by law. All cooperatives will report to us in the manner required by, and follow all requirements of, this
Agreement. 
 4.6 Manner of Payment and Reports. 
 (a) On Tuesday of each week, or such other time that we specify, you will deliver an itemized report of your Net Sales for the prior week just ended (or other period), and other statistics we specify, on
such form and in the manner, including electronically, that we prescribe. Upon request, you will provide us with all hard copies and access to electronic reports that we prescribe, including a list of prices and products sold. We reserve the right
to electronically poll your computer system at any time and to use the data we obtain from such polling for any legal purpose. 

  

					
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 (b) On or before Monday of each week, or such other time that we specify, you must make all
payments to us by any method we specify, including electronic funds transfer or the Internet, for the sales week ending on the preceding Monday. We currently require you to sign an Automated Clearinghouse (“ACH”) Authorization
allowing us to automatically deduct payments or any other amounts you owe to us from your franchise bank account. The ACH Authorization also authorizes us to withdraw or deposit amounts resulting from gift card or stored value card activations or
redemptions, orders placed on our website, and any other amounts that may become due to you into your franchise bank account. We will not for this purpose require you to deposit all your revenue into an account that we control, or from which
withdrawals may be made only with our consent. You must make funds available to us for withdrawal by electronic transfer no later than the due date for payment. If you have not reported the Net Sales to us for any reporting period as required, then
we shall be authorized, at our option, to debit your account in an amount equal to (a) 150 percent of the fees transferred from your account for the last reporting period for which a report of the Net Sales was provided from you as
required hereunder; or (b) the amount due based on information retrieved from our approved computer system. Upon receipt of your report of Net Sales, the amount due will be reconciled with the amount withdrawn. 

(c) You will not set off any claim for damages or money due to you from us against any payments to be paid by you to us under this
Agreement or any related agreement between the parties. No endorsement or statement will be effective as an acknowledgment of payment in full. We will have the right to accept any payment and to recover the balance due or to pursue any other remedy
available to us. 
 (d) Interest of 1.5 percent per month (18 percent per annum), or the maximum allowed by law if less,
will be added to any sums to be paid under this Agreement that remain unpaid after the date due. If we are unable to withdraw funds from your franchise bank account because you have insufficient funds in the account, you have closed the account, or
you have placed or caused a “stop payment” instruction on the account for any reason, we have the right to charge you a non-sufficient funds fee (“NSF Fee”) of $35. In addition, you must reimburse us for any non-sufficient
funds fees that we incur. 
 4.7 Records. 
 (a) You will keep full, complete, and accurate books, records, and accounts for your Franchised Business, in accordance with generally accepted accounting principles and all requirements of the law, and
in the form and manner prescribed below or as we may prescribe from time to time. 
 (b) You will submit to us, on a form
approved by us and in the manner prescribed by us, no later than 30 days after the close of our fiscal month, a profit and loss statement, including a year-to-date summary, and, if available, balance sheet for that month. You will also submit to us,
on a form and manner approved by us, no later than 90 days after the close of our fiscal year, a profit and loss statement and balance sheet prepared in accordance with generally accepted accounting principles for the full 12 months of each
fiscal year. 

  

					
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 (c) You will maintain and submit to us such other reports and information as we may
reasonably require from time to time, in the form and manner prescribed by us. 
 (d) You will maintain and preserve, for no
less than the current fiscal year and the seven immediate past fiscal years, all books, tax returns, accounting records, and supporting documents relating to your Franchised Business, including but not limited to: 

(i) daily cash reports; 
 (ii) cash receipts journal and general ledger; 
 (iii) cash
disbursements journal and weekly payroll register; 
 (iv) monthly bank statements, daily deposit slips, and
canceled checks; 
 (v) business tax returns, and individual tax returns for each person with an ownership
interest in the business; 
 (vi) dated cash register tapes, detailed and summary; 

(vii) monthly and annual profit and loss statements and balance sheets; 

(viii) such other records and information as we may request from time to time; and 

(ix) all records that you are required to keep by law. 

(e) You hereby grant us the right to obtain and inspect all records of all suppliers, distributors, and other third parties who supply
you with food and paper products, supplies, equipment, and other materials, and you hereby authorize your suppliers, distributors, and other third parties to provide us with those records upon our request. 

4.8 Audits. In addition to those rights granted to us herein, from the Effective Date of this Agreement until three years after
the end of the term of this Agreement, we or our representatives shall have the right to examine your original books, records, and supporting documents, including but not limited to all of those listed in Section 4.7, above, wherever they are
located, at reasonable times, and to perform, with or without notice to you, such tests, analyses, and inspections as we deem appropriate to verify your sales and your compliance with any other terms of the Franchise Agreement. Upon our request and
at your sole expense, you will send copies of these books, records, and documents to us or our representatives. If we determine that your actual Net Sales are higher than those you have reported to us, you will immediately pay all sums owed to us,
the ADF, and your advertising cooperative, plus interest at 1.5 percent per month (18 percent per annum) or the highest permissible rate. We will bear the cost of the audit, unless you (1) understate Net Sales by 2 percent or
more for any reported time period, (2) fail or 

  

					
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refuse to furnish required reports or supporting records on a timely basis for two or more consecutive reporting periods, (3) fail or refuse to make the books and records available for an
audit after receiving reasonable, advanced notice from us, or (4) otherwise fail or refuse to cooperate with the audit or requests made by us or our representatives, in which case you will reimburse us for the audit cost, including travel,
accommodations, meals, salaries, and other expenses of the inspecting or audit personnel, plus pay us interest at 1.5 percent per month (18 percent per annum) or the highest permissible rate. Any payments made pursuant to this Section
will be without prejudice to any other remedies that we may have under this Agreement or by law, including but not limited to the right to terminate this Agreement, without opportunity to cure, in the case of intentional underreporting of Net Sales,
regardless of the amount involved. 
 4.9 Application of Payments; Setoff; Security Interest. We may apply any payment
from you to any past due indebtedness you owe to us or to our affiliates, whether from fee payments, purchases, late payment charges, or for any other reason. We may set off from any amount due you any amount past due us, our affiliates or any
designated cooperative. You hereby grant us a security interest in all of your business assets, including furniture, fixtures, equipment, and inventory, to secure any amounts due us. You hereby authorize us to file a standard UCC-1 financing
statement, or its equivalent for the applicable state, to record our security interest. 
 4.10 Vendor and Supplier
Payments. We may receive payments from vendors or suppliers. All payments received shall be placed into the ADF or a fund established for the benefit of the franchise system. 

4.11 Bookkeeping and Payroll Services. We require you to retain an approved bookkeeping and payroll service for the first year of
operation of the Franchised Business. We will have access to and specify requirements and forms of all information and reports generated by the service. 
 4.12 Third Party Programs. In the Manual, we may require at your expense, participation in certain third party vendor programs. We may require payment directly to a third party provider or
reimbursement to us for our payment thereto. 
  

	5.	YOUR DUTIES 

 5.1 Time
to Complete Training and Commence Operation. You will complete to our satisfaction the mandatory training program and commence full and continuous operation of the Franchised Business by the Required Opening Date as set forth on
Attachment A. You must comply with the provisions of this Agreement, including, without limitation, those regarding site location and premises development before opening. 

5.2 Permits, Licenses, and Laws. You will obtain all local permits and licenses necessary to operate the Franchised Business
before you begin operation. You must comply with all civil and criminal laws, ordinances, rules, regulations, and orders of public authorities relating to the maintenance and operation of the Franchised Business, including but not limited to those
relating to health, safety, sanitation, employment, immigration, taxation, privacy, accommodation, and environmental regulation. 

  

					
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 5.3 Uniformity and Image. Your adherence to the Methods of Operation and proper use
of the Marks is essential to maintaining a uniform image and high standards of the Franchised Business. In order to maintain uniform standards of quality, appearance, and marketing, you must conform to our Mark usage standards and specifications,
including signage and marketing. 
 5.4 Specifications and Standards. We may set standards or specifications, including
but not limited to those applicable to menus, fixtures, equipment, interior décor, inventory, food preparation, Methods of Operation, Multi-Area Marketing Programs, trade dress, signs, systems, forms, policies and procedures, and other goods
and services, and including our determinations relating to quality, value, and appearance of products, services and premises, which you must follow. We may change the standards and specifications from time to time and you agree to implement any such
changes as if they were part of the standards and specifications at the time you signed this Agreement. You must purchase all such goods and services, from sources and suppliers that have been approved or designated by us. We do not profit from the
sale of mandatory goods and services to you. You must participate in and cooperate with promotional programs, and follow our and our suppliers’ guidelines. Your supply sources must conform to our requirements. You will repair or replace
equipment with equipment that meets our specifications. 
 5.5 Operations. You will operate the Franchised Business in
accordance with the Methods of Operation and Manual, as amended by us from time to time. We have the right to prescribe additions to, deletions from or revisions of the Manual (the “Supplements to the Manual”), all of which will be
considered a part of the Manual. All references to the Manual in this Agreement will include the Supplements to the Manual. Supplements to the Manual will become binding on you as if originally set forth in the Manual, upon being delivered to you.
The Manual and any Supplements to the Manual are material in that they will affect the operation of the Franchised Business, but they will not conflict with or materially alter your rights and obligations under this Agreement. 

5.6 Right of Entry and Inspection. We or our authorized agents or representatives, with or without prior notice to you, may enter
the Franchised Location during normal business hours and inspect the operations of the Franchised Business and to select materials, ingredients, products, supplies, paper goods, uniforms, fixtures, furnishings, signs, equipment, and any other item
for evaluation, in order to ensure that these items conform to our operating standards. We may photograph or electronically record any part of the Franchised Business, whether or not you are present. Without any liability to you, we may remove any
materials that we, in our judgment, determine to be illegal, unsafe, not in conformity with our operating standards, or in violation of this Agreement. If we find any condition in your Franchised Business that we consider to be hazardous, unsafe,
unhealthy, unclean, unsanitary, or in material disrepair, then we have the right to require you to immediately close your Franchised Business and to take such actions as we deem necessary to remedy the condition. You will be solely responsible for
the costs and damages incurred in connection with complying with this Section. 

  

					
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 5.7 Uniforms. You will wear and you will provide and cause your employees to wear our
required uniforms and comply with the standard uniform policy set forth in the Manual. 
 5.8 Upgrade, Refurbish and
Replacement. You will upgrade, refurbish and replace the Franchised Location, fixtures, and equipment to conform to the then-current Manual and Methods of Operation as required by us. We may require you to invest up to $30,000 (“Upgrade
Investment”), cumulatively, to upgrade and replace the Franchised Location, fixtures, and equipment during the initial term of this Agreement. You understand, acknowledge and agree that any general maintenance and repair expenses incurred
by you in operating the Franchised Business shall not be considered part of your required Upgrade Investment. 
 5.9 Computer
and Communication Systems. 
 (a) You must acquire, use, maintain and upgrade point-of-sale, computer, information processing
and communication systems, accounting, cash control, labor management, and inventory control systems, including all applicable hardware, software, and hosting services and Internet and other network access providers, email address, and website
vendors and/or services, as we may prescribe in the Manual, as amended periodically. You must comply with any separate software or other license agreement that we or our designee uses in connection with providing these services. You must utilize our
required software, point-of-sale, proprietary database management and Intranet system, when available, as the exclusive means of tracking and maintaining customer, vendor, and related information, and for such other purposes as prescribed by us
periodically in the Manual. We reserve the right to require you to submit reports or data electronically on a frequency determined by us. You must comply with all policies adopted and revised by us regarding the use of email, by you and your
employees or agents. You may not use social media or, other forms of electronic communication or electronic commerce to promote your Franchised Business. You must maintain a minimum of three telephone lines, or more as determined by us based on
volume, for receiving inbound voice calls. You must maintain one business-class high speed Internet access circuit, or more, as required by us. You must access your email account regularly and at least once each day. We or our agents may enter your
business, physically or electronically, have access to the PMI Enterprise Solution and the data within it, along with any records, and examine or audit your business, at any reasonable time without notice. 

(b) Computer systems are vulnerable in varying degrees to hardware and software failures, configuration-related problems, computer
viruses, bugs, power disruptions, communication line disruptions, Internet access failures, Internet content failures, date-related problems, and attacks by hackers and other unauthorized intruders (“E-Problems”). We do not
guarantee that information or communication systems that we or others supply will not be vulnerable to E-Problems. It is your responsibility to protect yourself from E-Problems and you waive any and all claims you may have against us as the direct
or indirect result of E-Problems. 
 5.10 Approved Products. Because the
reputation of the Marks and the Franchised Business depends on a uniform high quality of products and services, you may sell only approved products and services, from specified or approved vendors. You will sell, serve or distribute all products and
services we require. You must maintain, at all times, a sufficient supply of products to meet customer demand. If you want to purchase any product of an unapproved brand or from an unapproved supplier, you will notify us, and will pay us a
processing fee and a reasonable testing fee as determined by us. We will, within a reasonable time, determine whether the unapproved brand or unapproved supplier has performance characteristics, quality, appearance, reliability and other relevant
characteristics similar to the 

  

					
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product brands and suppliers then approved by us. If so, our approval will not be unreasonably withheld, unless we develop a specified vendor program for specific products or services, in which
case you will use our specified vendor. You recognize that specified vendor programs may lower your or our costs or improve quality control. You must obtain our written approval of your supply sources before their use. We may require your suppliers
to sign a nondisclosure agreement and an indemnity agreement to guarantee our level of quality, and produce sufficient samples or access to their facilities to allow us to test the samples at your expense. 

5.11 Personal Participation. You understand, acknowledge and agree that your personal supervision, full-time participation, and
example are essential to the success of the Franchised Business. Except as we may agree in writing, for good cause, you, or your designated operating partner if the Franchise Owner is a legal entity, must participate personally in the Franchised
Business. If you own more than one Franchised Business, you must actively participate in the management and operation of each of the Franchised Businesses owned by you. In addition, we may impose requirements that include but are not limited to
requiring Certified Managers at each location and providing equity ownership or similar incentives to store operating personnel as a condition to granting you additional franchises. These specific requirements will become part of your Agreement.

 5.12 Other Operating Standards. 
 (a) You will operate the Franchised Business in a clean, orderly and respectable manner in strict compliance with this Agreement and the Manual. Unless otherwise approved by us, the Franchised Location
will be used only as a Papa Murphy’s Franchised Business. You will only use signs, fixtures, equipment, materials, food products, other products, inventory, décor, plans, and services that conform to our specifications to conduct the
Franchised Business. You will participate in gift, stored value and loyalty card programs, accept credit cards and apply to accept and accept electronic benefit transfer cards and food stamps in compliance with the Manual. 

(b) You will not allow the Franchised Business to be used for any unauthorized or illegal purpose. 

(c) You will conform to all standards and procedures we establish to ensure uniformity and consistency of operation. 

(d) You will not install or use any vending machines, televisions, juke boxes, games or musical devices on the Franchised Location
without our prior written approval. 
 (e) You will offer for sale all menu items we require. 

(f) You will not sell, serve or dispense any products, services or activities other than those we specifically approve in writing.

 (g) You will maintain the Franchised Location, equipment and furnishings in good repair, attractive appearance, and sound
operating condition in compliance with the Manual. At our request, you will make necessary repairs to the Franchised Location to comply with our operating standards. You will complete all repairs and changes within a reasonable

  

					
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time after notice from us. You will not make any change in the layout and décor of the Franchised Location without our prior written approval. In addition, you must comply with any
requirement we may impose to upgrade, refurbish and replace the Franchised Location, fixtures, and equipment to conform to the then-current Manual and Methods of Operation as required by us. 

(h) You will pay all business debts and expenses when due, including taxes and government obligations, and you will comply with all
contracts with third parties. 
 5.13 Marks and Internet and Electronic Communications Media. 

(a) You will conduct and diligently promote the Franchised Business under the name Papa Murphy’s Take ‘N’ Bake Pizza, or
other Marks we specify, continuously throughout the term of this Agreement and any applicable Interim Period as defined in Section 6.6. You will follow our directions for use of the Marks. 

(b) Although you must use the Marks as your trade name, in the manner that we specify, you must also have a separate business name. You
may not use the Marks or any similar marks or words in your business name. 
 (c) You must obtain our prior written approval for
any use of any item of printed, audio, visual, Internet, electronic media, or multimedia material of any kind bearing any of the Marks, unless we supplied the item. You must follow our trademark and copyright usage directions. You will indicate to
third parties that your business is “independently owned and operated” and that we own the Marks and you use them under license. 
 (d) You must convey to us for nominal consideration any new developments or additional rights you acquire in using the Marks, Methods of Operation, and Manual. We may change the Marks, Manual, or Methods
of Operation. 
 (e) Any licenses, permits, official documents, bank accounts or other accounts will be in your separate
business name, and if they refer to the Marks, will state that your use of the Marks is limited by this Agreement. 
 (f) You
must notify us immediately if there is any infringement or challenge to your use of the Marks. We are not obligated to protect your right to use the Marks and may direct you not to use the Marks. We will reimburse you only for actual direct costs of
purchasing new signage and stationery that we require as a result of changed Marks. 
 (g) You agree that we own the Marks and
all goodwill associated with the Marks and you will not contest our ownership of the Marks. 
 (h) You must not sublicense our
Marks. You have no rights in the Marks other than those explicitly granted by this Agreement. You further agree that any unauthorized, injurious or prejudicial use of the Marks during the term of or after the expiration or the earlier termination of
this Agreement shall constitute an incurable default causing irreparable harm entitling us to injunctive relief. 

  

					
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 (i) You hereby permanently and irrevocably assign to us any and all rights and interests
(including intellectual property rights and interests) to any and all of the following which is developed by you, or on your behalf, if developed in whole or in part in connection with your Franchised Business or Franchised Store: all products or
services; all variations, modifications and/or improvements on products or services; your means, manner and style of offering and selling products and services; management techniques or protocols you may develop (or have developed on your behalf);
all sales, marketing, advertising and promotional programs, campaigns or materials developed by you or on your behalf; and, all other intellectual property developed by you or on behalf of your Franchised Business, and any customer information or
similar data that you collect, or is collected on your behalf, using any means, including the Internet or any form of electronic communication. 
 (j) You may not independently have a site or market on the Internet, or use any domain name, address, locator, link, metatag, or search technique, with words or symbols the same as or similar to the
Marks. You may not have any Internet presence outside our website or social media sites. We retain the sole right to market on the Internet, including all use of websites, domain names, URL’s, linking, advertising, and co-branding arrangements.
You will provide us content for our Internet marketing. We also retain the sole right to use the Marks on the Internet, including on websites, as domain names, directory addresses, metatags, and in connection with linking, advertising, co-branding,
social media, and other arrangements. We retain the right to approve any linking or other use of our website. You may not establish a presence on or market using the Internet except as we may specify, or with our prior written consent. You may not
engage in text marketing or marketing using any other form of electronic communication via cell phone, smart phone, or other personal digital assistant without our express permission and ensuring that such marketing complies with our policies and
requirements set forth in the Manual. All Internet marketing and websites, and forms of electronic communication are a part of Multi-Area Marketing Programs, and must be coordinated through us and approved by us. 

5.14 Manual and Methods of Operation. 
 (a) We will lend you the confidential Manual for the initial franchise owner training session and if you satisfactorily complete training, for the term of the Agreement and any applicable Interim Period.
If you lose the Manual or require a replacement upon expiration of the term, you will pay a fee of $1,000. All Manuals must be returned upon termination. 
 (b) The Marks, Manual and Methods of Operations are our sole and exclusive property. Nothing in this Agreement or any other agreement gives you or others any right in them. We own all copyrights to the
Manual, advertising material, menus and any other marketing and promotional materials produced by us, and other works of authorship related to the Methods of Operation, and to the Franchised Business. 

(c) We may change or modify any part of the Manual and the Methods of Operation. You will accept and comply with all changes and
modifications. You will bear all costs and expenses that may be necessary because of such changes or modifications. 

  

					
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 (d) Changes in the Manual and the Methods of Operation may include but will not be limited
to required use of new or modified Marks, expansion of existing services, introduction of new services or programs, compliance with new techniques, standards, specifications and procedures and other developments of the Methods of Operation.

 5.15 Confidential Information. 
 (a) You agree that the Methods of Operation include valuable know-how, information, trade secrets, methods, Manual, standards, designs, usage of the Marks, copyrighted works, products and service sources
and specifications, proprietary software, confidential electronic and other communications, methods of Internet and other electronic communications media usage, marketing programs, and research and development connected with the operation and
promotion of the Franchised Business, as modified by us at any time. You agree not to communicate or divulge the contents of our Manual or any other information related to the Methods of Operation to any person or entity except those we authorize in
writing. 
 (b) You must keep the Methods of Operation and Manual confidential, and not disclose them other than to your
employees and only to the extent necessary for those employees to perform authorized duties. You will not at any time copy, duplicate, record or otherwise reproduce any material that is set forth in the Methods of Operation and Manual or other
proprietary materials. You must follow our security procedures, which include the execution of approved nondisclosure agreements by you and all of your managers. Unauthorized use of the Manual and the Methods of Operation will constitute a breach of
this Agreement and infringement of our proprietary rights, including trade secrets and copyrights. 
 5.16 Covenants Not to
Compete. 
 (a) During the term of this Agreement, and any applicable Interim Period as defined in Section 6.6 or any
extension, neither you, your immediate family and household members, nor persons associated with you, including owners, managers, assistant managers, or agents involved in the operation of the Franchised Business, will participate directly or
indirectly or serve in any capacity in any business engaged in the wholesale or retail sale of take-and-bake pizza or services or other products or services competitive with those offered by the Franchised Business. 

(b) For a period of two years after the transfer, assignment, expiration or termination of this Agreement, for any reason, neither you,
your immediate family and household members, nor persons associated with you, including owners, managers, assistant managers, or agents involved in the operation of the Franchised Business, will participate directly or indirectly or serve in any
capacity in a competitive business, including but not limited to any business engaged in the wholesale or retail sale of take-and-bake pizza or services or other products or services competitive with those offered by the Franchised Business. This
post-termination covenant applies within a 25-mile radius of the Franchised Location, and of the premises of any other Papa Murphy’s location. If anyone successfully contests the validity or enforceability of this section in its present form
predicated upon the duration or area of coverage, this provision will not be deemed invalid or unenforceable, but will instead be deemed modified, so as to be valid and enforceable, to provide coverage for the maximum duration that any court of
competent jurisdiction will deem reasonable, necessary and equitable. 

  

					
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 (c) This covenant not to compete is given in part in consideration for training and access
to our trade secrets, which, if used in a competitive business, would give you or others an unfair advantage. 
 (d) At our
request, we may require you to obtain the execution of covenants similar to those contained in this Section from all officers, directors, managers, and holders of a beneficial interest in five percent (5%) or more of the securities issued by
you, and of any legal entity directly or indirectly controlling you, if you are a corporation; from all members, if you are a limited liability company; and from all general partners, if you are a partnership. Each covenant shall be in a form
approved by us, and shall identify us as a third party beneficiary with the independent right to enforce the covenant. 
 5.17
Notice of Court or Government Action. You will notify us in writing within 15 days of the commencement of any action, suit or proceeding, or of the issuance of any order, writ, injunction, award or decree of any court, agency or
government instrumentality, or of any other action of any kind, which may adversely affect your operation of or the financial condition of the Franchised Business. 
 5.18 Compliance with Anti-Terrorism Laws. You and your owners must comply with and/or assist us to the fullest extent possible in our efforts to comply with
Anti-Terrorism Laws (as defined below). In connection with such compliance, you and each of your owners certify, represent and warrant that none of your or their property or interests is subject to being
“blocked” under any of the Anti-Terrorism Laws and that you and each of your owners are not otherwise in violation of any of the Anti-Terrorism Laws.

 (a) You and each of your owners certify that none of you or them, your or their employees, or anyone associated with you or
each of your owners is listed in the Annex to Executive Order 13224 (which can be accessed at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx). You and each of your owners agrees not to hire (or, if
already employed, retain the employment of) any individual who is listed in the Annex. 
 (b) You and each of your owners
certifies that you have no knowledge or information that, if generally known, would result in you, your owners, your or their employees, or anyone associated with you or each of your owners being listed in the Annex to Executive Order 13224.

 (c) You are solely responsible for determining what actions you must take to comply with the
Anti-Terrorism Laws, and you specifically acknowledge and agree that your indemnification responsibilities set forth in this Agreement pertain to your obligations under this Section 5.18(a) through (e).

 (d) Any misrepresentation under this Section 5.18 or any violation of the
Anti-Terrorism Laws by you, your owners, agents, or employees shall constitute grounds for immediate termination of this Agreement and any other agreement you have entered into with us or any of our
affiliates. 

  

					
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 (e) “Anti-Terrorism Laws” means
Executive Order 13224 issued by the President of the United States, the Terrorism Sanctions Regulations (Title 31, Part 595 of the U.S. Code of Federal Regulations), the Foreign Terrorist Organizations Sanctions Regulations (Title 31, Part 597 of
the U.S. Code of Federal Regulations), the Cuban Assets Control Regulations (Title 31, Part 515 of the U.S. Code of Federal Regulations), the USA PATRIOT Act, and all other present and future federal, state and local laws, ordinances, regulations,
policies, lists and any other requirements of any governmental authority (including, without limitation, the United States Department of Treasury Office of Foreign Assets Control and any government agency outside the U.S.) addressing or in any way
relating to terrorist acts and/or acts of war. 
 5.19 Franchise Convention. Your attendance at each convention is
strongly encouraged. You will pay your cost for travel, accommodations, meals and other expenses. 
  

	6.	CONTINUATION OF ABILITY TO OPERATE, TERMINATION AND STEP-IN RIGHTS 

 6.1 Continuing to Operate Beyond this Agreement. This Agreement grants you the right to operate using our Methods of Operation and our Marks for ten years, unless terminated earlier under this
Agreement. In order for you to continue to operate beyond the ten-year term, you must enter into a new Franchise Agreement and a Successive Addendum in the form attached hereto as Attachment E, the terms of which may vary substantially from
this Agreement. The term of any Franchise Agreement successive to your initial Franchise Agreement (“Successive Franchise Agreement”) will be for five years. Your ability to enter into a Successive Franchise Agreement and continue
to operate is contingent on satisfactory performance of this Agreement and any other agreements with us, and our approval of your current location and lease, and you must not be in default under this Agreement or any other agreements between you and
us or our affiliates or a third party that relates to the franchise in any way. In addition, in order to receive a Successive Franchise Agreement, the following must occur: 
 (a) You must submit a written request to continue operating to us not sooner than 12 months before the end of the term and not later than 6 months before the end of the term. 

(b) At least 60 days before the expiration date, you must execute the Successive Franchise Agreement and Successive Addendum which may
vary in material respects from this Agreement. 
 (c) At least 60 days before the expiration date, you must pay us a $7,500 fee
for our costs incurred in connection with issuing a Successive Franchise Agreement and continuing your right to operate the Franchised Business. 
 (d) You will remodel the Franchised Location, fixtures, and equipment to conform to the then-current Manual and Methods of Operation as required by us. A remodel is defined as an investment of greater
than $30,000, cumulatively, but excludes replacement of damaged or broken equipment or work required by health department or other legal requirements. The remodeling requirements will be generally consistent with those required of other franchises
of the same age, condition, and geographic region as your franchise. 

  

					
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 (e) You must execute a general release, in a form we prescribe, following applicable law, to
release us from any claims you may have against us. This general release will apply only to the Franchised Business which is the subject of the Successive Franchise Agreement. 
 (f) At least 60 days before the expiration date, you or your designated manager will attend and successfully complete any training program we prescribe. This will be done at your expense, including
travel, meals, accommodations, and other expenses and our then-current training fee, if any. 
 If we decide not to continue your franchise
rights to operate the Franchised Business, we will give you written notice of our intent not to continue within 60 days after receiving your written request to continue operating. We may extend the term of the franchise for a limited period in
order to satisfy this notice requirement, or any other notice requirement under applicable law. 
 6.2 Termination by
You. If you are in compliance with the terms of this Agreement, you may terminate this Agreement if we substantially breach any material provision of this Agreement and fail to cure or reasonably begin to cure that breach within 60 days
after receipt of written notice specifying the breach. Termination will be effective ten days after you deliver to us written notice of termination for our failure to cure (or begin to cure) within the allowed period. You will be bound by and must
confirm in writing all of your post-termination obligations thereafter, including confidentiality, noncompetition, indemnity, mutual releases, and our option to purchase your business assets. You must close the Franchised Business at the Franchised
Location before your termination can be effective. 
 6.3 Termination by Us. We may terminate this Agreement and any
other related agreements between the parties for “good cause” if you default under the terms of this Agreement and do not cure the default within the applicable cure period provided below, unless this Agreement specifies that no cure
period shall apply. Termination will occur immediately upon delivery to you of our written declaration of termination for failure to cure within the allowed time frame. 
 (a) Thirty-Day Cure Period. Without limitation we may terminate this Agreement if you default under the terms of this Agreement and do not cure the default within 30 days after receipt of our
written notice to cure, if you: 
 (i) Fail to begin full and continuous operation of the Franchised Business
within 12 months after the Effective Date of signing this Agreement; or 
 (ii) Breach or violate this Agreement,
or any other agreement between you and us or our affiliates, except as otherwise set forth herein; or 
 (iii)
Fail to operate in accordance with the Methods of Operation. 

  

					
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 (b) Ten-Day Cure Period. We may terminate this Agreement if you fail to pay any
amounts required to be paid under this Agreement and do not cure the default within ten days after receipt of our written notice to cure. We may also terminate this Agreement if you close your account or place or cause a “stop payment”
instruction with your bank that restricts our ability to electronically withdraw amounts required to be paid to us or our affiliates from your franchise bank account and you fail to open a new account or remove such “stop payment”
instruction within ten days after receipt of our written notice to cure. 
 (c) Twenty-Four Hour Cure Period. We may give
you 24 hours’ written notice to cure any default under this Agreement that creates an unsafe, unhealthy, unclean, or unsanitary condition at the Franchised Location or in connection with any product sold or delivered to consumers by the
Franchised Business. We may terminate this Agreement if you fail to cure any such defaults within the 24-hour cure period. In addition, if you have not cured a default within the 24-hour cure period, we have the right to enter your Franchised
Business and cause the conditions therein to be corrected without being guilty of or liable for trespass or tort, at your expense, and without prejudice to any other rights or remedies that we may have available to us, including the right to
terminate this Agreement. 
 (d) Immediate Termination. We may immediately terminate this Agreement and any other
agreements between the parties without other cause, and without giving you an opportunity to cure, if you: 
 (i)
Fail to continuously actively operate the Franchised Business for two consecutive days or for any shorter period after which it is reasonable under the facts and circumstances to conclude that you do not intend to continue the Franchised Business,
unless you close the Franchised Business for a purpose we approve or because of casualty or government order. “Actively operate” means to be open for business and offering all required menu items for sale; or 

(ii) Fail to comply with the same obligation under this Agreement on two or more occasions within any 6 consecutive
month period, or three or more occasions within any 36 consecutive month period, whether or not you correct any of the above failures after we deliver written notice to you; or 

(iii) Make or have made any material misrepresentation or misstatement in connection with your franchise application or
with respect to ownership of the Franchised Business; or 
 (iv) Are convicted of or plead guilty to a felony, a
crime involving moral turpitude, or any other crime or offense that we believe is injurious or prejudicial to the Papa Murphy’s franchise system, our Marks, or our goodwill, or if we have proof that you have committed such a felony, crime, or
offense; or 
 (v) Operate the Franchised Business in a way that creates an imminent danger to public health or
safety in our discretion; or 
 (vi) Make any misrepresentation under Section 5.18 or commit any violation
of Anti-Terrorism Laws, or your owners, agents or employees make any misrepresentation under Section 5.18 or commit any violation of Anti-Terrorism Laws; or 

  

					
		 	24	 	March 2014

 (vii) Become insolvent or make a general assignment for the benefit of
creditors; or if you file a petition in bankruptcy or such a petition is filed against you and not opposed by you; or if you are adjudicated as bankrupt or insolvent; or if a bill in equity or other proceeding for the appointment of a receiver or
other custodian for your business or assets is filed and consented to by you; or if a receiver or other custodian of any part of your business or assets is appointed by any court of competent jurisdiction; or if proceedings for a composition with
creditors under any state or federal law is instituted by or against you; or if your real or personal property shall be sold at levy thereupon by any sheriff, marshal, or constable; or 

(viii) Intentionally underreport Net Sales, falsify financial data, or commit any other act of fraud in connection with
our relationship or this Agreement; or 
 (ix) Fail to comply with any civil or criminal law, ordinance, rule,
regulation, or order of public authorities relating to the maintenance or operation of the Franchised Business, including but not limited to those relating to health, safety, sanitation, taxation, employment, immigration, and environmental
regulation; or 
 (x) Allow your lease to terminate or expire; or 

(xi) Permit the use of the Franchised Business for any illegal or unauthorized purpose, including but not limited to
substitution of products under our trademarks; or 
 (xii) Undertake or engage, or your owners or employees
undertake or engage, in any activity that we deem to be materially detrimental, injurious or prejudicial to the value or reputation of the Marks, the System or the Papa Murphy’s brand; or 

(xiii) Have an interest, or a legal entity in which you are an owner has an interest, in any other development agreement,
franchise agreement or other agreement with us and that agreement is terminated by us due to any default. 
 6.4 Effect of
Termination. Upon any termination or expiration of this Agreement, you will immediately: 
 (a) Return to us all copies of
the Manual, all items displaying any Marks and all copyrighted and proprietary items; 
 (b) Authorize telephone, Internet,
email, electronic network, directory and listing entities to transfer all numbers, addresses, domain names, locators, directories, listings and customer lists to us or our designee; 

  

					
		 	25	 	March 2014

 (c) Cease doing business under any of the Marks, cancel any assumed or fictitious business
name registration that includes any of the Marks, assign all domain names and Internet directory listings that contain the Marks to us, and refrain from identifying yourself as our franchise owner; 

(d) Allow us or our representatives access to the Franchised Business and your computer systems to verify and secure your compliance with
your obligations; 
 (e) Allow us to make a final inspection and audit of your computer system, books, records and accounts;

 (f) Abide by the provisions of noncompetition, confidentiality, indemnification, dispute resolution and venue, and all other
provisions that expressly or by their nature survive the termination or expiration of this Agreement; 
 (g) Pay us all amounts
you owe us and pay us royalties and other ongoing fees, as though you were still an active franchise owner, for the longer of: (i) so long as you continue to use the Marks or Methods of Operation; or (ii) so long as you or your successor
or assignee remains in a competitive business, unless we have approved the assignment in accordance with this Agreement; 
 (h)
At our option, perform any or all of the following: 
 (i) Remove all franchise-related equipment, furnishings,
décor, signage, trade dress and inventory from the Franchised Location; 
 (ii) Upon termination, sell the
equipment, furnishings, and inventory to us (or such of the same as we may determine), at the depreciated book value (straight-line depreciation over five years) for equipment and furnishings and at your invoice cost for inventory. We will not be
liable for payment to you for intangibles, including goodwill and may set off any amounts owed to us by you; 

(iii) Upon expiration, sell the equipment, furnishings, and inventory to us (or such of the same as we may determine), at
fair market value. We will not be liable for payment to you for intangibles, including goodwill and may set off any amounts owed to us by you; and 
 (iv) Assign to us the lease of the Franchised Location. 
 6.5 Our Step-In
Rights. 
 (a) In order to prevent any significant interruption of the operation of the Franchised Business that could cause
significant harm to the Franchised Business, you grant us the right to operate the Franchised Business in your place for a period up to 90 days. Causes for interruption include but are not limited to our determination that you are absent or
incapacitated because of disability, death or abandonment of the Franchised Business; or creditors have begun proceedings that are likely to result in seizing of significant business assets or closing the Franchised Business. After an initial 30-day
evaluation period, we will either operate the Franchised Business for an additional 60-day period of time or return it to you. At the end of 90 days, we will return the Franchised Business to you provided the cause for interruption has been
remedied. 

  

					
		 	26	 	March 2014

 (b) You will receive the Net Sales generated by our operation of the Franchised Business
provided that we will pay from Net Sales all expenses, debts and liabilities we incur during our operation of the Franchised Business including our personnel and administrative costs, and we also will retain 15 percent of Net Sales to cover our
direct and indirect expenses, including our general and administrative and our reasonable legal and accounting costs. In addition, we will have the option, but not the obligation, to pay for you any claims owed by you to any creditor, landlord, or
employee of the Franchised Business and you will reimburse us upon demand. 
 (c) We will have no obligation to retain any of
your employees, or to honor any contractual employment commitments you previously made. 
 (d) Upon our exercise of these
rights, you agree to hold us harmless for all acts, omissions, damages, or liabilities arising during operation. 
 (e) Our
operation of the Franchised Business will not operate as an assignment to us of any lease or sublease of franchise property. 

6.6 Interim Period. If you do not sign the Successive Franchise Agreement and Successive Addendum prior to the expiration of this
Agreement but you continue to accept the benefits of this Agreement after the expiration of this Agreement, then, at our option, this Agreement may be treated as either: 
 (a) expired as of the date of expiration with you operating without a franchise in violation of our rights; or 
 (b) continuing on a month-to-month basis (“Interim Period”) until one party provides the other with written notice of such party’s intent to terminate the Interim Period, in which
case the Interim Period will terminate 30 days after receipt of the notice to terminate the Interim Period. In the event of termination of the Interim Period, all of your obligations shall remain in full force and effect during the Interim
Period as if this Agreement had not expired, and all obligations and restrictions imposed on you upon expiration of this Agreement shall be deemed to take effect upon termination of the Interim Period. 

 

	7.	TRANSFER 

 7.1 Sale or
Assignment by You. 
 (a) Transfer. You will not make a Transfer or make any lease or sublease of any property you are
leasing in connection with the Franchised Business, without our prior written consent, which will not be unreasonably withheld, provided all prerequisites to transfer are met. Any attempted Transfer of any interest in the Franchised Business without
our prior written consent will be a default under the terms of this Agreement and will be void. The following conditions must be met before a Transfer will be approved: 

(i) You must submit a written request to Transfer at least 14 days prior to the close of the Transfer; and

  

					
		 	27	 	March 2014

 (ii) You must submit a fully-executed and complete copy of the purchase
agreement; and 
 (iii) The transferee must assume all of your obligations in connection with the Franchised
Business; and 
 (iv) You must prove that you have paid all of your debts; and 

(v) You must not be in default under this Agreement or any agreement between you and us or our affiliates or a third party
that relates to the franchise in any way; and 
 (vi) The transferee must pay for any required training and
successfully complete the training then required of new franchise owners; and 
 (vii) In the event a majority or
controlling interest in the Franchised Business is transferred, you or the transferee must pay us a transfer fee (“Transfer Fee”). This Transfer Fee is subject to refund pursuant to Section 2.3(c). The Transfer Fee shall be
calculated as follows: 
 (1) If it is the transferee’s first Franchised Business, the Transfer Fee will be
$25,000 less $2,500 times the number of full years remaining on the initial term of this Agreement. In the event the transfer occurs during the term of a Successive Franchise Agreement, the Transfer Fee will be $25,000 less $2,500 times the number
of full years remaining on the Successive Franchise Agreement, but in no event less than $12,500. 
 (2) If the
transferee is an existing franchise owner and the Franchised Business is being purchased by the exact same person, ownership group or business entity, the Transfer Fee will be $15,000 less $1,500 times the number of full years remaining on the
initial term of this Agreement. In the event the transfer occurs during the term of a Successive Franchise Agreement, the Transfer Fee will be $15,000 less $1,500 times the number of full years remaining on the Successive Franchise Agreement, but in
no event less than $7,500; and 
 (viii) The transferee must execute all of the documents we then require of new
or continuing franchise owners including a new franchise agreement with terms that may vary materially from this Agreement, but that are the same generally as those required of other new and continuing franchise owners; and 

(ix) The transferee must meet our subjective and objective standards, for new or continuing franchise owners; and

  

					
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 (x) The Franchised Location, fixtures, and equipment will be remodeled to
conform to the then-current Manual and Methods of Operation as reasonably required by us. A remodel is defined as an investment of greater than $30,000, cumulatively. Such investment does not include expenditures for repair or replacement of damaged
or broken equipment or those required by health department or other legal requirements. The remodeling requirements will be generally consistent with those required of other franchises of the same age, condition, and geographic region as your
franchise; and 
 (xi) You and your owners must execute a general release in favor of us, to the extent permitted
by law. This general release will apply only to the Franchised Business which is the subject of the Transfer; 

(xii) You must obtain and submit to us satisfactory evidence of transfer and/or consent of lenders, lessors, and
governmental authorities for all material permits, approvals, and licenses; and 
 (xiii) You must complete all
of your obligations under Section 3 of this Agreement and the Franchised Location must be open and operating. 
 (b)
Right of First Refusal. If you receive an offer from a third party and you enter into a binding agreement to sell or transfer an interest in this Agreement or the Franchised Business or a controlling ownership interest in the entity holding
the Franchised Business, we may elect to purchase the interest for the price and on the terms and conditions contained in the offer upon the following conditions: 

(i) Within seven days after receipt of a bona fide offer acceptable to you to Transfer all or part of this Agreement or
the Franchised Business, you will notify us of the offer in writing, enclosing a signed copy of the offer. To be a valid bona fide offer, the proposed purchase price must be in a fixed dollar amount and without any contingent payments of purchase
price. 
 (ii) We will then have access to all of your books and records in order to evaluate this offer,
including but not limited to your business financial statements and tax returns. 
 (iii) We may then purchase
the same assets or interest that is the subject of the offer to Transfer at the price and on the same terms and conditions as offered to you. We may substitute cash for any other form of consideration contained in the offer and, at our option, may
pay the entire purchase price at closing. We may exercise this right to purchase, by notifying you in writing within 21 days after receiving your notice. 
 (iv) We will close the Transfer by the later of 30 days after our notice to you of exercise of this right, or the time for closing contained in the original offer. 

  

					
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 (v) If we do not exercise our right to purchase within the time set forth in
the previous section, you may Transfer the subject interest to a third party, but not at a lower price or on more favorable terms than disclosed to us in writing. Such Transfer is subject to our prior written approval and other conditions specified
in this Agreement. If you do not Transfer the subject interest to the transferee on the same terms offered to us, then you must again extend the right of first refusal to us in the manner described above, before another desired Transfer. 

(c) You may not grant a subfranchise. 
 (d) Notwithstanding the preceding section, you may transfer your rights and obligations under this Agreement to a corporation, limited liability company, trust, family limited partnership, or other entity
in which you own one hundred percent (100%) of the outstanding stock or membership interest, provided: 

(i) You provide notice to us as to your intent to transfer; 

(ii) You remain on the Agreement as a party and the entity is added as a co-party; 

(iii) You or your operational partner or Certified Manager approved by us continues to devote full-time and best efforts
to manage the daily operations of the Franchised Business; 
 (iv) The entity’s activities are confined
exclusively to operating the Franchised Business; 
 (v) The entity assumes joint and several liability with you;
and 
 (vi) Each owner must sign an Owner Agreement and Guaranty in the form attached as Attachment B.

 (e) If you are a legal entity, your share certificates or other evidence of ownership will bear the following legend, printed
legibly and conspicuously: 
 THE TRANSFER OF THIS INSTRUMENT IS SUBJECT TO THE TERMS AND CONDITIONS OF A FRANCHISE AGREEMENT
WITH PAPA MURPHY’S INTERNATIONAL LLC. REFERENCE IS MADE TO THE FRANCHISE AGREEMENT AND TO ITS RESTRICTIVE PROVISIONS. NO TRANSFER WILL DIMINISH OR MINIMIZE YOUR OBLIGATIONS UNDER THE FRANCHISE AGREEMENT. 

  

					
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 7.2 Your Death or Disability. 

(a) If you or a majority owner of the legal entity holding the franchise dies or becomes incapacitated, the heirs, beneficiaries or legal
representatives of the individual will, within 180 days, either: 
 (i) Apply to us for the right to continue to
operate the Franchised Business for the duration of the term of this Agreement. The right to continue will be granted upon the fulfillment of all the general Transfer conditions (except that no Transfer Fee will be required); or 

(ii) Transfer your interest according to the general Transfer conditions. 

(b) If we reject your application to continue to operate, the 180 days within which to Transfer will be computed from the date of
rejection. 
  

	8.	INDEMNITY, INSURANCE, CONDEMNATION AND CASUALTY 

 8.1 Indemnification. You and each owner of the Franchised Business will protect, indemnify, defend, and hold us and our officers, directors, employees, members, managers, affiliates and agents
harmless against all claims, demands, actions, causes of action, losses, damages, costs, suits, judgments, investigations, formal or informal inquiry, debts, losses, fines, assessments, taxes, liens, legal fees and disbursements, penalties,
expenses, and liabilities (collectively “Liabilities”) of any kind or nature arising directly or indirectly out of or in connection with the Franchised Business, any actions you take or representations you make, or your breach of this
Agreement. However, you are not required to indemnify us from any Liabilities to the proportionate extent resulting from our breach of this Agreement or other wrongs we commit. 

8.2 Insurance. You must, upon Commencement Date of this Agreement, purchase and at all times maintain in full force and effect:

 (a) Insurance policies, in such amounts and on such terms, as prescribed by the Manual, issued by an insurance company
acceptable to us at all times during the term of this Agreement. Insurance coverage must include, but is not limited to, comprehensive general liability, combined single limit, automobile, bodily injury and all-risk property damage insurance and all
other occurrences against claims of any person, employee, customer, agent or otherwise in an amount per occurrence of not less than such amount set forth in the Manual and adjusted by us periodically in our sole discretion. Insurance coverage must
also include, unemployment and workers compensation insurance and any other additional insurance required by the terms of any lease or lender for the Franchised Business. Insurance policies must insure you, us, our affiliates, and our and our
affiliates’ respective officers, directors, shareholders, managers, members and all other parties designated by us, as additional named insureds against any liability which may accrue against them because of the ownership, maintenance or
operation by you of the Franchised Business. The policies must also stipulate that we shall receive a 30-day prior written notice of cancellation and must contain endorsements by the insurance companies waiving all rights of subrogation against us.
Original or duplicate copies of all insurance policies, certificates of insurance, or other proof of insurance (collectively, “Certificates of Insurance”) acceptable to us, including original endorsements effecting the coverage
required by this Section, shall be furnished to us together with proof of payment within ten days of issuance thereof. 

  

					
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 (b) You must also furnish us with certificates and endorsements evidencing such insurance
coverage within ten days after each of the following events: (i) at all policy renewal periods, no less often than annually, and (ii) at all instances of any change to, addition to, or replacement of any insurance. The certificates and
endorsements for each insurance policy are to be signed by a person authorized by that insurer to bind coverage on its behalf. 

(c) All certificates and endorsements are subject to approval by us. We reserve the right to require complete, certified copies of all
required insurance policies at any time in our sole discretion. In the event you fail to obtain the required insurance and to keep the same in full force and effect, we may, but shall not be obligated to, purchase insurance on your behalf from an
insurance carrier of our choice, and you must reimburse us for the full cost of such insurance, along with a reasonable service charge to compensate us for the time and effort expended to secure such insurance, within five days of the date we
deliver an invoice detailing such costs and expenses to you. Notwithstanding the foregoing, your failure to obtain insurance constitutes a material breach of this Agreement entitling us to terminate this Agreement or exercise any or a combination of
the other default remedies set forth in Section 6 of this Agreement. 
 (d) You must also procure and pay for all other
insurance required by state or federal law. 
 (e) We reserve the right to modify minimum insurance requirements or the types of
coverage required at any time in our sole discretion by updating the Manual. 
 (f) All public liability and property damage
policies shall contain a provision that we, although named as an additional insured, shall nevertheless be entitled to recover under such policies on any loss occasioned by us or our shareholders, members, directors, managers, employees or agents.

 (g) All liability insurance policies procured and maintained by you in connection with the Franchised Business will require
the insurance company to provide and pay for attorneys to defend any legal actions, lawsuits or claims brought against you, us, our affiliates and our and our affiliates’ respective officers, directors, managers, shareholders, members, agents,
employees, and all other entities or individuals designated by Franchisor as additional insureds. 
 (h) You will notify us
immediately in writing of any event that could materially affect you or the Franchised Business, and no later than the date on which you notify your insurance carrier. 
 (i) We make no representation or warranty that compliance with these insurance requirements will insure you against all insurable risks or losses. 

  

					
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 (j) Your compliance with insurance requirements will not relieve you of your liability under
the indemnification provisions of this Agreement. 
 8.3 Condemnation and Casualty. 

(a) You shall give us notice of any proposed taking through the exercise of the power of eminent domain, at the earliest possible time. If
the Franchised Location or a substantial part of the Franchised Location is to be taken, you may request relocation and we may or may not approve your request at our sole discretion. Any such approval must be in writing. If such relocation is
approved by us, it will be within an area specified by us and the exact location shall be subject to our further written approval. If such relocation is authorized and you open at a new location in accordance with our specifications within
60 days of the closing of the old location, the new location will thereafter be deemed to be the Franchised Location franchised under this Agreement. If such a condemnation takes place and you do not open a new location, for whatever reason,
under this Agreement in strict accordance with this Section within 60 days of any written approval by us of a new location, then this Agreement shall terminate immediately upon notice by us to you. 

(b) If the Franchised Location is damaged by fire or other casualty, you will expeditiously repair the damage. If the damage or repair
requires closing the Franchised Location, you will immediately notify us, will repair or rebuild the Franchised Location in accordance with Franchisor’s specifications, and will reopen the Franchised Location for continuous business operations
as soon as reasonably practicable (but in any event within 60 days after closing of the Franchised Location), giving us advance notice of the date of reopening. If the Franchised Location is not reopened in accordance with this Section, this
Agreement shall immediately terminate upon notice by us to you. 
 (c) The term of this Agreement shall not be extended by any
interruption in the Franchised Location operations except by an act of force majeure that results in the Franchised Location being closed not less than 60 days nor more than 365 days. You must apply for any such extension within 60 days
following the reopening of the Franchised Location. Except as expressly provided elsewhere in this Agreement, no event during the term of this Agreement shall excuse you from paying periodic franchise fees in accordance with the preceding
requirements of this Agreement to the extent you receive benefits under business interruption insurance or similar coverage you maintain in accordance with the requirements of Section 8.2 above. 

 

	9.	NOTICE AND MISCELLANEOUS 

9.1 Notices. 
 (a) All notices sent by one party to the other must be in writing and must be hand-delivered, sent by registered or certified mail, return receipt requested, or overnight courier; or transmitted by
facsimile or sent via other electronic means, if the sender can verify receipt (with a confirmation copy mailed within three business days). Notices to you will be addressed to you at your last known business address, or at any other address you
designate in writing. 

  

					
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They will be addressed to us at the following address unless and until a different address has been designated by us in writing: 

Papa Murphy’s International LLC 
 Attention: Legal Department 
 8000 NE Parkway Drive 

Suite 350 

Vancouver, WA 98662 
 Fax: (360) 260-0500 
 (b) Any notice is considered given and received when
delivered, if hand-delivered; if sent by facsimile, or electronic means in which receipt can be verified, on the next business day after sent; if mailed, on the third business day following the mailing; and one business day after placement with a
reputable air courier service, requesting delivery on the most expedited basis available. 
 9.2 Relationship of Parties.
This Agreement does not constitute a designation of, or create a relationship with, Franchise Owner as an agent, legal representative, joint venturer, partner, employee, or servant of us or our parent, subsidiary, and affiliated entities for any
purpose whatsoever; and it is deemed understood between the parties hereto that Franchise Owner shall be an independent contractor and is in no way authorized to make any contract, agreement, warranty, or representation on behalf of us, our parent,
subsidiary, and affiliated entities or to create any obligation, express or implied, on behalf of us, our parent, subsidiary, and affiliated entities. The parties agree that this Agreement does not create a fiduciary relationship between us, our
parent, subsidiary and affiliated entities and Franchise Owner. 
 9.3 Non-Waiver of Rights. Our waiver of any particular
right will not affect or impair our rights as to any subsequent exercise of that right of the same or a different kind; nor will any delay, forbearance or omission by us to execute any rights affect or impair our rights as to any future exercise of
those rights. No failure by us to exercise any power or right reserved hereunder, or to insist upon strict compliance by Franchise Owner with any obligation or condition hereunder, and no custom or practice of the parties in variance with the terms
hereof, shall constitute a waiver of our right to demand strict compliance with the terms hereof. Waiver by us of any particular default by Franchise Owner shall not affect or impair our rights in respect to any subsequent default of the same or of
a different nature; nor shall any delay, waiver, forbearance, or omission by us to exercise any power or rights arising out of any breach or default by Franchise Owner or any of the terms, provisions, or covenants hereof affect or impair our rights,
nor shall such constitute a waiver by us of any right hereunder or of the right to declare any subsequent breach or default. Subsequent acceptance by us of the payments due under this Agreement shall not be deemed to be a waiver by us of any
preceding breach by Franchise Owner of any terms, covenants, or conditions of this Agreement. We may waive or modify any obligation of other franchise owners under agreements similar to this Agreement, and no such waiver or modification shall
obligate us to grant a similar waiver or modification to Franchise Owner. Acceptance by us of payments due under this Agreement from any other person or entity shall be deemed acceptance from such person or entity as an agent of Franchise Owner and
not as recognition of such person or entity as an assignee of or successor to Franchise Owner. 

  

					
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 9.4 Risk of Operations. You recognize the uncertainties of the Franchised Business,
and therefore acknowledge that, except as set forth in this Agreement, no representations or agreements have been made regarding the success, sales potential, or profitability of the Franchised Business or the suitability of any location.

 9.5 Severability. If any part of this Agreement, for any reason, is declared invalid by an arbitrator or court, the
declaration will not affect the validity of any remaining portion, or the validity of that portion under laws of another jurisdiction, if applicable. The remaining portion will remain in force and effect as if this Agreement was executed with the
invalid portion eliminated or curtailed. 
 9.6 Interpretation and Execution. 

(a) This Agreement is made in the State of Washington, and shall be governed by and interpreted and construed in accordance with the laws
of that State without regard to conflict of laws principals, except to the extent governed by the United States Trademark Act of 1946 (Lanham Act, 15 U.S.C. §1051 et seq.). This choice of laws will not affect the scope of state franchise,
business opportunity or related laws, and nothing in this Agreement will be considered to extend the scope of application of the Washington Franchise Investment Protection Act, Washington Business Opportunity Fraud Act or similar law to you if you
are not a resident of the State of Washington or otherwise entitled by statute to seek the protection of such laws. 
 (b) Any
use of the word “including,” or synonymous terms, followed by one or more examples does not in any way limit the antecedent word or phrase. 
 (c) This Agreement and the documents referred to herein shall be the entire, full and complete agreement between us and Franchise Owner concerning the subject matter hereof, and shall supersede all prior
agreements, and there are no other representations, inducements, promises, or agreements, oral or otherwise, between the parties not embodied herein, which are of any force or effect with reference to this Agreement or otherwise. No amendment,
change, or variance from this Agreement shall be binding on either party unless executed in writing by our authorized representatives. Nothing in this or any related agreement, however, is intended to disclaim the representations we made in that
certain document titled “Franchise Disclosure Document” that we provided to you prior to your signing this Agreement. 

(d) Titles of articles and sections are used for convenience of reference only and are not part of the text, nor are they to be construed
as limiting or affecting the construction of the provisions. 
 (e) All references in this Agreement to the singular shall
include the plural where applicable, and all references to the masculine shall include the feminine and vice versa. 
 (f) No
right or remedy of ours in this Agreement is exclusive of any other right or remedy herein, or of any right or remedy provided or permitted by law or equity, but each shall be cumulative of every other right or remedy of ours. You agree that any
claim that you may have against us, whether or not arising under this Agreement, shall not constitute a defense to our enforcement of any term of this Agreement. 

  

					
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 (g) The parties agree to acknowledge, sign and deliver all further documents, instruments or
assurances and to perform all further acts or deeds as may be reasonably required to carry out this Agreement. You agree and hereby appoint us as your attorney-in-fact, which appointment is coupled with an interest and is irrevocable, where required
to effect the purposes of this provision. 
 (h) The provisions of this Agreement which by their terms or by reasonable
implication require performance by you after assignment, expiration or termination, remain enforceable notwithstanding the assignment, expiration or termination of this Agreement, including those pertaining to noncompetition, intellectual property
protection, confidentiality and indemnity. This Agreement inures to the benefit of and is binding on the respective heirs, legal representatives, successors, and permitted assigns of the parties. 

9.7 Modification. This Agreement may be modified only by mutual consent of the parties in writing and signed by an authorized
person from each of the parties. 
 9.8 Representations and Warranties by Franchise Owner. You warrant that you have
received a complete copy of this Agreement, our franchise disclosure document and applicable exhibits, and that before signing this Agreement, there was an ample opportunity to review them. NO STATEMENT WAS MADE, WHETHER ORAL, WRITTEN, OR
OTHERWISE, THAT CONTRADICTS THE FRANCHISE DISCLOSURE DOCUMENT OR THIS AGREEMENT. 
 9.9 Negotiation and Mediation.
This dispute resolution clause applies to claims by and against all parties and their affiliates, successors, owners, members, managers, officers, directors, employees, agents, and representatives, as to claims arising out of or relating to this
Agreement or our relationship, except as stated below. The parties will first attempt to resolve any dispute relating to or arising out of this Agreement or our relationship by negotiation. Any dispute subject to negotiation, and not resolved within
ten days, must be submitted to nonbinding mediation before commencing further dispute resolution. Mediation will be before a single skilled independent mediator mutually and reasonably agreed on by the parties. The parties will equally bear the
costs of mediation. Mediation will be conducted in accordance with the procedures of United States Arbitration and Mediation Service, Inc. (USA&M) at the option of the party initiating mediation or other mediation service agreed to by you and
us. The mediation will be conducted in the city in which USA&M has an office nearest our headquarters office at the time the dispute arises, unless otherwise mutually agreed. This dispute resolution clause shall survive the termination or
expiration of this Agreement. This clause shall not apply to prevent the immediate filing of any suit to recover Royalty Fees or Advertising and Development Fees owed under this Agreement, or any suit seeking preliminary or permanent injunctive
relief, specific performance, or other equitable relief, or any action at law for damage to our property interests or in equity to enjoin any harm to our goodwill, Marks, or our intangible property. 

9.10 Waiver of Rights. THE PARTIES HERETO AND EACH OF THEM KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY AGREE AS FOLLOWS: 

(a) The parties hereto and each of them EXPRESSLY WAIVE(S) THE RIGHT THAT ANY MAY HAVE TO TRIAL BY JURY. 

  

					
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 (b) The parties hereto and each of them EXPRESSLY WAIVE(S) ANY CLAIM FOR PUNITIVE, MULTIPLE,
CONSEQUENTIAL AND/OR EXEMPLARY DAMAGES, except that we shall be free to bring an action for willful trademark infringement and, if successful, to receive an award of multiple damages as permitted by law. The parties further agree that if this waiver
is unenforceable under applicable law, then any recovery by any party in any forum shall not exceed two times actual damages, except for an award of multiple damages to us for willful trademark infringement. 

(c) No party shall initiate or participate in any class action litigation claim against any other party bound hereby. 

9.11 Injunction, Enforcement, Costs and Venue. 
 (a) Either party may seek to obtain in any court of competent jurisdiction specific performance and injunctive relief to restrain a violation by the other party of any term or covenant of this Agreement.

 (b) You must pay all our damages, expenses, audit, investigation and experts’ costs, collection costs, attorneys’
fees, and interest on the unpaid balances as permitted by law, resulting from your default under this Agreement or from the indemnification provisions of this Agreement. 
 (c) In specific consideration for the use of the Marks, the exclusive venue and forum of dispute resolution will be in the applicable federal or state court for the judicial district in which Papa
Murphy’s International LLC has its principal place of business at the time the action is commenced. The parties waive all issues of personal jurisdiction or venue for the purpose of enforcing this Section. 

(d) Any and all claims and actions arising out of or relating to this agreement, the relationship of the parties, or Franchise
Owner’s operation of the unit, brought in any forum by any party hereto against the other, must be commenced within two (2) years after the discovery of the facts giving rise to such claim or action, or such claim or action shall be
barred, except for claims relating to the financial obligations of Franchise Owner. 
 9.12 Attorneys’ Fees. In any
litigation or other mandatory dispute resolution, the prevailing party, if any, shall be entitled to an award of its damages, expenses, audit, investigation and experts’ costs, collection costs, attorneys’ fees, and interest on the unpaid
balances as permitted by law. 
 9.13 Binding Effect. This Agreement benefits and is binding upon the respective heirs,
executors, administrators, successors, and assigns of the parties, but subject to the requirements of this Agreement regarding our permission for your Transfer. 
 9.14 Independent Investigation. THE PROSPECT OF SUCCESS OF THE BUSINESS VENTURE UNDERTAKEN BY FRANCHISE OWNER BY VIRTUE OF THIS AGREEMENT IS SPECULATIVE AND DEPENDS TO A MATERIAL EXTENT UPON
FRANCHISE OWNER’S CAPABILITY AS AN INDEPENDENT BUSINESS PERSON AND FRANCHISEE, AS WELL AS OTHER FACTORS. WE MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE POTENTIAL SUCCESS OF THE BUSINESS VENTURE UNDERTAKEN BY FRANCHISE OWNER HEREBY.
FRANCHISE OWNER REPRESENTS AND WARRANTS THAT IT HAS ENTERED INTO THIS AGREEMENT AFTER MAKING INDEPENDENT INVESTIGATIONS OF OUR BUSINESS, AND NOT IN RELIANCE UPON ANY REPRESENTATION BY US AS TO SALES OR PROFITS WHICH FRANCHISE OWNER IN PARTICULAR
MIGHT BE EXPECTED TO REALIZE. FRANCHISE OWNER FURTHER 

  

					
		 	37	 	March 2014

 
REPRESENTS AND WARRANTS THAT WE AND OUR REPRESENTATIVES, EMPLOYEES OR AGENTS HAVE MADE NO REPRESENTATIONS TO INDUCE FRANCHISE OWNER TO ACQUIRE THIS FRANCHISE AND EXECUTE THIS AGREEMENT WHICH ARE
NOT EXPRESSLY SET FORTH HEREIN OR IN THE DISCLOSURE MATERIALS PROVIDED TO FRANCHISE OWNER PRIOR TO ENTERING INTO THIS AGREEMENT. 
 9.15 Our Acceptance. This Agreement will be binding upon you at the time you, and each of your owners, signs it and delivers it to us. This Agreement will not be binding upon us until we accept it
in writing by one of our principal officers. 
 9.16 Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. 
 9.17 Time of Essence. You agree and acknowledge that time is of the essence with regard to your obligations hereunder and that all of your obligations are material to us and this Agreement.

  

	10.	FRANCHISE OWNER INFORMATION. The following information must be completed by the Franchise Owner: 

10.1 Managing Owner. The following individual is designated as the individual responsible for the operations and management of the
Franchised
Business:                                       
                                         
                                         
                                    

 
  
 10.2 Statement of Ownership. Franchise Owner’s form of ownership is (check one): 
  

	 	q	Individual(s) 

 If an
individual, provide the name and percentage ownership of each individual Franchise Owner and indicate whether each such person will be active in the
business:                                       
                                         
                                         
                            
  

                      
                                         
                                         
                                         
                                         
                                         
            

                      
                                         
                                        
                                         
                                        
                                         
             

                      
                                         
                                         
                                         
                                         
                                         
            

                      
                                         
                                         
                                         
                                         
                                         
            

                      
                                         
                                         
                                         
                                         
                                         
            

                      
                                         
                                         
                                         
                                         
                                         
            

                      
                                         
                                         
                                         
                                         
                                         
            

  

					
		 	38	 	March 2014

	 	q	Legal Entity (check one and complete (a) through (c) below): 

  

	 	q	Corporation 

  

	 	q	Limited Liability Company 

  

	 	q	Partnership 

  

	 	q	Other
(indicate):                                       
                                         

 If a legal entity, attach a copy of the articles of incorporation, certificate of formation or similar document
and provide the following information: 
  

	 	(a)	State of incorporation or
organization:                                       
                                         
                                         
                                   

 

	 	(b)	Date of incorporation or
organization:                                       
                                         
                                         
                                    

 

	 	(c)	Name and percentage ownership of each owner, member or partner and indicate whether each such person will be active in the
business:                                       
                                        
  

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   

                      
                                         
                                         
                                         
                                         
                                         
   
 10.3 Financial Records. Provide the address where Franchise Owner’s financial records and
corporate, partnership or company records, as applicable, are maintained. 
  

	 	q	Franchised Business 

  

	 	q	Other (indicate): 

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    

                         
                                         
                                         
                                         
                                         
                                         
                            
 If you have more than one signatory, all are jointly and severally bound to this Agreement. Owners of entity franchise owners must each also sign the Owner Agreement and Guaranty attached as Attachment
B. 
 [SIGNATURES ON FOLLOWING PAGE] 

  

					
		 	39	 	March 2014

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the date written below.

  

			
	PAPA MURPHY’S INTERNATIONAL LLC
		
	By:	 	 
		 	Victoria T. Blackwell
		 	Chief Legal Officer
	Date:	 	 

 FRANCHISE OWNER: 
  

									
		 	 Sign here if you are taking the franchise as an

INDIVIDUAL(S)

(Note: use these blocks if you marked in
 Section 10.2 of the Franchise Agreement that
 you are an individual
or a partnership but the
 partnership is not a separate legal entity)
	 	OR	 		 	 Sign here if you are taking the franchise as a

CORPORATION, LIMITED LIABILITY
 COMPANY OR PARTNERSHIP

		 	 	 		 		 	Print Name of Legal Entity
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 

  

					
		 	40	 	March 2014

 CERTIFICATION OF FRANCHISE OWNER 

Describe all promises and representations made by any of our representatives to you that are not expressly contained in the Franchise
Agreement or the Franchise Disclosure Document, but that influenced your decision to sign the Franchise Agreement. 

If the answer is “NONE,” please write “NONE.” 

Your completion of this page is a material inducement for us to grant a franchise to you. If you fail to complete and sign this page, we
will not execute the Franchise Agreement or we may void the Franchise Agreement if it already has been executed. 
 The
undersigned hereby certifies that the information provided above is true, that the undersigned had an opportunity to obtain the advice of an attorney, and that the undersigned has executed this Certification. 

[SIGNATURES ON FOLLOWING PAGE] 

  

					
	Certification of Franchise Owner	 	1	 	March 2014

 IN WITNESS WHEREOF, the Franchise Owner has signed this Agreement as of the date written
below. 
 FRANCHISE OWNER: 
  

									
		 	 Sign here if you are taking the franchise as an

INDIVIDUAL(S)

(Note: use these blocks if you marked in
 Section 10.2 of the Franchise Agreement that
 you are an individual
or a partnership but the
 partnership is not a separate legal entity)
	 	OR	 		 	 Sign here if you are taking the franchise as a

CORPORATION, LIMITED LIABILITY
 COMPANY OR PARTNERSHIP

		 	 	 		 		 	Print Name of Legal Entity
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 

  

					
	Certification of Franchise Owner	 	1	 	March 2014

 ATTACHMENT A 
 FRANCHISED LOCATION AND REQUIRED OPENING DATE 
 [This information to be
completed by us upon full execution of the Franchise Agreement.] 
  

			
	Franchise Fee Paid:	  	$                    
		  	  

	Date Paid:	  	
		  	  

	 Required Opening Date

(pursuant to Section 3.8):
	  	
		  	  

	Commencement Date:	  	
		  	  

	Previous Agreement Expiration Date:	  	
		  	  

  

	1.	Term: You shall be permitted to operate the Franchised Business for the following term: 

 

	 	q	Ten years from the Commencement Date 

  

	 	q	If pursuant to a Successive Addendum, five years from the expiration of the Term of your previous Franchise Agreement 

 

	 	q	If pursuant to a Successive Addendum (Remodel), ten years from the expiration of your previous Franchise Agreement or the acceptance by us of the remodel of the
Franchised Business, whichever occurs first 

 2. Franchised Location: This Agreement is for the establishment of one Papa
Murphy’s Franchised Business as set forth in (a) or (b) below. When the exact location for the Franchised Location is determined, this Attachment will be updated by both parties to identify the Franchised Location (pursuant to
Section 3 of the Franchise Agreement): 
 (a) If the Franchised Location is determined upon execution of the Franchise
Agreement:                                       
                                       

 

                         
                                         
                                         
                                         
                                         
                                         
                            
 (b) If the Franchised Location is not determined upon execution of the Franchise Agreement, the general Site Selection Area designated is as
follows:                                       
                                         
                                         
                                         
                                         
        
  

                         
                                         
                                         
                                         
                                         
                                         
                            
 (c) When the exact location for the franchise premises is determined, this Attachment will be updated by both parties to identify the franchise premises (pursuant to Section 3.1 of the Franchise
Agreement):                                       
                                         
                               

 

                         
                                         
                                         
                                         
                                         
                                         
                            
 [SIGNATURES ON FOLLOWING PAGE] 

  

					
	 Attachment A 
	 	1	 	March 2014

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the date written below.

  

			
	PAPA MURPHY’S INTERNATIONAL LLC
		
	By:	 	 
		 	Victoria T. Blackwell
		 	Chief Legal Officer
	Date:	 	 

 FRANCHISE OWNER: 
  

									
		 	 Sign here if you are taking the franchise as an

INDIVIDUAL(S)

(Note: use these blocks if you marked in
 Section 10.2 of the Franchise Agreement that
 you are an individual
or a partnership but the
 partnership is not a separate legal entity)
	 	OR	 		 	 Sign here if you are taking the franchise as a

CORPORATION, LIMITED LIABILITY
 COMPANY OR PARTNERSHIP

		 	 	 		 		 	Print Name of Legal Entity
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 

  

					
	 Attachment A 
	 	1	 	March 2014

 ATTACHMENT B 
 OWNER AGREEMENT AND GUARANTY 
 FOR ALL ENTITY FRANCHISE OWNERS

 As a condition to the granting by Papa Murphy’s International LLC (“Franchisor,”
“we,” “us”) of a Franchise Agreement (“Franchise Agreement”) granting certain rights to the entity listed as the Franchise Owner on the signature block of the Franchise Agreement
(“Franchisee”) to develop a Papa Murphy’s Take ‘N’ Bake Pizza store (“Franchised Business”), each of the undersigned individuals (“Owner” or “you” or
“your”) agrees jointly and severally to be bound by the terms and restrictions of this Owner Agreement and Guaranty for All Entity Franchise Owners (“Agreement”): 

1. Ownership and Management. Each of you warrants to us that you, or you and your spouse, if applicable, are the holders of all
equity, voting and other interests in the Franchise Owner and all options, warrants and rights to acquire an interest in the Franchise Owner. The Owner, or Owner and spouse, if applicable, who is to be responsible for on-premises operation of the
Franchised Business will successfully complete training. For Area Development Agreements, depending on your experience and qualifications, we may impose requirements that include but are not limited to the experience and qualifications of the
operating management of your stores. Such requirements may also include but are not limited to you providing equity ownership, or similar incentives, to your operating personnel. These requirements will become part of your Area Development
Agreement. 
 2. Confidentiality and Noncompetition Agreements. 

(a) In-Term Covenants. Each of you agrees that during the term of the Franchise Agreement, including any applicable Interim Period
(as defined in the Franchise Agreement) or extension periods, you, your immediate family or household members, and persons associated with you, including owners, managers, assistant managers, or agents involved in the operation of the Franchised
Business, will abide by the in-term noncompetition and confidentiality agreements of the Franchise Agreement. 
 (b)
Post-Term Covenants. Each of you agrees that for a period of two years after the transfer, expiration or termination of the Franchise Agreement for any reason, you, your immediate family or household members, and persons associated with you,
including owners, managers, assistant managers, or agents involved in the operation of the Franchised Business will abide by the post-termination covenant not to compete and confidentiality provisions of the Franchise Agreement. This post-term
covenant applies within a 25-mile radius from the Franchised Business, and within a 25-mile radius from the premises of any other Papa Murphy’s business. 

  

					
	 Attachment B
	 	1	 	March 2014

 3. Guaranty. 

(a) Guaranty. Each of you personally and unconditionally guarantee to us the performance of all of the Franchise Owner’s
obligations under the Franchise Agreement, including the punctual payment of amounts that the Franchise Owner may now or in the future owe to us or any of our affiliates (including but not limited to interest, and all attorneys’ fees, costs and
expenses incurred by any of us in collection). 
 (b) Term of Guaranty. This guaranty and your obligations under it will
continue in effect until the earlier of: (i) two years after the Franchise Owner ceases to operate the Franchised Business, or (ii) two years after you cease holding any ownership interest in the Franchise Owner. 

(c) Waivers. Each of you waives notice of demand, notice of protest, nonpayment or default, and all other notices to which you may
be entitled, except that we will copy you with any notice of termination. You waive any right that you may have to require that an action be brought against the Franchise Owner, and any claims for reimbursement or subrogation that you may have
against us as a result of your performance of this Agreement. 
 4. Other Certifications, Representations, Warranties and
Covenants. Each of you hereby makes all certifications, representations, warranties and covenants contemplated by the Franchise Agreement. 
 5. Covenant Not To Transfer Interests. The Franchise Agreement, and your rights and obligations under it, shall remain personal to you. Any proposed transfer by you (regardless of the form
of transfer) shall be subject to the same terms and conditions contained in the Franchise Agreement. The term “transfer” shall have the same meaning as in the Franchise Agreement. Each of you agree that you will not at any time, directly
or indirectly, voluntarily or involuntarily, make any transfer, unless you first obtain our written approval in compliance with the same transfer provisions of the Franchise Agreement. You will cause all documents evidencing an ownership interest or
right to acquire an ownership interest issued by the Franchise Owner to bear a legend indicating that such ownership interest is subject to the restrictions provided for in the Franchise Agreement. You will show us any owners’ agreement ten
business days before it is signed for us to review and ensure compliance with this Agreement. 
 6. Disputes. Disputes
arising out of or relating to this Agreement shall be resolved in the same manner as provided under the Franchise Agreement, including the provisions of the Franchise Agreement pertaining to mediation, venue, applicable law, time periods and
limitations that govern any disputes between us and you. 
 Each of you and your spouse, if your spouse has any direct or
indirect interest in the Franchise Owner, have signed this Agreement on the date set forth opposite your signature. 
  

			
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 

  

					
	 Attachment B 
	 	2	 	March 2014

			
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 
		
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 
		
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 
		
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 
		
	Signature:	 	 
	Name:	 	 
	Address:	 	 
	
	 
	
	 
	Date:	 	 

  

					
	 Attachment B
	 	3	 	March 2014

 ATTACHMENT C 
 ADDENDUM TO LEASE 
 (For Reference Purposes Only) 

THIS ADDENDUM TO LEASE is made on the              day of
             , 20             by and between
                                , hereinafter referred to as
“Landlord,” and
                                         
   , hereinafter referred to as “Tenant.” 
 RECITALS 

A. Landlord and Tenant have entered into a certain Lease Agreement dated
            , 20__, and pertaining to the premises located at
                                     (the
“Lease”). 
 B. Landlord acknowledges that Tenant intends to operate a Papa Murphy’s Take ‘N’
Bake Pizza store in the leased premises under a Franchise Agreement (the “Franchise Agreement”) with Papa Murphy’s International LLC (“Franchisor”). 

C. The parties now desire to amend the Lease in accordance with the terms and conditions contained herein. 

AGREEMENT 

1. Use of Premises. Notwithstanding anything to the contrary contained in the Lease, Tenant shall have the right to use the
premises for any lawful uses provided that such use does not conflict with any existing exclusives granted to other users in the shopping center and provided that the use is not detrimental to the value of the existing shopping center. Landlord also
agrees that no other tenant (other than the grocer) will be allowed to sell pizza. 
 2. Structural Repairs. Landlord
shall be responsible for repairs to the roof, structural repairs to the building, concrete slab and any other expenses that would be considered a capital expense under generally accepted accounting principles. 

3. Defects and CAM Pass Throughs. Landlord agrees that Tenant will not be responsible for any cost of correcting defects in design
or construction of the building, remediation of any hazardous substances (as the same may be defined in the Lease), or payment of any insurance deductible, through common area maintenance (CAM) or operating charges. 

4. Signage. Landlord agrees to provide Tenant with adequate space on all shopping center identification signs. Tenant is to be
allowed to use the standard Papa Murphy’s sign package: 
  

	 	•	 	 Exterior Signs (one of the following – Specification Sheets available) 

 

	 	•	 	 Illuminated Canister Wall Sign 

  

					
	 Attachment C 
	 	1	 	March 2014

	 	•	 	 Illuminated Individual Channel Letters flush mounted on Facia 

 

	 	•	 	 Illuminated Individual Channel Letters on Aluminum Raceway (painted to blend w/Facia) 

 

	 	•	 	 Illuminated Individual Channel Letters on Halo Illuminated Raceway 

 

	 	•	 	 Letters – According to the then-current signage specifications 

 

	 	•	 	 “Open” and “Take N Bake” window neon signs 

 

	 	•	 	 Professionally prepared window vinyls 

  

	 	•	 	 Shaker boards 

 5. Relocation. Landlord agrees there will be no right of relocation by the Landlord for the length of the Lease term to include option period without written consent of Tenant. 

6. Condemnation. Tenant shall have the right to seek a separate damage award from the condemning authority that will not diminish
the award to which Landlord is legally entitled. 
 7. Entry by Landlord. Landlord agrees not to enter premises during
peak business hours from 4:00 p.m. to 8:00 p.m., except in the event of an emergency. 
 8. Percentage Rent. Landlord
agrees there shall be no rent based on a percentage of sales or revenue. Further, Tenant shall not be required to provide sales data or Tenant financial information to Landlord. 

9. Radius Clause. Landlord agrees that there shall be no radius clause whereby Tenant shall be prohibited from opening or
operating another Papa Murphy’s Take ‘N’ Bake Pizza store. 
 10. Right to Assign. 

10.1 Notwithstanding anything to the contrary contained in the Lease, Tenant may, without the consent of Landlord, sublease the premises
or assign the Lease to the Franchisor or to a subsidiary, affiliate or franchisee of Franchisor. Tenant may not sublease the premises or assign the Lease to any other party without the consent of Landlord, which consent shall not be unreasonably
withheld, conditioned or delayed. In the event of an assignment or subletting, Tenant shall remain liable for the payment of all rent and the performance of all of Tenant’s obligations under the Lease. 

10.2 Any demand for increased rent or other payment or modification of the terms of the Lease by Landlord as a condition to the granting
of consent, when consent is required, shall be deemed unreasonable. Landlord may withhold consent only if Landlord determines that the quality of the merchandising operation from the premises may be substantially inferior to other operations in the
vicinity of the premises. If Landlord fails to respond in writing within fourteen (14) days after a request for consent by Tenant or to set forth Landlord’s reasons for denying consent, consent shall be deemed given. 

  

					
	 Attachment C 
	 	2	 	March 2014

 11. Landlord’s Waiver of Lien. For valuable consideration, Landlord waives all
rights to maintain or enforce a statutory or contractual landlord’s lien, security interest, or any other claim against personal property located on the premises. Landlord hereby agrees that all personal property belonging to Tenant shall not
be subject to any claim by Landlord as compensation for any debt, common area maintenance charge, utility bill, or other monetary claim owed to Landlord by Tenant. Landlord’s sole recourse for any moneys owed shall be against Tenant.

 12. Continuous Operations. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be
required to continuously operate from the premises and the failure to continuously operate shall not be deemed a default under the Lease. 
 13. Default and Notice Under Lease. 
 13.1 In the event there is a default
by Tenant under the terms of the Lease, or an attempted transfer of Tenant’s interest under the Lease, Landlord shall give Franchisor written notice of such default or attempted transfer within ten days after Landlord receives knowledge of its
occurrence. 
 13.2 If Landlord gives Tenant a default notice, Landlord must contemporaneously give Franchisor a copy of such
notice. Franchisor will have the right but not the obligation to cure the default and notify Landlord whether it intends to cure the default and take an automatic assignment of Tenant’s interest as provided in this Agreement. Franchisor will
have an additional fifteen (15) days from the expiration of Tenant’s cure period in which to cure the default or violation. The Franchise Agreement gives Franchisor the right of written notice, consent, and right of first refusal for any
transfer. 
 13.3 All notices to Franchisor shall be sent by registered or certified mail, postage prepaid or by overnight mail
to the following address: 
 Papa Murphy’s International LLC 

8000 NE Parkway Drive, Suite 350 
 Vancouver, WA 98662 
 Attention: Legal Department 

14. Right to Cure—Monetary Defaults. Notwithstanding anything to the contrary contained in the Lease, Tenant shall not be
deemed in default of a monetary obligation under the Lease unless Tenant fails to pay any installments of rent or any other additional charges promptly on the day when they shall become due and payable, and such failure to pay shall continue for a
period of ten (10) days after written notice by Landlord. 

  

					
	Attachment C	 	3	 	March 2014

 15. Right to Cure—Non-Monetary Defaults. Notwithstanding anything to the
contrary contained in the Lease, Tenant shall not be deemed in default of a non-monetary obligation under the Lease unless Tenant fails to promptly keep and perform any affirmative covenants of the Lease strictly in accordance with the terms of the
Lease and shall not cure such failure for a period of thirty (30) days after written notice by Landlord of default and demand for performance. Notwithstanding anything to the contrary contained in the Lease, if any default shall occur other
than in the payment of money, which cannot with due diligence be cured within a period of thirty (30) days, and Tenant, prior to the expiration of thirty (30) days from and after the giving of the notice, commences to eliminate the cause
of such default and diligently pursues the cure of such default, then Tenant shall not be deemed in default under the Lease. 

16. Termination, Transfer, or Expiration of Lease or Franchise Agreement. 

16.1 Franchisor may at its option take an assignment of Tenant’s interest, by written notice of its exercise of the option sent
within fifteen (15) days after the effective date of any termination, transfer or expiration of the Lease or Franchise Agreement. Landlord may rely on Franchisor’s written notice of termination, transfer, or expiration of the Franchise
Agreement. 
 16.2 Franchisor may cure any default in the Lease within fifteen (15) days after exercise of its option; and
must assume possession within a reasonable time thereafter. Landlord will assist Franchisor in gaining possession of premises. If Franchisor does not elect to take an assignment of the Tenant’s interest. Landlord will allow Franchisor to enter
the premises to remove all signs and all other removable items containing Franchisor’s trademarks, and to make such other modifications (such as repainting) as are reasonably necessary to distinguish the trademarks and trade dress from those of
Franchisor. 
 17. No Recapture of Excess Rent. Notwithstanding anything to the contrary contained in the Lease, Landlord
shall not be entitled to any amounts paid by any subtenant or Tenant in excess of the rents provided for in the Lease. 
 18.
Third Party Amendments. Notwithstanding anything to the contrary in the Lease, Tenant shall not be required to agree to substantive Lease modifications required by Landlord’s Lender or other third party and Tenant’s failure to so
agree shall not result in termination of the Lease or be considered a default under the Lease. 
 19. Amendments. No
amendment or variation of the terms of this Addendum to the Lease shall be valid unless made in writing and signed by the parties hereto. 
 20. Beneficiary. Landlord and Tenant expressly agree that Franchisor is a third party beneficiary of this Addendum. This Addendum creates no obligations of the Franchisor. 

21. Conflict. In the event of any conflict between the terms of the Lease and the terms of this Addendum, the terms of this
Addendum shall control. 
 22. Change in Building Ownership. In the event the Landlord declares bankruptcy or the
ownership of the premises is otherwise transferred to someone other than the named Landlord, Tenant shall be assured that the material provisions in the Lease including, but not limited to rent, term, maintenance obligations, use, relocation, and
maintenance expenses shall remain consistent with the terms herein. 

  

					
	Attachment C	 	4	 	March 2014

 23. Contractors/Subcontractors. In the event the Landlord requires that certain
contractors/subcontractors or maintenance companies be used by the Tenant, the cost for said services shall be consistent with other contractors or maintenance companies of the same trade. 

24. Discovery of Hazardous Material. In the event that Tenant’s contractor discovers asbestos-containing material or any
other hazardous material within the premises, Landlord shall be responsible for the abatement of said hazardous material at its sole cost and expense. In the event that Tenant’s opening is delayed as a result of the abatement, the Lease/rent
commencement date will be extended one day for every day that construction is held up. For the purposes of this Addendum, hazardous material shall be defined as that which is considered hazardous material by the National Environment Protection
Agency at the time of Lease execution. 
 25. Non-Structural Changes. Tenant shall be allowed to make non-structural
changes to the premises without obtaining Landlord approval providing said changes do not exceed $25,000 per occurrence or require a building permit. 
 IN WITNESS THEREOF: Landlord and Tenant have signed this Addendum as of the day and year first written. 

 

			
	LANDLORD:
		
	By:	 	 
	Title:	 	 
	
	TENANT:
		
	By:	 	 
	Its:	 	 

  
  

  

					
	Attachment C	 	5	 	March 2014

 ATTACHMENT D 
 NONDISCLOSURE AGREEMENT 
 THIS NONDISCLOSURE AGREEMENT
(“Agreement”) governs the disclosure of information by Papa Murphy’s International LLC (“Company”) to the person or entity listed as the Franchise Owner(s) on the signature block of this Agreement
(“Recipient”) as of
                                         
               , 20         (“Effective Date”). 

 

	1.	“Confidential Information” means any and all technical and general information provided by Company to recipient, including but not limited to
information relating to Company’s franchise system, underlying processes, recipes, mixes, techniques, know-how, ingredients, written documentation, operations manuals, methods of business, business plans, financial information, procurement
requirements, purchasing, manufacturing, customer lists, investors, employees, business and contractual relationships, business forecasts, sales and merchandising, marketing plans and information the Company provides regarding third parties.

  

	2.	The Recipient agrees that it will hold in strict confidence and not disclose Confidential Information to any third party, except as approved in writing by the Company,
and will use the confidential information for no purpose other than evaluating or pursuing a business relationship with the Company. The Recipient shall only permit access to Confidential Information to those of its employees or authorized
representatives having a need to know and who have signed confidentiality agreements or are otherwise bound by confidentiality obligations at least as restrictive as those contained herein. 

 

	3.	The Recipient shall immediately notify the Company in the event of any loss or unauthorized disclosure of any confidential information. 

 

	4.	The Recipient’s obligations under this Agreement do not apply to Confidential Information that: (a) was in the public domain before it was communicated to the
Recipient through no fault of the Recipient; (b) entered the public domain after it was communicated to the Recipient through no fault of the Recipient; or (c) was in the Recipient’s possession free of any obligation of confidence at
the time it was communicated to the Recipient. 

  

	5.	Upon completion of the evaluation by Recipient or upon written request of the Company, the Recipient shall promptly return to the company all documents, notes and other
tangible materials representing the Confidential Information and all copies thereof. 

  

	6.	The recipient recognizes and agrees that nothing contained in this Agreement shall be construed as granting any property rights, by license or otherwise, to any
confidential Information disclosed pursuant to this Agreement, or to any invention or any patent, copyright, trademark, or other intellectual property right that has issued or that may issue, based on such Confidential Information. The Recipient
shall not make, have made, use or sell for any purpose any product or other item using, incorporating or derived from and Confidential Information. 

  

					
	Attachment D	 	1	 	March 2014

	7.	Confidential Information shall not be reproduced in any form except as required to accomplish the intent of this Agreement. Any reproduction of any Confidential
Information shall remain the property of the Company and shall contain any and all confidential or proprietary notices or legends which appear on the original, unless otherwise authorized in writing by the Company. 

 

	8.	This Agreement shall be governed by and constructed in accordance with the laws of the State of Washington without reference to conflict of law principles. Any disputes
under this Agreement may be brought in the applicable federal or state court for the judicial district in which Papa Murphy’s International has its principal place of business at the time the action is commenced. The parties waive all issues of
personal jurisdiction or venue for the purpose of enforcing this Section. This Agreement may not be amended except by a writing signed by both parties hereto. 

 

	9.	The Recipient agrees that breach of this Agreement will cause Company irreparable harm for which recovery of monetary damages would be inadequate, and that the Company
shall be entitled to obtain timely injunctive relief under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction. 

 

	10.	If any provision of this Agreement is found by a proper authority to be unenforceable or invalid, such provision shall be changed and interpreted so as to best
accomplish the objectives of such unenforceable or invalid provision within the limits of applicable law or applicable court decisions. 

  

	11.	The recipient will not assign or transfer any rights or obligations under this Agreement without the prior written consent of the Company. 

 

	12.	All notices or reports permitted or required under this Agreement shall be in writing and shall be delivered by personal delivery, electronic mail, facsimile
transmission or by certified or registered mail, return receipt requested, and shall be deemed given upon personal delivery, five days after deposit in the mail, or upon acknowledgement of receipt of electronic transmission. Notices shall be sent to
the addresses set forth at the end of this Agreement or such other addresses as either party may specify in writing. 

 [SIGNATURES ON FOLLOWING PAGE] 

  

					
	 Attachment D 
	 	2	 	March 2014

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	PAPA MURPHY’S INTERNATIONAL LLC
		
	By:	 	 
		 	Victoria T. Blackwell
		 	Chief Legal Officer
	Date:	 	 

 FRANCHISE OWNER: 
  

									
		 	 Sign here if you are taking the franchise as an

INDIVIDUAL(S)

(Note: use these blocks if you marked in
 Section 10.2 of the Franchise Agreement that
 you are an individual
or a partnership but the
 partnership is not a separate legal entity)
	 	OR	 		 	 Sign here if you are taking the franchise as a

CORPORATION, LIMITED LIABILITY
 COMPANY OR PARTNERSHIP

		 	 	 		 		 	Print Name of Legal Entity
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 

  

					
	 Attachment D
	 	3	 	March 2014

 ATTACHMENT E 
 SUCCESSIVE ADDENDUM 
 This Successive Addendum
(“Addendum”) is entered into this              day of             ,
20         by and between Papa Murphy’s International LLC, a Delaware limited liability company (“we”) and the person(s) or entity listed as the Franchise Owner on the signature
block of this Agreement (“you”). 
 RECITALS 

A. You and we have entered into a Franchise Agreement, dated as of
                             for the operation of a Papa Murphy’s Take ‘N’ Bake Pizza
store located at
                                         
                        (the “Current Franchise Agreement”). 

B. The term of the Current Franchise Agreement is expiring and you and we are entering into a new franchise agreement (the
“Successive Franchise Agreement”). 
 C. You and we desire to amend the terms of the Successive Franchise
Agreement by incorporating the terms of this Addendum into the Successive Franchise Agreement. 
 AGREEMENT 

1. Definitions. All terms capitalized but not otherwise defined herein will have the same meanings ascribed to them in the
Successive Franchise Agreement. 
 2. Amendment. Sections 2.3(a)-(g), 2.3(j), 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8,
4.4(b) and 5.1 of the Successive Franchise Agreement are hereby deleted in their entirety; provided, however, that Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.7 and 3.8 shall be reinstated in the event that we grant you the right to relocate the
Franchised Business under Section 3.9 of the Successive Franchise Agreement. 
 3. Successive Franchise Fee.
Section 4.1 of the Successive Franchise Agreement is deleted in its entirety and replaced with one of the following based on the version of the expiring Current Franchise Agreement: 

 

	q	“4.1 Successive Franchise Fee. There is no fee for the Successive Franchise Agreement.” 

 

	q	4.1 Successive Franchise Fee. You will pay the sum of $5,000 plus, if due and payable, all applicable federal, state or municipal taxes, as a non-recurring successive franchise fee (“Successive Franchise Fee”) at least 60 days before the expiration date of your prior Franchise Agreement. The Successive Franchise Fee shall be paid by
means of check, money order or wire transfer. The Successive Franchise Fee is fully earned upon payment and is nonrefundable.” 

  

					
	 Attachment E 
	 	1	 	March 2014

	q	“4.1 Successive Franchise Fee. You shall pay the sum of $7,500 plus, if due and payable, all applicable federal, state or municipal taxes, as a non-recurring successive franchise fee (“Successive Franchise Fee”) at least 60 days before the expiration date of your prior Franchise Agreement. The Successive Franchise Fee shall be paid by
means of check, money order or wire transfer. The Successive Franchise Fee is fully earned upon payment and is nonrefundable.” 

 4. Continuing to Operate Beyond this Agreement. The opening paragraph of Section 6.1 of the Successive Franchise Agreement is deleted in its entirety and replaced with the following:

 “6.1 Continuing to Operate Beyond this Agreement. This Agreement grants you the right to operate
using our Methods of Operation and our Marks for five years. In order for you to continue to operate beyond the five-year term, you must enter into a new Franchise Agreement and a Successive Addendum in the form attached hereto as Attachment E, the
terms of which may vary substantially from this Agreement. The term of any Franchise Agreement successive to this Agreement (“Successive Franchise Agreement”) will be for five years. Your ability to enter into a Successive Franchise
Agreement and continue to operate is contingent on satisfactory performance of this Agreement and any other agreements with us, and our approval of your current location and lease., and you must not be in default under this Agreement or any other
agreements between you and us or our affiliates or a third party that relates to the franchise in any way. In addition, in order to receive a Successive Franchise Agreement, the following must occur:” 

5. Addendum Binding. This Addendum will be binding upon and inure to the benefit of each party and to each party’s respective
successors and assigns. 
 6. No Further Changes. Except as specifically provided in this Addendum, all of the terms,
conditions and provisions of the Successive Franchise Agreement will remain in full force and effect as originally written and signed. 
 [SIGNATURES ON FOLLOWING PAGE] 

  

					
	 Attachment E
	 	2	 	March 2014

 IN WITNESS WHEREOF, you and we have duly executed this Addendum as of the date written
below. 
  

			
	PAPA MURPHY’S INTERNATIONAL LLC
		
	By:	 	 
		 	Victoria T. Blackwell
		 	Chief Legal Officer
	Date:	 	 

 FRANCHISE OWNER: 
  

									
		 	 Sign here if you are taking the franchise as an

INDIVIDUAL(S)

(Note: use these blocks if you marked in
 Section 10.2 of the Franchise Agreement that
 you are an individual
or a partnership but the
 partnership is not a separate legal entity)
	 	OR	 		 	 SIGN HERE IF
YOU ARE TAKING THE FRANCHISE AS A
 CORPORATION, LIMITED LIABILITY
 COMPANY OR
PARTNERSHIP

		 	 	 		 		 	Print Name of Legal Entity
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 
					
	Signature:	 	 	 		 	By:	 	 
	Print Name:	 	 	 		 	Print Name:	 	 
	Date:	 	 	 		 	Title:	 	 
		 		 		 	Date:	 	 

  

					
	 Attachment E
	 	3	 	March 2014

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