Document:

CONTRIBUTION
AGREEMENT 

 

THIS
CONTRIBUTION AGREEMENT (this “Agreement”) is entered into on October 20, 2017 (the “Effective Date”),
by and between Fog Cutter Capital Group Inc., a Maryland corporation (“FCCG”), Fog Cap Development LLC, an
Oregon limited liability company (“Fog Cap”), and FAT Brands Inc., a Delaware corporation and wholly owned
subsidiary of FCCG (“FAT”).

 

WHEREAS,
FAT intends to consummate an initial public offering of its common stock on the Effective Date (the “IPO”),
pursuant to an Offering Statement on Form 1-A that was initially filed with the Securities and Exchange Commission on September
6, 2017;

 

WHEREAS,
immediately prior to the issuance and sale of its common stock to investors in the IPO, FAT was a direct, wholly-owned subsidiary
of FCCG formed for the purpose of receiving the assets from FCCG described below and conducting the IPO;

 

WHEREAS,
in connection with the consummation of the IPO, FCCG and Fog Cap desire to contribute or cause to be contributed to FAT: (a) all
of their direct and indirect ownership interests in Fatburger North America, LLC, a Delaware limited liability company (successor
to Fatburger North America, Inc.) (“Fatburger”), and Buffalo’s Franchise Concepts, LLC, a Nevada limited
liability company (successor to Buffalo’s Franchise Concepts, Inc.) (“Buffalo’s”), in consideration
for common stock of FAT and an unsecured promissory note issued by FAT with a principal balance of $30,000,000, bearing interest
at a rate of 10.0% per annum, and maturing in five years from the Effective Date (the “Promissory Note”); and
(b) all of FCCG’s direct and indirect ownership interests in Ponderosa Franchising Company, a Delaware general partnership,
Bonanza Restaurant Company, a Delaware general partnership, Ponderosa International Development, Inc., a Delaware corporation,
and Puerto Rico Ponderosa, Inc., a Delaware corporation (collectively, the “Ponderosa Companies”), acquired
from Metromedia Company and its affiliate on or about the date hereof, in consideration for the payment by FAT of $10,550,000
to Metromedia Company and its affiliate (the “PondBon Payment”); and

 

WHEREAS,
immediately prior to the transactions described above, Fatburger and Buffalo’s were wholly-owned direct or indirect subsidiaries
of FCCG and Fog Cap, and the Ponderosa Companies were wholly-owned indirect subsidiaries of FCCG following the acquisition from
Metromedia Company.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

Section
1 Contribution. Effective immediately following the acceptance by FAT of subscriptions from investors in the IPO (or as
soon thereafter as is practicable) (the “Effective Time”):

 

(a)
FCCG and Fog Cap each hereby contribute, assign, transfer, convey and deliver to FAT (or shall cause their respective subsidiaries
to contribute, assign, transfer, convey and deliver to FAT), and FAT hereby accepts, all right, title and interest held by FCCG,
Fog Cap or any of their direct or indirect subsidiaries in and to Fatburger and Buffalo’s as of the Effective Time or at
any time thereafter (the “FatBuff Ownership Interests”), in consideration for common stock of FAT and the execution
and delivery to FCCG of the Promissory Note; and

 

    	1

     

    

 

(b)
FCCG hereby contributes, assigns, transfers, conveys and delivers to FAT (or shall cause its direct or indirect subsidiaries to
contribute, assign, transfer, convey and deliver to FAT), and FAT hereby accepts, all right, title and interest held by FCCG or
any of its direct or indirect subsidiaries in and to the Ponderosa Companies as of the Effective Time or at any time thereafter
(the “PondBon Ownership Interests”), in consideration for the PondBon Payment and common stock of FAT.

 

Section
2 Deliveries. In furtherance of the transactions contemplated by Section 1, the parties agree to execute and deliver,
and they will cause their respective subsidiaries to execute and deliver, such stock powers, assignments and other instruments
of transfer, conveyance and assignment as, and to the extent, necessary or convenient to evidence the transfer, conveyance and
assignment to FAT of the FatBuff Ownership Interests and PondBon Ownership Interests, and to complete and evidence the delivery
to FCCG of the Promissory Note and PondBon Payment.

 

Section
3 Transfer of Beneficial Ownership. 

 

(a)
The transfer of the FatBuff Ownership Interests and PondBon Ownership Interests will be effective as of the Effective Time, from
and after which time FAT will be the beneficial owner of the FatBuff Ownership Interests and PondBon Ownership Interests for all
purposes. It is the parties’ intent that all of the benefits and burdens of ownership of the FatBuff Ownership Interests
and PondBon Ownership Interests shall transfer to FAT at the Effective Time. To the extent that transfer of registered ownership
of the FatBuff Ownership Interests or PondBon Ownership Interests is not perfected at the Effective Time or would be contrary
to applicable law, the parties will use their commercially reasonable efforts to provide to, or cause to be provided to, FAT,
to the extent permitted by law, the rights and benefits associated with registered ownership of the FatBuff Ownership Interests
and PondBon Ownership Interests, and take such other actions as may reasonably be requested by FAT in order to place FAT insofar
as reasonably possible, in the same position as if FAT were the registered holder of the FatBuff Ownership Interests and PondBon
Ownership Interests as of the Effective Time. Without limiting the foregoing and in connection therewith, from and after the Effective
Time, FAT will have the right to (i) receive all dividends or distributions (liquidating or otherwise) associated with the FatBuff
Ownership Interests and PondBon Ownership Interests, or direct FCCG to deliver such dividends or distributions to the party of
its selection, (ii) sell, transfer or encumber, or direct FCCG to sell, transfer or encumber the FatBuff Ownership Interests and
PondBon Ownership Interests, and receive the proceeds therefrom, including any of the rights or privileges associated with the
FatBuff Ownership Interests and PondBon Ownership Interests, and (iii) vote the FatBuff Ownership Interests and PondBon Ownership
Interests, or direct FCCG to vote the FatBuff Ownership Interests and PondBon Ownership Interests as it instructs.

 

    	2

     

    

 

(b)
In connection with the arrangement set forth in Section 3(a), and without limiting the foregoing, from and after the Effective
Time, to the extent that transfer of registered ownership of the FatBuff Ownership Interests or PondBon Ownership Interests is
not perfected at the Effective Time or would be contrary to applicable law, FCCG will (i) vote the FatBuff Ownership Interests
and PondBon Ownership Interests only as directed by FAT, (ii) observe all corporate formalities and filing requirements that may
have to be met with regard to the FatBuff Ownership Interests and PondBon Ownership Interests, (iii) forward to FAT, or any other
person identified by FAT, all dividends, distributions (liquidating or otherwise), and sale proceeds made with respect to the
FAT, (iv) sell, transfer or encumber the FatBuff Ownership Interests and PondBon Ownership Interests only as directed by FAT,
(v) immediately notify FAT upon attachment or attempted seizure of, or acquisition of any interest or assertion of any rights
in, FatBuff Ownership Interests and PondBon Ownership Interests by any third party and take appropriate action to defend against
such attachment and to protect FAT’s interest in the FatBuff Ownership Interests and PondBon Ownership Interests, and (vi)
be entitled to rely on the written instructions of the directors or officers of FAT, and such instructions will be deemed to have
been duly authorized by FAT.

 

Section
4 Consents; Further Assurances; Indemnification. 

 

(a)
In addition to the actions specifically provided for elsewhere in this Agreement, each of the parties shall use commercially reasonable
efforts, prior to and after the Effective Time, to take, or cause to be taken, all actions, and to do, or cause to be done, all
things, reasonably necessary, proper or advisable under applicable laws and agreements to consummate and make effective the transactions
contemplated by this Agreement; provided, however, that neither party shall be obligated under this Section 3 to pay any
consideration, grant any concession or incur any additional liability to any third party, other than ordinary and customary fees
paid to a governmental authority.

 

(b)
Without limiting the foregoing, prior to and after the Effective Time, each party shall cooperate with the other party, without
any further consideration, but at the expense of the requesting party, (i) to execute and deliver, or use reasonable best efforts
to execute and deliver, or cause to be executed and delivered, all instruments, including any instruments of conveyance, assignment
and transfer as such party may reasonably be requested to execute and deliver by the other party, (ii) to make, or cause to be
made, all filings with, and to obtain, or cause to be obtained, all consents of any governmental authority or any other person
under any permit, license, agreement, indenture or other instrument, (iii) to obtain, or cause to be obtained, any governmental
approvals or other consents required to effect the transactions contemplated hereby, and (iv) to take, or cause to be taken, all
such other actions as such Party may reasonably be requested to take by the other party from time to time, in each case consistent
with the terms of this Agreement, in order to effectuate the provisions and purposes of this Agreement and the transfers contemplated
by this Agreement.

 

(c)
FCCG shall defend, indemnify and hold harmless FAT and its subsidiaries and their respective successors, and each of their respective
directors and officers, employees, consultants and agents (each, an “Indemnified Party”) against, and agree
to hold each Indemnified Party harmless from, any and all actions, suits, proceedings, hearings, investigations, charges, complaints,
claims, demands, injunctions, judgments, orders, decrees, rulings, actual damages, dues, penalties, fines, costs, amounts paid
in settlement, liabilities, liens, actual losses, expenses, and fees, including court costs and reasonable attorneys’ fees
and expenses, but excluding lost profits, diminution in value, punitive, exemplary, special, indirect or consequential damages
(except those payable to third parties), incurred or suffered by any such Indemnified Party to the extent resulting or arising
from, or attributable to, any direct or indirect liability, indebtedness, obligation, cost, expense, claim, loss, damage, deficiency,
guaranty or endorsement of or by any person, absolute or contingent, asserted or unasserted, accrued or unaccrued, due or to become
due, liquidated or unliquidated, existing with respect to Fatburger, Buffalo’s or the FatBuff Ownership Interests as of
the Effective Date.

 

    	3

     

    

 

Section
5 Miscellaneous. 

 

(a)
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement. Each party acknowledges that it and the other party may execute this Agreement by manual, stamp or mechanical
signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp
or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as delivery of such executed
counterpart of this Agreement.

 

(b)
Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or thereto or to the transactions
contemplated hereby or thereby or to the inducement of any party to enter herein or therein, whether for breach of contract, tortious
conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted
in accordance with the laws of the State of California, irrespective of the choice of laws principles of the State of California,
including all matters of validity, construction, effect, enforceability, performance and remedies.

 

(c)
Severability. In the event that any one or more of the terms or provisions of this Agreement or the application thereof
to any person or circumstance is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement, or the
application of such term or provision to persons or circumstances or in jurisdictions other than those as to which it has been
determined to be invalid, illegal or unenforceable, and the parties shall use their commercially reasonable efforts to substitute
one or more valid, legal and enforceable terms or provisions into this Agreement which, insofar as practicable, implement the
purposes and intent of the parties. Any term or provision of this Agreement held invalid or unenforceable only in part, degree
or within certain jurisdictions shall remain in full force and effect to the extent not held invalid or unenforceable to the extent
consistent with the intent of the parties as reflected by this Agreement. To the extent permitted by applicable law, each party
waives any term or provision of law which renders any term or provision of this Agreement to be invalid, illegal or unenforceable
in any respect.

 

(d)
Assigns. This Agreement shall inure to the benefit of the successors and assigns of the parties.

 

(e)
Entire Agreement; Amendment. This Agreement constitutes and contains the entire agreement of the parties with regard to
the subject matter hereof, and supersede any and all prior negotiations, correspondence, understandings, and agreements between
the parties respecting the subject matter hereof. This Agreement may not be amended without the written consent of each of the
parties hereto.

 

(f)
Headings. The headings appearing in this Agreement have been inserted for identification and reference purposes and shall
not by themselves determine the construction or interpretation of this Agreement.

 

[Signature
page follows]

 

    	4

     

    

 

IN
WITNESS WHEREOF, each of the parties has caused this Contribution Agreement to be executed on its behalf by its duly authorized
representative effective as of the date first written above.

 

	 	FOG
    CUTTER CAPITAL GROUP INC.
	 	 	 
	 	By:
    	/s/
    Andrew Wiederhorn
	 	Name:	Andrew
    Wiederhorn
	 	Title:	Chief
    Executive Officer 

 

	 	FAT
    BRANDS INC.
	 	 	 
	 	By:
    	/s/
    Ron Roe
		Name:	Ron
    Roe
	 	Title:	Chief
    Financial Officer

 

	 	FOG
    CAP DEVELOPMENT LLC
	 	 	 
	 	By:
    	/s/
    Andrew Wiederhorn
	 	Name:
    	 
	 	Title:	 

 

[Signature
Page to Contribution Agreement] 

 

    	5TAX
SHARING AGREEMENT

 

This
TAX SHARING AGREEMENT (this “Agreement”), dated as of October 20, 2017, is made by and between Fog Cutter Capital
Group Inc., a Delaware corporation (“FCCG”), and FAT Brands Inc., a Delaware corporation (“FAT”).

 

WHEREAS,
FCCG owns shares of FAT common stock possessing at least 80% of the total voting power of the outstanding shares of FAT, and which
has a value equal to at least 80% of the total value of the outstanding shares of FAT;

 

WHEREAS,
FCCG intends, to the extent permitted by applicable law, to include FAT in a consolidated federal income tax return with FCCG
and, to the extent permitted by applicable law, may include FAT in consolidated, combined or unitary state or local income tax
returns with FCCG; and

 

WHEREAS,
the parties desire to set forth their respective liabilities with respect to taxes in connection with such tax returns, as well
as other payments that may be required in connection with taxes or the use of FCCG’s tax attributes.

 

NOW,
THEREFORE, in connection of the mutual premises contained herein, the receipt and sufficiency of which is hereby established,
the parties intending to be legally bound, hereby agree as follows:

 

1.       Filing
Consolidated Returns.

 

(a)       To
the extent permitted by applicable law, FCCG shall include FAT in consolidated federal income tax returns with FCCG, in California
unitary income tax returns with FCCG, and in Oregon consolidated income tax returns with FCCG. FCCG may, in its sole discretion,
include FAT in consolidated, combined or unitary state, local or foreign income tax returns with FCCG in other jurisdictions to
the extent permitted by applicable law. Any such income tax return that includes both FCCG and FAT is referred to as a “Consolidated
Return.”

 

(b)       Each
party acknowledges and agrees that with respect to a taxing authority it may be jointly and severally liable for any tax relating
to a Consolidated Return, but that as between the parties, their respective liability is as set forth in this Agreement.

 

(c)       Each
party shall separately file its other tax returns and shall be separately liable for any tax with respect thereto.

 

2.       Payment
of Income Tax with respect to Consolidated Returns.

 

(a)       FCCG
shall timely file the Consolidated Returns, shall timely pay any required estimated tax with respect thereto and shall timely
pay any tax shown to be due on the Consolidated Returns.

 

(b)       With
respect to each Consolidated Return, promptly after filing, FAT shall pay to FCCG an amount equal to the income tax FAT would
have had to pay with respect to such jurisdiction determined as if FAT had never been, and is not being, included in a Consolidated
Return with FCCG. Such amount shall be first reduced by any estimated tax payments or credits, or payments or credits upon an
extension of time to file the Consolidated Return made by FAT pursuant to Section 2(c) with respect to such jurisdiction for such
taxable year, and FCCG shall promptly return any excess payments made by FAT hereunder to FAT. FAT shall pay any remaining amount
due under this Section 2(b) as follows: (i) first, the amount owed by FCCG to FAT under that certain Intercompany Promissory Note,
dated October 20, 2017, in the initial principal amount of $11,906,000 (the “Note”) will be reduced by the
amount owed by FAT hereunder, and (ii) thereafter, subject to Section 2(d) of this Agreement, the remaining amount shall be paid
by FAT in cash.

 

    	1

     

    

 

(c)       On
or before each estimated tax payment date for a Consolidated Return, FAT shall promptly pay to FCCG an amount equal to the estimated
income tax that FAT would have been required to pay with respect to such jurisdiction for such taxable year so as not to incur
a penalty determined as if FAT had never been and is not being, included in a Consolidated Return with FCCG, as follows: (i) first,
the amount owed by FCCG to FAT under the Note will be reduced by the estimated tax payment owed by FAT, and (ii) thereafter, subject
to Section 2(d) of this Agreement, the remaining balance of any estimated tax payment shall be paid by FAT to FCCG in cash. In
addition, if FCCG requests an extension of time to file a Consolidated Return, FAT shall pay to FCCG an amount equal to the payment
FAT would be required to make with a request to extend the time to file its income tax return with respect to such jurisdiction
for such taxable year for such extension to be valid, determined as of FAT had never been, and is not being, included in a Consolidated
Return with FCCG, as follows: (i) first, the amount owed by FCCG to FAT under the Note will be reduced by the tax payment owed
by FAT, and (ii) thereafter, subject to Section 2(d) of this Agreement, the remaining balance of any payment shall be paid by
FAT to FCCG in cash.

 

(d)       Notwithstanding
the foregoing, to the extent FAT’s obligation hereunder to make a payment to FCCG with respect to any tax period exceeds
its share of the actual consolidated tax liability determined under Treasury Regulations §1.1552-1(a)(2), FAT may, upon the
determination of a Committee of FAT’s Board of Directors comprised solely of independent directors (directors not affiliated
with or having a material financial interest in FCCG, other than through their participation as a director or stockholder of FAT),
pay all or a portion of such excess amount by delivery of shares of FAT common stock having a fair market value equal to such
excess amount, determined by reference to the “market value” of FAT common stock under the Listing Rules of The Nasdaq
Stock Market LLC (or such successor rules that may be adopted by Nasdaq).

 

3.       Adjustment.
FCCG may amend a Consolidated Return in its sole discretion. In the event of an audit of a Consolidated Return, FCCG shall control
the audit and any proceeding with respect thereto. If there is an adjustment as a result of filing an amended return, or an audit
or other proceeding with respect to a Consolidated Return, the computation required under Section 2(b) shall be redetermined taking
into account such adjustment and all prior payments by FAT hereunder with respect to such income tax for such taxable year, and
FAT shall promptly pay to FCCG in in the manner and order of priority set forth in the final sentence of Section 2(b) an amount
equal to any shortfall, plus interest (at the applicable underpayment rate) and any penalty related thereto, and FCCG shall promptly
pay to FAT in cash an amount equal to any overpayment plus interest (at the applicable overpayment rate) attributable thereto.

 

    	2

     

    

 

4.       Cooperation.
FAT shall cooperate with FCCG with respect to the determination of whether to file a Consolidated Return in a jurisdiction for
a taxable year, making any election related to filing a Consolidated Return as determined by FCCG, the preparation and filing
of any Consolidated Return, the determination of the tax and estimated tax payments required to be made with respect to a Consolidated
Return, any audit or other proceeding with respect to a Consolidated Return, the computation of any payments or liability hereunder,
and any other matter reasonably requested by FCCG with respect to items hereunder. FAT shall retain such books, records, documents
and other information which may be reasonably necessary or helpful in connection therewith, until 60 days after the expiration
of the applicable statute of limitations (including any extensions or waivers thereof).

 

5.       FAT
Subsidiaries. Any reference hereto to FAT shall separately include any subsidiary of FAT, and FAT shall cause each such subsidiary
to comply with the terms of this Agreement. FAT shall act as agent and representative for each subsidiary. Unless a subsidiary
is required by applicable law to file a separate income tax return, its income, gain, loss, and deductions shall be consolidated
with FAT for purposes of determining any obligation of or to hereunder, and the subsidiary shall be jointly and severally liable
with FAT to FCCG for FAT’s obligations hereunder. If a subsidiary is required to file a separate income tax return under
applicable law, the liability of the subsidiary shall be determined hereunder in the same manner as the liability of FAT, substituting
the subsidiary for FAT.

 

6.       Deconsolidation.
Notwithstanding anything herein to the contrary, to the extent permitted by applicable law, FCCG may cease to file a Consolidated
Return in any jurisdiction with respect to any taxable year in its sole discretion. FCCG shall not be required to compensate FAT
in any manner for any amount as a result of the prior or current use of any tax attribute or item of income, gain, loss, deduction
or credit of FAT notwithstanding that no portion of such attribute or item may be apportioned to FAT under the applicable law
as a consequence of FAT ceasing to be included in a Consolidated Return with FCCG in such jurisdiction.

 

7.       Apportionment
of Earnings and Profits. For purposes of determining earnings and profits for federal income tax purposes, the parties shall
elect to use the separate return tax liability method set forth in Treasury Regulations §1.1552-1(a)(2), and the percentage
method under Treasury Regulations §1.1502-33(d)(3) with a percentage of 100%.

 

8.       Indemnification.
If a party (the “Indemnitee”) is required to pay more than the amount determined hereunder in connection with
any tax relating to a Consolidated Tax Return (other than as a result of interest, addition to tax, penalty or professional fees)
the other party (the “Indemnitor”) will indemnify the Indemnitee to the extent the Indemnitor’s liability
for such tax has been reduced as a result of the payment made by the Indemnitee.

 

9.       Miscellaneous.

 

(a)       This
Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. No party
may assign any of its rights hereunder except to a successor corporation. This Agreement is not intended, and shall not be deemed
or construed, to create or confer any right or interest for the benefit of any person not a party hereto (other than a subsidiary
of FAT that is included in a Consolidated Return with FCCG, with respect to their rights specified herein).

 

    	3

     

    

 

(b)       This
Agreement contains the entire agreement between the parties hereto with respect to the matters which are the subject hereof, and
supersedes all prior agreements, arrangements or understandings with respect thereto. The descriptive headings of this Agreement
are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement.

 

(c)       This
Agreement shall be governed by and construed in accordance with the laws of the State of California (other than the choice of
law principles thereof that would defer to the substantive laws of another jurisdiction).

 

(d)       Any
amendment, modification or supplementation of this Agreement shall be effective only if in writing signed by the parties hereto.
Any waiver of any term or condition of this Agreement shall be effective only if in writing signed by the party to be charged
therewith. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way
affect, limit or waive a party's rights hereunder at any time to enforce strict compliance thereafter with every term or condition
of this Agreement. No course of dealing or omission or delay on the part of any party hereto in asserting or exercising any right
hereunder shall constitute or operate as a waiver of any such right.

 

(e)       In
the event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect
for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining provisions
of this Agreement shall not be in any way impaired. This Agreement shall not be construed against any party by reason of such
party having caused this Agreement to be drafted.

 

(f)       Any
notice or other communication required or permitted pursuant to this Agreement shall be in writing, and sent (whether by hand,
mail, telecopy or otherwise) with all postage or other charges prepaid, to the addressee at its address or telecopy number set
forth below or to such other address or telecopy number as may be provided by notice hereunder. Any notice or other communication
hereunder shall be deemed given only upon receipt by the addressee.

 

	 	If
    to FCCG:	Fog
    Cutter Capital Group Inc.
	 	 	9720
    Wilshire Boulevard, Suite 500
	 	 	Beverly
    Hills, CA  90212
	 	 	Attn:  Chief
    Executive Officer 
	 	 	Fax:   (310)
    319-1863

 

With
a copy (which does not constitute notice) to:

 

	 	 	Allen
    Sussman
	 	 	Loeb
    & Loeb LLP
	 	 	10100
    Santa Monica Boulevard, Suite 2200
	 	 	Los
    Angeles, CA  90067
	 	 	Fax:
    310-919-3934

 

    	4

     

    

 

	 	If
    to FAT: 	FAT
    Brands Inc.
	 	 	9720
    Wilshire Boulevard, Suite 500
	 	 	Beverly
    Hills, CA  90212
	 	 	Attn:  Chief
    Financial Officer 
	 	 	Fax:  ____________________

 

(g)       The
parties shall submit any dispute arising under this Agreement to arbitration in Los Angeles County, California by an arbitrator
who is an attorney or accountant specializing in taxation selected by FCCG. The arbitrability of a dispute is likewise determined
by arbitration. The arbitration shall be conducted in accordance with the commercial arbitration rules of the American Arbitration
Association. The expenses of any arbitration (including without limitation any advance payment or deposit required in connection
therewith and the arbitrators’ fees, but excluding the fees and disbursements of the respective attorneys or other representatives
or experts, if any, of the parties) shall be allocated between the parties by the arbitrator based on how far the relative positions
of the parties immediately prior to the commencement of the arbitration are from the determination of the arbitrator with respect
to such issue. The decision of the arbitrator shall be conclusive and binding on the parties, and judgment on the arbitration
award may be entered in any court of competent jurisdiction.

 

[signature
page follows]

 

    	5

     

    

 

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

 

	 	FOG CUTTER CAPITAL GROUP INC.
	 	 	 
	 	By:
    	/s/
    Ron Roe
	 	Name:
    	Ron
    Roe
	 	Title:	  CFO
	 	 	 
	 	FAT BRANDS INC.
	 	 	 
	 	By:
    	/s/
    Andrew Wiederhorn
	 	Name:
    	Andrew
    Wiederhorn
	 	Title: 	 CEO

 

    	6

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