Document:

Exhibit 10.1

     

   

    

   

    

   

    

   

    

  ENDORSEMENT AGREEMENT

   
  

  

   THIS ENDORSEMENT AGREEMENT
      (“Agreement”) is made and entered into effective March 15, 2022 (the “Effective Date”) by and among, on the one hand, ABG-Shaq, LLC, a Delaware limited liability company (“ABG”) for the personal services of Shaquille O’Neal, (“CELEBRITY”), and, on
      the other hand, Papa John’s Marketing Fund, Inc., a Kentucky corporation (“PJMF”), and Papa John’s International, Inc. (“PJI”) (PJMF and PJI are, individually and collectively, “PAPA JOHN’S”).  ABG and PAPA JOHN’S may hereinafter be referred to
      individually as a “Party” or collectively as the “Parties”.

  

  

  WITNESSETH:

  

  

   WHEREAS, CELEBRITY is recognized
      and known for his skills as an athlete, sports analyst, and celebrity personality;

  

  

  WHEREAS, ABG, as successor in interest to CELEBRITY, is the exclusive rights holder throughout the world of certain rights to CELEBRITY’S name, image,
    and services, and has the authority to exploit such rights;

  

  

  WHEREAS, PJMF is a corporation that pays for the national marketing of PJI and is licensed to use and sublicense its intellectual property;

  

  

  WHEREAS, PAPA JOHN’S desires to acquire the right to use the Celebrity Endorsement (as defined below) in connection with the advertisement, promotion
    and sale of PAPA JOHN’S Products (defined below) and ABG agrees to grant such rights to PAPA JOHN’S and provide the services of CELEBRITY, all subject to the terms and conditions of this 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 agree as follows:

  

  

  1. Definitions.  As used herein, the terms set forth below shall be defined as follows:

   

    

  A. “Celebrity Endorsement” shall mean the right to use, subject to the provisions hereof, CELEBRITY’s name (including variations and derivations of the same), nickname, initials,
      autograph, voice, video or film portrayals, facsimile signature, photograph, trade name, likeness and image or facsimile image, or means of endorsement (not including video) (individually and collectively, the “Personality Rights”), in each case,
      solely as Approved (as hereinafter defined) by ABG, in connection with the advertising, promotion and sale of Products.

  

  

  B. “Contract Year” shall refer to the period commencing on the Effective Date and ending the day before the one year anniversary of the Effective Date, and each successive twelve (12)
      month period thereafter during the term of this Agreement.

  

  

  
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  C. “Competitive Products” shall mean pizza intended primarily for carry-out or home delivery and prepared on the premises of a pizza carry-out/delivery restaurant, including but not
      limited to, pizza “take and bake” outlets, dine-in restaurants in which pizza is the principal food offering, and/or frozen pizza sold in grocery or mass merchandiser stores for in-home preparation.

  

  

  D. “Products” shall mean PAPA JOHN’S-branded pizza, bread sides, and, subject to ABG’s Approval in each instance, papadias and desserts (excluding any fried chicken items, pastries,
      doughnuts, coffee and coffee-based products, energy drinks, ‘hydration’ frozen ice bars, ‘energy’ frozen ice bars, and ‘recovery’ frozen ice bars), in each case produced and sold by PAPA JOHN’S.

  

  

  E. “Territory” shall mean Worldwide.

  

  

  2. Term.  Unless earlier terminated in accordance with the provisions hereof, the initial term of this Agreement (“Term”) is the Effective Date through March 31, 2025. The Agreement may be
      extended for one (1) year upon the parties’ mutual agreement in writing, it being specifically understood the services to be performed by CELEBRITY (on behalf of ABG) and remuneration to ABG in connection with the same shall be negotiated in good
      faith.

  

  

  3. Grant of Endorsement.

  

  

  A. In consideration of the remuneration to be paid to ABG pursuant hereto and subject to the conditions and limitations contained herein, ABG grants to PAPA JOHN’S the non-transferrable,
      non-assignable, non-sublicensable, indivisible right and license solely during the Term of the Agreement and within the Territory to use the Celebrity Endorsement, in each instance, subject to ABG’s Approval (as hereinafter defined).  It is
      understood that PAPA JOHN’S shall not use the Celebrity Endorsement for any other purpose or in connection with any other items unless specifically permitted herein.  Subject to the terms contained herein, PAPA JOHN’S and ABG agree and acknowledge
      that during the Term of this Agreement and for one (1) year thereafter, ABG shall be prohibited from granting any rights for CELEBRITY identical or similar to the rights granted to PAPA JOHN’S hereunder to any entity other than PAPA JOHN’S for the
      purpose of directly promoting, advertising, making an appearance on behalf of, or endorsing Competitive Products; provided, however, that in the event this
      Agreement is terminated pursuant to Section 7.B. of this Agreement, the prohibition referenced above shall be for a period of six (6) months, except that the prohibition shall referenced above shall not apply (or shall immediately cease to apply, as
      applicable) in the event of any one or more of the following: (i) the Agreement is terminated due to PAPA JOHN’S failure to pay to ABG any monies under this Agreement, as set forth herein, (ii) the Agreement is terminated due to PAPA JOHN’S failure
      to grant, issue, or cause to vest any of the RSUs (as hereinafter defined) under this Agreement, as set forth herein, (iii) PAPA JOHN’S failure to pay to ABG any monies under Section 7.D.a. or Section 7.D.b. of this Agreement, as set forth herein, or
      (iv) PAPA JOHN’S failure to grant, issue, or cause to vest any of the RSUs under Section 7.E.a. or Section 7.E.b. of this Agreement, as set forth herein.

  
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  B. The parties acknowledge and agree that all materials produced by or on behalf of PAPA JOHN’S in connection with this Agreement and all elements thereof, including all advertising and
      promotional materials, trademarks, phrases, words, writing, dialogue, adlibs, music, titles or characters therein, but in all cases specifically excluding the Celebrity Endorsement and the Personality Rights (the “Materials”), shall be and remain the
      absolute and exclusive property of PAPA JOHN’S.  Neither CELEBRITY nor ABG has any right, title, or interest, and agrees that neither will claim any, in or to the Materials. Except as otherwise provided herein, all the results of ABG’s provision of
      CELEBRITY’S Services hereunder, including, but not limited to, Materials (but in all cases specifically excluding the Celebrity Endorsement and the Personality Rights), will be deemed a “work made for hire” under the provisions of the United States
      Copyright Act (17 U.S.C. Sec. 101) and will be owned by PAPA JOHN’S for all purposes.  If any Materials created under this Agreement are not legally capable of being a work-made-for-hire under the applicable copyright laws, then all right, title, and
      interest in such Materials is hereby assigned to Papa John’s, and CELEBRITY or ABG will execute any documents consistent herewith necessary to perfect such assignment.

  

  

  C. The Parties acknowledge that PAPA JOHN’S has no right, title or interest, and PAPA JOHN’S hereby agrees that PAPA JOHN’S will not claim any, in or to the Celebrity Endorsement, the
      Personality Rights, or any of CELEBRITY’S or ABG’s other intellectual property rights.  PAPA JOHN’S hereby acknowledges that PAPA JOHN’S exercise of the Celebrity Endorsement (including, without limitation, all uses of the Personality Rights) and all
      goodwill that is attached or may become attached to the foregoing shall inure solely to the benefit of ABG.

  

  

  D. Approval Standard.  For purposes of this Agreement, “Approval” (and all grammatical variations thereof, e.g., Approve, Approved, etc.) shall be defined as ABG’s prior written
      approval, which may be given or withheld in ABG’s sole discretion.  ABG has the right to Approve all uses of the Celebrity Endorsement and the Personality Rights, whether by PAPA JOHN’S or any of its approved designees (including, without limitation,
      the use of the Personality Rights in connection with any and all Products and Materials. PAPA JOHN’S hereby agrees that: (A) no Materials may be released or exhibited publicly, in any manner, unless and until ABG has Approved the same, (B) all
      Materials must be re-submitted for Approval each time a revision is made incorporating any changes, and (C) ABG’S Approval of Materials hereunder is specifically limited to Approval of the use of the Personality Rights contained therein, and that to
      the extent any materials owned by third parties (e.g., logos, locations, individuals, music, etc.) (“Third-Party Materials”) are incorporated therein, PAPA JOHN’S shall be solely responsible for identifying such Third-Party Materials, and for
      obtaining an appropriate license from the owner(s) of such Third-Party Materials to secure all applicable rights to use and otherwise exploit such Third-Party Materials.

  

  

  E. Approval Process.  

    

  

  

  
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  1. General.  ABG shall respond to each initial request for Approval from PAPA JOHN’S (“First Request”) within three (3) days of ABG’s receipt of such request (“Approval Window”); provided, however
      that ABG’s silence or failure to respond to the First Request prior to the expiration of the Approval Window shall be deemed ABG’s disapproval of the Materials contained in the First Request for Approval. In the event that ABG is silent with respect
      to, or fails to reply to, the First Request prior to the expiration of the Approval Window, then PAPA JOHN’S shall be entitled to submit a second (2nd) request for Approval of the same Materials included in the First Request (“Second Request”), with
      a copy of the Materials and the request to ABG’s Legal Department (using the contact information set forth in Section 12.F. of this Agreement).  In the event that ABG is silent with respect to, or fails to reply to, the Second Request within three
      (3) days of ABG’s receipt thereof, then ABG’s silence with respect to, or failure to respond to, the Second Request shall be deemed ABG’s Approval of the Materials included in the Second Request. PAPA JOHN’S hereby acknowledges that ABG’s Approval of
      any particular Materials for a specific purpose shall only be deemed an Approval for said purpose. PAPA JOHN’S shall be required to re-submit any previously Approved Materials to the extent PAPA JOHN’S wishes to use the same for other purposes. PAPA
      JOHN’S hereby acknowledges that, in the event PAPA JOHN’S fails to obtain ABG’s consent or approval for any act or omission requiring such consent or approval (e.g., use of Celebrity Endorsement or Personality Rights, etc.), the same shall be deemed
      a non-curable breach of this Agreement entitling, but not requiring, ABG to immediately terminate this Agreement.  In the event that ABG expressly disapproves any Materials that are submitted by PAPA JOHN’S for ABG’s Approval hereunder, ABG shall
      provide PAPA JOHN’S with a reason for such disapproval.

  

  

  2. Advertising & Promotion. PAPA JOHN’S shall create and submit to ABG, via email (as specified by ABG) the concept (e.g., story boards, mock-ups, etc.) (“Concept”) for each of PAPA JOHN’S
      proposed advertising, marketing, and promotional efforts utilizing any of the Personality Rights for purposes of selling Products (each, an “Advertisement” and each Advertisement shall be a Material). After Approval of such Concept, and prior to the
      public exhibition of any Advertisement, PAPA JOHN’S shall create and submit to ABG, via email (as specified by ABG), the completed Advertisement intended for public exhibition. After Approval of such Advertisement, PAPA JOHN’S shall be permitted to
      publicly exhibit the same, through those channels (e.g., broadcast television, Internet, radio) Approved by ABG, in each case, subject to the terms and conditions of this Agreement.

  

  

  3. Legal Lines.  Upon ABG’s reasonable request, uses of the Personality Rights shall bear appropriate copyright, trademark and credit notices, as provided by ABG (“Legal Lines”), either directly
      on the Materials using the same, or on stickers or labels affixed thereto, such placement to be mutually agreed upon by the Parties.

  

  

  4. PAPA JOHN’S shall not itself or through its agents or representatives or otherwise indirectly, make, issue, distribute or disseminate any information or statements to the press regarding ABG,
      CELEBRITY, Celebrity’s Endorsement of PAPA JOHN’S Products and/or matters pertaining to or arising out of this Agreement (each a “Press Release”).  In the event that PAPA JOHN’S desires to issue a Press Release, PAPA JOHN’S shall submit the same to
      ABG for Approval.  If ABG has not responded in writing prior to the expiration of an Approval Window, then the submission shall be deemed disapproved.  ABG shall have the right, but not the obligation, to include PAPA JOHN’S, Celebrity’s Endorsement
      of PAPA JOHN’S Products, and the existence of a partnership between ABG and PAPA JOHN’S in connection with CELEBRITY in Press Releases, subject to PAPA JOHN’S approval, such approval not to be unreasonably withheld.

  
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  5. Brand Restrictions.  PAPA JOHN’S shall not, during the Term or at any time thereafter: (I) defame or disparage CELEBRITY or the Personality Rights (or any portion thereof), nor shall PAPA
      JOHN’S place the CELEBRITY or the Personality Rights (or any portion thereof) in a negative light, whether in connection with this Agreement or otherwise, or (ii) utilize the Personality Rights (or any portion thereof) in association with, nor shall
      PAPA JOHN’S associate CELEBRITY with any of the following: (A) alcohol, drugs (including, without limitation, both prescription and non-prescription) or other supplements; (B) death; (C) pornography or other “adult only” or sexually explicit
      activities; (D) massage parlors, prostitution or any dating or escort activities; (E) weapons or ammunition; (F) denigration or discrimination against individuals based on race, national origin, gender, religion, disability, ethnicity, sexual
      orientation, gender identity or age; (G) incontinence; (H) weight loss/gain; (I) medical conditions (including, without limitation, hair loss); or (J) political campaigns or causes.

  

  

  6. Enforcement of Celebrity Endorsement and Personality Rights. ABG shall have the exclusive right, at ABG’s sole cost and expense (excluding PAPA JOHN’S outside counsel fees and costs) and
      exercisable at ABG’s sole discretion, to institute in its own name, and to control, with counsel of its own choosing, all claims, suits and/or actions against third parties relating to the Personality Rights, and other proprietary rights in and to
      the same (“Infringement Claim”), and ABG shall be entitled to receive and retain all amounts awarded, if any, as damages, profits or otherwise, in connection with such Infringement Claims.  PAPA JOHN’S shall assist ABG to ensure that third parties do
      not unlawfully infringe on the Personality Rights. PAPA JOHN’S shall promptly notify ABG of any such infringements of which PAPA JOHN’S becomes aware.  PAPA JOHN’S shall not take any action on account of, or in connection with, any Infringement
      Claim, other than to notify ABG of the same, and to cooperate with ABG, pursuant to this Section. PAPA JOHN’S hereby acknowledges that: (i) ABG and CELEBRITY have no obligation to take any action in connection with any Infringement Claim, and (ii)
      ABG and CELEBRITY shall incur no liability by reason of: (A) ABG’s or CELEBRITY’s failure or refusal to take any such action against any Infringement Claim, or (B) any settlement relating to any Infringement Claim to which ABG or CELEBRITY may agree.

  

  

  7. No Attack. PAPA JOHN’S shall not, during the Term or at any time thereafter, attack or challenge, or lend assistance to any third party in connection with an attack or challenge, of any right,
      title or interest of ABG in and to any Personality Rights (including, without limitation, copyrights, trademarks and/or patents), whether by way of: (i) an application for and/or an opposition against any intellectual property rights relating to the
      Personality Rights, (ii) adoption and/or application for and/or registration of any intellectual property rights (including, without limitation, domain names, business names, and social media accounts) that are confusingly similar to, that dilute, or
      that infringe, any of the Personality Rights, or (iii) any lawsuit, cancellation proceeding or action, or otherwise. PAPA JOHN’S shall not represent in any filing, presentation, document or other statement, whether written or verbal, that PAPA JOHN’S
      or any third party is the owner of the Personality Rights, and PAPA JOHN’S shall not use or display any of the foregoing except as expressly permitted herein.

  

  

  
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  4. Services.  To facilitate PAPA JOHN’S usage of the right and license to the Celebrity Endorsement with respect to the Products as provided herein, during each Contract Year during the
      Term of the Agreement, subject to CELEBRITY’s prior personal and professional obligations, and further subject to advance scheduling reasonable acceptable to ABG and CELEBRITY and to confirmation with respect to scheduling dates, times, and
      locations, and subject to Section 5(C) below, ABG agrees to cause CELEBRITY to provide the services set forth below (“Services”).  ABG shall require CELEBRITY to provide the Services in a professional manner, subject to the terms and conditions of
      this Agreement.

  

  

  A. At least eight (8) “Service Days”, including but not limited to:

  

  

  1. Production days.  Up to four (4) production days (defined as a maximum of eight (8) consecutive hours each), with PAPA JOHN’S
      creative agency.

  

  

  2. Personal appearances.  CELEBRITY shall appear at least (each of the following not to exceed six (6) consecutive hours):

  

  

  (A) One (1) day engaging with franchisees and team members at company-wide event(s);

  

  

  (B) One (1) day visiting Papa John’s Pizza stores, date and locations to be mutually agreed upon by the Parties; and

  

  

  (C) One (1) day at a community event, date and location to be mutually agreed upon by the Parties.

  

  

  PAPA JOHN’S and ABG shall both use commercially reasonable efforts to schedule the dates, times and locations for Service Days so as to meet the
    reasonable needs of PAPA JOHN’S while not unreasonably conflicting with CELEBRITY’s previously scheduled other commitments.  PAPA JOHN’S understands that if Service Days are requested hereunder, then such Service Days may be coordinated with similar
    services for others entitled to the use of CELEBRITY’s personal services (e.g., if Service Days include traveling to Las Vegas, Nevada, CELEBRITY and/or ABG may coordinate such Service Days to be performed during a previously scheduled trip to Las
    Vegas, Nevada). PAPA JOHN’S shall provide local hair, make-up and/or wardrobe stylists for CELEBRITY in connection with all Service Days hereunder, provided each such stylist, and all wardrobe selections, shall be pre-approved by CELEBRITY in his sole,
    absolute discretion. The timing allocated in Section 4(A) above for all Service Days shall be exclusive of travel time, but inclusive of time spent for makeup, wardrobe, and reasonable breaks.

  
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  B. Social media posts.  ABG shall require CELEBRITY to post on each of CELEBRITY’s Instagram (the page located at www.instagram.com/shaq and Personality’s Instagram account (@shaq)), Twitter (the
      page located at www.twitter.com/shaq and Celebrity’s Twitter account (@shaq)), and Facebook (the page located at www.facebook.com/shaq) at least one post (1) per month promoting PAPA JOHN’S Products.  Each post shall be created by PAPA JOHN’S, but
      subject to ABG’s Approval in each instance.  PAPA JOHN’S shall provide ABG and CELEBRITY with all suitable and necessary language, compliant with all Federal Trade Commission (“FTC”) standards and requirements to include in each post (each a or the,
      “Required Disclosure”) which shall clearly and conspicuously disclose to the public that ABG and/or CELEBRITY has been paid by PAPA JOHN’S in connection with such posts. Notwithstanding anything to the contrary contained in this Agreement, PAPA
      JOHN’S shall be solely responsible for ensuring that any and all Required Disclosures comply with all applicable laws, rules, regulations, and guidelines, including, without limitation, the FTC’s “Guides Concerning the Use of Endorsements and
      Testimonials in Advertising” and PAPA JOHN’S shall indemnify, defend, and hold harmless the ABG Indemnified Parties (as hereinafter defined) from any and all liability arising out of the same, unless ABG or CELEBRITY materially modifies the Required
      Disclosure provided by PAPA JOHN’S (i.e. if the Required Disclosure provided by PAPA JOHN’S complied with all applicable laws, rules, regulations, and guidelines, and ABG or CELEBRITY’s modification of the Required Disclosure causes such Required
      Disclosure to not comply all applicable laws, rules, regulations, and guidelines).

  

  

  	

        	C.	
          Public Relations.

        

  

  

  	

        	a.	
          During each Contract Year during the Term, ABG shall cause CELEBRITY to make himself available for sixty (60) total minutes of interview time promoting Papa John’s, subject to CELEBRITY’s prior personal and professional obligations, and
            further subject to advance scheduling reasonably acceptable to ABG and CELEBRITY.  Upon PAPA JOHN’S reasonable request, (i) interviews may be broken up into smaller increments (e.g., five or ten minutes
            each), and (ii) ABG will cause CELEBRITY to participate in media and message training before each interview, in each case, subject to CELEBRITY’s prior personal and professional obligations, and further subject to advance scheduling reasonable
            acceptable to ABG and CELEBRITY.

        

  

  

  
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  D. Exhibit C shall govern the use and promotion of the Shaq-a-Roni SAR Co-Branded Product.

  

  

  E. Notwithstanding anything to the contrary contained in this Agreement, the Parties specifically agree that the Personality Rights shall not be used, in whole or in part, in connection with any
      Tie-In Programs (as hereinafter defined) without ABG’s Approval in each instance. Except as specifically provided herein, PAPA JOHN’S hereby acknowledges and agrees that, both during the Term and at any and all times thereafter, PAPA JOHN’S has no
      right to, and PAPA JOHN’S shall not, affix or attach any of the Personality Rights, in any manner, to any of PAPA JOHN’S products or services (including, without limitation, Products) (e.g., either directly on any products or on any packaging
      therefor, etc.).  For purposes of this Agreement, “Tie-In Program” shall be defined as any program or plan developed around a particular product or property and designed primarily to generate additional income related to such product or
      property (e.g., traffic builders, cross-promotions, third party programs involving the use of a premium or a third party’s product and/or service), including, without limitation: (i) any program primarily designed to attract the consumer to purchase
      a product or service other than or in addition to the Products; and/or (ii) any cross-promotion with a third party and/or its products or services.

  

  

  F. Condition Precedent. PAPA JOHN’S expressly acknowledges that the obligations of ABG to require CELEBRITY to perform the Services specified hereunder are subject to the condition that all
      payments to ABG are current and up-to-date.

  

  

  G. Pay or Play. In the event that PAPA JOHN’S fails to utilize any or all of the Services as and when the same are allocated and/or scheduled pursuant to the above (e.g., within a particular
      Contract Year), then: (A) the same shall not result in a reduction in any amounts due and/or payable to ABG hereunder, and (B) PAPA JOHN’S shall be deemed to have waived its right to utilize those particular Services (e.g., Service Days that are
      allocated for a particular Contract Year may not be carried into future Contract Years, or beyond the expiration or early termination of the Term) without ABG’s Approval.

  

  

  H. No Dangerous Activity. The Parties acknowledge and agree that CELEBRITY shall not be required to participate in any physical activity during CELEBRITY’s performance of any Services hereunder
      that may be of a dangerous nature or which may involve a risk of serious bodily injury to CELEBRITY and/or others, as determined by ABG and CELEBRITY in their collective sole and absolute discretion.  Notwithstanding the foregoing, CELEBRITY and ABG
      acknowledge and agree that the performance of these services during the COVID-19 pandemic does not violate this section.

  

  

  I. Additional Services. CELEBRITY’S rendition of additional services beyond the scope of the Services set forth herein shall at all times be subject to the mutual agreement of the Parties
      (including, without limitation, the negotiation of appropriate remuneration in connection therewith).  PAPA JOHN’S further acknowledges that ABG, as successor in interest to CELEBRITY, is the sole and exclusive owner of a worldwide portfolio of
      Personality Rights, as well as other copyrights, trademarks and other intellectual property rights related to CELEBRITY, and the rights of publicity, and other rights in and to the name, image, likeness, persona, personality, voice, signature, and
      other indicia of, and rights of association and endorsement related to, CELEBRITY including, without limitation, pursuant to Section 43(a) of the United States Lanham Act (collectively, the “Shaq Rights”).  PAPA JOHN’S further acknowledges and agrees
      that: (a) any and all use of the Shaq Rights and/or any intellectual property rights related to CELEBRITY (e.g. exploitation of a copyrighted photograph of CELEBRITY), whether in connection with the Products or otherwise, requires the consent and
      authorization of ABG in each instance, (b) ABG is the only person or entity that can authorize the use of Shaq Rights on or in connection with any products or services throughout the world, and (C) should PAPA JOHN’s or any third party desire to
      manufacture, advertise, sell, offer or otherwise exploit any products or services related to CELEBRITY, any and all such acts would be a use of the Shaq Rights and would therefore require the prior written consent of ABG in each instance.

  

    
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  J. Reverse License. PAPA JOHN’S hereby grants to ABG and CELEBRITY, a royalty-free, perpetual, irrevocable, fully-paid, assignable, transferable, sublicensable right and license to utilize the
      Materials, in their entirety or any portions thereof, in all media now known or hereafter developed, throughout the universe (individually and collectively, “PJ Rights”) as follows: (i) on or in connection the performance of the Services hereunder;
      (ii) in connection with historical and archival purposes (e.g., documentary, commentary, corporate retrospective, historical files on websites of ABG), so-called business-to-business uses and other non-commercial purposes; and (iii) for industry
      recognition purposes (e.g., award competition submissions); in each case, in all media now known or hereafter devised.  For external or public uses in subsection (ii) and for all instances in subsection (iii), such license is subject to PAPA JOHN’S
      prior written approval, such approval not to be unreasonably withheld.

  

  

  5. Consideration.  In consideration of the rights granted herein and the Services to be provided hereunder, PAPA JOHN’S will pay to ABG in each Contract Year of the Term, the following:

  

  

  A. Cash Payment.

  

  

  1. PAPA JOHN’S shall pay ABG a cash payment of: One Million  Seven Hundred and Fifty Thousand U.S. Dollars (USD $1,750,000) for Contract Year 1, One Million Eight Hundred and Seventy-Five Thousand
      U.S. Dollars (USD $1,875,000) for Contract Year 2, and Two Million U.S. Dollars (USD $2,000,000) for Contract Year 3 (such cash payments for Contract Years 1-3 referred to herein as the “Cash Payment”) for the services and rights provided hereunder. 
      In addition to the Cash Payment and any other compensation payable to ABG (and, as applicable, CELEBRITY) hereunder, PAPA JOHN’S shall pay without limitation, usage of the union-covered materials produced hereunder, with usage applied against the
      Cash Payment at double scale (or such other applicable rate).  Each of such Cash Payments shall be paid in four equal installments, as set forth in Section 5.A.3 below, as follows:

   

    

   

  

  
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          	(A)	
            The first payment is due on the Effective Date (or the execution date, whichever is later) for the First Contract Year, and March 1 for subsequent Contract Years;

          

    

    

  

  	

        	(B)	
          The second payment is due June 1 for each Contract Year;

        

  

  

  	

        	(C)	
          The third payment is due September 1 for each Contract Year; and

        

  

  

  
    	

          	(D)	
            The fourth payment is due December 1 for each Contract Year.

          

    

  

  2. Wire Instructions. PAPA JOHN’S shall be solely responsible for any costs and/or fees associated with making any and all payments to ABG as required under this Agreement, including, without
      limitation, wire transfer fees. PAPA JOHN’S shall pay all sums due to ABG by wire transfer to the following account, unless otherwise instructed by ABG:

  

  

  Payee:  ABG-Shaq, LLC

   Bank of America

    One Bryant Park

    New York, NY 10036

  Account Number: 483043584155

  ABA Routing Number (for domestic transfers):

   Wire: 026009593
      / ACH: 021000322

   Swift Code (for
      international transfers): BOFAUS3N

  

  

  3. No Deductions. PAPA JOHN’S may not deduct from, setoff or offset the Cash Payments or any other amount payable to ABG for any reason. For purposes of illustration but without limitation, PAPA
      JOHN’S may not deduct: Union Fees, Other Fees, uncollectible accounts, wire transfer fees, bank fees or any other fees associated with making any and all payments to ABG, slotting fees, advertising or other expenses of any kind, the costs incurred in
      the operation of the Business, or the conversion of any currency into United States Dollars.

  

  

  4. Allocation. ABG may, in ABG’s sole discretion, allocate and apply payments it receives from PAPA JOHN’S hereunder. Partial payment by PAPA JOHN’S to ABG of any amounts due hereunder shall not,
      in any circumstance, avoid default by PAPA JOHN’S as to the full amount of any such payments, and PAPA JOHN’S shall not be entitled to any return of the amount of any partial payments in the event of any expiration or termination of this Agreement.

  

  

  5. Taxes & Fees. All sales, use, value added, withholding, local privilege, excise taxes, tariffs, duties or other charges of any kind, character or description which may be levied or imposed
      upon any of the Products, PAPA JOHN’S business operation relating to the Products, or on any aspect of performance of this Agreement, shall be PAPA JOHN’S responsibility. ABG shall only be responsible for the actual taxes on ABG’s net income
      resulting from this Agreement.

  
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  6. Union Fees; Other Fees. PAPA JOHN’S hereby acknowledges that CELEBRITY is a member of SAG-AFTRA. In addition to and separate from the Cash Payment and any other compensation payable to ABG
      (and, as applicable, CELEBRITY) hereunder, for purposes of this Agreement, forty percent (40%) of the Cash Payment shall be allocated to union-covered services.  If PAPA JOHN’S engages any performance or service of CELEBRITY hereunder in any way that
      is subject to the jurisdiction of any applicable union, guild or other organization of which CELEBRITY is a member (including, without limitation, SAG-AFTRA), either during or after the Term, then PAPA JOHN’S shall pay, as required by such union,
      guild or other organization, all minimum (and other, as applicable) payments or fees (or for SAG-AFTRA, minimum pension and welfare contributions) required to be made with respect to PAPA JOHN’S use of the Services hereunder (“Union Fee(s)”).  PAPA
      JOHN’S shall be solely responsible for all Union Fee(s) and any costs and/or fees associated with making any and all payments to ABG as required under this Agreement, including, without limitation, wire transfer fees (“Other Fees”). In no event shall
      ABG or CELEBRITY be responsible for any Union Fees or Other Fees that may arise out of this Agreement. Upon PAPA JOHN’S reasonable request, and subject to CELEBRITY’s and ABG’s prior consultation with counsel of their own choosing, ABG shall work
      together in good faith with CELEBRITY and PAPA JOHN’S to have CELEBRITY sign a Screen Actors Guild contract for each session for tracking purposes.

  

  

  7. Development. All costs and expenses of PAPA JOHN’S business (including, without limitation, the design, development, preparation, cooking, packaging, distribution, delivery, advertisement,
      marketing, promotion, offering for sale, sale, or other exploitation of the Products, and other costs and expenses related to the Materials and all Advertisements, including, without limitation, to the expense of compliance with the Approval
      requirements set forth herein) shall be borne by PAPA JOHN’S.

  

  

  8. Sub-Contractors.  In the event PAPA JOHN’S wishes to sub-contract any or all of the operation of the Products or its related business hereunder (e.g., design of the Products, advertising of the
      Products, creation of Products, etc.) to any third party (e.g., ad agencies, photographers, videographers, producers, crew, etc.) (each, a “Sub-Contractor”), the same may only be done if and after ABG has given its Approval therefor. If requested by
      ABG, PAPA JOHN’S shall provide ABG with additional information about any proposed Sub-Contractor, such that ABG will have sufficient information to evaluate PAPA JOHN’S request for Approval of such Sub-Contractor. In the event ABG Approves any given
      Sub-Contractor, then such Sub-Contractor shall be permitted to carry out only that portion of the business for which ABG Approved such Sub-Contractor. PAPA JOHN’S shall use PAPA JOHN’S best efforts to ensure that all Sub-Contractors abide by the
      terms of this Agreement. All acts of all Sub-Contractors shall be deemed to be the acts of PAPA JOHN’S for all purposes of this Agreement.

  

  

  
    11

    
      

  

  

  

  B. Award of PJI Restricted Stock Units. On the Effective Date or as soon as practicable thereafter (such date, the “Grant Date”), PJI will grant to CELEBRITY (as agent of ABG solely for purposes
      of receiving the RSUs and authorizing and irrevocably instructing PJI’s transfer agent to deliver the shares of common stock issued upon vesting of the RSUs at each applicable Vesting Date to ABG) 55,898 restricted stock units of PJI (the “RSUs”). 
      The RSUs will be granted pursuant to the PJI 2018 Omnibus Incentive Plan (the “Plan”) and will be subject in all respects to the terms of the Plan and an applicable Restricted Stock Unit Agreement set forth in Exhibit A, which is attached
      hereto and incorporated by reference herein (the “Restricted Stock Unit Agreement”).  Except as set forth in this Agreement or the Restricted Stock Unit Agreement, the RSUs will vest as to 33.333% of the RSUs on the first anniversary of the Grant
      Date, as to 33.333% of the RSUs on the second anniversary of the Effective Date, and as to 33.333%  of the RSUs on the third anniversary of the Effective Date (each of such dates, a “Vesting Date”).  In the event of a Corporate Transaction, as
      defined in the Plan, the RSUs shall be treated in accordance with the terms of the Plan.

  

  

  C. Expenses. In connection with all personal appearances and personal services (including, by way of example, all Service Days) to be performed by CELEBRITY pursuant to this Agreement, PAPA JOHN’S
      shall provide the following for CELEBRITY and two (2) travel companions: (i) corporate private jet, or other private air travel option; (ii) five-star hotel (suite level or higher for CELEBRITY), with separate rooms for travel companions; and (iii)
      private, high-end ground transportation to and from airports and appearance locations.  

  

  

  	

        	6.	
          Warranties and Additional Covenants.

        

  

  

  	

        	A.	
          ABG represents and warrants to PAPA JOHN’S that (i) neither

        

  ABG nor CELEBRITY is a party to any oral or written agreement or understanding, which grants to any other entity or person a right or license to use the Celebrity
    Endorsement in connection with the advertisement, promotion or endorsement of any Competitive Products or would prevent, limit or hinder the performance of any of its obligations under this Agreement; (ii) the execution and delivery of this Agreement
    by ABG and/or ABG’s performance of its obligations under this Agreement will not cause a violation or breach of any other Agreement to which ABG or CELEBRITY is party to; (iii) all endorsements of the Products by CELEBRITY that are Approved and
    actually used by PAPA JOHN’S in accordance with the terms and conditions of this Agreement reflect the honest opinions, findings, beliefs, or experiences of the CELEBRITY; (iv) ABG has the full ability and right to enter into this Agreement and to
    perform, and cause CELEBRITY to perform, all of the obligations in this Agreement, as evidenced by the Inducement Letter set forth on Exhibit B, which is attached hereto and incorporated by reference herein.

  

  

  B. PAPA JOHN’S represents and warrants to ABG and CELEBRITY that (i) PAPA JOHN’S is not a party to any oral or written agreement or understanding that would prevent, limit or hinder the
      performance of any of its obligations under this Agreement; (ii) the execution and delivery of this Agreement by PAPA JOHN’S and/or PAPA JOHN’S performance of its obligations under this Agreement will not cause a violation or breach of any other
      Agreement to which PAPA JOHN’S is party to; (iii) PAPA JOHN’S has the full ability and right to enter into this Agreement and to perform all of the obligations in this Agreement; (iv) PAPA JOHN’S maintains appropriate policies, procedures, systems,
      and training, in each case consistent with prevailing industry standards: (A) for the production, distribution, and sale of Products, (B) to ensure that Products are safe for human consumption, (C) to ensure compliance with all applicable food safety
      regulations, and (D) to provide a level of customer service at least as favorable as is standard in its industry and that will not have a material adverse impact on the PAPA JOHN’S brand; (v) no injurious, deleterious or defamatory material, writing
      or images shall be used in connection with the Personality Rights, the Materials, or PAPA JOHN’S business; (vi) PAPA JOHN’S shall not create, incur or permit any encumbrance, lien, security interest, mortgage, pledge, assignment or other
      hypothecation upon this Agreement or permit the commencement of any proceeding or foreclosure action on this Agreement or to obtain any assignment thereof, whether or not involving any judicial or nonjudicial foreclosure sales; and (vii) (A) PAPA
      JOHN’S owns all rights in and to the Products and the Materials, including by way of example and not limitation, any and all trademarks and service marks used for or in connection therewith (e.g., ‘PAPA JOHN’S’), and (B) none of the design,
      development, preparation, cooking, packaging, distribution, delivery, advertisement, marketing, promotion, offering for sale, sale, or other exploitation of the Products or the Materials shall infringe any intellectual property right or otherwise
      violate any right of any third party.

  

  

  

  

  
    12

    
      

  

  

  

  
    
      
        C.              Each party acknowledges and agrees that (i) all copyrights and  trademarks used in connection herewith that are owned by a party shall be and remain the sole and complete property of such party; (ii) the other party shall not
          at any time acquire or claim any right, title or interest of any nature whatsoever in any such copyright or trademark by virtue of this Agreement; (iii) the other party shall not contest or assist others to contest the validity of all such
          copyrights and trademarks; and (iv) it will not incur or create any expenses chargeable to the other party.

      

    

  

  

  D. Each Party represents and warrants to the other that it will comply with all rules, regulations, laws, orders, decrees, and ordinances of each and every country or political subdivision
      thereof, having legal jurisdiction over any aspect of their respective activities under this Agreement including specifically, but not limited to, the use of the Celebrity Endorsement in Materials for and on behalf of PAPA JOHN’S, and the design,
      development, preparation, cooking, packaging, labeling, distribution, delivery, advertisement, marketing, promotion, offering for sale, sale, or other exploitation of the Products by and on behalf of PAPA JOHN’S.

  

  

  E. ABG agrees to execute (and require CELEBRITY to execute) such other documents as reasonably requested by PAPA JOHN’S as are necessary to effectuate the intent of this Agreement, including the
      grant of RSUs hereunder.

  

  

  F. Notwithstanding anything to the contrary contained in this Agreement, PAPA JOHN’S acknowledges and agrees that ABG and/or CELEBRITY are party(ies) to one or more agreement(s) with one or more
      third party(ies) for, among other things, the use of Celebrity’s Endorsement and the Personality Rights during the Term (or portions thereof) for and in connection with (i) the following food and beverage products typically consumed for breakfast:
      bagels, breakfast sandwiches (i.e., sandwiches filled primarily with food products that are typically consumer at breakfast such as scrambled eggs and sausage patties), pastries, doughnuts, coffee, espresso and cappuccino, (ii) fast-casual dining,
      chain restaurants (i.e., business(es) which prepare(s) and serve(s) food and beverages to customers in exchange for money) with menus primarily focused on chicken dishes, (iii) high-end dining restaurant(s) (i.e., business(es) which prepare(s) and
      serve(s) food and beverages to customers in exchange for money) with menus primarily focused on Americanized dishes similar to those customarily found at steakhouses (which may include pizzas/flatbreads, bread sides, desserts, etc. as part of their
      menu), and (iv) ‘hydration’ frozen ice bars, ‘energy’ frozen ice bars, and ‘recovery’ frozen ice bars, and energy drinks (individually and collectively, the “Existing Agreements”); and that ABG’s and CELEBRITY’s performance under the Existing
      Agreements shall not be deemed a breach of this Agreement by ABG or CELEBRITY.

  

  

  
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    		7.	
            Termination.

          

  

   

    

  A. Termination by PAPA JOHN’S.  Without prejudice to any other rights it may have in law, equity or otherwise, PAPA JOHN’S shall have the right to terminate this Agreement upon written notice to
      ABG, as determined by PAPA JOHN’S in its sole discretion, exercising good-faith business judgment, in the event that any of the following occur during the Term of this Agreement (1) CELEBRITY’s conviction or plea of guilty to a crime of moral
      turpitude; (2) CELEBRITY’s or ABG’s public malignment or disparagement of PAPA JOHN’S; (3) CELEBRITY or ABG intentionally makes any voluntary statement or commits any voluntary act that is or becomes generally known to the public which such statement
      or act both (a) has the effect of egregiously disparaging or insulting any group of the community on the basis of ethnicity, religion, race, national origin, gender, or sexual orientation, and (b) is the direct cause of a material adverse impact on
      PAPA JOHN’S actual sales of pizza; (4) (a) CELEBRITY’s death or permanent incapacitation, or (b) CELEBRITY’S inability to perform the Services of this Agreement except due to a Force Majeure Event; or (5) CELEBRITY’s or ABG’s breach of any material
      term of this Agreement, which breach CELEBRITY or ABG fails to cure within thirty (30) days (or to the extent not possible to cure within such period, commence to cure) after CELEBRITY’s  or ABG’s receipt of PAPA JOHN’S written notice of such breach.
      Specifically, if this Agreement is terminated for any of the reasons provided in Section 7.A.(1)-(3), PAPA JOHN’S right to terminate this Agreement shall be PAPA JOHN’S sole remedy for the same.

  

  

  B.  Termination by ABG. Without prejudice to any other rights it may have in law, equity or otherwise, ABG shall have the right to terminate this Agreement upon written notice to PAPA JOHN’S, as
      determined by ABG  in its sole discretion, exercising good-faith business judgment, in the event that (1) during the Term of this Agreement, any member of PJI’s executive team or any member of the Board of Directors of PJI (a) is convicted of or
      pleads guilty to a crime of moral turpitude, (b) disparages or publicly maligns CELEBRITY or ABG; (2) PAPA JOHN’S breaches any material term of this Agreement, which breach PAPA JOHN’S fails to cure within thirty (30) days after PAPA JOHN’S receipt
      of ABG’s written notice of such breach, it being understood such period shall be five (5) business days with respect to the payment of any monies, or (c) any member of PJI’s executive team or any member of the Board of Directors of PJI or any
      authorized spokesperson of PAPA JOHN’S intentionally makes any voluntary statement or commits any voluntary act that is or becomes generally known to the public which such statement or act has the effect of egregiously disparaging or insulting any
      group of the community on the basis of ethnicity, religion, race, national origin, gender, or sexual orientation.

  
    14

    
      

  

  C. Effect of Termination – Use Beyond Term. Upon expiration or termination of this Agreement by PAPA JOHN’S (but not in the event of termination by ABG), and subject to PAPA JOHN’S ongoing
      compliance with the terms and conditions of this Agreement, PAPA JOHN’S shall have the following rights to use the Celebrity Endorsement solely as follows: (i) for a period of six (6) months following the effective date of expiration or termination,
      PAPA JOHN’S shall have the right to continue to use, display and distribute copies of Materials which bear the Celebrity Endorsement and which were printed and published, or irrevocably booked for publication or display with a third party, prior to
      the effective date of expiration or termination; and (ii) PAPA JOHN’S shall have the right, without restriction, to the in-house, non-commercial use of any Materials.  Such use may include in-house exhibition for historical, educational or
      commemorative purposes.  Provided that PAPA JOHN’S has exerted its best efforts to cease use of the Celebrity Endorsement and/or Personality Rights as provided above, any incidental use of the Celebrity Endorsement and/or Personality Rights that may
      occur or be discovered for the three (3) month period following such period shall not be deemed a breach of this Agreement; provided, however, that in any event, all use of the Celebrity Endorsement and/or Personality Rights must cease by no later
      than nine (9) months following the effective date of expiration or termination of this Agreement.  

  

  

  	

        	D.	
          Effect of Termination – Cash Consideration.

        

  

  

  a. Termination by PAPA JOHN’S. If this Agreement is terminated by PAPA JOHN’S for any of the reasons provided in Section 7.A. above, then ABG shall be entitled to the pro-rata share of the
      respective Cash Payment for the then-current Contract Year as set forth in Section 5.A. above, determined by multiplying the Cash Payment for such Contract Year by a fraction, the numerator of which is the number of days elapsed in such Contract Year
      and the denominator of which is the total number of days in such Contract Year, and such amounts shall be immediately due as of the effective date of termination and paid to ABG.

  

  

  b. Termination by ABG.  If this Agreement is terminated by ABG for any of the reasons provided in Section 7.B. above, then any and all unpaid amounts under this Agreement for the eighteen
      (18) months following the effective date of termination (including, without limitation, any balance due of the Cash Payment as of the effective date of termination, in addition to any and all of the Cash Payments that would have become payable during
      the next eighteen (18) months but for the termination) shall be immediately due as of the effective date of termination and paid to ABG; provided, however, that in the event there is less than eighteen (18) months remaining in the Term as of the
      effective date of such termination, then any and all unpaid amounts under this Agreement for the balance of the Term (including, without limitation, any balance due of the Cash Payment as of the effective date of termination, in addition to any and
      all Cash Payments that would have become payable but for the termination) shall be immediately due as of the effective date of termination and paid to ABG.

  

  

  

  

  
    15

    
      

  

  E. Effect of Termination – Awards of RSUs.  Notwithstanding anything to the contrary contained in this Agreement or the Restricted Stock Unit Agreement:

  

  

  a. Termination by PAPA JOHN’S.  If this Agreement is terminated by PAPA JOHN’S for any of the reasons set forth in Section 7.A. above, then CELEBRITY shall be entitled to immediately vest
      in the pro-rata share of the respective number of RSUs for the then-current Contract Year as set forth in Section 5.B. above, determined by multiplying the number of RSUs for such Contract Year by a fraction, the numerator of which is the number of
      days elapsed in such Contract Year and the denominator of which is the total number of days in such Contract Year, and such RSUs shall vest immediately as of the effective date of termination.

  

  

  b.  Termination by ABG.  If this Agreement is terminated by ABG for any of the reasons provided in Section 7.B. above, then CELEBRITY shall be entitled to immediately vest in all of the
      RSUs for the remainder of that Contract Year. 

  

  

  8. Indemnification and Insurance.

  

  

  A. ABG’s Indemnification Obligations. ABG shall indemnify, defend and hold harmless PAPA JOHN’S and its current and future parents, subsidiaries, affiliated companies and each of their respective
      current and future officers, directors, shareholders, employees, agents, attorneys, and each of their respective successors and assigns (individually and collectively, “PAPA JOHN’S Indemnified Party(ies)”) from and against any and all third-party
      claims, liabilities, demands, causes of action, judgments, settlements, costs and expenses (including, without limitation, reasonable outside attorneys’ fees and court costs) (collectively, “Claims”) arising out of or in connection with any one (1)
      or more of the following: (i) the breach by ABG of any of its express representations, express warranties, or express covenants in this Agreement; (ii) the failure by ABG or CELEBRITY to perform any of its obligations under this Agreement. ABG shall
      not be liable to PAPA JOHN’S or any third party under this Section 8.A. to the extent that PAPA JOHN’S is required to indemnify ABG pursuant to Section 8.B. below.

  

  

  B. PAPA JOHN’S Indemnification Obligations. PAPA JOHN’S shall indemnify, defend and hold harmless CELEBRITY, ABG and its current and future parents, subsidiaries, affiliated companies and each of
      their respective current and future officers, directors, shareholders, employees, agents, attorneys, and each of their respective successors and assigns (individually and collectively, “ABG Indemnified Party(ies)”) from and against any and all direct
      and third-party Claims, arising out of or in connection with any one (1) or more of the following: (i) the breach by PAPA JOHN’S of any of its express or implied representations, warranties or covenants in this Agreement; (ii) the failure by PAPA
      JOHN’S to perform any of its obligations under this Agreement; (iii) the design, development, preparation, cooking, packaging, distribution, delivery, advertisement, marketing, promotion, offering for sale, sale, or other exploitation of the
      Products, the Materials, or any Advertisements (including, without limitation, any product liability, false advertising and/or infringement Claims); and (iv) any acts, whether by omission or commission, by PAPA JOHN’S (including any of its
      franchisees, vendors, and store operators), which may arise out of, in connection with, or is any way related to any of the Products, the Materials, PAPA JOHN’S business and/or this Agreement. PAPA JOHN’S shall not be liable to ABG or any third party
      under this Section 8.B. to the extent that ABG is required to indemnify PAPA JOHN’S pursuant to Section 8.A. above.  PAPA JOHN’S hereby agrees that ABG’s Approval shall not waive, diminish or negate any of PAPA JOHN’S indemnification obligations to
      the ABG Indemnified Parties hereunder.

  
    16

    
      

  

  C. Indemnification Process. The Party to be indemnified hereunder (the “Indemnitee”) must give the indemnifying Party hereunder (the “Indemnitor”) prompt written notice of any Claim, and the
      Indemnitor, in its sole discretion, may then take such action as it deems advisable to defend such Claim on behalf of the Indemnitee. In the event that appropriate action is not taken by the Indemnitor within thirty (30) days after the Indemnitor’s
      receipt of written notice from the Indemnitee, the Indemnitee shall have the right to defend such Claim with counsel reasonably acceptable to the Indemnitor, and no settlement of any such Claim may be made without the prior written approval of the
      Indemnitor, which approval shall not be unreasonably withheld, conditioned or delayed. Even if appropriate action is taken by the Indemnitor, the Indemnitee may, at its own cost and expense, be represented by its own counsel in such Claim. In any
      event, the Indemnitee and the Indemnitor shall keep each other fully advised of all developments and shall cooperate fully with each other in all respects with respect to any such Claim.

  

  

  D. Insurance.  PAPA JOHN’S shall procure and maintain, at its sole cost and expense, and use commercially reasonable efforts cause its Sub-Contractors to obtain, at their sole cost and expense,
      during the Term and for a period of three (3) years thereafter (“Insurance Period”), comprehensive general liability insurance (including, without limitation, product liability insurance, inventory insurance, worker’s compensation insurance, and
      advertising injury insurance), to defend and protect the Parties against claims arising out of or in connection with PAPA JOHN’s business, the Materials, the Products, and Advertisements therefor.  Insurance must be obtained from a company reasonably
      acceptable to ABG, in an amount not less than Five Million United States Dollars ($5,000,000 USD) in the aggregate, or PAPA JOHN’S standard insurance policy limits, whichever is greater.

  

  

  E. Within five (5) business days of the date on which this Agreement is fully executed, PAPA JOHN’S shall submit to ABG a certificate of insurance naming each of ABG, CELEBRITY and Authentic
      Brands Group, LLC as additional insureds (“COI”), which COI, or a renewal or replacement thereof, shall remain in force at all times during the Insurance Period, and shall require the insurer to provide at least thirty (30) days’ prior written notice
      to PAPA JOHN’S, and all additional insureds, of any termination, cancellation or modification thereof.

  

  

  
    17

    
      

  

  

  

  F. In the event that any insurance policy required hereunder includes or permits a waiver of subrogation, such waiver shall apply to ABG and CELEBRITY. In the event that any insurance policy
      required hereunder provides for a waiver of subrogation in the event that such waiver is required by a third-party agreement, then this Agreement shall be deemed to require such waiver. PAPA JOHN’S shall notify ABG of all claims regarding the
      Personality Rights, Materials and/or Products under any of the foregoing policies of insurance promptly upon the filing thereof. PAPA JOHN’S indemnification obligations hereunder shall not be limited by the amount of insurance requirements hereunder.
      ABG shall be entitled to its proportionate share of the insurance proceeds received by PAPA JOHN’S in respect to the Celebrity Endorsement and/or the Personality Rights, and PAPA JOHN’S shall report and pay to ABG any such insurance proceeds at the
      same time as the next quarterly installment of the Cash Payment is due.

  

  

  G. LIMITATION OF LIABILITY. TO THE MAXIMUM EXTENT PERMISSIBLE UNDER APPLICABLE LAW, NEITHER ABG NOR AUTHENTIC BRANDS GROUP LLC NOR CELEBRITY SHALL BE LIABLE TO PAPA JOHN’S FOR ANY CONSEQUENTIAL,
      INCIDENTAL, PUNITIVE, EXEMPLARY, OR SPECIAL DAMAGES, REGARDLESS OF THE FORM OR ACTION, WHETHER IN CONTRACT OR IN TORT, EVEN IF ABG OR AUTHENTIC BRANDS GROUP LLC HAS BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES OR LOSSES. IN NO EVENT SHALL ABG’S,
      AUTHENTIC BRANDS GROUP LLC’S, AND CELEBRITY’S TOTAL LIABILITY UNDER THIS AGREEMENT EXCEED THE AMOUNTS ACTUALLY RECEIVED BY ABG (EXCLUSIVE OF REIUMBURSEMENT OF EXPENSES) HEREUNDER, REGARDLESS OF THE NUMBER OR TYPE OF CLAIMS.

  

  

    9.        Arbitration. In the event a dispute arises under this Agreement which cannot be resolved, such dispute shall be submitted to arbitration and resolved by a single arbitrator (who shall be
      a lawyer) in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect.  All such arbitration shall take place at the office of the American Arbitration Association located in or nearest to New York, New
      York.  Each Party is entitled to depose at least two (2) fact witnesses and any expert witness designated by the other Party, and to conduct such other discovery as the arbitrator deems appropriate.  The award or decision rendered by the arbitrator
      shall be final, binding and conclusive and judgment may be entered upon such award by any court.

  

  

  10. Confidentiality and Non-Disparagement.  Each Party shall hold all confidential information received pursuant to this Agreement, including the terms and conditions of this Agreement and
      CELEBRITY’S personal and/or business affairs, confidential and may only disclose them (i) with the prior written consent of the other Party, (ii) where required by law or (iii) to such party’s advisors, attorneys or other designees, as long as such
      recipients also keep such information confidential.  Nevertheless, after the parties have announced the association between CELEBRITY and PAPA JOHN’s or the association otherwise becomes public, each party may respond, discuss and comment in a
      favorable and positive manner that CELEBRITY is associated with PAPA JOHN’S during any public events and/or interviews, subject to the requirements herein.  All Parties agree not to disparage or make derogatory comments, verbal or written, regarding
      the other Party during the Term of the Agreement, and for one year thereafter.

  
    18

    
      

  

  11. Force Majeure.  If, at any time during the Term, CELEBRITY and/or ABG are prevented, hampered or interrupted by, or interfered with in, in any manner whatsoever, fully performing either
      of their duties hereunder, by reason of: any present or future statute, law, ordinance, regulation, order, judgment or decree, whether legislative, executive or judicial (whether or not valid); any act of God, earthquake, fire, flood, epidemic,
      accident, explosion or casualty; any lockout, boycott, strike, labor controversy (including, without limitation, any threat of the foregoing); any riot, civil disturbance, war or armed conflict (whether or not there has been an official declaration
      of war or official statement as to the existence of a state of war), invasion, occupation, intervention of military forces or act of public enemy; any embargo, delay of a common carrier, inability without default on CELEBRITY and/or ABG part to
      obtain sufficient material, labor, transportation, power or other essential commodity required in the conduct of its business; any cause beyond the reasonable control of CELEBRITY and/or ABG; or any other cause of any similar nature (each of the
      foregoing, a “Force Majeure Event”), then CELEBRITY’S and/or ABG’s obligations hereunder shall be suspended as often as any such Force Majeure Event occurs and during such period(s) of time as such Force Majeure Event(s) exist and such
      non-performance by shall not be deemed to be a breach of this Agreement by CELEBRITY or ABG, or a forfeiture of any of CELEBRITY’S or ABG’s rights hereunder.

  

  

  12. Miscellaneous.

  

  

  A. Severability.  If any term or provision of this Agreement shall be declared illegal, invalid, void or unenforceable by any judicial or administrative authority, then (i) such provision shall be
      eliminated to the minimum extent necessary, and (ii) such provision shall be reformed and rewritten so as to most closely reflect the intention of ABG and PAPA JOHN’S, such that this Agreement shall otherwise remain in full force and effect and
      enforceable.

  

  

  B. Entire Agreement.  This Agreement shall constitute the entire understanding between ABG, CELEBRITY and PAPA JOHN’S with respect to the subject matter hereof, and cannot be altered or modified
      except by an agreement or amendment in writing, signed by all parties.

  

  

  C. Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of law.

  

  

  D. Waiver. The failure at any time of any party to demand strict performance of another party of any of the terms, covenants or conditions set forth in this Agreement will not be construed as a
      continuing waiver or relinquishment thereof, and any party may, at any time, demand strict and complete performance of any other party of such terms, covenants, and conditions.

  

    
      19

      
        

    

    

  

  E. No Joint Venture.  This Agreement does not constitute and shall not be construed as constituting a partnership or joint venture between PAPA JOHN’S and ABG or CELEBRITY.  Neither party shall
      have any right to obligate or bind the other party in any manner whatsoever, and nothing contained herein shall give, or is intended to give, any rights of any kind to any third person.

  

  

  F. Notices. All notices, samples, claims, certificates, requests, demands, and other communications (other than payments) desired or required hereunder will be made in writing and will be deemed
      to have been duly given if delivered to the party address by hand, or by other means of express courier service, addressed as follows:

  

  

  To PAPA JOHN’S:             Papa John’s International, Inc. and

  Papa John’s Marketing Fund, Inc.

  2002 Papa John’s Boulevard

  Louisville, Kentucky 40299

  With an electronic copy to: Caroline_Oyler@papajohns.com

  

  

  
    
      	

            	To ABG:	(i)	If to ABG for questions about submitting Approval requests:

    

  

  

  

  c/o Authentic Brands Group, LLC

  1411 Broadway, 4th Floor

  New York, NY 10018

  Attention: Approvals Department

  With electronic copies to:

  approvals@authenticbrands.com;

  Facsimile Number: (212) 760-2419

  

  

  (ii) If to ABG for any other reason:

  

  

  c/o Authentic Brands Group, LLC

  1411 Broadway, 21stFloor

  New York, NY 10018

  Attention: Legal Department

  With an electronic copy to: legaldept@authenticbrands.com

  Facsimile Number: (212) 760-2419

  

  

  

  

  G. Rights Cumulative.  Except as expressly set forth herein, all rights and remedies conferred upon or reserved by the Parties in this Agreement shall be cumulative and concurrent and shall be in
      addition to all other rights and remedies available to such Parties at law or in equity or otherwise, including, without limitation, requests for temporary and/or permanent injunctive relief. Such rights and remedies are not intended to be exclusive
      of any other rights or remedies and the exercise by either Party of any right or remedy herein provided shall be without prejudice to the exercise of any other right or remedy by such Party provided herein or available at law or in equity.

  
    20

    
      

  

  

  

  H. Equitable Relief. PAPA JOHN’S acknowledges that any breach by PAPA JOHN’S shall cause ABG irreparable harm for which there is no adequate remedy at law, and in the event of such breach, ABG
      shall be entitled to, in addition to other available remedies, injunctive or other equitable relief, including, without limitation, interim or emergency relief, including, without limitation, a temporary restraining order or injunction, before any
      court with applicable jurisdiction, to protect or enforce its rights.

  

  

  I. Any sections and any other obligations under the provisions of this Agreement which, by their term or implication, have a continuing effect, shall survive any expiration or termination of this
      Agreement.

  

  

  J. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) agreement binding on all
      Parties hereto notwithstanding that all of the Parties hereto are not signatories to the same counterpart. Each of the Parties agrees that an electronic signature evidencing a Party’s execution of this Agreement shall be effective as an original
      signature and may be used in lieu of the original for any purpose.

  

  

  

  

  

  

  [Signature Page Follows]

  

  

  
    21

    
      

  

  

  

  

  

  IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement effective the date first above written.

  

  

  

  

  
    	Papa John’s Marketing Fund, Inc.	ABG-Shaq, LLC
	
             

          	
             

          
	
             

          	
             

          
	
            _/s/_Max Wetzel______________ 

              

          	
            __/s/  Jay Dubiner_________________

          
	
             

          	
             

          
	
            Date:   __4/8/2022__________________

          	
            Date:   _4/8/2022___________________

          
	
             

          	
             

          
	
            By:   __Max Wetzel                    
                  

              

          	
            By: __Jay Dubiner__________________

          
	
             

          	
             

          
	
            Title: __CCMO__________________

          	
            Title: __Chief Legal Officer__________

          
	
             

          	
             

          
	
            Papa John’s International, Inc.

          	
             

          
	 	 
	
             

          	
             

          
	
            _/s/_Rob Lynch______________ 

              

          	
             

          
	
             

          	
             

          
	
            Date:__4/10/2022_________________

          	
             

          
	
             

          	
             

          
	
            By: __Rob Lynch                        

            

          	
             

          
	 	 
	
            Title: _President and CEO___________

          	 

  

  

  

  
    22

    
      

  

  

  

  

  

  

  

  Exhibit A

  

  

  Restricted Stock Unit Agreement

   

  

  
    23

    
      

  

   

  

   PAPA JOHN’S INTERNATIONAL, INC.

  2018 OMNIBUS INCENTIVE PLAN

   

  RESTRICTED STOCK UNIT AGREEMENT

   

  Papa John’s International, Inc., a Delaware corporation (the “Company”), hereby grants restricted stock units (“Restricted Stock Units”) for shares of Company common stock,
    par value $0.01 (the “Stock”), to the Grantee named below, subject to the vesting and other conditions set forth below and in the attachment.  Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment
    (collectively, the “Agreement”) and in the Company’s 2018 Omnibus Incentive Plan (as amended from time to time, the “Plan”).

   

  Grant Date: April 12, 2022 

   

  Name of Grantee: Shaquille O’Neal

   

  Number of Restricted Stock Units:  55,898

   

  Purchase Price per Share of Stock: Par value per share

   

  Vesting Start Date: March 15, 2022

   

  Vesting Schedule: 3-Year Graded Vest, except as otherwise provided herein

   

  	
           

        	
          Number of Restricted Stock Units that vest 

        
	
           

        	
           

        
	 	 
	One-year anniversary of Grant Date 	
          
            
              18,632

            

          

        
	
          Two-year anniversary of Vesting Start Date 

        	
          18,632 

        
	Three-year anniversary of Vesting Start Date 	
          
            
              18,634 

            

          

        

  

  
  You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any
    provision of this Agreement should appear to be inconsistent with the Plan.  Certain capitalized terms used in this Agreement that are not defined herein are defined in the Plan, and have the meaning set forth in the Plan.

   

  Attachment

  

  

  This is not a stock certificate or a negotiable instrument.

   

   

  

  
    24

    
      

  

   

  

   

  

  PAPA JOHN’S INTERNATIONAL, INC.

  2018 OMNIBUS INCENTIVE PLAN

   

  RESTRICTED STOCK UNIT AGREEMENT

   

  	
          Restricted Stock Units

        	
          This Agreement evidences an award of Restricted Stock Units in the number set forth on the cover sheet and subject to the vesting and other conditions set forth herein and in the Plan.  The purchase price is deemed
            paid by your Service to the Company pursuant to the Endorsement Agreement (as hereinafter defined).

           

          

        
	
          Restrictions on Transfer of Restricted Stock Units

           

        	
          Restricted Stock Units, regardless of whether they are vested or unvested, may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the
            Restricted Stock Units be made subject to execution, attachment or similar process; provided, however, that the Company hereby acknowledges, agrees, represents and warrants that the execution, exchange, and performance of the Instruction Letter
            attached hereto as Schedule A and incorporated by reference herein, is hereby permitted and does not (and shall not) violate any of the foregoing or any of the terms or conditions of the Plan.

           

          

        
	
          Vesting

        	
          The Company will issue your Restricted Stock Units in the name set forth on the cover sheet.

           

          

          Your right to the Stock under this Restricted Stock Unit Agreement vests in accordance with the schedule shown on the cover sheet, subject to the terms and conditions
            of the Endorsement

           Agreement and, as applicable, this Restricted Stock Unit Agreement.  You cannot vest in more than the number of Restricted Stock Units covered by this grant.

           

          

        
	
          Forfeiture of Unvested Stock

           

           

           

        	
          Except as otherwise provided in the Endorsement Agreement and this Agreement, in the event that your Service to the Company under the Endorsement Agreement terminates for any
            reason, you will forfeit to the Company all of the Restricted Stock Units subject to this grant that have not yet vested or with respect to which all applicable restrictions and conditions have not lapsed.  You shall be deemed to be in Service
            for purposes of this Agreement if the Endorsement Agreement (as defined below) remains in effect.

        
	
          Effect of Termination of Endorsement Agreement

        	
          If the Endorsement Agreement made and entered into effective March 15, 2022 by and among, on the one hand, ABG-Shaq, LLC, for the personal services of Grantee, and,
            on the other hand, Papa John’s Marketing Fund, Inc. and the Company (the “Endorsement Agreement”) is terminated for any of the reasons set forth in Section 7.A. of the Endorsement Agreement, you shall be entitled to immediately vest in a
            pro-rata share of the respective number of Restricted Stock Units for the then-current Contract Year, as defined and set forth in the Endorsement Agreement, determined by multiplying the number of Restricted Stock Units for such Contract Year
            by a fraction, the numerator of which is the number of days elapsed in such Contract Year and the denominator of which is the total number of days in such Contract Year, and such Restricted Stock Units shall vest immediately as of the effective
            date of termination.

           

          If the Endorsement Agreement is terminated for any of the reasons provided in Section 7.B. of the Endorsement Agreement, then you shall be entitled to immediately
            vest in all of the Restricted Stock Units for the eighteen (18) months following the effective date of termination (including, without limitation, any balance of unvested Restricted Stock Units that were due to vest as of the effective date of
            termination, in addition to any and all of the Restricted Stock Units that would have vested during the next eighteen (18) months but for the termination); provided, however, that in the event there is less than eighteen (18) months remaining
            in the Term as of the effective date of such termination, then any and all of the balance of the Restricted Stock Units shall vest immediately as of the effective date of termination. 

           

        

  

  

  
    25

    
      

  

  

  

  	
          Delivery

           

        	
          The shares of Stock underlying your vested Restricted Stock Units will be issued as soon as practicable (and not more than sixty (60) days) following the earlier of
            (i) the date that your Restricted Stock Units vest pursuant to the vesting schedule set forth on the cover sheet, or (ii) the date of the termination of the Endorsement Agreement resulting in acceleration of vesting of all or a portion of your
            Restricted Stock Units.

           

        
	
          Evidence of Issuance

        	
          The issuance of the shares of Stock under the grant of Restricted Stock Units evidenced by this Agreement shall be evidenced in such a manner as the Company, in its
            discretion, deems appropriate, including, without limitation, book-entry, registration or issuance of one or more Stock certificates.  You will have no further rights with regard to a Restricted Stock Unit once the share of Stock related to
            such Restricted Stock Unit has been issued.

           

        
	
          Stockholder Rights; Dividend Rights

           

        	
          You have no rights as a stockholder of the Company (including, without limitation, the right to receive dividends) with respect to any unvested Restricted Stock Units unless and until a certificate for the shares of
            Stock relating to the vested Restricted Stock Units has been issued to you (or an appropriate book entry has been made).

           

          

        

  

  

  
    26

    
      

  

  	
          Adjustments

        	
          In the event of a stock split, a stock dividend or a similar change in the Company Stock, the number of shares covered by this grant shall be adjusted pursuant to the Plan.  Your Restricted Stock Units shall be
            subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity in accordance with the terms of the Plan.

           

          

        
	
          Applicable Law

        	
          This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this
            Agreement to the substantive law of another jurisdiction.

           

          

        
	
          The Plan

             

        	
          The text of the Plan is incorporated in this Agreement by reference.

           

          

          This Agreement, the Plan and the Endorsement Agreement constitute the entire understanding between you and the Company regarding this grant of Restricted Stock
            Units.  Any prior agreements, commitments or negotiations concerning this grant are superseded.

           

          

        
	
          Data Privacy

        	
          In order to administer the Plan, the Company may process personal data about you.  Such data includes but is not limited to the information provided in this Agreement
            and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information and any other information that might be deemed appropriate by the
            Company to facilitate the administration of the Plan.

           

          

          By accepting this grant, you give explicit consent to the Company to process any such personal data solely for such purposes.  You also give explicit consent to the
            Company to transfer any such personal data outside the country in which you work or are employed solely for such purposes.

           

          

        

  

  

  
    27

    
      

  

  

  

  	
          Code Section 409A

        	
          It is intended that this Award comply with Section 409A or an exemption to Section 409A.  To the extent that the Company determines that you would be subject to the additional 20% tax imposed on certain
            non-qualified deferred compensation plans pursuant to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax.  The nature
            of any such amendment shall be determined by the Company. For purposes of this Award, a termination of Service only occurs upon an event that would be a Separation from Service within the meaning of Section 409A.  Notwithstanding anything to
            the contrary in this Agreement or the Plan, to the extent required to avoid accelerated taxation and penalties under Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Agreement
            during the six-month period immediately following your termination of Service will instead be paid on the first payroll date after the six-month anniversary of your termination of Service (or your death, if earlier).

           

          

        
	
          Consent to Electronic Delivery

        	
          The Company may choose to deliver certain statutory materials relating to the Plan in electronic form.  By accepting this grant you agree that the Company may deliver the Plan prospectus and the Company’s annual
            report to you in an electronic format.  If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies.  Please contact the Chief Legal and Risk Officer and
            Corporate Secretary at (888) 442-7272 to request paper copies of these documents.

        

  

  

   

  
    28

    
      

  

  

  

  By accepting this Agreement, you agree to all of the terms and

    conditions described above and in the Plan.

   

  

  

   

  Accepted and Agreed:

   

  

  

   

  _/s/  Shaquille O’Neal

   

  Shaquille O’Neal

   

   

  

  
    29

    
      

  

   

  

  Schedule A

  

  

  

  

  

  

  
    30

    
      

  

  

  

  

  

  SHAQUILLE O’NEAL

  c/o Authentic Brands Group, LLC

  1411 Broadway, 4th Floor

  New York, NY 10018

  

  

  

  

  March 24, 2022

  

  

  Papa John’s International, Inc.

  2002 Papa John’s Boulevard

  Louisville, Kentucky  40299

  Attn: Corporate Secretary

  

  

  Dear Mr. Matter:

  

  

  Pursuant to the Endorsement Agreement, to be effective March 15, 2022 (the “Endorsement Agreement”), by and among, on the one hand, ABG-Shaq, LLC (“ABG-Shaq”) for my personal
    services, and, on the other hand, Papa John’s Marketing Fund, Inc. and Papa John’s International, Inc. (“PJI”), I was issued 55,898 restricted stock units (the “RSUs”) of PJI on April 12, 2022 (the “Grant Date”). Except as expressly provided in the
    Endorsement Agreement (e.g., under Section 7.E. of the Endorsement Agreement), under the terms of the Restricted Stock Unit Agreement dated April 12, 2022, between myself and PJI (the “Restricted Stock Unit Agreement”), the RSUs vest into an equivalent
    number of shares of common stock of PJI, according to the following the vesting schedule (each such date, a “Vesting Date”):

  

  

  	

        	•	
          33% (18,632) of the RSUs will vest on the one-year anniversary of the Grant Date;

        

  	

        	•	
          33% (18,632) of the RSUs will vest on March 15, 2024; and

        

  	

        	•	
          33% (18,634) of the RSUs will vest on March 15, 2025.

        

  

  

  Pursuant to the Endorsement Agreement, I am receiving the RSUs as an agent of ABG-Shaq, and have no rights to the RSUs or the common stock underlying the RSUs in my personal
    capacity. Therefore, PJI is hereby authorized and irrevocably instructed to deliver the shares of common stock issued upon vesting of the RSUs at each applicable Vesting Date to ABG-Shaq.

  

  

  You are entitled to provide this irrevocable instruction letter to PJI’s transfer agent to facilitate the delivery of shares of common stock to ABG-Shaq.  The transfer agent
    may rely on the instructions set forth in this letter.

  

  

  Very truly yours,

  

  

  Shaquille O’Neal

  

  

  

  

  _/s/  Shaquille O’Neal

   

  
    31

    
      

  

  

  

  

  

  

  

  Exhibit B

  

  

  Inducement Letter

  

  

  Papa John’s Marketing Fund, Inc.

  Papa John’s International, Inc.

  

  

  Date:  March 15, 2022

  

  

  

  

  Reference is made to that certain Endorsement Agreement (“Agreement”) of even date herewith by and
      between ABG-Shaq, LLC (“ABG”) for the personal services of Shaquille O’Neal, (“CELEBRITY”), and, on the other hand, Papa John’s Marketing Fund, Inc. (“PJMF”) and Papa John’s International, Inc. (“PJI”) (PJMF and PJI are, individually and
      collectively, “PAPA JOHN’S”).

  

  

  In consideration of PAPA JOHN’S entering into the Agreement with ABG, and in order to induce your execution hereof, I hereby confirm that I have read the Agreement and
    that I agree to perform all of the obligations and undertakings required of me thereunder and to abide by the restrictions contained therein as they are applicable to me.  I confirm that ABG is authorized by me to contract my services under the
    Agreement, and I acknowledge and agree that I shall look solely to ABG for all compensation payable to me for said services under the Agreement.

  

  

  

  

  Very truly,

  

  

  Shaquille O’Neal

  

  

  

  

  _/s/  Shaquille O’Neal

   

  

  

  
    32

    
      

  

  

  

  EXHIBIT C

  

  

  The following shall govern the promotion of the Shaq-a-Roni pizza.

  

  

  I.     SHAQ-A-RONI. ABG, CELEBRITY, and PAPA JOHN’S have collaborated to develop one (1) co-branded Product using the Personality Rights, which Product
      is an extra-large pizza with extra pepperoni and extra cheese that is co-branded PAPA JOHN’S and SHAQ-A-RONI, and is produced and sold by PAPA JOHN’S solely at PAPA JOHN’S locations (“SAR Co-Branded Products”).  For the avoidance of doubt, the
      Parties acknowledge and agree that (i) SAR Co-Branded Products constitute a sub-set of Products under the Agreement, (ii) SHAQ-A-RONI (including variations and derivations of the same) and any and all intellectual property and other rights relating
      thereto constitute Personality Rights under the Agreement, and (iii) PAPA JOHN’S shall indemnify, defend and hold harmless the ABG Indemnified Parties from and against any and all direct and third-party Claims arising out of or in connection with the
      SAR Co-Branded Products (including, without limitation, any use and other exploitation of the term ‘SHAQ-A-RONI’).

  

  

  II. License. Subject to the terms and conditions of the Agreement, ABG grants to PAPA JOHN’S the non-transferrable, non-assignable, non-sublicensable,
      indivisible right and license once per Contract Year for approximately three (3) months (two (2) months for a full public offering, and one (1) month for a geographically limited test before the full public offering), such dates to be mutually agreed
      upon (the “SAR Term”) and solely within United States and Canada to use the Celebrity Endorsement, in each instance, subject to ABG’s Approval, in connection with the advertising, promotion and sale of SAR Co-Branded Products.

  

  

  III. Donation. PAPA JOHN’S shall donate One U.S. Dollar (USD $ 1) for each unit of SAR Co-Branded Products sold in the United States (the “Promotion”),
      at PAPA JOHN’S sole cost and expense, to The Papa John’s Foundation for Building Community (the “Foundation”) in the United States, as mutually agreed upon by the Parties (as a one-time limited exception to Section 4.F. of the Agreement).  The
      Foundation may donate all funds collected through the Promotion to additional charities that support the mission of the Foundation.  In addition, PAPA JOHN’S shall donate the amount of CAD $1 of sales of SAR Co-Branded Products in Canada,
      PAPA JOHN’S sole cost and expense, to one or more charitable organization(s) in Canada, to be mutually agreed upon by the Parties (as a one-time limited exception to Section 4.F. of the Agreement).

  

  

  IV. Royalty. For purposes of this Agreement, the term “SAR Royalty” shall mean Twenty U.S. Cents (USD$ 0.20) for each unit of SAR Co-Branded Products
      sold.  In the event that the actual earned SAR Royalty in a given Contract Year under the Agreement is greater than the amount of the Cash Payment actually paid by PAPA JOHN’S to ABG that is attributable to the same Contract Year (the “Annual Cash
      Payment”), then PAPA JOHN’S shall pay the SAR Royalty in excess of the applicable Annual Cash Payment (if any) to ABG within thirty (30) days of the end of such Contract Year.

  

  

  
    33

    
      

  

  

  

  V. Statement. No later than 45 days after the end of the SAR Term for that Contract Year, PAPA JOHN’S shall submit to ABG, via ABG’s reporting
      software, RoyaltyZone (a detailed explanation of which can be found at www.royaltyzone.com), a complete and accurate statement (each, a “Statement”) detailing (i) the number of units of SAR Co-Branded Products sold during the Promotion, (ii) the
      amount of the SAR Royalty (as defined below) earned during the Promotion, (iii) the amount of the SAR Royalty due and payable due to the Promotion, and (iv) the amount of PAPA JOHN’S donations made under Section III above for such Contract Year.  If,
      and when, requested by ABG, PAPA JOHN’S shall provide ABG with additional information (e.g., sales by country, etc.), and/or backup and support materials, with respect to any item contained in any Statement. ABG hereby reserves the right to modify
      the process for submission of Statements (e.g., using a software other than RoyaltyZone, etc.) on reasonable advance written notice to PAPA JOHN’S, but in no event shall ABG modify the timing or frequency of the same without PAPA JOHN’S prior written
      approval, which approval may not be unreasonably withheld, conditioned or delayed.

  

  

  VI. Audit. ABG’s acceptance of any payment and/or any Statement pursuant to this Agreement shall not preclude ABG from questioning the correctness
      thereof at any time or exercising any of its rights related thereto. PAPA JOHN’S shall keep appropriate books of accounts and records with respect to its manufacture, sale, distribution and of SAR Co-Branded Products (“Books & Records”). PAPA
      JOHN’S shall maintain such Books & Records throughout the SAR Term, and for a period of three (3) years following the expiration or termination of the SAR Term (the “Retention Period”). ABG, or a third party designated by ABG (ABG and such third
      party being defined, for purposes of this Section, as an “Auditor”), shall have the right to inspect and copy the Books & Records insofar as they relate to the computation of the SAR Royalty, and other amounts payable to ABG, and PAPA JOHN’S
      hereby agrees to cooperate with the Auditor, to the best of PAPA JOHN’S’s ability, in connection therewith.  ABG and/or such Auditor shall be permitted to inspect such Books & Records no more frequently than one (1) time during any twelve (12)
      month period, upon reasonable prior written notice to PAPA JOHN’S.  If any such inspection reveals a discrepancy in the amount paid to ABG equal to five percent (5%) or more of the amount payable to ABG hereunder for the period in question, then PAPA
      JOHN’S shall also reimburse ABG for the reasonable costs of such audit. In any event, PAPA JOHN’S shall make all payments required to be made to eliminate any discrepancy revealed by any such inspection within thirty (30) days after ABG’s demand
      therefor. Interest, compounded monthly, at the rate of one percent (1%) per month (or, if not legally permissible, then at the then maximum legal interest rate) shall accrue on any amount due to ABG from and after the date upon which said payment is
      due until the date payment is actually received, whether said late payment was discovered in connection with this Section or otherwise.

  

  

  VII. Expiration. Upon expiration or termination of the SAR Term, PAPA JOHN’S shall cease any and all advertising, promotion and sale of the SAR
      Co-Branded Products, and any and all use of the Celebrity Endorsement and Personality Rights in connection therewith.”

  

  

  

  

  34Document

Exhibit 4.1

AMENDED AND RESTATED AGREEMENT ON REGISTRATION RIGHTS AND OTHER RESALES
dated as of October 1, 2021
among
XP INC.
And
THE SHAREHOLDERS NAMED HEREIN

TABLE OF CONTENTS

Page
						
	Section 1.    Defined Terms; Rules of Construction.
	2

	1.1    Defined Terms.
	2

	1.2    Rules of Construction.
	5

	Section 2.    Demand Registration.
	5

	Section 3.    Registrations on Form F-3.
	7

	Section 4.    Piggyback Registration.
	9

	Section 5.    Holdback Agreement.
	10

	Section 6.    Preparation and Filing.
	11

	Section 7.    Expenses.
	13

	Section 8.    Indemnification.
	14

	Section 9.    Underwriting Agreement.
	16

	Section 10.    Suspension.
	16

	Section 11.    Information by Holder.
	17

	Section 12.    Cooperation Regarding Unregistered Sales.
	17

	Section 13.    Termination.
	18

	Section 14.    Limitation on Other Registration Rights.
	18

	Section 15.    Miscellaneous.
	18

	15.1.    Notices.
	18

	15.2    Assignment.
	19

	15.3    Entire Agreement.
	19

	15.4    Modifications, Amendments and Waivers.
	19

	15.5    Counterparts.
	19

	15.6    Governing Law.
	19

	15.7    Submission to Jurisdiction; Waiver of Jury Trial.
	20

	15.8    Severability.
	20

	15.9    No Presumption.
	21

	15.10    No Third Party Beneficiary.
	21

	15.11    Non-Recourse.
	21

	15.12    Specific Performance.
	21

	15.13    Business Days.
	21

	15.14    Electronic Execution.
	21

	15.15    Captions.
	21

i

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
This Amended and Restated Registration Rights Agreement dated as of October 1, 2021 (this “Agreement”), is by and among XP INC., an exempted company with limited liability under the laws of the Cayman Islands (the “Company”), and by XP Controle Participações S.A. (“XP Controle”), General Atlantic (XP) Bermuda, L.P., a Bermuda exempted limited partnership (“G.A.”), Itaú Unibanco Holding S.A. (“IUH”), IUPAR Itaú Unibanco Participações S.A. (“IUPAR”) and Itaúsa S.A. (“Itaúsa”) (collectively, the “Shareholders”). Capitalized terms used but not defined elsewhere herein have the meanings assigned to them in Section 1.1.
WHEREAS, the Company, XP Controle, G.A. and ITB Holding Brasil Participações Ltda (“ITB Holding”) previously entered into a Registration Rights Agreement dated as of December 1, 2019 (the “Original Registration Rights Agreement”);
WHEREAS, IUH has carried out a corporate restructuring pursuant to which IUH transferred a portion of its Shares (as defined below) of the Company into a newly formed corporation, XPart S.A. (“XPart”), through a series of spin-off transactions (the “Itaú Restructuring”);
WHEREAS, the Company entered into a Brazilian law governed Assumption of Reciprocal Obligations Agreements dated January 31, 2021, as amended (Termos de Acordo e Assunção de Obrigações Recíprocas, or the “Reciprocal Obligations Agreements”) by and among the Company, IUH, Itaú Unibanco S.A., IUPAR, Itaúsa, ITB Holding, XP Controle and G.A. in connection with a corporate restructuring, pursuant to which XPart would be merged with and into the Company and as a result of which, holders of XPart shares (including IUPAR and Itaúsa) would become shareholders of the Company (the “Merger”);
WHEREAS, the Merger was approved on this date;
WHEREAS, following the Merger, IUPAR and Itaúsa hold only Class A Common Shares in the Company;
WHEREAS, Itaúsa and Companhia E. Johnston de Participações S.A. (“Companhia E. Johnston”), which is controlled by members of the Moreira Salles family, are the sole shareholders of IUPAR;
WHEREAS, the Shareholders and certain other parties named therein have entered into a Shareholders’ Agreement dated as of November 29, 2019, as amended on March 24, 2020 and on the date hereof (the “Shareholders’ Agreement”), to, among other things, regulate and organize their relationship as direct shareholders of the Company;
WHEREAS, the Shareholders hold Class A Common Shares and Class B Common Shares, which are convertible into Class A Common Shares as set forth in the Company’s Memorandum and Articles of Association;
WHEREAS, to the extent reasonably requested by the Company, the Shareholders will convert any Shares held by them to a class of shares specified by the Company, for inclusion in any registration statement contemplated herein;
WHEREAS, the Shareholders are entitled to the benefits of this Agreement with respect to all Shares they hold in the Company;
WHEREAS, the Company is willing to grant registration rights to the Shareholders with respect to any Shares held by them at any time, whether entitled to voting rights or otherwise, on the terms and conditions set out in this Agreement; and
WHEREAS, in connection with the Reciprocal Obligations Agreements, the Itaú Restructuring and the Merger, the parties hereto desire to amend and restate the Original Registration Rights Agreement in its entirety to set forth certain registration rights applicable to IUPAR and Itaúsa and certain related matters;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree to amend and restate the Original Registration Rights Agreement as follows, such amendment and restatement to become effective on the date hereof:
1

Section 1.    DEFINED TERMS; RULES OF CONSTRUCTION.

1.1    DEFINED TERMS.
Capitalized terms used and not otherwise defined in this Agreement have the meanings ascribed to them below:
“Affiliate” means, in relation to one Person, any Person that is, directly or indirectly, (i) Controlled by, (ii) Controlling, or (iii) under common Control with such other Person, as of the date on which, or at any time during the period in which, such affiliate status is determined. In addition, it shall be considered an “Affiliate” of G.A. (a) any fund of which General Atlantic LLC or any entity of the General Atlantic group is the manager (gestor), administrator (administrador) or general partner or (b) any entity that is Controlled by such fund and/or its Affiliates. For the sake of clarification, the term “Affiliate” shall exclude companies (i) that are in the investment portfolio of such fund, but (ii) that are not Controlled by it (including the Company).
“Agreement” has the meaning set forth in the preamble hereof.
“BACEN” means the Central Bank of Brazil.
“Block Trade” has the meaning set forth in Section 3(c) hereof.
“Business Day” means any day other than Saturday, Sunday or a day on which commercial banks are required or authorized by law to remain closed in the Cayman Islands, in the United States of America or in the cities of Rio de Janeiro, State of Rio de Janeiro, Brazil and São Paulo, State of São Paulo, Brazil, as applicable.
“CADE” means the Administrative Council of Economic Defense (Conselho de Administrativo de Defesa Econômica).
“Class A Common Shares” means class A common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in the Memorandum and Articles of Association, and any shares into which such class A common shares may be converted.
“Class B Common Shares” means class B common shares of a nominal or par value of US$0.00001 each in the capital of the Company having the rights provided for in the Memorandum and Articles of Association, and any shares into which such class B common shares may be converted.
“Company” has the meaning set forth in the preamble hereof.
“Company Notice” has the meaning set forth in Section 2(a) hereof.
“Control” means the power (i) to permanently assure, either directly or indirectly, severally or by means of agreement, the majority of votes in resolutions of quotaholders or shareholders of one Person and (ii) to elect the majority of the members of the board of directors or management of a Person. The terms “Controlled” and “Controlling” shall be construed accordingly with this definition.
“CVM” means the Brazilian Securities Exchange Commission (Comissão de Valores Mobiliários).
“Delay/Suspension Period” has the meaning set forth in Section 10 hereof.
“Demand Notice” has the meaning set forth in Section 2(a) hereof.
“Demand Registration” has the meaning set forth in Section 2(a) hereof.
“Eligible Holders” has the meaning set forth in Section 2(a) hereof.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“FINRA” means the Financial Industry Regulatory Authority.
“Form F-3” means such form under the Securities Act as in effect on the date of this Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC in a similar or comparable manner.
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“Governmental Authority” means (i) the federal government, any state or municipal government or other national or foreign political subdivision with jurisdiction over the applicable Person; (ii) an executive, regulatory, legislative, judicial or administrative government entity or authority with jurisdiction over the applicable Person, whether national or foreign, which includes, with respect to items (i) and (ii) above, their respective bodies, autonomous government entities, self-regulatory entities, divisions, departments, boards, representation offices, agencies or commissions, including the SEC, CVM, CADE and BACEN; (iii) a single court, tribunal or judicial, administrative or arbitration body; or (iv) any stock exchange or organized over-the-counter market to which the applicable Person is subject.
“Holder” shall mean the Shareholders or any of their Affiliates, so long as such Person holds any Registrable Shares or Class B Common Shares convertible into Registrable Shares, and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is a permitted transferee of rights under Section 15.2.
“Initiating Holder” has the meaning set forth in Section 2(a) hereof.
“IPO” means the Company’s initial public offering of Class A Common Shares under the Securities Act that became listed on NASDAQ on December 11, 2019.
“Itaú Shareholders” means each of IUPAR and Itaúsa (so long as IUPAR and Itaúsa hold any Registrable Shares or Class B Common Shares convertible into Registrable Shares), and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is a permitted transferee of rights of IUPAR or Itaúsa under Section 15.2 hereof, which includes, for the avoidance of doubt, Companhia E. Johnston, ITH Zux Cayman Ltd. and the natural persons that are members of the Moreira Salles family or their Affiliates. For purposes of this Agreement, the Itaú Shareholders shall be considered as a separate block of Shareholders in relation to IUH.
“Majority of Shareholders” means those Shareholders who hold in the aggregate in excess of 50% of the voting power of Shares held by all of the Shareholders.
“Material Transaction” means any material transaction in which the Company or any of its subsidiaries proposes to engage or is engaged, including a material purchase or sale of assets or securities, financing, merger, consolidation, tender offer or any other material transaction that would require disclosure pursuant to the Exchange Act, and with respect to which the board of directors of the Company reasonably has determined in good faith that compliance with this Agreement may reasonably be expected to either materially interfere with the Company’s or such subsidiary’s ability to consummate such transaction in a timely fashion or require the Company to disclose material, non-public information prior to such time as it would otherwise be required to be disclosed.
“Memorandum and Articles of Association” means the organizational document giving rise to the establishment of the Company, dated November 30, 2019, as amended.
“Other Shareholders” means IUH, XP Controle and G.A., so long as XP Controle and G.A. hold any Registrable Shares or Class B Common Shares convertible into Registrable Shares, and any Person owning Registrable Shares or Class B Common Shares convertible into Registrable Shares who is a permitted transferee of rights of IUH (including XPart), XP Controle or G.A. under Section 15.2 hereof.
“Other Shares” means with respect to a particular registration statement, any of the Class A Common Shares that are to be included in such registration statement that are not Primary Shares or Registrable Shares.
“Person” means an individual, company (whether incorporated or not), general or limited partnership, association, foundation, condominium, fund, consortia, joint venture, entity, trust, international or multilateral organization or other public, private or semi-public entity and any Governmental Authority as well as the successors thereof.
“Primary Shares” means, with respect to a particular registration statement, any of the Class A Common Shares to be issued, which may be sold, by the Company in a registered offering pursuant to such registration statement.
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“Prospectus” means the prospectus included in a Registration Statement filed with the SEC, including any prospectus subject to completion, and any such prospectus as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares and, in each case, by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein.
“Registrable Shares” means, at any time, and with respect to any Shareholder (and their permitted assignees), all Class A Common Shares of the Company beneficially held by such Shareholder (and their permitted assignees) (for the purposes hereof the Class A Common Shares that would be held upon conversion of Class B Common Shares shall be considered Class A Common Shares beneficially owned by the relevant Shareholder), whether currently owned or acquired subsequent to the date hereof, any securities issued or issuable directly or indirectly with respect to, in exchange for, upon the conversion of or in replacement of such shares and any Class A Common Shares owned by a permitted transferee of rights of IUPAR or Itaúsa under Section 15.2 hereof, which includes, for the avoidance of doubt, Companhia E. Johnston, ITH Zux Cayman Ltd. and the natural persons that are members of the Moreira Salles family or their Affiliates; provided, however, that such shares shall cease to be Registrable Shares when: (a) Registrable Shares have been registered under the Securities Act, the Registration Statement in connection therewith has been declared effective and the Registrable Shares have been disposed of pursuant to and in the manner described in such effective Registration Statement; (b) such Registrable Shares are no longer owned by such Shareholder or the transferee of all the Registrable Shares owned by such Shareholder, or (c) such Registrable Shares may be sold pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner of sale. For the avoidance of doubt, subject to the foregoing proviso, “Registrable Shares” shall include any Class A Common Shares (a) that IUH or its Affiliates acquires pursuant to the Stock Purchase Agreement; or (b) held by any of the Itaú Shareholders.
“Registration” means a registration with the SEC of the offer and sale to the public of Class A Common Shares under a Registration Statement. The terms “Register,” “Registered” and “Registering” shall have a correlative meaning.
“Registration Date” means the date on which the registration statement relating to the IPO shall have been declared effective.
“Registration Statement” means any registration statement of the Company that registers any of the Registrable Shares under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.
“Restricted Period” has the meaning set forth in Section 5.1 hereof.
“Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule thereto.
“SEC” means the United States Securities and Exchange Commission.
“Securities Act” the United States Securities Act of 1933, as amended.
“Shares” mean shares of stock of any class of the Company.
“Shareholders” has the meaning set forth in the preamble hereof.
“Shareholders’ Agreement” has the meaning set forth in the preamble hereof.
“Shareholders’ Counsel” has the meaning set forth in Section 6(a)(ii) hereof.
“Stock Purchase Agreement” means that certain agreement among the parties thereto, dated as of May 11, 2017, as amended.
“Takedown Notice” has the meaning set forth in Section 3(a) hereof.
“Transaction Documents” means this Agreement and the other agreements, instruments and documents contemplated hereby and thereby, including each exhibit hereto and thereto.
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“Underwritten Offering” means a Registration in which securities of the Company are sold to an underwriter or underwriters on a firm commitment basis for reoffering to the public in a widely distributed offering.
“US$” means the lawful currency of the United States of America.

1.2    RULES OF CONSTRUCTION.
The term “this Agreement” means this registration rights agreement together with all schedules and exhibits hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole, including the schedules and exhibits, as the same may from time to time be amended, modified, supplemented or restated, and not to any particular section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to sections, schedules and exhibits mean the sections of this Agreement and the schedules and exhibits attached to this Agreement, except where otherwise stated. The title of and the section and paragraph headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. Unless expressly provided otherwise, the measure of a period of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, provided that if no corresponding date exists, the measure shall be that date of the following month or year corresponding to the next day following the starting date. For example, one month following February 18 is March 18, and one month following March 31 is May 1.

Section 2.    DEMAND REGISTRATION.
(a)    The Shareholders shall each have the right to request on an unlimited number of occasions that the Company file a Registration Statement with the SEC on the appropriate registration form for all or part of the Registrable Shares held (or that would be held upon conversion of any securities into Registrable Shares) by such Shareholder once such Shareholder is no longer subject to the lock-up applicable to it entered into in connection with the IPO (which may be due to the expiration or waiver of such lock-up with respect to such Registrable Shares) (a “Demand Notice”) by delivering a written request to the Company specifying the number of Registrable Shares such Shareholder wishes to Register and the intended method of distribution thereof (a “Demand Registration” and the Shareholder submitting such Demand Registration, the “Initiating Holder”). The Company shall (i) within 10 Business Days of the receipt of such request, give written notice of such Demand Registration (the “Company Notice”) to all Shareholders other than the relevant Initiating Holder (the “Eligible Holders”), (ii) use its reasonable best efforts to file a Registration Statement in respect of such Demand Registration within 45 days of receipt of the request, provided that all necessary documents for the registration can be obtained and prepared within such 45-day period; and (iii) use its reasonable best efforts to cause such Registration Statement to become effective as soon as reasonably practicable thereafter. The Company shall include in such Registration all Registrable Shares that the Eligible Holders request to be included within the 10 Business Days following their receipt of the Company Notice. If the method of distributing the offering is an underwritten public offering, the Company may designate (i) in its sole discretion, the managing underwriter for such offering, subject to there being no reasonable objection from the Shareholders holding a majority of Registrable Shares referred to in the Demand Notice and (ii) in its reasonable discretion, the underwriters for such offering, provided that the Shareholders agree that the designation of XP Investments US, LLC and Itaú BBA USA Securities, Inc., or either of them separately, as an underwriter or underwriters, as the case may be, shall at all times be reasonable; provided, however, that in connection with a Block Trade pursuant to a Block Trade Notice delivered by the Itaú Shareholders as Initiating Holders in accordance with Section 3 below, the Itaú Shareholders may designate in their sole discretion, the underwriters for such offering.
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(b)    The Company shall not be obligated to use its commercially reasonable efforts to file and cause to become effective: (i) more than two Registration Statements initiated pursuant to Section 2(a) in a 12 -month period; or (ii) any Registration Statement pursuant to Section 2(a) during any period in which any other registration statement (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) pursuant to which Shares are to be or were sold under the Securities Act (A) has been filed and not withdrawn or has been declared effective within the prior 180 days and (B) in connection with any such registration statement that has not been declared effective, the Company is in good faith using commercially reasonable efforts to cause such registration statement to become effective. The Registrable Shares requested to be Registered pursuant to Section 2(a) (including, for the avoidance of doubt, the Registrable Shares of Eligible Holders requested to be registered) must represent (i) an aggregate offering price of Registrable Shares that is reasonably expected to equal at least $25,000,000 or (ii) all of the remaining Registrable Shares owned by the Initiating Holder and its Affiliates or that would be owned upon conversion of all of the Class B Common Shares held by the Initiating Holder and its Affiliates into Class A Common Shares.
(c)    With respect to any registration pursuant to Section 2(a), the Company may include in such registration any Primary Shares or Other Shares; provided, however, that if the managing underwriter or underwriters formally advise(s) the Company in writing and with sufficient explanation that the inclusion of all Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration would interfere with the successful marketing (including, but not limited to, pricing) of all such securities, then the number of Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration shall be included in the following order:
(i)    first, the Registrable Shares held by the Shareholders requesting that their Registrable Shares be included in such registration pursuant to Section 2(a), pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; provided, however, that the number of Registrable Shares held by the Shareholders to be included in such underwriting shall not be reduced unless all Primary Shares and Other Shares are first entirely excluded from the underwriting;
(ii)    second, the Primary Shares; and
(iii)    third, the Other Shares;
provided, however, that, a registration shall not be counted as “effected” for the purposes of this Section 2 and shall not count as a registration initiated pursuant to this Section 2 for purposes of Section 2(b)(i) above, if, as a result of an exercise of the underwriter’s cutback provisions in this clause (c), fewer than 25% of the total number of Registrable Shares that the Shareholders have requested to be included in such registration statement are actually included.
(d)    A requested registration under this Section 2 may be rescinded at any time prior to such registration being declared effective by the SEC by written notice to the Company from those Shareholders who initiated the request, at their discretion; provided, however, that such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of Section 2(b)(i) above if the Company shall have been reimbursed (pro rata by the Shareholders requesting registration or in such other proportion as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the Shareholders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a material adverse change in the Company’s business, financial condition or results of operations from that known to such Shareholders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 2 for purposes of clause (i) of subsection (b).
(e)    The Company shall be deemed to have effected a Registration for purposes of Section 2(a) if the Registration Statement is declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier of (i) the date when all Registrable Shares thereunder have been sold and (ii) 60 days from the effective date of the Registration Statement (the “Registration Period”).
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(f)     In the event that the Company intends to effect a Registration for purposes of Section 2(a) by means of an Underwritten Offering, no Holder may include Registrable Shares in such Registration unless such Holder, subject to the limitations set forth in Section 9, (i) agrees to sell its Registrable Shares on the basis provided in the applicable underwriting arrangements; (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required and in customary form under the terms of such underwriting arrangements and (iii) cooperates with the Company’s reasonable and customary requests in connection with such Registration (it being understood that the Company’s failure to perform its obligations hereunder, which failure is caused by such Holder’s failure to cooperate, will not constitute a breach by the Company of this Agreement).

Section 3.    REGISTRATIONS ON FORM F-3.
(a)    Subject to Section 3(b), at any time after the date hereof when the Company is eligible to Register the applicable Registrable Shares on Form F-3 (or a successor form) and an Initiating Holder is entitled to request Demand Registrations, such Initiating Holder may request the Company to effect a Demand Registration as a Shelf Registration. For the avoidance of doubt, the requirement that (i) the Company deliver a Company Notice in connection with a Demand Registration and (ii) the right of Eligible Holders to request that their Registrable Shares be included in a Registration Statement filed in connection with a Demand Registration, each as set forth in Section 2(a), shall apply to a Demand Registration that is effected as Shelf Registration except as otherwise provided herein, in particular with respect to a Block Trade. There shall be no limitations on the number of offerings pursuant to a Shelf Registration; provided, however, that except as otherwise provided herein, in particular with respect to a Block Trade the Shareholders may not require the Company to effect more than two offerings (whether Underwritten Offerings or otherwise, and whether Demand Registrations pursuant to Section 2 hereof, or Shelf Registrations pursuant to this Section 3) collectively in a 12-month period; provided, further however, that the Itaú Shareholders will not be entitled to request Demand Registrations prior to October 31, 2021. If any Initiating Holder holds Registrable Shares included on a Shelf Registration, it shall have the right to request that the Company cooperate in a shelf takedown at any time, including an Underwritten Offering, by delivering a written request thereof to the Company specifying the kind and number of Registrable Shares such Initiating Holder wishes to include in the shelf takedown (“Takedown Notice”). The Company shall (i) within five Business Days of the receipt of a Takedown Notice, give written notice of such Takedown Notice to all Holders of Registrable Shares included on such Shelf Registration (the “Company Takedown Notice”), and (ii) take all actions reasonably requested by the Initiating Holder who submitted the Takedown Notice, including the filing of a Prospectus supplement and the other actions described in Section 6, in accordance with the intended method of distribution set forth in the Takedown Notice as expeditiously as practicable, and in any case, within 45 days of receipt of such Takedown Notice. If the takedown is an Underwritten Offering, the Company shall include in such Underwritten Offering all Registrable Shares that the Holders of Registrable Shares included in the Registration Statement for such Shelf Registration request be included within the five Business Days following such Holders’ receipt of the Company Takedown Notice. The Registrable Shares requested to be included in a shelf takedown must represent (i) an aggregate offering price of Registrable Shares that is reasonably expected to equal at least $25,000,000 or (ii) all of the remaining Registrable Shares owned by the requesting Initiating Holder and its Affiliates. With respect to any registration pursuant to this Section 3(a), the Company may include in such registration any Primary Shares or Other Shares; provided, however, that if the managing underwriter or underwriters formally advise(s) the Company in writing and with sufficient explanation that the inclusion of all Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration would interfere with the successful marketing (including, but not limited to, pricing) of all such securities, then the number of Registrable Shares, Primary Shares and Other Shares proposed to be included in such registration shall be included in the following order:
(i)    first, the Registrable Shares held by the Shareholders requesting that their Registrable Shares be included in such registration pursuant to Section 3(a), pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; provided, however, that the number of Registrable Shares held by the Shareholders to be included in such underwriting shall not be reduced unless all Primary Shares and Other Shares are first entirely excluded from the underwriting;
(ii)    second, the Primary Shares; and
(iii)    third, the Other Shares;
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provided, however, that, a registration shall not be counted as “effected” for the purposes of this Section 3 and shall not count as a registration initiated pursuant to this Section 3 for purposes of this clause, if, as a result of an exercise of the underwriter’s cutback provisions in this clause (a), fewer than 25% of the total number of Registrable Shares that the Shareholders have requested to be included in such registration statement are actually included.
(b)    A requested registration under this Section 3 may be rescinded at any time prior to such registration being declared effective by the SEC by written notice to the Company from those Shareholders who initiated the request, at their discretion; provided, however, that such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (b) if the Company shall have been reimbursed (pro rata by the Shareholders requesting registration or in such other proportion as they may agree) for all reasonable and documented out-of-pocket expenses incurred by the Company in connection with such rescinded registration; provided, further, however, that if, at the time of such rescission, the Shareholders who initiated the request shall have learned of an event that is, or is reasonably likely to result in, a material adverse change in the Company’s business, financial condition or results of operations from that known to such Shareholders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Shareholders shall not be required to reimburse the Company for any out-of-pocket expenses incurred by the Company in connection with such rescinded registration and such rescinded registration shall not count as a registration initiated pursuant to this Section 3 for purposes of subsection (b).
(c)    Notwithstanding the foregoing, after October 30, 2021, an Itaú Shareholder may, from time to time, engage in an underwritten or other coordinated registered offering not involving a “roadshow,” an offer commonly referred to as a “block trade” (a “Block Trade”), including in the form of an offering pursuant to a Shelf Registration Statement on Form F-3. The Itaú Shareholders may collectively engage in up to six such Block Trades per 12-month period, with no restriction as to the amount of shares to be offered but with at least a 60-day interval between trades, subject to any applicable regulatory restrictions. In connection with any Block Trade:
(i)    the relevant Itaú Shareholder must deliver a notice to the Company and G.A. not less than three Business Days prior to the day such Block Trade is anticipated to commence (the “Block Trade Notice”). Such Block Trade shall close within 15 days after the Block Trade Notice; and
(ii)    the Company and the Other Shareholders will not have the right to request to have any Shares owned by such Other Shareholder included in the Block Trade; except that G.A. will have the right to participate in any Block Trade with respect to any Registrable Shares held by G.A. as of the date of this Agreement (and that are not subject to the Second Acquisition as such term is defined in the Stock Purchase Agreement) and that continue to be owned by G.A. at the time the Block Trade Notice is delivered (the “G.A. Excess Shares”), pro rata based upon the number of Registrable Shares being offered by the Itaú Shareholder. For example, if an Itaú Shareholder decides to include 10% of its Registrable Shares in a Block Trade, G.A. will have the right to participate in such Block Trade with respect to 10% of its G.A. Excess Shares.
(d)    G.A. may elect to participate in a Block Trade by notifying the Itaú Shareholders of such election within two Business Days after the date of the Block Trade Notice. G.A.’s request to participate in a Block Trade shall be binding on G.A. and may not be withdrawn.
(e)    The Company shall notify the Itaú Shareholders within two Business Days of the date of the Block Trade Notice if it intends to conduct a primary offering of Primary Shares or Other Shares under the Securities Act (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), which it expects to settle within 30 days of receipt of the Block Trade Notice and the expected volume of such offering. If the Company notifies the Itaú Shareholder of its intention to conduct such primary offering:
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(i)     each of the Itaú Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) shall have the right to include in such registration Registrable Shares owned by each of the Itaú Shareholders and G.A. equal to up to 20% of the Primary Shares or Other Shares proposed to be registered by the Company in such offering as follows (regardless of the advice of the underwriter): (A) pro rata based upon the number of Registrable Shares owned by Itaú Shareholders and the number of G.A. Excess Shares owned by G.A. at the time of such offering, pursuant to the terms and conditions set forth in Section 3(c)(ii), and (B) once the allocation above has been defined, the Itaú Shareholders may determine their share of the allocation amongst the Itaú Shareholders. Section 4 shall apply to the remaining percentage of the Primary Shares or Other Shares proposed to be registered in such offering; and
(ii)    each of the Itaú Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) will be restricted from executing a Block Trade until settlement by the Company of the primary offering; provided, however, that the Company may not subsequently prevent the Itaú Shareholders from executing a Block Trade for a period of 180 days from the date of settlement of the primary offering.
(f)    Notwithstanding the foregoing, to the extent the Company fails to file a Registration Statement with the SEC within 30 days of the receipt of the Block Trade Notice (or if the Company does not consummate the primary offering within 45 days of the receipt of such Block Trade Notice), then the Itaú Shareholders and G.A. (if it has elected to exercise its rights under Section 3(c)(ii) above) shall have the right to execute the Block Trade in accordance with Section 3(c) above. Further, the 60-day interval described in Section 3(c) will exceptionally be reduced to 30 days.
(g)    For the avoidance of doubt, a Block Trade shall not be deemed a Demand Registration for purposes of the Company’s obligation to cause two Registration Statements initiated pursuant to Section 2(a) in a 12-month period.

Section 4.    PIGGYBACK REGISTRATION.
(a)    if the Company at any time proposes, for any reason, to register any Primary Shares or Other Shares under the Securities Act (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto), it shall promptly give written notice to each Shareholder of its intention so to register such Primary Shares or Other Shares and, upon the written request, given no later than 10 Business Days prior to such registration of Primary Shares or Other Shares, of any such Shareholder to include in such registration Registrable Shares owned by such Shareholder (which request shall specify the number of the Registrable Shares proposed to be included in such registration), the Company shall use its commercially reasonable efforts to cause all such Registrable Shares to be included in such registration on the same terms and conditions as the securities otherwise being sold in such registration; provided, however, that if such registration is an Underwritten Offering and the managing underwriter formally advises the Company in writing and with sufficient explanation that the inclusion of all Primary Shares, Registrable Shares and Other Shares proposed to be included in such registration would interfere with the successful marketing (including pricing) of the Shares proposed to be registered by the Company, then the number of Primary Shares, Registrable Shares and Other Shares proposed to be included in such registration shall be included in the following order:
(i)    first, Primary Shares;
(ii)    second, Registrable Shares held by the Shareholders requesting that Registrable Shares be included in such registration, pro rata based upon the number of Registrable Shares owned by each such Shareholder at the time of such registration; and
(iii)    third, Other Shares held by shareholders requesting that Other Shares be included in such registration, pro rata based on the number of Other Shares owned by each such shareholder at the time of such registration of Other Shares (or among such shareholders in such other proportion as they shall otherwise agree);
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provided, further however, that if, at any time after giving written notice of its intention to Register any securities pursuant to this Section 4 and prior to the effective date of the Registration Statement filed in connection with such Registration, the Company shall determine for any reason not to Register or to delay Registration of such securities, the Company may, at its election, give written notice of such determination to each such Holder and, thereupon, (i) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Shares in connection with such Registration and shall have no liability to any Holder in connection with such termination, and (ii) in the case of a determination to delay Registration, shall be permitted to delay Registering any Registrable Shares for the same period as the delay in Registering such other Class A Common Shares.
(b)    Notwithstanding the foregoing, if the Company notifies the relevant Itaú Shareholder of its intention to register any Primary Shares or Other Shares under the Securities Act (other than on Form F-4 or Form S-8 promulgated under the Securities Act or any successor forms thereto) within two days of receiving a Block Trade Notice, Section 3(e) (including subsections (i) and (ii)) shall apply.
(c)    For the avoidance of doubt, no Registration effected under this Section 4 shall relieve the Company of its obligations to effect any Demand Registration under Section 2 (for the avoidance of doubt, subject to the limitations on registration set forth in Sections 2(b), 3(b) and 10 hereof). If the offering pursuant to a Registration Statement pursuant to this Section 4 is to be an Underwritten Offering, then each Shareholder making a request for a Piggyback Registration pursuant to this Section 4 shall, and the Company shall use reasonable best efforts to coordinate arrangements with the underwriters so that each such Shareholder may, participate in such Underwritten Offering. If the offering pursuant to such Registration Statement is to be on any other basis, then each Shareholder making a request for a Piggyback Registration pursuant to this Section 4 shall, and the Company shall use reasonable best efforts to coordinate arrangements so that each such Shareholder may, participate in such offering on such basis. If the Company files a Shelf Registration for its own account and/or for the account of any other Persons, the Company agrees that it shall use its reasonable best efforts to include in such Registration Statement such disclosures as may be required by Rule 430B under the Securities Act in order to ensure that the Shareholders may be added to such Shelf Registration at a later time through the filing of a Prospectus supplement rather than a post-effective amendment. Any such Shareholder may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement or prospectus supplement, as applicable, being filed publicly with the SEC. For certainty, any such Shareholder who has withdrawn its request for inclusion shall nevertheless continue to have the right to include any Registrable Shares in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein.

Section 5.    HOLDBACK AGREEMENT.
If the Company at any time shall register Shares under the Securities Act in an Underwritten Offering after the IPO, the Shareholders shall not sell, make any short sale of, grant any option for the purchase of, or otherwise dispose of any Registrable Shares (other than those Registrable Shares included in such Registration pursuant to Sections 2, 3 or 4 hereof) without the prior written consent of the managing underwriters of such offering for a period (the “Restricted Period”) as shall be determined by the managing underwriters, which period cannot begin more than 7 days prior to the effectiveness of such registration and cannot last more than 60 days after the effective date of such registration; provided, however, that the foregoing restrictions shall not apply with respect to any Shareholder, (a) in the event the managing underwriters in such offering shall agree, any shares of the capital stock of the Company purchased or otherwise acquired by such Shareholder in the open market following the IPO and (b) other than in the IPO, any registration in which, as a result of the underwriter cutback provisions of Section 2 and 4, such Shareholder was either excluded from the registration entirely or was only permitted to include in such registration less than 25% of the Registrable Shares, requested by such Shareholder to be included therein. Notwithstanding the foregoing, Section 5 shall only be applicable to the Shareholders if also applicable to all officers, directors and selling shareholders of the Company and the Company with respect to all Primary Shares, Registrable Shares and Other Shares, as applicable. Neither the Company nor the underwriters in respect of such Underwritten Offering shall grant any discretionary waiver or termination of the restrictions of any or all of such agreements unless such waiver or termination shall apply, on a pro rata basis, to the Shares held by the Shareholders.

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Section 6.    PREPARATION AND FILING.
(a)    If and whenever the Company is under an obligation pursuant to the provisions of this Agreement to use its commercially reasonable efforts to effect the registration of Registrable Shares, the Company shall, as expeditiously as practicable:
(i)    prepare and file with the SEC a Registration Statement that registers such Registrable Shares and use its commercially reasonable efforts to cause such Registration Statement (or any post-effective amendment thereto) to become effective as promptly as practicable, and remain effective for a period of 120 days or until the distribution contemplated in such Registration Statement of all of such Registrable Shares have been completed (if earlier); provided, however, that: such 120 day period shall be extended for a period of time equal to the period a Shareholder refrains, at the request of an underwriter of the Company, from selling any securities included in such registration; provided, further, in the case of any registration of Registrable Shares on Form F-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such registration statement shall be kept effective until all such Registrable Shares are sold;
(ii)    furnish, in reasonable advance of any public filing, drafts of a Registration Statement that registers Registrable Shares, a Prospectus relating thereto and any amendments or supplements relating to such Registration Statement or Prospectus, to one counsel selected by a Majority of Shareholders (the “Shareholders’ Counsel”) copies of all such documents proposed to be filed, and consider in good faith any comments of any Shareholder selling Registrable Shares and their respective counsel on such documents;
(iii)    prepare and file with the SEC 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 the lesser of the period required pursuant to clause (i) of this subsection (a) or until all of the Registrable Shares have been disposed of (if earlier) and to comply with the provisions of the Securities Act with respect to the sale or other disposition of such Registrable Shares;
(iv)    notify the Shareholders’ Counsel promptly in writing (A) of any comments by the SEC with respect to such Registration Statement or Prospectus, or any request by the SEC for the amending or supplementing thereof or for additional information with respect thereto, (B) of the effectiveness of such Registration Statement or Prospectus or any amendment or supplement thereto and the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or Prospectus 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 the Registrable Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purposes;
(v)    use its commercially reasonable efforts to register or qualify, or obtain exemption from the registration or qualification requirements for, Registrable Shares under such other securities or blue sky laws of such jurisdictions as any seller of the Registrable Shares reasonably requests and take any and all other measures and do all other things which may be reasonably necessary or advisable to enable such seller of the Registrable Shares to consummate the disposition thereof in such jurisdictions; provided, however, that the Company will not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required so to do but for this clause (v);
(vi)    use its commercially reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Shares for sale in any jurisdiction and, if such an order or suspension is issued, use its commercially reasonable best efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Shareholders of the issuance of any such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose;
(vii)    furnish without charge to each seller of the Registrable Shares such number of copies of a summary Prospectus or other Prospectus, including a preliminary Prospectus, in conformity with the requirements of the Securities Act, and such other documents as such seller of the Registrable Shares may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares;
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(viii)    prepare, file and/or make available to the public and/or Shareholders any documents that comply with all relevant applicable regulations and that do not have any material omissions or misstatements.
(ix)     notify on a timely basis each seller of the Registrable Shares at any time when a Prospectus relating to the Registrable Shares is required to be delivered under the Securities Act within the appropriate period mentioned in clause (i) of this subsection (a) 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, promptly prepare and file a supplement or amendment to such Prospectus as may be necessary so that, as supplemented or amended, such Prospectus shall cease to 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 in which they were made;
(x)    make available for inspection by any seller of the Registrable Shares, any underwriter participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other representative retained by any such seller or underwriter, all pertinent financial, business and other records and documents as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or other representative in connection with such Registration Statement;
(xi)    use its commercially reasonable efforts to obtain from its independent certified public accountants a “comfort” letter in customary form and covering such matters of the type customarily covered by comfort letters;
(xii)    use its commercially reasonable efforts to provide (A) a legal opinion of the Company’s outside counsel dated the effective date of such registration statement addressed to the Company and to each Shareholder selling Registrable Shares addressing the validity of the Registrable Shares being offered thereby, (B) on the date that such Registrable Shares are delivered to the underwriters for sale, if such Registrable Shares are being sold through underwriters, or, if such Registrable Shares are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of the Company’s outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Shares and (2) one or more “negative assurances letters” of the Company’s outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Shareholders assisting in the sale of the Registrable Shares, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Shareholders assisting in the sale of the Registrable Shares and (C) customary certificates executed by authorized officers of the Company as may be requested by any Shareholder or any underwriter of such Registrable Shares;
(xiii)    obtain the approval of all Governmental Authorities and self-regulatory bodies as may be necessary to effect the registration of the Registrable Shares and consummate the disposition of such Registrable Shares pursuant to the Registration Statement;
(xiv)    provide a transfer agent and registrar for all Registrable Shares registered pursuant to this Agreement and request the registrar to provide a CUSIP number for all such Registrable Shares, in each case not later than the effective date of such registration;
(xv)    list the Registrable Shares on any United States national securities exchange on which any Shares are listed;
(xvi)    notify each Shareholder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed;
(xvii)    after such Registration Statement becomes effective, notify each Shareholder of any request by the SEC that the Company amend or supplement such registration statement or Prospectus;
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(xviii)    other than with respect to a Block Trade pursuant to a Block Trade Notice delivered by the Itaú Shareholders in accordance with Section 3(c), make available one or more senior executives for participation in roadshows and other marketing activities in connection with any Underwritten Offering as the Company and the underwriters for such offering may reasonably agree, but in any event subject to the limitation that such officer’s or officers’ participation shall not negatively interfere with the Company’s normal course of business; and
(xix)    otherwise use its commercially reasonable efforts to take all other steps necessary to effect the registration of the Registrable Shares contemplated hereby.
(b)    If and whenever any of the Itaú Shareholders wishes to engage in a Block Trade, (i) all costs related to performing the Block Trade will be paid for exclusively by the applicable Itaú Shareholders (or by Itaú Shareholders and G.A, if G.A. has elected to exercise its rights under Section 3(c)(ii) above, pro rata based on the number of Registrable Securities sold by each of the Itaú Shareholders and G.A. in the Block Trade), according to Section 7 below; and (ii) the Company and G.A. (to the extent it participates in the Block Trade) shall as expeditiously as possible, use their commercially reasonable efforts to facilitate such Block Trade in accordance with market practice, including but not limited to providing any necessary information and disclosures, including in connection with a registration statement or prospectus that may be necessary for the execution of the Block Trade, provided, however, that the Company’s management will not participate in any roadshow efforts in connection with the Block Trade and that Itaú Shareholders will use their commercially reasonable efforts to assist the Company in the execution of the offering.
(c)    Each holder of Registrable Shares that sells Registrable Shares pursuant to a registration under this Agreement agrees that during such time as such seller may be engaged in a distribution of the Registrable Shares, such seller shall comply with Regulation M promulgated under the Exchange Act and pursuant thereto it shall, among other things: (i) distribute the Registrable Shares under the Registration Statement solely in the manner described in the Registration Statement covering such Registrable Shares; and (ii) cease distribution of the Registrable Shares pursuant to such Registration Statement upon receipt of written notice from the Company that the Prospectus covering the Registrable Shares contains any untrue statement of a material fact or omits a material fact required to be stated therein or necessary to make the statements therein not misleading.

Section 7.    EXPENSES.
All expenses incurred by the Company in complying with Section 6, including all registration and filing fees (including all expenses incident to filing with FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and fees, shall be paid by the Company. All expenses incurred by any Shareholder in connection with any sale of Registrable Shares under this Agreement, including the underwriting and brokerage fees and expenses incurred in connection with the sale of Registrable Shares by any Shareholder, such Shareholder’s pro rata share of all fees and expenses of Shareholders’ Counsel and the out-of-pocket expenses incurred by the Company for which the Shareholders are responsible, if any, pursuant to Sections 2(d) and 3(b), shall be paid by such Shareholder, except that the Company shall pay the reasonable fees and expenses of Company’s counsel in each relevant jurisdiction, to the extent required by the underwriters or the rules and regulations of the SEC to deliver an opinion or other documentation in connection with an offering, in any offerings pursuant to Section 2, 3 or 4.
Notwithstanding the foregoing and in connection with a Block Trade pursuant to a Block Trade Notice delivered by an Itaú Shareholder, in accordance with Section 3(c), (i) all expenses incurred by the Company in complying with Section 6, including all registration and filing fees (including all expenses incident to filing with FINRA), fees and expenses of complying with securities and blue sky laws, printing expenses, fees and expenses of the Company’s counsel and accountants and fees, shall be paid by the Itaú Shareholder, and (ii) all expenses incurred by the Itaú Shareholder, including the underwriting and brokerage fees and expenses incurred in connection with the sale of Registrable Shares by the Itaú Shareholder, all fees and expenses of the Itaú Shareholder’s counsel and the out-of-pocket expenses incurred by the Company for which the Itaú Shareholder is responsible, if any, pursuant to Section 3(c), shall be paid by such Itaú Shareholder, provided, however, that to the extent G.A. participates in a Block Trade pursuant to a Block Trade Notice delivered by the Itaú Shareholder in accordance with Section 3(c), all of the foregoing expenses shall be paid by the Itaú Shareholder and G.A. on a pro rata basis.
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Section 8.    INDEMNIFICATION.
(a)    In connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, the Company shall indemnify and hold harmless the seller of such Registrable Shares, and each other Person, if any, who controls such seller and each officer, director, partner and member of any of the foregoing Persons (each an “Indemnified Seller”), against any losses, claims, damages or liabilities, joint or several, to which any of the foregoing Persons 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 an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Shares were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any document incident to registration or qualification of Registrable Shares, including any marketing materials, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or, with respect to any Prospectus, necessary to make the statements therein in 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 the Company shall promptly reimburse such Indemnified Seller for any reasonable legal or other expenses actually 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 to any such Indemnified Seller 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 said Registration Statement, preliminary Prospectus, amendment, supplement, free writing prospectus or document incident to registration or qualification of any Registrable Shares in reliance upon and in conformity with written information furnished to the Company by such Indemnified Seller, or a Person duly acting on its behalf, specifically for use in the preparation thereof;
provided, further, however, that the foregoing indemnity agreement is subject to the condition that, insofar as it relates to any untrue statement, allegedly untrue statement, omission or alleged omission made in any preliminary Prospectus but eliminated or remedied in any Prospectus delivered at the time of sale, such indemnity agreement shall not inure to the benefit of any Indemnified Seller from whom the Person asserting any loss, claim, damage, liability or expense purchased Registrable Shares which are the subject thereof, if a copy of such Prospectus had been timely made available to such Indemnified Seller and such Prospectus was not delivered to such Person with or prior to the written confirmation of the sale of Registrable Shares to such Person.
(b)    In connection with any registration of Registrable Shares under the Securities Act pursuant to this Agreement, each seller of Registrable Shares shall, severally and not jointly, indemnify and hold harmless the Company, each other seller of Registrable Shares under such registration, each Person who controls any of the foregoing Persons within the meaning of the Securities Act and each officer, director, partner, and member of any of the foregoing Persons, against any losses, claims, damages or liabilities 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 an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement under which Registrable Shares were registered, any preliminary Prospectus or final Prospectus contained therein, any amendment or supplement thereto, any free writing prospectus or any document incident to registration or qualification of any Registrable Shares, if such statement or omission was made in reliance upon and in conformity with written information furnished to the Company by such seller specifically for use in connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment or supplement; provided, however, that the maximum amount of liability in respect of such indemnification shall be limited, in the case of each seller of Registrable Shares, to an amount equal to the net proceeds (after the payment of underwriting discounts and commissions) actually received by such seller from the sale of Registrable Shares effected pursuant to such registration.
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(c)    Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the preceding paragraphs of this Section 8, 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 prejudiced or harmed 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 indemnified party 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 that conflict with those available to the indemnifying party, 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 reasonably incurred fees and expenses of any one lead counsel (plus local counsel) retained by the indemnified party in connection with the matters covered by the indemnity agreement provided in this Section 8. If the defense is assumed by the indemnifying party, the indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected by the indemnified party without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the indemnified party, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such action, claim or proceeding.
(d)    If, other than for the reason set forth in the proviso to the first sentence in Section 8(c), the indemnification provided for in this Section 8 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 hand 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 Shares, to an amount equal to the net proceeds (after the payment of underwriting discounts and commissions) actually received by such seller from the sale of Registrable Shares 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. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 8(d). Further, no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
(e)    The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this Section 8 applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party.
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Section 9.    UNDERWRITING AGREEMENT.
(a)    Notwithstanding the provisions of Sections 5, 6 and 8, to the extent that the Shareholders selling Registrable Shares in a proposed registration shall enter into an underwriting or similar agreement, which agreement contains provisions covering one or more issues addressed in such Sections of this Agreement (it is understood and agreed that, for purposes of this clause (a), any indemnification provisions in any such underwriting or similar agreement that does not provide for the indemnification by the Company of a seller of Registrable Shares and other Persons or the indemnification by the seller of Registrable Shares of the Company and other Persons shall not supersede Section 8(a) or 8(b) above), the provisions contained in such Sections of this Agreement addressing such issue or issues shall be of no force or effect with respect to such registration, but this provision shall not apply to the Company if the Company is not a party to the underwriting or similar agreement.
(b)    If any registration pursuant to Sections 2 or 3 is requested to be an Underwritten Offering, the Company shall negotiate in good faith to enter into a reasonable and customary underwriting agreement with the underwriters thereof. The Company shall be entitled to receive indemnities from lead institutions, underwriters, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as provided above with respect to information so furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement and to the extent customary given their role in such distribution.
(c)    No Shareholder may participate in any registration hereunder that is underwritten unless such Shareholder agrees to (i) sell Registrable Shares proposed to be included therein on the basis provided in any underwriting arrangements acceptable to the Company and the Majority of Shareholders and (ii) as expeditiously as possible, notify the Company of the occurrence of any event concerning such Shareholder as a result of which the Prospectus relating to such registration 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. Notwithstanding the foregoing, no Shareholder shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding (i)  such Shareholder’s ownership of Registrable Shares to be transferred free and clear of all liens, claims and encumbrances created by such Shareholder, (ii) such Shareholder’s power and authority to effect such transfer, (iii) such matters pertaining to such Shareholder’s compliance with securities laws as reasonably may be requested and (iv) such Shareholder’s intended method of distribution) or to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 8 hereof.

Section 10.    SUSPENSION.
Anything contained in this Agreement to the contrary notwithstanding, the Company may by notice in writing to each Holder of Registrable Shares to which a Prospectus relates, delay, for up to 60 days (the “Delay/Suspension Period”), the filing or the effectiveness of any Registration Statement filed (or to be filed) under Section 2, 3 or 4 or require such Holder to suspend, for up to the Delay/Suspension Period the use of any Prospectus included in a Registration Statement filed under Sections 2, 3 or 4 if at the time of such delay or suspension: (a) the Company is engaged in a Material Transaction; (b) the Company’s board of directors determines that the disclosure required to be included in such Registration Statement could be materially detrimental to the Company or its then current business plans; (c) the Company reasonably believes that effecting the Registration or shelf takedown, as applicable, would materially and adversely affect an ongoing plan by the Company to engage in (directly or indirectly through any of its Subsidiaries) a Material Transaction; or (d) the Company is in possession of material non-public information the disclosure of which during the period specified in such notice the Company reasonably believes (as determined by the Company’s board of directors) would not be in the best interests of the Company; provided, however, that: (i) the Company may not invoke this right more than three times in any 18 month period; and (ii) the Company shall not register any securities for its own account or that of any other security holder during any such Delay/Suspension Period. The period during which such registration must remain effective shall be extended by a period equal to the Delay/Suspension Period. The Company may (but shall not be obligated to) withdraw the effectiveness of any Registration Statement subject to this provision. For purposes of this Section 10, a “Material Transaction” shall mean a transaction that exceeds twenty percent (20%) of the Company’s gross revenue for the last twelve (12) months and the Company and/or its Controlled Companies (as defined in the Shareholders Agreement) enter into an association agreement with other companies, merger, spin-off, consolidation, acquisition, partnership, profit-sharing agreements, or the sale of assets by the Company or by the Controlled Companies.
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Section 11.    INFORMATION BY HOLDER.
Each Holder of Registrable Shares to be included in any registration shall promptly furnish to the Company and the managing underwriter such customary written information regarding such Holder and the distribution proposed by such Holder as the Company or the managing underwriter may reasonably request in writing at least four Business Days prior to the first anticipated filing date of any Registration Statement or amendment thereto, or Prospectus, as applicable, and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under Sections 2, 3 and 4 with respect to any particular Holder are conditioned on the timely provisions of the foregoing information by each such Holder and, without limitation of the foregoing, will be conditioned on compliance by each such Holder with the following:
(a)    each such Holder will, and will cause its Affiliates to, cooperate with the Company as reasonably requested by the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such Holder will and will cause its Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all customary information reasonably requested by the Company regarding itself and its Affiliates and such other customary information as may reasonably be requested by the Company or required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the Registrable Shares owned by such Holder and to maintain the currency and effectiveness thereof;
(b)    each such Holder shall, and it shall cause its Affiliates to, supply to the Company, its representatives and agents in a timely manner any customary information regarding itself and its Affiliates as the Company, its representatives or agents may be reasonably requested to provide in connection with the offering or other distribution of Registrable Shares by such Holder; and
(c)    on receipt of written notice from the Company upon the occurrence of any of the events specified in Section 10, or that requires the suspension by such Holder and its Affiliates of the distribution of any Registrable Shares owned by such Holder pursuant to applicable law, then such Holder shall, and it shall cause its Affiliates to, cease offering or distributing such Registrable Shares owned by such Holder until the offering and distribution of Registrable Shares owned by such Holder may recommence in accordance with the terms hereof and applicable law.

Section 12.    COOPERATION REGARDING UNREGISTERED SALES.
(a)    If the Company conducts any offering of Shares that is listed on a stock exchange other than Nasdaq, not subject to Section 4 of this Agreement, the Company shall provide prior written notice to each Shareholder and shall provide each Shareholder with an opportunity to include any Registrable Shares held by it for sale in any such offering, subject to proration with Shares offered by the Company, if applicable. Furthermore, if the Company has registered Shares pursuant to the applicable securities laws of another jurisdiction or otherwise listed its Shares on an exchange other than Nasdaq, and in order to sell its Shares through such stock exchange the Shareholders are advised or required to register such Shares as per local market practices, the rights held by the Shareholders under this Agreement should comparably apply to the extent applicable to any such sales in the alternative jurisdiction.
(b)    From and after the Registration Date or such earlier date as a registration statement filed by the Company pursuant to the Exchange Act relating to any class of the Company’s securities shall have become effective, the Company shall comply with the public information reporting requirements of the SEC that are conditions to the availability of Rule 144 for the sale of Registrable Shares. The Company shall cooperate with each Shareholder in supplying such information as may be necessary for such Shareholder to complete and file any information reporting forms presently or hereafter required by the SEC as a condition to the availability of Rule 144. From and after the Registration Date, the Company shall furnish to any Shareholder, so long as the Shareholder owns any Registrable Shares, forthwith upon request (a) to the extent accurate, a written statement by the Company that it has complied with the “current public information” requirements under clause (c) of Rule 144 (at any time after 90 days after Registration Date); and (b) such other information as may be reasonably requested in availing any Shareholder of any SEC rule or regulation that permits the selling of any such securities without registration under the Securities Act.
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Section 13.    TERMINATION.
This Agreement shall terminate and be of no further force or effect when there shall not be any Registrable Shares; provided, however, that Sections 7 and 8 shall survive the termination of this Agreement.

Section 14.    LIMITATION ON OTHER REGISTRATION RIGHTS.
(a)    The rights of the Shareholders under this Agreement are independent of any rights that may be granted to any other shareholders under any other registration rights agreement and may be exercised without regard to any exercise by any holders of other shares of rights to registration they may separately have under their separate agreements.
(b)    The Company agrees that it shall not enter into any agreement with any holder or prospective holder of any securities of the Company that is not a party to this Agreement (i) that would allow such holder or prospective holder to include such securities in any Demand Registration or Piggyback Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not reduce the amount of the Registrable Shares of the Shareholders included therein or (ii) on terms otherwise more favorable than this Agreement.

Section 15.    MISCELLANEOUS.

15.1    NOTICES.
All notices or other communications required or permitted hereunder shall be given in writing and given by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express, facsimile or e-mail with confirmation of transmission by the transmitting equipment or personal delivery against receipt to the party to whom it is given, in each case, at such party’s address, facsimile number or e-mail address set forth below or such other address, facsimile number or e-mail address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith. Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted by facsimile, e-mail or like transmission (or, if delivered or transmitted after normal business hours, on the next Business Day):
if to the Company, to:
Avenida Presidente Juscelino Kubitscheck No. 1909, 30th floor
Vila Olímpia, Zip Code 04543-907
São Paulo – SP, Brazil
Telephone: (11) 3027-2212
e-mail: fabricio.almeida@xpi.com.br
Attn.: Mr. Fabricio Cunha de Almeida
with a copy to:
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Attention: Manuel Garciadiaz / Byron B. Rooney
If to a Shareholder, to its address on a signature page hereto or, if none, in the books of the Company.
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15.2    ASSIGNMENT.
Except as otherwise expressly provided herein, this Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective heirs (in the case of any individual), successors and permitted assigns; provided, however, that neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any Shareholder without the prior written consent of the Company; provided, further, however, that, notwithstanding the provisions of the foregoing proviso, to the extent that any Shareholder transfers any securities of the Company to any transferee in a transaction that does not violate the Shareholders Agreement and is otherwise permissible under applicable law, such Shareholder may transfer and assign, without the prior written consent of the Company, any of its rights, interests or obligations hereunder with respect to any such securities hereunder to such transferee.
Notwithstanding the foregoing, in each case, if such transfer is subject to covenants, agreements or other undertakings restricting transferability thereof, the Registration Rights shall not be transferred in connection with such transfer unless such transferee complies with all such covenants, agreements and other undertakings.
Any purported assignment or delegation in violation of this Agreement shall be null and void ab initio.

15.3    ENTIRE AGREEMENT.
This Agreement embodies the entire agreement and understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and supersedes and cancels all prior written or oral commitments, arrangements or understandings with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to the transactions contemplated hereby other than those expressly set forth in this Agreement.

15.4    MODIFICATIONS, AMENDMENTS AND WAIVERS.
This Agreement may not be modified or amended except by an instrument or instruments in writing that expressly states that it is modifying or amending this Agreement and that is signed by the Company, XP Controle, G.A., IUH, IUPAR and Itaúsa, in each case, so long as such Shareholder still holds Registrable Shares. Any party hereto (or the holders of a majority of the Registrable Shares then owned by the Shareholders) may, only by an instrument in writing that expressly states that it is waiving compliance with this Agreement, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with. Notwithstanding the foregoing, the terms and conditions of this Agreement as they apply to any Holder of the Company’s securities or related parties may not be modified or amended in any manner that results in a non-pro rata material adverse effect on the rights of such Holder without the prior written consent of such Holder. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

15.5    COUNTERPARTS.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 15.5, provided that receipt of copies of such counterparts is confirmed.

15.6    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK THAT APPLY TO CONTRACTS MADE AND PERFORMED ENTIRELY IN SUCH STATE.
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15.7    SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.
Each party to this Agreement, for itself and its Affiliates, hereby irrevocably and unconditionally:
(a)    (i) agrees that any suit, action or proceeding instituted against it by any other party with respect to this Agreement may be instituted, and that any suit, action or proceeding by it against any other party with respect to this Agreement shall be instituted, only in the courts of the State of New York, located in New York County or the U.S. District Court for the Southern District of New York (and appellate courts from any of the foregoing) as the party instituting such suit, action or proceeding may in its sole discretion elect, (ii) consents and submits, for itself and its property, to the jurisdiction of such courts for the purpose of any such suit, action or proceeding instituted against it by any other party and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law;
(b)    agrees that service of all writs, process and summonses in any suit, action or proceeding pursuant to Section 15.7(a) may be effected by the mailing of copies thereof by registered or certified mail, postage prepaid, to the Company or the applicable Shareholder, as the case may be, at the addresses for notices pursuant to Section 15.1 (with copies to such other Persons as specified therein); provided, however, that: (i) the Company agrees that the documents which start any proceedings and any other documents required to be served in relation to those proceedings may be served on it by being delivered to National Corporate Research, Ltd. or, if different, its registered office for the time being, and if such Person is not or ceases to be effectively appointed to accept service of process on behalf of the Company, the Company shall, appoint a further person in New York to accept service of process on its behalf and, failing such appointment within 30 days, the Shareholders jointly shall be entitled to appoint such a person by written notice addressed to the Company and delivered to the Company; provided, however, that a copy of any such documents shall in each instance be delivered to Davis Polk & Wardwell LLP at the address provided in Section 15.1, above; and (ii) nothing contained in this Section 15.7 shall affect the right of the Company or any Shareholder to serve process in any other manner permitted by law;
(c)    (i) waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court specified in Section 14.7(a), (ii) waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and (iii) agrees not to plead or claim either of the foregoing;
(d)    WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT AND AGREES THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY; and
(e)    to the extent it has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself, or its property, hereby irrevocably waives such immunity in respect of its obligations with respect to this Agreement.

15.8    SEVERABILITY.
To the fullest extent permissible under applicable law, the parties hereto hereby waive any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person or Persons or under any particular circumstance or circumstances, such provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be; (b) without limitation of clause (a), such provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not render invalid, illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of the remaining provisions hereof.

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15.9    NO PRESUMPTION.
With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this Agreement or any agreement or instrument subject hereto.

15.10    NO THIRD PARTY BENEFICIARY.
Except for the Persons indemnified pursuant to Section 8(a) or 8(b), this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except that any nominee holding Shares beneficially for an investor may enforce this Agreement as if it were a Shareholder, provided, however, that (i) the name of any such nominee shall be previously disclosed to the Company in writing, and (ii) such nominee will have no investment discretion with respect to the Shares, and such investor will remain the beneficial owner of the Shares for all purposes.

15.11    NON-RECOURSE.
No past, present or future director, officer, employee, incorporator, member, manager, partner, shareholder, Affiliate, agent, attorney, consultant, representative or principal of the Company or any Affiliate of the Company shall have any liability for any liabilities of the Company under this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby.

15.12    SPECIFIC PERFORMANCE.
Each of the parties hereto acknowledges that the others would not have an adequate remedy at law for money damages in the event that any of the covenants or agreements set forth in this Agreement were not performed in accordance with its terms and therefore, each of the parties agrees that the others shall be entitled to specific performance, injunctive and other equitable relief in addition to any other remedy to which it may be entitled at law or in equity (without the necessity of proving the inadequacy as a remedy of money damages or the posting of a bond).

15.13    BUSINESS DAYS.
If any date provided for in this Agreement shall fall on a day that is not a Business Day, the date provided for shall be deemed to refer to the next Business Day.

15.14    ELECTRONIC EXECUTION.
Delivery of an executed counterpart of a signature page of this Agreement and any other Transaction Document by telecopy or electronic format (including pdf) shall be effective as delivery of a manually executed counterpart of this Agreement or other Transaction Document.

15.15    CAPTIONS.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement, and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.
The next page is the signature page
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The parties have executed and delivered this Registration Rights Agreement as of the date first written above.
						
	XP INC.
	By:	/s/ Fabricio Cunha de Almeida
		Name:    Fabricio Cunha de Almeida
		Title:    Director

[Company Signature Page to Registration Rights Agreement]

						
	XP CONTROLE PARTICIPAÇÕES S.A.
	By:	/s/ Fabricio Cunha de Almeida
		Name:    Fabricio Cunha de Almeida
		Title:    Officer

						
	
	By:	/s/ Bernardo Amaral Botelho
		Name:    Bernardo Amaral Botelho
		Title:    Officer
		
	Address:
	
	Email:
	

						
	ITAÚSA S.A.
	By:	/s/ Maria Fernanda Ribas Caramuru
		Name:    Maria Fernanda Ribas Caramuru
		Title:    Attorney in fact

						
	
	By:	/s/ Priscila Grecco Toledo
		Name:    Priscila Grecco Toledo
		Title:    Director
		
	Address: Av. Paulista 1938, 5th floor, SP, Br
	
	Email: Fernanda.caramuru@itausa.com.br
	

2

						
	IUPAR ITAÚ UNIBANCO PARTICIPAÇÕES S.A.
	By:	/s/ Maria Fernanda Ribas Caramuru
		Name:    Maria Fernanda Ribas Caramuru
		Title:    Attorney in fact

						
	
	By:	/s/ Marcia Maria Freitas de Aguiar
		Name:    Marcia Maria Freitas de Aguiar
		Title:    Attorney in fact
		
	Address: Pça. Alf. E. S. Aranha, 100, SP, Bra
	
	Email: Fernanda.caramuru@itausa.com.br
	

						
	GENERAL ATLANTIC (XP) 
BERMUDA, L.P.
By:    GAP (Bermuda) L.P., its general partner

	By:	/s/ Michael Gosk
		Name:    Michael Gosk
		Title:    Chief Financial Officer and Managing Director
		
	Address: c/o General Atlantic Service Company, L.P., 55 East 52nd Street, Floor 33, New York, NY 10055
	
	Email: gcruess@generalatlantic.com, rcatunda@generalatlantic.com

	

3

						
	ITAÚ UNIBANCO HOLDING S.A.
	By:	/s/ Álvaro F. Rizzi Rodrigues
		Name:    Álvaro F. Rizzi Rodrigues
		Title:    Officer

						
	
	By:	/s/ Fernando Della Torre Chagas
		Name:    Fernando Della Torre Chagas
		Title:    Director
		
	Address: Praça Alfredo Egydio de Souza Aranha
	
	Email: Fernando.chagas@itau-unibanco.com.br
	

4

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