Document:

EX-10.7

 Exhibit 10.7 

STOCKHOLDERS’ AGREEMENT 

BY AND AMONG 
 BHI
HOLDING CORP. 
 AND 

ITS STOCKHOLDERS 
  

 

August 18, 2011 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 DEFINITIONS AND INTERPRETATIONAL MATTERS
	  	 	2	  
			
	 Section 1.01.
	  	Definitions	  	 	2	  
		
	 ARTICLE 2 CORPORATE GOVERNANCE
	  	 	7	  
			
	 Section 2.01.
	  	Composition of the Board	  	 	7	  
			
	 Section 2.02.
	  	Vacancies	  	 	8	  
			
	 Section 2.03.
	  	Quorum	  	 	8	  
			
	 Section 2.04.
	  	Expenses	  	 	8	  
			
	 Section 2.05.
	  	Grant of Proxy	  	 	8	  
		
	 ARTICLE 3 RESTRICTIONS ON TRANSFER
	  	 	8	  
			
	 Section 3.01.
	  	General Restrictions on Transfer	  	 	8	  
			
	 Section 3.02.
	  	Permitted Transferees	  	 	9	  
			
	 Section 3.03.
	  	Right of First Refusal	  	 	10	  
			
	 Section 3.04.
	  	Tag-Along Rights	  	 	12	  
			
	 Section 3.05.
	  	Drag-Along Rights	  	 	13	  
			
	 Section 3.06.
	  	Additional Provisions Related to Tag-Along Sales and Drag-Along Sales	  	 	15	  
			
	 Section 3.07.
	  	Preemptive Rights	  	 	16	  
		
	 ARTICLE 4 REGISTRATION RIGHTS
	  	 	17	  
			
	 Section 4.01.
	  	Demand Registration	  	 	17	  
			
	 Section 4.02.
	  	Piggyback Registrations	  	 	19	  
			
	 Section 4.03.
	  	Registration on Form S-3	  	 	20	  
			
	 Section 4.04.
	  	Holdback Agreement	  	 	21	  
			
	 Section 4.05.
	  	Registration Procedures	  	 	22	  
			
	 Section 4.06.
	  	Suspension of Dispositions	  	 	25	  
			
	 Section 4.07.
	  	Registration Expenses	  	 	25	  
			
	 Section 4.08.
	  	Indemnification	  	 	26	  
			
	 Section 4.09.
	  	Current Public Information	  	 	29	  
		
	 ARTICLE 5 CERTAIN COVENANTS AND AGREEMENTS
	  	 	30	  
			
	 Section 5.01.
	  	Conflicting Agreements	  	 	30	  
		
	 ARTICLE 6 MISCELLANEOUS
	  	 	30	  
			
	 Section 6.01.
	  	Binding Effect; Assignment	  	 	30	  
			
	 Section 6.02.
	  	Legends	  	 	30	  

							
	 Section 6.03.
	  	Notices	  	 	31	  
			
	 Section 6.04.
	  	Waiver; Amendment; Termination	  	 	32	  
			
	 Section 6.05.
	  	Entire Agreement; No Third-Party Beneficiaries	  	 	33	  
			
	 Section 6.06.
	  	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	33	  
			
	 Section 6.07.
	  	Severability	  	 	33	  
			
	 Section 6.08.
	  	Counterparts	  	 	33	  

  
 2 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (this “Agreement”) dated as of August 18, 2011, is entered into among (i) BHI
Holding Corp., a Delaware corporation (together with its successors, the “Company”), (ii) Advent International GPE VI Limited Partnership, Advent International GPE VI-A Limited Partnership, Advent International GPE VI-B
Limited Partnership, Advent International GPE VI-C Limited Partnership, Advent International GPE VI-D Limited Partnership, Advent International GPE VI-E Limited Partnership, Advent International GPE VI-F Limited Partnership, Advent International GPE
VI-G Limited Partnership, Advent Partners GPE VI 2008 Limited Partnership, Advent Partners GPE VI 2009 Limited Partnership, Advent Partners GPE VI 2010 Limited Partnership, Advent Partners GPE VI-A Limited Partnership, and Advent Partners GPE VI-A
2010 Limited Partnership, (together, the “Advent Holders”), (iii) James R. Kibler, Eric Newman, John Jordan, Cameron McRae, Tri-Arc Food Systems, Inc., Mike Bearss, the Stanley R. Smith Revocable Trust, the Matthew K.
Smith Revocable Trust, the M. Bradley Smith and Michele Trufelli Living Trust, Richard Willis, Brooke Private Equity Advisors Fund II, L.P., and Brooke Private Equity Advisors Fund II(D), L.P. (together with the Advent Holders, the
“Series A Holders”), and (iv) such other Persons, if any, that from time to time become parties hereto pursuant to the terms hereof (together with the Series A Holders, each a “Stockholder” and,
collectively, the “Stockholders”). For purposes of this Agreement, “Series A Holder”, “Common Holder” and “Stockholder” shall each mean, if such Persons shall have Transferred any of their
respective Company Securities to any of their respective Permitted Transferees (as defined below), such Persons and such Permitted Transferees, taken together, and any right, obligation or action that may be exercised or taken at the election of
such Persons may be taken at the election of such Persons and such Permitted Transferees. Capitalized terms used herein but not defined shall have the meanings given to them in the Purchase Agreement (as defined below). 

WHEREAS, the Company, BHI Acquisition Corp., an indirect wholly owned subsidiary of the Company and certain of the Series A Holders and
certain other Persons set forth on the signature pages thereto are parties to a Stock Purchase Agreement, dated as of June 30, 2011 (the “Stock Purchase Agreement”); 

WHEREAS, the Company and certain of the Series A Holders are party to those certain Subscription Agreements, each dated as of the date
hereof (the “Subscription Agreements”); 
 WHEREAS, the Company and certain of the Series A Holders are party
to that certain Exchange Agreement, dated as of the date hereof (the “Exchange Agreement”); 
 WHEREAS, as a
result of the consummation of the transactions contemplated by the Stock Purchase Agreement, the Exchange Agreement and the Subscription Agreements, the parties desire to enter into this Agreement to govern certain of their respective rights, duties
and obligations with respect to the ownership of Company Securities; 

 WHEREAS, certain Persons may, from time to time, become parties to this Agreement as
result of the exercise of stock options to purchase Common Stock of the Company; and 
 WHEREAS, the parties intend for this
Agreement to become effective immediately following consummation of the transactions contemplated by the Stock Purchase Agreement. 

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

ARTICLE 1 
 DEFINITIONS AND
INTERPRETATIONAL MATTERS 
 SECTION 1.01. Definitions. 

(a) The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person who, directly or indirectly, controls such first Person
or is controlled by said Person or is under common control with said Person, where “control” means power and ability to direct, directly or indirectly, or share equally in or cause the direction of, the management and/or policies of a
Person, whether through ownership of voting shares or other equivalent interests of the controlled Person, by contract (including proxy) or otherwise. 

“Bankruptcy Event” means any proceeding that shall have been instituted by or against the Company seeking to
adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of its debts under any law relating to bankruptcy, insolvency, or reorganization or relief of
debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of the Company’s property and, in the case of a proceeding instituted against the
Company, either the Company shall have consented thereto or such proceeding or any of the actions sought in such proceeding shall remain undismissed or unstayed for a period of ninety (90) days (including, the entry of an order for relief
against the Company or the appointment of a receiver, trustee, custodian or other similar official for the Company or any of its property). 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by applicable law to close. 
 “Certificate” means the Amended and Restated Certificate of
Incorporation of the Company, dated as of the date hereof, as amended from time to time. 

  
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 “Charitable Put Price” means the per share value of the Company
Securities as set forth on Annex A to the Exchange Agreement dated as of the date hereof to which the Company and the Stockholder are parties, multiplied by the number of Company Securities subject to a Charitable Transfer. 

“Charitable Transfer” means a Transfer by a Stockholder to a Charitable Transferee pursuant to Section 3.02(b)
below. 
 “Charitable Transferee” means any Person that is an entity to which tax deductible contributions may be
made pursuant to Section 170(h) of the Internal Revenue Code of 1986, as amended. 
 “Common Stock” means the
Company’s authorized shares of common stock, par value $.01 per share, and any stock into which such common stock may hereafter be converted, changed or reclassified or exchanged. 

“Company Securities” means, without duplication, (i) the Series A Preferred Stock and the Common Stock,
(ii) any other equity securities of the Company, and (ii) any other shares of securities convertible into, or exchangeable or exercisable for, or options, warrants or other rights to acquire, directly or indirectly, Common Stock or any
other equity or equity-linked security issued by the Company, whether at the time of issuance, upon the passage of time, or the occurrence of some future event. 

“Excluded Registration” means a registration under the Securities Act of (i) securities pursuant to one or more
Demand Registrations pursuant to Section 4.01(a) hereof, (ii) securities registered on Form S-8 or any similar successor form and (iii) securities registered to effect the acquisition of or combination with another Person. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “GAAP” means United States generally accepted accounting principles. 

“Governmental Authority” means any federal, state, local or foreign governmental authority, department, commission,
board, bureau, agency, court, instrumentality or judicial or regulatory body or entity. 
 “IPO” means the first
Public Offering by the Company after the date hereof. 
 “Permitted Transferee” means (A) with respect to any
Stockholder which is an entity, (i) the owners, partners, stockholders or members of such Stockholder; (ii) an Affiliate (other than any “portfolio company” described below) of a Stockholder or (iii) the Company; or
(B) with respect to any Stockholder which is an individual, (i) such Stockholder’s spouse, or any of such Stockholder’s lineal descendants, siblings or parents (collectively, “Relatives”); (ii) any
executor, administrator or testamentary trustee of such Stockholder’s estate if such Stockholder dies; (iii) any transferee receiving Company Securities of such Stockholder by will, intestacy laws or the laws of descent or survivorship;

  
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(iv) any trustee of a trust (including an inter vivos trust) or any other estate planning entity of which there are no principal beneficiaries (in the case of a trust) or owners, partners,
stockholders or members (in the case of an entity other than a trust) other than such Stockholder or one or more Relatives of such Stockholder or one or more lineal descendents of siblings of such Stockholder; provided, however, that
such transferee shall execute a Joinder Agreement or otherwise agree to be bound by the terms of this Agreement applicable to the Stockholder. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity
or organization, including a Governmental Authority. 
 “Public Offering” means an underwritten public offering of
Common Stock pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form. 

“register”, “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Registrable Securities” means (i) Common Stock owned by the Stockholders, (ii) Common Stock issuable to the
Stockholders upon exercise, conversion or exchange of any option, warrant or other security of the Company and (iii) Common Stock directly or indirectly issued or issuable to the Stockholders with respect to the securities referred to in
clauses (i) or (ii) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, in the case of each of clause (i), (ii) and
(iii) above, whether owned on the date hereof or acquired hereafter; provided, that Registrable Securities shall not include any shares (i) the sale of which has been registered pursuant to the Securities Act and which shares
have been sold pursuant to such registration, or (ii) which have been sold pursuant to Rule 144 or Rule 145. 
 “Rule
144” means Rule 144 (or any successor provision) under the Securities Act. 
 “Rule 145” means Rule 145
(or any successor provision) under the Securities Act. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Series A Preferred Stock” means shares of Series A Preferred Stock, par value $0.01 per share, of the Company.

  
 4 

 “Third Party” means a prospective purchaser of Company Securities in a
bona fide arm’s-length transaction (other than a Permitted Transferee of the Stockholder proposing to sell Company Securities). 

“Transfer” means, with respect to any Company Securities, (i) when used as a verb, to sell, assign, dispose of,
exchange, pledge, encumber, hypothecate or otherwise transfer (by merger, operation of law or otherwise) such Company Securities or any participation or interest therein, whether directly or indirectly, or agree or commit to do any of the foregoing,
and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer (whether by merger, operation of law or otherwise) of such Company Securities or any participation
or interest therein or any agreement or commitment to do any of the foregoing. 
 (b) Each of the following terms is defined in the Section
set forth opposite such term: 
  

			
	 TERM
	  	 SECTION

	Advice	  	4.06
	Agreement	  	Preamble
	Board	  	1.01
	Charitable Option Period	  	3.02(b)
	Common Holder	  	Preamble
	Common Holders	  	Preamble
	Company	  	Preamble
	Demand Registration	  	4.01(a)
	Demand Request	  	4.01(a)
	Drag-Along Sale	  	3.05(a)
	Drag-Along Sale Notice	  	3.05(b)
	Drag-Along Sale Price	  	3.05(b)
	Drag Sellers	  	3.05(a)
	Gifted Securities	  	3.02(b)
	Inspectors	  	4.05(j)
	Issuance Notice	  	3.06(a)
	Joinder Agreement	  	Exhibit A
	Joining Party	  	Exhibit A
	Material Adverse Effect	  	4.01(e)
	NASD	  	4.05(l)
	Offer Acceptance Notice	  	3.03(b)
	Offer Notice	  	3.03(a)
	Offer Period	  	3.03(b)
	Offer Price	  	3.03(a)
	Offered Securities	  	3.03(a)
	Offerees	  	3.03(a)
	Offeror	  	3.03(a)
	Other Holders	  	3.05(a)
	Piggyback Holders	  	4.02(a)

  
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	 TERM
	  	 SECTION

	Put Notice	  	3.02(b)
	Records	  	4.05(j)
	Registration Expenses	  	4.07
	Replacement Nominee	  	2.02(a)
	Requesting Holders	  	4.01(a)
	Required Filing Date	  	4.01(b)
	Seller Affiliates	  	4.08(a)
	Series A Holder	  	Preamble
	Series A Holders	  	Preamble
	Series A Preferred Stock	  	Preamble
	Stock Purchase Agreement	  	Preamble
	Stockholder	  	Preamble
	Stockholders	  	Preamble
	Stockholders Agreement	  	Exhibit A
	Suspension Notice	  	4.06
	Tag-Along Notice	  	3.04(a)
	Tag-Along Notice Period	  	3.04(b)
	Tag-Along Offer Period	  	3.04(b)
	Tag-Along Offer Price	  	3.04(a)
	Tag-Along Offerees	  	3.04(a)
	Tag-Along Response Notice	  	3.04(b)
	Tag-Along Sale	  	3.04(a)
	Tag Seller	  	3.04(a)
	Tagging Persons	  	3.04(b)
	Third Party Offer	  	3.03(a)
	Third Party Sale Period	  	3.03(c)

 (c) Other Definitional and Interpretative Matters. Unless otherwise expressly provided or the context
otherwise requires, for purposes of this Agreement, the following rules of interpretation apply: 
 (i) Calculation of
Time Period. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period is excluded. If the
last day of such period is a non-Business Day, the period in question ends on the next succeeding Business Day. 
 (ii)
Currency. Any reference in this Agreement to $ means U.S. dollars. 
 (iii) Exhibits and Schedules. The
Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full in this Agreement and are an integral part of this Agreement. 

  
 6 

 (iv) Gender and Number. Unless the context otherwise requires, any
reference in this Agreement to gender includes all genders, and words imparting the singular number only include the plural and vice versa. 

(v) Headings. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other
subdivisions and the insertion of headings are for convenience of reference only and do not alter the meaning of, or affect the construction or interpretation of, this Agreement. 

(vi) Article, Section and Similar References. Unless the context otherwise requires, all references in this Agreement to
any “Article,” “Section,” “Schedule” or “Exhibit” are to the corresponding Article, Section, Schedule or Exhibit of this Agreement. 

(vii) Hereby and Similar Words. Unless the context otherwise requires, the words “hereby,”
“herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to the provision in which such words appear. 

(viii) Including. The word “including,” or any variation thereof, means “including,
without limitation” and does not limit any general statement that it follows to the specific or similar items or matters immediately following it. 

(ix) Parties to this Agreement. Any reference in this Agreement to the “parties” to this Agreement means the
signatories to this Agreement and their successors and permitted assigns, and does not include any third party. 
 ARTICLE 2 

CORPORATE GOVERNANCE 
 SECTION
2.01. Composition of the Board. (a) Each director shall be appointed by the Advent Holders, and the Board shall initially consist of six (6) directors, who shall initially be Steve Tadler, Steven Collins, Andrew Crawford, Tommy
Haddock, James Kibler and Will Kussell. The number of directors comprising the entire Board shall be determined by the Board. Any director may be removed, with or without cause, by the Advent Holders. 

(b) Each Stockholder agrees that, if at any time it is then entitled to vote for the election of directors to the Board, whether at any annual
or special meeting, by written consent or otherwise, it shall vote all of its Company Securities that are entitled to vote or execute proxies or written consents, as the case may be, and take all other necessary action (including causing the Company
to call a special meeting of Stockholders) in order to ensure that the composition of the Board is as set forth in this Section 2.01. 

  
 7 

 (c) The Company agrees to cause each individual designated pursuant to
Section 2.01(a) or 2.02 to be nominated to serve as a director on the Board, and to take all other necessary actions (including calling a special meeting of the Board and/or Stockholders) to ensure that the composition of the
Board is as set forth in Section 2.01(a) or 2.02. 
 SECTION 2.02. Vacancies. If, as a result of death,
disability, retirement, resignation, removal or otherwise, there shall exist or occur any vacancy on the Board: 
 (a) the Advent Holders may
designate another individual (the “Replacement Nominee”) to fill such vacancy and serve as a director on the Board by delivering to the Board a notice signed by the party entitled to such nomination or proposal; and 

(b) each Stockholder then entitled to vote for the election of directors to the Board agrees that it shall vote all of its Company Securities
that are entitled to vote or execute proxies or written consents, as the case may be or take or cause to be taken such other actions as may reasonably be required, in order to ensure that the Replacement Nominee be elected to the Board. 

SECTION 2.03. Quorum. A quorum of the Board shall consist of a majority of the members of the Board. A quorum must be present at all
meetings of the Board (whether in person or by telephone, videoconference or otherwise) to conduct business. A quorum must exist at all times during any meeting of the Board, including the reconvening of a meeting adjourned, in order for any action
taken at such meeting to be valid. 
 SECTION 2.04. Expenses. The Company shall pay all reasonable out-of-pocket expenses incurred by
each director in connection with traveling to and from and attending meetings of the Board (and any committee thereof) and while conducting business at the request of the Company. 

SECTION 2.05. Grant of Proxy. Each Stockholder hereby constitutes and appoints Advent International GPE VI Limited Partnership, with
full power of substitution and resubstitution, as its true and lawful proxy and attorney-in-fact to vote all Company Securities held by such Stockholder in accordance with this Article 2. Each Stockholder acknowledges that the proxy granted
hereby is irrevocable, being coupled with an interest, and will continue until the termination of this Agreement. 
 ARTICLE 3 

RESTRICTIONS ON TRANSFER. 

SECTION 3.01. General Restrictions on Transfer. 

(a) Each Stockholder understands and agrees that the Company Securities held by it on the date hereof have not been registered under the
Securities Act and are restricted securities under the Securities Act. No Stockholder shall Transfer any Company Securities (or solicit any offers in respect of any Transfer of any Company Securities), except

  
 8 

 
in compliance with the Securities Act, any other applicable securities or “blue sky” laws and any restrictions on Transfer contained in this Agreement or any other provisions set forth
in any other agreements or instruments pursuant to which such Company Securities were issued. 
 (b) Notwithstanding anything in this
Agreement to the contrary, no Stockholder shall Transfer any Company Securities to any Person unless such transferee shall have agreed in writing to be bound by the terms of this Agreement by executing a Joinder Agreement (unless such transferee is
already so bound) or otherwise agree to be bound by the terms of this Agreement applicable to such Stockholder. 
 (c) Notwithstanding
anything in this Agreement to the contrary, at any time prior to an IPO and for a period of three (3) years from the date hereof, except in connection with (i) a Drag-Along Sale, (ii) a Tag-Along Sale, (iii) a Transfer pursuant
to a Permitted Transferee pursuant to Section 3.02, (iv) a Charitable Transfer or (iv) a Transfer approved by the Board, no Stockholder (other than any Advent Holder) shall Transfer any Company Securities. 

(d) Notwithstanding anything in this Agreement to the contrary, any attempt to Transfer any Company Securities not in compliance with this
Agreement shall be null and void and have no force or effect, and the Company shall not, and shall cause any transfer agent not to, give any effect in such entity’s share records to such attempted Transfer. The parties hereto acknowledge that
the transfer restrictions contained herein are reasonable and in the best interests of the Company. 
 SECTION 3.02. Permitted
Transferees; Charitable Transfers. 
 (a) Subject to Section 3.01, any Stockholder may at any time Transfer any or all of its
Company Securities to a Permitted Transferee without the consent of any Person and without compliance with Section 3.03, Section 3.04 or Section 4.01, to the extent applicable, so long as such Permitted Transferee
shall have agreed in writing to be bound by the terms of this Agreement by executing a Joinder Agreement. Such Stockholder must give prior written notice to the Company of any proposed Transfer to a Permitted Transferee, including the identity of
such proposed Permitted Transferee and such other documentation reasonably requested by the Company to ensure compliance with the terms of this Agreement. 

(b) 
 (i) Subject
to Section 3.01, any Stockholder may at any time make a one-time Charitable Transfer of the Company Securities such Stockholder received pursuant to the Exchange Agreement, to a Charitable Transferee, so long as (x) such Stockholder
shall comply with the terms of this Section 3.02(b), (y) such Transfer has been approved in advance by the Board and (z) the Charitable Transferee shall have agreed in writing to be bound by the terms of this Agreement by
executing a Joinder Agreement. Such transferring Stockholder must give prior written notice to the Company of any proposed Transfer to the Charitable Transferee and such other documentation reasonably requested by the Company to ensure compliance
with the terms of this Agreement. 

  
 9 

 (ii) For a period of twenty (20) days after consummation of a Charitable
Transfer that has been approved by the Board (the “Charitable Option Period”), the Charitable Transferee, in its sole, absolute, and unfettered discretion, may require the Advent Holders, on a pro rata basis based on their
relative ownership of Company Securities (and/or one or more designee of the Advent Holders), to purchase all (and not less than all) of the Company Securities received by such Charitable Transferee pursuant to the Charitable Transfer (the
“Gifted Securities”) at the Charitable Put Price and on the following terms and conditions, by delivering to the Advent Holders, at any time within the Charitable Option Period, a written notice that it is requiring such
purchase (the “Put Notice”). 
 (iii) The closing of any Transfer of the Gifted Securities pursuant
to this Section 3.02(b) shall be held within ten (10) days after the Company’s (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) delivery of the Put Notice. At such closing, the
Charitable Transferee shall Transfer all applicable Gifted Securities free and clear of all liens and encumbrances, other than those imposed by this Agreement, to the respective purchasers thereof against delivery by the purchaser of the
consideration, in cash or other immediately available funds, payable therefor. The parties will execute and deliver at closing such documents as may reasonably be necessary to effect the Transfer of the Gifted Securities, as is, and the Charitable
Transferee need make no representation or warranty other than standard representations and warranties regarding title to the Gifted Securities, free and clear of liens and encumbrances, authorization to consummate the Transfer, and enforceability of
the documents evidencing such Transfer. 
 SECTION 3.03. Right of First Refusal. 

(a) If, beginning on the date that is three (3) years after the date hereof, other than in connection with a Transfer to a Permitted
Transferee or in connection with an IPO, a Stockholder (other than an Advent Holder) (the “Offeror”) has received a bona fide offer from a Third Party (a “Third Party Offer”) to purchase all or any
portion of its Company Securities, then the Offeror shall, prior to entering into any agreement or arrangement with such Third Party with respect thereto, give written notice (the “Offer Notice”) to the Company (and/or its
assigned designee, which may include the Advent Holders or any other Stockholder), which shall (i) state the number and type of Company Securities proposed to be Transferred to such Third Party (the “Offered
Securities”), (ii) state the name and address of such Third Party, (iii) state the proposed amount (the “Offer Price”) and type of consideration to be paid on an aggregate and per-share basis by such
Third Party for the Offered Securities (including, if the consideration consists in whole or in part of non-cash consideration, such information available to the Offeror as may be reasonably necessary

  
 10 

 
for the Company (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) to analyze the value of such non-cash consideration) and all other terms and
conditions of the proposed Transfer, and (iv) contain an offer to Transfer the Offered Securities to the Company (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) pursuant to this
Section 3.03(a). 
 (b) For a period of thirty (30) days after receipt of the Offer Notice (the “Offer
Period”), the Company (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) shall have the right, by delivering written notice (an “Offer Acceptance Notice”) to the Offeror
prior to the expiration of the Offer Period, to elect to purchase, at the Offer Price and on the same terms and conditions contained in the Offer Notice, all of the Offered Securities. The failure of the Company (and/or its assigned designee, which
may include the Advent Holders or any other Stockholder) to irrevocably elect to purchase all of the Offered Securities prior to the expiration of the Offer Period shall be deemed to be a waiver solely with respect to its right to participate in the
purchase of the Offered Securities pursuant to this Section 3.03(b). 
 (c) If the Company (and/or its assigned designee, which
may include the Advent Holders or any other Stockholder) does not elect to purchase all of the Offered Securities pursuant to Section 3.03(b), the Offeror may Transfer all, but not less than all, of the Company Securities proposed to be
Transferred in the Third Party Offer on terms no more favorable than the terms of such Transfer set forth in the Offer Notice; provided, however, (i) any such Transfer shall be subject to the other terms and restrictions of this
Agreement, and (ii) that if such Transfer is not consummated on or before ninety (90) days after the expiration of the Offer Period (the “Third Party Sale Period”), the restrictions provided for in this
Section 3.03 shall again become effective, and no Transfer of such Offered Securities to the Third Party may be made thereafter by the Offeror without again offering the same to the Company (and/or its assigned designee, which may
include the Advent Holders or any other Stockholder) in accordance with this Section 3.03. 
 (d) The closing of any Transfer of
the Offered Securities to the Company (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) pursuant to this Section 3.03 shall be held within forty-five (45) days after the Company’s
(and/or its assigned designee, which may include the Advent Holders or any other Stockholder) delivery of the Offer Acceptance Notice; provided, that, if such Transfer is subject to the expiration or termination of a waiting period, such
period shall be extended until five (5) Business Days after the waiting period expires or is terminated, or at such other time and place as the parties to the transaction may agree. At such closing, the Offeror shall Transfer all such Company
Securities free and clear of all liens and encumbrances, other than those imposed by this Agreement, to the respective purchasers thereof against delivery by the purchaser of the consideration payable therefor. 

  
 11 

 SECTION 3.04. Tag-Along Rights. 

(a) If any Advent Holder (a “Tag Seller”) proposes to Transfer any Company Securities to any Third Party or Third
Parties (other than pursuant to Section 3.05, to a Permitted Transferee or in connection with an IPO) in a single transaction or in a series of related transactions and, if applicable, such Company Securities have been offered to, but
not purchased by, the Company (and/or its assigned designee, which may include the Advent Holders or any other Stockholder) in accordance with the provisions set forth in Section 3.03 (a “Tag-Along Sale”), then
the Tag Seller shall give written notice (the “Tag-Along Notice”) to the Company and each other Stockholder (the “Tag-Along Offerees”), which shall (i) state the number and type of Company
Securities proposed to be Transferred to such Third Party, (ii) state the name and address of such Third Party, (iii) state the proposed amount (the “Tag-Along Offer Price”) and type of consideration to be paid on
an aggregate and a per-share basis by such Third Party for the Company Securities proposed to be Transferred and all other material terms and conditions of the proposed Transfer, (iv) state the proposed Transfer date, (v) contain an offer
for each Tag-Along Offeree to participate in such Transfer pursuant to this Section 3.04. 
 (b) For a period of twenty
(20) days after receipt of the Tag-Along Notice (the “Tag-Along Offer Period”), each Tag-Along Offeree shall have the right, by delivering written notice (a “Tag-Along Response Notice”) to the
Company and the Tag Seller prior to the expiration of the Tag-Along Offer Period, to elect to include in the proposed Transfer all or any portion of its pro rata portion of the Company Securities proposed to be Transferred in such Tag-Along Sale,
which pro rata portion shall not be in excess of the proportion that the number of shares of fully-diluted Common Stock owned by such Tag-Along Offeree bears to the aggregate number of shares of fully-diluted Common Stock owned by the Tag Seller and
all Tag-Along Offerees that elect to include Company Securities in the Tag-Along Sale pursuant to this Section 3.04 (the “Tagging Persons”). The Tag Seller shall reduce to the extent necessary the number of
Company Securities it otherwise would have sold in the proposed Transfer so as to permit the Tagging Persons to sell the Company Securities elected by them to be included in the Tag-Along Sale. A Tagging Person’s participation in a Tag-Along
Sale is conditioned upon (i) the consummation of the transactions contemplated in the Tag-Along Notice with the transferee named therein and (ii) such Tagging Person’s execution and delivery of all agreements and other documents as
the Tag Seller executes and delivers in connection with the Tag-Along Sale. The consummation of the Tag-Along Sale shall be in accordance with the terms and conditions set forth in the Tag-Along Notice and each participating Tagging Person shall
receive the same consideration per Company Security as received by the Tag Seller and shall otherwise be on the terms no less favorable than those on which the Tag Seller is selling its Company Securities in such Tag-Along Sale. 

(c) Each of the Tagging Persons shall, upon request, deliver to the Tag Seller the certificate or certificates representing the Company
Securities of such Tagging Persons to be included in the Tag-Along Sale, duly endorsed, in proper form for Transfer, together with an irrevocable power-of-attorney authorizing the Tag Seller to Transfer such Company Securities and to execute and
deliver on behalf of such Tagging Persons all other documents required to be executed in connection with such transaction on the terms set forth in the Tag-Along Notice. 

  
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 (d) Upon the consummation of the Tag-Along Sale, the Tag Seller shall (i) notify the Tagging
Persons thereof, (ii) remit or cause to be remitted to the Tagging Persons the total consideration to be paid at the closing of the Tag-Along Sale for the Shares of the Tagging Persons Transferred pursuant thereto, and (iii) furnish such
other evidence of the completion and the date of completion of such Transfer and the terms thereof as may be reasonably requested by such Tagging Persons. 

(e) If none of the Tag Along Offerees gives the Tag Holder a Tag-Along Response Notice prior to the expiration of the twenty (20)-day period
for giving Tag-Along Response Notices with respect to the Transfer proposed in the Tag Along Notice, then the Tag Holder may Transfer such shares on the terms and conditions no more favorable than those set forth, and to or among any of the Third
Parties identified, in the Tag Along Notice at any time within ninety (90) days after expiration of the 20-day period for giving Tag-Along Response Notices with respect to such Transfer. Any such Offered Shares not Transferred pursuant to this
Section 3.04(e) during such 90-day period will again be subject to the provisions of Section 3.04(a) upon subsequent Transfer. 

(f) This Section 3.04 shall not apply to any Transfer of Company Securities in a Drag-Along Sale for which the Drag Sellers shall
have elected to exercise their rights under Section 3.05. 
 SECTION 3.05. Drag-Along Rights. 

(a) If the Advent Holders (the “Drag Sellers”) propose to effect a Transfer of Company Securities representing more
than a majority of the outstanding Company Securities to any Person in a single transaction or in a series of related transactions (a “Drag-Along Sale”), the Drag Sellers may at their option require each other Stockholder
(the “Other Holders”), to Transfer a portion of its Company Securities that represents the same percentage of the Company Securities held by such Other Holder as the number of Company Securities being sold by the Drag Sellers
in the Drag-Along Sale bears to the total number of Company Securities held by the Drag Sellers. For example, if the Drag Sellers are selling Company Securities that represent 70% of the Company Securities held by such Drag Seller (determined on an
as-converted or as-exercised basis), then each Other Holder shall be required to sell Company Securities that represent 70% of the Company Securities held by such Other Holder (on an as-converted or as-exercised basis). 

(b) The Drag Sellers shall provide written notice of such Drag-Along Sale to the Company and the Other Holders (a “Drag-Along Sale
Notice”) not less than ten (10) days prior to the consummation of the proposed Drag-Along Sale. The Drag-Along Sale Notice shall (i) state the number and type of Company Securities proposed to be Transferred to such Third
Party, (ii) state the name of such Third Party and (iii) state the proposed amount (the “Drag-Along Sale Price”) and type of consideration to be paid by such Third Party for the Company Securities proposed to be
Transferred and all other material terms and conditions of the Drag-Along Sale. 
 (c) Each Other Holder shall be required to participate in
the Drag-Along Sale on the same terms and conditions as and applicable to the Drag Sellers and, whether in the capacity as a seller of Company Securities, holder of Company Securities, officer or director of the Company, or otherwise, shall take or
cause to be taken all such actions as may be reasonably necessary or desirable in order to consummate such Drag-Along Sale, 

  
 13 

 
including, (i) voting their respective Company Securities (or executing and delivering any written consents in lieu thereof) in favor of the Drag-Along Sale and against any action or
proposal that may prevent, hinder or impede the consummation of the Drag-Along Sale, (ii) not exercising any dissenters’ or appraisal rights to which they may be entitled in connection with the Drag-Along Sale and (iii) executing and
delivering such documents, consents, assignments and other instruments as may reasonably be necessary to effect the Drag-Along Sale. 
 (d)
In connection with any Drag-Along Sale, each Other Holder shall receive their pro rata portion of the consideration for the Company Securities sold or otherwise disposed of pursuant to the Drag-Along Sale (after deduction of the proportionate share
of: (i) amounts paid into escrow or held back, in the reasonable determination of the Advent Holders, for indemnification or post-closing expenses; and (ii) amounts subject to post-closing purchase price adjustments). 

(e) Each Other Holder hereby grants to each Drag Seller, an irrevocable proxy to vote, including in any action by written consent, such Other
Holder’s Company Securities in accordance with such Other Holder’s agreements in this Section 3.05. 
 (f) The Other
Holders shall, upon request, deliver to the Drag Sellers the certificate or certificates representing the Company Securities of such Other Holders to be included in the Drag-Along Sale, duly endorsed, in proper form for Transfer, together with an
irrevocable power-of-attorney authorizing the Drag Sellers to Transfer such Company Securities and to execute and deliver on behalf of such Other Holder all other documents required to be executed in connection with such transaction on the terms set
forth in the Drag-Along Notice; provided, however, that if the Drag-Along Sale is terminated, the Drag Sellers shall promptly return to the Other Holders all certificates and other applicable instruments representing the Company
Securities that such Other Holders delivered for Transfer and any power-of-attorney previously delivered in connection with such proposed Transfer. 

(g) If requested by the Drag Sellers, the Company will (i) cooperate with the proposed transferee and their respective advisors, to
facilitate and effect any Drag-Along Sale, (ii) enter into definitive agreements as are customary for transactions of the nature of the proposed Drag-Along Sale and (iii) pay all reasonable costs and expenses incurred by the Drag Sellers
or the Company in connection with any proposed Drag-Along Sale (whether or not consummated), including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions.

 (h) Notwithstanding anything contained in this Section 3.05, there shall be no liability on the part of the Drag Sellers to
the Other Holders (other than the obligation to return any certificates and instruments evidencing Company Securities and powers-of-attorney received by the Drag Sellers) if the Transfer of Company Securities pursuant to this
Section 3.05 is not consummated for whatever reason, regardless of whether the Drag Sellers have delivered a Drag-Along Sale Notice. The decision to effect a Transfer of Company Securities pursuant to this Section 3.05 by the
Drag Sellers is in the sole and absolute discretion of the Drag Sellers. 

  
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 SECTION 3.06. Additional Provisions Related to Tag-Along Sales and Drag-Along Sales.
Notwithstanding anything contained in Section 3.04 or Section 3.05 to the contrary, in connection with a Tag-Along Sale under Section 3.04 or a Drag-Along Sale under Section 3.05: 

(a) Upon the consummation of such Tag-Along Sale or Drag-Along Sale, all Stockholders participating therein will receive the same form and
amount of consideration per Company Security, or, if any Stockholder is given an option as to the form and amount of consideration to be received, all Stockholders participating therein will be given the same option. 

(b) Each Stockholder shall (i) make such representations, warranties and covenants and enter into such definitive agreements as are
customary for transactions of the nature of the proposed Transfer, (ii) benefit from and be subject to all of the same provisions of the definitive agreements as are applicable to the Tag-Along Seller or Drag-Along Seller, as the case may be,
(iii) be required to bear its proportionate share of any escrows, holdbacks or adjustments in respect of the purchase price or indemnification obligations; provided, that no Stockholder shall be obligated (A) to make any
representations or warranties except as to such Stockholder, (B) to indemnify, other than severally indemnify, any Person in connection with such Tag-Along Sale or Drag-Along Sale, as the case may be, or (C) to incur liability to any
Person in connection with such Tag-Along Sale or Drag-Along Sale, as the case may be, including, without limitation, under any indemnity, in each case in excess of the lesser of (1) its pro rata share of such liability and (2) the gross
proceeds realized by such Stockholder in such sale. 
 (c) In the event the consideration to be paid in exchange for Company Securities in a
Tag-Along Sale or a Drag-Along Sale includes any securities, and the receipt thereof by a Stockholder would require under applicable law (i) the registration or qualification of such securities or of any Person as a broker or dealer or agent
with respect to such securities where such registration or qualification is not otherwise required for the Tag-Along Sale or a Drag-Along Sale or (ii) the provision to any Tag-Along Seller or Drag-Along Seller of any specified information
regarding such securities or the issuer thereof that is not otherwise required to be provided for the Tag-Along Sale or Drag-Along Sale, then such Stockholder shall not have the right to sell Company Securities in such proposed Tag-Along Sale or
Drag-Along Sale. In the cause of either clause (i) or (ii) above, the Tag-Along Seller or Drag-Along Seller, as the case may be, shall (a) in the case of a Tag-Along Sale, have the right, but not the obligation, and (b) in the
case of a Drag-Along Sale, have the obligation, to cause to be paid to such Stockholder in lieu thereof, against surrender of the Company Securities which would have otherwise been Transferred by such Stockholder to the prospective purchaser in the
proposed Tag-Along Sale or a Drag-Along Sale, an amount in cash equal to the fair market value (as determined in the reasonable determination of the Board) of such Company Securities as of the date such securities would have been issued in exchange
for such Company Securities. 

  
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 SECTION 3.07. Preemptive Rights. 

(a) After the date hereof and prior to the consummation of an IPO, the Company shall give each of the Stockholders that is an “accredited
investor” (as such term is defined in Rule 501(c) of the Securities Act) written notice (an “Issuance Notice”) of any proposed issuance by the Company of shares of a specified class of Company Securities at least twenty
(20) days prior to the proposed issuance date. The Issuance Notice shall specify the class of Company Securities to be issued, the number of shares of such specified class of Company Securities to be issued, the price at which such Company
Securities are proposed to be issued and the other material terms and conditions of the issuance. Each Stockholder shall be entitled to purchase, at the price and on the other terms and conditions specified in the Issuance Notice, its pro rata
amount of such newly issued Company Securities such that upon consummation of such proposed issuance such Stockholder shall own the same percentage of Company Securities on a fully diluted basis as it did immediately prior to such issuance. 

(b) Each Stockholder may exercise its rights under this Section 3.07 by delivering written notice of its election to purchase such
Company Securities to the Company within ten (10) days after receipt of the Issuance Notice. A delivery of such notice (which notice shall specify the number of shares of the class of Company Securities requested to be purchased by the
Stockholder submitting such notice) by such Stockholder shall constitute a binding agreement of such Stockholder to purchase, at the price and on the terms and conditions specified in the Issuance Notice, the number of shares and the specified class
of Company Securities specified in such Stockholder’s notice. If, at the termination of such ten (10) day-period, any Stockholder has not exercised its right to purchase any of its pro rata share of such Company Securities, such
Stockholder shall be deemed to have waived all of its rights under this Section 3.07 with respect to, and only with respect to, the purchase of such Company Securities specified in the Issuance Notice. 

(c) The closing of any issuance of Company Securities to a Stockholder pursuant to this Section 3.07 shall take place at the time
and in the manner provided in the Issuance Notice. The Company shall be under no obligation to consummate any proposed issuance of Company Securities, nor shall there be any liability on the part of such entity to any Stockholder, if the Company has
not consummated any proposed issuance of Company Securities pursuant to this Section 3.07 for whatever reason, regardless of whether it shall have delivered an Issuance Notice in respect of such proposed issuance. 

(d) The preemptive rights under this Section 3.07 shall not apply to issuances or sales of Company Securities (i) to
employees, officers and/or directors of the Company pursuant to employee benefit or similar plans or arrangements of the Company, (ii) upon exercise, conversion or exchange of Company Securities outstanding as of the date hereof or which, when
issued, were subject to or exempt from the preemptive rights, (iii) distributed or set aside ratably to all holders of a class of Company Securities on a per share equivalent basis, including without limitation the Series A Preferred Stock
pursuant to Section 2 of the Company’s Certificate (iv) in, or in connection with, an IPO or a merger of the Company with or into another Person or an acquisition by the Company of another Person or substantially all the assets of
another Person, (v) as a bona-fide “equity kicker” to a lender in connection with a third party debt financing, or (vi) granted as part of a commercial arrangement with the Company and strategic partners, landlords, franchisees,
suppliers, customers, investment bankers or other professional advisors. 

  
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 (e) Notwithstanding anything herein to the contrary, if the Board determines in good faith that
complying with the provisions of this Section 3.07 prior to an issuance of Company Securities may negatively impact the Company or such issuance process, then the Company may wait until up to fifteen (15) days after the closing of
the issuance of the applicable Company Securities to send an Issuance Notice and otherwise comply with the provisions of this Section 3.07. 

ARTICLE 4 
 REGISTRATION RIGHTS

 SECTION 4.01. Demand Registration. 

(a) At any time after 180 days after the IPO effective date, the Advent Holders may request (the “Requesting Holders”,
which term shall include parties deemed “Requesting Holders” pursuant to Section 4.01(f) hereof), in writing (a “Demand Request”), that the Company effect the registration under the Securities Act of all
or part of its or their Registrable Securities (a “Demand Registration”). 
 (b) Each Demand Request shall specify
the number of Registrable Securities proposed to be sold. Subject to Section 4.01(g), the Company shall file the Demand Registration within ninety (90) days after receiving a Demand Request (the “Required Filing
Date”) and as soon as practicable and in any event shall use all reasonable best efforts to cause the same to be declared effective by the SEC or, if eligible, to become automatically effective as promptly as practicable after such
filing. 
 (c) A registration will not count as a Demand Registration until it has become effective (unless the Requesting Holders withdraw
all their Registrable Securities and the Company has performed its obligations hereunder in all material respects, in which case such demand will count as a Demand Registration unless the Requesting Holders pay all Registration Expenses, as
hereinafter defined, in connection with such withdrawn registration); provided, however, that if, after it has become effective, an offering of Registrable Securities pursuant to a registration is interfered with by any stop order,
injunction or other order or requirement of the SEC or other governmental agency or court, such registration will be deemed not to have been effected and will not count as a Demand Registration. 

(d) The offering of Registrable Securities pursuant to a Demand Registration shall be in the form of a “firm commitment” underwritten
offering. The Requesting Holders of a majority of the Registrable Securities to be registered in a Demand Registration shall select the investment banking firm or firms to manage the underwritten offering, provided that such selection shall
be subject to the consent of the Company, which 

  
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consent shall not be unreasonably withheld. No Person may participate in any registration pursuant to Section 4.01(a) unless such Person (i) agrees to sell such Person’s
Registrable Securities on the basis provided in any underwriting arrangements described above and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements; provided, however, that no such Person shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as
to (A) such Person’s ownership of his or its Registrable Securities to be transferred free and clear of all liens, claims and encumbrances, (B) such Person’s power and authority to effect such transfer and (C) such matters
pertaining to compliance with securities laws as may be reasonably requested; provided, further, however, that the obligation of such Person to indemnify pursuant to any such underwriting arrangements shall be several, not joint
and several, among such Persons selling Registrable Securities, and the liability of each such Person will be in proportion thereto, provided, further, that such liability will be limited to the net amount received by such Person from
the sale of his or its pursuant to such registration; and provided; further, that if the Company cannot include such provisions in any underwriting agreement, then the Company shall indemnify such Person to the fullest extent permitted
by law with respect to any loss resulting from the underwriting agreement differing from the provisions of this Agreement. 
 (e) No
securities to be sold for the account of any Person (including the Company) other than a Requesting Holder shall be included in a Demand Registration unless the managing underwriter or underwriters shall advise the Company or the Requesting Holders
in writing that the inclusion of such securities will not materially and adversely affect the price or success of the offering (a “Material Adverse Effect”). Furthermore, in the event the managing underwriter or underwriters
shall advise the Company or the Requesting Holders that even after exclusion of all securities of other Persons pursuant to the immediately preceding sentence, the amount of Registrable Securities proposed to be included in such Demand Registration
by Requesting Holders is sufficiently large to cause a Material Adverse Effect, the Registrable Securities of the Requesting Holders to be included in such Demand Registration shall equal the number of shares which the Company is so advised can be
sold in such offering without a Material Adverse Effect and such shares shall be allocated pro rata among the Requesting Holders on the basis of the number of Registrable Securities requested to be included in such registration by each such
Requesting Holder. 
 (f) Upon receipt of any Demand Request, the Company shall promptly (but in any event within ten (10) days) give
written notice of such proposed Demand Registration to all other holders of Registrable Securities, who shall have the right, exercisable by written notice to the Company within twenty (20) days of their receipt of the Company’s notice, to
elect to include in such Demand Registration such portion of their Registrable Securities as they may request. All Stockholders requesting to have their Registrable Securities included in a Demand Registration in accordance with the preceding
sentence shall be deemed to be “Requesting Holders” for purposes of this Section 4.01(f). 

  
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 (g) The Company may defer the filing (but not the preparation) of a registration statement
required by Section 4.01(a) until a date not later than 180 days after the Required Filing Date (or, if longer, ninety (90) days after the effective date of the registration statement contemplated by clause (ii) below) if
(i) at the time the Company receives the Demand Request, the Company are engaged in confidential negotiations or other confidential business activities, disclosure of which would be required in such registration statement (but would not be
required if such registration statement were not filed), and the Board determines in good faith that such disclosure would be materially detrimental to the Company and its Stockholders or (ii) prior to receiving the Demand Request, the Board
had determined to effect a registered underwritten Public Offering of the Company’s securities for the Company’s account and the Company had taken substantial steps (including, but not limited to, selecting a managing underwriter for such
offering) and is proceeding with reasonable diligence to effect such offering. A deferral of the filing of a registration statement pursuant to this Section 4.01(g) shall be lifted, and the requested registration statement shall be filed
forthwith, if, in the case of a deferral pursuant to clause (i) of the preceding sentence, the negotiations or other activities are disclosed or terminated, or, in the case of a deferral pursuant to clause (ii) of the preceding sentence,
the proposed registration for the Company’s account is abandoned. In order to defer the filing of a registration statement pursuant to this Section 4.01(g), the Company shall promptly (but in any event within ten (10) days),
upon determining to seek such deferral, deliver to each Requesting Holder a certificate signed by an executive officer of the Company stating that the Company is deferring such filing pursuant to this Section 4.01(g) and a general
statement of the reason for such deferral and an approximation of the anticipated delay. Within twenty (20) days after receiving such certificate, the holders of a majority of the Registrable Securities held by the Requesting Holders and for
which registration was previously requested may withdraw such Demand Request by giving notice to the Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this Agreement. The Company may defer the filing
of a particular registration statement pursuant to this Section 4.01(g) only once. 
 SECTION 4.02. Piggyback
Registrations. 
 (a) Each time the Company proposes to register the offering of any of its equity securities (other than pursuant to an
Excluded Registration) under the Securities Act for sale to the public (whether for the account of the Company or the account of any securityholder of the Company) and the form of registration statement to be used permits the registration of
Registrable Securities, the Company shall give prompt written notice to each holder of Registrable Securities (collectively, the “Piggyback Holders”) (which notice shall be given not less than thirty (30) days prior to
the effective date of the Company’s registration statement), which notice shall offer each such Piggyback Holder the opportunity to include any or all of its or his Registrable Securities in such registration statement, subject to the
limitations contained in Section 4.02(b) hereof. Each Piggyback Holder who desires to have its or his Registrable Securities included in such registration statement shall so advise the Company in writing (stating the number of shares
desired to be registered) within twenty (20) days after the date of such notice from the Company. Any Stockholder shall have the right to withdraw such Piggyback Holder’s request for inclusion of such Piggyback Holder’s Registrable
Securities in any registration statement pursuant to this Section 4.02(a) by giving written notice to the Company of such withdrawal. Subject to Section 4.02(b) below, the Company shall include in such registration statement
all such Registrable Securities so 

  
 19 

 
requested to be included therein; provided, however, that the Company may at any time withdraw or cease proceeding with any such registration if it shall at the same time withdraw
or cease proceeding with the registration of all other equity securities originally proposed to be registered. 
 (b) If the managing
underwriter advises the Company that the inclusion of Registrable Securities requested to be included in the registration statement would cause a Material Adverse Effect, the Company will be obligated to include in the registration statement, as to
each Requesting Holder and Piggyback Holder, only a portion of the shares such Stockholder has requested be registered equal to the product of: (i) the ratio which such Stockholder’s requested shares bears to the total number of shares
requested to be included in such registration statement by all Persons (including Requesting Holders) who have requested (pursuant to contractual registration rights) that their shares be included in such registration statement; and (ii) the
maximum number of that the managing underwriter advises may be sold in an offering covered by the registration statement without a Material Adverse Effect. If as a result of the provisions of this Section 4.02(b) any Stockholder shall
not be entitled to include all Registrable Securities in a registration that such Stockholder has requested to be so included, such Stockholder may withdraw such Stockholder’s request to include its Registrable Securities in such registration
statement. No Person may participate in any registration statement hereunder unless such Person (i) agrees to sell such person’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Company and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents, each in customary form, reasonably required under the terms of such underwriting arrangements; provided,
however, that no such Person shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to (A) such Person’s ownership of his or its Registrable
Securities to be sold or transferred free and clear of all liens, claims and encumbrances, (B) such Person’s power and authority to effect such transfer and (C) such matters pertaining to compliance with securities laws as may be
reasonably requested; provided, further, however, that the obligation of such Person to indemnify pursuant to any such underwriting arrangements shall be several, not joint and several, among such Persons selling Registrable
Securities, and the liability of each such Person will be in proportion to, and provided, further, that such liability will be limited, to the net amount received by such Person from the sale of his or its pursuant to such
registration. 
 SECTION 4.03. Registration on Form S-3. 

(a) After twelve (12) months following an IPO, if any, a Stockholder may request that the Company file a registration statement on Form
S-3 (or any successor form to Form S-3) or any similar short-form registration statement, for a Public Offering of Registrable Securities, if the reasonably anticipated gross proceeds from all resales covered thereunder would exceed $10,000,000 and
the Company is a registrant entitled to use Form S-3 to register the Registrable Securities for such an offering. Following such a request, the Company shall (i) within ten (10) days of the receipt by the Company of such notice, give
written notice of such proposed registration to all other Stockholders and (ii) as soon as practicable, shall use its reasonable best efforts to cause such Registrable Securities to be 

  
 20 

 
registered on such form for the offering and to cause such to be qualified in such jurisdictions as the Stockholders may reasonably request together with all or such portion of the of any
Stockholders joining in such request as are specified in a written request received by the Company within twenty (20) days after receipt of such written notice from the Company; provided, however, that the Company shall not be
required to effect more than two (2) such registrations pursuant to this Section 4.03(a) in any twelve (12) month period. After the IPO, the Company will use its best efforts to qualify for and remain eligible to use Form S-3
registration or a similar short-form registration. The provisions of Section 4.01(d) shall be applicable to each registration initiated under this Section 4.03(a). 

(b) The Company may defer the filing (but not the preparation) of a registration statement required by Section 4.03(a) until a date
not later than 120 days after the date which is 90 days after the request to file on Form S-3 (or, if longer, 120 days after the effective date of the registration statement contemplated by clause (ii) below) if (i) at the time the Company
receives a request to register shares on Form S-3, the Company is engaged in confidential negotiations or other confidential business activities, disclosure of which would be required in such registration statement (but would not be required if such
registration statement were not filed), and the Board determines in good faith that such disclosure would be materially detrimental to the Company and its Stockholders or (ii) prior to receiving the request to register shares on Form S-3, the
Board had determined to effect a registered underwritten Public Offering of the Company’s securities for the Company’s account and the Company had taken substantial steps (including, but not limited to, selecting a managing underwriter for
such offering) and is proceeding with reasonable diligence to effect such offering. A deferral of the filing of a registration statement pursuant to this Section 4.03(b) shall be lifted, and the requested registration statement shall be
filed forthwith, if, in the case of a deferral pursuant to clause (i) of the preceding sentence, the negotiations or other activities are disclosed or terminated, or, in the case of a deferral pursuant to clause (ii) of the preceding
sentence, the proposed registration for the Company’s account is abandoned. In order to defer the filing of a registration statement pursuant to this Section 4.03(b), the Company shall promptly (but in any event within ten
(10) days), upon determining to seek such deferral, deliver to each Requesting Holder a certificate signed by an executive officer of the Company stating that the Company is deferring such filing pursuant to this Section 4.03(b) and
a general statement of the reason for such deferral and an approximation of the anticipated delay. The Company may defer the filing of a particular registration statement pursuant to this Section 4.03(b) only once. 

SECTION 4.04. Holdback Agreement. Upon the request of the managing underwriter, each of the Company and the Stockholders entitled to
participate in such registration agrees (and the Company agrees, in connection with any underwritten registration, to use its best efforts to cause its Affiliates to agree) not to effect any public sale or private offer or distribution of any Common
Stock or other equity securities during the ten (10) Business Days prior to the effectiveness under the Securities Act of any underwritten registration and during such time period after the effectiveness under the Securities Act of any
underwritten registration (not to exceed 180 days) (except, if applicable, as part of such underwritten registration) as the Company and the managing underwriter may agree. Any discretionary waiver or termination of the requirements under the
foregoing provisions made by the managing underwriter shall apply to each seller of Registrable Securities on a pro rata basis in accordance with the number of Registrable Securities held by each seller. 

  
 21 

 SECTION 4.05. Registration Procedures. Whenever any Stockholder has requested that any
Registrable Securities be registered pursuant to this Agreement, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant
thereto the Company will as expeditiously as possible: 
 (a) prepare and file with the SEC a registration statement on any appropriate form
under the Securities Act with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective; 

(b) prepare and file with the SEC such amendments, post-effective amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than 180 days (or such lesser period as is necessary for the underwriters in an underwritten offering to sell unsold allotments)
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such registration statement; 
 (c) furnish to each seller of Registrable Securities and the underwriters of the securities being
registered such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), any documents incorporated by reference therein
and such other documents as such seller or underwriters may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller or the sale of such securities by such underwriters (it being understood that,
subject to Section 4.06 and the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement thereto by each seller and the underwriters in
connection with the offering and sale of the Registrable Securities covered by the registration statement of which such prospectus, amendment or supplement is a part); 

(d) use its best efforts to register or qualify the Registrable Securities under the securities or “blue sky” laws of the
jurisdictions as the managing underwriter reasonably requests (or, in the event the registration statement does not relate to an underwritten offering, as the holders of a majority of the Registrable Securities may reasonably request); use its best
efforts to keep each such registration or qualification (or exemption therefrom) effective during the period in which the registration statement is required to be kept effective; and do any and all other acts and things which may be reasonably
necessary or advisable to enable each seller to consummate the disposition of the owned by such seller in such jurisdictions (provided, however, that the Company will not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this subparagraph or (ii) consent to general service of process in any such jurisdiction); 

  
 22 

 (e) promptly notify each seller and each underwriter and if requested by any such Person, confirm
such notice in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to a registration statement or any post-effective amendment, when the same has become effective, (ii) of
the issuance by any state securities or other regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Securities under state securities or “blue sky” laws or the initiation
of any proceedings for that purpose and (iii) of the happening of any event which makes any statement made in a registration statement or related prospectus untrue or which requires the making of any changes in such registration statement,
prospectus or documents so that they will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, as promptly as
practicable thereafter, prepare and file with the SEC and furnish a supplement or amendment to such prospectus so that, as thereafter deliverable to the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement
of a material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(f) make generally available to the Company’s securityholders an earnings statement satisfying the provisions of Section 11(a)
of the Securities Act no later than 30 days after the end of the twelve (12) month period beginning with the first day of the Company’s first fiscal quarter commencing after the effective date of a registration statement, which earnings
statement shall cover said twelve (12) month period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise complies
with Rule 158 under the Securities Act; 
 (g) if requested by the managing underwriter or any seller promptly incorporate in a prospectus
supplement or post-effective amendment such information as the managing underwriter or any seller reasonably requests to be included therein, including, with respect to the Registrable Securities being sold by such seller, the purchase price being
paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective
amendment; 
 (h) as promptly as practicable after filing with the SEC of any document which is incorporated by reference into a registration
statement (in the form in which it was incorporated), deliver a copy of each such document to each seller; 
 (i) cooperate with the sellers
and the managing underwriter to facilitate the timely preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law) representing securities sold under any registration statement, and
enable such securities to be in such denominations and registered in such names as the managing underwriter or such sellers may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such
registration statement a supply of such certificates; 

  
 23 

 (j) promptly make available for inspection by any seller, any underwriter participating in any
disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained by any such seller or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information requested by any such Inspector in connection with such registration statement; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in the registration statement or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this
subparagraph (j) if (i) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either
(A) the Company has requested and been granted from the SEC confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines in good
faith that such Records are confidential and so notifies the Inspectors in writing unless prior to furnishing any such information with respect to (i) or (ii) the Inspector of Registrable Securities requesting such information agrees to
enter into a confidentiality agreement in customary form and subject to customary exceptions; and provided, further, that each holder of Registrable Securities agrees that it will, upon learning that disclosure of such Records is
sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

(k) furnish to each seller and underwriter a signed counterpart of (i) an opinion or opinions of counsel to the Company and (ii) a
comfort letter or comfort letters from the Company’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the sellers or managing
underwriter reasonably requests; 
 (l) cause the Company Securities included in any registration statement to be (i) listed on each
securities exchange, if any, on which similar securities issued by the Company are then listed or (ii) authorized to be quoted and/or listed (to the extent applicable) on the National Association of Securities Dealers, Inc.
(“NASD”). Automated Quotation System or the Nasdaq National Market if the Company Securities so qualify; 
 (m)
provide a transfer agent and registrar for all registered hereunder and provide a CUSIP number for the Registrable Securities included in any registration statement not later than the effective date of such registration statement; 

(n) cooperate with each seller and each underwriter participating in the disposition of such Registrable Securities and their respective
counsel in connection with any filings required to be made with the NASD; 

  
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 (o) during the period when the prospectus is required to be delivered under the Securities Act,
promptly file all documents required to be filed with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act; 
 (p)
notify each seller of Registrable Securities promptly of any request by the SEC for the amending or supplementing of such registration statement or prospectus or for additional information; 

(q) prepare and file with the SEC promptly any amendments or supplements to such registration statement or prospectus which, in the opinion of
counsel for the Company or the managing underwriter, is required in connection with the distribution of the Registrable Securities; 
 (r)
enter into such agreements (including underwriting agreements in the managing underwriter’s customary form) as are customary in connection with an underwritten registration; and 

(s) advise each seller of such Registrable Securities, promptly after the Company receives notice or obtains knowledge thereof, of the issuance
of any stop order by the SEC suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its
withdrawal at the earliest possible moment if such stop order should be issued. 
 SECTION 4.06. Suspension of Dispositions. Each
Stockholder agrees by acquisition of any Registrable Securities that, upon receipt of any notice (a “Suspension Notice”) from the Company of the happening of any event of the kind described in Section 4.05(e)(iii)
such Stockholder will forthwith discontinue disposition of Registrable Securities until such Stockholder’s receipt of the copies of the supplemented or amended prospectus, or until such Stockholder is advised in writing (the
“Advice”) by the Company that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings which are incorporated by reference in the prospectus, and, if so directed by the
Company, such Stockholder will deliver to the Company all copies, other than permanent file copies then in Stockholder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. In the
event the Company shall give any such notice, the time period regarding the effectiveness of registration statements set forth in Section 4.05(b) hereof shall be extended by the number of days during the period from and including the
date of the giving of the Suspension Notice to and including the date when each seller of securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus or the Advice. The Company shall use
its best efforts and take such actions as are reasonably necessary to render the Advice as promptly as practicable. 
 SECTION 4.07.
Registration Expenses. All expenses incident to the Company’s performance of or compliance with this Article IV including, all registration and filing fees, all fees and expenses associated with filings required to be made with
the NASD (including, if applicable, the fees and expenses of any “qualified independent underwriter” as 

  
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such term is defined in Schedule E of the By-Laws of the NASD, and of its counsel), as may be required by the rules and regulations of the NASD, fees and expenses of compliance with securities or
“blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities that are the subject of such registration), rating agency fees, printing expenses (including
expenses of printing certificates for the Registrable Securities in a form eligible for deposit with Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by a holder of Registrable Securities), messenger
and delivery expenses, the Company’s internal expenses (including without limitation all salaries and expenses of its officers and employees performing legal or accounting duties), the fees and expenses incurred in connection with any listing
of the Registrable Securities, fees and expenses of counsel for the Company and its independent certified public accountants (including the expenses of any special audit or “cold comfort” letters required by or incident to such
performance), securities acts liability insurance (if the Company elects to obtain such insurance), the fees and expenses of any special experts retained by the Company in connection with such registration, and the fees and expenses of other persons
retained by the Company and reasonable fees and expenses of one firm of counsel for the sellers (which shall be selected by the holders of a majority of the Registrable Securities being included in any particular registration statement) (all such
expenses being herein called “Registration Expenses”) will be borne by the Company whether or not any registration statement becomes effective; provided, however, that in no event shall Registration Expenses
include any underwriting discounts, commissions or fees attributable to the sale of the Registrable Securities or any counsel (except as provided above), accountants or other persons retained or employed by the Stockholders. 

SECTION 4.08. Indemnification. 

(a) The Company agrees to indemnify and reimburse, to the fullest extent permitted by applicable law, each seller of Registrable Securities,
and each of its employees, advisors, agents, representatives, partners, officers, and directors and each Person who controls such seller (within the meaning of the Securities Act or the Exchange Act) and any agent or investment advisor thereof
(collectively, the “Seller Affiliates”) (i) against any and all losses, claims, damages, liabilities and expenses, joint or several (including, attorneys’ fees and disbursements except as limited by
Section 4.08(c)) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any registration statement, prospectus or preliminary prospectus, or any amendment thereof
or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) against any and all losses, liabilities, claims, damages and expenses
whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of,
related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, and (iii) against any and all costs and expenses (including reasonable fees and disbursements of counsel) as may be reasonably incurred
in investigating, preparing or defending against any litigation, investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of, related to or resulting from any such
untrue statement or omission or 

  
 26 

 
alleged untrue statement or omission, or such violation of the Securities Act or Exchange Act, to the extent that any such expense or cost is not paid under subparagraph (i) or
(ii) above; except insofar as any such statements are made in reliance upon and in strict conformity with information furnished in writing to the Company by such seller or any Seller Affiliate for use therein or arise from such seller’s or
any Seller Affiliate’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such seller or Seller Affiliate with a sufficient number of copies of the
same. The reimbursements required by this Section 4.08(a) will be made by periodic payments during the course of the investigation or defense, as and when bills are received or expenses incurred. 

(b) In connection with any registration statement in which a seller of Registrable Securities is participating, each such seller will furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent permitted by law, each such seller will indemnify the
Company and its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages, liabilities and expenses (including, reasonable
attorneys’ fees and disbursements except as limited by Section 4.08(c)) resulting from any untrue statement or alleged untrue statement of a material fact contained in the registration statement, prospectus or any preliminary
prospectus, or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission is contained in any information or affidavit so furnished in writing by such seller or any of its Seller Affiliates specifically for inclusion in the registration statement;
provided that the obligation to indemnify will be several, not joint and several, among such sellers of Registrable Securities, and the liability of each such seller of Registrable Securities will be in proportion to, and that such liability
will be limited to, the net amount received by such seller from the sale of Registrable Securities pursuant to such registration statement; provided, however, that such seller of Registrable Securities shall not be liable in any such
case to the extent that prior to the filing of any such registration statement or prospectus or amendment thereof or supplement thereto, such seller has furnished in writing to the Company information expressly for use in such registration statement
or prospectus or any amendment thereof or supplement thereto which corrected or made not misleading information previously furnished to the Company. 

(c) Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any
Person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of

  
 27 

 
such person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party shall have failed to assume the defense of such claim and employ
counsel reasonably satisfactory to such Person. If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld). If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable claim unless
(i) such settlement or compromise contains a full and unconditional release of the indemnified party or (ii) the indemnified party otherwise consents in writing. An indemnifying party who is not entitled to, or elects not to, assume the
defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict
of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional
counsel or counsels. 
 (d) Each party hereto agrees that, if for any reason the indemnification provisions contemplated by
Section 4.08(a) or Section 4.08(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to
therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, liabilities or expenses (or actions in respect thereof) in such proportion as is appropriate to
reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which resulted in the losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative
fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 4.08(d) were determined by pro rata allocation (even if the Stockholders or any underwriters or all of them were treated as one entity for such purpose) or by any other
method of allocation which does not take account of the equitable considerations referred to in this Section 4.08(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses
(or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or, except as provided in Section 4.08(c),
defending any such action or claim. Notwithstanding the provisions of this Section 4.08(d), no Stockholder shall be required to contribute an amount greater than the dollar amount by which the net proceeds received by such Stockholder
with respect to the sale of any Registrable Securities exceeds the amount of damages which such Stockholder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements of material fact or omissions or alleged
omissions of material fact made in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto related 

  
 28 

 
to such sale of Registrable Securities. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. The Stockholders’ obligations in this Section 4.08(d) to contribute shall be several in proportion to the amount of Registrable Securities registered by them and
not joint. 
 If indemnification is available under this Section 4.08, the indemnifying parties shall indemnify each indemnified
party to the full extent provided in Section 4.08(a) and Section 4.08(b) without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in this
Section 4.08(d) subject, in the case of the Stockholders, to the limited dollar amounts set forth in Section 4.08(b). 

(e) The indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities. 

SECTION 4.09. Current Public Information. With a view to making available to the Stockholders the benefits of certain rules and
regulations of the SEC that may at any time permit the sale of securities to the public without registration, the Company agrees to use its best efforts to: 

(a) make and keep public information available, as those terms are defined in Rule 144 under the Securities Act, at all times after the
effective date that the Company becomes subject to the reporting requirements of the Securities Act or the Exchange Act; 
 (b) file with the
SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and 

(c) furnish to any Stockholder, so long as such Stockholder owns any , upon request by such Holder, (i) a written statement by the Company
that it has complied with the reporting requirements of Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company and (iii) such other reports and documents of the
Company and other information in the possession of or reasonably obtainable by the Company as a Stockholder may reasonably request in availing itself of any rule or regulation of the SEC allowing a Holder to sell any such securities without
registration. 

  
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 ARTICLE 5 

CERTAIN COVENANTS AND AGREEMENTS 

SECTION 5.01. Conflicting Agreements. Each Stockholder represents and agrees that it shall not (i) grant any proxy or enter into
or agree to be bound by any voting trust or agreement with respect to the Company Securities, except as expressly contemplated by this Agreement, (ii) enter into any agreement or arrangement of any kind with any Person with respect to its
Company Securities inconsistent with the provisions of this Agreement or for the purpose or with the effect of denying or reducing the rights of any other Stockholder under this Agreement, including agreements or arrangements with respect to the
Transfer or voting of its Company Securities or (iii) act, for any reason, as a member of a group or in concert with any other Person in connection with the Transfer or voting of its Company Securities in any manner that is inconsistent with
this Agreement. 
 ARTICLE 6 

MISCELLANEOUS 
 SECTION 6.01.
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. This Agreement or of any rights or obligations hereunder may assigned to the
extent provided herein, provided that any assignee shall be required to execute a joinder agreement in the form attached at Exhibit A prior to any such assignment. 

SECTION 6.02. Legends. 

(a) In addition to any other legend that may be required, each certificate for Company Securities issued to any Stockholder shall bear a legend
in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, OFFERED OR SOLD EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN A STOCKHOLDERS AGREEMENT, A COPY OF WHICH MAY BE
OBTAINED UPON REQUEST FROM THE COMPANY OR ANY SUCCESSOR THERETO.” 
 (b) If any Company Securities shall become freely transferable
under the Securities Act, upon the written request of the Stockholder thereof, the Company shall issue to such Stockholder a new certificate evidencing such Company Securities without the first sentence of the legend required by
Section 6.02(a) endorsed thereon. The Company may request that the Stockholder provide a written opinion of legal counsel reasonably acceptable to the Company stating that such Company Securities are freely transferable under the
Securities Act. If any Company Securities cease to be subject to any and all restrictions on Transfer and all other obligations set forth in this Agreement, the Company, upon the written request of the Stockholder thereof, shall issue to such
Stockholder a new certificate evidencing such Company Securities without the second sentence of the legend required by Section 6.02(a) endorsed thereon. 

  
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 SECTION 6.03. Notices. All notices, requests and other communications to any party
hereunder shall be in writing and shall be deemed given if delivered personally, facsimiled (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 

If to the Advent Holders, to: 

c/o Advent International Corp. 

75 State Street 
 Boston, MA
02109 
 Attention: Steven J. Collins 

Phone: 617-951-9400 
 Facsimile:
917-951-0566 
 with a copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

100 Federal Street, 34th Floor 

Boston, Massachusetts 02110 

Attention: Marilyn French 

Phone: (617) 772-8319 

Facsimile: (617) 772-8333 

Email: marilyn.french@weil.com 

If to the Company, to: 
 BHI
Holding Corp. 
 c/o 9432 Southern Pine Blvd. 

Charlotte, NC 28273 
 Attention:
Eric M. Newman 
 Facsimile:: 704-378-2036 

Email: enewman@bojangles.com 

with a copy (which shall not constitute notice) to the Advent Holders: 

c/o Advent International Corp. 

75 State Street 
 Boston, MA
02109 
 Attention: Steven J. Collins 

Phone: 617-951-9400 
 Facsimile:
917-951-0566 

  
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 and another copy (which shall not constitute notice) to: 

Weil, Gotshal & Manges LLP 

100 Federal Street, 34th Floor 

Boston, Massachusetts 02110 

Attention: Marilyn French 

Phone: (617) 772-8319 

Facsimile: (617) 772-8333 

Email: marilyn.french@weil.com 

If to any other Stockholder, to such Stockholder at the applicable address set forth at Schedule B; 

or such other address or facsimile number as such party may hereafter specify by like notice to the other parties hereto. All such notices,
requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 P.M. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice,
request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt. 

SECTION 6.04. Waiver; Amendment; Termination. 

(a) The parties hereto may not amend, modify or supplement this Agreement except pursuant to a written instrument making specific reference to
this Agreement that is executed by (i) the Company and (ii) the holders of a majority of Series A Preferred Stock; provided, however, that any waiver, amendment or modification that adversely affects a Stockholder in a
materially different respect as compared to all other Stockholders (other than as a result of disproportionate ownership percentages) shall require the prior written consent of a majority of such Stockholders so adversely affected. 

(b) The parties hereto may not waive any provision of this Agreement except pursuant to a written instrument signed by the party or parties
hereto against whom enforcement of such waiver is sought. No action taken pursuant to this Agreement, including any investigation by or on behalf of any party hereto, constitutes a waiver by the party taking such action of compliance with any
provision of this Agreement. The waiver by any party hereto of any provision of this Agreement is effective only in the instance and only for the purpose that it is given and does not operate and is not to be construed as a further or continuing
waiver of such provision or as a waiver of any other provision. No failure on the part of any party hereto to exercise, and no delay in exercising, any right, power or remedy under this Agreement, and no course of dealing between the parties hereto,
operates as a waiver or estoppel thereof. No single or partial exercise of any right, power or remedy under this Agreement by any party hereto precludes any other or further exercise thereof or the exercise of any other right, power or remedy. 

  
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 (c) This Agreement shall terminate upon the earlier to occur of (i) consummation of an IPO,
(ii) consummation of a Liquidity Event (as defined in the Certificate), (iii) a Bankruptcy Event and (iv) written consent of each Stockholder; provided, however, the provisions of Article 4, shall survive an IPO.

 SECTION 6.05. Entire Agreement; No Third-Party Beneficiaries. This Agreement, (a) constitutes the entire agreement, and
supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof and thereof and (b) is not intended to and shall not confer upon any Person other than
the parties hereto any rights or remedies hereunder. 
 SECTION 6.06. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) This Agreement and any claim, controversy or other dispute hereunder or in connection herewith (whether by contract, statute, tort or
otherwise) shall be governed by, and construed in accordance with, the laws of the State of Delaware, applicable to contracts executed in and to be performed entirely within that State. 

(b) All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State
of Delaware or any federal court sitting in the State of Delaware, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction of such courts (and, in the case of appeals, appropriate appellate courts therefrom) in any such action
or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or proceeding. The consents to jurisdiction set forth in this paragraph shall not constitute general consents to service of process in the
State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto. The parties hereto agree that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. 

(c) Each of the parties hereto hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or related
to this Agreement. 
 SECTION 6.07. Severability. If any term or other provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to
the fullest extent permitted by applicable law in an acceptable manner. 
 SECTION 6.08. Counterparts. This Agreement may be executed
in counterparts (each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the parties and
delivered to the other parties. 

  
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 34 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	BHI HOLDING CORP.
		
	By:	 	 /s/ Steven Collins

	Name:	 	Steven Collins
	Title:	 	President

 [Signature Page to Stockholders’ Agreement] 

 
			
	Advent International GPE VI Limited Partnership
	Advent International GPE VI-A Limited Partnership
	Advent International GPE VI-B Limited Partnership
	Advent International GPE VI-F Limited Partnership
	Advent International GPE VI-G Limited Partnership
	By:	 	GPE VI GP Limited Partnership, General Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	/s/ Steven
Collins                                        
,
		 	Steven Collins
		 	Vice President
	
	Advent International GPE VI-C Limited Partnership
	Advent International GPE VI-D Limited Partnership
	Advent International GPE VI-E Limited Partnership
	By:	 	GPE VI GP (Delaware) Limited Partnership, General Partner
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	/s/ Steven
Collins                                        
,
		 	Steven Collins
		 	Vice President
	
	Advent Partners GPE VI 2008 Limited Partnership
	Advent Partners GPE VI 2009 Limited Partnership
	Advent Partners GPE VI 2010 Limited Partnership
	Advent Partners GPE VI – A Limited Partnership
	Advent Partners GPE VI –A 2010 Limited Partnership
	By:	 	Advent International LLC, General Partner
	By:	 	Advent International Corporation, Manager
		
	By:	 	/s/ Steven
Collins                                        
,
		 	Steven Collins
		 	Vice President

 [Signature Page to Stockholders’ Agreement] 

 
	
	 /s/ James R. Kibler

	JAMES R. KIBLER

 [Signature Page to Stockholders’ Agreement] 

 
	
	
	
	/s/ M. John Jordan
	M. JOHN JORDAN

 [Signature Page to Stockholders’ Agreement] 

 
	
	
	
	/s/ Eric M. Newman
	ERIC M. NEWMAN

 [Signature Page to Stockholders’ Agreement] 

 
			
	SERIES A HOLDERS:
	
	TRI-ARC FOOD SYSTEMS, INC.
		
	By:	 	/s/ Tommy L. Haddock
	Name:	 	Tommy L. Haddock
	Title:	 	President

 [Signature Page to Stockholders’ Agreement] 

 
	
	
	
	/s/ Mike J. Bearss
	MIKE J. BEARSS

 [Signature Page to Stockholders’ Agreement] 

 
	
	
	
	/s/ Cameron McRae
	CAMERON MCRAE

 [Signature Page to Stockholders’ Agreement] 

 
			
	By:	 	 /s/ M. Bradley Smith

	Name:	 	M. Bradley Smith, Trustee
		 	M. Bradley Smith and Michele Trufelli Living Trust

 [Signature Page to Stockholders’ Agreement] 

 
			
	By:	 	 /s/ Richard Willis

	Name:	 	Richard Willis

 [Signature Page to Stockholders’ Agreement] 

 
			
	Brooke Private Equity Advisors Fund II, L.P.
	
	 By: Brooke Private Equity Advisors II, L.P.

Its: General Partner

	
	 By: Brooke Private Equity Management II LLC

Its: General Partner

		
	By:	 	 /s/ Lynn Wilkins

	Name:	 	Lynn Wilkins
	Title:	 	Vice President of Finance and Administration
	
	Brooke Private Equity Advisors Fund II (D), L.P.
	
	 By: Brooke Private Equity Advisors II, L.P.

Its: General Partner

	
	 By: Brooke Private Equity Management II LLC

Its: General Partner

		
	By:	 	 /s/ Lynn Wilkins

	Name:	 	Lynn Wilkins
	Title:	 	Vice President of Finance and Administration

 [Signature Page to Stockholders’ Agreement] 

 
			
	By:	 	 /s/ Stanley R. Smith

	Name:	 	Stanley R. Smith, Trustee
		 	Stanley R. Smith Revocable Trust

 [Signature Page to Stockholders’ Agreement] 

 
			
	By:	 	 /s/ Matthew K. Smith

	Name:	 	Matthew K. Smith, Trustee
		 	Matthew K. Smith Revocable Trust
	
	Signed by Antony Abbiati under LPDA

 [Signature Page to Stockholders’ Agreement] 

 Page 

EXHIBIT A 
 JOINDER
AGREEMENT 
 This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the
undersigned (the “Joining Party”) in accordance with the Stockholders Agreement dated as of [            ], 20[    ], (the
“Stockholders Agreement”) among BHI Holding Corp. and certain other persons named therein, as the same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such
terms in the Stockholders Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder
Agreement, the Joining Party shall be deemed to be a party to and “Stockholder” or “Series A Holder” as applicable, and under the Stockholders Agreement as of the date hereof and shall have all of the rights and obligations of
the Stockholder from whom it has acquired Company Securities (to the extent permitted by the Stockholders Agreement) as if it had executed the Stockholders Agreement. The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound
by, all of the terms, provisions and conditions contained in the Stockholders Agreement. 

  
 i 

 Page 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:                      ,
             
  

			
	[NAME OF JOINING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:
		 	Address for Notices:

 AGREED ON THIS [___] day of [_________], 200[_]: 

BHI HOLDING CORP. 
  

	
	
By:                        
                                         
                         

	 Name:

	 Title:

  
 ii 

 Page 

SCHEDULE A 
 SERIES A HOLDERS 

  
 iiiEX-10.8

 Exhibit 10.8 

EXECUTION VERSION 

AMENDED & RESTATED 

EMPLOYMENT AGREEMENT 

THIS AMENDED & RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into on December 18, 2014, effective
as of January 27, 2014 (the “Effective Date”), by and between Clifton Rutledge (“Executive”) and Bojangles’ Restaurants, Inc. (the “Company”). 

WHEREAS, the Company and Executive entered into an Employment Agreement dated January 27, 2014 (the “2014 Agreement”);
and 
 WHEREAS, the Company and Executive desire to amend and restate the 2014 Agreement pursuant to this Agreement, which Agreement
shall govern the Executive’s employment with the Company beginning on the Effective Date. 
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Employment Term. The Company hereby agrees to employ Executive, and Executive hereby agrees to accept employment with the Company, upon the terms and conditions contained in this Agreement. Executive’s employment with the Company
pursuant to this Agreement shall commence on the Effective Date and shall continue until the second anniversary of the Effective Date (the “Initial Term”); provided, that the term of this Agreement shall automatically be
extended for one (1) additional year commencing on the second anniversary of the Effective Date and on each anniversary thereafter (each, a “Renewal Term”) unless, not less than ninety (90) days prior to the commencement
of any such Renewal Term, either party shall have given written notice to the other that it does not wish to extend this Agreement (a “Non-Renewal Notice”), in which case, Executive’s employment under this Agreement shall
terminate upon the close of business on the last day of the Initial Term or the then-current Renewal Term, as applicable. The period during which Executive is employed by the Company pursuant to this Agreement is hereinafter referred to as the
“Term.” 
 2. Employment Duties. Executive shall have the title of Chief Executive Officer of the Company and shall
have such duties, authorities and responsibilities as are consistent with such position and as the Board of Directors of the Company (the “Board”) may designate from time to time. Executive shall report directly to the Board.
Executive shall devote his full working time and attention and Executive’s best efforts to Executive’s employment and service with the Company and shall perform Executive’s services in a capacity and in a manner consistent with
Executive’s position for the Company; provided, that this Section 2 shall not be interpreted as prohibiting Executive from (i) managing Executive’s personal investments (so long as such investment activities are of a passive
nature), (ii) engaging in charitable or civic activities, (iii) participating on boards of directors or similar bodies of non-profit organizations or (iv) subject to approval by the Board in its sole discretion, participating on boards of directors
or similar bodies of for-profit organizations, in each case of (i) - (iv), so long as such activities do not, individually or in the aggregate, (a) materially interfere with the performance of Executive’s duties and responsibilities hereunder,
(b) create a fiduciary conflict, or (c) result in a violation of 

 
Section 16 of this Agreement. If requested, Executive shall also serve as an executive officer and/or board member of the board of directors (or similar governing body) of any entity
that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company (an “Affiliate”) without any additional compensation. 

3. Base Salary. During the Term, the Company shall pay Executive a base salary at an annual rate of $500,000, payable in accordance with
the Company’s normal payroll practices for employees as in effect from time to time. Executive shall be entitled to such increases in base salary, if any, as may be determined from time to time in the sole discretion of the Board.
Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” 
 4.
Annual Bonus; Signing Bonus. 
 (a) Annual Bonus. With respect to each calendar year during the Term, Executive shall be
eligible to earn an annual cash bonus award (the “Annual Bonus”) of up to seventy-five percent (75%) of Base Salary, based upon the achievement of annual performance targets established by the Board at the beginning of each
such calendar year. The Annual Bonus, if any, for each calendar year during the Term shall be paid to Executive at the same time that other senior executives of the Company receive annual bonus payments, but in no event earlier than January 1
and in no event later than April 15th of the year following the calendar year to which such Annual Bonus relates. Executive shall not be paid any Annual Bonus with respect to a calendar year unless Executive is employed with the Company on the
day such Annual Bonus is paid. 
 (b) Signing Bonus. The Company shall pay Executive a cash signing bonus of $100,000 (the
“Signing Bonus”) as follows: (i) $75,000 shall be paid to Executive within two weeks following the Effective Date and (ii) $25,000 shall be paid to Executive within two weeks following Executive’s relocation to
Charlotte, North Carolina, subject to such relocation occurring on or prior to the nine (9) month anniversary of the Effective Date (the “Relocation Date”); provided that, Executive shall (x) immediately forfeit any
right to any unpaid portion of the Signing Bonus upon the termination of Executive’s employment for any reason and (y) promptly repay the gross amount of the portion of the Signing Bonus paid to Executive if, prior to December 31,
2014, Executive’s employment terminates for any reason other than by the Company without Cause (as defined in Section 13(a) of this Agreement) or by Executive for Good Reason (as defined in Section 13(b) of this
Agreement). 
 5. Stock Options. On or as soon as reasonably practicable following the Effective Date, subject to approval of the
Committee (as defined in the BHI Holding Corp. 2011 Equity Incentive Plan (the “Equity Plan”)), Executive shall be granted a stock option to purchase an aggregate of 2,267 shares of common stock of BHI Holding Corp. (the
“Option”), of which (i) 1,700 shares subject to the Option (the “Time-Based Portion”) will vest over a five year period as follows: 40% of the Time-Based Portion shall vest on the second anniversary of the date of
grant and 5% of the Time-Based Portion shall vest at the end of each calendar quarter thereafter commencing on the end of the first calendar quarter after the second anniversary of the date of grant and (ii) 567 shares subject to the Option
(the “Performance-Based Portion”) will vest if and only if the Company consummates a registered initial public offering on or prior to 

  
 -2- 

 
the 18 month anniversary of the Effective Date, in each case of (i) and (ii), subject to your continued employment through each applicable vesting date, unless otherwise determined by the
Committee. The Option shall (i) have an exercise price equal to the Fair Market Value (as defined in the Equity Plan) of a share of common stock of BHI Holding Corp. as of the date of grant of the Option and (ii) be subject to the terms
and conditions of the Equity Plan and an Award Agreement (as defined in the Equity Plan) granted thereunder. 
 6. Benefits. During
the Term, Executive shall be entitled to participate in any benefit plans, including medical, disability and life insurance (but excluding any severance or bonus plans unless specifically referenced in this Agreement) offered by the Company as in
effect from time to time (collectively, “Benefit Plans”), on the same basis as those generally made available to other senior executives of the Company, to the extent consistent with applicable law and the terms of the applicable
Benefit Plan. The Company does not promise the adoption or continuance of any particular Benefit Plan and reserves the right to amend or cancel any Benefit Plan at any time in its sole discretion (subject to the terms of such Benefit Plan and
applicable law). 
 7. Vacation. Executive shall be entitled to four (4) weeks of annual paid vacation days, which shall accrue
and be useable by Executive in accordance with Company policy, as may be in effect from time to time. 
 8. Expense Reimbursement. The
Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in
accordance with the Company’s expense reimbursement policies and procedures. 
 9. Relocation. Executive shall relocate his
primary residence to Charlotte, NC on or prior to the Relocation Date. The Company will reimburse Executive for all reasonable (i) (x) out of pocket expenses of Executive’s weekly travel between his current primary residence in San
Antonio, TX and the Company’s principal executive office currently located in Charlotte, NC and (y) temporary housing and living expenses in Charlotte, NC, in each case of (x) and (y), from January 2014 through September 2014 not to
exceed $7,500 per month in the aggregate and (ii) relocation expenses incurred by Executive in calendar year 2014 in connection with Executive’s relocation to Charlotte, NC (including, closing costs relating to the purchase of a new home,
moving expenses and house hunting trips) up to a maximum of $85,000, in each case of (i) and (ii), subject to presentation by Executive of documentation reasonably satisfactory to the Company that the applicable expense has been incurred.
Executive shall promptly repay the gross amount of all payments made by the Company pursuant to this Section 9 if, prior to the one year anniversary of the Relocation Date, Executive’s employment terminates for any reason other than
by the Company without Cause or by Executive for Good Reason. 
 10. [Reserved] 

11. Termination of Employment. The Term and Executive’s employment hereunder may be terminated as follows: 

  
 -3- 

 (a) Automatically in the event of the death of Executive; 

(b) At the option of the Company, by written notice to Executive or Executive’s personal representative in the event of the Disability of
Executive. As used herein, the term “Disability” shall mean a physical or mental incapacity or disability which, despite any reasonable accommodation required by applicable law, has rendered, or is likely to render, Executive unable
to perform Executive’s material duties for a period of either (i) 180 days in any twelve-month period or (ii) 90 consecutive days, as determined by a medical physician selected by the Company; 

(c) At the option of the Company for Cause, on prior written notice to Executive; 

(d) At the option of the Company at any time without Cause (provided that the assignment of this Agreement to, and assumption of this Agreement
by, the purchaser of all or substantially all of the assets of the Company shall not be treated as a termination without Cause under this Section 11(d)) by delivering written notice of its determination to terminate to Executive; 

(e) At the option of Executive for Good Reason; 

(f) At the option of Executive without Good Reason, upon sixty (60) days prior written notice to the Company (which the Company may, in its
sole discretion, make effective as a resignation earlier than the termination date provided in such notice), or 
 (g) Upon the close of
business on the last day of the Initial Term or the then- current Renewal Term, as applicable, as a result of a Non-Renewal Notice. 
 12.
Payments by Virtue of Termination of Employment. 
 (a) Termination by the Company Without Cause or by Executive For Good
Reason. If Executive’s employment is terminated at any time during the Term by the Company without Cause or by Executive for Good Reason, subject to Section 12(c) of this Agreement, Executive shall be entitled to: 

(i) (A) within thirty (30) days following such termination, (i) payment of Executive’s accrued and unpaid Base Salary and
(ii) reimbursement of expenses under Section 8 of this Agreement, in each case of (i) and (ii), accrued through the date of termination and (B) all other accrued amounts or accrued benefits due to Executive in accordance
with the Company’s benefit plans, programs or policies (other than severance); and 
 (ii) an amount equal to, (A) if such
termination of employment occurs prior to December 31, 2014, $750,000 or (B) if such termination of employment occurs on or after December 31, 2014, his Base Salary as in effect immediately prior to Executive’s date of
termination, which amount shall, in each case of (A) or (B), be (x) payable during the twelve (12) months commencing on the date of termination (the “Severance Period”) in substantially equal installments in
accordance with the Company’s regular payroll practices as in effect from time to time and (y) reduced by an amount equivalent to any compensation earned by Executive 

  
 -4- 

 
from other employment with, or from consulting for, any other person or entity, who would not be considered a single employer with the Company under Section 414(b) or Section 414(c) of
the Internal Revenue Code of 1986, as amended (the “Code”), during the Severance Period (and which earnings must be promptly reported to the Company by Executive); provided, that the first payment pursuant to this
Section 12(a)(ii) shall be made on the next regularly scheduled payroll date following the sixtieth (60th) day after Executive’s termination and shall include payment of any amounts that would otherwise be due prior thereto.

 (b) Termination other than by the Company Without Cause or by Executive For Good Reason. If (i) the Company terminates
Executive’s employment for Cause during the Term, (ii) Executive terminates his employment without Good Reason during the Term, (iii) Executive’s employment terminates during the Term due to death or Disability or
(iv) Executive’s employment terminates at the expiration of the Term pursuant to a Non-Renewal Notice by either party, Executive or Executive’s legal representatives, as applicable, shall be entitled to receive the payments and
benefits described under Section 12(a)(i) of this Agreement. 
 (c) Conditions to Payment. All payments and benefits due
to Executive under this Section 12 which are not otherwise required by applicable law shall be payable only if Executive executes and delivers to the Company a general release of claims in a form reasonably satisfactory to the Company
and such release is no longer subject to revocation (to the extent applicable), in each case, within sixty (60) days following termination of employment. Failure to timely execute and return such release or revocation thereof shall be a waiver
by Executive of Executive’s right to severance (which, for the avoidance of doubt, shall not include any amounts described in Section 12(a)(i) of this Agreement). In addition, severance shall be conditioned on Executive’s
continued compliance with Section 16 of this Agreement as provided in Section 18 below. 
 (d) No Other
Severance. Executive hereby acknowledges and agrees that, other than the severance payments described in this Section 12, upon the effective date of the termination of Executive’s employment, Executive shall not be entitled to
any other severance payments or benefits of any kind under any Company benefit plan, severance policy generally available to the Company’s employees or otherwise and all other rights of Executive to compensation under this Agreement shall end
as of such date. 
 13. Definitions. For purposes of this Agreement, 

(a) “Cause” shall mean, (i) the commission by Executive of, or the indictment of Executive for (or pleading guilty or
nolo contendere to), a felony or a crime involving moral turpitude, (ii) Executive’s continued failure to perform his duties hereunder or to follow the lawful direction of the Board or a material breach of fiduciary duty,
(iii) Executive’s theft, fraud, or dishonesty with regard to the Company or any of its Affiliates or in connection with Executive’s duties, (iv) Executive’s material violation of the Company’s code of conduct or similar
written policies, (v) Executive’s willful misconduct unrelated to the Company or any of its Affiliates having, or likely to have, a material negative impact on the Company or any of its Affiliates (economically or its reputation),
(vi) an act of gross negligence or willful misconduct by the Executive that relates to the affairs of the Company or any of its Affiliates, or (vii) material breach by Executive of any provisions of this Agreement. 

  
 -5- 

 (b) “Good Reason” shall mean, without Executive’s consent, (i) any
material diminution in Executive’s responsibilities, authorities or duties, (ii) any material reduction in Executive’s (x) Base Salary or (y) target Annual Bonus opportunity (except in the event of an across the board
reduction in Base Salary or target Annual Bonus opportunity applicable to substantially all senior executives of the Company), or (iii) a relocation of Executive’s place of employment by more than fifty (50) miles; provided,
that no event described in clause (i), (ii), or (iii) shall constitute Good Reason unless (A) Executive has given the Company written notice of the termination, setting forth the conduct of the Company that is alleged to constitute Good
Reason, within thirty (30) days following the occurrence of such event, and (B) Executive has provided the Company at least sixty (60) days following the date on which such notice is provided to cure such conduct and the Company has
failed to do so. Failing such cure, a termination of employment by Executive for Good Reason shall be effective on the day following the expiration of such cure period. 

14. Return of Company Property. Within ten (10) days following the effective date of Executive’s termination for any reason,
Executive or Executive’s personal representative shall, return all property of the Company or any of its Affiliates in Executive’s possession, including, but not limited to, all Company-owned computer equipment (hardware and software),
telephones, facsimile machines, tablet computer and other communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies (including drafts) of any documentation or information (however stored)
relating to the business of the Company or any of its Affiliates, the Company’s or any of its Affiliates’ customers and clients or their respective prospective customers or clients. Anything to the contrary notwithstanding, Executive shall
be entitled to retain (i) personal papers and other materials of a personal nature; (ii) information showing Executive’s compensation or relating to reimbursement of expenses, and (iii) copies of plans, programs and agreements
relating to Executive’s employment, or termination thereof, with the Company which he received in Executive’s capacity as a participant; provided, that, in each case of (i) - (iii), such papers or materials do not include
Confidential and Proprietary Information (as defined in Section 16(a)). 
 15. Resignation as Officer or Director. Upon
the effective date of any Executive’s termination, Executive shall be deemed to have resigned, to the extent applicable, as an officer of the Company, as a member of the board of directors or similar governing body of the Company or any of its
Affiliates, and as a fiduciary of any Company benefit plan. On or immediately following the effective date of any such termination of Executive’s employment, Executive shall confirm the foregoing by submitting to the Company in writing a
confirmation of Executive’s resignation(s). 
 16. Confidentiality; Non-Solicitation; Non-Competition. 

(a) Confidential and Proprietary Information. Executive agrees that all materials and items produced or developed by him for the Company
or any of its Affiliates, or obtained by him from the Company or any of its Affiliates either directly or indirectly pursuant to this Agreement shall be and remains the property of the Company and its Affiliates. 

  
 -6- 

 Executive acknowledges that he will, or may, during his association with the Company, acquire, or be exposed to,
or have access to, materials, data and information that constitute valuable, confidential and proprietary information of the Company and its Affiliates, including, without limitation, any or all of the following: the Company’s or any of its
Affiliates’ operations and training manuals; any other manuals or materials designated for use at any of the Company’s or any of its Affiliates’ business locations; computer software; trade secrets; information, knowledge and know-how
not generally known in the restaurant business pertaining to the Company’s and its Affiliates’ business, business opportunities, products, services, pricing, standards, specifications, systems, procedures and techniques; profits, revenues,
and financial information; marketing plans; strategic plans; franchisee relationships and terms and prospective franchisee relationships and terms; food recipes; and such other information or material as the Company may designate as confidential
and/or proprietary from time to time (collectively hereinafter, the “Confidential and Proprietary Information”). During Executive’s employment with the Company and at all times thereafter. Executive shall not, directly or
indirectly, use, misuse, misappropriate, disclose or make known, without the prior written approval of the Board, to any party, firm, corporation, association or other entity, any such Confidential and Proprietary Information for any reason or
purpose whatsoever, except as may be required in the course of Executive’s performance of his duties hereunder. In consideration of the unique nature of the Confidential and Proprietary Information, all obligations pertaining to the
confidentiality and nondisclosure thereof shall remain in effect until the Company and its Affiliates have released such information to the relevant trade; provided, that the provisions of this Section 16(a) shall not apply to the
disclosure of Confidential and Proprietary Information to the Company’s Affiliates together with each of their respective shareholders, directors, officers, accountants, lawyers and other representatives or agents. In addition, it shall not be
a breach of the confidentiality obligations hereof if Executive is required by applicable law to disclose any Confidential and Proprietary Information; provided, that in such case, Executive shall (x) give the Company the earliest notice
possible that such disclosure is or may be required and (y) cooperate with the Company, at the Company’s expense, in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential and
Proprietary Information which must be so disclosed. Upon termination of Executive’s employment, Executive agrees that all Confidential and Proprietary Information, directly or indirectly, in his possession that is in writing or other tangible
form (together with all duplicates thereof) will promptly (and in any event within 10 days following such termination) be returned to the Company and will not be retained by Executive or furnished to any person, either by sample, facsimile film,
audio or video cassette, electronic data, verbal communication or any other means of communication. 
 (b) Non-Solicitation. Executive
hereby acknowledges and agrees that during Executive’s employment with the Company and for a period of one (1) year commencing with the date of Executive’s termination of employment with the Company (the “Restricted
Period”), Executive shall not, without the written consent of the Board, directly or indirectly, on Executive’s behalf or the behalf of a third party, hire, solicit, persuade or induce to leave, or attempt to do any of the foregoing,
any person who is employed by, or performing services as an independent contractor for, the Company or any of its Affiliates as of the date of Executive’s termination (or who was an employee or independent contractor of the Company or any of
its Affiliates at any time during the twelve (12) months preceding Executive’s date of termination). 

  
 -7- 

 (c) Non-Competition. Executive hereby acknowledges and agrees that during the Restricted
Period, Executive shall not, directly or indirectly, be employed by or otherwise provide services for, including, but not limited to, as a consultant, independent contractor or in any other capacity, or own or invest in (other than ownership for
investment purposes of less than two percent (2%) of a publicly traded company) any company or other entity or organization operating or managing quick service restaurants in the United States that are primarily focused on chicken products
(“Competitive Business”). A Competitive Business shall be deemed to include (but without limitation) Chick-fil-A, Kentucky Fried Chicken, Church’s, Zaxby’s and Popeye’s. 

(d) Tolling. In the event of any violation of the provisions of this Section 16, Executive acknowledges and agrees that the
post-termination restrictions contained in this Section 16 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination
restriction period shall be tolled during any period of such violation. 
 17. Cooperation. From and after an Executive’s
termination of employment, Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment
hereunder, provided, that the Company shall reimburse Executive for Executive’s reasonable costs and expenses (including legal counsel selected by Executive and reasonably acceptable to the Company) and such cooperation shall not
unreasonably burden Executive or unreasonably interfere with any subsequent employment that Executive may undertake. 
 18. Injunctive
Relief and Specific Performance. Executive understands and agrees that Executive’s covenants under Sections 14, 16 and 17 are special and unique and that the Company and its Affiliates may suffer irreparable harm if
Executive breaches any of Sections 14, 16, or 17 because monetary damages would be inadequate to compensate the Company and its Affiliates for the breach of any of these sections. Accordingly, Executive acknowledges and agrees that the
Company shall, in addition to any other remedies available to the Company at law or in equity, be entitled to obtain specific performance and injunctive or other equitable relief by a federal or state court in North Carolina to enforce the
provisions of Sections 14, 16 and/or 17 without the necessity of posting a bond or proving actual damages, without liability should such relief be denied, modified or vacated, and to obtain attorney’s fees in respect of the foregoing if
the Company prevails in any such action or proceeding. Additionally, in the event of a breach or threatened breach by Executive of Section 16, in addition to all other available legal and equitable rights and remedies, the Company shall
have the right to cease making payments, if any, being made pursuant to Section 12(a)(ii) hereunder. Executive also recognizes that the territorial, time and scope limitations set forth in Section 16 are reasonable and are
properly required for the protection of the Company and its Affiliates and in the event that any such territorial, time or scope limitation is deemed to be unreasonable by a court of competent jurisdiction, the Company and Executive agree, and
Executive submits, to the reduction of any or all of said territorial, time or scope limitations to such an area, period or scope as said court shall deem reasonable under the circumstances. 

  
 -8- 

 19. Miscellaneous. 

(a) All notices hereunder, to be effective, shall be in writing and shall be deemed effective when delivered by hand or mailed by
(i) certified mail, postage and fees prepaid, or (ii) nationally recognized overnight express mail service, as follows: 
 If to
the Company: 
 Bojangles’ Restaurants, Inc. 

9423 Southern Pine Boulevard 

Charlotte, NC 28273 
 With a copy
to: 
 BHI Holding Corp. 
 c/o
Advent International 
 375 Park Avenue 

New York, NY 10152 
 Attention:
Andrew Crawford 
 Tel No.: (212)810-4174 

Fax No.: (212)461-6503 
 With a
copy which shall not constitute notice to: 
 Pepper Hamilton LLP 

3000 Two Logan Square 
 18th & Arch Streets 
 Philadelphia, PA 19103 

Attention: Barry M. Abelson, Esq. 

Fax No.: (215) 981-4750 
 If
to Executive: 
 At his home address as then shown in the Company’s personnel records, 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
 (b) This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported
assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and its successors and assigns. 

  
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 (c) This Agreement contains the entire agreement between the parties with respect to the subject
matter hereof supersedes all other agreements, term sheets, offer letters, and drafts thereof, oral or written, between the parties hereto with respect to the subject matter hereof, including, without limitation, the 2014 Agreement. No promises,
statements, understandings, representations or warranties of any kind, whether oral or in writing, express or implied, have been made to Executive by any person or entity to induce him to enter into this Agreement other than the express terms set
forth herein, and Executive is not relying upon any promises, statements, understandings, representations, or warranties other than those expressly set forth in this Agreement. 

(d) No change or modification of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No
waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party charged with waiver. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision,
whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver. 
 (e) If any provisions of
this Agreement (or portions thereof) shall, for any reason, be held invalid or unenforceable, such provisions (or portions thereof) shall be ineffective only to the extent of such invalidity or unenforceability, and the remaining provisions of this
Agreement (or portions thereof) shall nevertheless be valid, enforceable and of full force and effect. If any court of competent jurisdiction finds that any restriction contained in this Agreement is invalid or unenforceable, then the parties hereto
agree that such invalid or unenforceable restriction shall be deemed modified so that it shall be valid and enforceable to the greatest extent permissible under law, and if such restriction cannot be modified so as to make it enforceable or valid,
such finding shall not affect the enforceability or validity of any of the other restrictions contained herein. 
 (f) This Agreement may be
executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof. 
 (g) The section or
paragraph headings or titles herein are for convenience of reference only and shall not be deemed a part of this Agreement. The parties have jointly participated in the drafting of this Agreement, and the rule of construction that a contract shall
be construed against the drafter shall not be applied. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found. 

(h) Notwithstanding anything to the contrary in this Agreement: 

(i) The parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Code and the
regulations and authoritative guidance promulgated thereunder to the extent applicable (collectively “Section 409A”) and all provisions of this Agreement shall be construed in a manner consistent with the requirements for

  
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avoiding taxes or penalties under Section 409A. In no event whatsoever will the Company, any of its affiliates, or any of their respective directors, officers, agents, attorneys, employees,
executives, shareholders, investors, members, managers, trustees, fiduciaries, representatives, principals, accountants, insurers, successors or assigns be liable for any additional tax, interest or penalties that may be imposed on Executive under
Section 409A or any damages for failing to comply with Section 409A. 
 (ii) A termination of employment shall not be deemed to
have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Section 409A upon or following a termination of employment unless
such termination is also a “separation from service” within the meaning of Section 409A, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,”
“terminate,” “termination of employment” or like terms shall mean separation from service. If any payment, compensation or other benefit provided to the Executive in connection with the termination of his employment is
determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a specified employee as defined in Section 409A(2)(B)(i) of the Code, no part of such
payments shall be paid before the day that is six (6) months plus one (1) day after the date of termination or, if earlier, ten business days following the Executive’s death (the “New Payment Date”). The aggregate of
any payments that otherwise would have been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain
outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement. 

(iii) All reimbursements for costs and expenses under this Agreement shall be paid in no event later than the end of the calendar year
following the calendar year in which the Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements or in-kind, benefits provided during any taxable year shall not affect the
expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year. 
 (iv) If under this Agreement, an amount
is paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g.,
“payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

(i) This Agreement, for all purposes, shall be construed in accordance with the laws of the State of North Carolina without regard to conflicts
of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the State of North Carolina. The parties hereby irrevocably submit to the jurisdiction of
such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue. 

  
 -11- 

 (j) Other than the Company’s right to seek injunctive relief or specific performance as
provided in this Agreement, any dispute, controversy, or claim between the Executive, on the one hand, and the Company, on the other hand, arising out of, under, pursuant to, or in any way relating to this Agreement shall be submitted to and
resolved by confidential and binding arbitration (“Arbitration”), administered by the American Arbitration Association (“AAA”) and conducted pursuant to the rules then in effect of the AAA governing commercial
disputes. The Arbitration hearing shall take place in Charlotte, North Carolina. Such Arbitration shall be before three neutral arbitrators (the “Panel”) licensed to practice law and familiar with commercial disputes. Any award
rendered in any Arbitration shall be final and conclusive upon the parties to the Arbitration and not subject to judicial review, and the judgment thereon may be entered in the highest court of the forum (state or federal) having jurisdiction over
the issues addressed in the Arbitration, but entry of such judgment will not be required to make such award effective. The Panel may enter a default decision against any party who fails to participate in the Arbitration. The administration fees and
expenses of the Arbitration shall be borne equally by the parties to the Arbitration; provided that each party shall pay for and bear the cost of his/her/its own experts, evidence, and attorney’s fees, except that, in the discretion of
the Panel, any award may include the costs of a party’s counsel and/or its share of the expense of Arbitration if the Panel expressly determines that an award of such costs is appropriate to the party whose position substantially prevails in
such Arbitration. Notwithstanding any other provision of this Agreement, no party shall be entitled to an award of special, punitive, or consequential damages. To submit a matter to Arbitration, the party seeking redress shall notify in writing, in
accordance with Section 19(a) of this Agreement, the party against whom such redress is sought, describe the nature of such claim, the provision of this Agreement that has been allegedly violated and the material facts surrounding such
claim. The Panel shall render a single written, reasoned decision. The decision of the Panel shall be binding upon the parties to the Arbitration, and after the completion of such Arbitration, the parties to the Arbitration may only institute
litigation regarding the Agreement for the sole purpose of enforcing the determination of the Arbitration hearing or, with respect to the Company, to seek injunctive or equitable relief pursuant to Section 18 of this Agreement. The Panel
shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or formation of this agreement to arbitrate, including any claim that all or part of this Agreement is void or voidable and any claim
that an issue is not subject to arbitration. All proceedings conducted pursuant to this agreement to arbitrate, including any order, decision or award of the arbitrator, shall be kept confidential by all parties except to the extent such disclosure
is required by law, or in a proceeding to enforce any rights under this Agreement. 
 EXECUTIVE ACKNOWLEDGES THAT, BY SIGNING THIS AGREEMENT, HE IS WAIVING
ANY RIGHT THAT HE MAY HAVE TO A JURY TRIAL OR A COURT TRIAL RELATED TO THIS AGREEMENT. 
 (k) Executive hereby represents and warrants to
the Company that (i) the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which
Executive is a party or by which he/she is bound, (ii) Executive is 

  
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not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this
Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive on and after the Effective Date, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has had the opportunity
to consult with independent legal counsel or other advisor of his choice and has done so regarding his rights and obligations under this Agreement, that he is entering into this Agreement knowingly, voluntarily, and of his own free will, that he is
relying on his own judgment in doing so, and that he fully understands the terms and conditions contained herein. 
 (l) The Company shall
have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 

(m) The covenants and obligations of the Company under Sections 12, 17, 18 and 19 hereof, and the covenants and obligations of
Executive under Sections 4(b), 9, 12, 14, 15, 16, 17, 18 and 19 hereof, shall continue and survive any expiration of the Term, termination of Executive’s employment or any termination of this Agreement. 

[signature page follows] 

  
 -13- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

					
	BOJANGLES’ RESTAURANTS, INC.
		
	By:	 	 /s/ Eric M. Newman

		 	By:	 	Eric M. Newman
		 	Title:	 	Exec. V.P. & Secretary
	
	 /s/ Clifton Rutledge

	Clifton Rutledge

  
 -14-

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