Document:

Form of Director and Officer Indemnification Agreement

 Exhibit 10.24 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement
(“Agreement”) is made and entered into as of this [•] day of [•],[•], by and between Dunkin’ Brands Group, Inc., a Delaware corporation (the “Company”), and [•]
(“Indemnitee”). 
 WHEREAS, in light of the litigation costs and risks to directors and executive officers
resulting from their service to companies, and the desire of the Company to attract and retain qualified individuals to serve as directors and executive officers, it is reasonable, prudent and necessary for the Company to indemnify and advance
expenses on behalf of its directors and executive officers to the extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern regarding such risks; 

WHEREAS, the Company has requested that Indemnitee serve or continue to serve as a director and/or executive officer of the Company and
may have requested or may in the future request that Indemnitee serve one or more Enterprises (as hereinafter defined) as a director, executive officer or in other capacities; 
 WHEREAS, Indemnitee is willing to serve as a director and/or executive officer of the Company on the condition that he or she be so indemnified; and 

WHEREAS, Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by Indemnitee-Related
Entities (as hereinafter defined), which Indemnitee, the Company and the Indemnitee-Related Entities intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement
of and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve as a director and/or executive officer of the Company; 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 

 

	1.	Services by Indemnitee. Indemnitee agrees to serve as a director and/or executive officer of the Company. Indemnitee may at any time and for any reason resign
from such position (subject to any contractual obligation under any other agreement or any obligation imposed by operation of law). 

  

	2.	 Indemnification - General. On the terms and subject to the conditions of this Agreement, the Company shall indemnify Indemnitee with respect to,
and hold Indemnitee harmless from and against, liabilities, losses, costs, Expenses (as hereinafter defined) and other matters that may result from or arise in connection with Indemnitee’s Corporate Status (as hereinafter defined) and shall
advance Expenses to Indemnitee, to the fullest extent permitted by applicable law. The indemnification obligations of the Company under this Agreement (a) shall continue after such time as Indemnitee ceases to serve as a director or executive
officer of the Company or in any other Corporate Status, and (b) include, without limitation, claims for monetary damages against Indemnitee in respect of any alleged breach of fiduciary duty, to the fullest extent permitted under applicable
law 

  
 - 1 -

	 	 
(including, if applicable, Section 145 of the Delaware General Corporation Law) as in existence on the date hereof and as amended from time to time. 

 

	3.	Proceedings Other Than Proceedings by or in the Right of the Company. If by reason of Indemnitee’s Corporate Status Indemnitee is, or is threatened to be
made, a party to or a participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of any of the Company to procure a judgment in its favor, the Company shall indemnify Indemnitee with respect to, and hold
Indemnitee harmless from and against, all Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities,
judgments, penalties, fines and amounts paid in settlement) reasonably incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding or any claim, issue or matter therein, 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 Company and, with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. 

 

	4.	Proceedings by or in the Right of the Company. If by reason of Indemnitee’s Corporate Status Indemnitee is, or is threatened to be made, a party to or a
participant in any Proceeding by or in the right of any of the Company to procure a judgment in its favor, the Company shall indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by
Indemnitee or on behalf of 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 Company; provided,
however, that indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company
only if (and only to the extent that) the Court of Chancery of the State of Delaware (the “Delaware Court”) or the court in which such Proceeding shall have been brought or is pending shall determine that despite such adjudication
of liability and in light of all circumstances such indemnification may be made. 

  

	5.	 Mandatory Indemnification in Case of Successful Defense. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding (including, without limitation, any Proceeding brought by or in the right of the
Company), the Company shall indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly
successful in defense of such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses reasonably incurred
by Indemnitee or on behalf of Indemnitee in connection with each claim, issue or matter resolved successfully on the merits or otherwise. For purposes of this Section 5 and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, on substantive or procedural grounds, shall be deemed to be a successful resolution as to such claim, issue or matter.

  
 - 2 -

 
This provision is not intended to limit any other provision contained herein or any other rights to indemnification to which the Indemnitee may be entitled. 

 

	6.	Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement or otherwise to indemnification by the Company for some or a portion of
the Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines and
amounts paid in settlement) incurred by Indemnitee or on behalf of Indemnitee in connection with a Proceeding or any claim, issue or matter therein, but not, however, for the total amount thereof, the Company shall indemnify Indemnitee for that
portion thereof to which Indemnitee is entitled. 

  

	7.	Indemnification for Additional Expenses Incurred to Secure Recovery or as Witness. 

 

	 	(a)	The Company will indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, any and all Expenses and, if requested by Indemnitee, will (within
twenty (20) calendar days of such request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advance payment of Expenses by the
Company under this Agreement, any other agreement, the Certificate of Incorporation or By-Laws of the Company as now or hereafter in effect; or (ii) recovery under any director and officer liability insurance policy maintained by any Enterprise
to the fullest extent permitted by law. 

  

	 	(b)	To the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, the Company will
indemnify Indemnitee with respect to, and hold Indemnitee harmless from and against, and the Company will advance, all Expenses reasonably incurred by Indemnitee or on behalf of Indemnitee in connection therewith. 

 

	8.	Advancement of Expenses. 

  

	 	(a)	The Company shall advance all Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such liabilities, judgments, penalties, fines and amounts paid in settlement) reasonably incurred by or on behalf of Indemnitee in connection with the investigation, defense, settlement or appeal
of any Proceeding within twenty (20) calendar days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such
Proceeding. Such advances shall, in all events, be (i) unsecured and interest free; and (ii) made without regard to Indemnitee’s ability to repay the advances. 

 

	 	(b)	 To obtain advancement of Expenses under this Agreement, Indemnitee shall submit to the Company a written request for advancement of Expenses and, to
the extent required by applicable law, an unsecured written undertaking by or on 

  
 - 3 -

	 	 
behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Upon submission of such request
for advancement of Expenses and unsecured written undertaking, Indemnitee shall be entitled to advancement of Expenses as provided in this Section 8, and such advancement of Expenses shall continue until such time (if any) as there is a
final judicial determination that Indemnitee is not entitled to indemnification. 

  

	9.	Certain Agreements Related to Indemnification. 

  

	 	(a)	To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request for indemnification at such time as determined by Indemnitee in
Indemnitee’s sole discretion. 

  

	 	(b)	At any time after submission by Indemnitee of a request for indemnification pursuant to Section 9(a) or request for advancement pursuant to
Section 8(a), either the Company or Indemnitee may petition the Delaware Court for resolution of a refusal or failure by the Company to provide indemnification or advancement. The Company will pay any and all Expenses reasonably incurred
in connection with the investigation and resolution of such claim for indemnification or advancement. 

  

	 	(c)	Indemnitee shall have the sole right and obligation to control the defense or conduct of any claim or Proceeding with respect to Indemnitee with counsel chosen by such
Indemnitee; provided, that Indemnitee will not compromise or settle any claim or Proceeding, release any claim, or make any admission of fact, law, liability or damages with respect to any losses for which indemnification is sought hereunder without
the prior written consent of the Company, which consent shall not be unreasonably withheld. The Company will not, with respect to any person or entity, settle any claim or Proceeding, release any claim, or make any admission of fact, law or
liability or damages, or assign, pledge or permit any subrogation with respect to the foregoing, or permit any Enterprise to do any of the foregoing, to the extent such settlement, release, admission, assignment, pledge or subrogation in any way
adversely affects Indemnitee (including, but not limited to, the Indemnitee’s rights under any liability insurance policy maintained by any Enterprise) or directly or indirectly imposes any expense, liability, damages, debt, obligation or
judgment on Indemnitee. 

  

	 	(d)	 The parties intend and agree that, to the extent permitted by law, in connection with any determination with respect to entitlement to indemnification
hereunder: (i) it will be presumed that Indemnitee is entitled to indemnification under this Agreement, and that the Enterprise or any other person or entity challenging such right will have the burden of proof to overcome that presumption in
connection with the making by any person, persons or entity of any determination contrary to that presumption; (ii) the termination of any action, suit or Proceeding by judgment, order, settlement, conviction, or upon a plea of
nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in 

  
 - 4 -

	 	 
good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the applicable Enterprise, and, with respect to any criminal action or proceeding,
had reasonable cause to believe that Indemnitee’s conduct was unlawful; (iii) Indemnitee will be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the applicable Enterprise,
including financial statements, or on information supplied to Indemnitee by the officers, employees, or committees of the board of directors of the applicable Enterprise, or on the advice of legal counsel for the applicable Enterprise or on
information or records given in reports made to the applicable Enterprise by an independent certified public accountant or by an appraiser or other expert or advisor selected by the applicable Enterprise; and (iv) the knowledge and/or actions,
or failure to act, of any director, officer, agent or employee of any of the Enterprises or relevant enterprises will not be imputed to Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder. The
provisions of this Section 9(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

  

	 	(e)	Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating
to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder; provided, however, that any failure of Indemnitee to so notify the Company will not relieve the Company of any obligation
which they may have to Indemnitee under this Agreement or otherwise. If at the time of receipt of any such request for indemnification or notice the Company has director and officer insurance policies in effect, the Company will promptly notify the
relevant insurers in accordance with the procedures and requirements of such policies. 

  

	10.	Other Rights of Recovery; Insurance; Subrogation, etc. 

  

	 	(a)	 The rights of indemnification and to receive advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, under the Certificates of Incorporation or By-Laws of any Enterprise, or under any other agreement, vote of stockholders or resolution of directors of any Enterprise, or otherwise.
Indemnitee’s rights under this Agreement are present contractual rights that fully vest upon Indemnitee’s first service as a director or officer of the Company. No amendment, alteration or repeal of this Agreement or of any provision
hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in the General Corporation Law of the State of Delaware (or other applicable law), whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificates of
Incorporation or By-Laws of any Enterprise and this Agreement, it is the intent 

  
 - 5 -

	 	 
of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right
or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

  

	 	(b)	To the extent that any of the Enterprises maintains an insurance policy or policies providing liability insurance for directors, officers, employees, fiduciaries,
representatives, partners or agents of any Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, fiduciary,
representative, partner or agent insured under such policy or policies. 

  

	 	(c)	In the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of
Indemnitee against any other Enterprise, and Indemnitee hereby agrees, as a condition to obtaining any advancement or indemnification from the Company, to assign all of Indemnitee’s rights to obtain from such other Enterprise such amounts to
the extent that they have been paid to or for the benefit of Indemnitee as advancement or indemnification under this Agreement and are adequate to indemnify Indemnitee with respect to the costs, Expenses or other items to the full extent that
Indemnitee is entitled to indemnification or other payment hereunder; and Indemnitee will (upon request by the Company) execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
necessary to enable the Company to bring suit or enforce such rights. 

  

	 	(d)	 Given that certain Jointly Indemnifiable Claims may arise, the Company acknowledges and agrees that the Company shall be fully and primarily
responsible for the payment to the Indemnitee in respect of indemnification or advancement of Expenses in connection with any such Jointly Indemnifiable Claim, whether Indemnitee’s right to indemnification or advancement from the Company
arises, pursuant to and in accordance with (as applicable) the terms of (i) the Delaware General Corporation Law, (ii) the Certificate of Incorporation or the By-Laws of the Company, (iii) this Agreement, (iv) any other agreement
between either the Company or any other Enterprise and the Indemnitee pursuant to which the Indemnitee is indemnified, (v) the laws of the jurisdiction of incorporation or organization of any other Enterprise and/or (vi) the Certificate of
Incorporation, certificate of organization, By-Laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any other Enterprise ((i) through
(vi) collectively, the “Indemnification Sources”), without regard to any right of recovery the Indemnitee may have from the Indemnitee-Related Entities or any right to insurance coverage that Indemnitee may have under any
insurance policy issued to any Indemnitee-Related Entity. Under no circumstance shall the 

  
 - 6 -

	 	 
Company or any other Enterprise be entitled to any right of subrogation, reimbursement, exoneration, indemnification or contribution from the Indemnitee-Related Entities (or any insurance carrier
providing insurance coverage to Indemnitee under any insurance policy issued to a Indemnitee-Related Entity) pursuant to any right of indemnification Indemnitee has under a contract or otherwise between Indemnitee and any Indemnitee-Related Entities
or any insurance coverage (and neither the Company nor any Enterprise shall have any right to participate in any claim or remedy of the Indemnitee in respect thereof), and no right of indemnification, reimbursement, advancement of Expenses or
insurance coverage or any other right of recovery the Indemnitee may have from the Indemnitee-Related Entities (or from any insurance carrier providing insurance coverage to any Indemnitee-Related Entity) shall reduce or otherwise alter the rights
of the Indemnitee or the obligations of the Company or any other Enterprise under the Indemnification Sources. The Company hereby unconditionally and irrevocably waives, relinquishes and releases, and covenants and agrees not to exercise (and to
cause each of the other Enterprises not to exercise), any rights that it may now have or hereafter acquire against any Indemnitee-Related Entity or Indemnitee that arise from or relate to the existence, payment, performance or enforcement of the
Company’s obligations under this Agreement or under any other indemnification agreement (whether pursuant to contract, by-laws or charter), including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of Indemnitee against any Indemnitee-Related Entity or Indemnitee (or any insurance carrier providing insurance coverage to any Indemnitee-Related Entity), whether or not such
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Indemnitee-Related Entity or Indemnitee (or any such insurance carrier), directly or indirectly,
in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right. 

  

	 	(e)	 The Company shall take any and all actions as may reasonably be requested by Indemnitee or any Indemnitee-Related Entity to cause director and officer
liability insurance policies maintained by the Company, and those maintained by any other applicable Enterprise, to be paid and exhausted to cover any Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, liabilities, judgments, penalties, fines and amounts paid in settlement) that could be subject to indemnification hereunder without regard to
any director and officer liability insurance policies that may be maintained by any Indemnitee-Related Entity or any of their affiliates (other than affiliates that are Enterprises). In the event that any of the Indemnitee-Related Entities shall
make or cause to be made any payment to the Indemnitee in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the other
Enterprises to reimburse, indemnify and hold harmless each Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written 

  
 - 7 -

	 	 
demand from such Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by the Company and/or any other Enterprise pursuant to clause (i), the Indemnitee-Related
Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any other Enterprise, as applicable, and (iii) Indemnitee
shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring
suit to enforce such rights. 

  

	 	(f)	The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee in respect of or relating to Indemnitee’s service at the request of the
Company as a director, officer, employee, fiduciary, representative, partner or agent of any other Enterprise shall be reduced by any amount Indemnitee has actually received as payment of indemnification or advancement of Expenses from such other
Enterprise, except to the extent that such indemnification payments and advance payment of Expenses when taken together with any such amount actually received from other Enterprises or under director and officer insurance policies maintained by one
or more Enterprises are inadequate to fully pay all costs, Expenses or other items to the full extent that Indemnitee is entitled to indemnification or other payment hereunder. 

 

	11.	Employment Rights; Successors; Third Party Beneficiaries. 

  

	 	(a)	This Agreement shall not be deemed an employment contract between the Company and Indemnitee. This Agreement shall continue in force as provided above after Indemnitee
has ceased to serve as a director and/or officer of the Company. 

  

	 	(b)	This Agreement shall be binding upon each of the Company and their successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and
administrators. 

  

	 	(c)	The Indemnitee-Related Entities are express third party beneficiaries of this Agreement, are entitled to rely upon this Agreement, and may specifically enforce the
Company’s obligations hereunder (including but not limited to the obligations specified in Section 10 of this Agreement). 

  

	12.	 Severability. If any provision or provisions of this Agreement 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 (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum
effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each 

  
 - 8 -

	 	 
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested thereby. 

  

	13.	Exception to Right of Indemnification or Advancement of Expenses. Except as provided in Section 7(a) of this Agreement or as may otherwise be agreed
by the Company, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee (other than a Proceeding by Indemnitee by way of defense or to enforce the
rights under this Agreement or under statute or other law including any rights under Section 145 of the Delaware General Corporation Law), unless the bringing of such Proceeding or making of such claim shall have been approved by the board of
directors of the Company. 

  

	14.	Definitions. For purposes of this Agreement: 

  

	 	(a)	“By-Laws” means, with respect to any entity, (i) in the case of the Company, its by-laws, and (ii) in the case of any other entity, its
by-laws or similar constituting document. 

  

	 	(b)	“Certificate of Incorporation” means, with respect to any entity, (i) in the case of the Company, its certificate of incorporation, and
(ii) in the case of any other entity, its certificate of incorporation, articles of incorporation or similar constituting document. 

  

	 	(c)	“Corporate Status” describes the status of a person by reason of his or her service as a director or officer of any of the Company (including, without
limitation, one who serves at the request of any of the Company as a director, officer, employee, fiduciary or agent of any Enterprise). 

  

	 	(d)	“Enterprise” shall mean (i) the Company; or (ii) any other corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise which is a controlled affiliate or a wholly or partially owned direct or indirect subsidiary, or employee benefit plan, of the Company and of which the Indemnitee is or was serving as a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary, or in any similar capacity; or (iii) any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise, in
each case, of which Indemnitee is or was serving as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary, or in any similar capacity at the request of the Company. 

 

	 	(e)	 “Expenses” shall mean all reasonable costs, fees and expenses and shall specifically include all reasonable attorneys’ fees,
retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, 

  
 - 9 -

	 	 
investigating, being or preparing to be a witness, in, or otherwise participating in, a Proceeding, including, but not limited to, the premium for appeal bonds, attachment bonds or similar bonds
and all interest, assessments and other charges paid or payable in connection with or in respect of any such Expenses. 

  

	 	(f)	“Indemnitee-Related Entities” means any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise (other than the Company, any other Enterprise or the insurer under and pursuant to an insurance policy issued to or insuring the Company or any Enterprise) from whom the Indemnitee may be entitled to indemnification, reimbursement, or
advancement. 

  

	 	(g)	“Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any Proceeding for which the Indemnitee shall be
entitled to indemnification, reimbursement, advancement or insurance coverage from (i) either the Company and/or any other Enterprise pursuant to the Indemnification Sources, on the one hand, and (ii) any Indemnitee-Related Entity (or an
insurance carrier providing insurance coverage to any Indemnitee-Related Entity) under any other agreement or arrangement between any Indemnitee-Related Entity and the Indemnitee (or insurance policy providing insurance coverage to any
Indemnitee-Related Entity) pursuant to which the Indemnitee is indemnified or entitled to reimbursement, advancement or insurance coverage, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the
Certificate of Incorporation, certificate of organization, By-Laws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related
Entity, on the other hand. 

  

	 	(h)	“Proceeding” includes any actual, threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened, pending or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative in nature, in which
Indemnitee was, is, may be or will be involved as a party, witness or otherwise, by reason of Indemnitee’s Corporate Status or by reason of any action taken by him or her or of any inaction on his part while acting as director or officer of any
Enterprise (in each case whether or not he or she is acting or serving in any such capacity or has such status at the time any liability or expense is incurred for which indemnification or advancement of Expenses can be provided under this
Agreement). 

  

	15.	Construction. Whenever required by the context, as used in this Agreement the singular number shall include the plural, the plural shall include the singular,
and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine and neuter genders. 

  
 - 10 -

	16.	Reliance; Integration. 

  

	 	(a)	The Company expressly confirm and agree that they have entered into this Agreement and assumed the obligations imposed on each of them hereby in order to induce
Indemnitee to serve as a director and/or officer of the Company, and the Company acknowledge that Indemnitee is relying upon this Agreement in serving as a director and/or officer of the Company. 

 

	 	(b)	This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

  

	17.	Modification and Waiver. No supplement, modification 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. 

 

	18.	Notice Mechanics. All notices, requests, demands or 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: 

 [•]

  

	 	(b)	If to the Company, to: 

Dunkin’ Brands Group, Inc. 
 130 Royall Street 
 Canton, Massachusetts 02021 

or to such other address as may have been furnished (in the manner prescribed above) as follows: (a) in the case of a change in
address for notices to Indemnitee, furnished by Indemnitee to the Company and (b) in the case of a change in address for notices to the Company, furnished by the Company to Indemnitee. 

 

	19.	 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 Company, 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
reasonably incurred Expenses, in connection with any claim relating to a Proceeding under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such

  
 - 11 -

	 	 
Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding; and/or
(ii) the relative fault of the Company (and its other directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 

 

	20.	Joint and Several Liability. The Company shall cause each of the other Enterprises to perform the terms and obligations of this Agreement as though each
such Enterprise was a party to this Agreement. To the extent that both the Company and one or more Enterprises are obligated to indemnify the Indemnitee, the Company shall be jointly and severally obligated with such Enterprise(s) to indemnify
the Indemnitee pursuant to the terms of this Agreement. 

  

	21.	Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among the parties shall, to the
fullest extent permitted by law, be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflicts of law rules. The Company and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other
country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such
action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or otherwise inconvenient forum.

  

	22.	Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof. 

  

	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. 

 [Remainder of Page Intentionally Left Blank]

  
 - 12 -

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year
first above written. 
  

							
	Company:	 		 	DUNKIN’ BRANDS GROUP, INC.
				
		 		 	By:	 	 
		 		 	Name:
		 		 	Title:

  

					
		
	Indemnitee:	 	  

		 		 	Name: [•]

  
 [Signature
Page to Indemnification Agreement]Management Agreement

 Exhibit 10.28 
 Execution Version 
 MANAGEMENT AGREEMENT

 This Management Agreement (this “Agreement”) is entered into as of March 1, 2006 by and among
Dunkin’ Brands Acquisition, Inc., a Delaware corporation formerly know as BCT Coffee Acquisition, Inc. (the “Company”), Dunkin’ Brands Holdings, Inc., a Delaware corporation (“Midco”), Dunkin’ Brands
Group Holdings, Inc., a Delaware corporation formerly known as BCT Coffee Acquisition Holdings, Inc. (“Holdings”), Bain Capital Partners, LLC, a Delaware limited liability company (“Bain”), TC Group IV, L.L.C., a
Delaware limited liability company (“Carlyle”) and THL Managers V, LLC, a Delaware limited liability company (“THL” and, together with Bain and Carlyle, the “Managers”). 

RECITALS 

WHEREAS, Holdings, Midco and the Company have been formed for the purpose of acquiring (the “Acquisition”) all of the
outstanding shares of capital stock of Dunkin’ Brands, Inc. (“DBI”), from Allied Domecq North America Corporation (“ADNAC”), and certain related transactions, all on the terms and subject to the conditions of
that certain Stock Purchase Agreement dated as of December 12, 2005 and amended as of February 28, 2006 (the “Purchase Agreement”) among Holdings, the Company, ADNAC, Allied Domecq Canada Limited (“ADCAN”
and, together with ADNAC, the “Sellers”) and Pernod Ricard S.A.; 
 WHEREAS, it is contemplated that
immediately following the acquisition of DBI described above the Company will be merged with and into DBI, as a result of which DBI will become a wholly-owned subsidiary of Midco, which in turn will continue to be controlled by Holdings; 

WHEREAS, to enable the Company, Midco and Holdings to engage in the Acquisition and related transactions, the Managers provided financial
and structural advice and analysis as well as assistance with due diligence investigations and negotiations (the “Financial Advisory Services”); and 
 WHEREAS, the Company, Midco, Holdings and DBI want to retain the Managers to provide certain management and advisory services to the Company, Midco, Holdings and DBI and its subsidiaries (the Company,
Midco, Holdings and, after giving effect to the Company’s acquisition of DBI and subsequent merger of the Company with and into DBI, DBI and its subsidiaries being referred to herein collectively as the “BCT-Dunkin’ Brands
Corporations”), and the Managers are willing to provide such services on the terms set forth below. 
 AGREEMENT

 NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally
bound, hereby agree as follows: 
 1. Services. Each of the Managers hereby agrees that, during the term of this
Agreement (the “Term”), it will provide the following consulting and management advisory 

 
services to the BCT-Dunkin’ Brands Corporations as requested from time to time by the Boards of Directors of the BCT-Dunkin’ Brands Corporations: 

(a) advice in connection with the negotiation and consummation of agreements, contracts, documents and instruments
necessary to provide the BCT-Dunkin’ Brands Corporations with financing on terms and conditions satisfactory to the BCT-Dunkin’ Brands Corporations; 
 (b) financial, managerial and operational advice in connection with DBI’s day-to-day operations, including, without limitation, advice with respect to the development and implementation of strategies
for improving the operating, marketing and financial performance of DBI and its subsidiaries; 
 (c) advice in
connection with financing, acquisition, disposition, merger, combination and change of control transactions involving any of the BCT-Dunkin’ Brands Corporations (however structured); and 

(d) such other services (which may include financial and strategic planning and analysis, consulting services, human
resources and executive recruitment services and other services) as such Manager and the BCT-Dunkin’ Brands Corporations may from time to time agree in writing. 
 Each of the Managers shall devote such time and efforts to the performance of services contemplated hereby as such Manager deems reasonably necessary or appropriate; provided, however, that no
minimum number of hours is required to be devoted by Bain, Carlyle or THL on a weekly, monthly, annual or other basis. The BCT-Dunkin’ Brands Corporations acknowledge that each of the Managers’ services are not exclusive to any of the
BCT-Dunkin’ Brands Corporations and that each Manager will render similar services to other persons and entities. The Managers and the BCT-Dunkin’ Brands Corporations understand that the BCT-Dunkin’ Brands Corporations may, at times,
engage one or more investment bankers or financial advisers to provide services in addition to, but not in lieu of, services provided by the Managers under this Agreement. In providing services to the BCT-Dunkin’ Brands Corporations, each
Manager will act as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does not create, any partnership, agency, joint venture or similar relationship and that no party has the
right or ability to contract for or on behalf of any other party or to effect any transaction for the account of any other party. 
 2. Payment of Fees. 
 (a) The BCT-Dunkin’ Brands
Corporations, jointly and severally, will pay to the Managers (or such affiliates as they may respectively designate), in consideration of the Managers providing the Financial Advisory Services, an aggregate transaction fee (the “Transaction
Fee”) in the amount of $30,000,000, such fee being payable on the date on which the transactions contemplated by the Purchase Agreement are consummated (the “Closing Date”). The Transaction Fee shall be divided among the
Managers as follows: 

  
 -2-

					
	 Bain:
	  	$	10,000,000	  
	 Carlyle:
	  	$	10,000,000	  
	 THL:
	  	$	10,000,000	  

 (b)
During the Term, the BCT-Dunkin’ Brands Corporations, jointly and severally, will pay to the Managers (or such affiliates as they may respectively designate), an aggregate annual periodic fee (the “Periodic Fee”) of $3,000,000
in exchange for the ongoing services provided by the Managers under this Agreement, such fee being payable by the Company quarterly in advance on or before the start of each calendar quarter; provided, however, that the Periodic Fee for the
period from the date hereof through June 30, 2006 shall be paid on the Closing Date. The Periodic Fee shall be prorated for any partial period of less than three months. The Periodic Fee shall be divided among the Managers pro rata in
proportion to the amount of Investor Shares held at the time by the investment funds affiliated with each Manager (provided that, for purposes of this Agreement, (a) Bain Capital Integral Investors 2006, LLC, BCIP TCV, LLC and BCIP Associates-G
and their respective Affiliated Funds shall be deemed to be investment funds affiliated with Bain; (b) Carlyle Partners IV, L.P. and CP IV Coinvestment, L.P. and their respective Affiliated Funds shall be deemed to be investment funds
affiliated with Carlyle; and (c) Thomas H. Lee Equity Fund V, L.P., Thomas H. Lee Parallel Fund V, L.P., Thomas H. Lee Equity (Cayman) Fund V, L.P., Thomas H. Lee Investors Limited Partnership, Putnam Investment Holdings, LLC, Putnam
Investments Employees’ Securities Company I LLC and Putnam Investments Employees’ Securities Company II LLC and their respective Affiliated Funds shall be deemed to be investment funds affiliated with THL). In this Agreement, the term
“Affiliated Funds” shall have the same meaning given to it in that certain Stockholders Agreement dated on or about the date hereof among the Company, Holdings and the Investors (as defined in that agreement) (the
“Stockholders Agreement”). In this Agreement, the term “Investor Shares” means at any time all shares of capital stock of Holdings (and any successor or survivor to Holdings) held by the investment funds affiliated
with the Managers. 
 (c) During the Term, the Managers will advise the BCT-Dunkin’ Brands Corporations in
connection with financing, acquisition, disposition and change of control transactions involving the BCT-Dunkin’ Brands Corporations or any of their respective direct or indirect subsidiaries (however structured), and the BCT-Dunkin’
Brands Corporations, jointly and severally, will pay to the Managers (or such affiliates as they may respectively designate) an aggregate fee (the “Subsequent Fee”) in connection with each such transaction equal to one percent
(1%) of the gross transaction value of such transaction, and, in the case of an Initial Public Offering or a Change of Control (each as defined in the Stockholders Agreement) an amount equal to the net present value (using a discount rate equal
to the then yield on U.S. Treasury Securities of like maturity) of the Periodic Fees that would have been payable to such Managers (based on relative ownership of Holdings by investment funds affiliated with the Managers as of the time immediately
prior to such termination) with respect to the period from the date of such transaction until the fifth anniversary of such transaction, such fee to be due and payable for the foregoing services at the closing of such transaction. Each Subsequent
Fee shall be divided among the Managers pro rata 

  
 -3-

 
in proportion to the amount of Investor Shares held at the time by the investment funds affiliated with each Manager.  

Each payment made pursuant to this Section 2 shall be paid by wire transfer of immediately available federal funds to the accounts
specified on Schedule 1 hereto, or to such other account(s) as the Managers may specify to the Company in writing prior to such payment. 
 3. Term. This Agreement shall continue in full force and effect until December 31, 2016; provided that this Agreement shall be automatically extended each December 31 for an
additional year unless the BCT-Dunkin’ Brands Corporations or two of the three Managers provide written notice of their desire not to automatically extend the term of this Agreement to the other parties hereto at least 90 days prior to such
December 31; and provided further, however, that (a) two of the three Managers may cause this Agreement to terminate at any time and (b) this Agreement will terminate automatically immediately prior to a Change of Control or an
Initial Public Offering (each as defined in the Stockholder Agreement) unless Holdings and two of the three Managers determine otherwise. In the event of a termination of this Agreement, the BCT-Dunkin’ Brands Corporations, jointly and
severally, shall pay each of Bain, Carlyle and THL (or such affiliates as they may respectively designate) (i) all unpaid Periodic Fees (pursuant to Section 2(b) above), Subsequent Fees (pursuant to Section 2(c) above) and expenses
(pursuant to Section 4(a) below) due with respect to periods prior to the date of termination plus (ii) in the event of a termination pursuant to clause (a) above, a termination fee in an amount equal to the net present value (using a
discount rate equal to the then yield on U.S. Treasury Securities of like maturity) of the Periodic Fees that would have been payable to such Manager (based on relative ownership of Holdings by investment funds affiliated with the Managers as of the
time immediately prior to such termination) with respect to the period from the date of termination until the fifth anniversary of such termination. The obligation to pay that fee and the provisions of Sections 4, 5, 6, 7, 8, 9, 10, 11 and 12 of
this Agreement shall survive any termination of this Agreement. 
 4. Expenses; Indemnification. 

(a) Expenses. The BCT-Dunkin’ Brands Corporations, jointly and severally, will pay on demand all Reimbursable
Expenses. As used herein, “Reimbursable Expenses” means (i) all expenses incurred or accrued prior to the Closing Date by any of the Managers or their affiliates in connection with this Agreement, the Acquisition or any related
transactions, consisting of their respective out-of-pocket expenses for travel and other incidentals in connection with such transactions (including, without limitation, all air travel (by first class on a commercial airline or by charter, as
determined by the appropriate Manager) and other travel related expenses) and the out-of-pocket expenses and the fees and charges of (A) Ropes & Gray LLP, (B) KPMG, LLC, (C) DLA Piper Rudnick LLP, (D) Stikeman, Elliott,
LLP and other foreign counsel to the Managers or their affiliates, (E) Environ, environmental consultants, (F) Bain & Company, (G) Trinity Capital, (H) Mercer Human Resource Consulting, (I) Marsh McClennan,
insurance specialists, and (J) any other consultants or advisors retained by the Managers with the agreement of all Managers in connection with such transactions, (ii) reasonable out-of-pocket expenses incurred from and after the Closing
Date relating to their affiliated funds’ investment in, the 

  
 -4-

 
operations of, or the services provided by the Managers to, the BCT-Dunkin’ Brands Corporations or any of their affiliates from time to time (including, without limitation, all air travel
(by first class on a commercial airline or by charter, as determined by the appropriate Manager) and other travel related expenses), provided, however, that two of the three Managers must approve any such expenses other than routine
out-of-pocket expenses, (iii) reasonable out-of-pocket legal expenses incurred by any Manager or its affiliates from and after Closing Date in connection with the enforcement of rights or taking of actions under this Agreement, under the
BCT-Dunkin’ Brands Corporations’ certificates of incorporation and bylaws, or under any subscription agreements, stockholders agreements, registration rights agreements, voting agreements or similar agreements entered into with Holdings,
Midco or the Company in connection with investments in Holdings, Midco or the Company (subject to any applicable limitations on expense reimbursement rights expressly set forth in such agreements) and (iv) expenses incurred from and after the
Closing Date by the Managers and their affiliates which at least two of the three Managers agree are properly allocable to the BCT-Dunkin’ Brands Corporations under this Agreement. 

(b) Indemnity and Liability. The BCT-Dunkin’ Brands Corporations, jointly and severally, will indemnify,
exonerate and hold each of the Managers, and each of their respective partners, shareholders, members, affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, shareholders, members,
affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action,
suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date of this Agreement
(collectively, the “Indemnified Liabilities”), as a result of, arising out of, or in any way relating to (i) this Agreement, the Acquisition, any transaction to which a BCT-Dunkin’ Brands Corporation is a party, or any
other circumstances with respect to a BCT-Dunkin’ Brands Corporation or (ii) operations of, or services provided by any of the Managers to, the BCT-Dunkin’ Brands Corporations, or any of their affiliates from time to time (including
but not limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of the Sellers, or any of its accountants or other representatives, agents or affiliates); provided that the foregoing indemnification
rights shall not be available to the extent that any such Indemnified Liabilities arose on account of such Indemnitee’s gross negligence or willful misconduct, and further provided that, if and to the extent that the foregoing
undertaking may be unavailable or unenforceable for any reason, the BCT-Dunkin’ Brands Corporations hereby agree to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. For purposes of this Section 4(b), none of the circumstances described in the limitations contained in the two provisos in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a
court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously 

  
 -5-

 
advanced indemnity payments made by the BCT-Dunkin’ Brands Corporations, then such payments shall be promptly repaid by such Indemnitee to the BCT-Dunkin’ Brands Corporations. The
rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such person may have under any other agreement or instrument referenced above or any other agreement or instrument to which such Indemnitee is or
becomes a party or is or otherwise becomes a beneficiary or under law or regulation. None of the Indemnitees shall in any event be liable to the BCT-Dunkin’ Brands Corporations or any of their affiliates for any act or omission suffered or
taken by such Indemnitee that does not constitute gross negligence or willful misconduct. If the Indemnitees related to each of the three Managers are similarly situated with respect to their interests in connection with a matter that may be an
Indemnified Liability and such Indemnified Liability is not based on a Third-Party Claim, the Indemnitees may enforce their rights pursuant to this Section 4(b) with respect to such matter only with the consent of at least two of the three
Managers. In this Agreement, “Person” means any individual or corporation, association, partnership, limited liability company, joint venture, joint stock or other company, business trust, trust, organization, or other entity of any
kind. A “Third-Party Claim” means any (i) claim brought by a Person other than a BCT-Dunkin’ Brands Corporation, a Manager or any indemnified Person related to a Manager and (ii) any derivative claim brought in the
name of a BCT-Dunkin’ Brands Corporation that is initiated by a Person other than a Manager or any indemnified Person related to a Manager. 
 5. Disclaimer and Limitation of Liability; Opportunities. 

(a) Disclaimer; Standard of Care. None of the Managers makes any representations or warranties, express or implied,
in respect of the services to be provided by any Manager hereunder. In no event shall any of the Managers be liable to the BCT-Dunkin’ Brands Corporations or any of their affiliates for any act, alleged act, omission or alleged omission that
does not constitute gross negligence or willful misconduct of such Manager as determined by a final, non-appealable determination of a court of competent jurisdiction. 

(b) Freedom to Pursue Opportunities. In recognition that each Manager and its respective Indemnitees currently
have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which each Manager or its respective Indemnitees may serve as an advisor, a director or in some other capacity, and in recognition that
each Manager and its respective Indemnitees have myriad duties to various investors and partners, and in anticipation that the BCT-Dunkin’ Brands Corporations, on the one hand and each of the Managers (or one or more affiliates, associated
investment funds or portfolio companies), on the other hand, may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities, and in recognition of the benefits to be derived by the
BCT-Dunkin’ Brands Corporations hereunder and in recognition of the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular
situation, the provisions of this Section 5(b) are set forth to regulate, define 

  
 -6-

 
and guide the conduct of certain affairs of the BCT-Dunkin’ Brands Corporations as they may involve such Manager. Except as a Manager may otherwise agree in writing after the date hereof:

 (i) Such Manager and its respective Indemnitees shall have the right: (A) to directly or indirectly
engage in any business (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company and its subsidiaries), (B) to directly or indirectly do
business with any client or customer of the Company and its subsidiaries, (C) to take any other action that such Manager believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this
Section 5(b), and (D) not to present potential transactions, matters or business opportunities to the BCT-Dunkin’ Brands Corporations or any of their subsidiaries, and to pursue, directly or indirectly, any such opportunity for
itself, and to direct any such opportunity to another person. 
 (ii) Such Manager and its respective Indemnitees
shall have no duty (contractual or otherwise) to communicate or present any corporate opportunities to the BCT-Dunkin’ Brands Corporations or any of their affiliates or to refrain from any actions specified in Section 5(b)(i), and the
BCT-Dunkin’ Brands Corporations, on their own behalf and on behalf of their affiliates, hereby renounce and waive any right to require such Manager or any of its Indemnitees to act in a manner inconsistent with the provisions of this
Section 5(b). 
 (iii) None of such Manager, nor any of its Indemnitees shall be liable to the
BCT-Dunkin’ Brands Corporations or any of their affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types referred to in this Section 5(b) or of any such person’s participation
therein. 
 (c) Limitation of Liability. In no event will any of the Managers or any of their
Indemnitees be liable to the BCT-Dunkin’ Brands Corporations or any of their affiliates or either of the other Managers or their Indemnitees for any indirect, special, incidental or consequential damages, including, without limitation, lost
profits or savings, whether or not such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services to be provided by the Managers hereunder. 

6. Assignment, etc. Except as provided below, none of the parties hereto shall have the right to assign this Agreement without the
prior written consent of each of the other parties. Notwithstanding the foregoing, any Manager may assign all or part of its rights and obligations hereunder to any of its respective affiliates which provides services similar to those called for by
this Agreement. This Agreement shall bind and inure solely to the benefit of the parties hereto and their respective successors and permitted assigns; provided, however, that the provisions hereof for the benefit of Indemnitees other than the
Managers themselves shall also inure to the benefit of such other Indemnitees and their successors and assigns. 

  
 -7-

 7. Amendments and Waivers. No amendment or waiver of any term, provision or condition
of this Agreement shall be effective, unless in writing and executed by two of the three Managers and Holdings and the Company (or their respective successors); provided, that any amendment that would increase any fee payable to any Manager
pursuant to this Agreement shall require the written consent of each of the Managers and the BCT-Dunkin’ Brands Corporations and any amendment or waiver that would reduce any fee payable to any Manager or otherwise discriminate against any
Manager will require the consent of such Manager; and provided, further that any Manager may waive any portion of any fee to which it is entitled pursuant to this Agreement, and, unless otherwise directed by such Manager, such waived portion
shall revert to the BCT-Dunkin’ Brands Corporations. No waiver on any one occasion shall extend to or effect or be construed as a waiver of any right or remedy on any future occasion. No course of dealing of any person nor any delay or omission
in exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto. 
 8. Governing Law; Jurisdiction. 
 (a) Choice of Law.
This Agreement and all matters arising under or related to this Agreement shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect to any choice or conflict of law provision
or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
 (b)
Consent to Jurisdiction. Each of the parties agrees that all actions, suits or proceedings arising out of, based upon or relating to this Agreement or the subject matter hereof shall be brought and maintained exclusively in the federal and
state courts of the State of New York, County of New York. Each of the parties hereto by execution hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in the State of New York, County of New York for the
purpose of any action, suit or proceeding arising out of or based upon this Agreement or the subject matter hereof and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense
or otherwise, in any such action, suit or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other injunctive relief, that its property
is exempt or immune from attachment or execution, that any such action, suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or maintained in one of the above-named
courts should be dismissed on grounds of forum non conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by virtue of the pendency of any other action, suit or proceeding in
any court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by any of the above-named courts. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a
party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Each of the parties hereto
hereby consents to service of process in any such suit, action or proceeding in any manner permitted by the laws of the State of New York, agrees that service of 

  
 -8-

 
process by registered or certified mail, return receipt requested, at the address specified in or pursuant to Section 10 is reasonably calculated to give actual notice and waives and agrees
not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with Section 10 does not constitute good and sufficient service of process. The provisions of
this Section 8 shall not restrict the ability of any party to enforce in any court any judgment obtained in a federal or state court of the State of New York. 

(c) Waiver of Jury Trial. To the extent not prohibited by applicable law which cannot be waived, each of the
parties hereto hereby waives, and covenants that it will not assert (whether as plaintiff, defendant, or otherwise), any right to trial by jury in any forum in respect of any issue, claim, demand, cause of action, action, suit or proceeding arising
out of or based upon this Agreement or the subject matter hereof, in each case whether now existing or hereafter arising and whether in contract or tort or otherwise. Each of the parties hereto acknowledges that it has been informed by each other
party that the provisions of this Section 8(c) constitute a material inducement upon which such party is relying and will rely in entering into this Agreement and the transactions contemplated hereby. Any of the parties hereto may file an
original counterpart or a copy of this Agreement with any court as written evidence of the consent of each of the parties hereto to the waiver of its right to trial by jury. 
 9. Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any prior communication or agreement with respect
thereto. 
 10. Notice. All notices, demands, and communications required or permitted under this Agreement shall be in
writing and shall effective if served upon such other party and such other party’s copied persons as specified below to the address set forth for it below (or to such other address as such party shall have specified by notice to each other
party) if (i) delivered personally, (ii) sent and received by facsimile or (iii) sent by certified or registered mail or by Federal Express, DHL, UPS or any other comparably reputable overnight courier service, postage prepaid, to the
appropriate address as follows: 
 If to a BCT-Dunkin’ Brands Corporation, to it: 

Dunkin’ Brands, Inc. 
 130 Royall Street 
 Canton, Massachusetts 02021 

Facsimile: (781) 737-4516 
 Attention:  Stephen Horn 
 with copies to: 

Ropes & Gray LLP 
 One International Place 
 Boston, Massachusetts 02110 

  
 -9-

					
		  	Facsimile:	  	(617) 951-7050
		  	Attention:	  	David C. Chapin
		  		  	Patrick Diaz
		  		  	R. Newcomb Stillwell

  

					
	 If to Bain, to:

		
		  	c/o Bain Capital, LLC
		  	111 Huntington Avenue
		  	Boston, Massachusetts 02199
		  	Facsimile:	  	(617) 516-2010
		  	Attention:	  	Andrew Balson

  

					
	 with copies to:

		
		  	Ropes & Gray LLP
		  	One International Place
		  	Boston, Massachusetts 02110
		  	Facsimile:	  	(617) 951-7050
		  	Attention:	  	David C. Chapin
		  		  	Patrick Diaz
		  		  	R. Newcomb Stillwell

  

					
	 If to Carlyle, to:

		
		  	c/o The Carlyle Group
		  	520 Madison Avenue
		  	New York, NY 10022
		  	Facsimile:	  	(212) 381-4901
		  	Attention:	  	Sandra Horbach

  

					
	 with copies to:

		
		  	Ropes & Gray LLP
		  	One International Place
		  	Boston, Massachusetts 02110
		  	Facsimile:	  	(617) 951-7050
		  	Attention:	  	David C. Chapin
		  		  	Patrick Diaz
		  		  	R. Newcomb Stillwell

  

					
	 If to THL, to:

		
		  	c/o Thomas H. Lee Partners
		  	100 Federal Street
		  	Boston, Massachusetts 02110

  
 -10-

					
		  	Facsimile:	  	(617) 227-3514
		  	Attention:	  	Anthony DiNovi

  

					
	 with copies to:

		
		  	Ropes & Gray LLP
		  	One International Place
		  	Boston, Massachusetts 02110
		  	Facsimile:	  	(617) 951-7050
		  	Attention:	  	David C. Chapin
		  		  	Patrick Diaz
		  		  	R. Newcomb Stillwell

Unless otherwise specified herein, such notices or other communications shall be deemed effective, (a) on the date
received, if personally delivered or sent by facsimile during normal business hours, (b) on the business day after being received if sent by facsimile other than during normal business hours, (c) one business day after being sent for
overnight delivery by Federal Express, DHL or UPS or other comparably reputable delivery service and (d) five business days after being sent by registered or certified mail. Each of the parties hereto shall be entitled to specify a different
address by giving notice as aforesaid to each of the other parties hereto. 
 11. Severability. If in any proceedings a
court shall refuse to enforce any provision of this Agreement, then such unenforceable provision shall be deemed eliminated from this Agreement for the purpose of such proceedings to the extent necessary to permit the remaining provisions to be
enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be valid and binding agreement enforceable in accordance with its terms, and in the
event that any provision hereof shall be found to be invalid or unenforceable, such provision shall be construed by limiting it so as to be valid and enforceable to the maximum extent consistent with and possible under applicable law. 

12. Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 -11-

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on
its behalf as an instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

					
	THE COMPANY:	 		 	DUNKIN’ BRANDS ACQUISITION, INC.
			
	 	 		 	 *

		 		 	Todd M. Abbrecht
		 		 	Vice President & Treasurer
			
	MIDCO:	 		 	DUNKIN’ BRANDS HOLDINGS, INC.
			
	 	 		 	 *

		 		 	Todd M. Abbrecht
		 		 	Vice President & Treasurer
			
	HOLDINGS:	 		 	DUNKIN’ BRANDS GROUP HOLDINGS, INC.
			
	 	 		 	 *

		 		 	Todd M. Abbrecht
		 		 	Vice President & Treasurer

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

 

					
			
	 	 		 	/s/ Todd M. Abbrecht
		 		 	Todd M. Abbrecht
		 		 	Vice President & Treasurer

  
 Management Agreement

					
	BAIN:	 		 	BAIN CAPITAL PARTNERS, LLC
		 		 	By: Bain Capital LLC, its sole member
			
	 	 		 	/s/ Mark E. Nunnelly
		 		 	Mark E. Nunnelly
		 		 	Managing Director

  
  

  
 Management Agreement

					
	CARLYLE:	 		 	TC GROUP IV, L.L.C.
		 		 	By: TC Group, L.L.C., its sole member
		 		 	By: TCG Holdings, L.L.C., its managing member
			
	 	 		 	/s/ Sandra J. Horbach
		 		 	Sandra J. Horbach
		 		 	Managing Director

  
 Management Agreement

					
	THL:	 		 	THL MANAGERS V, LLC
		 		 	By: Thomas H. Lee Partners, L.P., its managing member
		 		 	By: Thomas H. Lee Advisors, LLC, its general partner
			
	 	 		 	/s/ Scott Schoen
		 		 	Name: Scott Schoen
		 		 	Title: Managing Director

  
 Management Agreement

 Schedule 1 to 
 Management Agreement 
 Wire Transfer Instructions for 

Bain Capital Partners, LLC 
  

			
	Bank:	  	
	ABA #:	  	
	For:	  	
	Acct #:	  	
	To Further Credit:	  	
	Acct #:	  	

 Wire Transfer Instructions for 
 TC Group IV, L.L.C. 
  

			
	Bank:	  	
	ABA #:	  	
	Acct #:	  	
	Account Name:	  	

 Wire Transfer Instructions for 
 THL Managers V, LLC 
  

			
	Bank:	  	
	ABA #:	  	
	Acct #:	  	
	Account Name:	  	
	Reference:	  	

  
 -1-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]