Document:

EX-10.21

 Exhibit 10.21 

PAPA MURPHY’S HOLDINGS, INC. 

2010 Management Incentive Plan 

Stock Option Agreement – Performance 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. 

  

	 	(i)	 Performance Vesting Conditions. Subject to the conditions set forth in this Agreement, the Option shall fully vest on a Lee Equity Qualified
Liquidation Event. A “Lee Equity Qualified Liquidation Event” shall mean the point in time at which any event occurs (including but not limited to any distribution, dividend, Sale Event or other liquidity event) as a result of which
Lee Equity has received from the Company or its subsidiaries an aggregate amount of cash and/or Liquid Securities with a value equal to or in excess of 250% of the aggregate amount of capital invested or otherwise contributed by Lee Equity to the
Company and its subsidiaries with respect to the purchase or acquisition of equity securities. For purposes of determining whether a Lee Equity Qualified Liquidation Event shall have occurred, no payments or amounts received by Lee Equity from the
Company and its subsidiaries which are not directly in respect of equity securities of the Company or its subsidiaries owned by Lee Equity (such as management fees, consulting fees or expense reimbursements) shall be included in the calculation.
“Liquid Securities” 

  
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shall mean freely tradable securities of a Company listed on the Nasdaq National Market or the New York Stock Exchange having a public float with a market value in excess of $2,000,000.

  

	 	(ii)	Substitute Performance Vesting Conditions. If an Initial Public Offering is consummated, the Committee shall have authority to establish performance vesting criteria to substitute for the performance vesting
criteria described in Section 2(a)(i) hereof. In the Committee’s sole discretion such substitute performance vesting criteria may be based on performance vesting criteria that it determines are appropriate for options to purchase stock of
a public company and may consist of substantially the same performance vesting criteria as is established for performance vesting options granted in connection with the Initial Public Offering. 

 

	 	(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. 

 

	 	(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 

  
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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.

  

	 	(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 

  
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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; 

  

	 	(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. 

  
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 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 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

  
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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 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. 

  
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	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; 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. 

  
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	 	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 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. 

  
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	 	(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 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 

  
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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. 

  

	 	(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.

  
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	 	(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. 
 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:	 	  

  
 12EX-10.22

 Exhibit 10.22 

Restricted Stock Agreement 

under the Papa Murphy’s Holdings, Inc. 

Amended 2010 Management Incentive Plan 

Time Vesting 
  

					
			
	Name of Grantee:            	  	 	  	    (the “Grantee”)
			
	No. of Shares:	  	 	  	    Shares of Common Stock
			
	Grant Date:	  	 	  	    (the “Grant Date”)
			
	Effective Date:	  	 	  	    (as defined in Section 1 below)

 Pursuant to the Papa Murphy’s Holdings, Inc. Amended 2010 Management Incentive Plan (the
“Plan”), Papa Murphy’s Holdings, Inc., a Delaware corporation (together with its successors, the “Company”), hereby grants, sells and issues to the individual named above, who is an officer, employee, director, consultant or
other key person of the Company or any of the Subsidiaries, the Shares (as defined below) at $                 per share, being the fair market value per share on
the date of purchase (the “Per Share Purchase Price”), subject to the terms and conditions set forth herein and in the Plan. The Grantee agrees to the provisions set forth herein and acknowledges that each such provision is a material
condition of the Company’s agreement to issue and sell the Shares to him or her. 
 All references to share prices and amounts herein
shall be equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting the capital stock of the Company, and any shares of capital stock of the Company received on or in
respect of Shares in connection with any such event (including any shares of capital stock or any right, option or warrant to receive the same or any security convertible into or exchangeable for any such shares or received upon conversion of any
such shares) shall be subject to this Agreement on the same basis and extent at the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the same extent they were issued at the Effective Date
hereof. 
 1. Definitions. For the purposes of this Agreement, the following terms shall have the following respective
meanings. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan. 

“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 Grantee or any Permitted Transferee, or (ii) the Grantee 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 Grantee’s or the Permitted Transferee’s assets, which involuntary petition or assignment or attachment is not discharged within 60 days after its
date, and (iii) the Grantee 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. 

 “Common Stock” shall mean the Company’s Common Stock, par value $0.01 per
share, together with any shares into which Common Stock may be converted or exchanged, as provided above and herein. 
 “Effective
Date” shall mean the date upon which the Company receives from Grantee a signed original of this Agreement together with payment in full of the total Per Share Purchase Price. 

“For Cause Termination Event” shall mean the termination of the Grantee’s employment with the Company and its
subsidiaries for Cause (as such term is defined in the Plan). 
 “Initial Public Offering” means any underwritten initial
public offering of securities of the Company, any corporate successor to the Company by way of conversion, PMI Holdings, Inc. or any of their respective Subsidiaries pursuant to an effective registration statement filed under the Act. 

“Performance-Related Termination Event” shall mean the termination of the Grantee’s employment with the Company and its
subsidiaries as a result of the Grantee 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. 

“Permitted Transferee” has the meaning set forth in the Stockholders Agreement. 

“Person” shall mean any individual, corporation, partnership (limited or general), limited liability company, limited
liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 
 “Restricted
Shares” shall initially mean all of the Shares being purchased by the Grantee on the Effective Date; provided that the Shares shall vest in equal 1/5th installments on the first, second, third, fourth and fifth anniversaries of the
Effective Date; provided further, that the Restricted Shares shall automatically and without further action cease to vest upon the occurrence of any Termination Event. 

Notwithstanding anything herein to the contrary, in the event that this Agreement is assumed or continued by the Company or its successor
entity in the sole discretion of the parties to a Sale Event and thereafter remains in effect following such Sale Event, the Shares shall remain subject to the terms of this Agreement; provided, however, all Shares shall become Vested Shares on the
date which the Grantee’s employment with the Company and its Subsidiaries or successor entity terminates if (i) such termination occurs within 18 months of such Sale Event and (ii) such termination is either by the Company
without Cause or by the Grantee for Good Reason. In the event that this Agreement is not assumed or continued by the Company or its successor entity in connection with a Sale Event, the remaining Unrestricted Shares shall become Vested Shares
immediately prior to the Sale Event. 
 “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 

  
 2 

 
shares of 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. 

“Shares” shall mean the number of shares of Common Stock being purchased by the Grantee on the Effective Date and any
additional shares of Common Stock or other securities received in respect of the Shares, as a dividend on, or otherwise on account of, the Shares. 

“Stockholders Agreement” means that certain Stockholders Agreement, dated as of the date hereof, among the Company and the
Stockholders party thereto. 
 “Termination Event” shall mean a For Cause Termination Event, a Performance-Related
Termination Event or a Without Cause Termination Event. 
 “Vested Shares” shall mean all Shares which are not Restricted
Shares. 
 “Without Cause Termination Event” shall mean the termination of the Grantee’s employment with the Company
and its subsidiaries for any reason other than pursuant to a For Cause Termination Event or a Performance-Related Termination Event. 

2. Purchase and Sale of Shares; Investment Representations. 

(a) Purchase and Sale. On the Effective Date hereof, the Company hereby sells to the Grantee, and the Grantee hereby purchases from the
Company, the number of Shares set forth above for the Per Share Purchase Price. 
 (b) Investment Representations. In connection with
the purchase and sale of the Shares contemplated by Section 2(a) above, the Grantee hereby represents and warrants to the Company as follows: 

(i) The Grantee is purchasing the Shares for the Grantee’s own account for investment only, and not for resale or with a view to the
distribution thereof. 
 (ii) The Grantee has had such an opportunity as he or she has deemed adequate to obtain from the Company such
information as is necessary to permit him or her to evaluate the merits and risks of the Grantee’s investment in the Company and has consulted with the Grantee’s own advisers with respect to the Grantee’s investment in the Company.

 (iii) The Grantee has sufficient experience in business, financial and investment matters to be able to evaluate the risks involved in
the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

  
 3 

 (iv) The Grantee can afford a complete loss of the value of the Shares and is able to bear the
economic risk of holding such Shares for an indefinite period. 
 (v) The Grantee understands that the Shares are not registered under the
Act (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Section 4(2) or Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be sold or
otherwise transferred or disposed of in the absence of an effective registration statement under the Act and under any applicable state securities or “blue sky” laws (or exemptions from the registration requirements thereof). The Grantee
further acknowledges that certificates representing the Shares will bear restrictive legends reflecting the foregoing. 
 (vi) The Grantee
agrees to sign a Joinder Agreement, dated as of the date hereof, pursuant to which Grantee shall become a party Stockholders Agreement and the Grantee expressly agrees hereby to be bound by the terms set forth in Article III and Section 4.02 of
the Stockholders Agreement. 
 (vii) The Grantee has completed Schedule A to this Agreement as to his or her status as an
“Accredited Investor” (as defined therein) and such information is true and complete. 
 (viii) The Grantee has the power and
authority to enter into and perform this Agreement and this Agreement constitutes a valid and legally binding obligation of the Grantee. 

(ix) The Grantee has not retained any finder, broker, agent, financial advisor, Purchaser Representative (as defined in Rule 501(h) of
Regulation D of the Act) or other intermediary in connection with the transactions contemplated by this Agreement and agrees to indemnify and hold harmless the Company from any liability for any compensation to any such intermediary retained by
the Grantee and the fees and expenses of defending against such liability or alleged liability. 
 (x) The Grantee is a bona fide resident
of, is domiciled in and received the offer and made the decision to invest in the Shares in the state set forth on the signature page below under “Address,” and the Shares are being issued to the Grantee in the Grantee’s name solely
for the Grantee’s own beneficial interest and not as nominee for, or on behalf of, or for the beneficial interest of, or with the intention to transfer to, any other person, trust or organization. 

(xi) The Grantee has not relied on any information or financial projections provided by the Company or any other party in making its
investment decision with respect to the Shares. 
 3. Repurchase Right. 

(a) Repurchase. Upon the occurrence of a Termination Event or the Bankruptcy of the Grantee, the Company or its assigns shall have the
right and option to repurchase all or any portion of the Shares held by the Grantee or any Permitted Transferee as of the date of such Termination Event or Bankruptcy. In addition, upon the Bankruptcy of any of

  
 4 

 
the Grantee’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 3(a) are referred to herein as the “Repurchase.” 

(b) Repurchase Price. The per share purchase price of the Shares subject to the Repurchase (the “Repurchase Price”) shall be,
subject to adjustment as provided above, (i) in the case of Shares which are Vested Shares as of the date of the event giving rise to the Repurchase, (x) the fair market value of such Vested Shares as of such date as determined by the
Board if such event giving rise to the Repurchase is a Without Cause Termination Event or (y) the Per Share Purchase Price if such event giving rise to the Repurchase is a For Cause Termination Event, a Performance-Related Termination Event or
a Bankruptcy, and (ii) in the case of Restricted Shares, the Per Share Purchase Price. The Repurchase Right with respect to Vested Shares shall terminate in accordance with Section 10(b). 

(c) Closing Procedure. The Company or its assigns shall effect the Repurchase (if so elected) by delivering or mailing to the Grantee
(and/or, if applicable, any Permitted Transferees) written notice within six (6) months after the Termination Event or Bankruptcy, specifying a date within such six-month period in which the Repurchase shall be effected. Upon such notification,
the Grantee 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 Grantee 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 Repurchase Price for such shares by offsetting and canceling any indebtedness then owed by the Grantee to the Company. At such time,
the Grantee 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. The Repurchase right specified
herein shall survive and remain in effect as to Restricted Shares following and notwithstanding any public offering by or merger or other transaction involving the Company and certificates representing such Restricted Shares shall bear legends to
such effect, subject to Section 10(b) below. 
 4. Conditions to Obligations of the Company. The obligations of the
Company to grant, sell and issue the Shares to the Grantee are subject to the Grantee entering into that certain Stockholders Agreement, dated as of the date hereof, among the Company and the Stockholders party thereto.  

5. Legend. Any certificate(s) representing the Shares shall carry substantially the same legend as set forth in
Section 3.02(a) of the Stockholders’ Agreement. 
 6. Escrow Arrangement. 

(a) Escrow. In order to carry out the provisions of Section 3 of this Agreement more effectively, the Company shall hold the Shares
in escrow together with separate stock powers executed by the Grantee in blank for transfer, and any Permitted Transferee shall, 

  
 5 

 
as an additional condition to any transfer of Shares, execute a like stock power as to such Shares. The Company shall not dispose of the Shares except as otherwise provided in this Agreement. In
the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Grantee and any Permitted Transferee, as the Grantee’s and each such Permitted Transferee’s attorney-in-fact, to date and complete
the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase, first refusal and drag
along rights, the Company shall, at the written request of the Grantee, deliver to the Grantee (or the relevant Permitted Transferee) a certificate representing such Shares with the balance of the Shares (if any) to be held in escrow pursuant to
this Section 6. 
 (b) Remedy. Without limitation of any other provision of this Agreement or other rights, in the event that the
Grantee, any Permitted Transferees or any other person or entity is required to sell the Grantee’s Shares pursuant to the provisions of Section 3 of this Agreement or pursuant to the provisions of the Stockholders Agreement and in the
further event that he or she refuses or for any reason fails to deliver to the designated purchaser of such Shares the certificate or certificates evidencing such Shares together with a related stock power, such designated purchaser may deposit the
applicable purchase price for such Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for the Grantee, any Permitted Transferees or other person or entity,
to be held by such bank or accounting firm for the benefit of and for delivery to him, her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by the Grantee as provided above. Upon any such
deposit and/or offset by the designated purchaser of such amount and upon notice to the person or entity who was required to sell the Shares to be sold pursuant to the provisions of Section 3, such Shares shall at such time be deemed to have
been sold, assigned, transferred and conveyed to such purchaser, the holder thereof shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer
in its stock transfer book or in any appropriate manner. 
 7. Withholding Taxes. The Grantee acknowledges and agrees that the
Company or any of its Subsidiaries have the right to deduct from payments of any kind otherwise due to the Grantee, or from the Shares held pursuant to Section 6 hereof, the minimum federal, state or local taxes of any kind required by law to
be withheld with respect to the purchase of the Shares by the Grantee. In furtherance of the foregoing the Grantee agrees to elect, in accordance with Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize ordinary income
in the year of acquisition of the Shares, and to pay to the Company all withholding taxes determined to be due with respect to such election, based on the excess, if any, of the fair market value of such Shares as of the Effective Date over the
purchase price for such Shares. 
 8. Assignment. At the discretion of the Board, the Company shall have the right to
assign the right to exercise its rights with respect to the Repurchase to any Person or Persons, in whole or in part in any particular instance, upon the same terms and conditions applicable to the exercise thereof by the Company, and such assignee
or assignees of the Company shall then take and hold any Shares so acquired subject to such terms as may be specified by the Company in connection with any such assignment. 

  
 6 

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

(a) The Grantee 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 Grantee’s employment with the Company (the “Noncompetition Period”), the Grantee 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 Grantee, 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; provided, however, nothing herein shall prohibit the Grantee 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 Grantee 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 Grantee 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 Grantee 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 Grantee 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 Grantee nor any business entity controlled by the Grantee 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 Grantee from
performing his employment obligations, and as of the date of this Agreement the Grantee 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 Grantee acknowledges that he has had and from
time to time will have access to Confidential Information (as defined below). The Grantee agrees (i) to hold the 

  
 7 

 
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 Grantee by the Company or are produced by any grantee in connection with the Grantee’s employment will be and remain the sole property of the Company. Upon the termination of the
Grantee’s employment 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 Grantee’s possession or control, shall be immediately returned to the Company. The Grantee 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 Grantee, except as
otherwise agreed between the Company and the Grantee in writing. The Grantee expressly agrees that any products, inventions, discoveries or improvements made by the Grantee or the Grantee’s agents or affiliates in the course of the
Grantee’s employment shall be the property of and inure to the exclusive benefit of the Company. The Grantee further agrees that any and all products, inventions, discoveries or improvements developed by the Grantee (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 Grantee shall execute and deliver any and all documents necessary or appropriate to implement the foregoing. 

(c) During and after the Grantee’s employment, the Grantee 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 Grantee was employed by the Company. The Company shall reimburse the Grantee
for any reasonable out-of-pocket expenses incurred in connection with the Grantee’s performance of obligations pursuant to this Section 12(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 information developed by the Grantee in the 

  
 8 

 
course of the Grantee’s employment by the Company, as well as other information to which the Grantee may have access in connection with the Grantee’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 Grantee’s duties under Section 12(b). 
 (e) It is the intention of the parties that, if a court construes any provision or
clause of this Section 9, 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. 
 10.
Miscellaneous Provisions. 
 (a) Lockup provision. The Grantee and each Permitted Transferee shall agree, if requested by
the Company and any underwriter engaged by the Company, not to sell or otherwise transfer or dispose of any securities of the Company (including, without limitation pursuant to Rule 144 under the Act (or any successor or similar exemptive rule
hereafter in effect)) held by them for such period following the effective date of any registration statement of the Company filed under the Act as set forth in Section 5.03 of the Stockholders Agreement. 

(b) Termination. The Company’s Repurchase right with respect to Vested Shares under Section 3 shall terminate upon the closing
of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case 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 all of the Shares have become Vested Shares. 

(c) Record Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement, shall be considered the
record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all dividends and any other distributions declared on the
Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 

(d) Equitable Relief. The parties hereto agree and declare that legal remedies are inadequate to enforce the provisions of this
Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(e) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral waiver of any of its
terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

  
 9 

 (f) Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of Delaware without regard to conflict of law principles. 
 (g) Headings. The headings are intended only for convenience in
finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(h) Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in
no manner affect the legality or enforceability of any other provision hereof. 
 (i) Notices. All notices, requests, consents and
other communications shall be in writing and be deemed given when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee
shall be addressed as set forth underneath their signatures below, or to such other address or addresses as may have been furnished by such party in writing to the other. Notices to any holder of the Shares other than the Grantee shall be addressed
to the address furnished by such holder to the Company. 
 (j) Benefit and Binding Effect. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto, their respective successors, assigns, and legal representatives. Without limitation of the foregoing, upon any stock-for-stock merger in which the Company is not the surviving entity, shares of the
Company’s successor issued in respect of the Shares shall remain subject to vesting and the Repurchase right of first refusal hereunder. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the
rights of the Company hereunder to the extent of such assignment. 
 (k) Dispute Resolution. Except as provided below, any dispute
arising out of or relating to this Agreement or the breach, termination or validity hereof shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and
Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having
jurisdiction thereof. The place of arbitration shall be New York, New York, in the borough of Manhattan. 
 The parties covenant and agree
that the arbitration shall commence within 60 days of the date on which a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses. In addition, each party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party.
However, the arbitrator shall not have the power to order the answering of interrogatories or the response to requests for admission. In connection with any arbitration, each party shall provide to the other, no later than seven (7) business
days before the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The
arbitrator’s decision and award shall be made and delivered within six (6) months of the selection of the arbitrator. The arbitrator’s decision shall 

  
 10 

 
set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply
actual damages or award punitive damages or any other damages that are specifically excluded under this Agreement, and each party hereby irrevocably waives any claim to such damages. 

The parties covenant and agree that they will participate in the arbitration in good faith. This Section 10(k) applies equally to
requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and
irreparable harm. 
 Each of the parties hereto (i) hereby irrevocably submits to the jurisdiction of any United States District Court
of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and hereby waives and agrees not to seek any review by any court of any
other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given. Each of the
parties hereto agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of the other parties hereto. Final judgment against any party hereto in any such action,
suit or proceeding may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

(l) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
 (m)
Section 83(b) Election. Within 10 days after the date hereof, Grantee shall timely file (via certified mail, return receipt requested) with the Internal Revenue Service a completed election under Section 83(b) of the Code and the
regulations promulgated thereunder in the form of Schedule B attached hereto. The Grantee shall provide the Company with proof of such timely filing. 

(n) Conflict with Other Agreements. For so long as the Stockholders Agreement is in full force and effect, this Agreement shall be
subject to the provisions of the Stockholders Agreement. To the extent any of the provisions of this Agreement or the Plan conflict or are inconsistent with any of the provisions of the Stockholders Agreement, the Stockholders Agreement shall
control. 
 [SIGNATURE PAGE FOLLOWS] 

  
 11 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Restricted Stock Agreement as
of the Effective Date. 
  

			
	 COMPANY:
  

PAPA MURPHY’S HOLDINGS, INC.

		
	By:	 	 
		 	Ken Calwell, Chief Executive Officer
		 	
		
	Date:	 	 

  

			
	GRANTEE:
	
	 
	[Name]
		
	Date:	 	 
	
	Address:
	
	 
	
	 
	
	 

  

			
	 SPOUSE’S CONSENT:
  

I acknowledge that I have read the
 foregoing Restricted Stock
Agreement
 and understand the contents thereof.

	
	 
		
	Print Name:	 	 

  

			
	Date:	 	 

  
 12 

 SCHEDULE A 

ACCREDITED INVESTOR STATUS 
  

			
	
	Grantee represents and warrants that he is not an “accredited investor” as defined in Rule 501(a) promulgated under Regulation D of the Securities Act (please initial the non-accredited
investor election below):
		
	 ______
	  	Grantee is not an “accredited investor”
	
	Grantee represents and warrants that he is an “accredited investor” as defined in Rule 501(a) promulgated under Regulation D of the Securities Act, because he meets at least one of the
following criteria (please initial each applicable item):
		
	 ______
	  	Grantee is a natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1,000,000 at the time of the subscriber’s purchase; or
		
	 ______
	  	Grantee is a natural person who had an individual income in excess of $200,000 in each of the two most recent years (2011 and 2012) or joint income with the Grantee’s spouse in excess of $300,000 in each of those years and
who reasonably expects to reach the same income level in the current year (2013); or
		
	 ______
	  	Grantee is a corporation, or similar business trust, partnership or an organization described in Section 501(c)(3) of the Internal Revenue Code, not formed for the specific purpose of acquiring the Holdings Common Stock,
with total assets in excess of $5,000,000; or
		
	 ______
	  	Grantee is either (i) a bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in
its individual or fiduciary capacity, (ii) a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended, (iii) an insurance company as defined in Section 2(13) of the Securities Act,
(iv) an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of such Act, (v) a Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, (vi) a plan established or maintained by a state, its political subdivisions, or any agency or instrumentality of a state or
its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000 or (vii) an employee benefit plan within in the meaning of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which plan fiduciary is either a bank, savings and loan association, insurance company or registered investment adviser, or if
the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; or

			
		
	 ______
	  	Grantee is a private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended; or
		
	 ______
	  	Grantee is a director or executive officer of Holdings; or
		
	 ______
	  	Grantee is a trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, the purchase of which is directed by a sophisticated person as described in Rule 506(b)(2)(ii)
of Regulation D promulgated under the Securities Act; or
		
	 ______
	  	Grantee is any entity in which all of the equity owners are accredited investors. (Please submit a copy of this page countersigned by each such equity owner if relying on this item).

  
 14 

 SCHEDULE B 

ELECTION TO INCLUDE RESTRICTED STOCK IN GROSS INCOME PURSUANT 

TO SECTION 83(b) OF THE INTERNAL REVENUE CODE 

On                     ,
20     the undersigned purchased certain shares of common stock (the “Restricted Stock”) in Papa Murphy’s Holdings, Inc. (the “Company”). 

Pursuant to §83(b) of the Internal Revenue Code of 1986, as amended, and Treasury Regulation §1.83-2 promulgated thereunder, the
undersigned hereby makes an election, with respect to the Restricted Stock, to report as taxable income for the calendar year 20     the excess (if any) of the value of the Restricted Stock on
                    , 20     over the purchase price thereof. 

The following information is supplied in accordance with Treasury Regulation §1.83-2(e): 

 

					
		
	 1.
	  	The name, address and social security number of the undersigned:
			
		  	Name:	  	 
			
		  	Address:	  	 
			
		  	SSN:	  	 
		
	 2.
	  	A description of the property with respect to which the election is being made: __________ shares of Company Common Stock.
		
	 3.
	  	(a) The date on which the Restricted Stock were transferred: ______________, 20__ (the “Effective Date”).
		
		  	(b) The taxable year for which such election is made: calendar year 20__.
		
	 4.
	  	The restrictions to which the property is subject: The Restricted Stock is subject to vesting restrictions that provide that such shares shall vest in equal 1/5th installments on the first, second, third, fourth and
fifth anniversaries of the Effective Date.
		
	 5.
	  	The fair market value on ______________, 201__ of the property with respect to which the election is being made, determined without regard to any lapse restrictions: $________ per share
		
	 6.
	  	The amount paid for such property: $________ per share

 A copy of this election is being furnished to the Company pursuant to Treasury Regulation
§1.83-2(e)(7). A copy of this election will be submitted with the 2013 U.S. federal income tax return of the undersigned pursuant to Treasury Regulation §1.83-2(c). 

Dated:
                        , 201     

_________________________________ 

  
 15

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