Document:

EX-4.2

 Exhibit 4.2 
 FOURTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT 
 This FOURTH
AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT (this “Agreement”), dated as of March 14, 2013, is entered into by and among Blackhawk Network Holdings, Inc. (the “Company”), Safeway Inc., a Delaware
corporation (“Safeway”), and each of the parties identified as stockholders on Schedule A hereto. The stockholders identified on Schedule A hereto and any other persons who may become stockholders of the Company,
including transferees of the Stockholders, after the date hereof that execute a counterpart to this Agreement from time to time in such capacity are collectively referred to as the “Stockholders” and individually as a
“Stockholder”; provided, however, that in no event will Safeway be included in the definition of “Stockholder.” 
 BACKGROUND 
 Blackhawk Network, Inc., an Arizona corporation (f/k/a
Blackhawk Marketing Services, Inc.) (“Blackhawk Arizona”), Safeway and the initial stockholders of Blackhawk Arizona (the “Former Blackhawk Arizona Stockholders”) originally entered into that certain
Stockholders’ Agreement dated as of February 24, 2006 (the “Original Stockholders’ Agreement”). 

Effective February 23, 2007, Safeway and the Former Blackhawk Arizona Stockholders agreed to contribute to the Company their shares
of common stock, par value $0.001, in Blackhawk Arizona (“Blackhawk Arizona Common Stock”), in exchange for newly issued shares of Common Stock (the “Exchange”). In connection with the Exchange, Blackhawk Arizona
assigned to the Company, and the Company assumed, all of Blackhawk Arizona’s rights and obligations under the Original Stockholders’ Agreement, and the Former Blackhawk Arizona Stockholders consented to that assignment and assumption. Also
in connection with the Exchange, the Company, Safeway and the stockholders of the Company at that time entered into the Amended and Restated Stockholders’ Agreement dated as of February 23, 2007 (the “First Amended and Restated
Stockholders’ Agreement”). 
 Pursuant to Section 12(a), the Company, Safeway and the Majority Stockholders
(i) amended the First Amended and Restated Stockholders’ Agreement as set forth in the First Amendment to Amended and Restated Stockholders’ Agreement dated as of August 26, 2008 (the “First Amendment”) and
(ii) integrated and restated (a) the First Amended and Restated Stockholders Agreement and (b) the First Amendment (the “Second Amended and Restated Stockholders’ Agreement”). 

The Third Amended and Restated Stockholders’ Agreement, effective August 21, 2012 (the “Third Amended and Restated
Stockholders’ Agreement”), amended and restated the Second Amended and Restated Stockholders’ Agreement. 

This Agreement amends and restates the Third Amended and Restated Stockholders’ Agreement. 

Defined terms used in this Agreement are set forth in Annex A hereto. 

WITNESSETH 
 WHEREAS, pursuant to the Certificate of Incorporation of the Company (the “Certificate”), the Company is authorized to issue up to an aggregate of (i) 140,000,000 shares of
common stock, $0.001 par value per share (the “Common Stock”), and (ii) 10,000,000 shares of preferred stock, $0.001 par value per share (the “Preferred Stock” and, together with the Common Stock, the
“Capital Stock”); and 
 WHEREAS, pursuant to the Blackhawk Network Holdings, Inc. 2006 Restricted Stock
Plan for Eligible Employees of Safeway Inc. (f/k/a the Blackhawk Network, Inc. 2006 Restricted Stock Plan for Eligible Employees of Safeway Inc.) (as the same may be amended and/or restated from time to time, the “Safeway Plan”) and
the Blackhawk Network Holdings, Inc. Second Amended and Restated 2006 Restricted Stock and Restricted Stock Unit Plan (f/k/a the Blackhawk Network, Inc. 2006 Restricted Stock Plan) (as the same may be amended and/or restated from time to time and
together with the Safeway Plan, the “Restricted Stock Plans”), certain 

 
Stockholders (i) acquired shares of Common Stock, which shares are subject to vesting as provided in such Stockholder’s Restricted Stock Award Grant Notice and Restricted Stock
Agreement, as amended (each, a “Restricted Stock Agreement”), or (ii) were granted restricted stock units which represent the right to receive shares of Common Stock pursuant to, and as provided in, such Stockholder’s
Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement (each, an “RSU Agreement”); and 
 WHEREAS, pursuant to the Blackhawk Network Holdings, Inc. Amended and Restated 2007 Stock Option and Stock Appreciation Right Plan (as the same may be amended and/or restated from time to time, the
“Option Plan”), certain Stockholders have been granted options to purchase or other rights to acquire shares of Common Stock as provided in such Stockholder’s Non-Qualified Stock Option Grant Notice and Non-Qualified Stock
Option Agreement (each, an “Option Agreement”) or such Stockholder’s Stock Appreciation Right Grant Notice and Stock Appreciation Right Agreement (each, a “SAR Agreement”); and 

WHEREAS, Safeway and the Stockholders desire to make arrangements among themselves with respect to certain matters relating to the
Company, including the imposition of certain restrictions on and obligations with respect to the Disposition (as defined below) of the shares of Common Stock and Preferred Stock of the Company now owned or hereafter acquired by the Stockholders and
such other matters as are addressed herein, all upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows: 
 1. Stock Ownership; Value of Capital Stock. Each Stockholder severally represents and warrants that he, she
or it is the record and beneficial owner of the shares of Common Stock and Preferred Stock set forth in such Stockholder’s Restricted Stock Agreement, RSU Agreement, Option Agreement or SAR Agreement, subject to the restrictions set forth in
such Stockholder’s Restricted Stock Agreement, RSU Agreement, Option Agreement or SAR Agreement. Each Stockholder acknowledges that neither the Company nor Safeway guarantees the future value of the Company’s Capital Stock. 

2. Spousal Consent. If a Stockholder is at any time a married individual, the spouse of such Stockholder, acting with legal
capacity to do so, will execute and deliver to the Company a Spousal Consent in the form of Exhibit 1. 
 3.
Application of this Agreement. Each Stockholder acknowledges and agrees that, except as provided below, the terms and provision of this Agreement shall apply to shares of Capital Stock notwithstanding the fact that the shares may not have
vested pursuant to the applicable terms of the Restricted Stock Plans and/or such Stockholder’s Restricted Stock Agreement; provided, however, that in no case will Sections 5, 6, 7, 8 or 9 apply to shares of Capital Stock until the time
that such shares become vested pursuant to the terms of the Restricted Stock Plans and/or such Stockholder’s Restricted Stock Agreement. 
 4. Restrictions on Disposition of Stock. 
 (a) Restrictions on
Disposition. Except as expressly provided in this Agreement, Stockholders may not, without the written consent of Safeway, which it may withhold in its sole discretion, Dispose of any shares of the Company’s Common Stock or Preferred Stock
(or any other securities of the Company) now owned or hereafter acquired by him, her or it or any part thereof either during such Stockholders’ corporate or other existence or lifetime, as the case may be, or upon its dissolution or liquidation
or his or her death, as the case may be. 
 (b) Exceptions to Restrictions on Disposition. The restrictions set forth in
Section 4(a) hereof shall not apply to any of the following Dispositions: (i) any purchase, repurchase or redemption by the Company or purchase or repurchase by Safeway or a Subsidiary of Safeway; or (ii) except as otherwise provided
in Section 6, to the personal representative of a Stockholder who is deceased or adjudicated incompetent; provided, however, with respect to the foregoing, that any such transferee (other than the Company, Safeway or a Subsidiary

  
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of Safeway) shall agree in writing to be bound by, and the shares so transferred shall remain subject to, the terms and conditions of this Agreement. 

(c) Termination of Restrictions on Disposition. The restrictions arising under this Section 4 shall terminate upon the first
to occur of the following events: 
 (i) the creation of a Public Market; or 

(ii) the consummation of a Spin-off. 
 5. Tag-Along Rights and Drag-Along Rights. 
 (a) (i) Except as otherwise
provided in Sections 4(b), 5(a)(v) and 5(b) and with respect to any proposed Disposition by Safeway of not less than twenty percent (20%) of its shares of Common Stock or Preferred Stock (or other securities of the Company) to a third party
(such third party being hereafter referred to as the “Proposed Purchaser”), Safeway shall be required to provide that each of the Stockholders (referred to herein collectively as the “Tag-Along Stockholders”) shall
have the right to include in any such sale to the Proposed Purchaser up to the number of whole shares of Common Stock or Preferred Stock (or other securities of the Company) owned by each such Tag-Along Stockholder equal to the number derived by
multiplying the total number of shares of Common Stock or Preferred Stock (or other securities of the Company) that Safeway proposes to sell by a fraction, the numerator of which shall be the total number of shares of Common Stock or Preferred Stock
(or other securities of the Company) owned by such Tag-Along Stockholder, and the denominator of which shall be the total number of shares of Common Stock or Preferred Stock (or other securities of the Company) owned by Safeway and all such
Tag-Along Stockholders. Any shares purchased from Tag-Along Stockholders pursuant to this Section 5(a) shall be at the same price per share and upon the same terms and conditions as the proposed transfer by Safeway. 

(ii) Safeway shall notify, or cause to be notified, each Stockholder in writing of each such proposed transfer promptly upon
Safeway’s decision to sell such shares of Common Stock or Preferred Stock. Such notice (the “Transfer Notice”) shall set forth: (A) the number of shares of Common Stock or Preferred Stock (or other securities of the
Company) proposed to be purchased, (B) the name and address of the Proposed Purchaser, (C) the proposed consideration and terms and conditions of payment offered by the Proposed Purchaser and (D) that the Proposed Purchaser has been
informed of the “Tag-Along Right” provided for in this Section 5(a) and has agreed to purchase such shares in accordance with the terms hereof. 
 (iii) The Tag-Along Right may be exercised by any Tag-Along Stockholder by delivery of a written notice to Safeway (the “Tag-Along Notice”) within ten (10) days following the receipt
of the Transfer Notice. The Tag-Along Notice shall state the number of shares that such Tag-Along Stockholder proposes to include in such transfer to the Proposed Purchaser, determined in accordance with Section 5(a)(i) hereof, and the number
of additional shares such Tag-Along Stockholder desires to include in such transfer. The maximum number of additional shares that each such Tag-Along Stockholder shall be entitled to sell shall be determined by multiplying the total number of shares
of Common Stock or Preferred Stock (or other securities of the Company) that, under the formula in Section 5(a)(i) hereof, all Tag-Along Stockholders could have elected to sell to the Proposed Purchaser but did not so elect, by a fraction, the
numerator of which shall be the total number of shares of Common Stock or Preferred Stock (or other securities of the Company) owned by such Tag-Along Stockholder electing to sell additional shares and the denominator of which shall be the total
number of shares of Common Stock or Preferred Stock (or other securities of the Company) owned by all Tag-Along Stockholders who delivered Tag-Along Notices indicating a willingness to sell additional shares. The Tag-Along Stockholder may exercise
his, her or its “Tag-Along Rights” (as set forth in this Section 5) only with respect to the type or types of securities that Safeway proposes to sell, and the number of shares that such Tag-Along Stockholder proposes to include in
such transfer shall be calculated only with respect to the type or types of securities that Safeway proposes to sell. If no Tag-Along Notice is received during the 10-day period referred to in this Section 5(a)(iii), Safeway shall have the
right for 180 days to transfer its shares on terms and conditions no more favorable than those stated in the Transfer Notice and in accordance with the provisions of this Section 5. 

  
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 (iv) Any provision herein to the contrary notwithstanding, the exercise of the Tag-Along
Right shall be conditioned upon the agreement by each Tag-Along Stockholder to become a party to any proposed agreement for the sale of shares by Safeway, and to execute any agreement, certificate or other document(s) required to be executed in
connection with such sale; provided, however, that no Tag-Along Stockholder shall be required to give representations or warranties, except as to such Stockholder’s Capital Stock, authority, enforceability, required consents,
conflicts and brokers, or to provide indemnities disproportionately (based upon the percentage of sales proceeds to be received) to those provided by Safeway (and indemnities shall be limited to such Stockholder’s net cash proceeds received).
Failure of any Tag-Along Stockholder to comply with the provisions of this Section 5(a)(iv) shall constitute a breach of this Agreement and waiver of his, her or its Tag-Along Right. 

(v) The Tag-Along Right shall not apply to (i) transfers to Affiliates of Safeway, (ii) transfers made pursuant to a
registered public offering or pursuant to Rule 144 under the Securities Act, (iii) transfers in the form of dividends or distributions (whether upon liquidation or otherwise) by Safeway to its current or former stockholders (and any subsequent
transfers by such current or former stockholders) or (iv) transfers not for value; provided that in the case of clause (i) above, the transferee agrees in writing to be bound by the provisions of this Agreement applicable to the parties.

 (b) If Safeway agrees to Dispose of, by merger, sale or otherwise, any of its shares of Common Stock or Preferred Stock (or
other securities of the Company) constituting not less than twenty percent (20%) of its shares of Common Stock or Preferred Stock, then, provided such proposed sale is pursuant to a bona fide, arms-length agreement with a third party
that is not an Affiliate of Safeway, the Stockholders shall, if requested by Safeway (i) sell an equivalent percentage of their shares of Common Stock and/or Preferred Stock pursuant to such proposed sale, (ii) vote (to the extent such
Stockholder is otherwise entitled to vote) for any such transaction proposed by Safeway, (iii) refrain from the exercise of dissenters’ appraisal rights with respect to the transaction proposed by Safeway and (iv) agree to become a
party to any proposed agreement for the sale of such shares and to execute any agreement, certificate or other documents required to be executed in connection with such sale, provided, however, that no Stockholder shall be required to
give representations or warranties, except as to such Stockholder’s Capital Stock, authority, enforceability, required consents, conflicts and brokers, or to provide indemnities disproportionately (based upon the percentage of sales proceeds to
be received) to those provided by Safeway (and such indemnities shall be limited to such Stockholder’s net cash proceeds received). The sale by the Stockholders pursuant to this Section 5(b) shall be on the same terms and conditions as the
sale by Safeway (including the payment of the same consideration per share for each share of the same class of securities sold). Safeway may exercise its “Drag-Along Rights” (as set forth in this Section 5) only with respect to the
type or types of securities that Safeway proposes to sell. If such Stockholders fail to comply with the provisions of this Section 5(b), Safeway shall be entitled to treat such failure as breach of this Agreement for which Safeway shall be
entitled to specific performance and/or damages. 
 (c) The Tag-Along Rights and Drag-Along Rights in this Section 5 shall
terminate upon the first to occur of the following events: 
 (i) the creation of a Public Market; or 

(ii) the consummation of a Spin-off. 
 6. Purchase of Securities Upon Termination of Employment. 
 (a) In the
event of a Termination of Employment of a Stockholder (the date of the occurrence of the foregoing being referred to as the “Termination Date” and the Stockholder no longer employed being referred to as the “Terminated
Party”), his, her or its the shares of Common Stock and Preferred Stock, and all or a portion of his, her or its options or other rights to acquire shares of Common Stock or Preferred Stock, and all or a portion of his, her or its
securities of the Company, shall be subject to the provisions in this Section 6. 
 (b) During the first month to occur of
February or August that, as of the first date of such month, falls more than six months and one day following the Termination Date, the Terminated Party may give, in his, her or its sole discretion, to Safeway and the Company a Termination Put
Notice requesting that 

  
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Safeway or the Company purchase all or a portion of the vested shares of Common Stock acquired by such Terminated Party pursuant to the Restricted Stock Plans. In addition, during the first month
to occur of February or August following the Termination Date that, as of the first date of such month, is at least six months and one day following the date on which all stock options or stock appreciation rights granted to the Terminated Party
under the Option Plan have been exercised in full or terminated, the Terminated Party may give, in his, her or its sole discretion, to Safeway and the Company a Termination Put Notice requesting that Safeway or the Company purchase all or a portion
of the shares of Common Stock acquired by such Terminated Party pursuant to the Option Plan. If the Terminated Party is no longer employed for any reason other than Cause, then Safeway, in its sole discretion, may elect to repurchase the Put
Termination Stock at a purchase price equal to the Determined Value. If the Terminated Party is no longer employed due to a termination for Cause, then Safeway, in its sole discretion, may elect to repurchase the Put Termination Stock for a purchase
price equal to the lesser of (i) the Determined Value or (ii) the aggregate consideration initially paid by the Terminated Party for the Put Termination Stock. Safeway will determine whether to purchase the Put Termination Stock and,
within thirty (30) days after Safeway’s receipt of the Termination Put Notice, Safeway shall give written notice to the Terminated Party and the Company if it elects to purchase any of the Put Termination Stock. If for any reason Safeway
does not elect to purchase all of the shares of Put Termination Stock offered pursuant to the Termination Put Notice, then the Company, in its sole discretion, may elect to repurchase some or all of such shares of Put Termination Stock that Safeway
has elected not to purchase (the “Remaining Shares”) at the applicable purchase price as provided for Put Termination Stock under this Section 6(b). The Company will determine whether to purchase the Remaining Shares and,
within forty-five (45) days after the Company’s receipt of the Termination Put Notice, the Company shall give written notice to the Terminated Party and Safeway if it elects to purchase any of the Remaining Shares. In no event shall the
Company be obligated to purchase any shares of the Put Termination Stock or any other Capital Stock pursuant to this Section 6. 
 (c) If for any reason Safeway and the Company have not elected to purchase all of the shares of Put Termination Stock offered pursuant to the Termination Put Notice in accordance with the elections set
forth in Section 6(b), then Safeway shall be obligated to purchase all such shares of Put Termination Stock that the Company and Safeway have elected not to purchase under Section 6(b) (the “Final Remaining Shares”). As
soon as practicable after the Company has determined that there will be Final Remaining Shares, but in any event within forty-five (45) days following Safeway’s receipt of the Termination Put Notice, the Company shall deliver written
notice to Safeway setting forth the number of Final Remaining Shares. If the Terminated Party is no longer employed for any reason other than Cause, then Safeway shall purchase the Final Remaining Shares at a purchase price equal to the Determined
Value. If the Terminated Party is no longer employed due to a termination for Cause, then Safeway shall purchase the Final Remaining Shares for a purchase price equal to the lesser of (i) the Determined Value or (ii) the aggregate
consideration initially paid by the Terminated Party for the Final Remaining Shares. In no event shall Safeway be obligated to purchase any shares of Capital Stock (other than the Final Remaining Shares) pursuant to this Section 6. 

(d) The closing date shall occur not later than ninety (90) days following Safeway’s and the Company’s receipt of the
Termination Put Notice, and if each of Safeway and the Company are purchasing a portion of the Put Termination Stock then they shall mutually agree upon a closing date within such ninety (90) day period. At the closing, the Terminated Party
will deliver share certificates representing the Put Termination Stock to be purchased by the Company, if any, or Safeway, if any. The Company and Safeway, as applicable, may pay, in their sole discretion, the purchase price to the Terminated Party
on either (i) the closing date, or (ii) on or before the later of (1) the last business day in the first month of June following the closing date or (2) the Extended Payment Date (the date selected for payment, the
“Payment Date”). If the Company or Safeway elects to pay the purchase price to the Terminated Party on a date other than the closing date, then on the closing date the Terminated Party will receive a promissory note in a principal
amount equal to the unpaid purchase price, which shall accrue interest on the unpaid purchase price at a rate equal to the Termination Interest Rate beginning on the closing date and ending on the day prior to the date of payment of the unpaid
amount owed to the Terminated Party. Notwithstanding the foregoing, the unpaid purchase price, if any, together with accrued and unpaid interest thereon, will be paid by the Company or Safeway, as applicable, to the Terminated Party immediately
prior to or promptly after the consummation of an Initial Public Offering, Spin-off or Change in Control of the Company. The purchase of the Put Termination Stock shall be deemed to have occurred upon the earlier of (i) delivery of the purchase
price or (ii) delivery of a promissory note in a principal amount equal to the unpaid purchase price, notwithstanding any failure by the Terminated Party to deliver share certificates representing the Put Termination Stock or any dispute
regarding the purchase price. 

  
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 (e) Each Stockholder hereby grants to each of the Company and Safeway the right and option
(the “Termination Call Option”) to require a Terminated Party to sell all or a portion of his, her or its remaining vested shares, if any, of Common Stock and Preferred Stock, and all or a portion of his, her or its options or other
rights to acquire shares of Common Stock or Preferred Stock, and all or a portion of his, her or its other securities of the Company (the “Callable Termination Securities”, and to the extent called, the “Called Termination
Securities”), to the Company and Safeway. During the 12-month period following the Termination Date, each of the Company and Safeway may at any time deliver a notice (the “Termination Call Notice”) to a Terminated Party
exercising such Termination Call Option; provided, however, that the Company first must notify Safeway at least 15 days before it intends to deliver a Termination Call Notice to a Terminated Party and, after receipt of such notification but
prior to the expiration of the 15th day, Safeway may, in its sole discretion, deliver a Termination Call Notice to such Terminated Party (with a copy to the Company) covering all or a portion of the Callable Termination Securities (in which case the
Company shall not deliver a Termination Call Notice to such Terminated Party covering the shares to be purchased by Safeway). If the Terminated Party is no longer employed for any reason other than Cause, then the Company or Safeway, in its sole
discretion, may elect to repurchase the Called Termination Securities at a purchase price equal to the Determined Value. If the Terminated Party is no longer employed due to a termination for Cause, the Company or Safeway, in its sole discretion,
may elect to purchase all or a portion of the Called Termination Securities for a purchase price equal to the lesser of (i) the Determined Value or (ii) the aggregate consideration initially paid by the Terminated Party for the Called
Termination Securities. The closing of the purchase of securities described in this Section 6(e) shall take place on the date designated by the purchaser in the Termination Call Notice, which date shall not be more than ninety (90) days
from the date that the Termination Call Notice is sent to the Terminated Party. The Company or Safeway, as applicable, shall pay the purchase price for the Called Termination Securities on the Payment Date. If the Company or Safeway elects to pay
the purchase price to the Terminated Party on a date other than the closing date, then on the closing date the Terminated Party will receive a promissory note in a principal amount equal to the unpaid purchase price, which shall accrue interest on
the unpaid purchase price at a rate equal to the Termination Interest Rate beginning on the closing date and ending on the day prior to the date of payment of the unpaid amount owed to the Terminated Party. Notwithstanding the foregoing, the unpaid
purchase price, together with accrued and unpaid interest thereon, will be paid by the purchaser to the Terminated Party immediately prior to or promptly after the consummation of an Initial Public Offering, Spin-off or Change in Control of the
Company. The purchase of the Called Termination Securities shall be deemed to have occurred upon the earlier of (i) delivery of the purchase price or (ii) delivery of a promissory note in a principal amount equal to the unpaid purchase
price, notwithstanding any failure by a Stockholder to deliver share certificates or other documentation representing the Called Termination Securities or any dispute regarding the purchase price. 

(f) For the purposes of this Section 6, “Determined Value” shall be the fair market value of the Put Termination
Stock as of the date of receipt by Safeway and the Company of the Termination Put Notice or the fair market value of the Call Termination Securities as of the date of the Termination Call Notice, as applicable, as determined by the Board of
Directors of the Company based upon the most recent appraisal of the Company’s Capital Stock (not more than seven (7) months old) by a nationally recognized appraisal firm. In the event that (i) an appraisal of the Company’s
Capital Stock has not been completed within the seven (7) month period prior to the date of receipt by Safeway and the Company of the Termination Put Notice or the date of the Termination Call Notice, or (ii) the Board determines that
(x) one or more material events or material developments related to the Company’s business has occurred since the date of the most recent appraisal and (y) such event(s) or development(s) potentially affects the valuation of the
Capital Stock, then in each such case, a nationally recognized appraisal firm will be hired by the Board of Directors of the Company to prepare a more recent appraisal of the Company’s Capital Stock; provided, however, that the additional time
required for delivery of the new appraisal will not delay the closing date beyond the ninety (90) day period set forth in Section 6(d) and Section 6(e), as applicable. The appraisal of the value of the Company’s Capital Stock
shall be set forth in a written report by a nationally recognized appraisal firm, with the appraiser’s value determination based upon the value of the Capital Stock taking into consideration all available material information regarding the
value of the Capital Stock including, without limitation, the market value of stock or equity interests of publicly held companies with similar operations to the Company, and comparable earnings, revenue and rate of growth as the Company provided
the value can be readily determined through nondiscretionary, objective means (such as through trading prices on an established securities market or an amount paid in an arm’s length private transaction). Determined Value of any options or
other rights to acquire shares of Common Stock or Preferred Stock shall be determined based on the Determined Value of the underlying security, less the aggregate exercise or base price, if any, of such option or other right. 

  
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 (g) Except with respect to Put Termination Stock covered by a Termination Put Notice
received by Safeway and the Company prior to such time or with respect to Called Termination Securities covered by a Termination Call Option delivered by Safeway or the Company prior to such time, the provisions of this Section 6 shall
terminate upon the first to occur of the following events: 
 (i) the creation of a Public Market; 

(ii) a Change in Control; or 
 (iii) the consummation of a Spin-off. 
 7. Call Right. 

(a) Each Stockholder hereby grants to each of the Company and Safeway the right and option (the “Call Option”) to
require one or more Stockholders to sell all or a portion of his, her or its vested shares of Common Stock and Preferred Stock, and all or a portion of his, her or its options or other rights to acquire shares of Common Stock or Preferred Stock, and
all or a portion of his, her or its other securities of the Company (the “Callable Securities”, and to the extent called, the “Called Securities”), to the Company and Safeway at the Determined Value. 

(b) The Call Option may be exercised by either the Company or Safeway by delivering written notice to one or more Stockholders at any
time beginning thirty (30) days after the expiration of the last put right pursuant to Section 8(f) (the “Call Notice”); provided, however, that the Company first must notify Safeway at least fifteen (15) days before
it intends to deliver a Call Notice to a Stockholder and, after receipt of such notification but prior to the expiration of such fifteenth (15th) day, Safeway may, in its sole discretion, deliver a Call Notice to such Stockholder (with a copy
to the Company) covering all or a portion of the Callable Securities (in which case the Company shall not deliver a Call Notice to such Stockholder covering the shares to be purchased by Safeway). The closing of the purchase of the Called Securities
specified in the Call Notice shall take place on the date designated by the Company or Safeway, as applicable, in the Call Notice, which date shall not be more than ninety (90) days from the date that the Call Notice is delivered to the
Stockholder. The Company or Safeway, as applicable, shall pay to the Stockholders the purchase price on the closing date and the purchase of the Called Securities shall be deemed to have occurred upon the delivery of the purchase price,
notwithstanding any failure by a Stockholder to deliver share certificates or other documentation representing the Called Securities or any dispute regarding the purchase price. 

(c) For purposes of this Section 7, “Determined Value” shall be the fair market value of the Called Securities as
of the date of the Call Notice as determined by the Board of Directors of the Company based upon the most recent appraisal of the Company’s Capital Stock (not more than seven (7) months old) by a nationally recognized appraisal firm. In
the event that (i) an appraisal of the Company’s Capital Stock has not been completed within the seven (7) month period prior to the date of the Call Notice, or (ii) the Board determines that (x) one or more material events
or material developments related to the Company’s business has occurred since the date of the most recent appraisal and (y) such event(s) or development(s) potentially affects the valuation of the Capital Stock, then in each such case, a
nationally recognized appraisal firm will be hired by the Board of Directors of the Company to prepare a more recent appraisal of the Company’s Capital Stock; provided, however, that the additional time required for delivery of the new
appraisal will not delay the closing date beyond the ninety (90) day period set forth in Section 7(b). The appraisal of the value of the Company’s Capital Stock shall be set forth in a written report by a nationally recognized
appraisal firm, with the appraiser’s value determination based upon the value of the Capital Stock taking into consideration all available material information regarding the value of the Capital Stock including, without limitation, the market
value of stock or equity interests of publicly held companies with similar operations to the Company, and comparable earnings, revenue and rate of growth as the Company provided the value can be readily determined through nondiscretionary, objective
means (such as through trading prices on an established securities market or an amount paid in an arm’s length private transaction). Determined Value of any options or other rights to acquire shares of Common Stock or Preferred Stock shall be
determined based on the Determined Value of the underlying security, less the aggregate exercise or base price of such option or other right. 

  
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 (d) Except with respect to Called Securities covered by a Call Option delivered by Safeway
or the Company prior to such time, the provisions of this Section 7 shall terminate upon the first to occur of the following events: 
 (i) the creation of a Public Market; 
 (ii) a Change in Control; or 

(iii) the consummation of a Spin-off. 
 8. Put Right To Safeway and the Company. 
 (a) During the months of
February and August in each year beginning on or after January 1, 2010 (each, an “Annual February/August Window”), each Stockholder (the “Put Right Stockholder”) may give to Safeway and the Company an
irrevocable written notice (the “Put Right Notice”) requesting that Safeway purchase all or a portion of the Eligible Put Right Stock owned by such Put Right Stockholder (the shares of Eligible Put Right Stock covered by such Put
Right Notice, the “Put Right Stock”) for a purchase price equal to the Determined Value. Notwithstanding the foregoing, solely with respect to any Put Right Notice delivered during either Annual February/August Window that falls in
the year 2010, the put right can be exercised (i) only by Stockholders who have been continuously employed by the Company and/or its Affiliates and/or Safeway for a period commencing on or before June 30, 2005 through the date of the Put
Right Notice and (ii) only with respect to a number of shares of Put Right Stock equal to a maximum of twenty-five percent (25%) of the Eligible Put Right Stock held by that employee as of the date of the Put Right Notice. For purposes of
this Section 8, “Eligible Put Right Stock” means (i) any shares of Common Stock evidenced by a Restricted Stock Agreement that have been vested, or shares of Common Stock that have been issued pursuant to an RSU Agreement,
in each case as of a date that is at least six months and one day prior to the first day of the Annual February/August Window during which the Put Right Notice is delivered (whether or not the Put Right Stockholder includes all of such vested shares
of Common Stock in the Put Right Notice), and (ii) any shares of Common Stock that were acquired by the Put Right Stockholder pursuant to the exercise of a stock option or stock appreciation right (in each case, granted under the Option Plan)
at least six months and one day prior to the first day of the Annual February/August Window during which the Put Right Notice is delivered (whether or not the Put Right Stockholder includes all of such shares of Common Stock in the Put Right
Notice). Safeway will determine whether to purchase the Put Right Stock and, within thirty (30) days after Safeway’s receipt of the Put Right Notice, Safeway shall give written notice to the Stockholder and the Company if it elects to
purchase any of the Put Right Stock. If for any reason Safeway does not elect to purchase all of the shares of Put Right Stock offered pursuant to the Put Right Notice, then the Company, in its sole discretion, may elect to repurchase some or all of
such shares of Put Right Stock that Safeway has elected not to purchase (the “Remaining Put Right Shares”), also for a purchase price equal to the Determined Value. The Company will determine whether to purchase the Remaining Put
Right Shares and, within forty-five (45) days after the Company’s receipt of the Put Right Notice, the Company shall give written notice to the Terminated Party and Safeway if it elects to purchase any of the Remaining Put Right Shares. In
no event shall the Company be obligated to purchase any shares of the Remaining Put Right Shares or any other Capital Stock pursuant to this Section 8. 
 (b) If for any reason Safeway and the Company have not elected to purchase all of the Eligible Put Right Stock offered pursuant to the Put Right Notice in accordance with the elections set forth in
Section 8(a), then Safeway shall be obligated to purchase all such shares of Eligible Put Right Stock that Safeway and the Company have elected not to purchase under Section 8(a) (the “Final Remaining Put Right Shares”).
As soon as practicable after the Company has determined that there will be Final Remaining Put Right Shares, but in any event within forty five (45) days following Safeway’s and the Company’s receipt of the Put Right Notice, the
Company shall deliver written notice to Safeway setting forth the number of Final Remaining Put Right Shares. In no event shall Safeway be obligated to purchase any shares of Capital Stock (other than the Final Remaining Put Right Shares) pursuant
to this Section 8. 
 (c) The closing date shall occur not later than ninety (90) days after Safeway’s and the
Company’s receipt of the Put Right Notice, and if each of the Company and Safeway are purchasing a portion of the Put Right Stock then they shall mutually agree upon a closing date within such ninety (90) day period. At the closing, the
Put Right Stockholder will deliver share certificates representing the Put Right Stock to be purchased by 

  
 8 

 
the Company or Safeway, as applicable. The purchase price for the Put Right Stock shall be equal to the Determined Value. 

(d) For purposes of this Section 8, “Determined Value” shall be the fair market value of the Put Right Stock as of
the date of receipt by Safeway and the Company of the Put Right Notice, as determined by the Board of Directors of the Company based upon the most recent appraisal of the Company’s Capital Stock (not more than seven (7) months old) by a
nationally recognized appraisal firm. In the event that (i) an appraisal of the Company’s Capital Stock has not been completed within the seven (7) month period prior to the date of receipt by the Company of the Put Right Notice, or
(ii) the Board determines that (x) one or more material events or material developments related to the Company’s business has occurred since the date of the most recent appraisal and (y) such event(s) or development(s)
potentially affects the valuation of the Capital Stock, then in each such case, a nationally recognized appraisal firm will be hired by the Board of Directors of the Company to prepare a more recent appraisal of the Company’s Capital Stock;
provided, however, that the additional time required for delivery of the new appraisal will not delay the closing date beyond the ninety (90) day period set forth in Section 8(c). The appraisal of the value of the Company’s Capital
Stock shall be set forth in a written report by a nationally recognized appraisal firm, with the appraiser’s value determination based upon the value of the Capital Stock taking into consideration all available material information regarding
the value of the Capital Stock including, without limitation, the market value of stock or equity interests of publicly held companies with similar operations to the Company, and comparable earnings, revenue and rate of growth as the Company
provided the value can be readily determined through nondiscretionary, objective means (such as through trading prices on an established securities market or an amount paid in an arm’s length private transaction). 

(e) The Company or Safeway, as applicable, shall pay to the Put Right Stockholder the purchase price on the closing date and the
purchase of the Put Right Stock shall be deemed to have occurred upon the delivery of the purchase price, notwithstanding any failure by the Put Right Stockholder to deliver share certificates representing the Put Right Stock or any dispute
regarding the purchase price. 
 (f) The provisions of this Section 8 shall terminate upon the earliest to occur of the
following events: 
  

	 	(i)	the creation of a Public Market; 

  

	 	(ii)	a Change in Control; 

  

	 	(iii)	the consummation of a Spin-off; 

  

	 	(iv)	March 1, 2013, for Capital Stock not issued in connection with a Restricted Stock Agreement, an RSU Agreement, an Option Agreement or a SAR Agreement.

  

	 	(v)	Ten (10) years following the date of execution of the applicable Restricted Stock Agreement or RSU Agreement for any shares of Common Stock evidenced by a
Restricted Stock Agreement or an RSU Agreement; 

  

	 	(vi)	Ten (10) years following the date of execution of the applicable Option Agreement or SAR Agreement for any shares of Common Stock that were acquired pursuant to
the exercise of a stock option or stock appreciation right granted under the Option Plan. 

 9. Registration
Rights. 
 9.1 Demand Registrations. 
 (a) At any time after an initial public offering of shares of Common Stock of the Company, as a result of which a minimum of eighteen percent (18%) of the Company’s Common Stock on a
fully-

  
 9 

 
diluted basis is held by the public, and which is carried out pursuant to a registration statement under the Securities Act (the “Initial Public Offering”), Safeway may request
in writing that the Company effect the registration under the Securities Act of all or part of the Registrable Securities held by Safeway and its Affiliates, specifying in the request the number and type of Registrable Securities to be registered
(such notice is hereinafter referred to as a “Safeway Demand Registration Request”). Upon receipt of such Safeway Demand Registration Request, the Company will promptly effect the registration under the Securities Act of the
Registrable Securities which the Company has been so requested to register by Safeway; provided, however, that notwithstanding the provisions of this Section 9.1(a), the Company shall not be obligated to file a registration statement
pursuant to this Section 9.1 within the six month period immediately following (i) the Initial Public Offering, or (ii) the effective date of any registration previously effected by the Company pursuant to this Section 9.1.

 (b) Notwithstanding the provisions of Section 9.1(a) hereof, the Company shall not be obligated to file more than an
aggregate of six registration statements pursuant to this Section 9.1. 
 (c) If the Company proposes to effect a
registration requested pursuant to this Section 9.1 by the filing of a registration statement on Form S-3 (or any similar short-form registration statement) and the intended method of distribution is through a firm commitment underwriting (an
“Underwritten Offering”), the Company will comply with any request by the managing underwriter to effect such registration on another permitted form if such managing underwriter advises the Company that, in its opinion, the use of
another form of registration statement is of material importance to the success of such proposed offering. 
 (d) A
registration requested pursuant to Section 9.1(a) hereof will not be deemed to have been effected unless it has become effective under the Securities Act; provided, however, that if after it has become so effective, the offering
of Safeway’s Registrable Securities pursuant to such registration is interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court, such registration will be deemed not to
have been effected. 
 (e) The Company will pay all Registration Expenses in connection with each of the registrations of
Registrable Securities effected by it pursuant to this Section 9.1. 
 (f) Whenever a requested registration pursuant to
this Section 9.1 involves an Underwritten Offering, the only shares that may be included in such Offering are (i) Safeway’s Registrable Securities and (ii) securities of the Company being offered and sold for the Company’s
behalf in such Offering (“Issuer Securities”). 
 (g) If a registration pursuant to this Section 9.1
involves an Underwritten Offering and the managing underwriter shall advise the Company that, in its judgment, the number of shares proposed to be included in such Underwritten Offering should be limited due to market conditions, then the Company
will promptly so advise Safeway, and the Issuer Securities, if any, shall first be excluded from such Underwritten Offering to the extent necessary to meet such limitation. If further exclusions are necessary to meet such limitation, the number of
Registrable Securities of Safeway shall be excluded until such limitation has been met. 
 (h) By making a Safeway Demand
Registration Request, Safeway shall be deemed to have (i) a present intention to sell the Registrable Securities covered thereby, (ii) agreed to execute all consents, powers of attorney and other documents required in order to cause the
registration statement to become effective, (iii) agreed, if the offering is at the market, to give the Company written notice of the first bona fide offering of the Registrable Securities covered thereby and to use the prospectus forming a
part of the registration statement for only the period permitted by the Securities Act and the rules and regulations promulgated by the Commission thereunder, and (iv) agreed, in connection with the disposition of the Registrable Securities
covered thereby, to comply with Section 10 of the Exchange Act and any other applicable rules and regulations promulgated by the Commission under the Exchange Act. 

  
 10 

 9.2 Piggyback Registrations. 

(a) If, at any time (including an Initial Public Offering), the Company proposes to register any of its equity securities under the
Securities Act (other than a registration on Form S-4 or S-8 or any successor or similar forms thereto and other than pursuant to a registration under Section 9.1), whether or not for sale for its own account, on a form and in a manner that
would permit registration of Registrable Securities for sale to the public under the Securities Act, it will give written notice to Safeway and all the Stockholders who are holders of Registrable Securities promptly of its intention to do so,
describing such securities and specifying the form and manner of such proposed registration (including, without limitation whether or not such registration will be in connection with an underwritten offering of Registrable Securities and, if so, the
identity of the managing underwriter and whether such offering will be pursuant to a “best efforts” or “firm commitment” underwriting) if such disclosure is acceptable to the managing underwriter. Subject to Section 9.3(h),
upon the written request of any such holder of Registrable Securities (collectively, the “Requesting Holders”) delivered to the Company within ten (10) days after the receipt of any such notice (which request shall specify the
Registrable Securities intended to be disposed of by such holder), the Company will use commercially reasonable efforts to effect the registration under the Securities Act of all of the Registrable Securities that the Company has been so requested
to register; provided, however, that: 
 (i) If, at any time after giving such written notice of its intention to
register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company may, at its election, give
written notice of such determination to each of the Requesting Holders and thereupon the Company shall be relieved of its obligation to register any Registrable Securities in connection with such registration (but not from its obligation to pay the
Registration Expenses in connection therewith), without prejudice, however, to the rights of Safeway to request that a registration subsequently be effected under Section 9.1 hereof. 

(ii) If such registration involves an Underwritten Offering, all Requesting Holders must sell their Registrable Securities to the
underwriters selected by the Company on the same terms and conditions as apply to the Company, Safeway or the selling Stockholders participating therein. No registration effected under this Section 9.2 shall relieve the Company of its
obligation to effect registration upon Safeway’s request under Section 9.1. 
 (b) The Company shall not be obligated
to effect any registration of Registrable Securities under this Section 9.2 incidental to the registration of any of its securities in connection with mergers, acquisitions, exchange offers, dividend reinvestment plans or stock option or other
employee benefit plans. 
 (c) The Registration Expenses incurred in connection with each registration of Registrable
Securities requested pursuant to this Section 9.2 shall be paid by the Company. 
 (d) If a registration pursuant to this
Section 9.2 involves an Underwritten Offering and the managing underwriter advises the Company that, in its opinion, the number of securities proposed to be included in such registration should be limited due to market conditions, then the
Company will promptly so notify each Requesting Holder and the Registrable Securities of each such holder shall be excluded pro rata (until such limitation has been met) based on the respective number of shares of Registrable Securities as to
which registration has been requested by all such holders; provided, however, that if the managing underwriter requests that the Requesting Holders, other than Safeway, be excluded first, the Stockholders agree to comply with such
request. 
 (e) In connection with any Underwritten Offering with respect to which holders of Registrable Securities shall have
requested registration pursuant to this 9.2, the Company shall have the right to select the managing underwriter with respect to the offering. 
 (f) For purposes of Sections 9.1 and 9.2, “Registration Expenses” means any and all out-of-pocket expenses incident to the Company’s performance or compliance with Section 9
hereof, including, without limitation, all Commission, stock exchange or registration and filing fees, all fees and expenses of complying with securities and blue sky laws (including reasonable fees and disbursements of underwriters’ counsel in
connection with blue sky qualification and stock exchange filings), all fees and expenses of the transfer agent and 

  
 11 

 
registrar, if any, for the Registrable Securities, all printing expenses, the fees and disbursements of counsel for the Company and of its independent auditors, public accountants, including the
expenses of any special audits and/or “cold comfort” letters required by or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel retained by each of the Requesting Holders and Safeway, as
applicable, but excluding underwriting discounts and commissions and applicable transfer and documentary stamp taxes, if any, which shall be borne by the seller of the securities in all cases. 

9.3 Registration Procedures. 
 (a) If and whenever the Company is required to effect or cause the registration of any Registrable Securities under the Securities Act as provided in Section 9.1 or 9.2, the Company will, as
expeditiously as possible: 
 (i) Prepare and file with the Commission a registration statement with respect to such
Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become and remain effective; provided that the Company may discontinue any registration of its securities that is being effected pursuant to
Section 9.2 at any time prior to the effective date of the registration statement relating thereto. 
 (ii) Prepare and
file with the Commission such amendments (including post-effective amendments) and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a
period as may be requested by the Requesting Holders not exceeding nine (9) months and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such
period in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement. 
 (iii) Furnish to each holder of Registrable Securities covered by the registration statement and to each underwriter, if any, of such Registrable Securities such number of copies of a prospectus and
preliminary prospectus for delivery in conformity with the requirements of the Securities Act, and such other documents as such Person may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities.

 (iv) Use its commercially reasonable efforts to register or qualify such Registrable Securities covered by such registration
statement under such other securities or blue sky laws of such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the
disposition of the Registrable Securities owned by such seller in such jurisdictions, except that the Company shall not for any such purpose be required (A) to qualify to do business as a foreign corporation in any jurisdiction where, but for
the requirements of this Section 9.3(a)(iv), it is not then so qualified or (B) to subject itself to taxation in any such jurisdiction or (C) to take any action which would subject it to general or unlimited service of process in any
such jurisdiction where it is not then so subject. 
 (v) Use its commercially reasonable efforts to cause such Registrable
Securities covered by such registration statement to be registered or qualified with or approved by such other governmental agencies or authorities (including, without limitation, state securities commissions) as may be necessary to enable the
seller or sellers thereof to consummate the disposition of such Registrable Securities, subject, however, to the limitations set forth in clauses (A), (B) and (C) of Section 9.3(a)(iv) hereof. 

(vi) Immediately notify each seller of Registrable Securities covered by such registration statement, at any time when a prospectus
relating thereto is required to be delivered under the Securities Act within the appropriate period mentioned in Section 9.3(a)(ii), if the Company becomes aware that the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; use its commercially reasonable
efforts to prepare and file an appropriate amendment or supplement to such prospectus and to cause such amendment or supplement to become effective; and, at the request of any such seller, deliver a reasonable number of copies of an amended or

  
 12 

 
supplemental prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(vii) Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission and make
generally available to its security holders, in each case as soon as practicable, but not later than ninety (90) calendar days after the close of the period covered thereby (one hundred eighty (180) calendar days in case the period covered
corresponds to a fiscal year of the Company), an earnings statement of the Company which will satisfy the provisions of Section 11(a) of the Securities Act. 
 (viii) Use its commercially reasonable efforts in cooperation with the underwriters, if any, to list such Registrable Securities on each securities exchange as they may reasonably designate, which
securities exchanges shall be acceptable to the Company. 
 (ix) In the event the offering is an Underwritten Offering, use its
commercially reasonable efforts to obtain a “cold comfort” letter from the independent public accountants for the Company in customary form and covering such matters of the type customarily covered by such letters as the Requesting Holders
reasonably request in order to effect an Underwritten Offering of such Registrable Securities. 
 (x) Execute and deliver all
instruments and documents (including in an Underwritten Offering an underwriting agreement in customary form) and take such other actions and obtain such certificates and opinions as the Requesting Holders reasonably request in order to effect an
underwritten public offering of such Registrable Securities. 
 (b) Each holder of Registrable Securities will, upon receipt of
any notice from the Company of the happening of any event of the kind described in Section 9.3(a)(vi), forthwith discontinue disposition of the Registrable Securities pursuant to the registration statement covering such Registrable Securities
until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 9.3(a)(vi). 
 (c) If a registration pursuant to Section 9.1 or 9.2 hereof involves an Underwritten Offering, each holder of Registrable Securities agrees, if so required by the managing underwriter, whether or not
such holder’s Registrable Securities are included in such registration, not to effect any public sale or distribution, including any sale pursuant to Rule 144 under the Securities Act, of any Registrable Securities or of any security
convertible into or exchangeable or exercisable for any Registrable Securities (other than as part of such Underwritten Offering), without the consent of the managing underwriter, during a period commencing seven (7) days before and ending
ninety (90) days (or, in the case of the Company’s Initial Public Offering, one hundred eighty (180) days) (or such lesser number as the managing underwriter shall designate) after the effective date of such registration. 

(d) If a registration pursuant to Section 9.1 or 9.2 involves an Underwritten Offering, the Company agrees, if so required by the
managing underwriter, not to effect any public sale or distribution of any of its equity or debt securities, as the case may be, or securities convertible into or exchangeable or exercisable for any of such equity or debt securities, as the case may
be, during a period commencing seven (7) days before and ending one hundred eighty (180) (or such lesser number as the managing underwriter shall designate) days after the effective date of such registration, except for such Underwritten
Offering or except in connection with a stock option plan, restricted stock plan, stock purchase plan, savings or similar plan, or an acquisition, merger or exchange offer. 
 (e) If a registration pursuant to Section 9.1 or 9.2 involves an Underwritten Offering, any holder of Registrable Securities requesting to be included in such registration may elect, in writing,
prior to the effective date of the registration statement filed in connection with such registration, not to register such securities in connection with such registration, unless such holder has agreed with the Company or the managing underwriter to
so limit its rights. 

  
 13 

 (f) In any registration pursuant to Section 9.1 or 9.2, each holder of Registrable
Securities requesting to be included in such registration shall furnish to the Company all such information as the Company may reasonably request from such holder concerning such holder and its intended method of distribution of Registrable
Securities to enable the Company to include such information in the registration statement. 
 (g) It is understood that in any
Underwritten Offering in addition to any shares of stock (the “initial shares”) the underwriters have committed to purchase, the underwriting agreement may grant the underwriters an option to purchase up to a number of additional
shares of stock (the “over-allotment shares”) equal to fifteen percent (15%) of the initial shares (or such other maximum amount as the National Association of Securities Dealers, Inc. may then permit), solely to cover
over-allotments. Shares of stock proposed to be sold by the Company and the other sellers shall be allocated between initial shares and the over-allotment shares as agreed or, in the absence of agreement, on a pro rata basis among all such
holders on the basis of the relative number of shares of Registrable Securities each such holder has requested to be included in such registration. 
 (h) Notwithstanding anything to the contrary herein, the Company shall not be required to include any Registrable Securities of any Stockholder in the event that the Company shall obtain an opinion of its
counsel that all such requested Registrable Securities of such Stockholder may then be sold without registration under Rule 144 or other provision of the Securities Act. 
 9.4 Indemnification. 
 (a) In the event of any registration of any
securities under the Securities Act pursuant to Section 9.1 or 9.2, the Company will, and it hereby agrees to, indemnify and hold harmless, to the extent permitted by law, each seller of any Registrable Securities covered by such registration
statement, such seller’s stockholders, members, managers, directors, officers and employees or general and limited partners (and directors, officers and employees thereof and, if such seller is a portfolio or investment fund, its investment
advisors or agents), each other person who participates as an underwriter in the offering or sale of such securities and each other person, if any, who controls such seller or any such underwriter within the meaning of the Securities Act, as
follows: 
 (i) against any and all loss, liability, claim, damage or expense whatsoever arising out of or based upon an untrue
statement or alleged untrue statement of a material fact contained in any registration statement (or any amendment or supplement thereto), including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of an untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus or prospectus (or
any amendment or supplement thereto) or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein not misleading; 
 (ii) against any and all loss, liability, claim or damage and expense whatsoever to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the
Company; and 
 (iii) against any and all expenses reasonably incurred by them in connection with investigating, preparing or
defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (i) or (ii) above; 
 provided,
however, that this indemnity does not apply to any loss, liability, claim, damage or expense to the extent arising out of an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity
with written information furnished to the Company by or on behalf of any seller expressly for use in the preparation of any registration statement (or any amendment thereto) or any preliminary prospectus or prospectus (or any amendment or supplement
thereto). 

  
 14 

 (b) The Company may require, as a condition to including any Registrable Securities in any
registration statement filed in accordance with Section 9.1 and 9.2, that the Company shall have received an undertaking reasonably satisfactory to it from the prospective seller of such Registrable Securities to indemnify and hold harmless (in
the same manner and to the same extent as set forth in Section 9.4(a)) the Company with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary, final or summary
prospectus contained therein, or any amendment or supplement, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of
such seller specifically stating that it is for use in the preparation of such registration statement, preliminary, final or summary prospectus or amendment or supplement. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of such securities by such seller. In that event, the obligations of such sellers pursuant to this Section 9.4
are to be several and not joint; provided, however, that each such seller’s liability under this Section 9.4 shall be limited to an amount equal to the net cash proceeds (after deducting the underwriting discount and
expenses) received by such seller from the sale of Registrable Securities held by such seller pursuant to this Agreement. 

(c) Promptly after receipt by an indemnified party hereunder of written notice of the commencement of any action or proceeding involving
a claim referred to in this Section 9.4, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party, give written notice to such indemnifying party of the commencement of such action;
provided, however, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 9.4, except to the extent that the indemnifying party is
actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties
may exist in respect of such claim (in which case the indemnifying party shall not be liable for the fees and expenses of more than one counsel for each of Safeway and a majority of the sellers of Registrable Securities in connection with any one
action or separate but similar or related actions), the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified, to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party
for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof. 
 (d)
The Company and each seller of Registrable Securities shall provide for the foregoing indemnity (with appropriate modifications) in any underwriting agreement with respect to any required registration or other qualification of securities under any
federal or state law or regulation of any governmental authority. 
 9.5 Contribution. In order to provide for just and
equitable contribution in circumstances under which the indemnity contemplated by Section 9.4 is for any reason not available, the parties required to indemnify by the terms thereof shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity agreement incurred by the Company, any seller of Registrable Securities and one or more of the underwriters, except to the extent that contribution is not permitted under
Section 11(f) of the Securities Act. In determining the amounts which the respective parties shall contribute, there shall be considered the relative benefits received by each party from the offering of the Registrable Securities (taking into
account the portion of the proceeds of the offering realized by each), the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct and prevent any
statement or omission and any other equitable considerations appropriate under the circumstances. The Company and each person selling securities agree with each other that no seller of Registrable Securities shall be required to contribute any
amount in excess of the amount such seller would have been required to pay to an indemnified party if the indemnity under Section 9.4(b) were available. For purposes of this Section 9.5, each Person, if any, who controls an underwriter
within the meaning of Section 15 of the Securities Act, shall have the same rights to contribution as such underwriter, and each director and each officer of the Company who signed the registration statement, and each Person, if any, who
controls the Company or a seller of Registrable Securities within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company or a seller of Registrable Securities, as the case may be. 

  
 15 

 9.6 Rule 144. If the Company shall have filed a registration statement pursuant to
the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act, the Company covenants that it will file the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the Commission thereunder (or, if the Company is not required to file such reports, it will, upon the request of the Majority Stockholders, make publicly available other information contemplated
by Rule 144 under the Securities Act). From and after such time as the Company is required to file reports and other documents with the Commission pursuant to the Exchange Act, so long as any holder owns Registrable Securities that have not been
registered under the Securities Act, the Company shall furnish to such holder upon request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of
the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such holder may reasonably request in availing himself of any rule or regulation of the Commission allowing him to sell any such Registrable
Securities without registration. 
 10. Legend on Certificates. A statement substantively identical to the following
shall be inscribed on all certificates representing shares of Common Stock and Preferred Stock of the Company now owned or hereafter acquired by the Stockholders during the term of this Agreement: 

“THE COMPANY IS AUTHORIZED TO ISSUE TWO CLASSES OF STOCK, COMMON AND PREFERRED STOCK. A STATEMENT OF ALL OF THE RIGHTS, PREFERENCES,
PRIVILEGES AND RESTRICTIONS GRANTED TO OR IMPOSED UPON THE RESPECTIVE CLASSES OR SERIES OF SHARES OF STOCK OF THE COMPANY AND UPON THE HOLDERS THEREOF AS ESTABLISHED BY THE CERTIFICATE OF INCORPORATION MAY BE OBTAINED BY ANY STOCKHOLDER UPON REQUEST
AT THE PRINCIPAL OFFICE OF THE COMPANY, AND THE COMPANY WILL FURNISH ANY STOCKHOLDER, UPON REQUEST AND WITHOUT CHARGE, A COPY OF SUCH STATEMENT.” 
 “THE SALE, TRANSFER, HYPOTHECATION, NEGOTIATION, PLEDGE, ASSIGNMENT, ENCUMBRANCE OR OTHER DISPOSITION OF THIS SHARE CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE RESTRICTED BY AND ARE
SUBJECT TO ALL OF THE TERMS, CONDITIONS AND PROVISIONS OF A CERTAIN FOURTH AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT DATED AS OF MARCH 14, 2013 AMONG THE STOCKHOLDERS OF THE COMPANY, WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE
COMPANY.” 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR PURSUANT TO ANY STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND
APPLICABLE STATE SECURITIES LAWS.” 
 11. Termination. This Agreement shall terminate upon the first to occur of the
following events: 
 (a) with respect to each Stockholder, the transfer by such Stockholder of all shares of Common Stock and
Preferred Stock (and any options or rights to purchase or otherwise acquire such Capital Stock) owned by such Stockholder (or permitted transferees in accordance with Section 4 hereof) in accordance with the terms of this Agreement; 

(b) the dissolution of the Company; 
 (c) the mutual written agreement of the parties hereto; 

  
 16 

 (d) except for Sections 9, 10, 11 and 12 hereof and the definitions for defined terms used
therein, the creation of a Public Market, as set forth in Sections 4(c), 5(c), 6(g), 7(d) and 8(f); or 
 (e) except for
Sections 9, 10, 11 and 12 hereof and the definitions for defined terms used therein, the consummation of a Spin-Off, as set forth in Sections 4(c), 5(c), 6(g), 7(d) and 8(f). 
 12. Miscellaneous. 
 (a) Entire Agreement; Amendment and
Modification. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and may not be modified, amended or terminated except by a written instrument duly executed by the Majority Stockholders.
Notwithstanding the foregoing, this Agreement shall not be amended without the consent of each holder of shares adversely affected if such amendment would adversely and disproportionally alter the rights of such holder in any material respect.

 (b) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply
with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict
compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure, breach or default. 

(c) Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability
shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were
not contained herein. 
 (d) Successors and Assigns. Except as otherwise expressly provided herein, this Agreement shall
be binding upon and inure to the benefit of the Company, its successors and assigns, and the Stockholders and their respective heirs, personal representatives, successors and permitted assigns; provided, however, that nothing contained
herein shall be construed as granting any Stockholder the right to transfer his or its shares of Common Stock or Preferred Stock (or any option or other rights therefor), except as expressly provided in this Agreement, and no party shall be deemed a
Stockholder hereunder after he, she or it ceases to own any Common Stock or Preferred Stock (or any option or other rights therefor). Except in connection with transfers by a Stockholder of his, her or its shares of Common Stock or Preferred Stock
(or any option or other rights therefor) specifically permitted under this Agreement, no Stockholder shall be permitted to assign this Agreement or any of such Stockholder’s rights or obligations thereunder to any other party. For the avoidance
of doubt, Safeway shall be permitted to assign this Agreement and any and all of its right and obligations thereunder to its Affiliates in connection with any transfer of its shares of Common Stock or Preferred Stock (or any option or other rights
therefor). 
 (e) Headings. The section headings contained herein are for the purposes of convenience only and are not
intended to define or limit the content of said sections. 
 (f) Injunctive Relief. The Common Stock and Preferred Stock
cannot be readily purchased or sold in the open market and, for that reason, among others, the parties will be irreparably damaged if this Agreement is not specifically enforced. Should any dispute arise concerning the sale or Disposition of any
Common Stock or Preferred Stock hereunder, an injunction may be issued restraining any sale or Disposition of Common Stock or Preferred Stock pending the determination of such controversy. Any right or obligation to purchase or sell any of the
Common Stock or Preferred Stock shall be enforceable in a court of equity by a decree of specific performance. Such remedy shall be cumulative and in addition to any other remedy that the parties may have. 

(g) Further Assurances. Each party hereto shall cooperate and shall take such further action and shall execute and deliver such
further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this Agreement. 

  
 17 

 (h) Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware, without giving effect to the conflicts of law principles thereof. 
 (i)
Notices. Any notice, request or other communication hereunder, unless this Agreement specifically provides otherwise, shall be in writing (including electronic communication) and shall be deemed to be duly given when (a) delivered
personally by hand delivery, by registered or certified mail, postage prepaid, or by a nationally recognized overnight courier service to the Stockholders at their respective addresses as set forth opposite such Stockholder’s name on
Schedule A hereto, or at such other address as any Stockholder may by notice advise the other parties hereto or (b) delivered by email to the Stockholders at their respective email addresses in the records of the Company, with respect to
notices sent to the Company, at 5918 Stoneridge Mall Road, Pleasanton, California 94588-3229, Attention: Chief Executive Officer, with a copy to the Legal Department, or to such other address or such other person(s) as any party may by written
notice advise the other parties hereto, and with respect to notices sent to Safeway, at 5918 Stoneridge Mall Road, Pleasanton, California 94588-3229, Attention: Chief Financial Officer, with a copy to the General Counsel, or to such other address or
such other person(s) as any party may by written notice advise the other parties hereto. In the case of any such notice, request or other communication, copies shall be sent to Latham & Watkins LLP, 505 Montgomery Street, Suite 2000, San
Francisco, CA 94111, Attention: Scott Haber. 
 (j) Recapitalizations, Exchanges, Etc. Affecting the
Securities. This Agreement shall apply, to the full extent set forth herein with respect to all shares of Common Stock and Preferred Stock and all other equity and debt securities of the Company or any successor or assign of the Company (whether
by merger, consolidation, sale of assets or otherwise) which may be issued at any time in respect of, in exchange for, or in substitution of, such equity or debt securities (and shall be appropriately adjusted for any stock dividends, splits,
reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof), owned by the Stockholders (or their permitted transferees as provided in this Agreement). Each person, natural or
legal, to whom any certificate for shares of Common Stock or Preferred Stock is to be issued or transferred in accordance with and subject to the provisions of this Agreement shall be required to execute a copy of this Agreement and acknowledge in
writing that he, she or it is bound by the terms of this Agreement prior to delivery to such transferee of any such certificate and prior to such transferee being deemed a stockholder of the Company. 

(k) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. 
 (l) Arbitration. Except for the proceedings commenced by the
Company pursuant to Section 12(f) above for equitable relief, in the event of a dispute between the parties concerning their respective rights and obligations under this Agreement, or the breach, termination, negotiation, or validity hereof
and/or the rights or obligations of the parties arising out of or relating to this Agreement or the breach, termination, negotiation or validity thereof, in any case that the parties are unable to resolve amicably between themselves within thirty
(30) days of proper notice from one party to another, such dispute shall be settled by arbitration in San Francisco, California in an expedited manner in accordance with the commercial rules of the American Arbitration Association (the
“AAA”) by a duly registered arbitrator to be selected jointly by the parties. The decision of the arbitrator shall be final and binding upon the parties. Each of the parties consents to the jurisdiction of the courts of California
for the purposes of enforcing the dispute resolution provisions of this Section 12(l). Each party further irrevocably waives any objection to proceeding before the AAA based upon lack of personal jurisdiction or to the laying of venue and
further irrevocably and unconditionally waives and agrees not to make a claim in any court that dispute resolution before the AAA has been brought in an inconvenient forum. Each of the parties hereto agrees that its or his submission to jurisdiction
is made for the express benefit of the other parties hereto. 
 (m) Attorneys’ Fees. In the event of any
arbitration or proceeding arising out of or related to this Agreement, the prevailing party (as determined in accordance with Section 12(l), if disputed) shall be entitled to recover from the losing party all of its costs and expenses incurred
in connection with such arbitration or proceeding, including court costs and reasonable attorneys’ fees, whether or not such arbitration or proceeding is prosecuted to judgment. 

  
 18 

 (n) Potential Conflicts. Each Stockholder and the Company acknowledges that
(i) Safeway or one or more of its Subsidiaries (other than the Company and its Subsidiaries) or other Affiliates of Safeway (Safeway and any such Subsidiary or Affiliate being collectively referred to herein as an “Interested
Party”) may engage in material business transactions with the Company, (ii) any director, officer or employee of an Interested Party may serve as a director or officer of the Company, (iii) one or more Interested Parties may now
or in the future engage in the same or similar lines of business or other business activities as those in which the Company may engage, and (iv) one or more Interested Parties may exercise a controlling influence over business, policy and
strategic decisions of the Company. 
 (o) Corporate Opportunities. The Company and each Stockholder recognize that the
Interested Parties and individuals who are directors, officers and employees of one or more Interested Parties and are designated by the Interested Parties to serve as directors and officers of the Company and its affiliates
(“Designees”) (a) participate and will continue to participate, directly and through affiliates, in businesses that compete with, or are substantially the same as, the business of the Company, (b) may have interests in,
participate with, and serve as directors, officers or employees of other persons engaged in businesses that compete with, or are substantially the same as, the business of the Company and (c) may develop business opportunities for the
Interested Parties. The Company and each Stockholder (i) acknowledge and agree that neither the Interested Parties nor their Designees shall be restricted or prohibited by the relationship between the Interested Parties and the Designees, on
the one hand, and the Company, on the other, or by service of a Designee as a director or officer of the Company, from engaging in any businesses that compete with, or are substantially the same as, the business of the Company or in any other
business, regardless of whether such business activity is in direct or indirect competition with the business of the Company, (ii) acknowledge and agree that neither any Interested Party nor any Designee shall have any obligation to offer the
Company or any of its Affiliates any business opportunity, (iii) renounce any interest or expectancy in any business opportunity pursued by any Interested Party and (iv) waive any claim that any business opportunity pursued by an
Interested Party or any Designee constitutes a corporate opportunity of the Company or any of its Affiliates that should have been presented to the Company. 
 (p) Competing Activities. Except as otherwise expressly provided in an agreement between the Company and an Interested Party, any Interested Party and its officers, directors, agents, shareholders,
members, partners, affiliates and subsidiaries, may engage or invest independently or with others, in any business activity of any type or description, including those that might be the same as or similar to the business of the Company and all of
which may from time to time compete, directly or indirectly, with the Company. Such Interested Parties may in their sole discretion pursue such competing businesses without disclosure of such competition to the Company) and neither the Company, any
Subsidiary of the Company, nor any Stockholder shall have any right in or to such business activities or ventures or to receive or share in any income or proceeds derived therefrom. 

  
 19 

 IN WITNESS WHEREOF, the undersigned individuals have executed this Agreement and the
undersigned entities have caused this Agreement to be executed by their duly authorized officers as of the date first set forth above. 
  

							
	COMPANY:	 		 	BLACKHAWK NETWORK HOLDINGS, INC.
				
		 		 	By:	 	 /s/ David E. Durant

		 		 		 	Name:  David E. Durant
		 		 		 	Title:  Secretary
			
	SAFEWAY:	 		 	SAFEWAY INC.
				
		 		 	By:	 	 /s/ Laura A. Donald

		 		 		 	Name:  Laura A. Donald
		 		 		 	Title:  Vice President
				
	STOCKHOLDERS:	 		 	By:	 	  

		 		 		 	Name:
				
		 		 	By:	 	  

		 		 		 	Name:
				
		 		 	By:	 	  

		 		 		 	Name:

 [Signature Page to Stockholder’s Agreement] 

 EXHIBIT 1 
 SPOUSAL CONSENT 
 I acknowledge that I have read the foregoing
Fourth Amended and Restated Stockholders’ Agreement (the “Stockholders’ Agreement”) and that I know its contents. In consideration of granting of the right to my spouse to purchase shares of Blackhawk Network Holdings,
Inc., a Delaware corporation (the “Company”), I hereby appoint my spouse as my attorney-in-fact in respect to the exercise of any rights under the Stockholders’ Agreement and agree to be bound by the provisions of the
Stockholders’ Agreement insofar as I may have any rights under the community property laws or similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the Stockholders’ Agreement.

 I further agree that in the event of a dissolution of the marriage between myself and my spouse, in connection with which I
secure or am awarded any securities of the Company or any interest therein through property settlement agreement or otherwise, I shall receive and hold said securities subject to all the provisions and restrictions contained in the
Stockholders’ Agreement, including any option of the Company or Safeway Inc. to purchase such shares from me. 
 I also
acknowledge that I have been advised to obtain independent counsel to represent my interests with respect to this Spousal Consent and the Stockholders’ Agreement but that I have declined to do so and hereby expressly waive my right to such
independent counsel. 
  

									
	Date:	 	  
	 		 	  

					
		 		 		 	Name of Spouse:	 	  

					
		 		 		 	Name of Stockholder:	 	  

 Exhibit 1 

 SCHEDULE A 
 STOCKHOLDERS 
  

	
	 Stockholder’s Name and Address

[UPDATED FROM TIME TO TIME] 
 Schedule A 

 ANNEX A 
 DEFINITIONS 
 As used in this Agreement, the following terms shall
have the respective meanings set forth as follows: 
 “AAA” has the meaning stated in Section 12(l).

 “Administrator” shall mean the administrators of the Restricted Stock Plans and the Option Plan. 

“Affiliate” shall mean with respect to any Person, a Person who controls, is controlled by or is under common control
with such other Person. 
 “Agreement” has the meaning stated in the preamble to this Agreement. 

“Annual February/August Window” has the meaning stated in Section 8(a). 

“Call Notice” has the meaning stated in Section 7(b). 

“Callable Securities” has the meaning stated in Section 7(a). 

“Callable Termination Securities” has the meaning stated in Section 6(e). 

“Called Securities” has the meaning stated in Section 7(a). 

“Capital Stock” has the meaning stated in the recitals to this Agreement. 

“Call Option” has the meaning stated in Section 7(a). 

“Called Termination Securities” has the meaning stated in Section 6(e). 

“Cause” means any of the following: (i) a Stockholder’s willful failure substantially to comply with the
reasonable written directives of the Board of Directors or the governing body of the Stockholder’s employer (whether such employer is the Company, Safeway or a Subsidiary), relating to meaningful business matters (other than by reason of your
Disability); (ii) a Stockholder’s gross negligence or dishonesty in the performance of his or her duties; (iii) a Stockholder’s intentionally engaging in conduct which is materially detrimental to the business of the Company,
Safeway or a Subsidiary; (iv) a Stockholder’s willful violation of a material term of his or her proprietary information and invention agreement as in effect from time to time; or (v) a Stockholder’s conviction of or plea of nolo
contendere to a felony or misdemeanor involving moral turpitude. 
 “Certificate” has the meaning stated in the
recitals to this Agreement. 
 “Change in Control” means any of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than Safeway, the Company, any of
their subsidiaries), together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the then outstanding shares of Common Stock (other than as a result of an acquisition of securities directly from
the Company where the proceeds thereof are not directly received by the stockholders of the Company); or 
 (ii) the
consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, do not, immediately after the consolidation or

  
 Annex A-1

 
merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the
voting shares of the parent or any of its subsidiaries issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in one transaction or a series of
transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C) any plan or proposal for the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing
clause (ii) if in the event of a recapitalization, consolidation or merger (including reverse merger) of the Company or any of its subsidiaries, persons who, as of the date of this Agreement, constitute the Company’s Board of Directors
(the “Incumbent Directors”) constitute at least a majority of the Board of Directors following such recapitalization, consolidation or merger, provided that any person becoming a director of the Company, subsequent to the date of
this Agreement shall be considered an Incumbent Director if such person’s election was approved by or such person was nominated for election by a vote of at least a majority of the Incumbent Directors. 

“Commission” means the United States Securities and Exchange Commission. 

“Common Stock” has the meaning stated in the recitals to this Agreement. 

“Company” has the meaning stated in the preamble to this Agreement. 

“Designee” has the meaning stated in Section 12(o). 

“Determined Value” has the meaning stated in Section 6, Section 7 and Section 8, as applicable.

 “Disability” means a physical or mental disability or infirmity that prevents the material performance by an
individual of his duties lasting for 90 days within a 12 month period or a continuous period of six months or longer. In the case of a Stockholder who is a natural person and is employed by the Company, Safeway or a Subsidiary such duties shall be
those as set forth in such person’s employment agreement or offer letter with the Company, Safeway or a Subsidiary. 

“Dispose” or “Disposition” means to directly or indirectly, voluntarily or involuntarily, sell,
transfer, convey, negotiate, pledge, hypothecate, assign or in any other way dispose of any shares. 
 “Drag-Along
Rights” means the rights described in Section 5(b). 
 “Eligible Put Right Stock” has the meaning
stated in Section 8(a). 
 “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

 “Extended Payment Date” means the last business day in the first month of June
occurring after the fifth (5th) anniversary of the
date of the Terminated Party’s Restricted Stock Agreement, RSU Agreement, Option Agreement or SAR Agreement, as applicable, that evidences the Put Termination Stock. 
 “Final Remaining Put Right Shares” has the meaning stated in Section 8(b). 
 “Final Remaining Shares” has the meaning stated in Section 6(c). 
 “Initial Public Offering” has the meaning stated in Section 9.1(a). 
 “initial shares” has the meaning stated in Section 9.3(g). 

“Interested Party” has the meaning stated in Section 12(n). 

  
 Annex A-2

 “Issuer Securities” has the meaning stated in Section 9.1(f).

 “Majority Stockholders” means the holders of at least fifty-one percent (51%) of the outstanding shares
of Common Stock, on a fully diluted basis, who are a party to this Agreement. 
 “Option Agreement” has the
meaning stated in the recitals to this Agreement. 
 “Option Plan” has the meaning stated in the recitals to
this Agreement. 
 “over-allotment shares” has the meaning stated in Section 9.3(g). 

“Payment Date” has the meaning stated in Section 6(d). 

“Person” means any individual, corporation, joint stock company, joint venture, partnership, unincorporated association,
governmental regulatory entity, country, state or political subdivision thereof, trust or other entity. 
 “Preferred
Stock” has the meaning stated in the recitals to this Agreement. 
 “Proposed Purchaser” the meaning
stated in Section 5(a)(i). 
 “Public Market” means a market for the Common Stock of the Company that
shall be deemed to exist at such time as eighteen percent (18%) or more of the Common Stock, on a fully-diluted basis, has been sold to the public pursuant to one or more registration statements filed with, and declared effective by, the
Commission in accordance with the Securities Act. 
 “Put Right Notice” has the meaning stated in
Section 8(a). 
 “Put Right Stockholder” has the meaning stated in Section 8(a). 

“Put Right Stock” has the meaning stated in Section 8(a). 

“Put Termination Stock” means shares of Common Stock for which a Termination Put Notice has been delivered to Safeway.

 “RSU Agreement” has the meaning stated in the recitals to this Agreement. 

“Registrable Securities” shall mean (A) all shares of Common Stock outstanding on the date hereof and now or
hereafter owned of record or beneficially by any of the Stockholders or Safeway, (B) any shares of Common Stock issued or issuable by the Company in respect of any shares of Common Stock referred to in the foregoing clause (A) by way of a
stock dividend or stock split or in connection with a combination or subdivision of shares, reclassification, recapitalization, merger, consolidation or other reorganization of the Company and (C) any shares of Common Stock issued to a
Stockholder upon the exercise of any option or pursuant to another right to acquire such shares or upon the conversion of any security convertible into Common Stock (including the Preferred Stock). As to any particular Registrable Securities that
have been issued, such securities shall cease to be Registrable Securities when (i) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been
disposed of under such registration statement, (ii) they shall have been distributed to the public pursuant to Rule 144 under the Securities Act, (iii) they shall have been otherwise Disposed of, and new certificates therefor not bearing a
legend restricting further Disposition shall have been delivered by the Company, and subsequent Disposition of them shall not require their registration or qualification under the Securities Act or any similar state law then in force or
(iv) they shall have ceased to be outstanding. 
 “Registration Expenses” has the meaning stated in
Section 9.2(f). 

  
 Annex A-3

 “Remaining Put Right Shares” has the meaning stated in Section 8(a).

 “Remaining Shares” has the meaning stated in Section 6(b). 

“Requesting Holders” has the meaning stated in Section 9.2(a). 

“Restricted Stock Agreement” has the meaning stated in the recitals to this Agreement. 

“Restricted Stock Plans” has the meaning stated in the recitals to this Agreement. 

“SAR Agreement” has the meaning stated in the recitals to this Agreement. 

“Safeway” has the meaning stated in the preamble to this Agreement. 

“Safeway Demand Registration Request” has the meaning stated in Section 9.1(a). 

“Safeway Plan” has the meaning stated in the recitals to this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Spin-off” means the distribution by Safeway (by dividend, distribution, recapitalization, reorganization or otherwise)
of eighteen percent (18%) or more of the outstanding equity securities of the Company to the stockholders of Safeway. 

“Stated Interest Rate” means the interest rate on a particular determination date for A-1/P-1/F-1 commercial paper
having a 90 day maturity as published in H.15(519) under the caption “Commercial Paper - Nonfinancial” or such other recognized electronic source (such as the Dealer Placed CP Rate Shown on Bloomberg Money Market Raters - page 94) used for
the purpose of displaying the applicable rate. 
 “Stockholder” and “Stockholders” has the
meaning stated in the preamble to this Agreement. 
 “Subsidiary” shall mean any entity which either the
Company or Safeway, as the case may be, directly owns or has the power to vote shares of any capital stock or other ownership interests having voting power to elect a majority of the directors of such corporation, or other persons performing similar
functions of such entity, as the case may be. 
 “Tag-Along Notice” has the meaning stated in
Section 5(a)(iii). 
 “Tag-Along Right” means the rights described in Section 5(a). 

“Tag-Along Stockholders” has the meaning stated in Section 5(a)(i). 

“Terminated Party” has the meaning stated in Section 6(a). 

“Termination Call Option” has the meaning stated in Section 6(e). 

“Termination Call Notice” has the meaning stated in Section 6(e). 

“Termination Date” has the meaning stated in Section 6(a). 

“Termination Interest Rate” means an interest rate equal to the applicable federal rate determined in accordance with
Internal Revenue Code Section 1274(d). 
 “Termination of Employment” shall mean the time when the
employee-employer relationship between the Stockholder, on one hand, and Safeway, the Company or any Subsidiary of Safeway or the Company, on 

  
 Annex A-4

 
the other hand, is terminated for any reason, with or without cause, including, but not by way of limitation, a termination by resignation, discharge, death, Disability or retirement; but
excluding (a) terminations where there is a simultaneous reemployment or continuing employment of the Stockholder by Safeway, the Company or any of their respective Subsidiaries, and (b) at the discretion of the Administrator, terminations
which result in a temporary severance of the employee-employer relationship. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Employment, including, but not by way of
limitation, all questions regarding the nature and reasons for a Termination of Employment, and all questions of whether particular leaves of absence constitute a Termination of Employment. 

“Termination Put Notice” means an irrevocable written notice setting forth a Terminated Party’s request that
Safeway purchase shares of Common Stock pursuant to the provisions of Section 6(b). 
 “Transfer Notice”
has the meaning stated in Section 5(a)(ii). 
 “Underwritten Offering” has the meaning stated in
Section 9.1(c). 

  
 Annex A-5EX-4.5

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
 Exhibit 4.5

 AMENDED & RESTATED INVESTOR AGREEMENT 

THIS AMENDED & RESTATED INVESTOR AGREEMENT (this “Agreement”), effective as of March 31, 2011, is entered
into by and between Blackhawk Network Holdings, Inc., a Delaware corporation (the “Company”), and [***] (“Purchaser”). 
 WITNESSETH 
 WHEREAS, pursuant to the Certificate of Incorporation of the Company,
the Company is authorized to issue up to an aggregate of (i) 140,000,000 shares of Common Stock, $0.001 par value per share (the “Common Stock”), and (ii) 10,000,000 shares of Preferred Stock, $0.001 par value per share
(the “Preferred Stock” and, together with the Common Stock, the “Capital Stock”); 
 WHEREAS,
effective as of August 16, 2007, the Company and Purchaser entered into (i) a Stock Purchase Agreement (the “Stock Purchase Agreement”) between the Company and Purchaser pursuant to which Purchaser initially purchased
2,073,170 shares (the “Shares”) of the Common Stock of the Company, (ii) a Joinder Agreement (the “Joinder Agreement”) pursuant to which Purchaser became a party to certain provisions of the Stockholders
Agreement (as defined in the Joinder Agreement), and (iii) an Investor Agreement (as previously amended) (the “Original Investor Agreement”) concerning certain matters relating to the Shares and any Additional Securities (as
defined below) purchased or otherwise acquired by Purchaser hereunder, including the imposition of certain restrictions on and obligations with respect to the disposition thereof. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1. Definitions. For purposes of this Agreement, the following defined terms shall have the meaning ascribed thereto below. Defined terms used in this Agreement that are not separately defined
herein shall have the meanings set forth in the Stockholders Agreement. 
 “Additional Purchase Price”
shall mean the purchase price paid by Purchaser in connection with each purchase of Additional Securities pursuant to Purchaser’s exercise of the Purchase Right. 
 “Additional Reserved Plan Securities” shall have the meaning set forth in Section 2(b)(ii). 
 “Additional Securities” shall mean all shares of Common Stock and any other security of the Company, any direct or indirect Subsidiary of the Company or any successor thereto,
purchased or otherwise acquired by Purchaser after August 16, 2007. 
 “Agreement” shall have the
meaning set forth in the first paragraph hereof. 

 “Alliance Partner” shall mean any retail merchant that, either
directly or indirectly through a third party distributor, participates through written agreements in the retail sale of products distributed by BN as part of the Alliance Partners Program. 

“Alliance Partners Program” shall mean any program operated by BN or its Affiliates for the marketing of prepaid
cards and other financial products or services at retail locations, whether by the name “Alliance Partners Program” or any other name. 
 “BN” shall mean Blackhawk Network, Inc., an Arizona corporation and wholly-owned subsidiary of the Company. 
 “Call Right” shall have the meaning set forth in Section 4(a). 
 “Call Right Exercise Notice” shall have the meaning set forth in Section 4(c). 
 “Call Right Exercise Period” shall have the meaning set forth in Section 4(c). 
 “Call Right Purchase Price” shall have the meaning set forth in Section 4(b). 
 “Called Securities” shall have the meaning set forth in Section 4(a). 
 “Capital Stock” shall have the meaning set forth in the first recital hereto. 
 “Change in Control Price” shall have the meaning set forth in Section 3(d)(iii)(B). 
 “Common Stock” shall have the meaning set forth in the first recital hereto. 
 “Company” shall have the meaning set forth in the first paragraph hereof. 
 “Determined Value” shall have the meaning set forth in Section 5. 
 “Drag-Along Notice” shall have the meaning set forth in Section 3(a). 
 “Equity Security” shall mean Common Stock, Preferred Stock, any other class of capital stock and any other equity or quasi-equity security, unit or other instrument with
characteristics or attributes commonly associated with equity securities, including equity securities convertible into or exchangeable for other securities and regardless of whether any such security is (i) subject to restrictions or other
limitations with respect to the vesting, ownership or exercise of any rights accorded thereto, (ii) of a class or series currently existing or hereafter authorized for issuance or (iii) previously outstanding and subsequently held in
treasury. 
 “Escrow Account” shall have the meaning set forth in Section 3(g). 

“Escrow Agent” shall have the meaning set forth in Section 3(g). 

“Escrow Agreement” shall have the meaning set forth in Section 3(g). 

“Existing Called Securities” shall have the meaning set forth in Section 4(b)(i). 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 2 

 “Existing Put Securities” shall have the meaning set forth in
Section 3(d)(i). 
 “Existing Put Securities Minimum Purchase Price” shall have the meaning
set forth in Section 3(d)(i) 
 “Fair Market Value” shall mean, as of any date, the value of
a share of Common Stock or other security determined as follows: 
 (a) If the Common Stock or other class of security, as
applicable, is listed on any established securities exchange or regularly quoted through the automated quotation system of a registered securities association, then its Fair Market Value shall be the closing sales price for a share of Common Stock
or a share or unit of such other class of security, as applicable, as quoted on such exchange or automated quotation system for such date or, if there is no closing sales price for a share of Common Stock or a share or unit of such other class of
security, as applicable, on the date in question, the closing sales price for a share of Common Stock or a share or unit of such other class of security, as applicable, on the last preceding date for which such quotation exists, as reported in
The Wall Street Journal; or 
 (b) If the Common Stock or other class of security, as applicable, is neither listed on an
established securities exchange nor regularly quoted through the automated quotation system of a registered securities association that provides a closing sales price, then its Fair Market Value shall be the Determined Value. 

“Future Called Securities” shall have the meaning set forth in Section 4(b)(ii). 

“Future Put Securities” shall have the meaning set forth in Section 3(d)(ii). 

“Future Put Securities Minimum Purchase Price” shall have the meaning set forth in Section 3(d)(ii).

 “Initial Public Offering” shall mean the initial public offering by the Company of the Common Stock in
an underwritten offering registered under the Securities Act as a result of which a minimum of eighteen percent (18%) of the Company’s Common Stock on a fully-diluted basis is held by the public. 

“Initial Purchase Price” shall mean $8,292,680 paid by Purchaser for the Purchase of the Shares pursuant to the
Stock Purchase Agreement. 
 “Initial Reserved Plan Securities” shall have the meaning set forth in
Section 2(b)(i). 
 “Joinder Agreement” shall have the meaning set forth in the second
recital hereto. 
 [***] 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 3 

 “Original Investor Agreement” shall have the meaning set forth in
the second recital hereto. 
 “Parent” shall mean Safeway Inc. 

“Preferred Stock” shall have the meaning set forth in the first recital hereto. 

“Prepaid Card Program Agreement” shall mean the Prepaid Card Program Agreement, dated August 16, 2007, among
BN, [***] and Purchaser. 
 “Purchase Right” shall have the meaning set forth in
Section 2(c)(i). 
 “Purchase Right Exercise Notice” shall have the meaning set forth in
Section 2(c)(iii). 
 “Purchase Right Exercise Period” shall have the meaning set forth in
Section 2(c)(iii). 
 “Purchase Right Purchase Price” shall have the meaning set forth in
Section 2(c)(ii). 
 “Purchase Right Securities” shall mean any Equity Security, any debt
securities convertible into or exchangeable for any Equity Security, or any options, warrants or other rights to purchase or acquire any Equity Security, in each case issued by the Company, any direct or indirect Subsidiary of the Company or any
successor thereto. 
 “Purchaser” shall have the meaning set forth in the first paragraph hereof.

 “Purchaser Securities” shall mean all Shares and Additional Securities then held by Purchaser.

 “Put Right” shall have the meaning set forth in Section 3(b). 

“Put Right Exercise Notice” shall have the meaning set forth in Section 3(c). 

“Put Right Exercise Period” shall have the meaning set forth in Section 3(c). 

“Put Right Purchase Price” shall have the meaning set forth in Section 3(d). 

“Put Securities” shall have the meaning set forth in Section 3(b). 

“Qualified Firm” shall have the meaning set forth in Section 5. 

“Reserved Plan Securities” shall have the meaning set forth in Section 2(b)(ii). 

“Restricted Stock Plans” shall mean the Company’s 2006 Restricted Stock Plan for Eligible Employees of
Safeway Inc., effective as of February 22, 2006, and the Company’s Amended and Restated 2006 Restricted Stock Plan, effective as of February 23, 2007. 
 “Securities Issuance Notice” shall have the meaning set forth in Section 2(c)(iii). 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 4 

 “Selection Deadline” shall have the meaning set forth in
Section 5. 
 “Shares” shall have the meaning set forth in the second recital hereto.

 “Spin-Off” shall mean the distribution by Parent (by dividend, distribution, recapitalization,
reorganization or otherwise) of eighteen percent (18%) or more of the outstanding equity securities of the Company to the stockholders of Parent. 
 “Stock Option Plan” shall mean the Company’s 2007 Stock Option Plan effective as of February 20, 2007. 

“Stock Purchase Agreement” shall have the meaning set forth in the second recital hereto. 

“Termination” shall have the meaning set forth in Section 4(a). 

“Transaction Notice” shall have the meaning set forth in Section 3(a). 

2. Issuance of Additional Securities by Company. 
 (a) Issuance of Common Stock to Alliance Partners. The Company hereby covenants and agrees that it shall not issue or sell any shares of Common Stock, any securities convertible into or
exchangeable for shares of Common Stock, or any options, warrants or other rights to purchase or acquire shares of Common Stock, in each case to any Alliance Partner at a price per share (calculated on a fully-diluted basis with respect to such
securities as though all securities convertible into Common Stock are so converted and all options, warrants or other rights to purchase Common Stock are exercised) equivalent to less than $4.00 per share (adjusted, as necessary, to account for any
stock split or reverse stock split occurring after August 16, 2007 and prior to such issuance or sale to an Alliance Partner) or on such other terms which, in the aggregate, are more beneficial to such Alliance Partner than to Purchaser.

 (b) Issuance of Reserved Plan Securities. 

(i) The Company hereby represents and warrants that, as of August 16, 2007, the following securities, consisting of Common Stock
and, in the case of the Stock Option Plan, including the options related thereto (collectively, the “Initial Reserved Plan Securities”), constitute all of the unissued securities that have been reserved for issuance pursuant to the
Restricted Stock Plans or reserved for issuance (other than upon exercise of options currently outstanding) pursuant to the Stock Option Plan: 
  

					
	 Plan
	  	Securities	 
		
	 2006 Restricted Stock Plan for Eligible Employees of Safeway Inc. (currently outstanding, i.e, held by Parent and available under
the Plan for transfer to Parent employees)
	  	 	1,332,000	  
		
	 Amended and Restated 2006 Restricted Stock Plan
	  	 	955,675	  
		
	 Stock Option Plan
	  	 	3,367,500	  
		  	  
	  
	 
		
	 Total Initial Reserved Plan Securities
	  	 	5,655,175	  
		  	  
	  
	 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 5 

 The Company hereby represents and warrants that all Purchase Right Securities issued after
August 16, 2007 and on or prior to the date hereof were issued in compliance with the Original Investor Agreement. 
 (ii)
The Company and Purchaser acknowledge and agree that, after March 31, 2011, and in addition to the total Initial Reserved Securities identified above, the Company may, pursuant to the Restricted Stock Plans and/or the Stock Option Plan, issue
additional shares of Common Stock (and, in the case of the Stock Option Plan, including the options related thereto) in an amount aggregating up to Two Million (2,000,000) shares of Common Stock, calculated net of all such shares of Common
Stock and options forfeited from time to time under such Plans in accordance with the Plan terms (e.g., shares cancelled in connection with “cashless exercises” of stock options or cancelled or expired in connection with termination of
employment, but not, for the avoidance of doubt, repurchased shares) (as so calculated, the “Additional Reserved Plan Securities”). The Initial Reserved Plan Securities and the Additional Reserved Plan Securities constitute the
“Reserved Plan Securities.” 
 (iii) Purchaser acknowledges that to the extent any Reserved Plan Securities are
issued by Company, Purchaser’s percentage ownership interest in the aggregate Common Stock outstanding shall be diluted. 

(c) Right of Purchaser to Acquire Purchase Right Securities. 

(i) Purchase Right. With respect to each issuance by the Company, any direct or indirect Subsidiary of the Company or any
successor thereto, of any Purchase Right Securities, but excluding the issuance of (i) Reserved Plan Securities, (ii) any Equity Security distributed to the holders of Equity Securities in their capacity as such without payment of
consideration therefor, and (iii) any securities issued by a direct or indirect Subsidiary of the Company to the Company or to any other Subsidiary of the Company that is a wholly-owned (disregarding, for such purposes, any shares that are held
by directors of such Subsidiary in their capacity as such to satisfy foreign ownership requirements) direct or indirect Subsidiary of the Company, Purchaser shall have the right and option (the “Purchase Right”), which Purchase
Right shall be irrevocable, subject to Section 2(d), to purchase from the Company, such Subsidiary or successor thereto, two percent (2%) of the aggregate number of shares, units, options, warrants, dollar amount or other unit of
measure, as applicable, of 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 6 

 
the Purchase Right Securities so issued. For the avoidance of doubt, and not in limitation thereof, the Purchase Right shall apply to the issuance of securities pursuant to (A) each of the
Restricted Stock Plans and the Stock Option Plan only to the extent (i) any such plan is amended to increase the number of securities reserved for issuance thereunder and the Company issues securities thereunder not constituting Initial
Reserved Plan Securities and (ii) any such securities issued after March 31, 2011 exceed the Additional Reserved Plan Securities, (B) any stock compensation plan, agreement or arrangement other than the Restricted Stock Plans and the
Stock Option Plan adopted by the Company after August 16, 2007, (C) any transaction involving the issuance of Purchase Right Securities (other than any securities described in clause (ii) of the first sentence of this
Section 2(c)(i)) to an Alliance Partner other than [***] and (D) any other transaction, agreement or arrangement pursuant to which Purchase Right Securities (other than any securities described in clauses (i) - (iii), inclusive, of
the first sentence of this Section 2(c)(i)) are issued by the Company, but shall not apply in any case to the subsequent issuance of any underlying security upon the conversion, exchange, or exercise of a security to which the Purchase
Right has already applied. In the event that the Purchase Right Securities whose issuance triggers the Purchase Right contain vesting requirements or otherwise permit or prohibit the purchase of securities prior to, during or after a specified
period of time, then any Purchase Right Securities purchased by Purchaser in connection with the exercise of such Purchase Right shall vest or otherwise be exercisable during the same time period and at the same exercise price(s) as such Purchase
Right Securities, it being understood that any vesting requirement relating to performance of services shall not apply to Purchaser; provided, however, that if such triggering transaction involves the granting of options to
Company’s employees or BN’s employees, then such triggering transaction shall be treated as the issuance of the underlying securities, any vesting or exercise provisions in such options shall be disregarded with respect to Purchaser’s
Purchase Right, and such Purchase Right shall apply with respect to the underlying securities only (calculated on a fully-diluted basis as though all underlying securities issuable upon exercise of the options have been exercised). If the Purchase
Right Securities contain such terms or conditions as would preclude their purchase by any party other than the party to whom issued in the transaction giving rise to the Purchase Right, the Purchase Right shall not extend to such securities provided
that the Company shall make available to Purchaser for purchase pursuant to the Purchase Right, in lieu of such securities, other securities bearing substantially similar rights, seniority, priority, terms and conditions which are reasonably
acceptable to Purchaser. Purchaser shall be entitled, in its sole discretion, to elect to purchase less than all of the Purchase Right Securities determined to be available for purchase from time to time pursuant to the Purchase Right,
provided that such election shall not constitute a waiver of the right of 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 7 

 
Purchaser to elect to purchase all of the Purchase Right Securities which Purchaser may become entitled to purchase in connection with subsequent applications of this Section 2(c).

 (ii) Purchase Right Purchase Price. The price at which Purchaser may purchase Purchase Right Securities pursuant to
the Purchase Right (“Purchase Right Purchase Price”) shall be: (A) if the Purchase Right arises from the issuance of options pursuant to the Stock Option Plan, if applicable, or any other stock option plan, agreement or
arrangement pertaining to the Company’s employees or BN’s employees, the per share price shall be the exercise price of such options as set forth in the related option grant notice; (B) if the Purchase Right arises from the issuance
of Common Stock pursuant to either of the Restricted Stock Plans, if applicable, or any other restricted stock plan, agreement or arrangement, the per share purchase price shall be the most recent determination by the board of directors of the
Company or, in the absence of such determination by the board of directors of the Company, by the board of directors of Parent, of the fair market value of one share of Common Stock; (C) if the Purchase Right arises from the issuance of
securities denominated by dollar amount rather than by share or unit, then the purchase price shall be two percent (2%) of the aggregate dollar amount of such issuance (adjusted for any OID or other discount to the face value of such securities
inuring to the benefit of any party to whom the securities are issued), or (D) if the Purchase Right arises from any other issuance of securities, the per share or unit price of the securities at which the securities are valued in the
transaction, as evidenced by the purchase price therefor in the transaction or, to the extent that the purchase price therefor is not payable in monetary currency or in securities with a readily determinable market value, as determined in good faith
by the board of directors of the Company; provided that, if Purchaser does not agree that such value as determined by the Company’s board of directors is reasonable, then Purchaser may request appraisal of the per share or unit price of
such securities pursuant to the provisions of Section 5 hereof for determining the Determined Value of securities (as though such securities were Put Securities or Called Securities as referenced therein). 

(iii) Purchase Right Exercise Period. The Company shall provide a notice (“Securities Issuance Notice”) to
Purchaser not more than fifteen (15) days after each issuance of Purchase Right Securities, identifying (A) the number and type of securities issued, (B) the material terms applicable to such issuance, including, as applicable, the
price per share or unit at which such securities were issued, the price per share or unit at which such securities may be exercised, or the aggregate dollar amount at which securities denominated in dollar amount rather than by share or unit were
issued, (C) the number or dollar amount of Purchase Right Securities which Purchaser is entitled to purchase pursuant to the Purchase Right, determined in accordance with Section 2(c)(i), and (D) the Purchase Right

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 8 

 
Purchase Price, determined in accordance with Section 2(c)(ii). In the event that Purchaser shall disagree with the Company’s determination of the number or dollar amount of the
Purchase Right Securities or the Purchase Right Purchase Price with respect thereto as set forth in the Securities Issuance Notice, or shall require further information from the Company to verify such determination, the Company shall provide such
additional information to Purchaser and each of the Company and Purchaser shall work together in good faith for a period of not less than thirty (30) days to resolve such dispute as required by Section 7(l). Purchaser shall have
thirty (30) days following receipt of the Securities Issuance Notice, which period shall be extended and not expire less than ten (10) days after resolution of all bona fide disputes, if any, with respect to such Securities Issuance Notice
(as may be extended, the “Purchase Right Exercise Period”) to exercise the Purchase Right by giving the Company written notice (the “Purchase Right Exercise Notice”) of Purchaser’s election to purchase all or a
portion of the Purchase Right Securities available to Purchaser for purchase pursuant thereto. Purchaser’s right to exercise the Purchase Right with respect to each event triggering the Purchase Right shall expire at 5:00 p.m., P.S.T., on the
last day of the applicable Purchase Right Exercise Period. 
 (iv) Closing. The closing of an exercised Purchase Right
transaction shall occur not later than ten (10) days after the Company’s receipt of the Purchase Right Exercise Notice. At the closing, Purchaser shall pay to the Escrow Account funds equal to (A) in the case of Purchase Right
Securities described in Section 2(c)(ii)(C), that portion of the Purchase Right Purchase Price allocable to the Purchase Right Securities which Purchaser has elected to purchase or (B) in all other cases, the Purchase Right Purchase
Price multiplied by the number of shares or other units, as applicable, purchased and, in either case, provide to the Company representations and warranties comparable to those set forth in Section 4.4 to 4.8, inclusive, of the Stock Purchase
Agreement, against delivery by the Company to Purchaser of a stock certificate or other instrument, as applicable, duly representing all of the Purchase Right Securities that Purchaser has elected to purchase as set forth in the Purchase Right
Exercise Notice, along with the Company’s representation and warranty set forth in Section 3.18 of the Stock Purchase Agreement and the Company’s representation and warranty that the Purchase Right Securities are being issued to
Purchaser free and clear of any liens, restrictions, security interests, or encumbrances whatsoever, other than those created by this Agreement, the Joinder Agreement and the Stockholders Agreement. 

(d) Termination of Purchase Right and Other Provisions. The provisions of this Section 2 shall terminate upon
the earliest to occur of (i) the closing of an Initial Public Offering, (ii) the closing of a Spin-Off, (iii) the closing of a transaction that results in a Change in Control, and (iv) June 1, 2014 (the end of the Initial
Term as defined in the Prepaid Card 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 9 

 
Program Agreement), except that the Purchase Right shall continue to apply during the Purchase Right Exercise Period to the issuance of any Purchase Right Securities occurring prior to the
earliest to occur of any of the events set forth in clauses (i) – (iv) of this Section 2(d) with respect to which the Company has delivered or is required to deliver a Securities Issuance Notice to Purchaser. 

3. Put Right With Respect to Securities Held by Purchaser. 

(a) Notice of Intent to Effect Certain Transactions. The Company shall issue to Purchaser, not less than 60 days nor more
than 180 days prior to the effective date of an Initial Public Offering or a Spin-Off, a written notice indicating the Company’s bona fide intention to effect an Initial Public Offering or a Spin-Off, such notice to be accompanied by
(i) the most recent consolidated financial statements of the Company and its subsidiaries prepared in a manner consistent with financial statements to be included in a registration statement on Form S-1 or Form 10, as applicable, and
(ii) a draft of any disclosure to be included in the registration statement on Form S-1 or Form F-10, as applicable, pursuant to Item 404 of Regulation S-K substantially in the form to be filed with the Securities and Exchange Commission
in connection with the Initial Public Offering or Spin-Off. The Company shall also issue to Purchaser a written notice not less than thirty (30) days prior to the closing of a transaction that will result in a Change in Control (any notice
delivered pursuant to the foregoing provisions of this Section 3(a), a “Transaction Notice”). The Company shall also issue a written notice to Purchaser of Parent’s intention to exercise its Drag-Along Rights under
Section 5(b) of the Stockholders Agreement (“Drag-Along Notice”), such notice to be delivered not less than thirty (30) days prior to the closing of the transaction. 

(b) Put Right. Subject to Section 3(f) hereof, the Company hereby irrevocably grants and issues to Purchaser
the right and option to sell to the Company and any successor or assignee of the Company (the “Put Right”) all but not less than all of the Purchaser Securities then held by Purchaser (the “Put Securities”), at the
applicable price set forth in Section 3(d) hereof. The Put Right may be exercised by Purchaser during the applicable Put Right Exercise Period (defined below): 
 (i) if, at any time prior to June 1, 2014, the Company has provided to Purchaser (A) a Transaction Notice or (B) a Drag-Along Notice; or 

(ii) if, as of sixty (60) days prior to August 16 in each of 2011, 2012 and 2013 or sixty (60) days prior to June 1,
2014, the Company has not consummated an Initial Public Offering, a Spin-Off, or a transaction resulting in a Change in Control. 
 (c) Put Right Exercise Period. Purchaser shall have a period of (i) thirty (30) days, in the case of Put Right triggered by receipt of a Transaction Notice or a Drag-Along Notice
or (ii) sixty (60) days in the case of a Put Right triggered pursuant to Section 3(b)(ii) (as applicable, the “Put Right Exercise Period”) to exercise the Put Right by giving the Company written notice (a
“Put Right Exercise Notice”) of its election to put the Put Securities to the Company; provided, however, that if the Company gives a Transaction Notice during the sixty (60) day period prior to any of the
triggering dates set forth in Section 3(b)(ii) and Purchaser has 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 10 

 
not theretofore given a Put Right Exercise Notice, the Put Right Exercise Period shall be extended for an additional sixty (60) day period after such triggering date in order for Purchaser
to determine whether it wishes to exercise its Put Right. Any Put Right Exercise Notice given prior to the commencement of the applicable Put Right Exercise Period shall be deemed given on the first day of the Put Right Exercise Period.
Purchaser’s right to exercise the Put Right with respect to each event triggering the Put Right shall expire at 5:00 p.m., P.S.T., on the last day of the applicable Put Right Exercise Period. In the event that Purchaser shall not exercise the
Put Right with respect to receipt of a Transaction Notice, then, as more fully set forth in the Escrow Agreement, the Company shall be entitled to receive a distribution of all escrow funds held by the Escrow Agent pursuant to the Escrow Agreement,
subject to the requirement that the Company must promptly return such funds to the Escrow Agent to be held in escrow pursuant to the Escrow Agreement if the Company does not consummate the transaction which was identified in such Transaction Notice
prior to the earlier to occur of (i) 240 days after the date of such Transaction Notice or (ii) the Company’s decision to abandon such transaction. 
 (d) Put Right Purchase Price. The Put Right shall be exercisable by Purchaser at a price (the “Put Right Purchase Price”), determined separately with respect to each class
of Put Securities as follows: 
 (i) Existing Put Securities. With respect to those Put Securities issued on or before
March 31, 2011 (the “Existing Put Securities”) (all of which are in fact shares of Common Stock or warrants for shares of Common Stock) for which the Put Right is exercised, the Put Right Purchase Price shall be fixed at Nine
Dollars and Forty-five Cents ($9.45) for each share of the Put Securities (such price and number of Existing Put Securities as adjusted for stock splits, reverse stock splits, recapitalizations and the like) (the “Existing Put Securities
Minimum Purchase Price”) 
 (ii) Future Put Securities. With respect to those Put Securities issued after
March 31, 2011 (the “Future Put Securities”) for which the Put Right is exercised, the Put Right Purchase Price shall be equal to the sum of the individual amounts determined by separately calculating with respect to each
purchase by Purchaser of Future Put Securities comprising such class, the sum of (x) the product of the per share or unit purchase price paid by Purchaser with respect to such Future Put Securities multiplied by the aggregate number of such
Future Put Securities (such price and number of Future Put Securities as adjusted for stock splits, reverse stock splits, recapitalizations and the like) plus (y) interest thereon, compounded annually, at four percent (4%) per annum from
the date of purchase by Purchaser of such Future Put Securities to the date of the closing of the exercised Put Right transaction (the “Future Put Securities Minimum Purchase Price”). 

(iii) Change in Control Price. Notwithstanding the foregoing, in the case of a Put Right triggered by a transaction that will
result in a Change in Control pursuant to which consideration would be payable in such transaction with respect to such class of securities, the Put Right Purchase Price shall be equal to the greater of: 

(A) with respect to the Existing Put Securities, the Existing Put Securities Minimum Purchase Price, and, with respect to
the Future Put Securities, the Future Put Securities Minimum Purchase Price; and 
 (B) with respect to all Put
Securities, (x) the per share or unit purchase price payable in such transaction with respect to such class of securities multiplied by the aggregate number of Put Securities of such class (with respect to each such class, the “Change
in Control Price”) unless Purchaser requests a determination of Fair Market Value for purposes of calculating the amount that would be payable with respect to Put Securities of such class, which request shall be made in
writing along with the Put Right Exercise Notice, in which case the Put Right Purchase Price shall be equal to (y) the Fair Market Value of the Put Securities of such class as of the date of the exercise of the Put Right multiplied by the
aggregate number of Put Securities of such class; provided that, the Fair Market Value amount so determined with respect to such securities shall not be less than the Change in Control Price. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 11 

 In the event that the Put Securities include Purchaser Securities denominated in dollars rather than shares
or units, then the amount determined pursuant to clause (iii)(B)(x) above shall be the aggregate dollar amount proposed to be paid in the Change of Control transaction for such Put Securities, and the amount determined pursuant to clause (iii)(B)(y)
above shall be the product of the percentage of the face amount of such Put Securities (which percentage may be greater than, equal to or less than 100% to reflect any premium or discount to such face amount), determined to be the Fair Market Value
with respect to such Put Securities multiplied by the aggregate principal amount of such Put Securities. 
 (e)
Closing. The closing of the exercised Put Right transaction shall occur not later than the later of (i) thirty (30) days after the Company’s receipt of the Put Right Exercise Notice and (ii) except in connection
with a Put Right transaction that will result in a Change in Control for which no determination of Fair Market Value with respect to any Put Right Security is being made, fifteen (15) days after determination of the Fair Market Value. At the
closing, the Company shall pay to Purchaser, in immediately available funds, the Put Right Purchase Price determined with respect to each class of Put Right Securities for which the Put Right is exercised against delivery to the Company of a stock
certificate or certificates or other instrument, as applicable, duly representing all of the Put Securities of such class, duly endorsed in blank by Purchaser or having attached thereto a stock power duly executed by Purchaser in proper form for
transfer, along with Purchaser’s representation and warranty that it owns all of the Put Securities of such class, free and clear of any liens, restrictions, security interests, or encumbrances whatsoever, other than those created by this
Agreement, the Joinder Agreement and the Stockholders Agreement. 
 (f) Termination of Put Right. The provisions
of this Section 3 shall terminate upon earliest to occur of (i) the closing of an Initial Public Offering, (ii) the closing of a Spin-Off, (iii) the closing of a transaction resulting in a Change in Control, and
(iv) subject to any extension of the Put Right Exercise Period pursuant to Section 3(c), the end of the Initial Term of the Prepaid Card Program Agreement, which is June 1, 2014. In addition, the Put Right shall terminate as to
any Purchaser Securities that are the subject of a Disposition. For the avoidance of doubt, in the event Purchaser sells a portion of the Purchaser Securities in a transaction pursuant to Section 5 of the Stockholders Agreement, such sale shall
not terminate the Put Right as to the remaining Purchaser Securities unless such transaction results in a Change in Control. 

(g) Establishment of Escrow Account. The Company agrees to deposit the Initial Purchase Price and each Additional Purchase
Price in an escrow account (the “Escrow Account”). The Company shall not co-mingle the funds in the Escrow Account with any other funds of the Company. The Escrow Account will remain in place until the Put Right terminates,
notwithstanding any assignment by the Company of its obligations in accordance with Section 7(d) hereof. The escrow agent shall be a bank mutually agreeable to Purchaser and Company (the “Escrow Agent”). The escrow agent
shall be retained, and an escrow agreement relating to the Escrow Account shall be entered into among the parties and the escrow agent (the “Escrow Agreement”) concurrently with the execution of this Agreement. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 12 

 4. Call Right With Respect to Securities Held by Purchaser. 

(a) Call Right. Subject to Section 4(e) hereof, in the event of a termination of the Prepaid Card Program
Agreement prior to June 1, 2014 by Purchaser or [***] other than pursuant to Sections 2.3.5, 2.11, 2.13.5, 8.2, 8.5, 12.3, 12.5, 12.6, or 20 thereof or by BN pursuant to Sections 12.2, 12.4 or 12.7 thereof (provided that with respect to a
termination under Section 12.7, Purchaser shall have had 30 days to cure such nonpayment) (in each case, a “Termination”), the Company and any assignee, in its sole discretion, shall have the right and option to repurchase or
purchase (the “Call Right”) all, but not less than all, of the Purchaser Securities then held by Purchaser (the “Called Securities”) at the purchase price set forth in Section 4(b). 

(b) Call Right Purchase Price. The Call Right shall be exercisable by the Company at an aggregate price (the “Call
Right Purchase Price”) determined separately with respect to each class of Called Securities as follows: 
 (i)
Existing Called Securities. With respect to those Called Securities issued on or before March 31, 2011 (the “Existing Called Securities”) (all of which are in fact shares of Common Stock or warrants for shares of Common
Stock) for which the Call Right is exercised, the Call Right Purchase Price shall be fixed at Nine Dollars and Forty-five Cents ($9.45) for each share of Existing Called Securities (such price and number of Existing Called Securities as adjusted for
stock splits, reverse stock splits, recapitalizations and the like). 
 (ii) Future Called Securities. With respect to
those Called Securities issued after March 31, 2011 (the “Future Called Securities”) for which the Call Right is exercised, the Call Right Purchase Price shall be equal to the sum of the individual amounts determined by
separately calculating with respect to each purchase by Purchaser of Future Called Securities comprising such class, the sum of (x) the product of the per share or unit purchase price paid by Purchaser with respect to such Future Called
Securities multiplied by the aggregate number of such Called Securities (such price and number of Future Called Securities as adjusted for stock splits, reverse stock splits, recapitalizations and the like) plus (y) interest thereon, compounded
annually, at four percent (4%) per annum from the date of purchase by Purchaser of such Future Called Securities to the date of the closing of the exercised Call Right transaction. 
 In the event that the Called Securities include Purchaser Securities denominated in dollars rather than shares or units, then the amount determined pursuant to clause (b)(ii)(x) above shall be the
aggregate dollar amount paid by Purchaser for such Called Securities. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 13 

 (c) Call Right Exercise Period. The Company shall have sixty (60) days
from the date of Termination (the “Call Right Exercise Period”) to exercise its Call Right by giving Purchaser written notice (the “Call Right Exercise Notice”) of its election to purchase the Called Securities;
provided, however, that if a Termination occurs on a date during the sixty (60) day period prior to June 1, 2014 (the end of the Initial Term of the Prepaid Card Program Agreement), the Call Right Exercise Period shall be extended for an
additional sixty (60) day period after such Termination date in order for Company to determine whether it wishes to exercise its Call Right. Any Call Right Exercise Notice given prior to the commencement of the Call Right Exercise Period shall
be deemed given on the first day of the Call Right Exercise Period. The Company’s right to exercise the Call Right shall terminate at 5:00 p.m., P.S.T., on the last day of the Call Right Exercise Period. 

(d) Closing. The closing of the exercised Call Right transaction shall occur not later than thirty (30) days following
Purchaser’s receipt of the Call Right Exercise Notice. At the closing, the Company shall deliver to Purchaser, in immediately available funds, the Call Right Purchase Price against delivery to the Company of a stock certificate or certificates
or other instrument, as applicable, duly representing all of the Called Securities, duly endorsed in blank by Purchaser or having attached thereto a stock power duly executed by Purchaser in proper form for transfer, along with the Purchaser’s
representation and warranty that it owns all of its Called Securities free and clear of any liens, restrictions, security interests, or encumbrances whatsoever, other than those created by this Agreement, the Joinder Agreement and the Stockholders
Agreement. 
 (e) Termination of Call Right. The provisions of this Section 4 shall terminate upon the
earliest to occur of (i) the closing of an Initial Public Offering, (ii) the closing of a Spin-Off, (iii) the closing of a transaction resulting in a Change in Control, and (iv) the expiration of the Initial Term of the Prepaid
Card Program Agreement, which is June 1, 2014. In addition, the Call Right shall terminate as to any Purchaser Securities that are the subject of a Disposition. 
 5. Determined Value. The provisions of this Section 5 shall apply to the extent that a determination of the Determined Value of Put Securities or Called Securities is required to
ascertain the Fair Market Value thereof. For purposes of this Agreement, “Determined Value” shall be the value, determined separately with respect to each class of securities comprising Put Securities or Called Securities, of one
share or unit of such class of securities as of the date of the Put Right Exercise Notice or the Call Right Exercise Notice, as applicable, as determined pursuant to this Section 5; provided that if the Put Securities or Called
Securities are denominated in dollars rather than in shares or other units, then the Determined Value shall be stated as a percentage of the face amount thereof (which percentage may be greater than, equal to or less than 100% to reflect any premium
or discount to such face amount). The Company and Purchaser, within thirty (30) days after the date of the Put Right Exercise Notice or the Call Right Exercise Notice (the “Selection Deadline”), shall each select a nationally
recognized appraisal firm (a “Qualified Firm”) and give written notice to the other party of such selection. If either party fails to select, and give notice of, a Qualified Firm prior to the Selection Deadline, such party shall be
deemed to have agreed to the other party’s selection of a Qualified Firm and the appraisal of the value of the Put Securities or Called Securities, as applicable, by such selected Qualified Firm shall be the Determined Value and shall be
conclusive and binding on 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 14 

 
the parties. If each party has timely selected a Qualified Firm, then each of the two selected Qualified Firms shall conduct an appraisal of the value of the Put Securities or Called Securities,
as applicable, and the parties shall arrange for the Qualified Firms to deliver their appraisals to each party simultaneously. If the higher of the two appraisals with respect to any class of Put Securities or Called Securities (the “Higher
Appraisal”) is equal to or is less than one hundred ten percent (110%) of the lower of the two appraisals with respect to such class of Put Securities or Called Securities (“Lower Appraisal”), the average of the Lower
Appraisal and the Higher Appraisal shall be the Determined Value with respect to such class of Put Securities or Called Securities and shall be deemed conclusive and binding upon the parties. If the Higher Appraisal is more than one hundred ten
percent (110%) of the Lower Appraisal, the parties shall select a third mutually agreed-upon Qualified Firm (“Third Firm”). If the parties are unable to agree upon a Third Firm within thirty (30) days after the first two
appraisals have been provided to the parties, the two Qualified Firms shall select the Third Firm. The Third Firm shall conduct an appraisal of the value of the Put Securities or Called Securities, as applicable, with respect to which the higher
appraisal was more than one hundred ten percent (110%) of the Lower Appraisal (the “Third Appraisal”). The relative differences between the Higher Appraisal, the Lower Appraisal and the Third Appraisal shall be calculated and
the two appraisals with the smallest relative difference shall be identified. The average of the two such identified appraisals shall be the Determined Value with respect to such Put Securities or Called Securities for which such Third Appraisal was
required and shall be deemed conclusive and binding on the parties. All determination of the value of Put Securities or Called Securities, as applicable, shall be determined with appropriate discounts attributable to minority ownership and lack of
marketability and shall take into account all unpaid dividends or interest, if any, accrued thereon. In conducting their appraisals, the Qualified Firms appointed hereunder shall consider all relevant evidence and information submitted to them, and
all such evidence submitted by the parties shall be provided to each Qualified Firm. The Company shall cooperate with and provide all information reasonably requested by a Qualified Firm, subject to the execution by each selected Qualified Firm of a
non-disclosure agreement in form and substance reasonably satisfactory to the Company. The determination of the value of the Put Securities or Called Securities, as applicable, by each Qualified Firm shall be set forth in writing, together with an
explanation of the considerations upon which its appraisal is based (subject to any non-disclosure obligations), with a signed counterpart delivered simultaneously to the Company and Purchaser not later than sixty (60) days after selection of
the last of the Qualified Firms. Purchaser acknowledges and agrees that all appraisals constitute confidential information of the Company that is subject to all existing obligations of Purchaser with respect to confidential information of the
Company. The Company shall bear the fees and expenses of all Qualified Firms selected under this Section 5. 
 6.
Minority Interest Holder Protection 
 (a) Dividends and Distributions. In the event the board of directors
of the Company or any Subsidiary of the Company declares a dividend or distribution on the Common Stock or any other class of Purchaser Securities, such dividend or distribution shall not result in a dividend or distribution to Parent unless
Purchaser receives a similar dividend or distribution pro rata with respect to Purchaser’s then-current percentage interest in the outstanding shares of Common Stock or such other class of Purchaser Securities, as applicable. 

(b) Restriction on Information to and Involvement of Parent. The Company acknowledges that Parent and Purchaser are
competitors in the grocery industry and, accordingly, the Company agrees that it shall not share confidential information of Purchaser or [***] with Parent or any Affiliate (other than BN and the Company’s other Subsidiaries) or representatives
thereof, including any director or officer of the Company or BN that also is an employee, officer or director of Parent or any Affiliate (other than BN and the Company’s other subsidiaries); provided, however, that the
Company’s directors who are independent directors of Parent shall be entitled to review any information reasonably necessary to fulfill their obligations as directors of the Company in connection with either (i) the issuance of the Shares
or Additional Securities to Purchaser or (ii) a material transaction involving the Company that is not in the ordinary course. 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 15 

 7. Miscellaneous. 

(a) Entire Agreement Amendment and Modification. This Agreement constitutes the entire agreement of the parties with
respect to the subject matter hereof and may not be modified, amended or terminated except by a written instrument duly executed by the parties hereto. 
 (b) Waiver of Compliance. Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not
operate as a waiver of, or estoppel with respect to any subsequent or other failure, breach or default. 
 (c)
Severability. If any provision of this Agreement shall be held invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any
other severable provision of this Agreement, and this Agreement shall be carried out as if any such invalid or unenforceable provision were not contained herein. 
 (d) Successors and Assigns. The Company may assign the Call Right and, subject to compliance with Section 3(g), its obligations under the Put Right, in whole or in part, to one
or more Persons; provided that the Company shall retain liability for failure of any assignee to perform the assigned obligations. The Company may not assign its obligations under the Purchase Right. This Agreement shall be binding upon and inure to
the benefit of the Company, its successors, and assigns. 
 (e) Headings. The section headings contained herein
are for the purposes of convenience only and are not intended to define or limit the content of said sections. 
 (f)
Injunctive Relief. The Purchaser Securities cannot be readily purchased or sold in the open market and, for that reason, among others, the parties will be irreparably damaged if this Agreement is not specifically enforced. Should any
dispute arise concerning the purchase, sale or Disposition of any Purchaser Securities hereunder, an injunction may be issued mandating such purchase or restraining any sale or Disposition of Purchaser Securities pending

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 16 

 
the determination of such controversy. Any right or obligation to purchase or sell any of the Purchaser Securities shall be enforceable in a court of equity by a decree of specific performance.
Such remedy shall be cumulative and in addition to any other remedy that the parties may have. 
 (g) Further
Assurances. Each party hereto shall cooperate and shall take such further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this
Agreement. 
 (h) Governing Law. This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Delaware, without giving effect to the conflicts of law principles thereof. 
 (i)
Notices. Any notice, request or other communication hereunder, unless this Agreement specifically provides otherwise, shall be in writing and shall be deemed to be duly given when delivered personally, by registered or certified mail,
postage prepaid, or by a nationally recognized overnight courier service as set forth below (or such other addresses as a party hereafter provide the other party): 
  

			
	 If to Purchaser to:
  

[***]
 Attn: General Counsel

 
	  	 If to Blackhawk to:
  

Blackhawk Network, Inc.
 5918 Stoneridge Mall
Road
 Pleasanton, CA 94588-3229
 Attn:
Chief Executive Officer

	 With a copy to:
  

Sidley Austin LLP
 One South Dearborn
Street
 Chicago, IL 60603
 Fax:
312-853-7036
 Attn: Robert P. Freeman, Esq.
	  	 With a copy to:
  

Blackhawk Network, Inc.
 Legal
Department
 5918 Stoneridge Mall Road

Pleasanton, CA 94588
 Fax:
925-226-9083
 Attn: David E. Durant, Esq.

 (j) Recapitalizations, Exchanges, Etc. Affecting the Securities. This Agreement shall
apply, to the full extent set forth herein with respect to all of the Purchaser Securities and all other equity and debt securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or
otherwise) which may be issued at any time in respect of, in exchange for, or in substitution of, such equity and debt securities (and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassification,
recapitalizations, reorganizations and the like occurring after August 16, 2007), owned by the Purchaser or any permitted transferee of the Purchaser Securities as provided in this Agreement. Each Person to whom any certificate for Purchaser

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 17 

 
Securities is to be issued or transferred in accordance with and subject to the provisions of this Agreement shall be required to execute a copy of this Agreement and acknowledge in writing that
he, she or it is bound by the terms of this Agreement prior to delivery to such transferee of any such certificate and prior to such transferee receiving any rights under this Agreement. 

(k) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. 
 (l) Arbitration. Except for the proceedings
commenced by either party pursuant to Section 7(f) above for equitable relief, in the event of a dispute between the parties concerning their respective rights and obligations under this Agreement, or the breach, termination,
negotiation, or validity hereof and/or the rights or obligations of the parties arising out of or relating to this Agreement or the breach, termination, negotiation or validity thereof in any case that the parties are unable to resolve amicably
between themselves within thirty (30) days of proper notice from one party to another, such dispute shall be settled by arbitration in San Francisco, California in an expedited manner in accordance with the commercial rules of the American
Arbitration Association (the “AAA”) by a duly registered arbitrator to be selected jointly by the parties. The decision of the arbitrator shall be final and binding upon the parties. Each of the parties consents to the jurisdiction
of the courts of California for the purposes of enforcing the dispute resolution provisions of this Section 7(l). Each party further irrevocably waives any objection to proceeding before the AAA based upon lack of personal jurisdiction
or to the laying of venue and further irrevocably and unconditionally waives and agrees not to make a claim in any court that dispute resolution before the AAA has been brought in an inconvenient forum. Each of the parties hereto agrees that its
submission to jurisdiction is made for the express benefit of the other parties hereto. 
 (m) Attorneys’
Fees. In the event of any arbitration or proceeding arising out of or related to this Agreement, the prevailing party (as determined in accordance with Section 7(l), if disputed) shall be entitled to recover from the losing party
all of its costs and expenses incurred in connection with such arbitration or proceeding, including court costs and reasonable attorneys’ fees, whether or not such arbitration or proceeding is prosecuted to judgment. 

(n) Miscellaneous. Time is of the essence under this Agreement with respect to all provisions of this Agreement that
specify a time for performance. Nothing in this Agreement shall require a party to take any action in violation of applicable law. Each party and its counsel have fully participated in the review and revision of this Agreement, and any rule of
construction to the effect that ambiguities are to be construed against the drafter shall not be applied in this Agreement. 

*    *    *    *    * 

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 18 

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their duly
authorized officers as of the date first set forth above. 
  

					
	COMPANY:	 	BLACKHAWK NETWORK HOLDINGS, INC.
			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

		
	PURCHASER:	 	 [***]

			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

  
 [***] Certain information
in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 19

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