Document:

Document

Exhibit 10.5

Execution Version

FIFTH AMENDMENT TO CREDIT AGREEMENT
This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 10, 2022, is entered into among ZIFF DAVIS, INC. (F/K/A J2 GLOBAL, INC.), a Delaware corporation (the “Borrower”), the Guarantors, the lenders party to this Amendment constituting Required Lenders and all of the Term Loan Lenders (as defined below) and MUFG UNION BANK, N.A. (“MUB”), as administrative agent for the Lenders (in such capacity, the “Agent”).
RECITALS
WHEREAS, the Borrower, the Lenders and the Agent are party to that certain Credit Agreement dated as of April 7, 2021 (as amended, restated, amended and restated, modified or supplemented from time to time, the “Credit Agreement”; capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement), pursuant to which the Lenders party thereto made available to the Borrower various credit facilities as described therein;
WHEREAS, Section 9.1 of the Credit Agreement permits certain amendments of the Credit Agreement and the other Loan Documents with the consent of the Required Lenders;
WHEREAS, the Borrower, the Guarantors, the Lenders party hereto which constitute the Required Lenders and the Agent are entering into this Amendment in order to (i) allow the Borrower to incur a senior secured term loan under the Credit Agreement in an aggregate principal amount of $89,991,340, which senior secured term loan will mature 60 days from the Term Loan Funding Date (as defined in the Amended Credit Agreement (as defined below)), or such later date as permitted by the Amended Credit Agreement (such secured term loan, the “Term Loan Facility”) and (ii) make other amendments in order to effectuate the foregoing (the Credit Agreement as so amended pursuant to Section 2 below, the “Amended Credit Agreement”); and
WHEREAS, the financial institutions party hereto as the “Term Loan Lenders” have each agreed to provide the Borrower with that portion of the Term Loan Facility set forth next to such Term Loan Lender’s name on Exhibit B to this Amendment, in each case on the terms and subject to the conditions set forth in the Amended Credit Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.Incorporation by Reference.  The parties acknowledge the accuracy of the foregoing Recitals which are incorporated by reference herein and are made a part of this Amendment.
SECTION 2.Amendments to Credit Agreement.  
(a)Effective as of the Fifth Amendment Effective Date (as defined below), the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated textually in the same manner as the following example: underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto.
(b)Effective as of the Fifth Amendment Effective Date, Schedule A to the Credit Agreement is hereby replaced in its entirety with the schedule attached as Exhibit B hereto.
(c)Effective as of the Fifth Amendment Effective Date, Exhibits A-3, C and E to the Credit Agreement are hereby replaced in their entirety with the exhibits attached as Exhibit C hereto.
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SECTION 3.Conditions Precedent to Effectiveness.  This Amendment shall become effective (the “Fifth Amendment Effective Date”) upon satisfaction of the following conditions, in each case, in form and substance satisfactory to the Agent:
(a)Receipt by the Agent of this Amendment, duly executed by the Borrower, the Guarantors, the Lenders constituting Required Lenders, the Term Loan Lenders and the Agent; 

(b)Receipt by the Agent of resolutions of the board of directors (or similar governing body) of each Loan Party authorizing (i) this Amendment and (ii) in the case of the Borrower, the borrowings contemplated hereunder, in each case certified by a Responsible Officer of such Loan Party as of the Fifth Amendment Effective Date, which certificate states that the resolutions thereby certified have not been amended, modified, revoked or rescinded and are in full force and effect; 

(c)(x) The representations and warranties set forth in Section 5 hereof shall be true and correct as of the Fifth Amendment Effective Date and (y) the Agent (or its counsel) shall have received a certificate of a Responsible Officer of the Borrower, dated the Fifth Amendment Effective Date, certifying compliance with the foregoing clause (x);

(d)The Agent shall have received a legal opinion of Sullivan & Cromwell LLP, counsel to the Borrower, in form and substance reasonably satisfactory to the Agent, executed and dated as of the Fifth Amendment Effective Date; and

(e)The Agent shall have received, with respect to each Loan Party, a certificate dated a recent date, of the Secretary of State (or other relevant state authority) of the state of formation of such Loan Party, certifying as to the existence and, if applicable, good standing of, and, if generally available in such jurisdiction, the payment of taxes by, such Loan Party in such state.

Without limiting the generality of the provisions of Section 8.3 of the Credit Agreement, for purposes of determining compliance with the conditions specified in this Section 3 or otherwise, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Fifth Amendment Effective Date specifying its objection thereto.
SECTION 4.Reference to and Effect on the Credit Agreement and the Other Loan Documents.
(a)Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” “thereof,” “therein” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Amended Credit Agreement.
(b)The Credit Agreement and all other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and any exhibits thereto amended hereby shall not constitute a novation of the Credit Agreement or any other Loan Document as in effect prior to the date hereof.  
(c)The execution, delivery and effectiveness of this Amendment shall not operate (i) as a waiver of any right, power or remedy of the Agent or the Lenders under the Credit Agreement or any other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Documents, (ii) to prejudice any right or rights which the Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time, (iii) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any of its 
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Subsidiaries or any other Person with respect to any other waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Agent, or any of them, under or with respect to any such documents or (iv) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand, and the Agent or any other Lender, on the other hand.  
SECTION 5.Representations and Warranties.  Each Loan Party represents and warrants, for the benefit of the Lenders and the Agent, as follows:  (i) such Loan Party has the corporate power and authority, to execute and deliver this Amendment, and to perform this Amendment and the Amended Credit Agreement; (ii) all actions, waivers and consents (corporate, regulatory and otherwise) necessary or appropriate for it to execute, deliver and perform this Amendment and the Amended Credit Agreement have been taken and/or received; (iii) each of this Amendment and the Amended Credit Agreement constitutes a legal, valid and binding obligation of each of the Loan Parties (to the extent such Loan Party is a party thereto) enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); (iv) the execution, delivery and performance of this Amendment and the Amended Credit Agreement will not (a) violate any Requirement of Law applicable to any of the Loan Parties or material Contractual Obligation of any of the Loan Parties, and (b) other than in the case of the Term Loan Facility, will not result in, or require, the creation or imposition of any Lien on any of its properties or revenues pursuant to any such Requirement of Law or such material Contractual Obligation, in each case in clauses (a) and (b), except as would not reasonably be expected to have a Material Adverse Effect; (v) the representations and warranties contained in this Amendment, the Amended Credit Agreement, each other Loan Document and each certificate or other writing delivered by the Borrower and any Subsidiary to the Agent in connection herewith or therewith are correct on and as of date hereof in all material respects (except for those representations and warranties that are conditioned by materiality or reference to Material Adverse Effect, which shall be true and correct in all respects) as though made on the date hereof except (i) to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall be so true and correct as of such earlier date and (ii) the representations and warranties made under Section 3.1 of the Credit Agreement shall be deemed to refer to the most recent financial statements of the Borrower furnished to the Agent pursuant to Section 5.1 of the Credit Agreement; and (vi) after giving effect to this Amendment and any borrowings made on the Fifth Amendment Effective Date, no Default or Event of Default has occurred and is continuing.
SECTION 6.Reaffirmation. Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the Fifth Amendment Effective Date, and after giving effect to this Amendment, (i) the covenants, guarantees, pledges, grants of Liens and agreements or other commitments contained in each Loan Document to which it is a party, including, in each case, such covenants, guarantees, pledges, grants of Liens and agreements or other commitments as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby, (ii) its guarantee of the Secured Obligations under each Guarantee, as applicable, (iii) its grant and the validity of Liens granted by it on the Collateral to secure the Secured Obligations pursuant to the Security Documents. Each Loan Party hereby agrees that after giving effect to this Amendment (A) each Loan Document to which it is a party shall continue to be in full force and effect and (B) all guarantees, pledges, grants of Liens, covenants, agreements and other commitments by such Loan Party under the Loan Documents shall continue to be in full force and effect and shall accrue to the benefit of the Secured Parties and shall not be affected, impaired or discharged hereby or by the transactions contemplated in this Amendment.
SECTION 7.Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment electronically shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execute,” “execution,” “signed,” “signature,” “delivery” and words of like import in or related to this Amendment or any document, amendment, approval, consent, waiver, modification, information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Amendment or the transactions contemplated hereby shall be deemed to include Electronic 
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Signatures or execution in the form of an Electronic Record, and contract formations on electronic platforms approved by the Agent, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.  Each party hereto agrees that any Electronic Signature or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same extent as a manual, original signature.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format), or an electronically signed paper converted into another format, for transmission, delivery and/or retention.  Notwithstanding anything contained herein to the contrary, the Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Agent pursuant to procedures approved by it; provided that without limiting the foregoing, (i) to the extent the Agent has agreed to accept such Electronic Signature from any party hereto, the Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of the executing party without further verification and (ii) upon the request of the Agent or any Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof.  Without limiting the generality of the foregoing, each party hereto hereby (x) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Agent, the Collateral Agent, the Issuing Bank, the Lenders and any of the Loan Parties, electronic images of this Amendment (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (y) waives any argument, defense or right to contest the validity or enforceability of this Amendment based solely on the lack of paper original copies of this Amendment, including with respect to any signature pages thereto.
SECTION 8.Governing Law.  This Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of the State of New York.
SECTION 9.Entire Agreement.  This Amendment is the entire agreement, and supersedes any prior agreements and contemporaneous oral agreements, of the parties concerning its subject matter. This Amendment is a Loan Document and is subject to the terms and conditions of the Amended Credit Agreement.
SECTION 10.Successors and Assigns.  This Amendment shall be binding on and inure to the benefit of the parties and their heirs, beneficiaries, successors and permitted assigns. 

[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

									
	ZIFF DAVIS, INC.,
	a Delaware corporation
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	J2 GLOBAL VENTURES, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	BABYCENTER, L.L.C.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	EKAHAU INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	EVERYDAY HEALTH MEDIA, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	EVERYDAY HEALTH INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

[Signature Page to Fifth Amendment to Credit Agreement]

									
	HUMBLE BUNDLE, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	IGN ENTERTAINMENT, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	J2 WEB SERVICES, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	MUDHOOK MARKETING, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	NETPROTECT, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	OFFERS.COM, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	OOKLA, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

[Signature Page to Fifth Amendment to Credit Agreement]

									
	PRIME EDUCATION, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	RETAILMENOT, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	SPICEWORKS, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	THREATTRACK SECURITY, INC.,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

									
	ZIFF DAVIS, LLC,
	By: 	/s/ Jeremy Rossen
		Name:	Jeremy Rossen
		Title:	Executive Vice President, General Counsel and Secretary

[Signature Page to Fifth Amendment to Credit Agreement]

									
	MUFG UNION BANK, N.A., as Agent, Collateral

	Agent and Lender
	By: 	/s/ Gina M. West
		Name:	Gina M. West
		Title:	Director

									
	J.P. MORGAN SECURITIES LLC, as Term Loan

	Lender
	By: 	/s/ Alex Smigelski
		Name:	Alex Smigelski
		Title:	Executive Director

									
	CITICORP NORTH AMERICA, as Term Loan

	Lender
	By: 	/s/ Richard Zogheb
		Name:	Richard Zogheb
		Title:	Managing Director

[Signature Page to Fifth Amendment to Credit Agreement]

EXHIBIT A

Amended Credit Agreement

[see attached]

EXHIBIT B

Schedule A

Revolving Loan Commitments

						
	Lender	Revolving Loan Commitment
	MUFG UNION BANK, N.A.	$100,000,000

Term Loan Facility Commitment

						
	Lender	Term Loan Facility Commitment
	J.P. MORGAN SECURITIES LLC	$71,993,072
	CITICORP NORTH AMERICA, INC.	$17,998,268

EXHIBIT C

Exhibits A-3, C and E to the Credit AgreementEX-10.1

 Exhibit 10.1 

Execution Version 

GUARANTEE 
 Guarantee,
dated as of August 8, 2022 (this “Guarantee”), by MTY Food Group Inc., a corporation created under the Canada Business Corporations Act with its registered and head office at 8210, route Transcanadienne, St-Laurent, Quebec, H4S 1M5, Canada (“Guarantor”), in favor of BBQ Holdings, Inc., a Minnesota corporation (the “Guaranteed Party”). 

1.    Guarantee. To induce the Guaranteed Party to enter into that certain Agreement and Plan of Merger, dated as
of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Merger Agreement;” capitalized terms used herein but not defined will have the meanings given thereto in the Merger
Agreement), by and among MTY Franchising USA, Inc., a Tennessee corporation (“Parent”), Grill Merger Sub, Inc., a Minnesota corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and the Guaranteed
Party, Guarantor hereby irrevocably guarantees to the Guaranteed Party the due and punctual payment, observance, performance and discharge of all of the payment obligations, covenants and agreements of Parent and Merger Sub under the Merger
Agreement, including, without limitation, Article II of the Merger Agreement and Section 5.11, subject to the limitations set forth in the Merger Agreement (as such obligations, covenants and agreements may be modified, amended or waived in
accordance with the terms of the Merger Agreement, collectively, the “Obligations”); provided that in no event will Guarantor’s liability under this Guarantee exceed an amount equal to the aggregate sum of the aggregate
Merger Consideration, aggregate amounts payable pursuant to Section 2.3 of the Merger Agreement, the Payoff Amount, and all costs and expenses (including reasonable attorney’s fees and expenses) incurred by the Company in connection with
the enforcement of its rights under Section 8.15 of the Merger Agreement (such aggregate sum, the “Cap”), and the Guaranteed Party hereby agrees that, notwithstanding anything to the contrary contained in this Guarantee or the
Merger Agreement, Guarantor will in no event be required to pay the Guaranteed Party or any other Person pursuant to this Guarantee, more than the Cap, and that this Guarantee shall not be enforced against Guarantor for any other remedy, other than
the payment of a sum of money owing to Guarantor hereunder, in an amount not to exceed the Cap. It is acknowledged and agreed that this Guarantee will expire and will have no further force or effect, and the Guaranteed Party will have no rights
hereunder, upon the Closing. Notwithstanding anything to the contrary set forth in this Guarantee, the Guaranteed Party hereby agrees that to the extent that Parent or Merger Sub is relieved from its payment obligations under the Merger Agreement by
satisfaction thereof or pursuant to any agreement with the Guaranteed Party, Guarantor will be similarly relieved, to such extent, of its obligations under this Guarantee. 

2.    Nature of Guarantee. The Guaranteed Party will not be obligated to file any claim relating to any Obligation
in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file will not affect Guarantor’s obligations hereunder. In the event that any payment to
the Guaranteed Party in respect of any Obligation is rescinded or must otherwise be returned for any reason whatsoever, Guarantor will remain liable hereunder with respect to the Obligations as if such payment had not been made. This is a guarantee
of payment and not of collectability. 
 3.    Changes in Obligations, Certain Waivers. Guarantor agrees that the
Guaranteed Party may at any time and from time to time, without notice to or further consent of Guarantor, extend the time of payment of any Obligation, and may also make any agreement with Parent or

 
Merger Sub for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between the
Guaranteed Party and Parent or Merger Sub without in any way impairing or affecting Guarantor’s obligations under this Guarantee. Guarantor agrees that the obligations of Guarantor hereunder will not be released or discharged, in whole or in
part, or otherwise affected by (a) the failure or delay on the part of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or Merger Sub, (b) any change in the corporate existence, structure
or ownership of Parent, Merger Sub or Guarantor, (c) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or Merger Sub, (d) any amendment or modification of the Merger Agreement, or change in the manner,
place or terms of payment or performance, or any change or extension of the time of payment or performance of, renewal or alteration of, any Obligation, or any amendment or waiver of or any consent to any departure from the terms of the Merger
Agreement, (e) the adequacy of any other means the Guaranteed Party may have of obtaining repayment of any of the Obligations, (f) the addition or substitution or release of any Person interested in the transactions contemplated by the
Merger Agreement, (g) the existence of any claim, set-off or other right that Guarantor may have at any time against the Guaranteed Party, Parent, Merger Sub or their respective affiliates, whether in
connection with any Obligation or otherwise, (h) any right by statute or otherwise to require the Guaranteed Party to institute suit against Parent, Merger Sub or any Guarantor/Parent Affiliate (as defined below) or to exhaust any rights and
remedies which the Guaranteed Party has or may have against Parent, Merger Sub, or any of the Guarantor/Parent Affiliates or (i) any other act or omission that may vary the risk of Guarantor. To the fullest extent permitted by law, Guarantor
hereby irrevocably and expressly waives any and all rights or defenses arising by reason of any law which would otherwise require any election of remedies by the Guaranteed Party. Guarantor hereby irrevocably and expressly waives promptness,
diligence, notice of the acceptance of this Guarantee and of any Obligation, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the incurrence of any
Obligation and all other notices of any kind, any right to require the marshalling of assets of Parent or Merger Sub, and all suretyship defenses generally (other than defenses to the payment of the Obligations under the Merger Agreement). Guarantor
acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Guarantee are knowingly made in contemplation of such benefits. Guarantor
agrees to pay on demand all reasonable out-of-pocket expenses (including reasonable fees of counsel) incurred by the Guaranteed Party in connection with the enforcement
of its rights hereunder if (x) Guarantor asserts in any litigation or other proceeding that this Guarantee is illegal, invalid or unenforceable in accordance with its terms and (y) the Guaranteed Party prevails in such litigation or
proceeding. 
 4.    Cumulative Rights. Each and every right, remedy and power hereby granted to the Guaranteed
Party or allowed it by law or other agreement will be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. 

5.    Representations and Warranties. Guarantor hereby represents and warrants that: 

(a)    the Guarantor is a duly organized and validly existing corporation in good standing (or the equivalent) under the
laws of the jurisdiction of its organization; 

  
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 (b)    the execution, delivery and performance of this Guarantee have
been duly authorized by all necessary actions and do not contravene any provision of Guarantor’s organizational documents or any material contractual restriction binding on Guarantor or its assets; 

(c)    all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Authority
or other Person necessary for the due execution, delivery and performance of this Guarantee by Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any
Governmental Authority or other Person is required in connection with the execution, delivery or performance of this Guarantee; 

(d)    this Guarantee constitutes a legal, valid and binding obligation of Guarantor enforceable against Guarantor in
accordance with its terms, subject to the Enforceability Exceptions; and 
 (e)    Guarantor has the financial capacity
to pay and perform the Obligations, and all funds necessary for Guarantor to fulfill the Obligations will be available to Guarantor for so long as this Guarantee remains in effect in accordance with Section 8. 

6.    Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their permitted successors and assigns. No party to this Guarantee may assign or delegate, by operation of Law or otherwise, all or any portion of its rights or liabilities under this Guarantee without the prior written consent of the other party to
this Guarantee, which any such party may withhold in its absolute discretion. No assignment by any party shall relieve such party of any of its obligations hereunder. Any purported assignment not permitted hereby shall be null and void. 

7.    Notices. All notices and other communications hereunder shall be in writing and shall be addressed as follows
(or at such other address for a party as shall be specified by like notice): 
 If to the Guaranteed Party, to: 

BBQ Holdings, Inc. 12701 Whitewater Drive, Suite 100 

Minnetonka, MN 55343 
 United
States Attention: Email: 
 with a copy to (which will not constitute notice): 

Dentons Sirote PC 
 2311 Highland
Avenue South 
 Birmingham, AL 35205 

United States 
 Attention: W. Todd
Carlisle; David W. Drum 
 Email: todd.carlisle@dentons.com; david.drum@dentons.com 

  
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 If to Guarantor, to it at: 

MTY Group 
 8210, route
Transcanadienne 
 St. Laurent, QC, H4S 1M5 

Canada 
 Attention: Eric Lefebvre

 Email: eric@mtygroup.com 

with a copy to (which will not constitute notice): 

Morrison & Foerster LLP 

12531 High Bluff Drive 
 San
Diego, CA 92130-2040 
 United States 

Attention: Steven G. Rowles; Shai Kalansky 

Email: SRowles@mofo.com; SKalansky@mofo.com 
 All
such notices or communications shall be deemed to have been delivered and received (a) if delivered in person, on the day of such delivery, (b) if by electronic mail, on the day on which such facsimile and electronic mail were sent;
provided, that receipt is confirmed, (c) if by certified or registered mail (return receipt requested), on the fifth Business Day after the mailing thereof or (d) if by reputable overnight delivery service, on the second Business Day after
the sending thereof. 
 8.    Continuing Guarantee. Unless terminated pursuant to this
Section 8, this Guarantee will remain in full force and effect and will be binding on Guarantor, its successors and assigns until the Obligations (as such Obligations may be modified pursuant to the last sentence of
Section 1) are satisfied in full. Notwithstanding the foregoing, this Guarantee will terminate, and Guarantor and the Guaranteed Party will have no further obligations under this Guarantee as of the earlier to occur of
(a) the Closing or (b) the termination of the Merger Agreement in accordance with its terms and the satisfaction, waiver or discharge of any and all payment obligations of Parent and Merger Sub thereunder in connection with such
termination. In the event that the Guaranteed Party or its successors or assigns or any of its Affiliates acting at the direction or on behalf of the Guaranteed Party asserts in any Legal Action relating to this Guarantee that the provisions of
Section 1 limiting Guarantor’s monetary obligation to the Cap, or that the provisions of Section 9 are illegal, invalid or unenforceable in whole or in part or asserts any theory of liability
or seeks any remedies against any Guarantor/Parent Affiliate, other than those remedies expressly provided against Parent and Merger Sub under the Merger Agreement, against Parent under the Confidentiality Agreement or against Guarantor under this
Guarantee and in each case, their respective successors and assigns thereunder, then, in each case, (i) all obligations of Guarantor under this Guarantee will terminate and thereupon be null and void and (ii) if Guarantor has previously
made any payments under this Guarantee, it will be entitled to have such payments refunded by the Guaranteed Party. 

9.    No Recourse. Notwithstanding anything that may be expressed or implied in this Guarantee, the Merger
Agreement, or the Confidentiality Agreement and notwithstanding the fact that Guarantor is a corporation, Guaranteed Party, by its acceptance of the benefits hereof, 

  
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covenants, agrees and acknowledges that no Person other than Guarantor will have any obligation hereunder, and that Guaranteed Party has no rights of recovery against, and no recourse hereunder
or under the Merger Agreement or the Confidentiality Agreement will be had against, and no personal liability will attach to, any former, current or future director, officer, agent, Affiliate, manager, assignee or employee of Guarantor, Parent or
Merger Sub (or any of their successors or permitted assignees), against any former, current or future manager, member or stockholder of Guarantor, Parent or Merger Sub (or any of their successors or permitted assignees) or any Affiliate thereof or
against any former, current or future director, officer, agent, employee, Affiliate, assignee, stockholder, manager or member of any of the foregoing, but for the avoidance of doubt, in each case, not including Guarantor, Parent and Merger Sub
(collectively, the “Guarantor/Parent Affiliates”) whether by or through attempted piercing of the corporate veil, by or through a claim (whether in tort, contract or otherwise), by the enforcement of any judgment or assessment or by
any Legal Action, or by virtue of any applicable Law, or otherwise. The Guaranteed Party further agrees that neither it nor any of its Affiliates have any right of recovery against Guarantor or any of its stockholders, partners, members, directors,
officers or agents through Parent or Merger Sub, or otherwise, whether by piercing of the corporate veil, by a claim on behalf of Parent or Merger Sub against Guarantor’s, Parent’s or Merger Sub’s stockholders or Affiliates, or
otherwise, except for the rights against Guarantor under this Guarantee and subject to the Cap and the other limitations described herein. Recourse against Guarantor under this Guarantee will be the sole and exclusive remedy of the Guaranteed Party
and its Affiliates against Guarantor and any Guarantor/Parent Affiliates in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby. The Guaranteed Party hereby
covenants and agrees that it will not institute, and it will cause its Affiliates not to institute, any Legal Action or bring any other claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, or in
respect of any oral representations made or alleged to be made in connection therewith, against Guarantor or any Guarantor/Parent Affiliates, except for claims against Guarantor under this Guarantee. Nothing set forth in this Guarantee will affect
or be construed to affect or be construed to confer or give any Person other than the Guaranteed Party (including any Person acting in a representative capacity) any rights or remedies against any Person other than Guarantor as set forth herein.

 10.    Entire Agreement. This Guarantee constitutes the entire agreement and supersedes all prior or
contemporaneous agreements, negotiations, correspondence, undertakings, understandings, representations and warranties, both written and oral, between the parties to this Guarantee with respect to the subject matter of this Guarantee. 

11.    Governing Law. This Guarantee, and any dispute, claim, legal action, suit, proceeding or controversy arising
out of or relating hereto, shall be governed by, and construed in accordance with, the Law of the State of Delaware, without regard to conflict of law principles thereof. 

12.    Submission to Jurisdiction. Each party to this Guarantee (a) irrevocably and unconditionally submits to
the personal jurisdiction of the Chosen Courts, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that any actions or proceedings arising
in connection with this Guarantee shall be brought, tried and determined only in the Chosen Courts, (d) waives any claim of improper venue or any claim that the Chosen Courts are an inconvenient forum and (e) agrees that it will not bring
any action relating to this Guarantee in any court other than the Chosen Courts. 

  
 5 

 13.    WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS GUARANTEE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL
ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTEE, THE OTHER DOCUMENTS AND AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS GUARANTEE CERTIFIES AND
ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED AND
UNDERSTANDS THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS GUARANTEE BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.

 14.    Amendment. No amendment of any provision of this Guarantee will be valid and binding unless it is in
writing and signed by Guarantor and the Guaranteed Party. 
 15.    Waiver. Any agreement on the part of a party
to any waiver shall be valid only if set forth in an instrument in writing signed by such party. The failure of any party to assert any of its rights under this Guarantee or otherwise shall not constitute a waiver of such rights, nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege under this Guarantee. 

16.    No Third Party Beneficiaries. Except for the rights of Guarantor/Parent Affiliates, Parent and Merger Sub
provided under Section 9 and the rights of Parent and Merger Sub under Section 17, Guarantor and Guaranteed Party hereby agree that their respective representations, warranties, covenants and
agreements set forth herein are solely for the benefit of the other party hereto, in accordance with and subject to the terms of this Guarantee, and this Guarantee is not intended to, and does not, confer upon any Person other than the parties
hereto any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. 

17.    Confidentiality. This Guarantee and any information disclosed under this Guarantee shall be governed under
the Confidentiality Agreement. This Guarantee may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of Guarantor and the Guaranteed Party; provided that no such written consent will be
required (and the Guaranteed Party and its Affiliates will be free to release such information) for disclosures to employees, agents, legal, financial, accounting or other advisors or representatives on a confidential basis; provided, that
the Guarantor, Parent, Merger Sub and Guaranteed Party may disclose or use such information and this Guarantee to the extent required by Law, the applicable rules of any national securities exchange or in connection with any SEC filings relating to
the transactions contemplated by the Merger Agreement. 

  
 6 

 18.    Interpretation. Section 8.2 (Interpretation) of the
Merger Agreement is incorporated herein mutatis mutandis. 
 19.    Rules of Construction. The parties
have participated jointly in negotiating and drafting this Guarantee. If an ambiguity or a question of intent or interpretation arises, this Guarantee shall be construed as if drafted jointly by the parties, and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Guarantee. 

20.    Counterparts. This Guarantee may be executed in any number of counterparts, each of which will be deemed to
be an original, and all of which together will be deemed to be one and the same instrument. Facsimile signatures or signatures received as a pdf attachment to electronic mail shall be treated as original signatures for all purposes of this
Guarantee. This Guarantee shall become effective when, and only when, each party hereto shall have received a counterpart signed by all of the other parties hereto. 

[Signature page follows] 

  
 7 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be executed and delivered as
of the date first written above by its officer thereunto duly authorized. 
  

			
	MTY Food Group Inc.
		
	By:	 	 /s/ Eric Lefebvre

	Name:	 	Eric Lefebvre
	Title:	 	Chief Executive Officer

  

			
	 Accepted and agreed to by:

	
	BBQ Holdings, Inc.
		
	By:	 	 /s/ Jeffrey Crivello

	Name:	 	Jeffrey Crivello
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Guarantee]

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