Document:

Exhibit 10.6

 

Execution
Version

 

 

 

 

 

 

 

 

 

INCOME
TAX RECEIVABLE AGREEMENT

 

 

By
and among THE SIMPLY GOOD FOODS COMPANY, ATKINS HOLDINGS, LLC and

ROARK CAPITAL ACQUISITION, LLC

(solely in its capacity as the
Stockholders’ Representative).

 

dated
as of

 

July
7, 2017

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	 	Page
	 	 
	ARTICLE I
    DEFINITIONS	2
	Section
    1.01   Definitions	2
	 	 
	ARTICLE II
    DETERMINATION OF REALIZED TAX BENEFIT	7
	Section
    2.01   The Company Merger; Company Pre-Closing Tax Attributes; Excess AMT Credits	7
	Section
    2.02   Tax Benefit Schedule	7
	Section
    2.03   Procedures, Amendments	7
	 	 
	ARTICLE III
    TAX BENEFIT PAYMENTS	9
	Section
    3.01   Payments	9
	Section
    3.02   Interpretation; Construction	9
	Section
    3.03   Reduction in Tax Benefit Payments	9
	Section
    3.04   Additional Payments	10
	Section
    3.05   Tax Treatment	10
	Section
    3.06   Straddle Periods	10
	Section
    3.07   Excess AMT Credits	10
	 	 
	ARTICLE IV
    NO DISPUTES; CONSISTENCY; COOPERATION	11
	Section
    4.01   PubCo’s Tax Matters	11
	Section
    4.02   Certain Tax Claims	11
	Section
    4.03   Consistency	11
	Section
    4.04   Cooperation	12
	 	 
	ARTICLE V
    MISCELLANEOUS	12
	Section
    5.01   Incorporation by Reference	12
	Section
    5.02   Reconciliation	12
	Section
    5.03   Withholding	13
	Section
    5.04   Interest and Expenses	13
	Section
    5.05   Termination	13

 

     

     

    

 

This
INCOME TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”),
dated as of July 7, 2017, is hereby entered into by and among THE SIMPLY GOOD FOODS COMPANY, a Delaware corporation and wholly-owned
Subsidiary of Parent (as defined below) (“PubCo”), ATKINS HOLDINGS, LLC and,
solely in its capacity as the Stockholders’ Representative pursuant to the Merger Agreement, ROARK CAPITAL ACQUISITION,
LLC, a Georgia limited liability company (the “Stockholders’ Representative”).

 

RECITALS

 

WHEREAS,
the Company Stockholders (as defined in the Merger Agreement) and the Exercising Option Holders (as defined in the Merger Agreement)
(collectively, the “Sellers”) hold all of the equity interests in NCP-ATK HOLDINGS, INC. (the “Company”)
as of immediately prior to the Company Merger (as defined below);

 

WHEREAS,
pursuant to the Agreement and Plan of Merger, dated as of April 10, 2017 (the “Merger Agreement”), by and among
CONYERS PARK ACQUISITION CORP., a Delaware corporation, (“Parent”), PubCo, ATKINS INTERMEDIATE HOLDINGS, LLC, a Delaware
limited liability company and a wholly-owned Subsidiary of PubCo (“IntermediateLLC”), CONYERS PARK PARENT MERGER SUB,
INC., a Delaware corporation and a wholly-owned Subsidiary of IntermediateLLC (“Parent Merger Sub”), CONYERS
PARK MERGER SUB 1, INC., a Delaware corporation and a wholly-owned Subsidiary of IntermediateLLC (“Company Merger
Sub 1”), CONYERS PARK MERGER SUB 2, INC., a Delaware corporation and a wholly-owned
Subsidiary of Company Merger Sub 1 (“Company Merger Sub 2”), CONYERS PARK
MERGER SUB 3, INC., a Delaware corporation and a wholly-owned Subsidiary of Company Merger Sub 2 (“Company Merger
Sub 3”), CONYERS PARK MERGER SUB 4, INC., a Delaware corporation and a wholly-owned
Subsidiary of Company Merger Sub 3 (“Company Merger Sub 4”), the Company, solely in its capacity as the Majority Stockholder
(as defined in the Merger Agreement), ATKINS HOLDINGS LLC, a Georgia limited liability company and, solely in its capacity as
the Stockholders’ Representative (as defined in the Merger Agreement), the Stockholders’ Representative, (a) Parent
Merger Sub shall merge with and into Parent and the separate corporate existence of Parent Merger Sub will cease and Parent will
continue as the surviving corporation in the merger (the “Parent Merger”) and (b) immediately after the Parent Merger,
simultaneously Company Merger Sub 1 shall merge with and into the Company, with the Company surviving such merger, Company Merger
Sub 2 shall merge with and into Atkins Nutritionals Holdings, Inc., with Atkins Nutritionals Holdings, Inc. surviving such merger,
Company Merger Sub 3 shall merge with and into Atkins Nutritionals Holdings II, Inc., with Atkins Nutritionals Holdings II, Inc.
surviving such merger, and Company Merger Sub 4 shall merge with and into Atkins Nutritionals, Inc., with Atkins Nutritionals,
Inc. surviving such merger (collectively, the “Company Merger”, and together with the Parent Merger, the “Mergers”),
as a result of which Parent and the Company will become wholly-owned Subsidiaries of IntermediateLLC;

 

WHEREAS,
upon completion of the Mergers, PubCo, Parent, the Company and the Company’s eligible Subsidiaries will make an election
to file a consolidated return for U.S. federal income tax purposes, and may make similar elections under applicable state and
local law (any such consolidated group of which PubCo is the parent or of which a direct or indirect parent of PubCo is the parent,
a “Tax Group”);

 

    1

     

    

 

WHEREAS,
the income, gain, loss, expense, depreciation, amortization and other tax items of the Tax Group may be affected by the Company
Pre-Closing Tax Attributes and Excess AMT Credits (as defined below), and the parties to this Agreement desire to make certain
arrangements with respect to the beneficial effect, if any, of such Company Pre-Closing Tax Attributes and Excess AMT Credits
on the liability for Taxes of the Tax Group;

 

NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

Article I

DEFINITIONS

 

Section
1.01        Definitions. As used in this Agreement, the terms set forth in this
Article I shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms
of the terms defined).

 

“Acceptance
Notice” is defined in Section 2.03(a) of this Agreement.

 

“Additional
Payment” is defined in Section 3.04 of this Agreement.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.

 

“Agreement”
is defined in the preamble of this Agreement.

 

“Amended
Schedule” is defined in Section 2.03(c) of this Agreement.

 

“Board”
means the board of directors of PubCo.

 

“Business
Day” means any day except Saturday, Sunday or any days on which banks are generally not open for business in New York,
New York.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
is defined in the recitals of this Agreement.

 

“Company
Merger” is defined in the recitals of this Agreement.

 

“Company
Merger Sub 1” is defined in the recitals of this Agreement.

 

“Company
Merger Sub 2” is defined in the recitals of this Agreement.

 

“Company
Merger Sub 3” is defined in the recitals of this Agreement.

 

    2

     

    

 

“Company
Merger Sub 4” is defined in the recitals of this Agreement.

 

“Company
Pre-Closing Tax Attributes” means, in each case for applicable Tax purposes, (i) the remaining amortizable intangible
adjusted asset tax basis created by the acquisition of Atkins Nutritionals, Inc. by Atkins Nutritionals Holdings II, Inc. (f/k/a
Lean Holdings II, Inc.) on October 29, 2003, (ii) the net operating losses of the Company available to be carried forward as of
the Merger Closing Date, and (iii) without duplication, the Transaction Tax Deductions, provided, that the aggregate amounts
of the items described in clauses (i)-(iii) of this definition, plus any items treated as Company Pre-Closing Tax Attributes pursuant
to Section 3.03 shall not exceed $100 million, and provided, further, that Company Pre-Closing Tax Attributes shall
not include any Excess AMT Credits. For the avoidance of doubt, each of the amounts described in clauses (i)-(iii) of this definition
shall be determined based on a deemed closing of the books at the end of the Merger Closing Date and any dispute with respect
to the determination of the amount of such Company Pre-Closing Tax Attributes shall be resolved by the Expert pursuant to the
Reconciliation Procedures.

 

“Company
Transaction Expenses” shall have the meaning given to such term in the Merger Agreement.

 

“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state, local and foreign tax
law, as applicable, or any other event (including the execution of a Form 870-AD) that finally and conclusively establishes the
amount of any liability for Tax.

 

“Excess
AMT Credits” means the U.S. federal income alternative minimum tax credit carryforwards under Section 53 of the Code,
not to exceed $7.6M, that are available to the Tax Group in respect of the Company’s payment, prior to the Merger Closing
Date, of the Company’s Tax liability imposed under Section 55(a) of the Code for the Company’s taxable years ending
on or prior to the Merger Closing Date.

 

“Expert”
is defined in Section 5.02 of this Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Post-Closing Taxable Year, what the actual aggregate liability for Income
Taxes of the Tax Group for such Post-Closing Taxable Year would be using the same methods, elections, conventions and similar
practices actually used on the relevant Tax Group Tax Returns for such Post-Closing Taxable Year, but determined without taking
into account the Company Pre-Closing Tax Attributes or the Excess AMT Credits (as determined in the Board’s reasonable discretion,
with any dispute over the Board’s determination to be resolved by the Expert pursuant to the Reconciliation Procedures).

 

“Income
Taxes” means income, franchise or similar Taxes.

 

“IRS”
means the U.S. Internal Revenue Service.

 

    3

     

    

 

“LIBOR”
means during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first
day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters
Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered
rates for United States dollar deposits for such period.

 

“Mergers”
is defined in the recitals of this Agreement.

 

“Merger
Agreement” is defined in the recitals to this Agreement.

 

“Merger
Closing Date” means the closing date of the Company Merger.

 

“Objection
Notice” has the meaning set forth in Section 2.03(a) of this Agreement.

 

“Parent”
is defined in the recitals of this Agreement.

 

“Parent
Merger” is defined in the recitals of this Agreement.

 

“Parent
Merger Sub” is defined in the recitals of this Agreement.

 

“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.

 

“Post-Closing
Taxable Year” means any Taxable Year or portion thereof beginning after the Merger Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period or portion thereof ending on or before the Merger Closing Date.

 

“Pre-Closing
Taxes” means (i) all Income Taxes of the Company or any of its Subsidiaries for any Pre-Closing Tax Period, (ii) all
Income Taxes of any member of an affiliated, combined, consolidated, unitary or other group for Tax purposes of which the Company
or any of its Subsidiaries is or was a member on or prior to the Merger Closing Date, including pursuant to Treasury Regulations
Section 1.1502-6 or any analogous or similar state, local, or non-U.S. law or regulation, and (iii) all Income Taxes of any other
Person imposed on the Company or any of its Subsidiaries as a transferee or successor, by contract or otherwise, which Taxes relate
to an event or transaction occurring before the closing of the Company Merger; provided, that Pre-Closing Taxes shall not
include any Taxes (x) included in the calculation of the Final Closing Net Working Capital (as defined in the Merger Agreement),
or (y) resulting from transactions by the Company or any of its Subsidiaries occurring during the portion of the Merger Closing
Date after the time of Closing (as defined in the Merger Agreement), other than transactions expressly contemplated by the Merger
Agreement.

 

“PubCo”
is defined in the preamble to this Agreement.

 

    4

     

    

 

“Realized
Tax Benefit” means, for a Post-Closing Taxable Year, the excess, if any, of (a) the Hypothetical Tax Liability over
(b) the actual liability for Income Taxes of the Tax Group for such Post-Closing Taxable Year, in each case, as modified by (i)
assuming any applicable AMT credit carryforwards are used by the Tax Group as soon as permitted, unless the Board reasonably determines
that any such utilization would have an adverse effect on PubCo or any of its Subsidiaries, (ii) applying the actual tax rates
applicable to the Post-Closing Taxable Year, and (iii) disregarding any Excess AMT Credits, provided, that if the applicable
tax rate is lower than it would have been due to a change of the taxable year of PubCo or the Company by the Tax Group after the
Merger Closing Date and such rate reduction results in a lower Realized Tax Benefit attributable to U.S. federal income taxes,
then the Realized Tax Benefit shall instead be calculated, solely in respect of U.S. federal income Taxes for the twelve-month
period beginning with the date of such change of taxable year, based on what the applicable rate would have been in the absence
of such change of taxable year (as determined in the Board’s reasonable discretion, with any dispute over the Board’s
determination to be resolved by the Expert pursuant to the Reconciliation Procedures).

 

“Reconciliation
Dispute” has the meaning set forth in Section 5.02 of this Agreement.

 

“Reconciliation
Procedures” shall mean those procedures set forth in Section 5.02 of this Agreement.

 

“Reimbursed
Transaction Expenses” shall have the meaning given to such term in the Merger Agreement.

 

“Schedule”
means any Tax Benefit Schedule, including any Amended Schedule delivered pursuant to Section 2.03(c) and the Tax Attributes Schedule.

 

“Sellers”
is defined in the recitals of this Agreement.

 

“Stockholders’
Representative” is defined in the preamble to this Agreement.

 

“Subsequent
Acquisition” means the acquisition of the equity interests or assets of one or more business entities (each, a “Subsequent
Acquisition Target”), and that give rise to tax benefits reflected on a Tax Group Tax Return; provided, that
no acquisition shall constitute a “Subsequent Acquisition” until the aggregate consideration with respect to all such
acquisitions exceeds $20 million, after which all such acquisitions shall be considered “Subsequent Acquisitions”
hereunder.

 

“Subsequent
Acquisition Tax Benefits” means any and all tax benefits realized by PubCo as a result of all Subsequent Acquisitions,
which shall include: (i) any deduction attributable to the carryforward of a net operating loss or any credits of a Subsequent
Acquisition Target generated in a Taxable Year that ends prior to, or on the date of, the closing of a Subsequent Acquisition,
(ii) any deductions attributable to transaction expenses (including transaction-related compensation) of a Subsequent Acquisition
Target, (iii) any deductions or offsets to income attributable to a step-up in tax basis resulting from a Subsequent Acquisition,
(iv) any deduction for interest on liabilities incurred or carried to effect a Subsequent Acquisition, and (v) any net operating
losses or net capital losses arising from the business of a Subsequent Acquisition Target that are reflected on a Tax Group Return,
whether generated before or after a Subsequent Acquisition.

 

    5

     

    

 

“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest
or managing member or similar interest of such Person.

 

“Taxes”
shall have the meaning given to such term in the Merger Agreement.

 

“Tax
Attributes Schedule” is defined in Section 2.01 of this Agreement.

 

“Tax
Benefit Payment” is defined in Section 3.01 of this Agreement.

 

“Tax
Benefit Schedule” is defined in Section 2.02 of this Agreement.

 

“Tax
Claim” is defined in Section 4.02 of this Agreement.

 

“Tax
Group Tax Return” means a U.S. federal, state, local or non-U.S. Tax Return, as applicable, of the Tax Group.

 

“Tax
Group” is defined in the recitals of this Agreement.

 

“Tax
Return” means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration
of estimated Tax.

 

“Taxable
Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of state, local or foreign
tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax
Return is made).

 

“Taxing
Authority” shall mean any domestic, foreign, federal, national, state, county or municipal or other local government,
any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any
other authority exercising Tax regulatory authority.

 

“Transaction
Tax Deductions” means any Tax deduction attributable to, without duplication, (i) the payment of Company Transaction
Expenses (other than the Reimbursed Transaction Expenses), (ii) any payment related to the exercise of Options (as defined in
the Merger Agreement) in connection with the transactions contemplated by the Merger Agreement or (iii) the repayment of funded
indebtedness in connection with the closing of the Company Merger (including for unamortized financing costs of the Company or
any of its Subsidiaries and payments of premium deductions arising from the repayment of indebtedness); provided, that the Parties
shall make any available elections under Revenue Procedure 2011-29, 2011-18 IRB to treat seventy percent (70%) of any success-based
fees within the scope of such Revenue Procedure as an amount that did not facilitate the Company Merger.

 

The
“TRA Limitation Carryforward” for any Post-Closing Taxable Year shall be the excess, if any, of the amount
in clause (x) of Section 3.04 over the Additional Payment for such Post-Closing Taxable Year. For the avoidance of doubt, the
TRA Limitation Carryforward as of any Post-Closing Taxable Year shall not be subject to adjustment due to any rate changes in
subsequent years.

 

    6

     

    

 

Article II

DETERMINATION OF REALIZED TAX BENEFIT

 

Section
2.01        The Company Merger; Company Pre-Closing Tax Attributes; Excess AMT Credits.
PubCo, on the one hand, and the Stockholders’ Representative (on behalf of the Sellers), on the other hand, acknowledge
that, as a result of the Company Merger, the Tax Group may realize certain tax benefits from the use of the Company Pre-Closing
Tax Attributes and Excess AMT Credits. Within ninety (90) days after the filing of the U.S. federal income tax return of the Tax
Group for the first Post-Closing Taxable Year, PubCo shall provide to the Stockholders’ Representative a schedule showing,
in reasonable detail, its calculation of the Company Pre-Closing Tax Attributes and Excess AMT Credits (the “Tax Attributes
Schedule”). The Tax Attributes Schedule will become final as provided in Section 2.03.

 

Section
2.02        Tax Benefit Schedule. Within ninety (90) days after the filing of the
U.S. federal income tax return of the Tax Group for any Post-Closing Taxable Year until the Company Pre-Closing Tax Attributes
and Excess AMT Credits have been fully utilized or expired, PubCo shall provide to the Stockholders’ Representative a schedule
showing, in reasonable detail as set forth below, (i) the calculation of any Realized Tax Benefit for such Post-Closing Taxable
Year (or, if there is no Realized Tax Benefit for such Post-Closing Taxable Year, the calculation showing details as to why there
was no Realized Tax Benefit), (ii) the calculation of any Additional Payment for such Post-Closing Taxable Year, (iii) the calculation
of any AMT Credit Payment for such Post-Closing Taxable Year, and (iv) the calculation of any payment to be made to the Stockholders’
Representative pursuant to Article III with respect to such Post-Closing Taxable Year, including the calculation of any offset
for Pre-Closing Taxes borne directly or indirectly by PubCo pursuant to Section 3.03 (collectively a “Tax Benefit Schedule”).
Any such Schedule will become final as provided in Section 2.03 and may be amended as provided in Section 2.03(c) (subject to
the procedures set forth in Section 2.03).

 

Section
2.03        Procedures, Amendments.

 

(a)         Procedure. In support of the delivery by PubCo to the Stockholders’ Representative of a Schedule, PubCo shall also
deliver to the Stockholders’ Representative reasonable supporting detail backing up PubCo’s calculations, explanations
and assumptions utilized in preparing such Schedule, including schedules, valuation reports, if any, and work papers providing
reasonable detail regarding the preparation of such Schedule. The applicable Schedule shall become final and binding on the parties
thirty (30) days after the date on which the Stockholders’ Representative receives any such Schedule unless the Stockholders’
Representative, within such thirty (30) day period, (i) provides PubCo with notice of an objection to such Schedule (an “Objection
Notice”) made in good faith, in which case such Schedule shall be finalized pursuant to Section 2.03(b), or (ii) provides
PubCo with notice that it accepts such Schedule (an “Acceptance Notice”), in which case such Schedule shall
be final and binding on all parties upon delivery of such Acceptance Notice.

 

    7

     

    

 

(b)         Objection Notice Procedures. If an Objection Notice is delivered by the Stockholders’ Representative, then the applicable
Schedule shall become final and binding on the parties on the earlier of the date (i) on which the Stockholders’ Representative
and PubCo resolve in writing any differences they have with respect to the matters specified in such Objection Notice, and (ii)
all matters in dispute are finally resolved in writing by the Expert in accordance with the Reconciliation Procedures. During
the thirty (30) days following PubCo’s receipt of an Objection Notice, PubCo and the Stockholders’ Representative
shall seek in good faith to resolve in writing any differences they have with respect to the matters specified in such Objection
Notice, and upon such resolution, the applicable Schedule shall be revised in accordance with the agreement of PubCo and the Stockholders’
Representative and shall become final and binding on the parties. To the extent necessary to reflect the agreement of the PubCo
and the Stockholders’ Representative, PubCo shall amend any previously filed Tax Return. If PubCo and the Stockholders’
Representative are unable to resolve the disputed items set forth in an Objection Notice within thirty (30) days following PubCo’s
receipt of such Objection Notice (or such longer period as PubCo and the Stockholders’ Representative may mutually agree
in writing), PubCo and the Stockholders’ Representative shall submit such dispute to the Expert in accordance with the Reconciliation
Procedures.

 

(c)         Amended Schedule. The Tax Benefit Schedule for any Post-Closing Taxable Year shall be amended from time to time by PubCo
as reasonably necessary (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies
in the Schedule identified as a result of the receipt of additional factual information relating to a Post-Closing Taxable Year
after the date the Schedule was provided to the Stockholders’ Representative, (iii) to comply with the Expert’s determination
under the Reconciliation Procedures, or (iv) to reflect a material change (relative to the amounts in the original Schedule) in
the Realized Tax Benefit for such Post-Closing Taxable Year attributable to a carryback of a loss or other tax item to such Post-Closing
Taxable Year or attributable to an amended Tax Return filed for such Post-Closing Taxable Year (such Schedule, an “Amended
Schedule”); provided, however, that such a change under clause (i) attributable to an audit of a Tax Return
by an applicable Taxing Authority shall not be taken into account on an Amended Schedule unless and until there has been a Determination
with respect to such change. PubCo shall provide any Amended Schedule to the Stockholders’ Representative within thirty
(30) days of the occurrence of an event referred to in clauses (i) through (iv) of the preceding sentence, and any such Amended
Schedule shall be subject to approval procedures similar to those described in Section 2.03(a).

 

    8

     

    

 

Article III

TAX BENEFIT PAYMENTS

 

Section
3.01        Payments.

 

(a)          Timing of Payments. Within five (5) Business Days of a Tax Benefit Schedule or Amended Schedule delivered to the Stockholders’
Representative becoming final in accordance with Section 2.03(a) or Section 2.03(c) (as applicable), PubCo shall pay to the Stockholders’
Representative for such Post-Closing Taxable Year an aggregate amount (a “Tax Benefit Payment”) equal to the
sum of: (i) the Net Tax Benefit, if any, for such Post-Closing Taxable Year, (ii) any Additional Payment for such Post-Closing
Taxable Year, pursuant to Section 3.04, and (iii) any AMT Credit Payment for such Post-Closing Taxable Year, pursuant to Section
3.07, subject in each case to reduction pursuant to Section 3.03. Each such Tax Benefit Payment shall be made by wire transfer
of immediately available funds to a bank account of the Stockholders’ Representative previously designated by the Stockholders’
Representative to PubCo or as otherwise agreed by PubCo and the Stockholders’ Representative. For the avoidance of doubt,
no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, federal income tax payments.

 

(b)          The “Net Tax Benefit” for a Post-Closing Taxable Year shall be an amount, not less than zero, equal to: (i) the Realized
Tax Benefit, if any, for a Post-Closing Taxable Year plus (ii) the amount of the excess, if any, of the Realized Tax Benefit reflected
on an Amended Tax Benefit Schedule for a previous Post-Closing Taxable Year over the Realized Tax Benefit reflected on the Tax
Benefit Schedule for such previous Post-Closing Taxable Year, minus (iii) the excess, if any, of the Realized Tax Benefit reflected
on a Tax Benefit Schedule for a previous Post-Closing Taxable Year over the Realized Tax Benefit reflected on the Amended Tax
Benefit Schedule for such previous Post-Closing Taxable Year; provided, however, that to the extent the amounts described
in 3.01(b)(ii) and (iii) were taken into account in determining any Tax Benefit Payment in a preceding Post-Closing Taxable Year,
such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Post-Closing Taxable
Year.

 

Section
3.02        Interpretation; Construction. It is intended by the parties that the
aggregate payments in respect of attributes under this Agreement, by and through the end of the Agreement’s operative term,
shall not exceed the aggregate net value deemed to be realized in respect of such attributes by the terms of this Agreement (reduced
by any Pre-Closing Taxes as contemplated by Section 3.03, and taking into account only 75% of the value realized with respect
to Excess AMT Credits as contemplated by Section 3.07). The provisions of this Agreement shall be construed in the appropriate
manner so that such intentions are realized.

 

Section
3.03        Reduction in Tax Benefit Payments. PubCo shall comply with the provisions
set forth in Section 5.9 of the Merger Agreement with respect to Tax Returns relating to any Pre-Closing Tax Period. Tax Benefit
Payments otherwise due under this Agreement shall be reduced (but not below zero) by the aggregate amount of any Pre-Closing Taxes
borne directly or indirectly by PubCo. If any Tax Benefit Payments are so reduced by Pre-Closing Taxes, then PubCo shall provide
the amount and description of such Pre-Closing Taxes and detail with respect to the calculation thereof in accordance with Section
2.02. Any dispute over the amount of any Pre-Closing Taxes borne directly or indirectly by PubCo shall be resolved in accordance
with Section 2.03. If the amount of any Tax Benefit Payments is reduced on account of any Pre-Closing Taxes borne directly or
indirectly by PubCo, any deductions or credits available to the Tax Group attributable to such Pre-Closing Taxes shall be treated
as Company Pre-Closing Tax Attributes (subject to the limitation described in the definition of Pre-Closing Taxes).

 

    9

     

    

 

Section
3.04        Additional Payments. If, for any Post-Closing Taxable Year following
any Subsequent Acquisition, the aggregate amount of Realized Tax Benefits otherwise payable in respect of such Post-Closing Taxable
Year is less than it would have been but for the use of Subsequent Acquisition Tax Benefits, as reasonably determined by the Board
(with any dispute over the Board’s determination being resolved by the Expert pursuant to the Reconciliation Procedures)
or there is an unpaid TRA Limitation Carryforward from any prior Post-Closing Taxable Year, then PubCo shall make an additional
Tax Benefit Payment to Stockholders’ Representative with respect to each such Post-Closing Taxable Year, in accordance with
the procedures in Articles II and III, in an amount equal to the lesser of (x) the sum of (A) the amount, if any, by which the
aggregate amount of Realized Tax Benefits would have been higher but for the use of Subsequent Acquisition Tax Benefits as so
reasonably determined by the Board (with any dispute over the Board’s determination being resolved by the Expert pursuant
to the Reconciliation Procedures), plus (B) any TRA Limitation Carryforward from the prior Post-Closing Taxable Year and (y) $13.2
million, less the Tax Benefit Payments determined in accordance with Sections 3.01, 3.02 and 3.03 to be made without regard to
this Section 3.04 for the calendar year within which such Post-Closing Taxable Year ended; provided, that the amount in
this clause (y) shall not be less than zero (any such additional Tax Benefit Payment, an “Additional Payment”).

 

Section
3.05        Tax Treatment. PubCo, on the one hand, and the Stockholders’ Representative
and the Sellers, on the other hand, hereby agree to treat any payments made under this Agreement as additional consideration for
the equity interests in the Company for all applicable Tax purposes, except to the extent any such payments are required to be
treated as imputed interest for Tax purposes.

 

Section
3.06        Straddle Periods. In the case of a Taxable Year or other taxable period
that begins on or before the Merger Closing Date and ends after the Merger Closing Date, the Income Taxes allocable to the Pre-Closing
Tax Period shall be determined based on a deemed closing of the books at the end of the Merger Closing Date.

 

Section
3.07        Excess AMT Credits. If the Tax Group would owe U.S. federal income taxes
for any Post-Closing Taxable Year but for the availability of the Excess AMT Credits, PubCo shall pay to the Stockholders’
Representative an amount equal to seventy-five percent (75%) of the reduction in the Tax Group’s U.S. federal income tax
liability attributable to the use of the Excess AMT Credits, determined on a “with-and-without” basis (an “AMT
Credit Payment”); provided, AMT Credit Payments shall not be paid to the extent by which such payments, together
with the aggregate amount otherwise payable under this Agreement for all Post-Closing Taxable Years, would exceed the aggregate
amount that would have been payable under this Agreement in the absence of Section 3.04 for all Post-Closing Taxable Years. For
the avoidance of doubt, for purposes of making the determination in the previous sentence, all other tax items available to the
Tax Group, from whatever source derived, shall be deemed to be used prior to the Excess AMT Credits. Subject to the previous sentence,
PubCo will use its reasonable best efforts to use the Excess AMT Credits to the greatest extent permitted by applicable law, unless
the Board reasonably determines that any such utilization would have an adverse effect on PubCo or any of its Subsidiaries. Notwithstanding
anything else in this Section 3.07 to the contrary, the aggregate amount of AMT Credit Payments required to be made by PubCo shall
not exceed seventy-five percent (75%) of the amount of the Excess AMT Credits.

 

    10

     

    

 

Article IV

NO DISPUTES; CONSISTENCY; COOPERATION

 

Section
4.01        PubCo’s Tax Matters. Except as otherwise provided herein or the
Merger Agreement, PubCo shall have full responsibility for, and sole discretion over, all Tax matters concerning PubCo, its Subsidiaries
and the Tax Group, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting
or settling any issue pertaining to Taxes.

 

Section
4.02       Certain Tax Claims. PubCo will notify the Stockholders’ Representative
in writing of the commencement of any contest, audit or other proceeding (a “Tax Claim”) in respect of Pre-Closing
Taxes within ten (10) days of receiving written notice of such commencement. If the Tax Claim relates to Pre-Closing Taxes that
are reasonably expected to reduce Tax Benefit Payments pursuant to Section 3.03, then the Stockholders’ Representative may,
at the expense of the Sellers, participate in the Tax Claim to the extent it relates to such material Pre-Closing Taxes and PubCo
shall not be entitled to settle, either administratively or after the commencement of litigation, any such Tax Claim without Stockholders’
Representative’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided,
that, if the majority of the exposure in respect of such Tax Claim relates to Pre-Closing Taxes that are reasonably expected to
reduce Tax Benefit Payments pursuant to Section 3.03 then upon notice to PubCo, Stockholders’ Representative may assume
control of the defense of such Tax Claim, whether such Tax Claim commenced before or commences after the Merger Closing Date and,
in such case, PubCo shall be permitted, at its expense, to be present at, and participate in, the defense of any such Tax Claim
and the Stockholders’ Representative shall not be entitled to settle, either administratively or after the commencement
of litigation, any such Tax Claim without PubCo’s prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed; provided further, that any dispute with respect to whether the withholding of consent by either party
is reasonable shall be resolved by the Expert pursuant to the Reconciliation Procedures.

 

Section
4.03        Consistency. PubCo, the Stockholders’ Representative and the Sellers
agree to report and cause to be reported for all purposes, including federal, state, local and foreign Tax purposes and financial
reporting purposes, all Tax-related items (including without limitation the Company Pre-Closing Tax Attributes, Excess AMT Credits
and each Tax Benefit Payment) in a manner consistent with that specified by PubCo in any Schedule required to be provided by or
on behalf of PubCo under this Agreement unless otherwise required by a Determination. In the event that the Expert is replaced
with another firm acceptable to PubCo and the Stockholders’ Representative pursuant to Section 5.02 of this Agreement, such
replacement Expert shall be required to perform its services under this Agreement using procedures and methodologies consistent
with those utilized by the previous Expert, unless such procedures and methodologies are inconsistent with the terms of this Agreement,
otherwise required by law, or PubCo and the Stockholders’ Representative agree to the use of other procedures and methodologies.

 

    11

     

    

 

Section
4.04        Cooperation. Each of PubCo and the Stockholders’ Representative
and Sellers shall (a) furnish to the other party in a timely manner such information, documents and other materials as the other
party may reasonably request for purposes of making, reviewing or approving any determination or computation necessary or appropriate
under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing
Authority, (b) make itself and its representatives available to the other party and its representatives to provide explanations
of documents and materials and such other information as the requesting party or its representatives may reasonably request in
connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter,
and the requesting party shall reimburse the other party for any reasonable documented third-party out-of-pocket costs and expenses
incurred pursuant to this Section 4.04.

 

Article V

MISCELLANEOUS

 

Section
5.01        Incorporation by Reference. Sections 9.2, 9.3, 9.4, 9.6, 9.7, 9.9, 9.11
and 9.12 of the Merger Agreement shall be incorporated by reference herein, and shall apply to this Agreement, mutatis mutandis.

 

Section
5.02        Reconciliation. In the event that PubCo and the Stockholders’
Representative are unable to resolve a disagreement with respect to the matters governed by Sections 2.03, 3.01, 3.02, 3.03, 3.04,
3.07, with respect to whether the withholding of consent pursuant to Section 4.02 is reasonable and with respect to determining
the amount of or any calculation relating to the Hypothetical Tax Liability, the Realized Tax Benefit, the Company Pre-Closing
Tax Attributes, Excess AMT Credits or the Subsequent Acquisition Tax Benefits hereunder (“Reconciliation Dispute”),
the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized
accounting firm or a law firm, and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship
with PubCo or the Stockholders’ Representative or other actual or potential conflict of interest. If the parties are unable
to agree on an Expert within fifteen (15) days of receipt by the respondent(s) of written notice of a Reconciliation Dispute,
the Expert shall be selected according to the procedures set forth in Section 2.12(d) of the Merger Agreement applied mutatis
mutandis and the Expert shall be subject to replacement by mutual agreement of PubCo and the Stockholders’ Representative.
The Expert shall resolve any matter within fifteen (15) days or as soon thereafter as is reasonably practicable, in each case,
after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not
resolved before any Tax Return reflecting the subject of a disagreement is due, such Tax Return may be filed as prepared by PubCo.
To the extent necessary to reflect the determination of the Expert, PubCo shall amend any previously filed Tax Return. With respect
to any Reconciliation Disputes submitted to the Expert, PubCo shall be the prevailing party in such proceeding if a majority of
the amounts in dispute are decided by the Expert in favor of PubCo, and the Stockholders’ Representative shall be the prevailing
party if a majority of the amounts in dispute are decided by the Expert in favor of the Stockholders’ Representative (e.g.,
if there are $200,000 of disputed amounts and the Expert determines that PubCo’s claims prevail with respect to $125,000
and the Stockholders’ Representative’s claims prevail with respect to $75,000, then PubCo would be the prevailing
party). The costs and expenses relating to the engagement of such Expert shall be borne in full by, (i) if the prevailing party
is PubCo, the Sellers, or (ii) if the prevailing party is the Stockholders’ Representative, PubCo. If neither party is the
prevailing party (e.g., the Expert determines that PubCo’s claims prevail with respect to 50% of the amounts in dispute
and the Stockholders’ Representative’s claims prevail with respect to 50% of the amounts in dispute), the costs and
expenses relating to the engagement of such Expert shall be borne 50% by PubCo and 50% by the Sellers. Any dispute as to whether
a dispute is a Reconciliation Dispute within the meaning of this Section 5.02 shall be decided by the Expert. The Expert shall
finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 5.02 shall be binding
on PubCo, the Stockholders’ Representative and the Sellers and may be entered and enforced in any court having jurisdiction.

 

    12

     

    

 

Section
5.03        Withholding. PubCo (or its applicable withholding agent) shall be entitled
to deduct and withhold from any payment payable pursuant to this Agreement such amounts as PubCo is required to deduct and withhold
with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To the extent
that amounts are so withheld and paid over to the appropriate Taxing Authority by PubCo (or its applicable withholding agent),
such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Stockholders’ Representative
and the Sellers. Each Seller shall provide PubCo (or its applicable withholding agent) with any tax forms (including an IRS Form
W-9 or an applicable IRS Form W-8, as applicable) and other related information necessary to enable PubCo (or its applicable withholding
agent) to determine whether any withholding is required under applicable law and to comply with any applicable reporting requirements.

 

Section
5.04        Interest and Expenses. The amount of all or any portion of any Tax Benefit
Payment, Additional Payment, or any other payment required to be made by PubCo under this Agreement following a Reconciliation
Dispute with respect to which the Stockholders’ Representative is the prevailing party shall be payable, together with interest
thereon (computed at a rate per annum of LIBOR plus 100 basis points) commencing from the date on which such Tax Benefit Payment,
Additional Payment, or other payment under this Agreement would have originally been due and payable in the absence of such Reconciliation
Dispute. In the event of any litigation relating to this Agreement, the prevailing party in any such litigation shall be entitled
to recover from the other party the reasonable legal fees and expenses such prevailing party has incurred in connection with such
litigation.

 

Section
5.05        Termination. This Agreement shall terminate at the time that all Tax
Benefit Payments have been made to the Stockholders’ Representative under this Agreement.

 

[Signature
page follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, PubCo and the Stockholders’ Representative, on behalf of the Sellers, and the Majority Stockholder have
duly executed this Agreement as of the date first written above.

 

	 	THE
    SIMPLY GOOD FOODS COMPANY
	 	 	 
	 	By:	/s/ David West 
	 	 	Name:
    David West 

    Title:   President
	 	 	 
	 	ROARK
    CAPITAL ACQUISITION, LLC, 

    solely in its capacity as the Stockholders’ Representative
	 	 	 
	 	By:	/s/ Stephen D. Aronson
	 	 	Name:  Stephen
    D. Aronson
	 	 	Title:    Authorized
    Signatory
	 	 
	 	ATKINS
    HOLDINGS LLC
	 	 	 
	 	By:	 /s/ Stephen D. Aronson
	 	 	Name:  Stephen D. Aronson
	 	 	Title:    Authorized
    Signatory

 

 

Signature Page to Income Tax Receivable
AgreementExhibit 10.7

 

Execution
Version

 

ASSIGNMENT,
ASSUMPTION AND AMENDMENT AGREEMENT

 

This
Assignment, Assumption and Amendment Agreement (this “Agreement”) is made as of July 7, 2017, by and among
Conyers Park Acquisition Corp., a Delaware corporation (the “Company”), The Simply Good Foods Company, a Delaware
corporation (“Simply Good Foods”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Warrant Agent”).

 

WHEREAS,
the Company and the Warrant Agent are parties to that certain Warrant Agreement, dated as of July 14, 2016 (the “Existing
Warrant Agreement”);

 

WHEREAS,
pursuant to the Existing Warrant Agreement, the Company issued (a) 6,700,000 warrants to the Sponsor (collectively, the “Private
Placement Warrants”), with each Private Placement Warrant being exercisable for one share of the Company’s Class
A common stock, par value $0.0001 per share (the “Conyers Park Common Stock”) and with an exercise price of
$11.50 per share, and (b) 13,416,667 warrants in the Offering (collectively, the “Public Warrants” and, together
with the Private Placement Warrants, the “Warrants”), with each Public Warrant being exercisable for one share
of Conyers Park Common Stock and with an exercise price of $11.50 per share;

 

WHEREAS,
all of the Warrants are governed by the Existing Warrant Agreement;

 

WHEREAS,
on April 10, 2017, that certain Agreement and Plan of Merger (the “Merger Agreement”) was entered into by and
among the Company, Simply Good Foods, Atkins Intermediate Holdings, LLC, a Delaware limited liability company and a wholly-owned
Subsidiary of Simply Good Foods (“Intermediate LLC”), Conyers Park Parent Merger Sub, Inc., a Delaware corporation
and a wholly-owned Subsidiary of Intermediate LLC (“Parent Merger Sub”), Conyers Park Merger Sub 1, Inc., a
Delaware corporation and a wholly-owned Subsidiary of Intermediate LLC (“Company Merger Sub 1”), Conyers Park
Merger Sub 2, Inc., a Delaware corporation and a wholly-owned Subsidiary of Company Merger Sub 1 (“Company Merger Sub
2”), Conyers Park Merger Sub 3, Inc., a Delaware corporation and a wholly-owned Subsidiary of Company Merger Sub 2 (“Company
Merger Sub 3”), Conyers Park Merger Sub 4, Inc., a Delaware corporation and a wholly-owned Subsidiary of Company Merger
Sub 3 (“Company Merger Sub 4”), NCP-ATK Holdings, Inc., a Delaware corporation (“Atkins”), solely
in its capacity as the Majority Stockholder, Atkins Holdings LLC, a Georgia limited liability company (the “Majority
Stockholder”) and, solely in its capacity as the Stockholders’ Representative pursuant to Section 9.15
of the Merger Agreement, Roark Capital Acquisition, LLC, a Georgia limited liability company (the “Stockholders’
Representative”);

 

WHEREAS,
pursuant to the provisions of the Merger Agreement (a) Parent Merger Sub will merge with and into the Company with the Company
surviving such merger (the “Parent Merger”), and (b) immediately after the Parent Merger, Company Merger Sub
1 will merge with and into Atkins, with Atkins surviving such merger (the “Atkins Merger” and, together with
the Parent Merger, the “Business Combination”), as a result of which the Company and Atkins will become wholly-owned
subsidiaries of Simply Good Foods. As a result of the Business Combination, all of the issued and outstanding shares of Conyers
Park Common Stock (excluding shares of Conyers Park Common Stock to be canceled pursuant to Section 2.5(c) of the Merger
Agreement and any share of Conyers Park Common Stock held by holder of Conyers Park Common Stock that exercises its right to redeem
its shares of Conyers Park Common Stock for a pro rata portion of the trust account which holds the proceeds from the Offering)
will be converted into common stock of Simply Good Foods, par value $0.01 per share (the “Common Stock”);

 

     

     

    

 

WHEREAS,
upon consummation of the Business Combination, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants
will no longer be exercisable for shares of Conyers Park Common Stock but instead will be exercisable (subject to the terms and
conditions of the Existing Warrant Agreement as amended hereby) for Common Stock;

 

WHEREAS,
the Board of Directors of the Company has determined that the Business Combination will constitute a “business combination”
(as defined in Section 3.2 of the Existing Warrant Agreement);

 

WHEREAS,
in connection with the Business Combination, the Company desires to assign all of its right, title and interest in the Existing
Warrant Agreement to Simply Good Foods and Simply Good Foods wishes to accept such assignment; and

 

WHEREAS,
Section 9.8 of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant
Agreement without the consent of any Registered Holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing
any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising
under the Existing Warrant Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the Registered Holders, and (ii) to provide for the delivery of Alternative Issuance pursuant to Section
4.4 of the Existing Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows.
Capitalized terms used herein, but not otherwise defined, shall have the meanings given to such terms in the Existing Warrant
Agreement

 

1.            Assignment
and Assumption; Consent.

 

1.1          Assignment
and Assumption. The Company hereby assigns to Simply Good Foods all of the Company’s right, title and interest in and
to the Existing Warrant Agreement (as amended hereby) as of the Effective Time (as defined in the Merger Agreement). Simply Good
Foods hereby assumes, and agrees to pay, perform, satisfy and discharge in full, as the same become due, all of the Company’s
liabilities and obligations under the Existing Warrant Agreement (as amended hereby) arising from and after the Effective Time.

 

1.2          Consent.
The Warrant Agent hereby consents to the assignment of the Existing Warrant Agreement by the Company to Simply Good Foods
pursuant to Section 1.1 hereof effective as of the Effective Time, and the assumption of the Existing Warrant Agreement
by Simply Good Foods from the Company pursuant to Section 1.1 hereof effective as of the Effective Time, and to the continuation
of the Existing Warrant Agreement in full force and effect from and after the Effective Time, subject at all times to the Existing
Warrant Agreement (as amended hereby) and to all of the provisions, covenants, agreements, terms and conditions of the Existing
Warrant Agreement and this Agreement.

 

    	 	2	 

     

    

 

2.            Amendment
of Existing Warrant Agreement. The Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in
this Section 2, effective as of the Effective Time, and acknowledge and agree that the amendments to the Existing Warrant
Agreement set forth in this Section 2 are necessary or desirable and that such amendments do not adversely affect the interests
of the Registered Holders:

 

2.1          Preamble.
The preamble on page one of the Existing Warrant Agreement is hereby amended by deleting “Conyers Park Acquisition Corp.,
a Delaware corporation” and replacing it with “The Simply Good Foods Company, a Delaware corporation”. As a
result thereof, all references to the “Company” in the Existing Warrant Agreement shall be references to The Simply
Good Foods Company rather than Conyers Park Acquisition Corp.

 

2.2          Recitals.
The recitals on page one of the Existing Warrant Agreement are hereby deleted and replaced in their entirety as follows:

 

“WHEREAS,
on July 14, 2016, Conyers Park Acquisition Corp. (“Conyers Park”) entered into that certain Amended
and Restated Sponsor Warrants Purchase Agreement with Conyers Park Sponsor, LLC, a Delaware limited liability company (the “Sponsor”),
pursuant to which the Sponsor purchased an aggregate of 6,700,000 warrants, bearing the legend set forth in Exhibit B hereto
(the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant, in a
private placement transaction occurring simultaneously with the closing of the Offering (as defined below) and in connection with
the Over-allotment Option (as defined below); and

 

WHEREAS,
on July 20, 2016, Conyers Park consummated an initial public offering (the “Offering”) of 40,250,000
units of the Company’s equity securities, including units issued and sold pursuant to the underwriters’ Over-allotment
Option, each such unit comprised of one share of the Class A common stock of Conyers Park (the “Conyers Park Common
Stock”) and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection
therewith, issued and delivered 13,416,667 warrants to public investors in the Offering (the “Public Warrants”
and, together with the Private Placement Warrants, the “Warrants”). Each whole Warrant entitled the
holder thereof to purchase one share of Conyers Park Common Stock, for $11.50 per share, subject to adjustment as described herein;
and

 

WHEREAS,
Conyers Park has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1, No. 333-212133 (the “Registration Statement”) and prospectus (the “Prospectus”),
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units,
the Public Warrants and the Conyers Park Common Stock included in the Units; and

 

    	 	3	 

     

    

 

WHEREAS,
on April 10, 2017, that certain Agreement and Plan of Merger (the “Merger Agreement”) was entered into
by and among the Company, Conyers Park, Atkins Intermediate Holdings, LLC, a Delaware limited liability company, Conyers Park
Parent Merger Sub, Inc., a Delaware corporation, Conyers Park Merger Sub 1, Inc., a Delaware corporation, Conyers Park Merger
Sub 2, Inc., a Delaware corporation, Conyers Park Merger Sub 3, Inc., a Delaware corporation, Conyers Park Merger Sub 4, Inc.,
a Delaware corporation, NCP-ATK Holdings, Inc., a Delaware corporation, solely in its capacity as the Majority Stockholder (as
defined in the Merger Agreement), Atkins Holdings LLC, a Georgia limited liability company, and, solely in its capacity as the
Stockholders’ Representative (as defined in the Merger Agreement) pursuant to Section 9.15 of the Merger Agreement,
Roark Capital Acquisition, LLC, a Georgia limited liability company. Pursuant to the Merger Agreement, each issued and outstanding
share of Conyers Park Common Stock (excluding shares of Conyers Park Common Stock to be canceled pursuant to Section 2.5(c)
of the Merger Agreement and any share of Conyers Park Common Stock held by holder of Conyers Park Common Stock that exercises
its right to redeem its shares of Conyers Park Common Stock for a pro rata portion of the trust account which holds the proceeds
from the Offering) is to be converted into one share of Class A common stock, par value $0.01 per share, of the Company (the “Common
Stock”); and

 

WHEREAS,
the transactions contemplated by the Merger Agreement have been consummated and, pursuant to the Merger Agreement and Section
4.4 of this Agreement, each Warrant has been converted into the right to purchase one share of Common Stock rather than one
share of Conyers Park Common Stock; and

 

WHEREAS,
on July 7, 2017, the Company, Conyers Park and the Warrant Agent entered into an Assignment, Assumption and Amendment Agreement
(the “Warrant Assumption Agreement”), pursuant to which Conyers Park assigned this Agreement to the
Company and the Company assumed this Agreement from Conyers Park; and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

    	 	4	 

     

    

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:”

 

2.3            Reference
to Ordinary Shares. All references to “Common Stock” in the Existing Warrant Agreement (including all Exhibits
thereto) shall mean common stock of Simply Good Foods, par value $0.01 per share.

 

2.4            Detachability
of Warrants. Section 2.4 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

 

“[INTENTIONALLY
OMITTED]”

 

Except
that the defined terms “Business Day” and “Over-allotment Option” set forth
therein shall be retained for all purposes of the Existing Warrant Agreement.

 

2.5            Duration
of Warrants. The first sentence of Section 3.2 of the Existing Warrant Agreement is hereby deleted and replaced with
the following:

 

“A
Warrant may be exercised only during the period (the “Exercise Period”) commencing on the date that
is thirty (30) days after the consummation of the transactions contemplated by the Merger Agreement (a “Business Combination”),
and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date
on which the Company completes the Business Combination, (y) the liquidation of the Company, or (z) other than with respect to
the Private Placement Warrants, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable
conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement.”

 

3.            Miscellaneous
Provisions.

 

3.1           Effectiveness
of Warrant. Each of the parties hereto acknowledges and agrees that the effectiveness of this Agreement shall be expressly
subject to the occurrence of the Business Combination and shall automatically be terminated and shall be null and void if the
Merger Agreement shall be terminated for any reason.

 

3.2           Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and
inure to the benefit of their permitted respective successors and assigns.

 

3.3            Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

    	 	5	 

     

    

 

3.4            Applicable
Law. The validity, interpretation and performance of this Agreement shall be governed in all respects by the laws of the State
of New York, without giving effect to conflict of laws. The parties hereby agree that any action, proceeding or claim against
it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York
or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum.

 

3.5            Counterparts.
This Agreement may be executed in any number of counterparts, and by facsimile or portable document format (pdf) transmission,
and each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute
but one and the same instrument.

 

3.6            Effect
of Headings. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof.

 

3.7            Entire
Agreement. The Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding of the parties
and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express
or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments
are hereby canceled and terminated.

 

[Remainder
of page intentionally left blank.]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the date first above written.

 

	 	CONYERS
    PARK ACQUISITION CORP.
	 	 	 
	 	By:	/s/
    David J. West
	 	Name:	David
    J. West
	 	Title:	Chief
    Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Assignment, Assumption and Amendment Agreement by and among Conyers Park Acquisition 

Corp., The Simply Good Foods Company
and Continental Stock Transfer &Trust Company]

 

    	 	7	 

     

    

 

	 	THE
    SIMPLY GOOD FOODS COMPANY
	 	 	 
	 	By:	/s/
    David West
	 	Name:	David
    West
	 	Title:	President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the date first above written.

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	/s/
    Henry Farrell
	 	Name:	Henry
    Farrell
	 	Title:	Vice
    President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Assignment, Assumption and Amendment Agreement by and among Conyers Park Acquisition 

Corp., The Simply Good Foods Company and Continental Stock Transfer &Trust Company]

 

9

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