Document:

EX-10.1

 Exhibit 10.1 

LOAN AGREEMENT 
 (Loan 1)

 THIS LOAN AGREEMENT (“Agreement”) is made as of December 2, 2016, by and between FAMOUS DAVE’S OF AMERICA,
INC., a Minnesota corporation, and MINWOOD PARTNERS, INC., a Delaware corporation (collectively, the “Borrower”) and VENTURE BANK, a Minnesota banking corporation (“Lender”). 

RECITALS: 
 A. Lender has
agreed to make a loan (“Loan”) to Borrower in the principal amount of three million seven hundred thousand and no/100 dollars ($3,700,000.00) for the following purposes: (1) refinancing certain debt obligations of the
Borrowers; and (2) paying certain other costs approved by Lender, all in accordance with this Agreement. 
 B. To evidence the Loan,
the Borrower is executing and delivering to the Lender a promissory note of even date herewith in the amount of the Loan. 
 C. As security
for repayment of the Loan, Borrower is executing and delivering a mortgage and security agreement and fixture financing statement of even date herewith that grants Lender a security interest in the Real Property. 

D. Famous Dave’s Of America, Inc. and D&D Of Minnesota, Inc., a Minnesota corporation, Famous Dave’s Ribs Of Maryland, Inc., a
Minnesota corporation, Famous Dave’s Ribs, Inc., a Minnesota corporation, Famous Dave’s Ribs-U, Inc., a Minnesota corporation, and Lake & Hennepin BBQ & Blues, Inc., a Minnesota corporation, all of which are affiliates of
the Borrower, are entering into a separate loan agreement of even date herewith under which Lender has agreed to make two loans in the aggregate principal amount of seven million three hundred thousand and no/100 dollars ($7,300,000.00), one in the
principal amount of six million three hundred thousand and no/100 dollars ($6,300,000.00) (“Loan 2”) and the other in the principal amount of one million and no/100 dollars ($1,000,000.00) (“Loan 3”). 

NOW, THEREFORE, in consideration of the making of the Loan and other good and valuable consideration, the receipt of which is hereby
acknowledged by the parties, the parties hereto agree as follows: 
 Section 1. Definitions. For the purposes of this Agreement
and any amendments or supplements, the following terms have the following meanings: 
 1.1 “Affiliate” means a person or
entity who controls, is controlled by or is under common control with another person or entity. 
 1.2 “Agreement” has the
meaning set forth in the preamble and includes any amendments or supplements. 

  
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 1.3 “Assignment of Rents” means the Assignment of Rents and Leases of even date
herewith from Borrower to Lender, including any amendments or supplements. 
 1.4 “Borrower” means Famous Dave’s of
America, Inc., a Minnesota corporation, and Minwood Partners, Inc., a Delaware corporation, jointly and severally. 
 1.5 “Capital
Expenditures” means, without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would be classified as a fixed or capital asset on the balance sheet of the Borrower prepared
in accordance with GAAP. 
 1.6 “Collateral” means all property and assets granted as security for this Loan, including,
but not limited to, the Land and Improvements, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future and whether granted in the form of a security interest, mortgage, assignment, pledge,
conditional sale, lien or lease, or any other security or lien interest whatsoever, whether created by law, contract or otherwise. 
 1.7
“Commitment for Title Insurance” means a title commitment for a loan policy of title insurance in the amount of three million seven hundred thousand and no/100 dollars ($3,700,000.00) issued by Title, by which Title commits to issue
a loan policy of title insurance that: 
 1.7.1 specifically insures that the Mortgage is a first and prior lien on the Mortgaged Property;

 1.7.2 waives the standard exceptions and insures over (A) rights and claims of parties in possession and (B) mechanic’s,
contractor’s or materialmen’s liens and lien claims; 
 1.7.3 waives the survey exception and provides survey coverage; 

1.7.4 is subject only to those exceptions specifically approved by Lender; and 

1.7.5 includes such endorsements required by Lender. 

1.8 “Deposit Account” means the primary deposit account of Borrower maintained with the Lender, which deposit account has
been initially created as checking account no. 049031. 
 1.9 “EBITDA” means, for any period, the sum of the following
determined on a consolidated basis, without duplication, for the Borrower and its subsidiaries in accordance with GAAP, (a) consolidated net income for the most recently completed period plus (b) the following to the extent deducted in
calculating such consolidated net income (without duplication): (i) interest expense, (ii) the provision for federal, state, local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) non-cash
charges and losses, including any write-offs or write-downs and in respect of equity-based compensation and asset impairment, (v) any non-recurring legal or severance costs, fees or charges paid in cash during the period, and (vi) any
other non-recurring costs, fees or charges paid in cash during the period and approved by the Lender in its sole and absolute discretion. 

  
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 1.10 “GAAP” has the meaning set forth in Section 4.3. 

1.11 “Growth Capital Expenditures” means Capital Expenditures related to the construction, acquisition or opening of new
restaurants during any fiscal year. 
 1.12 “Improvements” means all buildings, improvements, structures and fixtures now
or hereafter existing on the Land; including, but not limited to, the following: all machinery, appliances and equipment used to supply heat, gas, electricity, air conditioning, water, light, waste disposal, power, refrigeration, ventilation, fire
and sprinkler protection, and other building services; all building materials, supplies and goods intended to be incorporated into the foregoing; all draperies, carpeting, floor coverings, screens, storm windows and window coverings, blinds,
awnings, shrubbery and plants; and all elevators, escalators and shafts, motors, machinery, fittings and supplies necessary for their use, and all parking areas, roadways, curbing, sidewalks and walkways, loading docks, landscaping and signs (it
being understood that the enumeration of any specific articles of property will in no way be held to exclude any items of property not specifically enumerated). 

1.13 “Indebtedness” means all loans, including this Loan, together with all other obligations, debts and liabilities of
Borrower to Lender, as well as all claims by Lender against Borrower, whether now or hereafter existing, voluntary or involuntary, due or not due, absolute or contingent, liquidated or unliquidated; whether Borrower may be liable individually or
jointly with others; whether Borrower may obligated as guarantor, surety or otherwise; whether recovery upon such indebtedness may be or hereafter may become barred by any statute of limitations and whether such indebtedness may be or hereafter may
become unenforceable. 
 1.14 “Indemnity Agreement” means the Environmental Indemnification Agreement of even date herewith
from Borrower, as indemnitor to Lender, including any amendments or supplements. 
 1.15 “Land” means the real estate,
interests in real estate and other rights described in Exhibit A to the Mortgage. 
 1.16 “Lease(s)” means any lease for
space within the Mortgaged Property. 
 1.17 “Leasing Documents” means the following documents for each Lease, as the same
from time to time may be amended or supplemented: 
 1.17.1 Lease; 

1.17.2 Subordination, non-disturbance and attornment agreement for a Lease (to the extent not provided for in the terms of the Lease); and 

1.17.3 Tenant’s estoppel certificate for a Lease. 

  
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 1.18 “Lender” has the meaning set forth in the preamble, and includes
Lender’s successors and assigns. 
 1.19 “Loan” has the meaning set forth in the recitals. 

1.20 “Loan Agreement 2” means that certain loan agreement of even date herewith under which Lender has agreed to make a loan
in the principal amount of Loan 2 and Loan 3 to Famous Dave’s Of America, Inc., D&D Of Minnesota, Inc., Famous Dave’s Ribs Of Maryland, Inc., Famous Dave’s Ribs, Inc., Famous Dave’s Ribs-U, Inc., and Lake & Hennepin
BBQ & Blues, Inc. 
 1.21 “Loan Charges” means all costs and expenses incurred by Borrower or Lender in connection
with the Loan, including, but not limited to, commitment fees paid to Lender, brokerage fees, interest charges, service fees, document preparation expenses, title and conveyancing charges, recording and filing fees and taxes, mortgage or
registration taxes, escrow fees, revenue and tax stamp expenses, real estate taxes, special assessments, insurance premiums (including title insurance premiums), utility charges, finder’s fees, placement fees, surveyor fees, photographer fees,
appraiser fees, architect fees, travel expenses incurred by Lender in connection with inspections of the Mortgaged Property, accountants’ fees and attorneys’ fees (including Lender’s attorneys’ fees and legal expenses incurred in
connection with the preparation, administration or enforcement of the Loan Documents). Loan Charges also means all costs and expenses incurred by Borrower or Lender with respect to the prosecution or defense of any action or proceeding or other
litigation affecting Borrower, the Mortgaged Property or any other security given for the Loan. 
 1.22 “Loan Documents”
means the following documents, as the same from time to time may be amended or supplemented, each of which must be satisfactory to Lender in form and substance: 

1.22.1 Loan Proposal; 
 1.22.2
this Agreement; 
 1.22.3 Note; 

1.22.4 Mortgage; 
 1.22.5
Assignment of Rents and Leases; 
 1.22.6 Indemnity Agreement; 

1.22.7 Security Agreement; 

1.22.8 UCC-1 Financing Statement; 

1.22.9 all other documents related to the Loan. 

  
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 For purposes of this Agreement, “Material Loan Documents” means the Loan Documents described in
Sections 1.22.2 through 1.22.8 above. 
 1.23 “Loan Origination Fee” means a non-refundable loan origination fee payable by
Borrower to Lender in the amount of eighteen thousand five hundred dollars and no/100ths ($18,500.00) for making the Loan. 
 1.24
“Loan Proposal” means the loan proposal letter dated October 13, 2016 by and between Borrower and Lender together with any amendments or supplements. 

1.25 “Mortgage” means the mortgage and security agreement and fixture financing statement of even date herewith from Borrower
to Lender securing the Loan, including any amendments or supplements. 
 1.26 “Mortgaged Property” means the Land and
Improvements and any other land and property, tangible or intangible, mortgaged pursuant to the Mortgage. 
 1.27 “Note”
means a promissory note from Borrower to Lender in the original principal amount of three million seven hundred thousand and no/100 dollars ($3,700,000.00), which evidences Borrower’s obligation to repay the Loan with interest, and each
amendment, modification, extension or renewal thereof. 
 1.28 “Organizational Documents” means the following documents,
each of which must be satisfactory to Lender in form and substance: 
 1.28.1 Articles of Incorporation of each Borrower; 

1.28.2 Bylaws of each Borrower; 

1.28.3 Certificate of Secretary of Borrower; 

1.28.4 Resolutions of Directors of Borrower approving the transaction and authorizing one or more persons to sign documents on behalf of the
entity; and 
 1.28.5 Certificate or other evidence of good standing of Borrower. 

1.29 “Permitted Liens” has the meaning set forth in Schedule 5.2. 

1.30 “Permitted Indebtedness” has the meaning set forth in Schedule 5.3. 

1.31 “Phase II Environmental Assessment” means the phase II environmental assessment on the Mortgaged Property located in
Plymouth, Minnesota that must be obtained by the Borrower after closing as described in Section 4.19.3 below 
 1.32 “Related
Party” means a party that is any of the following: (i) an Affiliate of Borrower; (ii) an individual or entity that has, directly or indirectly, a 10% or more ownership interest in the Borrower; or (iii) an entity that is
owned entirely or in part by the Borrower. 

  
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 1.33 “Security Agreement” means the security agreement of even date herewith
from Borrower to Lender, including any amendments or supplements. 
 1.34 “Title” means DCA Title as an agent of Old
Republic National Title Insurance Company. 
 1.35 “Transfer” means any sale, grant, pledge, assignment, mortgage,
encumbrance, security interest, consensual lien, hypothecation, lease (other than bona fide third party leases for actual occupancy by a tenant), transfer or divesture of an interest in (i) the Collateral (except as permitted by clause (ii)) or
the Mortgaged Property, or (ii) all or any substantial part of the assets of the Borrower except for assets sold in the ordinary course of Borrower’s business. Any change in the legal or equitable title of the Collateral or the Mortgaged
Property whether or not of record and whether or not for consideration will be deemed a Transfer. 
 Section 2. The Loan and
Conditions of Lending. 
 2.1 Loan. Subject to the conditions and terms of this Agreement, Lender agrees to make the Loan to
Borrower in the principal amount of three million seven hundred thousand and no/100 dollars ($3,700,000.00). Borrower agrees to borrow the amount of the Loan from Lender in accordance with this Agreement. The Loan will be made simultaneously in a
single advance upon the closing of the Loan, subject to satisfaction of the conditions precedent set forth in Section 2.2. 
 2.2
Conditions Precedent to the Loan. The obligations of the Lender to make the Loan under this Agreement are subject to the following conditions precedent being satisfied, in Lender’s sole discretion, on the date of such advance: 

2.2.1 Approval by Lender’s Counsel. All legal matters incidental to the extension of credit by Lender under this Agreement and the
Loan Documents are reasonably satisfactory to Lender’s counsel. 
 2.2.2 Loan and Organizational Documentation. Borrower must
deliver, without expense to Lender, originals of each of the Loan Documents and copies of the Organizational Documents, duly executed to the extent required by Lender, all in accordance with terms and conditions acceptable to Lender. The documents
required by Lender to be recorded or filed must have been recorded or filed, without expense to Lender, and all recording fees, filing fees, charges, expenses and taxes (including, but not limited to, mortgage registration tax) must have been paid
by Borrower. 
 2.2.3 No Default; True and Correct Representations. There is no default, or no occurrence of an event that would
become a default, under the terms of this Agreement or any of the Material Loan Documents. The representations and warranties in Section 3 of this Agreement must be true and correct in all material respects as of the date of the advance. 

2.2.4 Financial Statements and Change in Financial Condition. Borrower will deliver, without expense to Lender, copies of all financial
statements of the 

  
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Borrower as requested by the Lender for loan approval and thereafter in accordance with this Agreement. There has not been any material adverse change, as determined by Lender, in the financial
condition or business of Borrower, nor any material decline in the market value of any Collateral or the Mortgaged Property or a substantial or material portion of the assets of Borrower. 

2.2.5 Leasing Documents. Borrower will deliver, without expense to Lender, copies of the Leasing Documents, duly executed to the extent
required by Lender, all in accordance with terms and conditions acceptable to Lender. 
 2.2.6 Legal Opinion. Opinion of
Lindquist & Vennum LLP as counsel for Borrower delivered to the Lender, providing customary legal opinions (subject to customary and reasonable assumptions and qualifications) ordinarily delivered in transactions of the type contemplated
hereby 
 2.2.7 Payment of Fees. Payment of all reasonable and out-of-pocket fees and expenses then due and payable pursuant to
this Agreement and the Loan Documents. 
 2.2.8 Appraisal. Lender obtaining, without expense to Lender, an appraisal of the Mortgaged
Property prepared by a licensed appraiser approved by Lender that shows a fair market value that is acceptable to Lender. 
 2.2.9 Title
to the Land. The title to the Land must be satisfactory in all respects to Lender, and Title must have agreed to provide the Commitment for Title Insurance and agreed to insure Lender in accordance with a title insurance policy and endorsements
satisfactory in all respects to Lender. 
 2.2.10 Governmental Compliance and Approvals. Evidence satisfactory to the Lender that the
Improvements are permitted by and comply in all material respects with all applicable governmental regulations and all applicable restrictions and requirements. 

2.2.11 Environmental Assessment. Borrower must deliver, without expense to Lender, a phase I environmental assessment that is acceptable
to Lender. 
 2.2.12 Insurance. Borrower must deliver, without expense to Lender, evidence satisfactory to the Lender of the insurance
required to be maintained by Borrower under this Agreement and the Mortgage. 
 2.2.13 UCC Searches. Lender obtaining, without expense
to Lender, Uniform Commercial Code searches and federal and state lien searches as of the date of the Mortgage or the most current date for which such searches are available, showing no financing statements or tax liens of record with respect to the
Borrower. 
 2.2.14 Deposit Account. Borrower opening and maintaining the Deposit Account with Lender for all funds of Borrower
related to its operation and the authorization to deduct payments made under the Note directly from the Deposit Account. 

  
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 2.3 Partial Release of Mortgaged Property. Lender agrees to release from the lien of the
Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by
Borrower of the following terms and conditions: 
 2.3.1 Lender approves such release in writing, which consent will not be unreasonably
withheld; 
 2.3.2 Borrower shall have made such request at least ten (10) business days prior to the requested release date; 

2.3.3 On requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan
Documents; 
 2.3.4 A Release Parcel must be released as a whole and not in part; and 

2.3.5 Upon any such release of a Release Parcel, Borrower shall pay Lender in immediately available funds an amount (hereinafter referred to as
a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender and agreed to by
the Borrower, or (ii) the value for the Release Parcel shown on Exhibit 2.3 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, costs and expenses due to Lender under
Loan 1, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2, whether then due and payable or not, and will not be subject to any pre-payment penalty.
The cost of the appraisal for the Release Parcel will be paid by the Borrower. 
 Section 3. Representations and Warranties.
Borrower represents and warrants to Lender, as of the date of this Agreement, as follows: 
 3.1 Legal Existence and Authorization.
Each Borrower is a corporation duly organized and in good standing under the laws of the State of Minnesota and has the power to enter into and has authorized execution and delivery of this Agreement, the Loan Documents and the Leasing Documents to
which it is a party. Borrower will, at all times, preserve and maintain its existence and all of its rights, privileges and franchises and will comply in all material respects with all applicable laws and regulations regarding its existence. 

3.2 Validity of Documents. Each Loan Document and Leasing Document to which Borrower is a party has been duly executed and delivered by
Borrower and is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as may be limited by any applicable bankruptcy, reorganization, insolvency, moratorium or other similar laws
affecting creditors’ rights generally, and no default exists under any such documents. 

  
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 3.3 No Violation. The execution and delivery of this Agreement, the Loan Documents and the
Leasing Documents to which Borrower is a party, the consummation of the transactions contemplated hereby and the fulfillment of the terms and conditions hereof do not and will not violate the Organizational Documents or conflict with or result in a
breach of or constitute a default under any of the terms or conditions of any mortgage, indenture, loan agreement or any instrument to which Borrower is now a party or which is binding upon Borrower or its properties and do not and will not result
in violation of any order, decree, statute, rule or regulation of any court or of any state or federal regulatory body having jurisdiction over Borrower or its properties, and do not and will not result in the creation or imposition of any lien,
charge or encumbrance of any nature upon any property or assets of Borrower contrary to the terms of any indenture, mortgage or other agreement or instrument to which Borrower is a party or by which its assets are bound. 

3.4 Litigation and Judgments. Except as set forth on Schedule 3.4, there is no suit, action, proceeding or investigation pending or
threatened against or affecting Borrower (or any basis therefor) at law or in equity or by or before any court, arbitrator, administrative agency or other federal, state or local governmental authority which individually or in the aggregate, if
adversely determined, might have a material adverse effect on, or affect the validity as to Borrower of, any of the transactions contemplated hereby or the ability of Borrower to perform their obligations under this Agreement or the Loan Documents.
There are no judgments against Borrower that have not been satisfied. 
 3.5 Title to the Collateral. All of Borrower’s assets
are titled in its legal name. Except for Permitted Liens, Borrower owns and has good title to all of the Collateral free and clear of all security interests, and Borrower has not executed any security documents or financing statements relating to
such assets. Except for the Permitted Liens, all mortgages and UCC financing statements, together with any amendments and continuations, filed against the Collateral or Borrower with respect to the Collateral have been satisfied, terminated or
released and said documents evidencing the same will be filed with the appropriate governmental authority upon the closing of the Loan. In the event that any termination or release is not filed as required, Lender is authorized to file the
termination and/or release. 
 3.6 Tax Returns. To the best of Borrower’s knowledge, all tax returns and reports of Borrower
required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those disclosed by Borrower to Lender that are presently being or to be contested by Borrower in good faith in the
ordinary course of business and for which adequate reserves have been provided. 
 3.7 Correctness of Financial Statements. Any and
all financial statements delivered to Lender by Borrower are true and correct in all respects and fairly present the financial conditions of Borrower as of the date of the financial statement. No material adverse change has occurred in the financial
conditions reflected in these financial statements of Borrower since the date of the statement and no additional borrowing has been made by Borrower since such date other than the borrowing contemplated under this Agreement or otherwise approved by
Lender. Neither the 

  
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financial statements or any certificate or statement furnished to Lender by or on behalf of Borrower in connection with this transaction, nor the representations and warranties contained in this
Agreement, contain any untrue statements of a material fact or omit to state a material fact necessary in order to make any statements not misleading. To the best knowledge of Borrower, there is no fact which materially or adversely effects or in
the future (so far as Borrower can now foresee) may materially or adversely affect the business or prospects or condition (financial or other) of Borrower or their properties or assets, including the Collateral, which has not been set forth in a
certificate or statement furnished to Lender by Borrower. 
 3.8 Organizational Documents. All Organizational Documents of the
Borrower have been delivered to Lender and are true and correct in all respects and fairly present the organization of the entity. No material adverse change has occurred in the organization of the entity reflected in these Organizational Documents
since their respective dates and no additional agreements have been made by Borrower concerning the organization of the entity. 
 3.9
Other Obligations. Except as described on Schedule 3.9, Borrower is not in default on any obligation for borrowed money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation. 

3.10 Environmental Matters. Except as described on Schedule 3.10, Borrower is in compliance in all material respects with all
applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules or regulations adopted pursuant thereto, which govern or affect any of Borrower’s operations and/or properties, including without limitation,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as
any of the same may be amended, modified or supplemented from time to time. None of the operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving a material expenditure is needed to
respond to a release of any toxic or hazardous waste or substance into the environment. Borrower has no material contingent liability in connection with any release of any toxic or hazardous waste or substance into the environment. 

3.11 Compliance. Except as otherwise disclosed herein, the Land and Improvements are in material compliance requirements of law,
including requirements of any federal, state, county, city or other governmental authority having jurisdiction. All material requirements and permits and approvals (including without limitation all building permits and zoning, environmental and land
use approvals) necessary to enable Borrower to acquire and operate the Land and Improvements have been obtained and will be maintained in full force and effect. Except as set forth in the Commitment for Title Insurance, the Improvements are entirely
within the Land and do not encroach upon any easement or land of others. 
 3.12 Condition of Mortgaged Property. Borrower has
inspected the Mortgaged Property and it is in good condition, repair and operating condition, normal wear and tear excluded, free from any material defect, misuse, or item of repair. 

  
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 3.13 No Ownership of Other Parcels related to the Mortgaged Property. Neither Borrower
owns any property related or adjacent to the Mortgaged Property that is not encumbered by the Mortgage and defined as Mortgaged Property under this Agreement. Borrower will provide Lender with written notice of the purchase of any property related
or adjacent to the Mortgaged Property by Borrower. 
 3.14 Leases. Borrower is the landlord with all of landlord’s right, title
and interest with respect to the Leases. There is no default under any Lease and all Leases specifically set forth in this Agreement are in full force and effect. Any rights of tenant to purchase the Land under any Lease have been properly waived
and released by tenant. All Leases will be subordinate to the Mortgage unless Lender agrees in writing that the Mortgage is subordinate to such Lease. Borrower must, upon request by Lender, provide Lender with a copy of each proposed or executed
Lease and with financial information on the proposed tenant in the possession or control of Borrower. Borrower must, upon request by Lender, provide Lender with a status report of all Leases of space within the Mortgaged Property that shows the
names of all tenants, the areas leased, the major terms of all Leases, the current status and amount of rents payable of each Lease, and all letters of intent or agreements to lease. 

Section 4. Affirmative Covenants of Borrower. Borrower covenants, that so long as Lender remains committed to extend credit to
Borrower pursuant to this Agreement, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Lender under any of the Loan Documents remain outstanding (other than inchoate indemnification obligations for which no
claim has been made), and until payment in full of all obligations of Borrower in connection with the Loan, or unless Lender otherwise consents in writing, that Borrower must do the following: 

4.1 Punctual Payments. Punctually pay all principal, interest, fees, Loan Charges and other liabilities due under any of the Loan
Documents at the times and place and in the manner specified therein, and immediately upon demand by Lender, pay the amount by which the outstanding principal balance of any credit advanced under this Agreement exceeds any applicable limitation on
borrowings. Borrower will reimburse Lender all expenses paid to third parties of the nature described in this Section which have been or may be incurred by Lender with respect to the Loan. Lender may pay or deduct from the Loan proceeds any of such
expenses, and any Loan proceeds so applied will be deemed advances under this Agreement. 
 4.2 Financial Statements and Reporting
Requirements. Borrower must furnish to Lender the following information at the following times: 
 4.2.1 Annual Financial
Statements. As soon as available, and in any event within ninety (90) days after the end of each fiscal year, Borrower must furnish to Lender the following: (i) annual financial statements of Borrower for the calendar year end, which
financial statements must include, but not be limited to, a balance sheet, a statement of liabilities and shareholder equity, a statement of income or loss and retained earnings, statement of cash flows, and a statement of changes in financial
position, all with footnotes, if any, included; and (ii) any other financial statements and information that Lender reasonably requests. All annual financial statements furnished by Borrower must be prepared in reasonable

  
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detail and in accordance with GAAP (or tax accounting reconciled to GAAP) and audited by a reputable accounting firm in form and substance acceptable to Lender and with such certifications as
Lender may specify. The foregoing financial statements shall have been deemed delivered to the Lender (and Borrower shall have complied in all respects with the requirements of this Section 4.2.1) without any other action required by Borrower
upon the filing of the Borrower’s 10-K each year with the Securities Exchange Commission. 
 4.2.2 Quarterly Financial
Statements. As soon as available, and in any event within forty-five (45) days after the end of each calendar quarter, and as otherwise reasonably requested by Lender, Borrower must furnish to Lender the following: (i) financial
statements of Borrower for the fiscal quarter end, which financial statements must include, but not be limited to, a balance sheet, a statement of income or loss; and (ii) any other financial statements and information that Lender reasonably
requests. All quarterly financial statements furnished by Borrower must be prepared in reasonable detail and in accordance with GAAP (or tax accounting reconciled to GAAP). The foregoing financial statements shall have been deemed delivered to the
Lender (and Borrower shall have complied in all respects with the requirements of this Section 4.2.2) without any other action required by Borrower upon the filing of the Borrower’s 10-Q each quarter with the Securities Exchange
Commission. 
 In the event Borrower fails to furnish any of the foregoing financial statements in accordance with the terms of Sections 4.2.1 and 4.2.2,
the same will be an Event of Default and in addition to any other remedies available, Lender may cause an audit to be made of the respective books and records at the sole cost and expense of Borrower. Lender will also have the right to examine at
their place of safekeeping at reasonable times mutually agreeable between Borrower and Lender (but in no event more than two (2) business days after the request from Lender) all books, accounts and records relating to the operation of the
Mortgaged Property. 
 4.3 Books and Records; Inspection and Examination. Maintain accurate books and records in accordance with
generally accepted accounting principles (“GAAP”) consistently applied, as applicable. Upon request and reasonable notice by Lender, Borrower must permit any representative of Lender, at any reasonable time mutually agreeable
between Borrower and Lender (but in no event more than two (2) business days after the request from Lender) during business hours, to inspect, audit, examine, and make copies of all corporate and financial books and records of Borrower and to
inspect the Collateral and other property of the Borrower. 
 4.4 Compliance with Laws. Borrower will comply in all material respects
with the requirements of all applicable laws, rules, regulations and orders of any governmental authority in the conduct of its business. 

4.5 Documents. Borrower will duly perform and observe all of the covenants, agreements and conditions on its part to be performed and
observed under the Agreement, Loan Documents, Organizational Documents, and Leasing Documents, and any and all other agreements and instruments to which Borrower is a party related to the Mortgaged Property. Borrower will not, without the prior
written consent of Lender, surrender, terminate, cancel, 

  
 12 

 
rescind, supplement, alter, revise, modify, amend or assign or pledge its interest in any of the foregoing documents. Borrower must not excuse or waive a default of a third party under any of
these documents without the prior consent of Lender. Borrower will, upon request by Lender, provide Lender with a fully executed copy of each of these documents together with all exhibits and attachments and all amendments and modifications. 

4.6 Payment of Taxes and Other Claims. Borrower must file when due all required tax returns and will pay when due all material taxes,
assessments and other governmental charges and will pay when due all lawful claims for labor, material and supplies, which, if unpaid, might become a lien against the Collateral, except any such taxes, assessments or other governmental charges which
are being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside on its books. 

4.7 Insurance. Borrower must provide and maintain at all times insurance in such forms and covering such risks and hazards and in such
amounts and with such companies as are reasonably satisfactory to Lender and as may be required by the Mortgage. Losses will be payable in accordance with the provisions of the Mortgage. Upon request of Lender, Borrower must furnish to Lender
reports of each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (a) the name of the insurer; (b) the risks insured; (c) the amount of the policy;
(d) the properties insured; (e) the then current property values on the basis of which insurance has been obtained and the manner of determining those values and (f) the expiration date of the policy. 

4.8 Legal Existence and Operation of the Business. Borrower will preserve and maintain its legal existence and all of its rights,
privileges and franchises necessary or desirable in the normal conduct of its business and will conduct its business affairs in a reasonable and prudent manner in compliance with all applicable federal, state and municipal laws, ordinances, rules
and regulations respecting its properties, business and operations, except where the failure to so maintain such rights, privileges and franchises could not reasonably be expected to have a material adverse effect on the Borrower or its ability to
perform its obligations hereunder. Borrower will not make any substantial change in the nature of Borrower’s business as conducted as of the date of this Agreement. 

4.9 Maintenance of the Collateral and Mortgaged Property. Borrower must not abandon the Mortgaged Property. Borrower must keep and
maintain the Collateral in good condition, repair and operating condition, normal wear and tear excluded, free from any waste or misuse. Borrower must keep and maintain all property, buildings, improvements or structures now or hereafter located on
the Mortgaged Property in good condition, repair and operating condition, normal wear and tear excluded, and will from time to time make necessary repairs, renewals and replacements. 

4.10 Inspection of the Collateral. Lender or its designated representative, will, at all times during the making of the Loan, have the
right of entry and free access during regular business hours at times mutually agreeable to the Borrower and Lender (but in no event more than two (2) business days after the request from Lender) to the Collateral, including the Mortgaged
Property, and the right to inspect all work done regarding the Improvements, labor performed and materials, if any, furnished in and about the Mortgaged Property and the right to inspect all books, contracts and records of Borrower relating to the
Collateral; provided that suitable arrangements are made to minimize disruption of business. 

  
 13 

 4.11 Litigation. Borrower must promptly advise Lender in writing of all litigation and all
notices, complaints and charges made by any governmental authority which could reasonably be expected to have a material adverse effect on a material portion of the Collateral, the Land, Improvements or Borrower, or its business or the ability of
the Borrower to perform its obligations hereunder. 
 4.12 Notice to Lender. Promptly (but in no event more than five (5) days
after the occurrence of each such event or matter) give written notice to Lender in reasonable detail of: (a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or both
would constitute an Event of Default; (b) any change in the name or the organizational structure of Borrower; (c) the occurrence and nature of any reportable event or prohibited transaction, each as defined in ERISA, or any funding
deficiency with respect to any plan; or (d) any termination or cancellation of any insurance policy which Borrower is required to maintain, or any uninsured or partially uninsured loss through liability or property damage, or through fire,
theft or any other cause affecting Borrower’s property in excess of an aggregate of $250,000. 
 4.13 Payment of Loan Origination
Fee. Borrower must pay to Lender the entire Loan Origination Fee not later than the closing of the Loan. The Lender will be entitled to disburse the Loan Origination Fee directly to itself out of the Loan. 

4.14 Additional Acts. Borrower agrees upon demand of Lender to do any act or execute any additional documents (including, but not
limited to, mortgages against real property and security agreements on any personal property included or to be included in the Collateral) as may be reasonably required by Lender to secure the Note or confirm the lien of the Mortgage or the other
Loan Documents. Upon the demand of Lender for reasonable cause, from time to time and at any time, Borrower agrees to deliver to Lender updated and recertified copies of the Loan Documents. 

4.15 Updated Appraisal. Upon reasonable request of Lender, Borrower, at its cost and expense, further agrees to furnish Lender with an
updated appraisal of the Mortgaged Property and a certificate from Title setting forth all owners of and encumbrances on the Mortgaged Property, provided that Borrower will not be required to provide such appraisal and such certificate more than
once in any twelve (12) month period. Any updated appraisal must be prepared by an appraiser approved by Lender and the appraisal must be prepared in a manner reasonably acceptable to Lender and in accordance with all applicable laws. 

4.16 Deposit Account. Borrower must maintain the Deposit Account with Lender at all times during the term of this Agreement for the
funds of Borrower related to the Mortgaged Property with the authorization to deduct payments made under the Note directly from this account. All rents received under any and all Leases must be deposited into this account. 

  
 14 

 4.17 Financial Covenants. 

4.17.1 Debt Service Coverage Ratio. Borrower will not permit Borrower’s debt service coverage ratio as determined by Lender as of
the last day of any fiscal quarter of the Borrower to be less than 1.15 to 1. The debt service coverage ratio means the ratio of (a) the Borrower’s EBITDA to (b) the aggregate amount of principal and interest due and payable by the
Borrower under the Loan and any other loans. 
 The debt service coverage ratio shall each be calculated quarterly using the preceding 12
months of the Borrower’s operations utilizing the Borrower’s public financial statements and Borrower-prepared supplemental schedules. 

Notwithstanding anything to the contrary contained herein, in the event that Borrower desires to cure any default of the financial covenant
contained in this Section 4.17.1 for any period, the Borrower (x) has a right to cure an EBIDTA Shortfall of less than one hundred thousand dollars ($100,000.00), and (y) has a right to request that the Lender permit a cure of an
EBIDTA Shortfall, as set forth herein. 
 (a) In the event the EBITDA Shortfall is less than one hundred thousand dollars ($100,000.00) for
any period and the Borrower desires to cure any default of the financial covenant contained in this Section 4.17.1 for said period, Borrower shall (i) provide Lender with written notice of such intention to cure no later than five
(5) calendar days prior to the date that the financial statements for such period are required to be delivered pursuant to Section 4.2 (the “Cure Notice”) and (ii) within five (5) calendars days after delivery of
the Cure Notice, make a voluntary prepayment of the Loan (the “Cure Payment”) in an amount equal to the EBITDA Shortfall. 

If a Cure Notice has been delivered, then from the last day of the period related to such Cure Notice until the earlier to occur of receipt by
the Lender of the Cure Payment or expiration of the five (5) day period described in clause (ii) of the prior paragraph, Lender shall not impose default interest, assess any late charge, accelerate any obligations owing under any Loan
Document, terminate any commitment to lend or exercise any enforcement remedy against Borrower or any of its properties solely as a result of the financial covenant default that has been (or is to be) cured pursuant to the terms hereof. Upon timely
receipt by Lender of the Cure Payment (which shall be applied by Lender as voluntary prepayment of the Loan in accordance with the terms hereof), the Event of Default on account of such failure to satisfy the financial covenants set forth in this
Section 4.17.1 shall be deemed cured, and for all other purposes and calculations hereunder, the Cure Payment shall be deemed to be included in the calculation of EBITDA for the period with respect to which the Cure Notice was delivered. If the
Borrower fails to deliver the Cure 

  
 15 

 
Payment prior to expiration of the five (5) day period described in clause (ii) of the prior paragraph, an Event of Default will exist and the Lender may exercise all of the remedies to
which it is entitled. 
 (b) In the event the EBITDA Shortfall is one hundred thousand dollars ($100,000.00) or more for any period and the
Borrower desires to cure any default of the financial covenant contained in this Section 4.17.1 for said period, Borrower shall (i) provide Lender with a written request to cure the EBITDA Shortfall no later than five (5) calendar
days prior to the date that the financial statements for such period are required to be delivered pursuant to Section 4.2 (the “Cure Request”). Upon receipt of the Cure Request, the Lender will promptly respond to the Borrower
(a “Cure Response”) regarding whether the Lender will permit Borrower to cure the default and the amount that is necessary to pay as the Cure Payment. If the Lender does not respond to the Cure request within five (5) calendar
days after delivery of the Cure Request, the Cure Request will be deemed to be denied. Borrower will have five (5) days after receipt of the Cure Response to pay the Cure Payment specified in the Cure Response. 

If a Cure Request has been delivered, then from the date of delivery of the Cure Request until the earlier to occur of receipt by the Lender
of the Cure Payment specified in the Cure Response or Lender’s delivery of a Cure Response declining Borrower’s request to cure the default, the Lender shall not impose default interest, assess any late charge, accelerate any obligations
owing under any Loan Document, terminate any commitment to lend or exercise any enforcement remedy against Borrower or any of its properties solely as a result of the financial covenant default that has been (or is to be) cured pursuant to the terms
hereof. Upon timely receipt by Lender of the Cure Payment specified in the Cure Response (which shall be applied by Lender as voluntary prepayment of the Loan in accordance with the terms hereof), the Event of Default on account of such failure to
satisfy the financial covenants set forth in this Section 4.17.1 shall be deemed cured, and for all other purposes and calculations hereunder, the Cure Payment shall be deemed to be included in the calculation of EBITDA for the period with
respect to which the Cure Notice was delivered. If the Borrower fails to deliver the Cure Payment specified in the Cure Response prior to expiration of the five (5) day period after receipt of the Cure Response, an Event of Default will exist
and the Lender may exercise all of the remedies to which it is entitled. 
 For purposes of this section, “EBITDA Shortfall”
shall mean that amount which, if included in the calculation of EBITDA for the period with respect to which the Cure Notice has been delivered, would cause the Borrower to be in compliance with the financial covenant set forth in this
Section 4.17.1 for such period. 
 4.17.2 Growth Capital Expenditures. The Borrower shall not make, or become legally obligated
to make for each fiscal year, Growth Capital 

  
 16 

 
Expenditures costing in excess of two million dollars ($2,000,000) in the aggregate during any such fiscal year, unless the Borrower shall have had at least a trailing 12 month average of
$2,000,000 in cash in deposits with the Lender at the time of the making of any such Growth Capital Expenditure. 
 4.18 Delivery of
Quarterly Compliance Certificate. The Borrower shall furnish to the Lender at the time it delivers (or is deemed to deliver) each set of financial statements required by Section 4.2.2 hereof a Compliance Certificate in substantially the
form of Schedule 4.18 hereto, duly executed by either the Borrower’s chief executive officer, chief financial officer or chief accounting officer, which shall set forth in reasonable detail the computations necessary to determine whether the
Borrower is in compliance with the financial covenants contained in Section 4.17 hereof. 
 4.19 Post-Closing Covenants. 

4.19.1 Letters of Credit. Within forty-five (45) days after the date of this Agreement, Borrower must (i) obtain from the
beneficiaries thereof all letters of credit (the “WF L/Cs”) issued by Wells Fargo Bank, National Association (“Wells Fargo”) under that certain Third Amended and Restated Credit Agreement dated as of May 8,
2015 by and among Wells Fargo and the Borrowers, (ii) obtain the release of all cash collateral held by Wells Fargo securing the WF L/Cs, (iii) deposit the cash collateral released by Wells Fargo with Lender to collateralize the following
letters of credit to be issued by the Lender under separate written agreements between Borrower and Lender: 
  

							
	 Letter of Credit Number
	  	Location	  	Amount	 
	 #338
	  	Lyndi	  	$	140,000.00	  
	 #340
	  	Algonquin	  	$	135,000.00	  
	 #341
	  	KDR-Oswego	  	$	120,000.00	  
	 #342
	  	Broaddale	  	$	200,000.00	  

 4.19.2 Surveys. Within ninety (90) days after the date of this Agreement, Borrower must deliver,
without expense to Lender, current surveys for the Mortgaged Property certified to Lender and Title that are acceptable to Lender and which are sufficient for Title to append a “same as survey” endorsement to the title policy. 

4.19.3 Environmental Matters. Within ninety (90) days after the date of this Agreement, Borrower must deliver, without expense to
Lender, the Phase II Environmental Assessment. 
 Section 5. Negative Covenants of Borrower. Borrower further covenants, that so
long as Lender remains committed to extend credit to Borrower pursuant to this Agreement, or any liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Lender under 

  
 17 

 
any of the Loan Documents remain outstanding (other than inchoate indemnification obligations for which no claim has been made), and until payment in full of all obligations of Borrower in
connection with the Loan, that Borrower will not do, and will not permit any Affiliate or other person to do, without Lender’s prior written consent, any of the following: 

5.1 Use of Funds. Use any of the proceeds of any credit extended under this Agreement, except for the purposes stated in this
Agreement. 
 5.2 Liens. Except for the Permitted Liens listed in Schedule 5.2, Borrower must not create, incur or cause to exist any
mortgage, deed of trust, pledge, lien, security interest, assignment or transfer with respect to all or any portion of the Collateral to secure any Indebtedness, and Borrower will continue to own and have good title to all of the Collateral free and
clear of all liens and security interests. Except with respect to the Permitted Liens, Borrower must not execute or authorize any party to execute any security documents or financing statements with respect to the Collateral. 

5.3 Indebtedness. Borrower must not incur, assume or permit to exist any indebtedness or liabilities resulting from borrowings, loans
or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Lender, (b) subordinated debt approved in writing by Lender, and (c) the
Indebtedness secured by the Permitted Liens, (d) any other liabilities of Borrower existing as of the date hereof and disclosed to Lender in writing as Permitted Indebtedness and listed in Schedule 5.3, and (e) any extension, renewal or
replacement of such excepted Indebtedness (so long as such Indebtedness is not increased above the amount outstanding immediately prior to giving effect to any such extension, renewal or replacement). 

5.4 Restrictions on the Sale or Transfer of Assets and Ownership Interests; Acceleration upon Transfer. Borrower will not cause a
Transfer to occur and will not change the person or entity controlling or managing Borrower, without obtaining, in each instance, the written approval of Lender. 

5.5 Consolidation and Merger. Borrower will not consolidate with or merge into any other entity, or permit any other entity to merge
into Borrower, or acquire (in a transaction analogous in purpose or effect to a consolidation or merger) all or substantially all the assets of any other entity. 

5.6 No Expansion of Improvements. Borrower further agrees that it will not expand any material Improvements or erect any new material
Improvements, provided nothing herein precludes Borrower from constructing Improvements necessary or desirable for Borrower’s business purposes which are non-structural in nature and which do not constitute material alterations, affect the
nature of use, structure or utility, or decrease the market value of the Mortgaged Property. 
 5.7 Transactions With a Related
Party. Borrower must not enter into or be a party to any transaction with any Related Party except in the ordinary course of and pursuant to the reasonable requirements of such business and upon fair and reasonable terms that are no less
favorable than would be obtained in a comparable arms-length transaction with a third party. 

  
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 5.8 Restrictions on Nature of Business. Borrower will not make any substantial change in
the nature of Borrower’s business as conducted as of the date of this Agreement. 
 Section 6. Events of Default. 

6.1 Events of Default. Each of the following events will constitute an “Event of Default” under this Agreement: 

6.1.1 Borrower’s failure to make a payment of principal, interest or other amounts as and when due under the Note. 

6.1.2 If at any time any representation or warranty made by Borrower in this Agreement or in any other Material Loan Document or under any
financial statement or certificate provided by Borrower to Lender proves to be incorrect, false or misleading in any material respect when furnished or made. 

6.1.3 If Borrower fails to perform, without expense to Lender and within a reasonable period of time after receipt of the Phase II
Environmental Assessment, any remediation of environmental matters on the Mortgaged Property which are both (x) recommended by the environmental consultant performing the post-closing Phase II Environmental Assessment, and (y) deemed
reasonable and appropriate by Lender; provided, however, that any such Event of Default pursuant to this Section 6.1.3 shall be deemed cured in all respects automatically if and to the extent Borrower promptly pays to Lender the Release Amount
(as set forth on Schedule 2.3) with respect to the Mortgaged Property to which the Phase II Environmental Assessment applies. 
 6.1.4 If
Borrower fails to perform or observe (subject to any cure right provided for herein) any of the covenants, conditions or terms contained in this Agreement (other than covenants, conditions or terms otherwise specifically addressed in this
Section 6) or any Material Loan Document. 
 6.1.5 If at any time title to any part of the Collateral or the Mortgaged Property is not
satisfactory to Lender by reason of any lien, encumbrance or other defect (even though the same may have existed at the time of any advance) except those matters affecting title which have at any time been consented to in writing by Lender, and such
lien, encumbrance or other defect is not corrected to Lender’s satisfaction within thirty (30) days after notice to Borrower, 

6.1.6 If Borrower fails to comply with any requirement of any governmental authority within thirty (30) days after notice in writing of
such requirement has been given to Borrower by such governmental authority, subject to any rights of Borrower to contest such requirement as provided in the Mortgage or hereunder. 

6.1.7 If a petition in bankruptcy or for reorganization or for an arrangement under any bankruptcy or insolvency law or for a custodian,
receiver or trustee for any of its property is filed by Borrower, or if a petition in 

  
 19 

 
bankruptcy or for reorganization or for an arrangement under any bankruptcy or insolvency law or for a custodian, receiver or trustee of any of Borrower’s property is filed against Borrower
which is not dismissed within sixty (60) days, or if a custodian, receiver or trustee of any property of Borrower is appointed and is not discharged within sixty (60) days, or if Borrower makes an assignment for the benefit of creditors or
generally does not pay its debts as they become due, or if Borrower be adjudged insolvent by any state or federal court of competent jurisdiction, or if an attachment or execution is levied against any substantial portion of the property of Borrower
which is not discharged within sixty (60) days. 
 6.1.8 If Borrower is dissolved, liquidated or otherwise not in existence, or any of
Borrower’s directors, governors, shareholders, members or owners initiate any such action. 
 6.1.9 If any other Material Loan Document
is revoked or terminated. 
 6.1.10 Failure to timely provide financial statements as required hereunder. 

6.1.11 A default in the payment or performance by Borrower of any of the terms and conditions of the Leasing Documents. 

6.1.12 If Borrower is in default under any other agreement with Lender (whether in connection with the Loan or otherwise) other than any Letter
of Credit Agreement and any required notice has been given and any time in which to cure the default has elapsed; it being understood that any default or event of default under any Letter of Credit Agreement shall not itself cause an Event of
Default hereunder or under any other Loan Document. For purposes of the foregoing, “Letter of Credit Agreement” shall mean any business loan agreement, promissory note or other similar agreement or instrument supporting, evidencing
or otherwise executed in connection with each letter of credit now or hereafter issued by the Lender for the benefit of the Borrower or any affiliate of the Borrower. 

6.2 Remedies. If any Event of Default occurs, except where otherwise provided in this Agreement or the Loan Documents, all commitments
and obligations of Lender under this Agreement or the Loan Documents or any other agreement will immediately be suspended or terminated (including any obligation to make advances for which Lender will not be obligated to make upon the happening of
any event set forth in Section 6.1 regardless of whether or not any required notice was given) at Lender’s option, and/or Lender may, at its option, declare the entire Indebtedness owed to Lender immediately due and payable and may
foreclose the Mortgage and any other collateral given as security for the Loan, all without notice of any kind to Borrower, except that in the case of an Event of Default described in Section 6.1.7), such acceleration will be automatic and not
optional. Following an Event of Default, Lender will have all remedies available under the Loan Documents and at law or in equity, and all such remedies will be cumulative and not exclusive. 

  
 20 

 Section 7. Miscellaneous. 

7.1 No Waiver. No delay, failure or discontinuance of Lender in exercising any right, power or remedy under any of the Loan Documents
will affect or operate as a waiver of such right, power or remedy; nor will any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further exercise of those rights, powers or remedies or
the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Lender of any breach of or default under any of the Loan Documents must be in writing and is effective only to the extent set forth in the
writing. 
 7.2 Notices. Any notices and other communications permitted or required by the provisions of this Agreement (except for
telephonic notices expressly permitted) must be in writing and will be deemed to have been properly given or served by depositing the same with the United States Postal Service, or any official successor thereto, designated as Certified Mail, Return
Receipt Requested, bearing adequate postage, or deposited with reputable private courier or overnight delivery service, and addressed as hereinafter provided. Each such notice will be effective upon being deposited or delivered as aforesaid. The
time period within which a response to any such notice must be given, however, will commence to run from the date of receipt of the notice by the addressee thereof. Rejection or other refusal to accept or the inability to deliver because of changed
address of which no notice was given will be deemed to be receipt of the notice sent. By giving to the other party hereto at least ten (10) days’ notice thereof, either party hereto will have the right from time to time to change its
address and will have the right to specify as its address any other address within the United States of America. 
 Each notice to Lender
will be addressed as follows: 
 Venture Bank 

2640 Eagan Woods Drive 
 Eagan, MN
55121 
 Attn: Bryan Frandrup 

Phone No:      (651) 289-2222 

Fax No.:         (651) 289-0200 

Each notice to Borrower will be addressed as follows: 

Famous Dave’s of America, Inc. 

Minwood Partners, Inc. 
 12701
Whitewater Drive, Suite 200 
 Minnetonka, MN 55343 

Attn: Chief Executive Officer 

Phone No:      (952) 294-1300 

Fax No.:         (        )
                     

  
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 7.3 Costs, Expenses and Attorneys’ Fees. Borrower agrees to pay to Lender immediately
upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of Lender’s in-house counsel), expended or incurred by Lender
in connection with: (a) the negotiation and preparation of this Agreement and the other Loan Documents, Lender’s continued administration of this Agreement and the Loan Documents, and the preparation of any amendments and waivers of this
Agreement and the Loan Documents; (b) the enforcement of Lender’s rights and/or the collection of any amounts that become due to Lender under any of the Loan Documents; and (c) the prosecution or defense of any action in any way
related to any of the Loan Documents including, without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in
connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Lender or any other person) relating to Borrower or any other person or entity. 

7.4 Successors; Assignment. This Agreement is binding upon and inures to the benefit of the heirs, executors, administrators, legal
representatives, successors and assigns of the parties; except that Borrower may not assign or transfer its interest under this Agreement without Lender’s prior written consent. Lender reserves the right to sell, assign, transfer, negotiate or
grant participations in all or any part of, or any interest in, Lender’s rights and benefits under each of the Loan Documents. In connection therewith, Lender may disclose all documents and information that Lender now has or may later acquire
relating to any credit subject to the Loan Documents, Borrower or its business, or any collateral required under the Loan Documents. 
 7.5
Entire Agreement; Amendment. This Agreement and the other Loan Documents constitute the entire agreement between Borrower and Lender with respect to each credit subject to the Agreement and supersede all prior negotiations, communications,
discussions and correspondence concerning the subject matter contained in the Agreement and the Loan Documents. The terms and provisions of the Loan Proposal are hereby terminated and superseded by this Agreement. This Agreement may be amended or
modified only in writing signed by each party. 
 7.6 No Third Party Beneficiaries. This Agreement is made and entered into for the
sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity may be a third party beneficiary of, or have any direct or indirect cause of action or claim in connection with
this Agreement or any other of the Loan Documents to which it is not a party. 
 7.7 Time. Time is of the essence for each and every
provision of this Agreement and each of the other Loan Documents. 
 7.8 Severability. If any provision of this Agreement is
prohibited by or invalid under applicable law, the provision will be ineffective only to the extent of the prohibition or invalidity without invalidating the remainder of the provision or any remaining provisions of this Agreement. 

  
 22 

 7.9 Counterparts. This Agreement may be executed in any number of counterparts, each of
which when executed and delivered is deemed to be an original, and all of which when taken together constitute one and the same Agreement. 

7.10 Consent to Jurisdiction. The Borrower submits and consents to personal jurisdiction of the Courts of the State of Minnesota and
Courts of the United States of America sitting in such State for the enforcement of this instrument and waives any and all personal rights under the laws of any state or the United States of America to object to jurisdiction in the State of
Minnesota. Litigation may be commenced in any state court of general jurisdiction for the State of Minnesota or the United States District Court located in that state, at the election of the Lender. Nothing contained herein prevents Lender from
bringing any action against any other party or exercising any rights against any security given to Lender, or against the Borrower personally, or against any property of the Borrower, within any other state. Commencement of any such action or
proceeding in any other state does not constitute a waiver of consent to jurisdiction or of the submission made by the Borrower to personal jurisdiction within the State of Minnesota. 

7.11 Governing Law. Notwithstanding the place of execution of this Agreement, the parties to this Agreement have contracted for
Minnesota law to govern this Agreement and it is agreed that this Agreement is made pursuant to and will be construed and governed by the laws of the State of Minnesota without regard to principles of conflicts of laws. 

7.12 Waiver of Jury Trial. THE BORROWER WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH ANY PARTIES TO THIS AGREEMENT ARE
INVOLVED DIRECTLY OR INDIRECTLY AND ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER, AND WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE OF THIS AGREEMENT. 

7.13 Right of Setoff. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with
Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust
accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender’s option, to
administratively freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 

7.14 Cross Collateralization. In addition to the Note, this Agreement secures all obligations, debts and liabilities, plus interest
thereon, of Borrower to Lender, or any one or more of them, as well as all claims by Lender against Borrower or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether
voluntary or otherwise, whether due or not due, direct or indirect, determined or undetermined, absolute or contingent, liquidated or unliquidated, whether Borrower may be liable individually or jointly with others, whether obligated as guarantor,
surety, accommodation party or otherwise, and whether recovery upon such amounts may be or hereafter may become barred by any statute of limitations, and whether the obligation to repay such amounts may be or hereafter may become otherwise
unenforceable. 

  
 23 

 7.15 Joint and Several Liability. Since two corporations are executing this Agreement as
Borrower, the liability of each such corporation to pay and perform all obligations under the Loan Agreement and the other Loan Documents shall be joint and several. Each Borrower shall remain liable for all obligations under the Loan and Loan
Documents notwithstanding any provisions of law that may prevent the Lender from enforcing such obligations against the other Borrower. 

7.16 Changes to Financial Reporting. Notwithstanding anything to the contrary contained herein, the parties acknowledge and agree that
if, after the date hereof, there are any changes to GAAP or if GAAP is replaced by another set of accounting rules and principles to which the Borrower is subject, the parties shall mutually agree to revise the financial covenants and definitions
affected thereby so that they conform to such modifications after giving effect thereto. 
 7.17 Waiver and Subordination of Co-Borrower
Claims. Each Borrower unconditionally and absolutely waives: 
 7.17.1 all claims, rights and remedies, and all rights of subrogation,
indemnity, exoneration, contribution or reimbursement whatsoever, and any right of recourse to the security given to the Lender, that a Borrower may have against the other Borrower until all of the obligations under the Loan and Loan Documents are
fully paid and discharged. Borrower understands that Borrower may have rights under applicable law to be subrogated to such security and knowingly waives and relinquishes such rights and any claim that any subrogation rights were abrogated by any
acts of Lender. Borrower agrees that all current and future obligations under the Loan and Loan Documents shall be superior to all current and future claims, rights and remedies that a Borrower may have against the other Borrower. Borrower
subordinates all current and future claims, rights and remedies that Borrower may have against the other Borrower to all current and future claims, rights and remedies that Lender may have against Borrower; and 

7.17.2 any right that Lender prosecutes collection of the Loan or resorts to any instrument or security given to secure the Loan or proceeds
against the other Borrower or against any other guarantor or surety prior to enforcing the Loan and Loan Documents against a Borrower. Lender may, in its sole discretion, proceed in joint or separate action against each Borrower and pursue its
remedies against each Borrower or any other guarantor or surety without affecting its rights against the other Borrower. 
 signature
pages follow 

  
 24 

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

			
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer
	
	 MINWOOD PARTNERS, INC.,
 a Delaware
corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

 signature page to Loan Agreement 

- re: Famous Dave’s Loan 1 

  
 S-1 

			
	LENDER:
	
	VENTURE BANK,
	
	a Minnesota banking corporation
		
	By:	 	 /s/ Bryan Frandrup

		 	Bryan Frandrup, its VP and Commercial Loan Officer

 signature page to Loan Agreement 

- re: Famous Dave’s Loan 1 

  
 S-2 

 SCHEDULE 2.3 TO LOAN AGREEMENT 

RELEASE AMOUNTS 
  

							
	 Property Address
	  	City	  	Release Amount	 
	 14601 Highway 7
	  	Minnetonka	  	$	2,460,000	  
	 1490 Donegal Drive
	  	Woodbury	  	$	2,370,000	  
	 3211 Northdale Boulevard
	  	Coon Rapids	  	$	2,580,000	  
	 11308 Highway 55
	  	Plymouth	  	$	1,310,000	  

 SCHEDULE 3.4 TO LOAN AGREEMENT 

LITIGATION AND JUDGMENTS 

Famous Dave’s of America, Inc. v. SR El Centro, Inc., et al., Superior Court of the State of California, County of Los Angeles, Central Division,
Case No. BC589329, filed July 24, 2015. 
 SR El Centro, Inc., et al. v. Famous Dave’s of America, Inc., Superior Court of the State of
California, County of Los Angeles, Case No. NC060189, filed July 28, 2015. 
 Cascade PDX Partners, LLC, et al. v. Kurt Schneiter, et al.,
Superior Court of the State of California, County of Orange, Central Justice Center, Case No. 30-2014-00752683-CU-BC-CJC, filed October 23, 2014. 

 SCHEDULE 3.9 TO LOAN AGREEMENT 

EXCEPTIONS TO OTHER OBLIGATIONS 

NONE 

 SCHEDULE 3.10 TO LOAN AGREEMENT 

EXCEPTIONS TO ENVIRONMENTAL MATTERS 

NONE 

 SCHEDULE 4.18 TO LOAN AGREEMENT 

COMPLIANCE CERTIFICATE 

Pursuant to Section 4.18 of the Loan Agreement, dated as of December 2, 2016, (the terms defined therein being used herein as
therein defined and terms used herein and not otherwise defined therein being used herein as defined in the Loan Agreement) between FAMOUS DAVE’S OF AMERICA, INC., a Minnesota corporation, and MINWOOD PARTNERS, INC., a Delaware corporation
(collectively, the “Borrower”), and VENTURE BANK, a Minnesota banking corporation (“Lender”), the Borrower hereby certifies to Lender as follows: 

1. The financial statements of the Borrower attached hereto for the period ending
            , 20    , are maintained on a consolidated and consolidating reporting basis and are complete and correct in all material respects and fairly
present the financial condition of the Borrower as of the date of said financial statements and results of its business operations for the period covered thereby, and are prepared in reasonable detail and in accordance with GAAP (or tax accounting
reconciled to GAAP). 
 2. As of             ,
20     (the “Reporting Date”), the Borrower is in compliance with Section 4.17.1 of the Loan Agreement. The calculations made to determine compliance with such provision were as follows: 

DEBT SERVICE COVERAGE RATIO: 

The Ratio of: 
  

					
	 On a consolidated basis:
	  			
	 net income (net loss)
	  	$	                    	  
		  	  
	  
	 
	 interest expense
	  	+	                    	  
		  	  
	  
	 
	 income tax expense
	  	+	                     	  
		  	  
	  
	 
	 depreciation and amortization expense
	  	+	                     	  
		  	  
	  
	 
	 non-cash charges and losses, including any write-offs or write-downs and in respect of
equity-based compensation and asset impairment
	  	+	                     	  
		  	  
	  
	 
	 non-recurring legal or severance costs, fees or charges paid in cash
	  	+	                     	  
		  	  
	  
	 
	 Subtotal
	  	$	                    	  
		  	  
	  
	 

					
	To	  
		
	 the aggregate amount of principal and interest due and payable by the Borrower under the Loan and
any other loans
	  	$	                    	  
		  	  
	  
	 
	 Actual Ratio
	  			
		  	  
	  
	 
	 Minimum Required per Covenant This Period
	  	 	1.15	  

 2. As of             ,
20     (the “Reporting Date”), the Borrower is in compliance with Section 4.17.2 of the Loan Agreement. The calculations made to determine compliance with such provision were as follows: 

 

					
	GROWTH CAPITAL EXPENDITURES	  
		
	 Total Growth Capital Expenditures this reporting period
	  	$	                    	  
		  	  
	  
	 
	 Total Growth Capital Expenditures to date for current fiscal year
	  	$	                    	  
		  	  
	  
	 
	 Remaining allowable Growth Capital Expenditures for current fiscal year
	  	$	                    	  
		  	  
	  
	 

 [remainder of page internationally left blank] 

 Dated:             ,
20     
  

			
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation,

		
	By:	 	  

		 	Dexter Newman, its Chief Financial Officer
	
	 MINWOOD PARTNERS, INC.,
 a Delaware
corporation,

		
	By:	 	  

		 	Dexter Newman, its Chief Financial Officer

 SCHEDULE 5.2 

PERMITTED LIENS 
 Permitted Liens
means the following: 
 1. Mortgages, deeds of trust, pledges, liens, security interests and assignments with respect to all or any portion of the
Collateral to secure any indebtedness in existence as of the date of this Agreement and listed as follows: 
  

	 	(a)	The Mortgage as defined under this Agreement; and 

 The aforesaid excludes any such lien as to Collateral
described in the lien that has been released or limited but includes any subsequent extension or renewal of such lien to the extent (i) the related extension or renewal of the indebtedness secured thereby is otherwise permitted under this
Agreement, (ii) the principal amount secured thereby is not increased above the amount outstanding immediately prior to such extension or renewal, and (iii) the property securing the lien is not increased. 

2. Liens for taxes or assessments or other governmental charges to the extent specifically not required to be paid under this Agreement. 

3. Liens and security interests granted to Lender. 
 4.
Bankers’ liens, rights of set-off or similar rights as to accounts maintained with a financial institution. 

 SCHEDULE 5.3 TO LOAN AGREEMENT 

PERMITTED INDEBTEDNESS 
 Permitted
Indebtedness means the following: 
 NONEEX-10.2

 Exhibit 10.2 

PROMISSORY NOTE 
 (Note 1)

  

	 $3,700,000.00 
	 Eagan, Minnesota 

December 2, 2016 
 FOR VALUE
RECEIVED, the undersigned, FAMOUS DAVE’S OF AMERICA, INC., a Minnesota corporation, and MINWOOD PARTNERS, INC., a Delaware corporation (collectively the “Borrower”), agrees and promises to pay to the order of VENTURE BANK, a
Minnesota banking corporation, its endorsees, successors and assigns (“Lender”), at its principal office at 2640 Eagan Woods Drive, Eagan, Minnesota or such other place as the Lender may from time to time designate, the principal
sum of three million seven hundred thousand and no/100 dollars ($3,700,000.00) or so much as may from time to time be disbursed, together with interest, upon the following terms and conditions: 

Section 1. Definitions. For the purposes of this Note the following terms have the following meanings: 

 

	 	(a)	“Basis Points” means an arithmetic expression of a percentage measured in hundredths of a percent (e.g. 50 Basis Points equals fifty hundredths of one percent). 

 

	 	(b)	“Business Day” means any day in that national banks are open for business in Minnesota other than a Saturday, Sunday or any federal or State of Minnesota holiday. 

 

	 	(c)	“LIBOR Rate” shall mean the rate of interest from time to time published in The Wall Street Journal as publicly announced by the British Bankers’ Association on a daily basis as the LIBOR One-Month
Rate (London Interbank Offered Rate). A change in the LIBOR Rate shall be deemed to occur as of the date of announcement of such change by The Wall Street Journal and the interest rate shall be adjusted as of that date. If publication of the LIBOR
One-Month Rate in the Wall Street Journal is discontinued, Lender shall select a new rate. 

  

	 	(d)	“Loan Agreement” means the loan agreement of even date herewith between Borrower and Lender together with any amendments or supplements. 

 

	 	(e)	“Loan Documents” means this Note, Mortgage, Loan Agreement and any other documents related to the loan evidenced by this Note. 

 

	 	(f)	“Loan Year” means a 12 month period starting from the date of this Note and each anniversary date thereafter. For example, Loan Year 2 is the period from December 2, 2017 through December 2,
2018. 

  

	 	(g)	“Maturity Date” means December 2, 2026. 

  
 1 

	 	(h)	“Note” means this promissory note together with any amendments or supplements. 

  

	 	(i)	“Mortgage” means the mortgage and security agreement and fixture financing statement(s) of even date herewith given by the Borrower to the Lender mortgaging the Premises and granting a security interest
in the personal property as described in the mortgage together with any amendments or supplements. 

  

	 	(j)	“Premises” means certain parcel(s) of land and improvements situated in the City of Coon Rapids, County of Anoka, the Cities of Minnetonka and Plymouth, County of Hennepin, and the City of Woodbury,
County of Washington, State of Minnesota, all as more fully described in the Mortgage referred to in this Note. 

  

	 	(k)	“Principal Balance” means the outstanding sums of money disbursed by the Lender pursuant to this Note. 

  

	 	(l)	“Term” means the period over which this Note is to be paid. 

  

	 	(m)	“Transfer” has the meaning set forth in the Loan Agreement. 

 Section 2.
Disbursements. Disbursements under this Note are to be made pursuant to the terms and conditions of the Loan Agreement. 

Section 3. Payment. This Note is payable as follows: 
  

	 	(a)	Commencing on January 2, 2017 and on the second (2nd) day of each month thereafter, up to the Maturity Date, Borrower will pay monthly installments of
principal and interest then accrued on the Principal Balance based on a twenty (20) year amortization period as of the date of this Note. 

  

	 	(b)	On the Maturity Date, the entire Principal Balance plus accrued interest and all other charges and sums due under this Note will be due and payable in full. 

Section 4. Interest Rate. The Principal Balance of this Note outstanding at the close of each day will bear interest at the
following per annum rates of interest: 
  

	 	(a)	Interest Rate – Loan Years 1 through 5. Except as set forth to the contrary in this Section 4, from the date of this Note until the end of Loan Year 5, the Principal Balance of this Note outstanding at
the close of each day will bear interest at a definite and certain per annum fixed rate of interest equal to four and 25/100ths percent (4.25%). 

  

	 	(b)	Interest Rate – Loan Year 6 through Remainder of Term. Except as set forth to the contrary in this Section 4, from the 1st day of Loan Year 6, the Principal Balance of this Note outstanding at the close
of each day will bear interest at a definite and certain per annum fixed rate of interest equal to the LIBOR Rate plus three hundred seventy-five (375) Basis Points (3.75%). The LIBOR Rate used to determine the interest rate during this five
year period will be calculated once as of the 1st day of Loan Year 6, which date will be December 2, 2022. 

  
 2 

	 	(c)	Variable Interest Rate. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (A) increase Borrower’s payments to ensure Borrower’s loan will
pay off on its original final maturity date, (B) increase Borrower’s payments to cover accruing interest, (C) increase the number of Borrower’s payments, or (D) continue Borrower’s payments at the same amount and
increase Borrower’s final payment. 

  

	 	(d)	Minimum Interest Rate. Notwithstanding anything to the contrary contained in Section 4(a) and Section 4(b) above, at no time will the per annum rate of interest payable on the Principal Balance of this
Note be less than a per annum rate of interest of four and 25/100ths percent (4.25%). 

  

	 	(e)	Default Rate. If a Default occurs under this Note then, at the option of the Lender, the interest rate on this Note shall be increased by adding an additional 6.000 percentage point margin (“Default Rate
Margin”). The Default Rate Margin shall also apply to each succeeding interest rate change that would have applied had there been no default whether or not the Lender has exercised its option to accelerate the maturity of this Note and
declare the entire Principal Balance due and payable. However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law. 

Section 5. Basis of Computation. Interest will be calculated by multiplying the actual number of days elapsed in the period for
which interest is being calculated by a daily rate based on a 360 day year. 
 Section 6. Late Charge. If any payment under this
Note is ten (10) days or more late, Borrower acknowledges and agrees to pay Lender a late charge (“Late Charges”) of five percent (5%) of unpaid portion of the regularly scheduled payment or $50.00, whichever is greater,
to defray the costs of Lender incident to collecting such late payment. This Late Charge will apply individually to all payments past due and there will be no daily pro rata adjustment. This provision will not be deemed to excuse a late payment or
be deemed a waiver of any other rights the Lender may have including the right to declare the entire Principal Balance and interest immediately due and payable. 

Section 7. Application of Payments. Unless otherwise agreed or required by applicable law, payments will be applied first to any
accrued unpaid interest; then to Principal Balance; then to any prepayment premium; then to any unpaid Costs of Collection; and then to any Late Charges. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender
may designate in writing. If any payment of the Principal Balance, interest, Late Charges or other sum to be made under this Note becomes due and payable on a day other than a Business Day, the due date of such payment will be extended to the next
succeeding Business Day and interest will be payable at the applicable interest rate during such extension. Upon a Default, any monies received will, at the option and direction of the Lender, be applied to any sums due under this Note or any
instrument securing this Note in such order and priority as the Lender determines. 

  
 3 

 Section 8. Prepayment. If any prepayment of the Principal Balance is made, then a
prepayment premium shall be incurred and paid by Borrower as follows: 
  

	 	(a)	Loan Years 1 through 5 Prepayment Premium. If any prepayments are made during Loan Years 1 through 5, then Borrower shall incur a prepayment premium that is calculated by multiplying the entire amount of the
Principal Balance as of the date of (but prior to) such prepayment times the following: 

 8.1.1 five percent (5.0%) if
such prepayment occurs in Loan Year 1; 
 8.1.2 four percent (4.0%) if such prepayment occurs in Loan Year 2; 

8.1.3 three percent (3.0%) if such prepayment occurs in Loan Year 3; 

8.1.4 two percent (2.0%) if such prepayment occurs in Loan Year 4; and 

8.1.5 one percent (1%) if such prepayment occurs in Loan Year 5; 

provided, however, that in any calendar year the Borrower may prepay principal up to 20% of the original principal amount of this Note,
without paying any prepayment premium, if such prepayment is made from Borrower’s operating cash flow. 
  

	 	(b)	Loan Years 6 through 10 Prepayment Premium. If any prepayments are made during Loan Years 6 through 10, then Borrower shall incur a prepayment premium that is calculated by multiplying the entire amount of the
Principal Balance as of the date of (but prior to) such prepayment times the following: 

 8.2.1 five percent (5.0%) if
such prepayment occurs in Loan Year 6; 
 8.2.2 four percent (4.0%) if such prepayment occurs in Loan Year 7; 

8.2.3 three percent (3.0%) if such prepayment occurs in Loan Year 8; 

8.2.4 two percent (2.0%) if such prepayment occurs in Loan Year 9; and 

8.2.5 one percent (1%) if such prepayment occurs in Loan Year 10; 

provided, however, that in any calendar year the Borrower may prepay principal up to 20% of the original principal amount of this Note,
without paying any prepayment premium, if such prepayment is made from Borrower’s operating cash flow. 
 Borrower shall give Lender prior written
notice of prepayment. The prepayment premium, if any, shall be due at the time of prepayment. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of this Note and will not be subject to refund upon

  
 4 

 
prepayment except as otherwise required by law. Any prepayment shall not reduce or suspend any required monthly payment or final payment due under this Note. All amounts prepaid shall be applied
as set forth in this Note. This Note may be subject to acceleration or prepayment, in whole or part as the case may be, upon certain events of transfer, default, or damage, destruction or condemnation of the Premises, all as more fully set forth in
the Loan Agreement. Upon any such acceleration or prepayment, the prepayment premium set forth in this Note shall be incurred by Borrower, unless otherwise excepted in this Note or the Loan Documents. 

Section 9. Security. This Note is the Note referred to in and secured by (a) the Mortgage, (b) an Assignment of Rents
and Leases given by the Borrower to Lender (“Assignment”), and (c) other security agreements, guaranties or instruments described in the Loan Agreement (“Other Security Instruments”). 

Section 10. Default. Each of the following will constitute a “Default” under this Agreement: any “Event of
Default” as defined in the Loan Agreement. Upon the occurrence of Default, Lender will have all remedies available under the Loan Agreement, the other Loan Documents, at law or in equity. 

Section 11. Time of Essence. Time is of the essence. No delay or omission on the part of the Lender in exercising any right under
this Note will operate as a waiver of such right or of any other remedy under this Note. A waiver on any one occasion will not be construed as a bar to or waiver of any such right or remedy on a future occasion. 

Section 12. Costs of Collection. In the event of any Default, the Borrower agrees to pay the costs of collection including
reasonable attorney’s fees and costs, all other costs and fees incurred in litigation, mediation, bankruptcy and administrative proceedings and all appeals and all other costs and expenses incurred in the collection of the amounts due under
this Note (“Costs of Collection”). 
 Section 13. Waiver of Presentment, Etc. Presentment for payment, protest
and notice of non-payment are waived. Consent is given to any extension or alteration of the time or terms of payment, any renewal, any release of any part or all of the security, any acceptance of additional security of any kind, and any release
of, or resort to any party liable for payment under this Note. To the extent permitted by law, all rights and benefits of any statute of limitations, and any moratorium, reinstatement, marshaling, forbearance, valuation, stay, extension, redemption,
appraisement, exemption and homestead laws are waived. 
 Section 14. Savings Clause. It is expressly stipulated and agreed to
be the intent of Borrower and Lender at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than
permitted under state law) and that this section controls every other covenant and agreement in this Note and any other Loan Documents. If the applicable law is ever judicially interpreted so as to render usurious any amount called for under this
Note or under any other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the indebtedness evidenced by this Note (“Indebtedness”), or if Lender’s exercise of the option to accelerate the
maturity of this Note, or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, then it is 

  
 5 

 
Borrower’s and Lender’s express intent that all excess amounts previously collected by Lender will be credited on the Principal Balance of this Note and all other Indebtedness (or, if
this Note and all other Indebtedness have been or would have been paid in full, refunded to Borrower), and the provisions of this Note and the other Loan Documents will immediately be deemed reformed and the amounts collectible after the reformation
will be reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for under the documents. All sums paid or agreed to be
paid to Lender for the use, forbearance, or detention of the Indebtedness will, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Indebtedness until payment in full so
that the rate or amount of interest on account of the Indebtedness does not exceed the maximum lawful rate from time to time in effect and applicable to the Indebtedness for so long as the Indebtedness is outstanding. Notwithstanding anything to the
contrary contained in this Note or in any of the other Loan Documents, it is not the intention of Lender to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of
such acceleration. 
 Section 15. Acceleration on Sale or Encumbrance. In the event of a Transfer without the written consent of
the Lender being first obtained, whether voluntarily, involuntarily or by operation of law, then at the sole option of the Lender, the Lender may upon notice to the Borrower declare the entire Principal Balance together with accrued interest, due
and payable in full. A consent by the Lender as to any one Transfer will not be deemed to be a waiver of the right to require consent to a future Transfer. Whether or not consented to by Lender, Borrower must give Lender written notice of any
Transfer within fifteen (15) days after a Transfer. 
 Section 16. Consent to Jurisdiction. The Borrower submits and
consents to personal jurisdiction of the Courts of the State of Minnesota and Courts of the United States of America sitting in such State for the enforcement of this instrument and waives any and all personal rights under the laws of any state or
the United States of America to object to jurisdiction in the State of Minnesota. Litigation may be commenced in any state court of general jurisdiction for the State of Minnesota or the United States District Court located in that state, at the
election of the Lender. Nothing contained in this Note will prevent Lender from bringing any action against any other party or exercising any rights against any security given to Lender, or against the Borrower personally, or against any property of
the Borrower, within any other state. Commencement of any such action or proceeding in any other state will not constitute a waiver of consent to jurisdiction or of the submission made by the Borrower to personal jurisdiction within the State of
Minnesota. 
 Section 17. Notices. Any notices and other communications permitted or required by the provisions of this Note
(except for telephonic notices expressly permitted) must be in writing and will be deemed to have been properly given or served by depositing the same with the United States Postal Service, or any official successor, designated as Certified Mail,
Return Receipt Requested, bearing adequate postage, or deposited with reputable private courier or overnight delivery service, and addressed as provided below. Each such notice will be effective upon being deposited or delivered as aforesaid. The
time period within which a response to any such notice must be given, however, will commence to run from the date of receipt of the notice by the addressee. Rejection or other refusal to accept or the inability to deliver because of

  
 6 

 
changed address of which no notice was given will be deemed to be receipt of the notice sent. By giving to the other party at least ten (10) days’ notice, either party will have the
right from time to time to change its address and will have the right to specify as its address any other address within the United States of America. 

Each notice to Lender will be addressed as follows: 

Venture Bank 
 2640 Eagan Woods
Drive 
 Eagan, MN 55121 
 Attn:
Bryan Frandrup 
 Phone No:         (651) 289-2222 

Fax No.:            (651) 289-0200 

Each notice to Borrower will be addressed as follows: 

Famous Dave’s of America, Inc. 

Minwood Partners, Inc. 
 12701
Whitewater Drive, Suite 200 
 Minnetonka, MN 55343 

Attn: Chief Executive Officer 

Phone No:         (952) 294-1300 

Fax No.:            (        )
                     

Section 18. Governing Law. Notwithstanding the place of execution of this instrument, the parties to this instrument have
contracted for Minnesota law to govern this instrument and it is agreed that this instrument is made pursuant to and will be construed and governed by the laws of the State of Minnesota without regard to principles of conflicts of laws. The
extension of credit under this Note is made under Section 47.59 of Minnesota Statutes. 
 Section 19. Adjustable Rate. This
Note provides for adjustments in its interest rate. 
 Section 20. Waiver of Jury Trial. THE BORROWER WAIVES TRIAL BY JURY IN
ANY JUDICIAL PROCEEDING TO WHICH ANY PARTIES TO THIS INSTRUMENT ARE INVOLVED DIRECTLY OR INDIRECTLY AND ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED WITH THIS INSTRUMENT OR THE RELATIONSHIP ESTABLISHED UNDER THIS INSTRUMENT, AND
WHETHER ARISING OR ASSERTED BEFORE OR AFTER THE DATE OF THIS INSTRUMENT. 
 Section 21. Right of Set-Off. To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts
Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes 

  
 7 

 
Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at Lender’s option, to administratively
freeze all such accounts to allow Lender to protect Lender’s charge and setoff rights provided in this paragraph. 
 (signature page
follows) 

  
 8 

 IN WITNESS WHEREOF, Borrower has caused this Promissory Note to be duly executed by its
authorized representative, all on the date and year first written above. 
  

			
	BORROWER:
	
	 FAMOUS DAVE’S OF AMERICA, INC.,

a Minnesota corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer
	
	 MINWOOD PARTNERS, INC.,
 a Delaware
corporation,

		
	By:	 	 /s/ Dexter Newman

		 	Dexter Newman, its Chief Financial Officer

 signature page to Promissory Note 1 

-re: Famous Dave’s Loan 

  
 S-1

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