Document:

EX-10.2

 Exhibit 10.2 
 STOCKHOLDER’S AGREEMENT 
 DATED AS OF 

[•], 2014 
 AMONG 

PAPA MURPHY’S HOLDINGS, INC. 

AND 
 LEP PAPA MURPHY’S
HOLDINGS, LLC 

 THIS STOCKHOLDER’S AGREEMENT (this “Agreement”) 

dated as of [•], 2014 among: 

(i) Papa Murphy’s Holdings Inc., a Delaware corporation (the “Company”); and 

(ii) LEP Papa Murphy’s Holdings, LLC (collectively, with its permitted assignees as contemplated by Section 4.01(b),
“Lee Equity”). 
 W I T N E S S E T H : 

WHEREAS, in connection with underwritten initial public offering of Common Stock of the Company (the “Initial Public
Offering”), it is the intention of the parties hereto to enter into this Agreement to govern Lee Equity’s rights with respect to the Company. 

NOW, THEREFORE, for good and valuable consideration the sufficiency and adequacy of which is hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 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 directly or indirectly controlling, controlled by or
under common control with such Person; provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of an investment in the Company. For the purpose of this definition, the term
“control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“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 by law to close. 
 “Change in Control” means any transaction whereby (i) any Person or Persons or
“group” (other than Lee Equity and its Affiliates) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, in one or a series of transactions, of more than 50% of
the total voting power or economic interest of the Company (or any entity which controls the Company or 

 
which is a successor to all or substantially all of the assets of the Company), including by way of issuance, merger, consolidation, tender or exchange offer or otherwise, or (ii) all or
substantially all of the consolidated assets of the Company and its Subsidiaries are sold to any Person or Persons or “group” (other than Lee Equity and its Affiliates). For the avoidance of doubt, neither the Initial Public Offering nor
any secondary public offering shall be deemed a Change in Control. 
 “Charter” means the Fifth Amended and Restated
Certificate of Incorporation of the Company, as the same may be amended from time to time. 
 “Common Stock” means
the Company’s common stock, par value $0.01 per share, and any stock into which such Common Stock may thereafter be converted, changed, reclassified or exchanged. 

“Company Securities” means (i) the Common Stock, (ii) any preferred stock, (iii) any other common stock
issued by the Company and (iv) any securities convertible into or exchangeable for, or options, warrants or other rights to acquire, Common Stock or any other common stock issued by the Company. 

“Credit Agreement” means that certain Credit Agreement, dated as of October 25, 2013, by and among PMI Holdings
Inc. as borrower and the lender parties thereto, as in effect as of the date hereof (and without giving effect to any future modification, amendment or supplement thereof). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Lee Equity Nominees” means the members of the Board designated by Lee Equity. 

“Leverage Ratio” has the meaning ascribed to such term in the Credit Agreement. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity
or organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Stockholder” means each Person (other than the
Company) who, at any relevant determination date, shall be a party to or bound by this Agreement (as may be amended from time to time) so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the
Exchange Act) any Company Securities. 
 “Subsidiary” means, with respect to any Person, any entity of which
securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

  
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 “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 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 of such Company Securities or any participation or interest therein or any agreement or
commitment to do any of the foregoing. 
 (b) Other Definitional and Interpretive Matters. Unless otherwise expressly provided, for
purposes of this Agreement, the following rules of interpretation shall apply: 
 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 shall not affect or be utilized in construing or interpreting this Agreement. All references in this
Agreement to any “Section” are to the corresponding Section of this Agreement unless otherwise specified. 
 Herein. The
words such as “herein,” “hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words
appear unless the context otherwise requires. 
 Including. Wherever the word “include,”
“includes,” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”. 

ARTICLE 2 
 CORPORATE GOVERNANCE

 SECTION 2.01. Board of Directors; Board Nominees; Committees. 

(a) Concurrently with the Initial Public Offering, the Board shall consist of seven (7) directors comprised of the following:
(i) the Lee Equity Nominees shall be Benjamin Hochberg, Yoo Jin Kim, Thomas H. Lee, and Achi Yaffe (ii) the independent director shall be John Shafer and (iii) the final two (2) directors shall be Ken Calwell and John Barr. The
Chairman of the Board shall be John Barr. No later than the first anniversary of the Initial Public Offering, the Board shall be increased in size to nine (9) directors and shall be comprised of the following: (i) the Lee Equity Nominees
shall be [                ] and [                ], (ii) the
independent directors shall be John Shafer and four (4) other independent directors, and (iii) the final two directors shall be Ken Calwell and John Barr. 

(b) From and after the first anniversary of the Initial Public Offering, so long as Lee Equity owns: (i) 20% or more of the issued and
outstanding Common Stock of the Company (excluding any subsequent acquisition of Common Stock, other 

  
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than Common Stock acquired from the Company in a privately negotiated transaction), Lee Equity shall be entitled to designate to the Board at least two (2) of the Board’s nine
(9) directors or (ii) less than 20%, but at least 10% of the issued and outstanding Common Stock of the Company (excluding any subsequent acquisition of Common Stock, other than Common Stock acquired from the Company in a privately
negotiated transaction), Lee Equity shall be entitled to designate to the Board at least one (1) of the Board’s nine (9) directors. 

(c) The Company agrees to cause each individual designated pursuant to this Section 2.01 or Section 2.02 to be
nominated to serve as a director on the Board, or as Chairman of the Board, and to take all other necessary actions (including calling a special meeting of the Board and/or stockholders or expanding the size of the Board) to ensure that the
composition of the Board is as set forth in this Section 2.01 and to otherwise implement the provisions of this Section 2.01 and Section 2.02. For the avoidance of doubt, the Company agrees to expand the size of
the Board to ensure that that the composition of the Board is as set forth in Sections 2.01(a) and 2.01(b). 
 SECTION
2.02. Vacancies. If, as a result of death, disability, retirement, resignation, removal or otherwise, there shall exist or occur any vacancy of a Lee Equity Nominee on the Board, Lee Equity may designate another individual (the
“Replacement Nominee”) to fill such vacancy and serve as a director on the Board. 
 SECTION 2.03. Reimbursement
of Director Expenses. The Company shall reimburse all reasonable and documented out-of-pocket expenses incurred by the Lee Equity Nominees in connection with traveling by first or business class on a commercial air carrier to and from and
attending meetings of the Board and while conducting business at the request of the Company. 
 SECTION 2.04. Corporate
Opportunities. In furtherance of, and without limiting what is set forth in the Charter, except as may be otherwise expressly agreed in writing by the Company and Lee Equity and its Affiliates, the Company, on behalf of itself and its
subsidiaries, renounces any interest or expectancy of the Company and its subsidiaries in, or in being offered an opportunity to participate in, business opportunities, which are from time to time presented to Lee Equity or any of its managers,
officers, directors, agents, stockholders, members, partners, Affiliates and subsidiaries (other than the Company and its Subsidiaries), even if the opportunity is one that the Company or its Subsidiaries might reasonably be deemed to have pursued
or had the ability or desire to pursue if granted the opportunity to do so, and no such person or entity shall be liable to the Company or any of its Subsidiaries for breach of any fiduciary or other duty, as a director or officer or otherwise, by
reason of the fact that such person or entity pursues or acquires such business opportunity, directs such business opportunity to another person or entity or fails to present such business opportunity, or information regarding such business
opportunity, to the Company or its Subsidiaries unless, in the case of any such person who is a director or officer of the Company, such business opportunity is expressly offered to such director or officer in writing solely in his or her capacity
as a director or officer of the Company. The alteration, amendment, addition to 

  
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or repeal of this Section 2.04, shall not eliminate or reduce the effect of this Section 2.04 in respect of any business opportunity first identified or any other matter
occurring, or any cause of action, suit or claim that, but for this Section 2.04, would accrue or arise, prior to such alteration, amendment, addition, repeal or adoption. 

SECTION 2.05. Approvals. For so long as Lee Equity and its Affiliates own 25% or more of the issued and outstanding Common Stock of the
Company (excluding any subsequent acquisition of Common Stock, other than Common Stock acquired from the Company in a privately negotiated transaction), the Company and its Subsidiaries shall not take any of the following actions without the prior
written consent of Lee Equity: 
 (a) issue Company Securities or equity securities of any of the Company’s Subsidiaries other than the
granting of options or shares of Common Stock to members of the Company’s management or the issuance of shares of Common Stock in connection with the exercise of such options; 

(b) declare or pay any non-pro rata dividends or other non-pro rata distributions in respect of the Company Securities; 

(c) incur any indebtedness for borrowed money (other than indebtedness incurred under that certain existing revolver of up to $10,000,000
under the Credit Agreement or in connection with the refinancing of the Company’s existing indebtedness) that would cause the Leverage Ratio to exceed 4.5x at the time of such incurrence; 

(d) effect any merger, recapitalization, issuance of Company Securities or other adjustment in voting rights, in one or any series of related
transactions, if such event would result in a Change in Control of the Company; 
 (e) adopt a new equity-based incentive plan, make any
increase to the maximum number of shares of Common Stock available to participants in the Company’s existing equity-based incentive plans or materially change the vesting schedule, or terminate any of the Company’s existing equity-based
incentive plans; 
 (f) make any material investment in, or acquire or dispose of, any material assets or entity (other than investments in
wholly-owned subsidiaries), in each case in excess of $25,000,000, or enter into any material joint ventures, partnerships or similar arrangements; 

(g) hire or terminate the employment of the Chief Executive Officer of the Company (the “CEO”); 

(h) materially increase the salary of the CEO (other than increases for standard cost of living adjustments) or make any material change to
the bonus structure applicable to the CEO as is in effect as of the date hereof; 

  
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 (i) amend the Charter or bylaws of the Company in any manner adverse to Lee Equity; 

(j) materially change the Company’s business of being the owner and/or franchisor of stores and restaurants that sell or serve pizza and
other food items; or 
 (k) change the number of directors of the Company. 

ARTICLE 3 
 CONFIDENTIAL
INFORMATION 
 SECTION 3.01. Confidentiality. 

(a) The Company acknowledges and agrees that (i) Lee Equity may disclose Confidential Information to its Affiliates, representatives and
advisors, (ii) any Lee Equity Nominee may disclose Confidential Information to Lee Equity and its Affiliates, representatives and advisors, (iii) Lee Equity and its Affiliates may disclose Confidential Information if requested or required
by law, judicial or governmental order, deposition, interrogatory, subpoena, civil investigation, demand, discovery request or similar process (provided that if such disclosure is requested rather than required under applicable law, Lee
Equity shall, to the extent permitted by applicable law, promptly notify the Company prior to any such disclosure to the extent practicable and cooperate with the Company, at the Company’s sole cost and expense, in any attempts it may make to
obtain a protective order or other appropriate assurance that confidential treatment will be afforded the Confidential Information) and (iv) for so long as Lee Equity own 10% or more of the issued and outstanding Common Stock of the Company
(excluding any subsequent acquisition of Common Stock, other than Common Stock acquired from the Company in a privately negotiated transaction), Lee Equity and its Affiliates (a) will be granted access to customary non-public information of the
Company and members of the Company’s management team as reasonably requested by Lee Equity and (b) may disclose Confidential Information to any potential purchaser of the Company that executes a customary confidentiality agreement that
includes a prohibition on trading on material non-public information (and Lee Equity shall provide the Company with prompt written notice after execution thereof). Except as set forth in this Section 3.01, Lee Equity will not disclose
Confidential Information to any third party. 
 (b) “Confidential Information” shall mean any confidential or
proprietary information relating to the business or affairs of the Company or any of its Affiliates, including, but not limited to, information relating to financial statements, customer identities, potential customers, employees, sales
representatives, suppliers, servicing methods, equipment programs, strategies and information, analyses, profit margins or other proprietary information used by the Company or any of its Affiliates; provided, however, that Confidential
Information does not include any information which is in the public domain or becomes known in the industry through no wrongful act on the part of Lee Equity; provided that Confidential Information shall not include information that
(i) is or becomes generally known to the public other than as a result of a disclosure 

  
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by Lee Equity in violation of this Agreement, (ii) is or was available to Lee Equity on a non-confidential basis prior to its disclosure to Lee Equity, or (iii) was or becomes available
to Lee Equity on a non-confidential basis from a source other than the Company or a Board member, which source is or was (at the time of receipt of the relevant information) not bound by a confidentiality agreement with the Company or another
person. 
 ARTICLE 4 

MISCELLANEOUS 
 SECTION 4.01.
Binding Effect; Assignability; Benefit. 
 (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective heirs, successors, legal representatives and permitted assigns. 
 (b) Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto pursuant to any Transfer of Company Securities or otherwise; provided, however, that in connection with any Transfer of Company
Securities by Lee Equity (i) to any of its Affiliates or (ii) of 10% or more of the issued and outstanding Common Stock of the Company in a privately negotiated transaction (a “Third Party Transfer”), in each case
Lee Equity may assign all or any portion of its rights as set forth in Article 2 and Article 3 to any such transferee who agrees to be bound by this Agreement; provided, further, however, that in the case
of a Third Party Transfer, the requisite ownership thresholds set forth in this Agreement shall apply to such third party transferee based on the number of shares of Common Stock of the Company received by such third party transferee from Lee Equity
in such Third Party Transfer (and excluding any prior or subsequent acquisitions of Common Stock by such transferee via an open market transaction). Lee Equity shall provide the Company with prompt written notice following a Third Party Transfer.
Except for Section 2.04 and Section 4.12, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective heirs, successors, legal representatives and
permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 
 SECTION 4.02. Notices.
All notices, requests and other communications to any party shall be in writing and shall be delivered in person, mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, 

If to the Company, to: 
 Papa
Murphy’s Holdings, Inc. 
 8000 NE Parkway Drive, Suite 350 

Vancouver, WA 98662 
 Attention:
Victoria Blackwell 
 Fax: (360) 397-6665 

  
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 If to Lee Equity, to: 

Lee Equity Partners, LLC 
 650
Madison Avenue, 21st Floor 
 New York, New York 10022 

Attention: Yoo Jin Kim 
 Fax:
(646)781-3700 
 In each case with a copy to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: Douglas P. Warner, Esq. 

Fax: (212) 310-8007 
 or, in each case, at
such other address or fax number as such party may hereafter specify for the purpose of notices hereunder by written notice to the other parties hereto. All 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. Any notice, request or other written communication sent by facsimile transmission shall be confirmed by certified or registered mail, return receipt requested, posted within one (1) Business
Day, or by personal delivery, whether courier or otherwise, made within two (2) Business Days after the date of such facsimile transmissions. 

Any Person that hereafter becomes a Stockholder shall provide its address and fax number to the Company, which shall promptly provide such
information to each other Stockholder. 
 SECTION 4.03. Waiver; Amendment; Termination. 

(a) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be
effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by the Company and Lee Equity. 

(b) This Agreement shall terminate upon, (i) the written request of Lee Equity or (ii) such time as Lee Equity or its Affiliates or
any transferee of Lee Equity or its Affiliates who agrees to be bound by this Agreement pursuant to Section 4.01(b) owns less than 10% in the aggregate of the issued and outstanding Common Stock of the Company. 

  
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 SECTION 4.04. Fees and Expenses. The Company shall pay the costs and expenses incurred in
connection with (i) the preparation, negotiation and execution of this Agreement and (ii) Lee Equity’s enforcement of its rights and remedies set forth in this Agreement. 

SECTION 4.05. Governing Law. This Agreement, and all claims or causes of action (whether at law, in equity, in contract, in tort or
otherwise) based upon, arising out of, related to or otherwise in connection with this Agreement or the transactions contemplated hereby, shall be exclusively governed by, and construed in accordance with, the internal laws of the State of Delaware,
without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction (including any claim or cause of action based upon, arising out of or
related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement). 

SECTION 4.06. Jurisdiction. The parties hereby agree that any suit, action or proceeding (whether at law, in equity, in contract, in
tort or otherwise) seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (including any claim or cause of action based upon, arising out of or related
to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be exclusively brought in the United States District Court for the Southern District of New York or any New York
State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement shall be deemed to have arisen from a
transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is
brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the
foregoing, each party agrees that service of process on such party as provided in Section 4.03 shall be deemed effective service of process on such party. 

SECTION 4.07. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING (WHETHER AT LAW, IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 4.08. Specific Enforcement; Cumulative Remedies. The parties hereto acknowledge that money damages may not be an adequate
remedy for violations of this Agreement and that any party, in addition to any other rights and 

  
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remedies which the parties may have hereunder or at law or in equity, may, in his or its sole discretion, apply to a court of competent jurisdiction for specific performance or injunction or such
other relief as such court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to the extent permitted by applicable law, each party waives any objection to the imposition of such relief. All rights,
powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the
simultaneous or later exercise of any other such rights, powers or remedies by such party. 
 SECTION 4.09. Entire Agreement. This
Agreement and any exhibits and other documents referred to herein constitute the entire agreement and understanding among the parties hereto in respect of the subject matter hereof and thereof and supersede all prior and contemporaneous agreements
and understandings, both oral and written, among the parties hereto, or between any of them, with respect to the subject matter hereof and thereof. 

SECTION 4.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby
be consummated as originally contemplated to the fullest extent possible. 
 SECTION 4.11. Counterparts; Effectiveness. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

SECTION 4.12. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact
that the entity comprising Lee Equity is a limited liability company, each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement
shall be had against any of Lee Equity’s current or future directors, officers, employees, general or limited partners, members, managers or trustees, or any partner, member, manager or trustee, as such, whether by the enforcement of any
assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any of Lee Equity’s current or future officers, agents, employees, directors, managers, members, or any Affiliates or assignees thereof, as such, for any obligation of Lee Equity under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in 

  
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respect of or by reason of such obligations or their creation (in each case, except in the case of any such Person trading on material non-public Confidential Information in violation of
Section 3.01 and applicable law). 
 [The remainder of this page is intentionally left blank.] 

 

  
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 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. 
  

			
	PAPA MURPHY’S HOLDINGS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	LEP PAPA MURPHY’S HOLDINGS, LLC
		
	By:	 	 
		 	Name:
		 	Title:

 [SIGNATURE PAGE TO STOCKHOLDER’S AGREEMENT]EX-10.20

 Exhibit 10.20 

PAPA MURPHY’S HOLDINGS, INC. 

2010 Management Incentive Plan 

Stock Option Agreement – Time Vesting 

THIS AGREEMENT (the “Agreement”) is made by and between Papa Murphy’s Holdings, Inc., a Delaware corporation (the
“Company”), and [—] (the “Participant”) effective [—] (the “Effective Date”). 

RECITALS: 
 WHEREAS, the
Company has adopted the Papa Murphy’s Holdings, Inc. 2010 Management Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise defined herein
shall have the same meanings as in the Plan; and 
 WHEREAS, the Committee has determined that it would be in the best interests of the
Company and its shareholders to grant the option to purchase shares of the Company’s common stock (“Shares”) provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

 

	1.	Grant of the Option  

 On the terms and conditions set forth in this Agreement and
in the Plan, the Option (defined below) shall represent the right of the Participant to purchase a number of Shares at an Exercise Price (subject to the adjustment provisions in the Plan) as set forth below. The Option is not intended to be treated
as an Incentive Stock Option that complies with Section 422 of the Code. 
  

	 	(a)	Option Grant. On [—] (the “Date of Grant”) the Company hereby grants to the Participant the right and option to purchase, on the terms and
conditions set forth in the Plan and this Agreement, [—] Shares (the “Option”), subject to adjustment as set forth in the Plan. The Option is intended to be a Nonqualified Stock
Option. 

  

	 	(b)	Death or Disability. If the Participant’s employment with the Company or any of its Subsidiaries is terminated as a result of death or Disability, then any portion of the Option that would have vested had
the Participant remained employed until the first anniversary of the date of the Participant’s termination of employment shall vest on the termination date. “Disability” means (x) if the Participant has an effective
employment agreement, service agreement or other similar agreement with the Company or a Subsidiary that defines “Disability” or a like term, the meaning set forth in such agreement at the time of the Participant’s termination or,
(y) in the absence of such definition, the inability of the Participant to perform his duties for six (6) consecutive months as a result of incapacity due to a physical or mental disability, as determined by the Committee.

	 	(c)	Sale Event. If (i) a Sale Event occurs prior to the Participant becoming fully vested in the Option, and (ii) the Participant’s employment with the Company, any of its Subsidiaries or any acquiring
or surviving entity is terminated by the Company or its Subsidiaries due to a Without Cause Termination Event (defined below) or by the Participant for Good Reason, in each case, on or within eighteen (18) months of the consummation of such
Sale Event, then, as of the date of such termination, any service-based vesting conditions shall be waived. A “Sale Event” shall mean regardless of form thereof, consummation of (i) the dissolution or liquidation of the
Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation (other than in connection with an Initial Public
Offering) in which the outstanding shares of capital stock are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own,
directly or indirectly, a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, (iv) the sale of all or a majority of the outstanding capital stock of the Company to an unrelated
person or entity or (v) any other transaction (other than an Initial Public Offering) in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own, directly or indirectly, at least a
majority of the outstanding voting power of the successor entity immediately upon completion of the transaction. 

  

	2.	Exercise of Option 

  

	 	(a)	Vesting. Subject to the conditions set forth in this Agreement, the Option shall vest according to the following vesting schedule: 

 

	 	(b)	Notice of Exercise. The Participant or the Participant’s representative may exercise the Option, to the extent vested, by giving written notice to the Company, in a form provided by the Committee, specifying
the election to exercise the Option, the number of Shares for which it is being exercised and the form of payment. The notice of exercise shall be signed by the person exercising the Option. In the event that the Option is being exercised by the
Participant’s representative, the notice shall be accompanied by proof (satisfactory to the Committee) of the representative’s right to exercise the Option. The Participant or the Participant’s representative shall deliver to the
Committee, at the time of giving the notice, payment in a form permissible under Section 3 of this Agreement for the full amount of the Purchase Price and applicable withholding taxes as provided below. 

  
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	 	(c)	Securities Laws Requirements. No Shares will be issued or transferred pursuant to this Agreement unless and until all then applicable requirements imposed by Federal and state securities and other laws, rules and
regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon which the Shares may be listed, have been fully met. As a condition precedent to the issuance of Shares pursuant to this Agreement, the Company may require the
Participant to take any reasonable action to meet such requirements. The Committee may impose such conditions on any Shares issuable pursuant to this Agreement as it may deem advisable, including, without limitation, restrictions under the
Securities Act of 1933, as amended, under the requirements of any exchange upon which such shares of the same class are then listed, and under any blue sky or other securities laws applicable to such shares. The Committee may also require the
Participant to represent and warrant at the time of issuance or transfer that the Shares are being acquired only for investment purposes and without any current intention to sell or distribute such Shares. 

 

	 	(d)	Issuance of Common Stock. After satisfying all requirements with respect to the exercise of the Option, the Committee shall cause to be issued (in the Committee’s discretion, in un-certificated form, upon
the books of the Company’s transfer agent) the Shares as to which the Option has been exercised, registered in the name of the person exercising the Option (or in the names of such person and his or her spouse as community property or as joint
tenants with right of survivorship). Neither the Company nor the Committee shall be liable to the Participant for damages relating to any delays in issuing the Shares to him or any mistakes or errors in the issuance of the Shares. 

 

	 	(e)	Withholding Requirements. As a condition to the exercise of the Option, the Participant shall make such arrangements as the Committee may require for the satisfaction of any Federal, state, local or foreign
withholding tax obligations that may arise in connection with the Option. 

  

	3.	Payment for Shares 

  

	 	(a)	Purchase Price. The purchase price of all Shares subject to the Option shall be the Exercise Price multiplied by the number of Shares with respect to which the Option is being exercised (the “Purchase
Price”). The “Exercise Price” shall be [—] per Share. 

  

	 	(b)	Cash or Check. All or part of the Purchase Price may be paid in cash, by certified or bank check, or other instrument acceptable to the Committee in U.S. funds payable to the order of the Company.

  
 3 

	 	(c)	Brokered Cashless Exercise. To the extent permitted by applicable law and unless otherwise provided by the Committee in connection with the exercise of the Option, all or part of the Purchase Price may be paid
from the proceeds of a sale through a broker on the date of exercise of some or all of the Shares to which the exercise relates. In such case, the Company shall have received a properly executed exercise notice, together with a copy of irrevocable
instructions to a broker to deliver promptly to the Company the amount of sale proceeds to pay the aggregate purchase price, and, if requested, the amount of any Federal, state, local or foreign withholding taxes. To facilitate the foregoing, the
Company may, to the extent permitted by applicable law, enter into agreements or coordinate procedures with one or more brokerage firms. 

  

	 	(d)	Other Methods of Payment for Shares. At the sole discretion of the Committee all or any part of the Purchase Price may be paid by one or more of the following methods: 

 

	 	(i)	Surrender of Stock. By surrendering, or attesting to the ownership of, Shares that are already owned by the Participant free and clear of any restriction or limitation, unless the Committee specifically agrees to
accept such Shares subject to such restriction or limitation. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued by the Company at their Fair Market Value on the date of the applicable exercise of the
Option. The Participant shall not surrender, or attest to the ownership of, Shares in payment of the Purchase Price (or withholding) if such action would cause the Company to recognize compensation expense (or additional compensation expense) with
respect to this Option for financial reporting purposes that otherwise would not have occurred. 

  

	 	(ii)	Net Exercise. By reducing the number of Shares otherwise deliverable upon the exercise of the Option by the number of Shares having a Fair Market Value equal to the amount of the Purchase Price and withholding
requirements permitted to be so paid by the Company. 

 The Committee shall notify the Participant if and when it shall make
such other payment method available to the Participant. Should the Committee exercise its discretion to permit the Participant to exercise the Option in whole or in part in accordance with this Section 3(d), it shall have no obligation to
permit such alternative exercise with respect to any remaining portion of the Option or with respect to any other option to purchase Shares held by the Participant. 
  

	4.	Termination of Employment 

  

	 	(a)	Termination of Employment. If a Participant’s employment terminates for any reason, then the exercise period for the Option shall expire on the earliest of the following occasions: 

 

	 	(i)	The tenth (10th) anniversary of the Date of Grant; 

  
 4 

	 	(ii)	The date that is sixty (60) days after a Performance-Related Termination Event or a Without Cause Termination Event. A “Performance-Related Termination Event” shall mean the termination of the
Participant’s employment with the Company and its Subsidiaries as a result of the Participant’s failing to meet commercially reasonable performance objectives as determined in good faith by the Board and fails to cure such failure within
30 days following written notice to that effect. A “Without Cause Termination Event” shall mean the termination of the Participant’s employment with the Company and its Subsidiaries for any reason other than pursuant to a For
Cause Termination Event (defined below), a Performance-Related Termination Event, Disability or death; 

  

	 	(iii)	The date that is six (6) months after the termination of the Participant’s employment by reason of Disability; 

  

	 	(iv)	The date that is twelve (12) months after the termination of the Participant’s employment due to the Participant’s death; or 

 

	 	(v)	The date of notification of termination of the Participant’s employment if such termination is due to a For Cause Termination Event. A “For Cause Termination Event” shall mean the termination of
the Participant’s employment with the Company and its Subsidiaries for Cause. 

 A Participant (or in the case of the
Participant’s death or Disability, the Participant’s representative) may exercise all or part of the Participant’s Option at any time before the expiration of such Option under the preceding sentence, but only to the extent that such
Option has become vested pursuant to Section 2(a) of this Agreement on or before the date Participant’s employment terminates. Except as otherwise set forth in Section 5 below, any unvested portion of the Option shall be forfeited
when the Participant’s employment terminates. 
  

	 	(b)	Leaves of Absence. For any purpose under this Agreement, employment shall be deemed to continue while the Participant is on a bona fide leave of absence, if such leave was approved by the Company in writing or if
continued crediting of employment for such purpose is expressly required by the terms of such leave (as determined by the Committee) or by applicable law. 

  

	5.	Repurchase Right 

  

	 	(a)	 Repurchase. Following a termination of employment for any reason or no reason (a “Termination Event”) or Bankruptcy (as
defined below) of the Participant, the Company or its assigns shall have the right and option to repurchase all or any portion of the Shares purchased pursuant to the exercise of this Option and held by the Participant or any Permitted Transferee
(as defined in the Company’s 

  
 5 

	 	
Amended and Restated Stockholders’ Agreement dated as of June 11, 2012 among the Company and the Stockholders party hereto). In addition, upon the Bankruptcy of any of the
Participant’s Permitted Transferees, the Company or its assigns shall have the right and option to repurchase all or any portion of the Shares held by such Permitted Transferee as of the date of such Bankruptcy. The purchase and sale
arrangements contemplated by the preceding sentences of this Section 5(a) are referred to herein as the “Repurchase”. 

“Bankruptcy” shall mean (i) the filing of a voluntary petition under any bankruptcy or insolvency law, or a petition for
the appointment of a receiver or the making of an assignment for the benefit of creditors, with respect to the Participant or any Permitted Transferee, or (ii) the Participant or any Permitted Transferee being subjected involuntarily to such a
petition or assignment or to an attachment or other legal or equitable interest with respect to the Participant’s or the Permitted Transferee’s assets, which involuntarily petition or assignment or attachment is not discharged within 60
days after its date, and (iii) the Participant or any Permitted Transferee being subject to a transfer of Shares by operation of law (including by divorce, even if not insolvent), except by reason of death. 

 

	 	(b)	Repurchase Price. The purchase price of the Shares subject to the Repurchase (the “Repurchase Price”) shall be the Fair Market Value of such Shares on the date the Company provides notice of its
exercise of the Repurchase pursuant to Section 5(c) below; provided that, if the termination is due to a For Cause Termination Event, a Performance-Related Termination Event or Bankruptcy, the Repurchase Price shall be the lesser of such Fair
Market Value and the amount paid by the Participant to purchase such Shares. Such Repurchase right shall terminate upon the closing of the Company’s Initial Public Offering, as a result of which, shares of the Company (or successor entity) of
the same class as the Shares are registered under Section 12 of the Exchange Act of 1934 and publicly traded on NASDAQ/NMS or any national security exchange; provided, however, that all other provisions shall remain in effect following the same
until the Option has become fully vested. 

  

	 	(c)	 Closing Procedure. The Company or its assigns shall effect the Repurchase (if so elected) by delivering or mailing to the Participant (and/or,
if applicable, any Permitted Transferees) written notice within six (6) months after the Termination Event or Bankruptcy or, if later, six (6) months after any exercise of the Option, specifying a Repurchase closing date within thirty
(30) days after expiration of the applicable six (6) month period. Upon such notification, the Participant and any Permitted Transferees shall promptly surrender to the Company any certificates representing the Shares being purchased,
together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt of the certificates from the Participant or any Permitted
Transferees, the Company or its assignee or assignees shall deliver to him, her or them a check for the Repurchase Price of the Shares being purchased; provided, however, that the Company may pay the

  
 6 

	 	
Repurchase Price for such Shares by offsetting and canceling any indebtedness then owed by the Participant to the Company. At such time, the Participant and/or any holder of the Shares shall
deliver to the Company the certificate or certificates representing the Shares so repurchased, duly endorsed for transfer, free and clear of any liens or encumbrances. 

 

	6.	Transfer of Option 

  

	 	(a)	General. The Option shall be exercisable during the Participant’s lifetime, only by the Participant or by the Participant’s guardian or legal representative. Except as otherwise provided in
Section 6(b) below, the Option and the rights and privileges conferred hereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) other than by beneficiary designation, will or the laws of descent and
distribution and shall not be subject to sale under execution, attachment, levy or similar process. 

  

	 	(b)	Permitted Transfers. Subject to the approval of the Committee, the Participant shall be permitted to transfer the Option, in connection with his or her estate plan, to the Participant’s spouse, siblings,
parents, children and grandchildren or trusts for the benefit of such persons or partnerships, corporations, limited liability companies or other entities owned solely by such persons, including trusts for such persons. 

 

	7.	Adjustment of Shares 

 In the event of any change with respect to the outstanding
shares of Stock of the Company, the Option may be adjusted in accordance with Section 3(b) of the Plan. 
  

	8.	Non-Competition; Non-Solicitation; Confidentiality; Proprietary Rights 

  

	 	(a)	 The Participant hereby agrees that during the period commencing on the date hereof and ending on the date that is six (6) months following the
date of the termination of the Participant’s employment with the Company (the “Noncompetition Period”), the Participant will not, without the express written consent of the Company, directly or indirectly, anywhere in the
United States or in any foreign country in which the Company has conducted business, is conducting business or is then contemplating conducting business, engage in any activity which is, or participate or invest in, or provide or facilitate the
provision of financing to, or assist (whether as owner, part-owner, shareholder, member, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity), any business, organization or person other than the Company (or
any subsidiary or affiliate of the Company), and including any such business, organization or person involving, or which is, a family member of the Participant, whose business, activities, products or services are competitive with any of the
business, activities, products or services conducted, offered or then contemplated to be conducted or offered by the Company or its subsidiaries or affiliates; 

  
 7 

	 	
provided, however, nothing herein shall prohibit the Participant from being employed by any business, organization or person that operates in the quick service restaurant industry and derives
less than 10% of its total revenue from the sale of pizza. Without implied limitation, the foregoing covenant shall be deemed to prohibit (i) hiring or engaging or attempting to hire or engage for or on behalf of the Participant or any such
competitor any officer or employee of the Company or any of its direct and/or indirect subsidiaries and affiliates, or any former employee of the Company and any of its direct and/or indirect subsidiaries and affiliates who was employed during the
three (3) month period immediately preceding the date of such attempt to hire or engage, (ii) encouraging for or on behalf of the Participant or any such competitor any such officer or employee to terminate his or her relationship or
employment with the Company or any of its direct or indirect subsidiaries and affiliates, (iii) soliciting for or on behalf of the Participant or any such competitor any client (including all franchisees) of the Company or any of its direct or
indirect subsidiaries and affiliates, or any former client (including all franchisees) of the Company or any of its direct or indirect subsidiaries and affiliates who was a client (including all franchisees) during the three (3) month period
immediately preceding the date of such solicitation and (iv) diverting to any person (as hereinafter defined) any client (including all franchisees) or business opportunity of the Company or any of its direct or indirect subsidiaries and
affiliates. 

 Notwithstanding anything herein to the contrary, the Participant may make passive investments in any enterprise
the shares of which are publicly traded if such investment constitutes less than two percent (2%) of the equity of such enterprise. Neither the Participant nor any business entity controlled by the Participant is a party to any contract,
commitment, arrangement or agreement which could, following the date hereof, restrain or restrict the Company or any subsidiary or affiliate of the Company from carrying on its business or restrain or restrict the Participant from performing his
employment obligations, and as of the date of this Agreement the Participant has no business interests whatsoever in or relating to the industries in which the Company or its subsidiaries or affiliates currently engage, and other than passive
investments in the shares of public companies of less than two percent (2% ). 
  

	 	(b)	 The Participant acknowledges that he has had and from time to time will have access to Confidential Information (as defined below). The Participant
agrees (i) to hold the Confidential Information in strict confidence, (ii) not to disclose the Confidential Information to any person (other than in the regular business of the Company or its affiliates), and (iii) not to use,
directly or indirectly, any of the Confidential Information for any purpose other than on behalf of the Company and its affiliates. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to
Confidential Information, that are furnished to the Participant by the Company or are produced by any participant in connection with the Participant’s employment will be and remain the sole property of the Company. Upon the termination of the
Participant’s employment 

  
 8 

	 	
with the Company for any reason and as and when otherwise requested by the Company, all Confidential Information (including, without limitation, all data, memoranda, customer lists, notes,
programs and other papers and items, and reproductions thereof relating to the foregoing matters) in the Participant’s possession or control, shall be immediately returned to the Company. The Participant recognizes that the Company and its
affiliates possess a proprietary interest in all of the Confidential Information and have the exclusive right and privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein
to the exclusion of the Participant, except as otherwise agreed between the Company and the Participant in writing. The Participant expressly agrees that any products, inventions, discoveries or improvements made by the Participant or the
Participant’s agents or affiliates in the course of the Participant’s employment shall be the property of and inure to the exclusive benefit of the Company. The Participant further agrees that any and all products, inventions, discoveries
or improvements developed by the Participant (whether or not able to be protected by copyright, patent or trademark) during the course of his employment, or involving the use of the time, materials or other resources of the Company or any of its
affiliates, shall be promptly disclosed to the Company and shall become the exclusive property of the Company, and the Participant shall execute and deliver any and all documents necessary or appropriate to implement the foregoing.

  

	 	(c)	During and after the Participant’s employment, the Participant shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Company that relate to events or occurrences that transpired while the Participant was employed by the Company. The Company shall reimburse the Participant for any reasonable out-of-pocket expenses incurred in connection
with the Participant’s performance of obligations pursuant to this Section 8(c). 

  

	 	(d)	 The term “Confidential Information” shall mean information belonging to the Company which is of value to the Company or with respect to
which Company has right in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including, by way of example and without limitation, trade secrets, ideas, concepts, designs, configurations, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts processes, techniques, formulas, software, improvements, inventions, data, know-how, discoveries, copyrightable materials, marketing plans and strategies, sales and financial reports and
forecasts, customer lists, studies, reports, records, books, contracts, instruments, surveys, computer disks, diskettes, tapes, computer programs and business plans, prospects and opportunities (such as possible acquisitions or dispositions of
businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes 

  
 9 

	 	
information developed by the Participant in the course of the Participant’s employment by the Company, as well as other information to which the Participant may have access in connection
with the Participant’s employment. Confidential Information also includes the confidential information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include
information in the public domain, unless due to breach of the Participant’s duties under Section 8(b). 

  

	 	(e)	It is the intention of the parties that, if a court construes any provision or clause of this Section 8, or any portion thereof, to be illegal, void, unreasonable or unenforceable because of the duration of such
provision or the area or matter covered thereby, such court shall modify the duration, area, or matter of such provision and, in its modified form, such provision shall then be enforceable and shall be enforced to the fullest extent of law.

  

	9.	Miscellaneous Provisions 

  

	 	(a)	Rights of a Shareholder of the Company. Neither the Participant nor the Participant’s representative shall have any rights as a shareholder of the Company with respect to any Shares subject to the Option
until the Participant or the Participant’s representative becomes entitled to receive such Shares by (i) filing a notice of exercise, (ii) paying the Purchase Price and withholding obligation as provided in this Agreement,
(iii) the Company issuing the Shares and entering the name of the Participant in the register of shareholders of the Company as the registered holder of such Shares, and (iv) satisfying such other conditions as the Board or the Committee
shall reasonably require. 

  

	 	(b)	No Right to Continued Employment. Nothing in this Agreement or the Plan shall confer upon the Participant any right to continued employment for any period of specific duration or interfere with or otherwise
restrict in any way the rights of the Company (or any Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason,
with or without Cause. 

  

	 	(c)	Transfer Restrictions. The Shares purchased by exercise of the Option shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules,
regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares are listed, and any applicable Federal or state laws, and the Committee may cause orders or designations to be placed upon the
books and records of the Company’s transfer agent to make appropriate reference to such restrictions. 

  

	 	(d)	Notification. Any notification required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery or within three (3) days of deposit with the United
States Postal Service, by registered or certified mail, with postage and fees prepaid. A notice shall be addressed to the Company at its principal executive office and to the Participant at the address that the Participant most recently provided to
the Company. 

  
 10 

	 	(e)	Entire Agreement. This Agreement and the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or
understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof. 

  

	 	(f)	Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. 

 

	 	(g)	Restrictive Covenants. The Participant agrees and acknowledges that the provisions of Section 8 of this Agreement are reasonable and appropriate (including the remedies set forth therein) and hereby
covenants to comply with the requirements thereof. 

  

	 	(h)	Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and upon the Participant, the Participant’s assigns and
the legal representatives, heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this Agreement and have agreed in writing to be joined herein and be bound by the terms hereof.

  

	 	(i)	Severability. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall
nevertheless be binding and enforceable. 

  

	 	(j)	Amendment. This Agreement shall not be amended unless such amendment is agreed to in writing by both the Participant and the Company. 

 

	 	(k)	Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of Delaware, as such laws are applied to contracts entered into and performed in such jurisdiction.

  

	 	(l)	Signature in Counterparts. This Agreement may be signed in counterparts, manually, or electronically, and each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. 

 By accepting this Award (as the Participant), I acknowledge and agree that this Stock Option award is granted under
and governed by the terms of the Papa Murphy’s Holdings, Inc. 2010 Management Incentive Plan, which is attached to and made a part of this document. In the event of a conflict between any term or provision contained herein and a term or
provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

  
 11 

 IN WITNESS WHEREOF, the Company and the Participant have executed this Option Award Agreement as
of the Effective Date. 
  

							
	Participant	 		 	Papa Murphy’s Holdings, Inc.
				
	  
	 		 	By:	 	  

  
 12

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