Document:

EX-10.16

 Exhibit 10.16 
 ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Escrow
Agreement”), dated as of December 28, 2011, is made by and among NPC International Holdings, Inc., a Delaware corporation (“Purchaser”), Merrill Lynch Global Private Equity, Inc. (“Sellers’
Representative”), and Wells Fargo Bank, National Association, a national banking association, as escrow agent (the “Escrow Agent”). Capitalized terms used herein but not defined herein shall have the meanings set forth in
the Purchase Agreement (as defined below). 
 WHEREAS, Purchaser, NPC Acquisition Holdings, LLC, Sellers’ Representative
and the other Sellers named therein are parties to that certain Purchase and Sale Agreement, dated as of November 6, 2011 (as may be amended or modified from time to time in accordance with its terms, the “Purchase Agreement”);

 WHEREAS, pursuant to the terms of the Purchase Agreement and as part of the transactions contemplated thereby, Purchaser and
Sellers’ Representative have agreed to enter into this Escrow Agreement, and Purchaser has agreed to deposit the Escrow Amount (as defined below) with the Escrow Agent solely for the purposes set forth herein; 

WHEREAS, the Escrow Agent has agreed to serve in the capacity described herein on the terms and subject to the conditions of this Escrow
Agreement; and 
 WHEREAS, Purchaser and Sellers’ Representative acknowledge that the Escrow Agent is not a party to, is
not bound by, and has no duties or obligations under, the Purchase Agreement, that all references in this Escrow Agreement to the Purchase Agreement are for convenience, and that the Escrow Agent shall have no implied duties beyond the express
duties set forth in this Escrow Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Appointment of Escrow Agent. Purchaser and Sellers’ Representative hereby appoint the Escrow Agent as escrow agent in accordance with the terms and conditions set forth herein, and the
Escrow Agent hereby accepts such appointment. 
 2. Establishment of Escrow Accounts. 

(a) At the Closing, Purchaser shall deposit with the Escrow Agent by wire transfer in immediately available funds an aggregate amount of
$4,000,000, which amount represents the Adjustment Escrow Amount as set forth in the Purchase Agreement. Such amount, together with any and all interest or other earnings or profit thereon, or proceeds therefrom (collectively, “Adjustment
Escrow Interest”), from time to time held by the Escrow Agent pursuant to the terms hereof are referred to herein as the “Adjustment Escrow Funds.” The Escrow Agent hereby agrees to hold and invest the Adjustment Escrow
Funds in a separate and distinct account (the “Adjustment Escrow Account”) as provided in this Agreement. 

(b) At the Closing, Purchaser shall deposit with the Escrow Agent by wire transfer in immediately available funds an aggregate amount of
$30,000,000, which amount represents the Indemnity Escrow Amount as set forth in the Purchase Agreement. Such amount, together with any and all interest or other earnings or profit thereon, or proceeds therefrom (collectively, “Indemnity
Escrow Interest” and together with the Adjustment Escrow Interest, “Interest”) from time to time held by the 

 
Escrow Agent pursuant to the terms hereof are referred to herein as the “Indemnity Escrow Funds” and, together with the Adjustment Escrow Funds, the “Escrow
Funds.” The Escrow Agent hereby agrees to hold and invest the Indemnity Escrow Funds in a separate and distinct account (the “Indemnity Escrow Account” and, together with the Adjustment Escrow Account, the “Escrow
Accounts”) as provided in this Agreement. 
 3. Permissible Investments of the Escrow Funds. 

(a) The Escrow Agent shall record and hold the Escrow Funds in the applicable Escrow Account on the terms and subject to the conditions
set forth herein. Solely upon receipt by the Escrow Agent of joint written instructions signed by both Purchaser and Sellers’ Representative, from time to time (a “Joint Notice”), the Escrow Agent shall invest and reinvest the
Escrow Funds in Permitted Investments. “Permitted Investments” means (i) obligations of the United States government, (ii) certificates of deposit at commercial banks having combined capital and surplus of at least
$100,000,000, (iii) commercial paper rated no lower than “A-1” by Standard & Poor Corp. or “P-1” by Moody’s Investment Service, Inc., (iv) money market accounts and/or money market mutual funds mutually
acceptable to Purchaser and Sellers’ Representative, or (v) such other investments as may be determined jointly by Purchaser and Sellers’ Representative in their discretion. The Escrow Agent shall act upon investment instructions the
day that such instructions are received; provided that the instructions are communicated within a reasonable amount of time to allow the Escrow Agent to make the specified investment. In absence of such written instructions, the Escrow Funds
shall be invested in the Wells Fargo Bank Money Market Deposit Account (the “MMDA”) or such similar or successor fund or account offered by the Escrow Agent. The Permitted Investments are to be held in the custody of the Escrow
Agent. The Escrow Agent is authorized to liquidate in accordance with its customary procedures any portion of the Escrow Funds consisting of investments to provide for payments required to be made under this Escrow Agreement. No party hereto shall
be liable or responsible in any manner for any loss or depreciation resulting from any such investment or liquidation thereof or any costs in connection therewith, and all such losses and costs shall be borne by the Escrow Funds. Any Interest
realized upon any such Permitted Investments is to be reinvested in the Escrow Account from which such Interest was earned. 

(b) Purchaser and Sellers’ Representative recognize and agree that the Escrow Agent will not provide supervision, recommendations or
advice relating to either the investment of moneys held in any Escrow Account or the purchase, sale, retention or other disposition of any investment. Interest and other earnings on investments shall be added to the Escrow Account from which such
Interest was earned. The parties hereto shall furnish the Escrow Agent with a completed Internal Revenue Form W-9 upon execution and delivery of this Escrow Agreement. 
 (c) The Escrow Agent shall have no responsibility or liability for any diminution in value of any assets held hereunder which may result from any investment or reinvestment made in accordance with any
provision which may be contained herein, except in the case of the gross negligence, or willful misconduct of the Escrow Agent. Amounts on deposit in the MMDA are insured up to a total of $250,000 per depositor, per insured bank (including principal
and accrued interest) by the Federal Deposit Insurance Corporation (“FDIC”), subject to applicable rules and regulations of the FDIC. The parties understand that deposits in the MMDA are not secured. 

(d) The Escrow Agent is hereby authorized to execute purchases and sales of Permitted Investments, if any, through the facilities of its
own trading or capital markets operations or those of any affiliated entity. The Escrow Agent shall send statements to the parties hereto on a monthly basis reflecting activity in each Escrow Account for the preceding month. Although the parties
hereto recognize that they may obtain a broker confirmation or written statement containing comparable 

  
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information at no additional cost, the parties hereto hereby agree that confirmations of Permitted Investments are not required to be issued by the Escrow Agent for each month in which a monthly
statement is rendered. No statement need be rendered for any Escrow Account if no activity occurred for such month. 
 (e) The
parties hereto acknowledge and agree that the delivery of the Escrow Funds is subject to the sale and final settlement of Permitted Investments, if any. Proceeds of a sale of Permitted Investments will be delivered on the Business Day on which the
appropriate instructions are delivered to the Escrow Agent if received prior to the deadline for a same day sale of such Permitted Investments. If such instructions are received after the applicable deadline, proceeds will be delivered on the
following Business Day. 
 4. Distribution and Release of the Escrow Funds. The Escrow Funds shall only be distributed
and released in accordance with this Section 4. 
 (a) Post-Closing Adjustment. Upon the final determination
of the Adjusted Purchase Price pursuant to Section 2.07 of the Purchase Agreement, Purchaser and Sellers’ Representative shall execute and deliver to the Escrow Agent a Joint Notice instructing the Escrow Agent to disburse (i) if
Purchaser is entitled to payment of any amount of the Adjustment Escrow Funds from the Adjustment Escrow Account and, if required, of any amount of the Indemnity Escrow Funds from the Indemnity Escrow Account, pursuant to Section 2.07 of the
Purchase Agreement, such amount(s) to Purchaser by wire transfer to the account designated by Purchaser, and (ii) the remaining amount of Adjustment Escrow Funds, if any, to Sellers’ Representative (on behalf of the Sellers) by wire
transfer to the account designated by Sellers’ Representative. The Escrow Agent shall make such disbursement(s) in accordance with such Joint Notice. 
 (b) Indemnification Claims. If Purchaser makes an indemnification claim under the Purchase Agreement, at any time (or from time to time) on or prior to the twelve-month anniversary of the date
hereof (the “Initial Release Date”) or, with respect to an indemnification claim under the Purchase Agreement related to the Specified Matter (a “Specified Matter Claim”), at any time (or from time to time) on or
prior to the Specified Matter Release Date, and, in either case, delivers to the Escrow Agent (i) a written notice (an “Indemnification Notice”) setting forth the amount of such claim (to the extent the amount of such claim is
known and quantifiable as of such date and, if unknown, a good faith estimate of the maximum amount of such claim assuming the facts asserted are true) and setting forth the nature and the basis for such claim and specifically indicating whether
such claim is a Specified Matter Claim (an “Indemnification Claim”) and (ii) proof of delivery to Sellers’ Representative of a copy of such Indemnification Notice (which proof may consist of, among other things, a
photocopy of the registered or certified mail or overnight courier receipt or the signed receipt if delivered by hand), then, unless the Escrow Agent has received a written objection to such Indemnification Claim from Sellers’ Representative
within thirty (30) calendar days following the Escrow Agent’s receipt of such proof of delivery to Sellers’ Representative, on the thirty-first (31st) calendar day following such receipt (or the next banking day if such
thirty-first (31st) calendar day is not a banking day), the Escrow Agent shall release by wire transfer to an account or accounts designated by Purchaser in the Indemnification Notice an amount of the Indemnity Escrow Funds from the Indemnity
Escrow Account equal to the amount of such Indemnification Claim (to the extent of the Indemnity Escrow Funds). 
 (c)
Disputes. If Sellers’ Representative timely delivers to the Escrow Agent and Purchaser a written objection (a “Dispute Notice”) to any Indemnification Claim in accordance with Section 4(b), then, except as
otherwise provided in Section 4(d) below, the Escrow Agent shall not distribute to Purchaser that portion of the Escrow Funds that are the subject of the Dispute Notice until the Escrow Agent receives either a Joint Notice or a Final
Order (as defined below) directing the release 

  
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to Purchaser of that portion of the Escrow Funds that are the subject of the Dispute Notice. Upon receipt of such Joint Notice or Final Order, as the case may be, the Escrow Agent shall release
to Purchaser the Escrow Funds subject to dispute in accordance with such Joint Notice or Final Order. Any Dispute Notice shall describe in reasonable detail the amount of and basis for any objection to the Indemnification Claim which is subject to
such Dispute Notice. 
 (d) Partial Release. If any Dispute Notice includes an objection to only a portion of an
Indemnification Claim, the Escrow Agent shall promptly release to an account designated by Purchaser an amount of the Escrow Funds equal to the portion of the Indemnification Claim for which there is no objection; provided that no such
partial release by the Escrow Agent shall terminate or otherwise prejudice Purchaser’s rights with respect to amounts claimed in the Indemnification Notice which are in excess of the amounts so released. 

(e) Release of Remaining Indemnity Escrow Funds. 

(i) On the Initial Release Date, Purchaser and Sellers’ Representative shall execute and deliver to the Escrow Agent
a Joint Notice instructing the Escrow Agent to disburse to Sellers’ Representative (on behalf of the Sellers), by wire transfer to the account designated by Sellers’ Representative, the aggregate amount of Indemnity Escrow Funds, if any,
that Sellers are entitled to receive pursuant the first sentence of Section 10.06(b) of the Purchase Agreement. The Escrow Agent shall make such disbursement in accordance with such Joint Notice. 

(ii) On the Special Matter Release Date, Purchaser and Sellers’ Representative shall execute and deliver to the
Escrow Agent a Joint Notice instructing the Escrow Agent to disburse to Sellers’ Representative (on behalf of the Sellers), by wire transfer to the account designated by Sellers’ Representative, the aggregate amount of Indemnity Escrow
Funds, if any, that Sellers are entitled to receive pursuant the second sentence of Section 10.06(b) of the Purchase Agreement. The Escrow Agent shall make such disbursement in accordance with such Joint Notice. 

(iii) If from time to time following the Initial Release Date or the Special Matter Release Date the Sellers are entitled
to receive any amount of the Indemnity Escrow Funds pursuant to the third or fourth sentence of Section 10.06(b) of the Purchase Agreement, then Purchaser and Sellers’ Representative shall execute and deliver to the Escrow Agent a Joint
Notice instructing the Escrow Agent to disburse to Sellers’ Representative (on behalf of the Sellers), by wire transfer to the account designated by Sellers’ Representative, such amount of Indemnity Escrow Funds that the Sellers are
entitled to receive. The Escrow Agent shall make such disbursement in accordance with such Joint Notice. 
 (f) Joint Notice;
Withholding. In addition to the Joint Notices referenced above, the Escrow Agent shall distribute the Escrow Funds to the specified party in any other Joint Notice in accordance with the instructions specified in such Joint Notice.
Notwithstanding anything to the contrary herein, with respect to any distribution to be made to the Sellers’ Representative hereunder, Purchaser and Sellers’ Representative shall deliver to the Escrow Agent a Joint Notice directing the
Escrow Agent to deliver to an account designated by the Purchaser (instead of to the Sellers’ Representative) (i) any amounts required to be deducted and withheld from any Seller in respect of NPC Options or Restricted Interests with
respect to the making of such distribution (assuming for such purpose that the Sellers’ Representative immediately distributes to each Seller such Seller’s Fully Diluted Ownership Percentage of such distribution) and (ii) the amount
of payroll Taxes equal to the employer portion of FICA relating to medicare only payable by Purchaser or its Subsidiaries in connection with any such distributions, in each case as required under the Code and the rules and regulations promulgated
thereunder, or any provision of state, local or non-U.S. law relating to Taxes. The Escrow Agent shall not be responsible for verifying any amounts that are deducted and withheld from any Seller pursuant to the Joint Notice. 

  
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 (g) No Limitation of Remedies. Notwithstanding anything to the contrary herein, the
payment of all or any portion of any of the Escrow Funds to (or as designated by) Sellers’ Representative or Purchaser pursuant to this Escrow Agreement shall not limit or otherwise affect any right to indemnification or other rights that
Purchaser and/or any other Purchaser Indemnified Party may otherwise have pursuant to the Purchase Agreement. 
 5.
Conditions to Escrow. The Escrow Agent agrees to hold the Escrow Funds and to perform its obligations in accordance with the terms and provisions of this Escrow Agreement. The parties hereto agree that the Escrow Agent shall not assume any
responsibility for the failure of the parties hereto to perform in accordance with the Purchase Agreement or this Escrow Agreement. The acceptance by the Escrow Agent of its responsibilities hereunder is subject to the following terms and
conditions, which the parties hereto agree shall govern and control with respect to the Escrow Agent’s rights, duties and liabilities hereunder: 
 (a) So long as the Escrow Agent exercises reasonable care in the performance of its duties in accordance with the terms of this Escrow Agreement, the Escrow Agent shall be (i) protected in acting
upon any written notice, request, waiver, consent, receipt or other paper or document furnished to it, not only as to its due execution and validity and the effectiveness of its provisions, but also as to the truth and accuracy of any information
therein contained, which the Escrow Agent in good faith believes to be genuine and what it purports to be and (ii) relieved from the necessity of satisfying itself as to the authority of the persons executing this Escrow Agreement in a
representative capacity on behalf of the parties hereto. Concurrently with the execution of this Agreement, Purchaser and Sellers’ Representative have delivered to the Escrow Agent authorized signers’ forms in the form of Exhibit
A-1 and Exhibit A-2 to this Agreement. Should it be necessary for the Escrow Agent to act upon any instructions, directions, documents or instruments issued or signed by or on behalf of any corporation, partnership, fiduciary or
individual acting on behalf of another party hereto, it shall not be necessary for the Escrow Agent to inquire into such corporation’s, partnership’s, fiduciary’s or individual’s authority. 

(b) The Escrow Agent shall not be liable for anything which it may do or refrain from doing in connection herewith, except for its own
gross negligence or willful misconduct. 
 (c) The Escrow Agent may consult with, and obtain advice from, reputable legal
counsel in the event of any question as to any of the provisions hereof or its duties hereunder, and the Escrow Agent shall incur no liability and shall be fully protected in acting in good faith in accordance with the opinion and instructions of
such counsel. If the Escrow Agent becomes involved in litigation on account of this Escrow Agreement it shall have the right to retain counsel and, unless it is found that the Escrow Agent acted with gross negligence or engaged in willful
misconduct, Sellers’ Representative (on behalf of the Sellers) and Purchaser agree to each pay to the Escrow Agent 50% of the Escrow Agent’s reasonable costs, attorneys’ fees of outside counsel, charges, disbursements and expenses in
connection with such litigation in accordance with Section 7. 
 (d) The Escrow Agent shall have the right to resign
at any time by giving thirty (30) calendar days written notice of such resignation to each of the parties hereto and the parties hereto shall have the right to terminate the services of the Escrow Agent hereunder at any time by giving Joint
Notice of such termination to the Escrow Agent, in each case specifying the effective date of such resignation or termination. Within thirty (30) calendar days after receiving or delivering the aforesaid notice, as the case may be, the parties
hereto agree to jointly appoint a successor escrow agent to which the Escrow Agent shall distribute the property then held hereunder, less the amount of any fees owing to the Escrow Agent 

  
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hereunder as of such date. If a successor escrow agent has not been appointed and has not accepted such appointment by the end of such thirty (30) day period, then the Escrow Agent may apply
to a court of competent jurisdiction for the appointment of a successor escrow agent, and the costs, expenses and reasonable attorneys’ fees which are incurred in connection with any such proceeding shall be paid one-half by each of
Sellers’ Representative (on behalf of the Sellers) and Purchaser in accordance with Section 7. Except as set forth in a Joint Notice, the Escrow Funds shall not be released from any Escrow Account unless and until a successor escrow
agent has been appointed in accordance with this Section 5(d). 
 (e) Upon delivery of all of the Escrow Funds
pursuant to the terms of Section 4 above or to a successor escrow agent pursuant to the terms of Section 5(d) above, the Escrow Agent shall thereafter be discharged from any further obligations hereunder. The Escrow Agent is
hereby authorized, in any and all events, to comply with and obey any and all Final Orders, and, if the Escrow Agent shall so comply or obey, it shall not be liable to any other person by reason of such compliance or obedience. The Escrow Agent
shall be entitled to receive and may conclusively rely upon an opinion of counsel to the effect that a judgment, order or decree is final and nonappealable and from a court of competent jurisdiction. 

(f) IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY (i) DAMAGES, LOSSES OR EXPENSES ARISING OUT OF THE
SERVICES PROVIDED HEREUNDER, OTHER THAN DAMAGES, LOSSES OR EXPENSES WHICH HAVE BEEN FINALLY ADJUDICATED TO HAVE RESULTED FROM THE ESCROW AGENT’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, OR (ii) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF
ANY KIND WHATSOEVER (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. 

(g) Any banking association or corporation into which the Escrow Agent may be merged, converted or with which the Escrow Agent may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a party, or any banking association or corporation to which all or substantially all of the corporate trust business of the
Escrow Agent shall be transferred, shall succeed to all the Escrow Agent’s rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. 
 6. Indemnification. The parties hereto hereby jointly and severally agree to indemnify
the Escrow Agent for and to hold it harmless against any loss, liability, damage, cost or reasonable expense (including reasonable attorneys’ fees of outside counsel and expenses) incurred without gross negligence or willful misconduct on the
part of the Escrow Agent arising out of or in connection with its performance under this Escrow Agreement. This Section 6 shall survive the termination of this Escrow Agreement and the resignation or removal of the Escrow Agent.

 7. Escrow Costs. The Escrow Agent shall be entitled to be paid a fee for its services pursuant to the Schedule of Fees
attached hereto as Annex A and to be reimbursed for its reasonable costs and expenses incurred in connection with maintaining the Escrow Accounts hereunder, which fees, costs and expenses shall be paid one-half by each of Sellers’
Representative (on behalf of the Sellers) and Purchaser. In the event that the Escrow Agent is entitled to payment pursuant to Section 5(c), Section 5(d), Section 6, or this Section 7, the Escrow Agent
shall provide Purchaser and Sellers’ Representative with a written invoice describing in reasonable detail the basis for such payment and Sellers’ Representative (on behalf of the Sellers) and Purchaser agree to each make one-half of such
payment 

  
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within 30 days following receipt of such invoice. If either Sellers’ Representative or Purchaser fails to make any such payment within such 30-day period, then the Escrow Agent shall be
entitled to reimburse itself therefor out of the Escrow Funds and, following such reimbursement, Sellers’ Representative and/or Purchaser, as the case may be, shall no longer have any obligation to make such payment. If the Escrow Agent does
reimburse itself out of the Escrow Funds for any amounts payable by Purchaser hereunder, then Purchaser shall promptly make a payment to Sellers’ Representative equal to the amount of such reimbursement. 

8. Limitations on Rights to the Escrow Funds. The parties hereto shall have no right, title or interest in or to, or possession of
any Escrow Account and therefore shall have no ability to pledge, convey, hypothecate or grant as security all or any portion of the Escrow Funds unless and until such funds have been released pursuant to Section 4 above. Accordingly,
the Escrow Agent will not act as custodian for the parties hereto for the purposes of perfecting a security interest therein, and no creditor of the parties hereto shall have any right to have or to hold any Escrow Funds or any Escrow Account as
collateral for any obligation and shall not be able to obtain a security interest in any assets (tangible or intangible) contained in or relating to any Escrow Funds or any Escrow Account. 

9. Notices. Except as otherwise expressly provided herein, all notices, demands and other communications to be given or delivered
under or by reason of the provisions of this Escrow Agreement shall be in writing and shall be deemed to have been given and delivered (and received) (i) when personally delivered, (ii) when transmitted via telecopy (or other facsimile
device) to the number set forth below or transmitted by electronic mail if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (with prepaid charges), (iii) the day following the day
(except if not a Business Day, then the next Business Day) on which the same has been delivered to a reputable national overnight air courier service (with prepaid charges), or (iv) the third Business Day following the day on which the same is
sent by certified or registered mail, postage prepaid, in each case to the respective parties at the address set forth below, or at such other address as such party may specify by written notice to the other party hereto: 

If to Sellers’ Representative: 
 c/o Bank of America 
 Global Principal Investments 

135 La Salle Street 
 Chicago, IL 60603 
 Facsimile: (312) 828-6298 

Telephone: (312) 828-8041 
 Attention: Jeffrey M. Atkins 
 with a copy to (which any such copy shall not
constitute notice): 
 North Cove Partners, LLC 
 17 State Street, 22nd Floor 
 New York, NY 10004 

Facsimile: (212) 440-5716 
 Attention: Christopher Birosak 

                 Jaideep Hebbar 

and 

Shearman & Sterling LLP 
 599 Lexington Avenue 
 New York, NY 10022-6069 

  
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 Facsimile: (212) 848-7179 

Attention: John A. Marzulli, Jr. 
                  Robert M. Katz 
 If to Purchaser: 
 NPC International Holdings, Inc. 

c/o Olympus Growth Fund V, L.P. 
 One Station Place, 4th Floor 
 Stamford, Connecticut 06902 

Attn: Paul Rubin and Evan Eason 
 Tel: (203) 353-5900 
 Fax: (203) 353-5910 

with a copy to (which any such copy shall not constitute notice): 

Kirkland & Ellis LLP 
 300 North LaSalle Street 
 Chicago, Illinois 60654 

Attention: John A. Schoenfeld, P.C. 
 Facsimile: (312) 862-2200 
 Telephone: (312) 862-2176 

E-mail: john.schoenfeld@kirkland.com 
 If to Escrow Agent: 
 Wells Fargo Bank, National Association 

230 West Monroe Street, 29th Floor 
 Chicago Illinois 60606 
 Attn: Timothy P. Martin 

Facsimile: (312) 726-2158 
 Telephone: (312) 726-2137 
 E-mail: timothy.martin@wellsfargo.com 

10. Entire Agreement; Amendments. This Escrow Agreement, together with the Purchase Agreement as between Purchaser and
Sellers’ Representative, contains the entire understanding of the parties hereto with respect to the subject matter hereof and supersedes any prior understandings or agreements by or among the parties hereto, whether written or oral, which may
have related to the subject matter hereof in any way. This Escrow Agreement may be amended, or any provision of this Escrow Agreement may be waived, so long as such amendment or waiver is set forth in a writing executed by Purchaser and
Sellers’ Representative (a copy of which shall be promptly provided to the Escrow Agent); provided that if any such amendment or waiver would have the effect of increasing or expanding the Escrow Agent’s obligations or duties under
this Escrow Agreement, then the written consent of the Escrow Agent shall be required in addition to the written consent of Purchaser and Sellers’ Representative. No course of dealing between or among the parties hereto shall be deemed
effective to modify, amend or discharge any part of this Escrow Agreement or any rights or obligations of any party hereto under or by reason of this Escrow Agreement. 
 11. Assignment. Except as provided in Section 5(g), no assignment of this Escrow Agreement or of any rights or obligations hereunder may be made any party (by operation of law or
otherwise) without the prior written consent of the other parties and any attempted assignment without the 

  
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required consent shall be void. Notwithstanding anything to the contrary contained herein, it is hereby acknowledged and agreed that Purchaser may assign as collateral any and/or all of its
rights under this Escrow Agreement by way of security to any banks, holders of debt securities or financial institutions lending money, providing credit or otherwise providing financing to Purchaser or any of its Affiliates, including, without
limitation, in connection with any and all subsequent refinancings, but no such assignment under this sentence shall relieve Purchaser of any of its duties and obligations under this Escrow Agreement. No assignment of the interest of any of the
parties hereto shall be binding upon the Escrow Agent unless and until written notice of such assignment shall be filed with and acknowledged by the Escrow Agent. 
 12. Third Party Beneficiaries. Nothing in this Escrow Agreement is intended or will be construed to confer on any Person other than Escrow Agent, Purchaser, Sellers’ Representative, the
Sellers and their permitted assigns any rights or remedies under or by reason of this Escrow Agreement. 
 13.
Interpretation. The headings in this Escrow Agreement are inserted for convenience of reference only and shall not be a part of, or control or affect, the meaning of this Escrow Agreement. 

14. Banking Days. If any date on which the Escrow Agent is required to make an investment or a delivery pursuant to the provisions
hereof is not a banking day, then the Escrow Agent shall make such investment or delivery on the following banking day. 
 15.
No Waiver. No failure or delay by a party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, and no single or partial exercise thereof shall preclude any right of further exercise or the exercise
of any other right, power or privilege. 
 16. Severability. If any covenant, agreement, provision or term of this Escrow
Agreement is held to be invalid for any reason whatsoever, then such covenant, agreement, provision or term will be deemed severable from the remaining covenants, agreements, provisions and terms of this Escrow Agreement and will in no way affect
the validity or enforceability of any other provision of this Escrow Agreement. 
 17. No Strict Construction. The
language used in this Escrow Agreement shall be deemed to be the language chosen by the parties hereto to express their collective mutual intent, and no rule of strict construction shall be applied against any Person. The term “including”
as used herein shall be by way of example and shall not be deemed to constitute a limitation of any term or provision contained herein. Each defined term used in this Escrow Agreement has a comparable meaning when used in its plural or singular
form. 
 18. Governing Law. All issues and questions concerning the construction, validity, enforcement and
interpretation of this Escrow Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or
any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. All Actions arising out of or relating to this Escrow Agreement shall be heard and determined exclusively in any federal court
sitting in the Borough of Manhattan of the City of New York; provided, however, that if such federal court does not have jurisdiction over such Action, such Action shall be heard and determined exclusively in any New York state court sitting in the
Borough of Manhattan of the City of New York. Consistent with the preceding sentence, the parties hereby (a) submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan of the City of New York for the
purpose of any Action arising out of or relating to this Escrow Agreement brought by any party and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not

  
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subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the
venue of the Action is improper, or that this Escrow Agreement or the transactions contemplated by the Purchase Agreement may not be enforced in or by any of the above named courts. The parties hereby agree that the mailing of process or other
papers in connection with any such Action or proceeding in the manner provided in Section 9 of this Escrow Agreement, or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof and hereby waive any
objections to service accomplished in the manner herein provided. 
 19. Waiver of Jury Trial. EACH OF THE PARTIES HERETO
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES HERETO EACH HEREBY AGREES THAT ANY SUCH
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 20. Counterparts. This Escrow Agreement may be executed by the parties hereto
individually or in any combination, in one or more counterparts (including by means of scanned or telecopied signature pages), each of which shall be an original and all of which shall together constitute one and the same agreement. 

21. Conflict. The parties hereto agree and acknowledge that, as between Purchaser and Sellers’ Representative, to the extent
any terms and provisions of this Escrow Agreement are in any way inconsistent with or in conflict with any term, condition or provision of the Purchase Agreement, the Purchase Agreement shall govern and control. Unless and until the Escrow Agent
shall be notified in writing that an inconsistency or a conflict exists between the Escrow Agreement and the Purchase Agreement, the Escrow Agent shall be entitled to conclusively assume that no such inconsistency or conflict exists. 

22. Tax Matters. 
 (a) Reporting of Income. The Escrow Agent shall report to the Internal Revenue Service, as of each calendar year-end, all Interest earned from the investment of any sum held in any Escrow Account
as the income of Sellers’ Representative (which, as among the Sellers, shall be borne in accordance with each Seller’s Fully Diluted Ownership Percentage), as and to the extent required under the provisions of the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder (the “Code”). 
 (b) Preparation and Filing of
Tax Returns. For tax purposes, all Interest earned on the funds held in any Escrow Account shall be the income of the Sellers’s Representative (which, as among the Sellers, shall be borne in accordance with each Seller’s Fully Diluted
Ownership Percentage), whether or not the income was distributed by the Escrow Agent during any particular year and to the extent required under the provisions of the Code. Any and all income or other tax returns applicable to any Escrow Account
shall be prepared and filed with the Internal Revenue Service and all required state and local departments of revenue in all years income is earned in any particular tax year as and to the extent required under the provisions of the Code or other
applicable law by the party responsible for filing such returns under the Code or applicable law. 

  
 - 10 -

 (c) Payment of Taxes. Any taxes payable on income earned from the investment of any
sums held in any Escrow Account shall be paid by the Sellers’ Representative (which, as among the Sellers, shall be borne in accordance with each Seller’s Fully Diluted Ownership Percentage) to the extent required under the provisions of
the Code. 
 (d) Unrelated Transactions. The Escrow Agent shall have no responsibility for the preparation and/or filing
of any tax or information return with respect to any transaction, whether or not related to this Escrow Agreement or that occurs outside any Escrow Account. 
 23. Attachment of Escrow Fund; Compliance with Legal Orders. In the event that any escrow property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be
stayed or enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the property deposited under this Escrow Agreement, the Escrow Agent is hereby expressly authorized, in its sole
discretion, to obey and comply with all writs, orders or decrees so entered or issued, on which the Escrow Agent is to be advised by legal counsel of its own choosing, Such writs, orders or decrees shall be binding upon the Escrow Agent, whether
with or without jurisdiction, and in the event that the Escrow Agent obeys or complies with any such writ, order or decree it shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance
notwithstanding whether such writ, order or decree is subsequently reversed, modified, annulled, set aside or vacated. 
 24.
Force Majeure. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as reasonably practicable under the circumstances. 
 * * * * 

  
 - 11 -

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

							
	Purchaser:	 		 		 	 NPC INTERNATIONAL HOLDINGS, INC.
  

By: /s/ Evan
Eason                                        
        
 Name: Evan Eason
 Title: Vice President and Assistant Secretary

 Signature Page to Escrow Agreement 

							
	Sellers’ Representative:	 		 		 	 MERRILL LYNCH GLOBAL PRIVATE EQUITY, INC.
  

By: /s/ Jeffrey M.
Atkins                                    

Name: Jeffrey M. Atkins
 Title: Managing
Director

 Signature Page to Escrow Agreement 

							
	Escrow Agent:	 		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 AS ESCROW AGENT
  
 By: /s/
Timothy P. Martin                                    

Name: Timothy P. Martin
 Title: Vice
President

 Signature Page to Escrow Agreement 

 EXHIBIT A-1 

Certificate as to Authorized Signatures 
 The specimen signatures shown below are the specimen signatures of the individuals who have been designated as authorized representatives of Purchaser and are authorized to initiate and approve
transactions of all types for the escrow account or accounts established under the Escrow Agreement to which this Exhibit A-1 is attached, on behalf of Purchaser. 
  

			
	 Name / Title
	  	 Specimen Signature

		
	 Paul Rubin
 Name
  
 Vice President and Assistant Secretary
 Title
	  	 /s/ Paul Rubin
 Signature

		
	 Evan Eason
 Name
  
 Vice President and Assistant Secretary
 Title
	  	 /s/ Evan Eason
 Signature

		
	  
 Name

 
 Title
	  	  

Signature

		
	  
 Name

 
 Title
	  	  

Signature

 Exhibit A-1 to Escrow Agreement 

 EXHIBIT A-2 

Certificate as to Authorized Signatures 
 The specimen signatures shown below are the specimen signatures of the individuals who have been designated as authorized representatives of Sellers’ Representative and are authorized to initiate and
approve transactions of all types for the escrow account or accounts established under the Escrow Agreement to which this Exhibit A-2 is attached, on behalf of Sellers’ Representative. 

 

			
	 Name / Title
	  	 Specimen Signature

		
	 Steven Codispoti
 Name
  
 Director
 Title
	  	 /s/ Steven Codispoti
 Signature

		
	 Roy Genzmann
 Name
  
 Director
 Title
	  	 /s/ Roy Genzmann
 Signature

		
	 Joseph Valenti
 Name
  
 Director
 Title
	  	 /s/ Joseph Valenti
 Signature

		
	 Jason Hawk
 Name
  
 Vice President
 Title
	  	 /s/ Jason Hawk
 Signature

 Exhibit A-2 to Escrow Agreement 

 ANNEX A 
 SCHEDULE OF FEES 
 Annual Charge:     $4,000

 Any reasonable and documented out-of-pocket expenses, or extraordinary fees or expenses such as attorney’s fees or
messenger costs, are additional and are not included in this Annex A. 
 The annual fee is billed in advance and payable
prior to that year’s service. Such fees cover a full year, or any part thereof, and thus are not pro rated in the year of termination. 
 Annex A to Escrow AgreementEX-10.17

 Exhibit 10.17 
 NPC INTERNATIONAL HOLDINGS, INC. 
 2011 STOCK OPTION PLAN 

This 2011 Stock Option Plan (the “Plan”) of NPC International Holdings, Inc., a Delaware corporation (the
“Company”), adopted by the Board of Directors of the Company on December 28, 2011 (the “Effective Date”), is intended to advance the best interests of the Company by providing those persons who have a
substantial responsibility for its management and growth with additional incentives by allowing them to acquire an ownership interest in the Company and thereby encouraging them to contribute to the success of the Company and to remain in its
employ. The availability and offering of stock options under the Plan also increases the Company’s ability to attract and retain individuals of exceptional managerial talent upon whom, in large measure, the sustained progress, growth and
profitability of the Company depends. 
 ARTICLE I 
 DEFINITIONS 
 For purposes of the Plan, except where the context clearly indicates
otherwise, the following terms shall have the meanings set forth below: 
 “Board” shall mean the Board of
Directors of the Company. 
 “Cause” with respect to a Participant, shall have the meaning set forth in such
Participant’s employment agreement with the Company or its Subsidiaries or, in the absence of such agreement or definition, shall mean one or more of the following: (i) such Participant’s misappropriation of funds, embezzlement or
fraud in the performance of his duties to the Company or its Subsidiaries, (ii) the failure or refusal of such Participant (following written notice thereof from the Board) to carry out in any material respect any reasonable request of the
Board for the provision of services, which failure is not cured within 30 days of such notice, (iii) the breach or violation by such Participant of any material provision of any agreement between such Participant and the Company or its
Subsidiaries or of any policy of the Company or its Subsidiaries regarding acts of moral turpitude, dishonesty, theft or unethical business conduct, or (iv) the entering of a plea of guilty or nolo contendere to, or the conviction of such
Participant of, a felony. 
 “Change of Control” means any transaction involving the Company or its
shareholders and an Independent Third Party or affiliated group of Independent Third Parties pursuant to which such party or parties acquire (i) a majority of the Company’s outstanding shares of authorized capital stock entitled to vote
generally in the election of the Board (whether by merger, consolidation or sale or transfer of the Company’s outstanding shares of authorized share capital or otherwise) or (ii) all or substantially all of the Company’s assets
determined on a consolidated basis provided that, a Public Offering shall not constitute a Change of Control; and provided further that a transaction shall not constitute a Change of Control unless it also is a “change in the
ownership or effective control of” the Company, or a “change in the ownership of a substantial portion of the assets” of the Company (in each case as determined under Section 409A(2)(A)(v) of the Code (and the Treasury
Regulations or other IRS guidance issued under Section 409A of the Code from time to time). 
 “Code”
shall mean the Internal Revenue Code of 1986, as amended, and any regulations, notices, or guidance promulgated pursuant thereto by the United States Treasury Department. 
 “Committee” shall mean the committee of the Board, which may be designated by the Board to administer the Plan. The Committee shall be composed of two or more directors as appointed from
time to time to serve by the Board. 

 “Common Stock” shall mean the Company’s Common Stock, par value $.001
per share, or in the event that the outstanding Common Stock is hereafter changed into or exchanged for different stock or securities of the Company, such other stock or securities. 

“Disability” with respect to a Participant, shall have the meaning set forth in such Participant’s employment
agreement with the Company or its Subsidiaries or, in the absence of such agreement or definition, shall mean the inability, due to documented illness, accident, injury, physical or mental incapacity or other disability, of such Participant to carry
out effectively such Participant’s duties and obligations to the Company and/or its Subsidiaries or to participate effectively and actively in the management of the Company and/or its Subsidiaries for a period of at least 90 consecutive days or
for shorter periods aggregating at least 120 days (whether or not consecutive) during any twelve-month period, as determined in the reasonable judgment of the Board, but in either case, only if such Participant’s condition is also a
“Disability” with the meaning of Code Section 409A(a)(2)(C) (and under Treasury Regulations or other IRS guidance issued under Section 409A of the code from time to time). 

“Franchise Agreement” means any location, territory or other franchise agreement pursuant to which Franchisor has
granted the Company or any of its Subsidiaries the right to own and/or operate restaurants, as such agreement may be amended or otherwise modified from time to time. 
 “Franchisor” means Pizza Hut, Inc. and its Affiliates. 

“Independent Third Party” means any Person who, immediately prior to the contemplated transaction, does not own in
excess of 5% of the Company’s outstanding Common Stock on a fully-diluted basis (a “5% Owner”), who is not controlling, controlled by or under common control with any such 5% Owner and who is not the spouse or descendent (by
birth or adoption) of any such 5% Owner or a trust for the benefit of such 5% Owner and/or such other Persons. 

“Investor” shall mean Olympus Growth Fund V, L.P., a Delaware limited partnership. 

“Limited Exercisability Option” shall mean an Option that is specifically designated as such in the Option Agreement and
whereby it shall become exercisable (subject to the other terms and conditions of the Plan and the applicable Option Agreement) only upon the earlier of one or more of the following events: (a) a separation from service within the meaning of
Section 409A(a)(2)(A)(i) of the Code of Optionee; (b) death of Optionee; (c) Disability of Optionee; or (d) a Change of Control. Until one of the foregoing events happens, such Limited Exercisability Option may not be exercised.

 “Options” shall have the meaning set forth in Article IV. 

“Option Shares” shall mean (i) all shares of Common Stock issued or issuable upon the exercise of the Options and
(ii) all shares of Common Stock issued with respect to the Common Stock referred to in clause (i) above by way of stock dividend or stock split or in connection with any conversion, merger, consolidation or recapitalization or other
reorganization affecting the Common Stock. Option Shares shall continue to be Option Shares in the hands of any holder other than a Participant (except for the Company and, to the extent that a Participant is permitted to transfer his or her Option
Shares pursuant to the terms of the Stockholders Agreement, purchasers pursuant to a public offering under the Securities Act), and each such transferee thereof shall succeed to the rights and obligations of a holder of Option Shares hereunder.

 “Participant” shall mean any executive or other key employee of the Company who has been selected to
participate in the Plan by the Committee or the Board. 

  
 2 

 “Person” means an individual, a partnership, a limited liability company, a
corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, investment fund, any other business entity and a governmental entity or any department, agency or political subdivision thereof.

 “Public Offering” means the sale in an underwritten public offering registered under the Securities Act of
shares of capital stock of the Company. 
 “Securities Act” means the Securities Act of 1933, as amended, and
any successor statute. 
 “Stockholders Agreement” means that certain Stockholders Agreement, dated as of
November 4, 2011, between the Company, the Investor and the other stockholders of the Company party thereto, as amended or otherwise modified from time to time. 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association or business entity of which (i) if a corporation, a majority of
the total voting power of shares of stock entitled (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited
liability company, association or other business entity, either (A) a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of
that Person or a combination thereof or (B) such Person is a general partner, managing member of managing director of such partnership, limited liability company, or other business entity. 

ARTICLE II 

ADMINISTRATION 

The Plan shall be administered by the Committee; provided that if for any reason the Committee shall not have been appointed by the
Board, all authority and duties of the Committee under the Plan shall be vested in and exercised by the Board. Subject to the limitations of the Plan, the Committee shall have the sole and complete authority to: (i) select Participants,
(ii) grant or issue Options to Participants in such forms and amounts as it shall determine, (iii) impose such limitations, restrictions and conditions upon such Options as it shall deem appropriate, (iv) interpret the Plan and adopt,
amend and rescind administrative guidelines and other rules and regulations relating to the Plan, (v) correct any defect or omission or reconcile any inconsistency in the Plan or in any Option granted hereunder, (vi) determine whether the
Options comply with requirements of Section 409A of the Code and (vii) make all other determinations and take all other actions necessary or advisable for the implementation and administration of the Plan. The Committee’s
determinations on matters within its authority shall be conclusive and binding upon the Participants, the Company and all other Persons. All expenses associated with the administration of the Plan shall be borne by the Company. The Committee may, as
approved by the Board and to the extent permissible by law, delegate any of its authority hereunder to such Persons as it deems appropriate. 
 It is the Company’s intent that (1) the Options (other than any Limited Exercisability Options) not be treated as deferred compensation subject to the requirements of Section 409A of the
Code and (2) the Limited Exercisability Options not be treated as a deferred compensation plan that fails to comply with the requirements of Section 409A of the Code and, in each case, that any ambiguities in construction be interpreted in
order to effectuate such intent. Options (other than Limited Exercisability Options) issued under the Plan shall contain such terms as the Committee determines are appropriate to avoid the 

  
 3 

 
application of Section 409A of the Code, and Limited Exercisability Options issued under the Plan shall contain such terms as the Committee determines are appropriate to comply with the
requirements Section 409A of the Code. In the event that, after the issuance of an Option under the Plan, Section 409A of the Code is amended, or the Internal Revenue Service or Treasury Department issues additional, or amends existing,
guidance interpreting Section 409A of the Code, the Committee may (but shall have no obligation to do so) amend or modify the terms of any such previously issued Option to the extent the Committee determines that such amendment or modification
is necessary to (A) avoid the application of, in the case of the Options (other than any Limited Exercisability Option) and (B) comply with, in the case of the Limited Exercisability Option, the requirements of Section 409A of the
Code. Notwithstanding any other provision of the Plan, the Company shall have no obligation to indemnify any Person against any taxes (or any interest or penalties thereon) attributable to the transfer, ownership, exercise, or disposition of, or any
other transaction involving, Options, including, without limitation, as the result of the application of Section 409A of the Code. 
 ARTICLE III 
 LIMITATION ON AGGREGATE SHARES 

The number of shares of Common Stock with respect to which options may be granted under the Plan (the “Options”) and
which may be issued upon the exercise thereof shall not exceed, in the aggregate, 261,469 shares of Common Stock; provided that the type and the aggregate number of shares of Common Stock which may be subject to Options shall be subject to
adjustment in accordance with the provisions of Section 5.4 below; provided further that to the extent any Options expire unexercised or are canceled, terminated or forfeited in any manner without the issuance of Common Stock
thereunder, or any shares of Common Stock issued upon exercise of any Options are repurchased by the Company, such shares shall again be available under the Plan. The shares of Common Stock available under the Plan may be either authorized and
unissued shares, treasury shares or a combination thereof, as the Committee shall determine. 
 ARTICLE IV 

OPTIONS 
 4.1
Options. The Committee may grant Options to Participants in accordance with this Article IV. 
 4.2 Form of
Option. Options granted under the Plan shall be nonqualified stock options and are not intended to be “incentive stock options” within the meaning of Section 422(a) of the Code or any successor provision. If an Option is intended
to be a Limited Exercisability Option, it must be designated as such in the Option Agreement by the Committee. 
 4.3
Exercise Price. The option exercise price per share of Common Stock shall be fixed by the Committee on the date of grant; provided that, for the avoidance of doubt, the exercise price may increase from time to time as specified in the
applicable Option Agreement. 
 4.4 Exercisability. Unless an Option is specifically designated as a Limited
Exercisability Option in the Option Agreement, Options shall be exercisable at such time or times as the Committee shall determine in the Option Agreement at or subsequent to grant. 

4.5 Procedure for Exercise. Subject to the satisfaction of the conditions set forth herein and in the applicable Option Agreement,
a Participant may exercise all or any portion of such Participant’s Option, to the extent it has vested and become exercisable and has not expired or been forfeited, by written notice to the Company (to the attention of the Company’s
Secretary) accompanied by payment in 

  
 4 

 
full of the Option exercise price. Payment of the Option exercise price shall be made in cash (including cashier’s or certified check, bank draft or money order) or such other manner as
determined by the Committee (if in accordance with policies approved by the Board). 
 4.6 Vesting. Options may be made
vested in one or more installments, upon the happening of certain events, upon the passage of a specified period of time, upon the fulfillment of certain conditions or upon the achievement by the Company of certain performance goals, as the
Committee shall decide in each case when the Options are granted, as set forth in the applicable Option Agreement. 
 4.7
Term of Options. The term of each Option shall be determined by the Committee and specified in the Option Agreement, but in no event shall an Option be exercisable in whole or in part more than ten years from the date it is granted. Prior to
the exercise of an Option and delivery of the Option Shares represented thereby, the Participant shall have no rights as a Stockholder with respect to such Option Shares (including any dividend, distribution, registration, participation, transfer or
voting rights). Notwithstanding the foregoing, any Limited Exercisability Option shall expire and be forfeited without payment of any kind upon the earlier of (i) thirty (30) days after the event triggering Participant’s ability to
exercise the Option pursuant to Section 4.4 and (ii) the tenth anniversary of the date hereof; provided that any Limited Exercisability Option that becomes exercisable in connection with a Change of Control that is not
exercised as of (or cancelled in connection with) the consummation of such Change of Control shall expire and be forfeited without payment of any kind as of the consummation of such Change of Control. 

4.8 Certain Conditions to Exercise. 
 (a) As a condition to the exercise of a Participant’s Option, (i) such Participant shall permit the Company to deliver to such Participant all financial and other information regarding the
Company and its Subsidiaries it believes necessary to enable such Participant to make an informed investment decision, (ii) such Participant shall make all customary investment representations which the Company requires (including any
reaffirmation of the representations made by such Participant in Section 4.8(b) as may be requested by the Committee), (iii) if such Participant is not then a party to the Stockholders Agreement, such Participant shall execute and
deliver to the Company a joinder to the Stockholders Agreement in such form as the Committee shall determine. 
 (b) In
connection with the exercise by any Participant of any Option granted under the Plan, and as a condition thereto, such Participant represents and warrants to the Company that: 

(i) the Option Shares to be acquired by such Participant pursuant to the exercise of such Option shall be acquired for such
Participant’s own account and not with a view to, or intention of, distribution thereof in violation of the Securities Act, or any applicable state securities laws; 
 (ii) such Participant (together with such advisors that have been retained by or on behalf of such Participant in connection with the exercise of such Option), has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the risks and benefits of the investment in the Option Shares; 
 (iii) such Participant is able to bear the economic risk of his or her investment in the Option Shares for an indefinite period of time because the Option Shares are subject to transfer restrictions under
the Stockholders Agreement and have not been registered under the 1933 Act and, therefore, cannot be sold except in compliance with such restrictions and only if such Option Shares are subsequently registered under the 1933 Act or an exemption from
such registration is available; and 

  
 5 

 (iv) such Participant and his or her advisors have had an opportunity to ask questions and
receive answers concerning, and has had full access to, such financial and other information concerning the Company and its Subsidiaries as such Participant has requested. 
 4.9 Option Agreement. Each Option granted hereunder to a Participant shall be embodied in a written agreement (an “Option Agreement”), which shall be signed by the Participant and
by an authorized officer of the Company (who is not the Participant) for and in the name and on behalf of the Company and shall be subject to the terms and conditions of the Plan and such other terms and conditions specified in the Option Agreement.

 4.10 Restrictions on Transfer. 
 (a) Options may not be transferred other than by will or the laws of descent and distribution (with the exception of being transferred during life to a trust wholly-owned by and under the control of the
Participant) and, during the lifetime of the Participant, may be exercised only by such Participant (or his legal guardian, legal representative or trustee). In the event of the death of a Participant, exercise of Options granted hereunder shall be
made only: (i) by the executor or administrator of the estate of the deceased Participant or the Person or Persons to whom the deceased Participant’s rights under the Option shall pass by will or the laws of descent and distribution; and
(ii) to the extent that the deceased Participant was entitled thereto at the date of his death, unless otherwise provided by the Committee in such Participant’s Option Agreement. 

(b) All Option Shares are subject to the restrictions on transfer set forth in the Stockholders Agreement. Certificates for all Option
Shares shall bear such legends as required by the Stockholders Agreement or as the Company deems necessary or desirable in connection with the Securities Act or other rules, regulations or laws. 

ARTICLE V 

GENERAL PROVISIONS 

5.1 Change of Control. In the event of a Change of Control and with respect to any Option held by a Participant (unless otherwise
provided in such Participant’s Option Agreement with respect to such Option): (a) any portion of such Option that was then vested and exercisable immediately prior to such transaction shall, in the discretion of the Committee (i) be
cancelled in consideration for payment to such Participant of an amount equal to the portion of the consideration that would have been payable to such Participant pursuant to the Change in Control if the then vested and exercisable portion of such
Participant’s Option had been fully exercised immediately prior to such transaction, less the aggregate Option exercise price, (ii) if the amount that would have been payable to such Participant pursuant to such transaction if such
Participant’s Option had been fully exercised immediately prior thereto would be less than the aggregate Option exercise price that would have been payable therefor, cancel the Option for no consideration or payment of any kind, and/or
(iii) remain outstanding or be adjusted pursuant to Section 5.4; and (b) any portion of such Option that was then unvested (including those unvested due to Missed Fiscal Years, if applicable, as set forth in the
Participant’s Option Agreement), other than any such Option which fully vests in conjunction with the Change in Control, shall be cancelled and terminated for no consideration or payment of any kind. Notwithstanding any other provision of this
Plan to the contrary, no Participant shall be entitled to receive any consideration with respect to any Option that is cancelled in connection with a Change of Control other than the consideration that is payable upon the consummation of such Change
in Control, provided that, in the event there is a Change of Control described in either section 1.409A-3(i)(5)(v) or section 1.409A-3(i)(5)(vii) of the Treasury Regulations, the holder of any Option that is vested at the time of (or vests as a
result of) such Change in Control may receive consideration on the same schedule and terms as payments to holders of Common Stock generally to the extent such consideration is paid within five (5) years following the date of such Change in
Control. 

  
 6 

 5.2 Listing, Registration and Compliance with Laws and Regulations. Options shall be
subject to the requirement that if at any time the Committee shall determine, in its discretion, that the listing, registration or qualification of the shares subject to the Options upon any securities exchange or under any state or federal
securities or other law or regulation, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition to or in connection with the granting of the Options or the issuance or purchase of shares thereunder, no
Options may be granted or exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee. The holders of such Options
shall supply the Company with such certificates, representations and information as the Company shall request and shall otherwise cooperate with the Company in obtaining such listing, registration, qualification, consent or approval. In the case of
officers and other Persons subject to Section 16(b) of the Securities Exchange Act of 1934, as amended, the Committee may at any time impose any limitations upon the exercise of an Option that, in the Committee’s discretion, are necessary
or desirable in order to comply with such Section 16(b) and the rules and regulations thereunder. 
 5.3 Withholding of
Taxes. The Company shall be entitled, if necessary or desirable, to withhold from any amounts due and payable by the Company to any Participant (or secure payment from such Participant in lieu of withholding) the amount of any withholding or
other tax due from the Company with respect to any shares issuable under the Options, and the Company may defer such issuance unless indemnified to its satisfaction. In the event that the Company or its affiliates does not make such deductions or
withholdings and Participant does not otherwise remit such amounts with his/her personal income tax return following appropriate information reporting of such options by the Company, such Participant shall then be required indemnify the Company and
its affiliates for any amounts paid or payable by the Company or any of its affiliates with respect to any such taxes, together with any interest, penalties and additions to tax and any related expenses thereto. 

5.4 Adjustments. In the event of a reorganization, recapitalization, stock dividend or stock split, or combination or other change
in the shares of Common Stock, the Board or the Committee shall make such adjustments in the number and type of shares authorized by the Plan and available for issuance hereunder, the number and type of shares covered by outstanding Options and the
exercise prices specified therein to prevent dilution of the Participant at the time of such event so as to keep Participant in the same position in which such Participant was in prior to the reorganization, recapitalization, stock dividend, stock
split, combination or change (and such adjustment shall in no event be considered an amendment or modification of the Plan or any Options hereunder). 
 5.5 Rights of Participants. Nothing in the Plan or in any Option Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries to terminate any
Participant’s employment at any time (with or without Cause), nor confer upon any Participant any right to continue in the employ of the Company or any of its Subsidiaries for any period of time or to continue his or her present (or any other)
rate of compensation. No director, officer, employee, consultant, advisor or other Person shall have a right to be selected as a Participant or, having been so selected, to be selected again as a Participant or to be selected as a participant or
beneficiary of any other plan or program of the Company or its Subsidiaries, and nothing in the Plan or in any Option Agreement shall provide for any adjustment to the number of Option Shares subject to a Participant’s Option upon the
occurrence of subsequent events, except as provided in Section 5.4. 

  
 7 

 5.6 Amendment, Suspension and Termination of Plan. The Board or the Committee may
suspend or terminate the Plan or any portion thereof at any time and may amend it from time to time in such respects as the Board or the Committee may deem advisable; provided that no such amendment shall be made without stockholder approval to the
extent such approval is required by law, agreement or the rules of any exchange upon which the Common Stock is listed, and no such amendment, suspension or termination shall impair in any material respect the rights of Participants under outstanding
Options without the consent of the Participants affected thereby. No Options shall be granted hereunder after the tenth anniversary of the adoption of the Plan. 
 5.7 Amendment, Modification and Cancellation of Options. The Committee may amend or modify any Option in any manner to the extent that the Committee would have had the authority under the Plan
initially to grant such Option; provided that no such amendment or modification shall impair in any material respect the rights of any Participant under any Option without the consent of such Participant (unless otherwise provided in a
Participant’s Option Agreement). With the Participant’s consent, the Committee may cancel any Option and issue a new Option to such Participant. 
 5.8 Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or the Committee, the members of the Committee shall be indemnified by the Company
against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them may be party by reason of any action taken or failure to act under or in connection with the Plan or any Option
granted thereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or paid by them in satisfaction of a judgment in any such action, suit or
proceeding; provided that any such Committee member shall be entitled to the indemnification rights set forth in this Section 5.8 only if such member has acted in good faith and in a manner that such member reasonably believed to be in
or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that such conduct was unlawful, and further provided that upon the institution of any such action, suit or
proceeding a Committee member shall give the Company written notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee member undertakes to handle and defend it on his own behalf. 

5.9 Participant Acknowledgments. In connection with the grant of any Options or the issuance of any Option Shares, each
Participant acknowledges and agrees, that as a condition to any such grant and/or issuance: 
 (a) Except for any information
rights of any Participant that is already a stockholder of the Company in such capacity, the Company will have no duty or obligation to disclose to any Participant, and no Participant will have any right to be advised of, any material information
regarding the Company or its Subsidiaries at any time prior to, upon or in connection with the repurchase of any Option Shares upon the termination of such Participant’s employment with the Company or its Subsidiaries or as otherwise provided
under the Stockholders Agreement, the Plan or any written agreement evidencing the grant of any Options or the issuance of any Option Shares. 
 (b) Neither the grant of any Options, the issuance of any Option Shares nor any provision contained in the Plan or in any written agreement evidencing the grant of any Options or the issuance of any
Option Shares shall entitle such Participant to remain in the employment of the Company or its Subsidiaries or affect the right of the Company or any of its Subsidiaries to terminate any Participant’s employment at any time for any reason.

 (c) Such Participant will have consulted, or will have had an opportunity to consult with, independent legal counsel
regarding his or her rights and obligations under the Plan and any written agreement evidencing the grant of any Options or the issuance of any Option Shares and he or she fully understands the terms and conditions contained herein and therein.

  
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 5.10 Spousal Consent. As a condition to the grant of any Options to any Participant
under the Plan who is married at the time of grant, such Participant shall deliver to the Company an executed consent from such Participant’s spouse (if any) in such form as the Committee shall determine (the “Spousal
Consent”). If, at any time while such Participant is the holder of any Options or Option Shares, such Participant becomes legally married (whether in the first instance or to a different spouse), such Participant shall cause his or her
spouse to execute and deliver to the Company an executed Spousal Consent. Such Participant’s failure to deliver to the Company an executed Spousal Consent at any time when such Participant would otherwise be required to deliver such consent
shall constitute such Participant’s continuing representation and warranty to the Company that such Participant is not legally married as of such date. 
 5.11 Repurchase of Option Shares. Upon the termination of any Participant’s employment with the Company and/or any of its Subsidiaries for any reason, such Participant shall be required to
sell to the Company, and the Company shall be required to repurchase from such Participant, all Option Shares issued upon the exercise of such Participant’s Options in accordance with the terms of the Stockholders Agreement. 

5.12 Franchise Agreement Requirements. The grant of Options and the issuance of Option Shares upon exercise thereof and the other
obligations of the Company under this Plan shall be subject to the obligations of the Company under the Franchise Agreements. Option Shares shall not be issued upon the exercise of any Option unless the exercise of such Option and the issuance and
delivery of such Option Shares pursuant thereto shall comply with all relevant provision of the Franchise Agreements and any other policies of the Franchisor with respect to the transfer or ownership of Option Shares. The Board, in its sole
discretion, may postpone the settlement of any Option as the Board may consider appropriate and may require a Participant to make such representations and furnish such information as it may consider appropriate in connection with the issuance or
delivery of Option Share in compliance with the Franchise Agreements. 
 * * * * 

  
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