Document:

Form of Registration Rights Agreement

 Exhibit 10.25 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of [•], 2012, by and among CKE INC., a Delaware corporation (the “Company”), Apollo CKE Investors, L.P., a Delaware limited partnership (“Apollo”), and
the members of the Company’s management whose names appear on Schedule I hereto (collectively, the “Management Holders” and, together with Apollo, the “Stockholders”). 

WHEREAS, each Stockholder is a limited partner of Apollo CKE Holdings, L.P. (the “Partnership”), a Delaware
limited partnership and the parent of the Company; and 
 WHEREAS, the Company has commenced an Initial Public Offering
(as defined in the Limited Partnership Agreement) of its Common Stock (as defined below); and 
 WHEREAS, following the
completion of the Company’s Initial Public Offering, the Partnership intends to distribute to the Stockholders a number of shares of Common Stock in exchange for the Units (as defined in the Limited Partnership Agreement) held by such
Stockholder; and 
 WHEREAS, Section 12.1 of the Limited Partnership Agreement requires the Partnership to cause the
Company to grant the Stockholders’ the right to require the Company to register the shares of Common Stock held by them under certain circumstances; and 
 WHEREAS, the Company and the Stockholders desire to enter into this Agreement to provide for registration rights with respect to the shares of Common Stock held by the Stockholders in satisfaction
of the Company’s obligations under Section 12.1 of the Limited Partnership Agreement. 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1. Definitions. 
 As used in this Agreement, the following terms shall have the following meanings: 

“Accountants” means the firm of independent certified public accountants selected by the board of directors of the
Company. 
 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly
controls, or is under common control with, or is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean
possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 

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

 “Apollo” has the meaning set forth in the preamble hereto. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York
are authorized or required by law to close. 
 “Commission” means the Securities and Exchange Commission or any
other Governmental Authority at the time administering the Securities Act. 
 “Common Stock” means (a) the
Company’s common stock, par value $0.01 per share and (b) any Securities issued or issuable directly or indirectly with respect to shares of Common Stock by way of conversion, exercise or exchange, stock dividend or stock split or in
connection with a combination of shares, recapitalization, reclassification, merger, consolidation, reorganization or other similar event. 
 “Company” has the meaning set forth in the preamble hereto. 

“Demand Party” has the meaning set forth in Section 2(a). 

“Demand Notice” has the meaning set forth in Section 2(a). 

“Exchange Act” means the Securities Exchange Act of 1934, and the Rules and Regulations, all as the same shall be in
effect from time to time. 
 “Governmental Authority” means any Federal, state, municipal, local or foreign
government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body. 

“Information” has the meaning set forth in Section 2(i)(xi). 

“Inspectors” has the meaning set forth in Section 2(i)(xi). 

“Issuer Free Writing Prospectus” means each “free writing prospectus” (as defined in Rule 405) prepared by or
on behalf of the Company or used or referred to by the Company in any offering of Registrable Securities pursuant to Section 2. 
 “Limited Partnership Agreement” means that certain Amended and Restated Limited Partnership Agreement of the Partnership, dated as of January 12, 2012, as amended, by and among
Apollo CKE Holdings GP, LLC, as the general partner, Apollo CKE Investors, L.P., as a limited partner, and the Management Limited Partners named therein, as limited partners. 
 “Permitted Issuer Information” means any “issuer information” (as defined in Rule 433 of the Rules and Regulations) used with the prior written consent of the Company in any
offering of Registrable Securities pursuant to Section 2. 
 “Person” shall be construed broadly
and shall include, without limitation, an individual, a partnership, a limited liability partnership, an investment fund, a limited liability company, a corporation, an association, a joint stock corporation, a trust, a joint venture, an
unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

  
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 “Preliminary Prospectus” means any preliminary prospectus relating to an
offering of Registrable Securities pursuant to Section 2. 
 “Proportionate Percentage” means at
any time, with respect to each Management Holder, (i) the number of Registrable Securities then held by such Management Holder multiplied by (ii) a fraction, the numerator of which is the number of Registrable Securities held by Apollo
that are being registered in the relevant offering and the denominator of which is the total number of Registrable Securities then held by Apollo. 
 “Prospectus” means the final prospectus relating to any offering of Registrable Securities pursuant to Section 2, including any prospectus supplement thereto, as filed with
the Commission pursuant to Rule 424(b) of the Rules and Regulations. 
 “Records” has the meaning set forth in
Section 2(i)(xi). 
 “Registrable Securities” means at any time, with respect to any Stockholder,
shares of Common Stock held by such Stockholder. 
 “Registration Expenses” has the meaning set forth in
Section 2(j). 
 “Road Show Material” has the meaning set forth in Section 2(k).

 “Rule 144” means Rule 144 of the Rules and Regulations or any successor rule thereto or any complementary
rule thereto. 
 “Rule 405” means Rule 405 of the Rules and Regulations or any successor rule thereto or any
complementary rule thereto. 
 “Rule 433” means Rule 433 of the Rules and Regulations or any successor rule
thereto or any complementary rule thereto. 
 “Rules and Regulations” means the rules and regulations of the
Commission, as the same shall be in effect from time to time. 
 “Securities” means “securities” as
defined in Section 2(1) of the Securities Act and includes capital stock or other equity interests or any options, warrants or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for, capital stock
or other equity interests. Whenever a reference herein to Securities is referring to any derivative Securities, the rights of a holder shall apply to such derivative Securities and all underlying Securities directly or indirectly issuable upon
conversion, exchange or exercise of such derivative Securities. 
 “Securities Act” means the Securities Act of
1933, and the Rules and Regulations, all as the same shall be in effect from time to time. 

  
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 “Sellers’ Counsel” has the meaning set forth in
Section 2(i)(ii). 
 “Stockholders” has the meaning set forth in the preamble hereto. 

“Underwritten Offering” means a sale of Common Stock to an underwriter for reoffering to the public. 

Section 2. Registration Rights. 
 (a) Right to Demand; Demand Notices. Subject to the provisions of this Section 2, at any time and from time to time, Apollo (the “Demand Party”) shall have the right to
make two (2) written requests in any 12-month period to the Company for registration under and in accordance with the provisions of the Securities Act of all or part of its Registrable Securities. All requests made pursuant to this
Section 2 will specify the aggregate amount of Registrable Securities to be registered, and will also specify the intended method of transfer thereof (a “Demand Notice”), including, if such transfer is pursuant to an
Underwritten Offering, whether such offering shall be a “firm commitment” underwriting. Subject to Section 2(g), promptly upon receipt of any such Demand Notice, the Company will use its best efforts to effect, as soon as
possible, but in any event within 90 days, such registration under the Securities Act of the Registrable Securities that the Company has been so requested to register. 
 (b) Company’s Right to Defer Registration. If the Company is requested to effect a Demand Registration and the Company furnishes to the Demand Party a copy of a resolution of the Board
certified by the secretary of the Company stating that in the good faith judgment of the Board it would be materially adverse to the Company for such Registration Statement to be filed on or before the date such filing would otherwise be required
hereunder, the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request for such registration from such Demand Party. If the Company shall so postpone the filing of a
Registration Statement and if the Demand Party within thirty (30) days after receipt of the notice of postponement advises the Company in writing that such Demand Party has determined to withdraw such request for registration, then such Demand
Registration shall be deemed to be withdrawn and shall not be deemed to have been requested for purposes of Section 2(a). If the effective date of any Registration Statement filed would otherwise be at least forty-five (45) calendar
days, but fewer than ninety (90) calendar days, after the end of the Company’s fiscal year, and the Securities Act requires the Company to include audited financials as of the end of such fiscal year, the Company may delay the
effectiveness of such Registration Statement for such period (up to a maximum of 45 days) as is reasonably necessary to include therein audited financial statements for such fiscal year. 

(c) Registration Statement Form. Registrations under this Section 2 shall be on such appropriate registration form of
the Commission (i) as shall be selected by the Company and as shall be reasonably acceptable to the Demand Party and (ii) as shall permit the transfer of Registrable Securities in accordance with the intended method or methods of transfer
specified in the Demand Party’s Demand Notice. If, in connection with any registration under this Section 2 that is proposed by the Company to be on Form S-3 or any successor form, the managing underwriter, if any, shall advise the
Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such registration shall be on such other permitted form. 

  
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 (d) Effective Registration Statement. The Company shall be deemed to have effected a
Demand Registration if (i) the Registration Statement relating to such Demand Registration is declared effective by the Commission; provided, however, that no Demand Registration shall be deemed to have been requested for purposes
of Section 2(a) if (x) such registration, after it has become effective, is or becomes subject to any stop order, injunction or other Order of the Commission or other Governmental Authority or court by reason of an act or omission
by the Company and such interference is not cured within twenty (20) Business Days or (y) the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such registration are not
satisfied because of an act or omission by the Company (other than a failure of the Company or any of its officers or employees to execute or deliver any closing certificate by reason of facts or circumstances existing due to actions of Apollo) or
(ii) at any time after the Demand Party delivers a Demand Notice to the Company and prior to the effectiveness of the Registration Statement, the preparation of such Registration Statement is discontinued or such Registration Statement is
withdrawn or abandoned at the request of the Demand Party (other than as contemplated by Section 2(g)) unless the Demand Party has elected to pay and has paid to the Company in full the Registration Expenses (as set forth in
Section 2(j)) in connection with such Registration Statement. 
 (e) Piggyback Registration. If the Company
at any time proposes for any reason to register Common Stock under the Securities Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) including, without limitation, pursuant to
Section 2(a) or Section 2(f), it shall promptly give written notice to each Stockholder of its intention to register Common Stock and, upon the written request, given within 15 days after delivery of any such notice by the
Company, of Apollo or any Management Holder to include in such registration Registrable Securities (which request shall specify the number of Registrable Securities proposed to be included in such registration, which amount, in the case of a
Management Holder, shall not exceed its Proportionate Percentage), the Company shall use its best efforts to cause all such Registrable Securities to be included in such registration on the same terms and conditions as the Common Stock otherwise
being sold in such registration, and in any event, subject to Section 2(g) the Company shall include the Registrable Securities if the registration is effected pursuant to Section 2(a) or Section 2(f) on the same
terms and conditions as the Common Stock otherwise being sold in such registration. 
 (f) Registrations on Form S-3.
Notwithstanding anything contained in this Agreement to the contrary, at such time as the Company shall have qualified for the use of Form S-3 promulgated under the Securities Act or any successor form thereto, Apollo shall have the right to
request in writing an unlimited number of Demand Registrations on Form S-3 or such successor form of Registrable Securities held by Apollo, which request or requests shall (i) specify the number of Registrable Securities intended to be sold or
otherwise transferred and (ii) state the intended method of transfer of such Registrable Securities. Promptly (and in any event within 5 days) after receipt of any such request, the Company shall give written notice of such proposed
registration to the other Stockholders and, subject to Section 2(g), shall include in such proposed registration any Registrable Securities requested to be included in such proposed registration by such Stockholders who respond in
writing to the Company’s notice within 15 days after delivery of such Notice (which response shall specify the number of Registrable Securities proposed to be included in such registration). 

  
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 (g) Cutbacks. If the managing underwriter advises the Company that the inclusion of
all such Registrable Securities proposed to be included in any registration would interfere with the successful marketing (including pricing) of the Common Stock of the Company to be offered thereby, then the number of shares of Common Stock
proposed to be included in such registration shall be allocated among the Company and the selling Stockholders in the following order of priority: 
 (i) In the case of a registration pursuant to Section 2(a), 

(A) first, to the Registrable Securities to be offered by Apollo; 

(B) second, to the Registrable Securities to be offered by the Management Holders on a pro rata basis; and

 (C) third, to the Common Stock to be offered by the Company, if any. 

(ii) In the case of any other registration, 

(A) first, to the Registrable Securities to be offered by the Stockholders on a pro rata basis; and 

(B) second, to the Common Stock to be offered by the Company, if any. 

(h) Holdback Agreement. If the Company at any time shall register any shares of Common Stock under the Securities Act (including
any registration pursuant to Section 2(a)) for sale to the public, Apollo and the Management Holders shall not sell, make any short sale of, grant any option for the purchase of, or otherwise transfer, any Registrable Securities (other
than those Registrable Securities included in such registration pursuant to this Agreement) without the prior written consent of the Company, for a period designated by the Company in writing to Apollo and the Management Holders, which period shall
not begin more than 10 days prior to the effectiveness of the Registration Statement pursuant to which such public offering shall be made and shall not exceed 90 days after the effective date of such Registration Statement. 

(i) Preparation and Filing. If and whenever the Company is under an obligation pursuant to the provisions of this
Agreement to use its best efforts to effect the registration of any Registrable Securities, the Company shall, as expeditiously as practicable: 
 (i) use its best efforts to cause a Registration Statement that registers such Registrable Securities to become and remain effective for a period of 90 days or until all of such Registrable Securities
have been transferred (if earlier); 

  
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 (ii) furnish, at least five Business Days before filing a Registration
Statement that registers such Registrable Securities, any Preliminary Prospectus and the Prospectus relating thereto or any amendments or supplements relating to such a Registration Statement or such prospectuses, to one counsel acting on behalf of
all selling Stockholders selected by Apollo (the “Sellers’ Counsel”), copies of all such documents proposed to be filed (it being understood that such five Business Day period need not apply to successive drafts of the same
document proposed to be filed so long as such successive drafts are supplied to such counsel in advance of the proposed filing by a period of time that is customary and reasonable under the circumstances), and shall use its best efforts to reflect
in each such document, when so filed with the Commission, such comments as the Stockholders whose Registrable Securities are to be covered by such Registration Statement may reasonably propose; 

(iii) prepare and file with the Commission such 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 at least a period of 90 days or until all of such Registrable Securities have been transferred (if earlier) and to comply with the
provisions of the Securities Act with respect to the sale or other transfer of such Registrable Securities; 

(iv) promptly notify the Sellers’ Counsel in writing (A) of the receipt by the Company of any notification with
respect to any comments by the Commission with respect to such Registration Statement, any Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, or any request by the Commission for the amending or supplementing thereof or
for additional information with respect thereto, (B) of the receipt by the Company of any notification with respect to the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement or any amendment
or supplement thereto or the initiation of any proceedings for that purpose and (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of such Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such purposes; 
 (v) use its best efforts to
register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any selling Stockholder reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable
to enable the holders of such Registrable Securities to consummate the transfer in such jurisdictions. 
 (vi)
without limiting subsection (v) above, use its best efforts to cause such Registrable Securities to be registered with or approved by such other Governmental Authorities as may be necessary by virtue of the business and operations of the
Company to enable the holders of such Registrable Securities to consummate the transfer of such Registrable Securities; 

  
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 (vii) furnish to each selling Stockholder and the underwriters, if any, such
number of copies of such Registration Statement, any amendments thereto, any exhibits thereto or documents incorporated by reference therein (but only to the extent not publicly available on EDGAR or the Company’s website), any Preliminary
Prospectus, any Issuer Free Writing Prospectus and the Prospectus (each in conformity with the requirements of the Securities Act), and such other documents as such selling Stockholder or underwriters may reasonably request in order to facilitate
the public offering and sale or other transfer of such Registrable Securities; 
 (viii) notify in writing on a
timely basis each selling Stockholder at any time when the Prospectus is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing and, at the request of such
Stockholder, prepare and furnish to such Stockholder a number of copies reasonably requested by such Stockholder of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the offerees 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 light of the circumstances
then existing; 
 (ix) prevent the issuance of an Order suspending the effectiveness of a Registration Statement,
and if one is issued, use its best efforts to obtain the withdrawal of any Order suspending the effectiveness of a Registration Statement as soon as possible; 
 (x) retain in accordance with the Rules and Regulations all Issuer Free Writing Prospectuses not required to be filed pursuant to the Rules and Regulations; and if at any time after the date hereof any
event shall have occurred as a result of which any Issuer Free Writing Prospectus, as then amended or supplemented, would conflict with the information in the Registration Statement, the most recent Preliminary Prospectus or the Prospectus or would
include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, or, if for any other reason it shall be
necessary to amend or supplement any Issuer Free Writing Prospectus effect compliance with the Securities Act and the Rules and Regulations, to notify promptly in writing the selling Stockholders and underwriters and, upon request, to file such
document and to prepare and furnish without charge to each selling Stockholder and underwriter as many copies as each such selling Stockholder and underwriter may from time to time reasonably request of an amended or supplemented Issuer Free Writing
Prospectus that will correct such conflict, statement or omission or effect compliance with the Securities Act and the Rules and Regulations; 
 (xi) make available for inspection by the selling Stockholders, the Sellers’ Counsel or any underwriter participating in any transfer pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such seller or underwriter (collectively, the “Inspectors”), all pertinent financial and other records, pertinent corporate documents and properties of the Company (collectively, the
“Records”), as shall be reasonably necessary to enable them to exercise their due 

  
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diligence responsibility, and cause the Company’s officers, managers and employees to supply all information (together with the Records, the “Information”) reasonably
requested by any such Inspector in connection with such Registration Statement. Any of the Information that the Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, shall not be disclosed by
the Inspectors unless (i) the disclosure of such Information is necessary to avoid or correct a misstatement or omission in the Registration Statement, (ii) the release of such Information is ordered pursuant to a subpoena or other Order
from a Governmental Authority or (iii) such Information has been made generally available to the public. The selling Stockholders agree that they will, upon learning that disclosure of such Information is sought by a Governmental Authority,
give prompt written notice to the Company and use their reasonable commercial efforts to allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure of the Information deemed confidential; 

(xii) in the case of an Underwritten Offering, use its best efforts to obtain from its Accountants a “comfort”
letter in customary form and covering such matters of the type customarily covered by comfort letters; 
 (xiii)
in the case of an Underwritten Offering, use its best efforts to obtain from its counsel an opinion or opinions in customary form (which shall also be addressed to the Stockholders selling Registrable Securities in such registration); 

(xiv) provide a transfer agent and registrar (which may be the same entity) for such Registrable Securities and a CUSIP
number for such Registrable Securities, in each case no later than the effective date of such registration; 

(xv) upon the request of any underwriter, issue to any underwriter to which any selling Stockholder may sell Registrable
Securities in such offering, certificates evidencing such Registrable Securities; 
 (xvi) list such Registrable
Securities on any national securities exchange on which any shares of Common Stock are listed or, if no such shares are listed on a national securities exchange, use its best efforts to qualify such Registrable Securities for inclusion such national
securities exchange as Apollo shall request; 
 (xvii) in connection with an Underwritten Offering, participate,
to the extent requested by the managing underwriter for the offering or Apollo, in customary efforts to sell the Registrable Securities being offered, cause such steps to be taken as to ensure the good faith participation of senior management
officers of the Company in “road shows” as is customary and take such other actions as the underwriters or Apollo may request in order to expedite or facilitate the transfer of Registrable Securities; 

(xviii) cooperate with each Stockholder and each underwriter participating in the transfer of Registrable Securities and
their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”), including, if appropriate, the pre-filing of the Prospectus as part of a shelf Registration
Statement in advance of an Underwritten Offering; 

  
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 (xix) make available to its security holders, as soon as reasonably
practicable but not later than eighteen (18) months after the effective date, earnings statements (which need not be audited) covering a period of twelve (12) months beginning within three (3) months after the effective date of the
Registration Statement, which earnings statements shall satisfy the provisions of Section 2(a) of the Securities Act and Rule 158 thereunder; 
 (xx) during the period when the Prospectus is required to be delivered under the Securities Act, promptly file all documents required to be filed with the Commission, including pursuant to Sections
13(a), 13(c), 14, or 15(d) of the Exchange Act; 
 (xxi) otherwise use its best efforts
to comply with all applicable Rules and Regulations; and 
 (xxii) use its best efforts to take all other steps
necessary to effect the registration of such Registrable Securities contemplated hereby. 
 (j) Expenses. All expenses
incident to the Company’s performance of, or compliance with, this Section 2, including (a) all registration and filing fees, and any other fees and expenses associated with filings required to be made with any stock exchange,
the Commission and FINRA (including, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel as may be required by the rules and regulations of the FINRA); (b) all fees and expenses of
compliance with state securities or “blue sky” laws (including fees and disbursements of counsel for the underwriters or Stockholders in connection with “blue sky” qualifications of the Registrable Securities and determination of
their eligibility for investment under the laws of such jurisdictions as the managing underwriters may designate); (c) all printing and related messenger and delivery expenses (including expenses of printing certificates for the Registrable
Securities in a form eligible for deposit with The Depository Trust Company (or any other depositary or transfer agent/registrar) and of printing any Preliminary Prospectus, any Issuer Free Writing Prospectus and the Prospectus and any amendments
thereto), all fees and disbursements of counsel for the Company and of all independent certified public accountants of the issuer (including the expenses of any special audit and “comfort” letters required by or incident to such
performance); (d) Securities Act liability insurance if the Company so desires or the underwriters so require; (e) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange;
(f) all fees and disbursements of the Sellers’ Counsel to represent the selling Stockholders in connection with such registration; and (g) reasonable fees and expenses of outside counsel and advisors retained by the Company (all such
expenses being herein called “Registration Expenses”), will be borne by the Company, regardless of whether the Registration Statement becomes effective; provided, however, that all underwriting discounts and selling
commissions applicable to the Registrable Securities shall not be borne by the Company, but shall be borne by the seller or sellers thereof, in proportion to the number of Registrable Securities sold by such seller or sellers. In addition, the
Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any audit and the fees and expenses of any Person,
including special experts, retained by the Company. 

  
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 (k) Indemnification. 

(i) In connection with any registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company shall indemnify and hold harmless each seller of such Registrable Securities, each underwriter, broker or any other Person acting on behalf of such seller and each other Person, if any, who controls any of the foregoing Persons within
the meaning of the Securities Act against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (1) any untrue statement or alleged untrue statement of a material fact contained in (A) any Preliminary Prospectus, the Registration Statement, the Prospectus or
in any amendment or supplement thereto, (B) any Issuer Free Writing Prospectus or in any amendment or supplement thereto or (C) any Permitted Issuer Information used or referred to in any “free writing prospectus” (as defined in
Rule 405) used or referred to by any underwriter or (D) any “road show” (as defined in Rule 433) not constituting an Issuer Free Writing Prospectus, when considered together with the most recent Preliminary Prospectus (collectively,
“Road Show Material”), (2) the omission or alleged omission to state in any Preliminary Prospectus, the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or supplement thereto or in
any Permitted Issuer Information or any Road Show Material any material fact required to be stated therein or necessary to make the statements therein (in the case of any Preliminary Prospectus, Issuer Free Writing Prospectus, Permitted Issuer
Information, Road Show Material and the Prospectus, in the light of the circumstances under which they were made) not misleading, or any violation by the Company of the Securities Act or state securities or blue sky laws applicable to the Company
and relating to action or inaction required of the Company in connection with such registration or qualification under such state securities or blue sky laws; and shall reimburse such seller, such underwriter, such broker or such other Person acting
on behalf of such seller and each such controlling Person for any legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in
the Preliminary Prospectus, the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or in any such amendment or supplement thereto or in any Permitted Issuer Information or any Road Show Material in reliance upon and in
conformity with written information furnished to the Company through an instrument duly executed by such seller or underwriter specifically for use in the preparation thereof. 

  
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 (ii) In connection with any registration of Registrable Securities under the
Securities Act pursuant to this Agreement, each seller of Registrable Securities shall indemnify and hold harmless (in the same manner and to the same extent as set forth in the preceding paragraph of this Section 2(k)) the Company, each
officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting on behalf of such seller, each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each
other seller of Registrable Securities under such Registration Statement with respect to any statement or omission from any Preliminary Prospectus, the Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or in any amendment or
supplement thereto or in any Road Show Material, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company or such underwriter through an instrument duly executed by such seller
specifically for use in connection with the preparation of such Preliminary Prospectus, Registration Statement, Prospectus, Issuer Free Writing Prospectus or in any amendment or supplement thereto or in Road Show Material; provided,
however, that the maximum amount of liability in respect of such indemnification shall be, limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of
Registrable Securities effected pursuant to such registration. 
 (iii) Indemnification similar to that specified
in Sections 2(k)(i) and (k)(ii) shall be given by the Company and each seller of Registrable Securities (with such modifications as may be appropriate) with respect to any required registration or other qualification of their
Securities under any Federal or state law or regulation of Governmental Authority other than the Securities Act. 

(iv) Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred
to in the preceding paragraphs of this Section 2(k), such indemnified party will, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action (provided,
however, that an indemnified party’s failure to give such notice in a timely manner shall only relieve the indemnification obligations of an indemnifying party to the extent such indemnifying party is materially prejudiced by such
failure). In case any such action is brought against an indemnified party, 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 shall not be responsible for
any legal or other expenses subsequently incurred by the latter in connection with the defense thereof; provided, however, that if any indemnified party shall have reasonably concluded that there may be one or more legal or equitable
defenses available to such indemnified party which are additional to or conflict with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity
agreement provided in this Section 2(k), the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party and such indemnifying party shall reimburse such indemnified party and, any
Person controlling such indemnified party for that portion of the fees and expenses of any counsel retained by the indemnified party which are reasonably related to the matters covered by the indemnity agreement provided in this
Section 2(k). 

  
 12 

 (v) If the indemnification provided for in this Section 2(k) is
held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, claim, damage or liability referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions which resulted in such loss, claim, damage or liability as well as any other relevant equitable considerations; provided, however, that the maximum amount of
liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to
such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. No Person
guilty of fraud shall be entitled to indemnification or contribution hereunder. 
 (vi) The indemnification and
contribution provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party and will survive the transfer of Registrable Securities. 

(l) Underwritten Offerings. 
 Notwithstanding anything to the contrary set forth in this Agreement: 
 (i) to the extent that all the holders selling Registrable Securities in a proposed registration shall enter into an underwriting or similar agreement, which agreement contains provisions covering one or
more issues addressed in this Section 2, the provisions contained in this Section 2 addressing such issue or issues shall be of no force or effect with respect to such registration. If any offering pursuant to a Demand
Registration or pursuant to Section 2(g) involves an Underwritten Offering, Apollo shall have the right to select the managing underwriter or underwriters to administer the offering, which managing underwriters shall be a firm of
nationally recognized standing and reasonably satisfactory to the Company in which case the Company shall enter into an agreement with such firm for the underwriting of such offering containing terms and conditions reasonably satisfactory to Apollo
and the Company; and 
 (ii) no Management Holder may participate in any registration hereunder that is
underwritten unless such Management Holder agrees (A) to sell such Stockholder’s Registrable Securities proposed to be included therein on the basis provided in any underwriting arrangement(s) acceptable to Apollo and the Company and
consistent with the terms hereof and (B) as expeditiously as possible, to notify the Company of the occurrence of any event concerning such Stockholder as a result of which any Preliminary Prospectus, any Issuer Free Writing Prospectus or the
Prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

  
 13 

 (m) Information by Holder. Each holder of Registrable Securities to be included in
any registration shall furnish to the Company such written information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
registration, qualification or compliance referred to in this Agreement. 
 (n) Exchange Act Compliance. From and after
the date a Registration Statement filed by the Company pursuant to the Exchange Act relating to any class of the its Securities shall have become effective, the Company shall comply with all of the reporting requirements of the Exchange Act and
shall comply with all other public information reporting requirements of the Commission which are conditions to the availability of Rule 144 for the sale of Registrable Securities. The Company shall cooperate with each holder in supplying such
information as may be necessary for such holder to complete and file any information reporting forms presently or hereafter required by the Commission as a condition to the availability of Rule 144 or any comparable successor rules). The Company
shall furnish to any holder of Registrable Securities upon request a written statement executed by the Company as to the steps it has taken to comply with the current public information requirement of Rule 144 (or such comparable successor rules).
The Company shall use its best efforts to facilitate and expedite transfers of Registrable Securities pursuant to Rule 144 under the Securities Act, which efforts shall include timely notice to its transfer agent to expedite such transfers of
Registrable Securities. 
 (o) No Conflict of Rights. The Company represents and warrants to Apollo and the Management
Holders that the registration rights granted in this Agreement do not conflict with any other registration rights granted by the Company. The Company shall not, after the date hereof, grant any registration rights which conflict with or impair, or
have any priority over, the registration rights granted hereby. 
 Section 3. Miscellaneous. 

(a) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, and such invalid, void or otherwise unenforceable provisions shall be null and void. It is the intent of the parties, however, that any invalid, void or otherwise unenforceable provisions be
automatically replaced by other provisions which are as similar as possible in terms to such invalid, void or otherwise unenforceable provisions but are valid and enforceable to the fullest extent permitted by law. 

(b) Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto and supersedes any other
agreements, whether written or oral, that may have been made or entered into by or among any of the parties hereto relating to the subject matter hereof. 

  
 14 

 (c) Termination. The provisions of this Agreement shall terminate and be of no
further force or effect when there shall no longer be any Registrable Securities, provided, however, that Sections 2(j) and (k) shall survive the termination of this Agreement indefinitely. 

(d) Successors and Assigns. This Agreement shall bind and inure to the benefit of the Company, Apollo and the Management Holders
and their respective successors and permitted assigns. Except as otherwise expressly permitted pursuant to the terms of this Agreement (or with the prior written consent of Apollo), neither the Company nor the Management Holders shall assign or
otherwise transfer their rights or obligations hereunder. Apollo shall have the right to assign or otherwise transfer its rights and obligations hereunder to its Affiliates. 
 (e) Modifications; Amendments. The terms and provisions of this Agreement may not be modified, amended or waived, except pursuant to a writing signed by the Company, and the holders of a majority
of the Common Stock; provided, however, that any such modification, amendment or waiver that adversely affects any Stockholder and is prejudicial to such Stockholder relative to all of the other Stockholders shall not be effected
without the consent of such Stockholder. 
 (f) Waiver. No course of dealing between the Company, Apollo and the
Management Holders (or any of them) or any delay in exercising any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party hereto to enforce any of the provisions of this Agreement will in no
way be construed as a waiver of such provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

(g) Headings. The section headings of this Agreement are included for reference purposes only and shall not affect the
construction or interpretation of any of the provisions of this Agreement. 
 (h) Counterparts; Facsimile Signatures.
This Agreement may be executed in any number of original or facsimile counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. 

(i) Remedies. 
 (i) The parties hereto agree that if any parties seek to resolve any dispute arising under this Agreement pursuant to a legal proceeding, the prevailing parties to such proceeding shall be entitled to
receive reasonable fees and expenses (including reasonable attorneys’ fees and expenses) incurred in connection with such proceedings. 

  
 15 

 (ii) It is acknowledged that it will be impossible to measure in money the
damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person will be irreparably damaged and will not have an adequate remedy at law.
Any such Person shall, therefore, be entitled to injunctive relief, including specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties
hereto shall raise the defense that there is an adequate remedy at law. 
 (j) Notices. All notices, requests, consents
and other communications hereunder to any party hereto shall be deemed to be sufficient if contained in a written instrument and shall be deemed to have been duly given when delivered in person, by telecopy, by nationally-recognized overnight
courier, or by first class registered or certified mail, postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor: 

 

	 	(i)	if to the Company or to any Management Holder, to: 

  

	 	    	CKE Inc. 

	 	    	6307 Carpinteria Ave., Ste A 

	 	    	Carpinteria, California 93013 

	 	    	Fax: (714) 780-6401 

	 	    	Attn: Senior Vice President, Legal 

  

	 	(ii)	if to Apollo, to: 

  

	 	    	Apollo Management VII, L.P. 

	 	    	c/o Apollo Management, L.P. 

	 	    	9 West 57th Street, 43rd Floor 

	 	    	New York, NY 10019 

	 	    	Fax: (646) 607-0528 

	 	    	Attention: Laurie D. Medley 

 All such notices,
requests, consents and other communications shall be deemed to have been delivered (a) in the case of personal delivery or delivery by telecopy, on the date of such delivery, (b) in the case of nationally-recognized overnight courier, on
the next Business Day and (c) in the case of mailing, on the third Business Day following such mailing if sent by certified mail, return receipt requested. 
 (k) Arbitration. EXCEPT AS SET FORTH BELOW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS
OR PRINCIPLES THEREOF THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. ALL MATTERS WHICH ARE THE SUBJECT OF THIS AGREEMENT RELATING TO MATTERS OF INTERNAL GOVERNANCE OF THE COMPANY SHALL BE GOVERNED
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY LAW OR RULE THAT 

  
 16 

 
WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. Any dispute or controversy arising under, out of, or in connection with or in relation to this Agreement
shall be finally determined and settled by arbitration in New York, New York in accordance with the applicable rules of the American Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction. Within 20 days
of the conclusion of the arbitration hearing, the arbitrator shall prepare written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrator shall be valid, binding, final and non-appealable;
provided, however, that the parties hereto agree that the arbitrator shall not be empowered to award punitive damages against any party to such arbitration. To the extent permitted by law, the arbitrator’s fees and expenses will
be borne equally by each party. In the event that an action is brought to enforce the provisions of this Agreement pursuant to this Section 3(k), each party shall pay its own attorney’s fees and expenses regardless of whether in the
opinion of the court or arbitrator deciding such action there is a prevailing party. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL, INCLUDING TRIAL BY JURY, IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
RELATING TO THIS AGREEMENT. 
 (l) Interpretive Matters. Unless the context otherwise requires, (i) all references
to articles, sections, schedules or exhibits are to Articles, Sections, Schedules or Exhibits of or to this Agreement, (ii) each accounting term not otherwise defined in this Agreement has the meaning assigned for it in accordance with GAAP,
(iii) words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, feminine or neuter gender shall include the masculine, feminine and neuter, and (iv) the term “including” and any
variation thereof shall mean by way of example and not by way of limitation. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent arises, this Agreement shall
be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(m) Further Assurances. Each party hereto shall do and perform or cause to be done and performed all such further acts and things
and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the provisions of this Agreement and the consummation of the transactions
contemplated hereby. 
 (n) Third Party Beneficiaries. The covenants of the Company contained in this Agreement are
solely for the benefit of the Stockholders. Accordingly, except as expressly set forth herein, no third party (including, without limitation, any holder of Common Stock of the Company) or anyone acting on behalf of any thereof, other than the
Stockholders and their permitted assignees, shall be a third party or other beneficiary of such covenants and no such third party shall have any rights of contribution against the Stockholders or the Company with respect to such covenants or any
matter subject to or resulting in indemnification under this Agreement or otherwise. 
 [Signature Page Follows]

  
 17 

 
			
	CKE INC.
		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	 APOLLO CKE INVESTORS, L.P.

		
	By:	 	
		 	  

		 	Name:
		 	Title:
	
	MANAGEMENT HOLDERS
	
	
                         
                                         
                                     

Andrew F. Puzder

	
	
                         
                                         
                                     

E. Michael Murphy

	
	
                         
                                         
                                     

Theodore Abajian

	
	
                         
                                         
                                     

Bradford R. Haley

	
	
                         
                                         
                                     

Robert J. Starke

	
	
                         
                                         
                                     

Robert J. DiNicola

	
	
                         
                                         
                                     

George G. Golleher

  
 18 

  

                   
                                         
                                         
                                         
  
 Daniel E. Ponder, Jr. 

 

                   
                                         
                                         
                                         
  
 Jerold H. Rubinstein 

 

                   
                                         
                                         
                                         
  
 C. Thomas Thompson 

 

                   
                                         
                                         
                                         
  
 Robert C. Bartlett, Jr. 

 

                   
                                         
                                         
                                         
  
 Richard F. Buxton 
  

                   
                                         
                                         
                                         
  
 Jeffrey Chasney 
  

                   
                                         
                                         
                                         
  
 John J. Dunion 
  

                   
                                         
                                         
                                         
  
 Steven D. Evans 

 

                   
                                         
                                         
                                         
  
 Richard E. Fortman 

 

                   
                                         
                                         
                                         
  
 Robert Bruce Frazer 

 

                   
                                         
                                         
                                         
  
 James E. Lawton 
  

                   
                                         
                                         
                                         
  
 Stephen Lemley 

  
 19 

  

                   
                                         
                                         
                                         
  
 Ned T. Lyerly, Jr. 

 

                   
                                         
                                         
                                         
  
 Charles A. Seigel III 

 

                   
                                         
                                         
                                         
  
 Reese E. Stewart 
  

                   
                                         
                                         
                                         
  
 William R. Werner 
  

                   
                                         
                                         
                                         
  
 Jack Willingham 

  
 20 

 SCHEDULE I 
 MANAGEMENT HOLDERS 
 Theodore Abajian 

Robert C. Bartlett, Jr. 
 Richard F. Buxton

 Jeffrey Chasney 
 Robert J. DiNicola

 John J. Dunion 
 Steven D. Evans

 Richard E. Fortman 
 Robert Bruce
Frazer 
 George G. Golleher 
 Bradford
R. Haley 
 James E. Lawton 
 Stephen
Lemley 
 Ned T. Lyerly, Jr. 
 E.
Michael Murphy 
 Daniel E. Ponder, Jr. 

Andrew F. Puzder 
 Jerold H. Rubenstein

 Charles A. Seigel III 
 Robert J.
Starke 
 Reese E. Stewart 
 C. Thomas
Thompson 
 William R. Werner 
 Jack
Willingham 

  
 21Form of Indemnification Agreement

 Exhibit 10.1 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (the
“Agreement”), dated as of             , 20    , between Performant Financial Corporation, a Delaware corporation (the
“Corporation”), and             (“Indemnitee”), 
 W I T N E S S E T H: 
 WHEREAS, Indemnitee is either a member of the board of
directors of the Corporation (the “Board of Directors”) or an officer of the Corporation or its subsidiaries, or both, and in such capacity or capacities, or otherwise as an Agent (as hereinafter defined) of the Corporation,
is performing a valuable service for the Corporation; and 
 WHEREAS, the Corporation is aware that competent and experienced
persons are increasingly reluctant to serve as directors or officers of corporations or other business entities unless they are protected by comprehensive indemnification and liability insurance, due to increased exposure to litigation costs and
risks resulting from their service to such corporations, and because the exposure frequently bears no reasonable relationship to the compensation of such directors and officers; and 

WHEREAS, the Board of Directors of the Corporation has concluded that, to retain and attract talented and experienced individuals to
serve or continue to serve as officers or directors of the Corporation or as an Agent, and to encourage such individuals to take the business risks necessary for the success of the Corporation, it is necessary for the Corporation contractually to
indemnify directors, officers and Agents and to assume for itself to the fullest extent permitted by law expenses and damages in connection with claims against such officers, directors and Agents in connection with their service to the Corporation;
and 
 WHEREAS, Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”), under which the
Corporation is organized, empowers the Corporation to indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the request of the Corporation, as directors, officers, employees or agents of other corporations
or enterprises, and expressly provides that the indemnification provided by the DGCL is not exclusive; and 
 WHEREAS, the
Corporation desires and has requested the Indemnitee to serve or continue to serve as a director, officer or Agent of the Corporation free from undue concern for claims for damages arising out of or related to such services to the Corporation; and

 WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the
Corporation on the condition that he or she be indemnified as herein provided; and 
 WHEREAS, it is intended that Indemnitee
shall be paid promptly by the Corporation all amounts necessary to effectuate in full the indemnity provided herein; and 

 WHEREAS, certain defined terms are set forth in Section 17 below: 

NOW, THEREFORE, in consideration of the premises and the covenants in this Agreement, and of Indemnitee serving or continuing to serve
the Corporation as an Agent and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Services by
Indemnitee. Indemnitee agrees to serve or continue to serve (a) as a director or an officer of the Corporation, or both, so long as Indemnitee is duly appointed or elected and qualified, and until such time as Indemnitee resigns or fails to
stand for election or is removed from Indemnitee’s position in each case in accordance with the applicable provisions of the Certificate of Incorporation and Bylaws of the Corporation, or (b) otherwise as an Agent of the Corporation.
Indemnitee may from time to time also perform other services at the request or for the convenience of, or otherwise benefiting the Corporation or any subsidiary of the Corporation. Indemnitee may at any time and for any reason resign or be removed
from such position (subject to any other contractual obligation or other obligation or limitations imposed by operation of law, including the Corporation’s Certificate of Incorporation and Bylaws), in which event the Corporation shall have no
obligation under this Agreement to continue Indemnitee in any such position. 
 2. Indemnification of Indemnitee. Subject
to the limitations set forth herein and particularly in Section 6 hereof, the Corporation hereby agrees to indemnify Indemnitee as follows: 
 (a) The Corporation shall, with respect to any Proceeding (as hereinafter defined), indemnify Indemnitee to the fullest extent permitted by applicable law or as such law may from time to time be amended
(but, in the case of any such amendment, only to the extent such amendment permits the Corporation to provide broader indemnification rights than the law permitted the Corporation to provide before such amendment). The right to indemnification
conferred herein shall be presumed to have been relied upon by Indemnitee in serving or continuing to serve the Corporation as an Agent and shall be enforceable as a contract right. Without in any way diminishing the scope of the indemnification
provided by this Section 2(a), the rights of indemnification of Indemnitee shall include but shall not be limited to those rights hereinafter set forth. 
 (b) Without limiting the generality of Section 2(a), the Corporation shall indemnify Indemnitee if Indemnitee is or was a party or is threatened to be made a party to any Proceeding (other than an
action by or in the right of the Corporation) by reason of the fact that Indemnitee is or was an Agent of the Corporation, or any subsidiary of the Corporation, or by reason of the fact that Indemnitee is or was serving at the request of the
Corporation as an Agent of another corporation, partnership, joint venture, trust or other enterprise, against Expenses (as hereinafter defined) or Liabilities (as hereinafter defined), actually and reasonably incurred by Indemnitee in connection
with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause
to believe Indemnitee’s conduct was unlawful. 

  
 2 

 (c) Without limiting the generality of Section 2(a), the Corporation shall indemnify
Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the right of the Corporation or any subsidiary of the Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is
or was an Agent of the Corporation, or any subsidiary of the Corporation, or by reason of the fact that Indemnitee is or was serving at the request of the Corporation as an Agent of another corporation, partnership, joint venture, trust or other
enterprise, against Expenses and Liabilities if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification shall be made in respect
of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery of the State of
Delaware or such other court shall deem proper. 
 3. Advancement of Expenses. All reasonable Expenses incurred by or on
behalf of Indemnitee (including costs of enforcement of this Agreement) shall be advanced from time to time by the Corporation to Indemnitee within thirty (30) days after the receipt by the Corporation of a written request for an advance of
Expenses, whether prior to or after final disposition of a Proceeding (except to the extent that there has been a Final Adverse Determination (as hereinafter defined) that Indemnitee is not entitled to be indemnified for such Expenses), including
without limitation any Proceeding brought by or in the right of the Corporation. The written request for an advancement of any and all Expenses under this paragraph shall contain reasonable detail of the Expenses incurred by Indemnitee. In the event
that such written request shall be accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel has reviewed such Expenses and that such Expenses are reasonable in such counsel’s view, then such expenses shall be deemed
reasonable in the absence of clear and convincing evidence to the contrary. By execution of this Agreement, Indemnitee shall be deemed to have made whatever undertaking as may be required by law at the time of any advancement of Expenses with
respect to repayment to the Corporation of such Expenses. In the event that the Corporation shall breach its obligation to advance Expenses under this Section 3, the parties hereto agree that Indemnitee’s remedies available at law would
not be adequate and that Indemnitee would be entitled to specific performance. 
 4. Presumptions and Effect of Certain
Proceedings. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Corporation shall have the burden of proof to overcome that presumption in reaching any contrary
determination. The termination of any Proceeding by judgment, order, settlement, arbitration award or conviction, or upon a plea of nolo contendere or its equivalent shall not affect this presumption or, except as determined by a judgment or other
final adjudication adverse to Indemnitee, establish a presumption with regard to any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder. If the person or persons so empowered to make a determination pursuant
to Section 5 hereof shall have failed to make the requested determination within the period provided for in Section 5 hereof, a determination that Indemnitee is entitled to indemnification shall be deemed to have been made. 

  
 3 

 5. Procedure for Determination of Entitlement to Indemnification. 

(a) Whenever Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a
written request for indemnification to the Corporation. Any request for indemnification shall include sufficient documentation or information reasonably available to Indemnitee for the determination of entitlement to indemnification. In any event,
Indemnitee shall submit Indemnitee’s claim for indemnification within a reasonable time, not to exceed five (5) years after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere
or its equivalent, or final determination, whichever is the later date for which Indemnitee requests indemnification. The Secretary or other appropriate officer shall, promptly upon receipt of Indemnitee’s request for indemnification, advise
the Board of Directors in writing that Indemnitee has made such request. Determination of Indemnitee’s entitlement to indemnification shall be made not later than sixty (60) days after the Corporation’s receipt of Indemnitee’s
written request for such indemnification, provided that any request for indemnification for Liabilities, other than amounts paid in settlement, shall have been made after a determination thereof in a Proceeding. If it is so determined that the
Indemnitee is entitled to indemnification, and Indemnitee has already paid the Liabilities, reimbursement to the Indemnitee shall be made within ten (10) days after such determination; otherwise, the Corporation shall pay the Liabilities on
behalf of the Indemnitee if and when the Indemnitee becomes legally obligated to make payment. 
 (b) The Corporation shall be
entitled to select the forum in which Indemnitee’s entitlement to indemnification will be heard; provided, however, that if there is a Change in Control of the Corporation, Independent Legal Counsel (as hereinafter defined) shall
determine whether Indemnitee is entitled to indemnification. The forum shall be any one of the following: 
 (i)
a majority vote of Disinterested Directors (as hereinafter defined), even though less than a quorum; 
 (ii) by a
committee of Disinterested Directors designated by majority vote of Disinterested Directors, even though less than a quorum; 
 (iii) Independent Legal Counsel, whose determination shall be made in a written opinion; or 
 (iv) the stockholders of the Corporation. 
 6. Specific Limitations on
Indemnification. Notwithstanding anything in this Agreement to the contrary, the Corporation shall not be obligated under this Agreement to make any payment to Indemnitee with respect to any Proceeding (and Indemnitee hereby waives and
relinquishes any right under this Agreement, the Certificate of Incorporation, the Bylaws or otherwise to be indemnified and held harmless or to receive any advancement of Expenses): 

(a) To the extent that payment is actually made to Indemnitee under any insurance policy provided by the Corporation, or, except as
provided in Section 16, is made to Indemnitee by the Corporation or an affiliate otherwise than pursuant to this Agreement. Notwithstanding the availability of such insurance, Indemnitee also may claim indemnification from the Corporation
pursuant to this Agreement by assigning to the Corporation any claims under such insurance to the extent Indemnitee is paid by the Corporation; 

  
 4 

 (b) Provided there has been no Change in Control, for Liabilities in connection with
Proceedings settled without the Corporation’s consent, which consent, however, shall not be unreasonably withheld, delayed or conditioned; 
 (c) For (i) an accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation within the meaning of section 16(b) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) or (ii) any reimbursement of the Corporation by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of
securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements that arise pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) from an
accounting restatement by the Corporation, or the payment to the Corporation of profits arising from the purchase, sale or other acquisition or transfer by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);
provided, however, that notwithstanding any limitation set forth in this Section 6(c) regarding the Corporation’s obligation to provide indemnification, Indemnitee shall be entitled under Section 3 to receive advancement
of Expenses hereunder with respect to any such Proceeding unless and until a court having jurisdiction over the Proceeding shall have made a final judicial determination (as to which all rights of appeal therefrom have been exhausted or lapsed) that
Indemnitee has violated said statute; 
 (d) in connection with any acts, omissions or transactions for which Indemnitee is
prohibited from receiving indemnification under applicable law; provided, however, notwithstanding any limitation set forth in this Section 6(d) regarding the Corporation’s obligation to provide indemnification, Indemnitee
shall be entitled under Section 3 to receive advancement of Expenses hereunder with respect to any such Proceeding unless and until a court having jurisdiction over the Proceeding shall have made a final judicial determination (as to which all
rights of appeal therefrom have been exhausted or lapsed) that Indemnitee has engaged in acts, omissions or transactions for which Indemnitee is prohibited from receiving indemnification under applicable law; or 

(e) In connection with a Proceeding commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to enforce Indemnitee’s
rights under this Agreement) unless the commencement of such Proceeding was authorized by the Board of Directors. 
 7. Fees
and Expenses of Independent Legal Counsel. The Corporation agrees to pay the reasonable fees and expenses of Independent Legal Counsel should such Independent Legal Counsel be retained to make a determination of Indemnitee’s entitlement to
indemnification pursuant to Section 5(b) of this Agreement, and to fully indemnify such Independent Legal Counsel against any and all expenses and losses incurred by any of them arising out of or relating to this Agreement or their engagement
pursuant hereto. 

  
 5 

 8. Remedies of Indemnitee. 

(a) In the event that (i) a determination pursuant to Section 5 hereof is made that Indemnitee is not entitled to
indemnification, (ii) advances of Expenses are not made pursuant to this Agreement, (iii) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (iv) Indemnitee
otherwise seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in the Court of Chancery of the State of Delaware of the remedy sought. Alternatively, unless court approval is required by law for the
indemnification sought by Indemnitee, Indemnitee at Indemnitee’s option may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial arbitration rules of the American Arbitration Association now in effect,
which award is to be made within ninety (90) days following the filing of the demand for arbitration. The Corporation shall not oppose Indemnitee’s right to seek any such adjudication or arbitration award. In any such proceeding or
arbitration Indemnitee shall be presumed to be entitled to indemnification and advancement of Expenses under this Agreement and the Corporation shall have the burden of proof to overcome that presumption. 

(b) In the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant to
Section 5 hereof, the decision in the judicial proceeding or arbitration provided in paragraph (a) of this Section 8 shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination that Indemnitee is
not entitled to indemnification. 
 (c) If a determination that Indemnitee is entitled to indemnification has been made pursuant
to Section 5 hereof, or is deemed to have been made pursuant to Section 4 hereof or otherwise pursuant to the terms of this Agreement, the Corporation shall be bound by such determination. 

(d) The Corporation shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and
enforceable. The Corporation shall stipulate in any such court or before any such arbitrator that the Corporation is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 

(e) Expenses reasonably incurred by Indemnitee in connection with Indemnitee’s request for indemnification under, seeking
enforcement of or to recover damages for breach of this Agreement shall be advanced by the Corporation when and as incurred by Indemnitee irrespective of any Final Adverse Determination that Indemnitee is not entitled to indemnification. 

9. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is
unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Corporation (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

  
 6 

 10. Maintenance of Insurance. The Corporation represents that it presently has in
place [or will put in place in connection with its initial public offering] certain directors’ and officers’ liability insurance policies covering [its directors and officers][the directors and officers of the Corporation and the directors
and officers of the wholly-owned subsidiaries of the Corporation]. Subject only to the provisions within this Section 10, the Corporation agrees that so long as Indemnitee shall have consented to serve or shall continue to serve as a director
or officer of the Corporation, or both, or as an Agent of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding (such periods being hereinafter sometimes referred to as the “Indemnification
Period”), the Corporation will use all reasonable efforts to maintain in effect for the benefit of Indemnitee one or more valid, binding and enforceable policies of directors’ and officers’ liability insurance from established
and reputable insurers, providing, in all respects, coverage both in scope and amount which is no less favorable than that presently provided [or, following the Corporation’s initial public offering, than that provided as of the time of such
initial public offering]. Notwithstanding the foregoing, the Corporation shall not be required to maintain said policies of directors’ and officers’ liability insurance during any time period if during such period such insurance is not
reasonably available or if it is determined in good faith by the then directors of the Corporation either that: 

(i) The premium cost of maintaining such insurance is substantially disproportionate to the amount of coverage provided
thereunder; or 
 (ii) The protection provided by such insurance is so limited by exclusions, deductions or
otherwise that there is insufficient benefit to warrant the cost of maintaining such insurance. 
 Anything in this Agreement to
the contrary notwithstanding, to the extent that and for so long as the Corporation shall choose to continue to maintain any policies of directors’ and officers’ liability insurance during the Indemnification Period, the Corporation shall
maintain similar and equivalent insurance for the benefit of Indemnitee during the Indemnification Period (unless such insurance shall be less favorable to Indemnitee than the Corporation’s existing policies). 

11. Modification, Waiver, Termination and Cancellation. No supplement, modification, termination, cancellation or amendment of
this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor
shall such waiver constitute a continuing waiver. 
 12. Subrogation. In the event of payment under this Agreement, the
Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such
documents necessary to enable the Corporation effectively to bring suit to enforce such rights. 

  
 7 

 13. Notice by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the
Corporation in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative that may result in the right to
indemnification or the advancement of Expenses, but the omission so to notify the Corporation will not relieve it from any liability that it may have to Indemnitee if such omission does not prejudice the Corporation’s rights. If such omission
does prejudice the Corporation’s rights, the Corporation will be relieved from liability only to the extent of such prejudice. Notwithstanding the foregoing, such omission will not relieve the Corporation from any liability that it may have to
Indemnitee otherwise than under this Agreement. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof: 
 (a) The Corporation will be entitled to participate therein at its own expense; and 
 (b) The Corporation jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided,
however, that the Corporation shall not be entitled to assume the defense of any Proceeding if there has been a Change in Control or if Indemnitee shall have reasonably concluded that there may be a conflict of interest between the
Corporation and Indemnitee with respect to such Proceeding. After notice from the Corporation to Indemnitee of its election to assume the defense thereof, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses
subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but
the fees and expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless: 

(i) the employment of counsel by Indemnitee has been authorized by the Corporation; 

(ii) Indemnitee shall have reasonably concluded that counsel engaged by the Corporation may not adequately represent
Indemnitee due to, among other things, actual or potential differing interests; or 
 (iii) the Corporation shall
not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed such defense and be acting in connection therewith with reasonable diligence; in each of which cases the fees and expenses of such counsel
shall be at the expense of the Corporation. 
 (c) The Corporation shall not settle any Proceeding in any manner that would
impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. 

  
 8 

 14. Notices. All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with
postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee, to the address set forth below Indemnitee’s signature on the signature page hereof. 

 

	 	(b)	If to the Corporation, to: 

Performant Financial Corporation 
 333 North Canyons Parkway 
 Livermore, California 94551 

Attn: Chief Executive Officer 

or to such other address as may have been furnished to Indemnitee by the Corporation or to the Corporation by Indemnitee, as the case may be. 

15. Nonexclusivity. The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may
be entitled under applicable law, the Corporation’s Certificate of Incorporation or Bylaws, or any agreements, vote of stockholders, resolution of the Board of Directors or otherwise, and to the extent that during the Indemnification Period the
rights of the then existing directors and officers are more favorable to such directors or officers than the rights currently provided to Indemnitee thereunder or under this Agreement, Indemnitee shall be entitled to the full benefits of such more
favorable rights. 
 16. Indemnification and Advancement Rights Primary. The Corporation hereby acknowledges that
Indemnitee has or may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more parties other than the Corporation or an affiliate of the Corporation (collectively, the “Secondary
Indemnitors”). The Corporation hereby acknowledges and the Corporation and Indemnitee hereby agree: (i) that the Corporation is the indemnitor of first resort; i.e., its obligations to Indemnitee are primary and any obligation of
the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary; (ii) that the Corporation shall be required to advance the full amount of expenses incurred
by Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation
and/or Bylaws of the Corporation (or any other agreement between the Corporation and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors; and (iii) that the Corporation irrevocably waives,
relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors that the Corporation may have for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further
agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Corporation shall affect the foregoing and the Secondary Indemnitors shall
have a right of contribution and/or subrogation to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Corporation. The Corporation and Indemnitee agree that the Secondary Indemnitors are express
third party beneficiaries of the terms of this provision. 

  
 9 

 17. Certain Definitions. 

(a) “Agent” shall mean any person who is or was, or who has consented to serve as, a director, officer, employee,
agent, fiduciary, joint venturer, partner, manager or other official of the Corporation or a subsidiary or an affiliate of the Corporation, or any other entity (including without limitation, an employee benefit plan), in each case either at the
request of, for the convenience of, or otherwise to benefit the Corporation or a subsidiary of the Corporation. Any person who is or was serving as a director, officer, employee or agent of a subsidiary of the Corporation shall be deemed to be
serving, or have served, at the request of the Corporation. 
 (b) “Change in Control” shall mean the
occurrence, after the Corporation’s initial public offering, of any of the following: 
 (i) Both
(A) any “person” (as defined below) other than a member of the Parthenon Group is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation
representing at least twenty-five percent (25%) of the total voting power represented by the Corporation’s then outstanding voting securities and (B) the beneficial ownership by such person of securities representing such percentage
is not approved by a majority of the “Continuing Directors” (as defined below); 
 (ii) Any
“person” other than a member of the Parthenon Group is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing at least fifty
percent (50%) of the total voting power represented by the Corporation’s then outstanding voting securities; 
 (iii) A change in the composition of the Board of Directors occurs, as a result of which fewer than two-thirds of the incumbent directors are directors (the “Continuing Directors”)
who either (A) had been directors of the Corporation on the “look-back date” (as defined below) (the “Original Directors”) or (B) were elected, or nominated for election, to the Board of Directors with the
affirmative votes of at least a majority in the aggregate of the Original Directors who were still in office at the time of the election or nomination and directors whose election or nomination was previously so approved; 

(iv) The stockholders of the Corporation approve a merger or consolidation of the Corporation with any other corporation,
if such merger or consolidation would result in the voting securities of the Corporation outstanding immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving entity) 50% or
less of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; or 

(v) The stockholders of the Corporation approve (A) a plan of complete liquidation of the Corporation or (B) an
agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets. 
 For
purposes of Subsections (i) and (ii) above, the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act, but shall exclude (x) a trustee or other fiduciary holding
securities under an employee benefit plan of the Corporation or 

  
 10 

 
of a parent or subsidiary of the Corporation or (y) a corporation owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership
of the common stock of the Corporation. 
 For purposes of Subsection (iii) above, the term “look-back
date” shall mean the later of (x) the date first written above in the preamble to this Agreement or (y) the date 24 months prior to the date of the event that may constitute a “Change in Control.” 

Any other provision of this Section 17(b) notwithstanding, the term “Change in Control” shall not include a transaction,
if undertaken at the election of the Corporation, the result of which is to sell all or substantially all of the assets of the Corporation to another corporation (the “surviving corporation”); provided that the surviving corporation is
owned directly or indirectly by the stockholders of the Corporation immediately following such transaction in substantially the same proportions as their ownership of the Corporation’s common stock immediately preceding such transaction; and
provided, further, that the surviving corporation expressly assumes this Agreement. 
 (c) “Disinterested
Director” shall mean a director of the Corporation who is not or was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee. 

(d) “Expenses” shall include all direct and indirect costs (including, without limitation, attorneys’ fees,
retainers, court costs, transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all other disbursements or out-of-pocket expenses and reasonable
compensation for time spent by Indemnitee for which Indemnitee is otherwise not compensated by the Corporation or any third party) actually and reasonably incurred in connection with either the investigation, defense, settlement or appeal of a
Proceeding or establishing or enforcing a right to indemnification under this Agreement, applicable law or otherwise; provided, however, that “Expenses” shall not include any Liabilities. 

(e) “Final Adverse Determination” shall mean that a determination that Indemnitee is not entitled to
indemnification shall have been made pursuant to Section 5 hereof and either (1) a final adjudication in the courts of the State of Delaware from which there is no further right of appeal or decision of an arbitrator pursuant to
Section 8(a) hereof shall have denied Indemnitee’s right to indemnification hereunder, or (2) Indemnitee shall have failed to file a complaint in a Delaware court or seek an arbitrator’s award pursuant to Section 8(a) for a
period of one hundred twenty (120) days after the determination made pursuant to Section 5 hereof. 
 (f)
“Independent Legal Counsel” shall mean a law firm or a member of a firm selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld) or, if there has been a Change in Control,
selected by Indemnitee and approved by the Corporation (which approval shall not be unreasonably withheld), that neither is presently nor in the past five (5) years has been retained to represent: (i) the Corporation or any of its
subsidiaries or affiliates, or Indemnitee or any corporation of which Indemnitee was or is a director, officer, employee or agent, or any subsidiary or affiliate of such a corporation, in any material matter, or (ii) any other party to the
Proceeding giving rise to a claim for 

  
 11 

 
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of professional conduct
then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 

(g) “Liabilities” shall mean liabilities of any type whatsoever including, but not limited to, any judgments,
fines, Employee Retirement Income Security Act excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such judgments, fines,
penalties or amounts paid in settlement) of any Proceeding. 
 (h) “member of the Parthenon Group” shall
mean PCP Managers, LLC and each individual, corporation, limited liability company, partnership or other legal entity that is an affiliate (as defined in Rule 12b-2 under the Exchange Act) thereof. 

(i) “Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate
dispute resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party, as a witness or otherwise, that is
associated with Indemnitee’s being an Agent of the Corporation. 
 18. Binding Effect; Duration and Scope of
Agreement. This Agreement shall be binding upon the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Corporation), spouses, heirs and personal and legal representatives. This Agreement shall be deemed to be effective as of the commencement date of the Indemnitee’s service as an officer or director of the Corporation
and shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as an Agent. 
 19. Severability. If any provision or provisions of this Agreement (or any portion thereof) shall be held to be invalid, illegal or unenforceable for any reason whatsoever: 

(a) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby; and 
 (b) to the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give
effect to the intent of any provision held invalid, illegal or unenforceable. 
 20. Governing Law. This Agreement shall
be governed by and construed and enforced in accordance with the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within the State of Delaware, without regard to conflict of
laws rules. 
 21. Consent to Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to
Section 8 of this Agreement, the Corporation and Indemnitee each irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in 

  
 12 

 
connection with any action or proceeding that arises out of or relates to this Agreement and agree that any court action instituted under this Agreement shall be brought only in the state courts
of the State of Delaware. 
 22. Entire Agreement. This Agreement represents the entire agreement between the parties
hereto, and there are no other agreements, contracts or understandings between the parties hereto with respect to the subject matter of this Agreement, except as referred to herein or as provided in Section 15 hereof. 

23. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be
an original but all of which together shall constitute one and the same Agreement. 
 * * * 

  
 13 

 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by a duly
authorized officer and Indemnitee has executed this Agreement as of the date first above written. 
  

			
	 PERFORMANT FINANCIAL CORPORATION,
 a Delaware corporation

		
	 By
	 	  

	 Its
	 	  

	
	 INDEMNITEE

	
	  

		
	 Address:
	 	  

		
		 	  

		
		 	  

 PERFORMANT FINANCIAL CORPORATION 

INDEMNIFICATION AGREEMENT

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