Document:

Exhibit

Exhibit 10.18

SEPARATION AGREEMENT

I, the undersigned, have been employed by Mortgage Guaranty Insurance Corporation ("MGIC"), MGIC Investment Corporation, or a direct or indirect subsidiary of MGIC Investment Corporation (individually or collectively referred to as "MGIC").  My employment with MGIC ended on May 6, 2019 (the “Separation Date”).  

RELEASE:

In exchange for MGIC's payment of severance pay to me, I hereby release MGIC and all of its affiliated companies, and all of their respective officers, directors, employees, and agents (collectively, the "Released Parties") from any and all claims which I may have against them, with the exception of any claims concerning pension, savings plan or profit sharing payments under the applicable plans of MGIC.  Subject to these exceptions, I intend this release to be as broad as legally possible and to apply to the fullest extent permitted by law. 

I specifically release all claims arising out of my employment by MGIC or the termination of my employment with MGIC, whether currently known or unknown, including, but not limited to: (1) all claims of employment discrimination or retaliation based on race, age, sex, religion, creed, marital status, color, national origin, ancestry, disability or medical condition, sexual orientation, arrest or conviction record, or other basis protected under local, state or federal law; (2) all claims of sexual or other harassment or hostile working environment; (3) all claims of wrongful discharge; (4) all claims alleging breach of any employment contract; and (5) all other claims that might be brought under any federal, state, or local law, including, but not limited to, the qui tam provisions of the False Claims Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act of 1990, the Wisconsin Fair Employment Act, or any similar laws of the United States, the State of Wisconsin, or any other state or municipality. I understand that this Paragraph also means that I am waiving any rights and benefits that I might have obtained in any litigation respecting such released claims, and I agree to give up any benefit which may be conferred in the future by any order or judgment issued in any proceeding that alleges a claim released by this Paragraph against any of the individuals/businesses covered by this Paragraph.  

PROTECTED RIGHTS:

I understand that nothing contained in this Agreement limits my right to file a charge or complaint with the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”).  I further understand that this Agreement does not limit my right to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to MGIC.  However, I understand that I am waiving my right to recover monetary damages or other individual relief from any one or more of the Released Parties in connection with any such charge, investigation or proceeding, but not my right to receive an award pursuant to any whistleblower provisions for information provided to any Government Agencies.  

SEVERANCE:

In exchange for my release of claims and in consideration of the covenants and agreements made by me hereunder, MGIC has agreed to pay me severance pay in the aggregate gross amount of $744,809 (the “Cash Severance”) which constitutes one year of annualized base salary ($478,400) plus a 2019 pro-rated bonus amount of $266,409 representing one third of the year estimated bonus amount. I understand that both of these gross amounts will be paid in 26 bi-weekly installments, with each installment being paid on a regularly scheduled MGIC payroll date.  The first such installment will be paid on the first payroll date occurring at least 7 calendar days after MGIC’s receipt of this signed separation agreement.  I acknowledge that this severance pay is not a benefit to which I am otherwise entitled.  I understand that MGIC will deduct from that gross amount all legally required payroll deductions (including but not limited to federal and state income tax and FICA withholdings), as well as other deductions that have been customarily taken from my MGIC paychecks.  I also acknowledge that if I am in possession of certain MGIC property, including, without limitation, computer equipment, I understand that I am responsible for promptly returning all such equipment to MGIC, and, if I do not, MGIC may deduct the value of such equipment from my Cash Severance, to the fullest extent allowed by law, without limiting MGIC's rights to other remedies.  

In further exchange for my release of claims and in consideration of the covenants and agreements made by me hereunder, the restricted stock unit award that is described on Exhibit A will remain outstanding following the Separation Date and shall continue to vest under the terms of Section 2 of the Terms (as defined on Exhibit A) as if my employment had not terminated (the “Equity Severance”). All other equity awards (or portions thereof) granted to me by MGIC Investment Corporation that were unvested immediately prior to the Separation Date will be forfeited as of the Separation Date.

Unless otherwise agreed in writing by me and MGIC, I understand and agree that I will not be entitled to any further salary, wages, commissions, bonuses, or other compensation beyond what has been earned of any kind from MGIC or to any further employment or re‐employment by MGIC in the future.  I agree that neither the Cash Severance nor Equity Severance under this Agreement shall be taken into account as compensation under any of MGIC’s welfare, pension, profit sharing plan or similar 

programs that base benefits in whole or in part on compensation received from MGIC, and that I shall not accrue PTO, or other similar benefits during the period during which I shall receive the Cash Severance or Equity Severance. I also agree that MGIC makes no representations as to the employment and income tax consequences (including related penalties and interest) to me of the Cash Severance or Equity Severance, and I understand and agree that any future employment or income tax consequences (including related penalties and interest) that may arise to me will not provide a basis to set aside or in any way alter this Separation Agreement. 

I acknowledge that the terms of Paragraph 15, Clawback, set forth in the Incorporated Terms dated as of January 23, 2017 to Restricted Stock Unit Agreement of same date by and between MGIC Investment Corporation and me, shall continue in full force and effect.  

COVENANTS AND AGREEMENTS:   

I agree to cooperate fully with MGIC and its counsel with respect to any matter (including litigation, investigation, government proceedings, and general claims) which relates to matters with which I was involved while employed by MGIC, subject to reimbursement of reasonable out-of-pocket travel costs and expenses.  Such cooperation may include appearing from time to time at the offices of MGIC or MGIC’s counsel, or telephonically, for conferences and interviews and providing testimony in depositions, court proceedings, and administrative hearings as necessary for MGIC to defend against claims, and in general providing MGIC and its counsel with the full benefit of my knowledge with respect to any such matter. I agree to render such cooperation in a timely fashion and at such times as may be mutually agreeable to the parties concerned, or as required by any court, administrative agency, regulation, statute, or legal process.

Except as provided in that section entitled “Protected Rights” hereof, I agree to refrain from participating in any activity or making any statements that are calculated to damage, or have the effect of damaging, the business or reputation of MGIC or any of its officers, directors, employees or agents; and I further agree to refrain from making knowingly false comments to any third parties regarding MGIC, or any of MGIC’s affiliates, employees, officers, representatives, customers or regulators.  

I acknowledge that MGIC’s relationships with its employees constitute a valuable business asset and that my employment with MGIC resulted in me being provided with Confidential Business Information (as defined below) and goodwill relating to such relationships.  Accordingly, I agree that for twelve (12) months following the Separation Date, I shall not, for the benefit of a competitor of MGIC, solicit officer, director or management-level employees from MGIC’s Risk Department to end their employment with MGIC. I understand, acknowledge, and agree that such solicitation will disrupt, damage, impair, and interfere with MGIC’s business and have a substantial negative impact on MGIC’s ability to compete.  This Paragraph shall not bar any employee of MGIC from applying for or accepting employment with any person or entity.

“Confidential Business Information” means any and all non-public information, ideas, and materials, other than a Trade Secret, in whatever form, tangible or intangible, related to MGIC’s business that provides MGIC with a competitive business advantage by virtue of the information, idea, or material not being generally known to MGIC’s competitors, MGIC’s customers, and/or the general public, or regarding which MGIC owes a duty of confidentiality to another person or entity.  For example, Confidential Business Information may include, but is not limited to, MGIC’s information about its customers, business methods, pricing, models, strategy, procedures or finances.  Confidential Business Information does not include any information, idea, or material (i) that is disclosed to me without confidential or proprietary restriction by a third party who rightfully possesses the information, idea, or material (likewise without confidential or proprietary restriction) prior to or independent of my employment, (ii) that is rightfully in my possession or part of my general knowledge prior to or independent of my employment, or (iii) that is or becomes publicly known or is legitimately in the public domain through lawful means and without breach of this Separation Agreement by me, or breach of a similar agreement by others. “Trade Secret” means a trade secret as that term is defined under the 2016 Defend Trade Secrets Act (DTSA) and/or any other applicable law.

I acknowledge and agree that MGIC’s Confidential Business Information is a special and unique asset of MGIC and derives independent economic value, actual or potential, from not being generally known by the public or by other persons or entities who can obtain economic value from its disclosure.  Therefore, except as described in that section entitled “Protected Rights” hereof, I shall for as long as, and wherever, the Confidential Business Information provides MGIC with a competitive business advantage by virtue of the information, idea, or material not being generally known to MGIC’s competitors, MGIC’s customers, and/or the general public: (i) maintain such Confidential Business Information in strict confidence; (ii) not divulge or disclose such Confidential Business Information to any third party (whether such party is a person, firm, corporation, or other entity or association) by any means, including, but not limited to, verbal, written, fax, email, or using social networking systems; and (iii) not use such Confidential Business Information for the benefit of a competitor and/or customer of MGIC; except I may disclose Confidential Business Information if required to be disclosed by law, court order, or similar compulsion, provided, however, that such disclosure shall be limited to the extent so required or compelled; and, provided further, that I shall give MGIC notice of such disclosure in writing and cooperate with MGIC in seeking suitable protection. All Confidential Business Information in my possession that is in written or other tangible form (together with all copies or duplicates thereof, including computer files) shall be returned to MGIC and shall not be retained by me or furnished to any third party, in any form. In addition, I shall not use or disclose any Trade Secret of MGIC so long as it remains a Trade Secret except as otherwise provided in this Separation Agreement.  Nothing in this Separation Agreement shall limit MGIC’s remedies with respect to my unauthorized use and/or disclosure of an MGIC Trade Secret.

I understand and acknowledge that I am hereby being provided notice that under the 2016 Defend Trade Secrets Act (DTSA):

(i)            No individual will be held criminally or civilly liable under federal or state trade secret law for the disclosure of a trade secret (as defined under the DTSA) that: (1) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and 

(ii)           An individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

As of the Separation Date, I have returned all property belonging to MGIC. Such property includes, but is not limited to, keys, passwords, access cards, credit cards, any computer hardware or software, test results, customer information, pricing and cost information, financial data or information, any information, management materials, including all correspondence, manuals, letters, notes, notebooks, data report programs, plan proposals, and other confidential, proprietary and/or trade secret information, regardless of whether the information is in written, printed, electronic, or other form and regardless of whether it was written or compiled by me or other persons, as well as any and all other property that comprises property owned by MGIC. I agree that I will not retain any originals or copies of any MGIC property, whether prepared or created by me or otherwise coming into my possession or control in the course of my employment with MGIC.

I acknowledge and agree that the terms of Paragraph 15, Clawback, set forth in the Incorporated Terms dated as of January 23, 2017 to Restricted Stock Unit Agreement of same date by and between MGIC Investment Corporation and me, shall continue in full force and effect.  

I agree to execute that certain “Resignation from Director and Officer Positions,” attached hereto as Exhibit B, effective as of the Separation Date at the time this Separation Agreement is executed by me.  I agree to further execute such other documentation as may otherwise be required, if any, to effect such resignations.

BREACH:

In the event of a breach by me of any of the provisions of this Separation Agreement, including without limitation the provisions set forth under the heading “Covenants and Agreements,” in addition to all rights that MGIC may have at law or in equity, the obligation of MGIC to pay the Cash Severance and Equity Severance under this Separation Agreement will immediately cease and any Cash Severance and Equity Severance already received by me will be returned by me to MGIC within thirty (30) days of notice from MGIC to me.  

MISCELLANEOUS:  

The benefits provided under this Separation Agreement are intended to be exempt from, or comply with, the requirements of Section 409A of the Internal Revenue Code (“Section 409A”) and to the extent possible shall be interpreted in a manner consistent with the Section 409A requirements.  In particular, the payments to be made during the initial six-month period following my separation from service are intended to be exempt from Internal Revenue Code Section 409A under the special rule for separation pay due to an involuntary separation from service under Section 1.409A-1(b)(9)(iii) of the Income Tax Regulations.  Any payments made after the initial six-month period following my separation from service are intended to be either exempt from Section 409A under Section 1.409A-1(b)(9)(iii) of the Income Tax Regulations, to the extent that the total payments do not exceed the limitation therein described, exempt under another applicable exemption, or to be paid pursuant to an objectively defined payment schedule that is compliant with Section 409A. MGIC may modify the payment schedule provided herein if and to the extent that MGIC reasonably determines that modification of the payment schedule is necessary to comply with Section 409A requirements.  

This Separation Agreement may not be modified or amended except by a written instrument executed by both MGIC and me.  

In the event any provision of this Separation Agreement is adjudicated to be unenforceable in whole or in part, both MGIC and I intend for such provision to be modified to the extent necessary to render it enforceable, or alternatively, excised from the Separation Agreement without affecting the validity of the remaining provisions of the Separation Agreement.

By entering into this Separation Agreement, MGIC makes no admission that it has engaged, or is now engaging, in any unlawful conduct. This Separation Agreement is not an admission of wrongdoing or liability by either MGIC or me shall not be used or construed as such in any legal or administrative proceeding.

This Separation Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by me in breach hereof.

This Separation Agreement shall be subject to and construed in accordance with the laws of the State of Wisconsin. Venue shall be in Milwaukee County for any disputes arising out of the interpretation or enforcement of this Separation Agreement.  

This Separation Agreement is binding on and inures to the benefit of MGIC, its successors and assigns, and is binding on and inures to the benefit of me and my heirs and assigns.

This Separation Agreement may be executed in counterparts. Signatures transmitted electronically are as effective as original signatures.

TIMING OF EFFECTIVENESS:

Prior to my signing this Separation Agreement, I was, and hereby am, fully advised to consult with an attorney to discuss all aspects of this Separation Agreement and I was given a period of at least twenty‐one (21) days to consider this Separation Agreement.  To the extent I have executed this Separation Agreement before the execution of that period; I have done so knowingly and voluntarily.  I understand that this Separation Agreement will not become effective or enforceable, and no severance payment will be made, for a period of seven (7) days after I sign it. I may revoke this Separation Agreement within such seven (7) day period by providing MGIC with written notice of revocation.  I also understand and agree that neither this Separation Agreement nor the payment of Cash Severance or Equity Severance by MGIC is intended as an admission of any liability or wrong-doing by any of the MGIC companies or any of its officers, directors, employees, or agents. 

In order for this Separation Agreement to be binding upon MGIC, the undersigned must sign and return this Separation Agreement to MGIC within twenty-one (21) days after the undersigned's receipt of this Separation Agreement.  The date of this Separation Agreement shall be the date that it is countersigned by MGIC.  

	
			
	Undersigned's Name:
	 
	Acknowledged by, agreed to and accepted by MGIC: 

	 
	 
	 

	/s/ Stephen C. Mackey
	By:
	/s/ Kurt J. Thomas

	Stephen Mackey
	 
	Kurt J. Thomas

	 
	 
	Senior Vice President - Human Resources

	 
	 
	 

	Dated: May 14, 2019
	 
	Dated: May 6, 2019

                    

EXHIBIT A

Restricted Stock Unit Awards

105,600 restricted stock units granted under and subject to vesting conditions set forth in that certain Restricted Stock Unit Agreement and Incorporated Terms (the “Terms”) dated as of January 23, 2017 by and between MGIC Investment Corporation and me.
 

EXHIBIT B

RESIGNATION FROM DIRECTOR AND OFFICER POSITIONS

I hereby resign from my role as officer and/or director of Mortgage Guaranty Insurance Corporation, MGIC Investment Corporation, or any direct or indirect subsidiary of MGIC Investment Corporation, effective as of May 6, 2019.    

Undersigned’s Name: 

	
			
	/s/ Stephen C. MackeyEX-10.1

 Exhibit 10.1 

SHARED SERVICES AGREEMENT 

This Shared Services Agreement (the “Agreement”) is made and entered into as of August 5, 2019, by and between Kura Sushi,
Inc. (“KURA”), a Japanese corporation and Kura Sushi USA, Inc. (“KSU”), a Delaware corporation (collectively as the “Parties” and individually as a “Party”). 

WHEREAS, KSU is a wholly-owned subsidiary of KURA; 

WHEREAS, KURA currently provides certain strategic, managerial, operational and technical support services to KSU, and KSU currently provides
certain administrative and market research support services to KURA; 
 WHEREAS, it is contemplated that an initial public offering will be
made of a portion of the capital stock of KSU, resulting in a partial public ownership of KSU, and that KURA and KSU both desire for KURA to continue providing certain strategic, managerial, operational and technical support services to KSU
following the initial public offering, and for KSU to continue providing certain administrative and market research support services to KURA; and 

WHEREAS, KURA and KSU have entered into this Agreement to set forth the terms and conditions of the provision of such Services; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, KURA and KSU agree as follows: 
 1.    Services.
KURA and KSU shall provide the applicable services set forth in Exhibits 1 through 6 (the “Services”) which are attached to and made part of this Agreement. The Services shall be provided by KURA or KSU upon the other Party’s
request. The Parties have made a good faith effort as of the date hereof to identify and accurately set forth all of the Services in the Exhibits. In the event that any Exhibit is incomplete, the Parties will use good faith efforts to mutually agree
upon modification to the Exhibits. The Parties may also identify additional Services that they wish to incorporate into this Agreement by mutual agreement. The Parties will create additional Exhibits as necessary setting forth the description of
such additional Services, the fees for such Services and any other applicable terms that are mutually agreed upon by the Parties. 

2.    Fees and Expenses. 

2.1    In consideration of the provision of the Services by KURA or KSU to the other Party under this Agreement, each Party
shall pay to the other Party the amounts set forth in the attached Exhibits (collectively, the “Fees”). The Fees will constitute full compensation to KURA or KSU for all charges, costs and expenses incurred by KURA or KSU on behalf
of the other Party in providing the Services, unless otherwise specifically provided for in the Exhibits. 

  
 - 1 - 

 2.2    Each Party shall deliver to the other Party, on a monthly basis,
an invoice for the aggregate Fees incurred for the previous month. Each Party agrees to pay the other Party, within thirty (30) days of invoicing, the Fees incurred during the previous month. Notwithstanding the foregoing, if a Party has a
reasonable basis to believe that an invoice is incorrect, then such Party shall notify the other Party of the basis for its belief and the Parties shall reasonably cooperate to resolve such matter. 

2.3    Each Party hereto shall be responsible for any and all taxes levied as a result of the performance of each
Party’s respective activities under this Agreement. For the avoidance of doubt, either Party may withhold from payments such taxes as are required to be withheld under applicable law, and shall not be required to pay any additional amounts with
respect to such withholding. If any tax is withheld by a Party (“Withholding Party”), such Withholding Party shall provide to the other Party (“Payee”) receipts or other evidence of such withholding and payment
thereof to the appropriate tax authorities. The Withholding Party agrees not to withhold any taxes, or to withhold at a reduced rate, to the extent Payee is entitled to an exemption from, or reduction in the rate of, as appropriate, withholding
under any applicable income tax treaty, provided that the Payee has provided the Withholding Party with appropriate certifications establishing such exemption or reduction in rate. If, after any remuneration is paid, it is determined by the
appropriate taxing authorities that additional withholding taxes are due with respect to such withholding taxes, Payee shall directly pay such taxes or reimburse Withholding Party for any payment of such withholding taxes that Withholding Party
makes (and shall provide the Withholding Party with receipts or other evidence of such payment thereof to the appropriate tax authorities). 

3.    Term, Termination. 

3.1    This Agreement shall become effective upon the completion of the initial public offering of KSU (the
“Effective Date”) and shall remain in full force and effect until terminated by a written agreement between the Parties, unless terminated in accordance with Section 3.2 (the “Term”). 

3.2    This Agreement may be terminated by either Party if the other Party is in material breach of this Agreement and
fails to cure such breach within thirty (30) days following receipt of notice of such breach. 
 3.3    KURA agrees
that, upon termination of this Agreement or any of the Exhibits for any reason, KURA will cooperate in good faith with KSU to provide KSU (or its designee) with reasonable assistance to make an orderly transition from KURA to another provider of the
Services. Transition assistance services shall include the following: 
 (a)    developing a transition plan with
assistance from KSU or its designee; 
 (b)    providing training to KSU personnel or its designee’s personnel to
perform Services; and 

  
 - 2 - 

 (c)    organizing and delivering to KSU records and documents necessary
to allow continuation of the Services, including delivering such materials in electronic forms and versions as requested by KSU. 

3.4    Termination of this Agreement shall be without prejudice to any rights or remedies that either Party may have for
breach of this Agreement. Further, upon termination, all continuing duties set forth herein with respect to a Party’s obligation to pay for Services rendered, shall continue notwithstanding such termination. 

4.    Cooperation. The Parties will use good faith efforts to cooperate with each other in all matters relating to
the provision and receipt of the Services. Such good faith cooperation will include providing electronic access to systems used in connection with the Services and using commercially reasonable efforts to obtain all consents, licenses, sublicenses
or approvals necessary to permit each Party to perform its obligations. The Parties will cooperate with each other in making such information available as needed in the event of any and all internal or external audits, whether in the U.S. or any
other country. 
 5.     Standard of Care. In providing the Services hereunder, each Party will exercise the same
degree of care as it has historically exercised in providing such Services to the other Party and its affiliates prior to the date hereof, including at least the same level of quality, responsiveness and timeliness as has been exercised by KURA and
KSU with respect to such Services. 
 6.    Records. KURA and KSU shall each keep full and detailed records
dealing with all aspects of the Services performed by it hereunder (the “Records”) and: 
 (a)    shall
provide access to the Records to the other Party at all reasonable times; and 
 (b)    shall maintain the Records in
accordance with good record management practices and with at least the same degree of completeness and care as it maintains for its other similar business interests. 

7.    Confidentiality. 

7.1    The Parties acknowledge that, from time to time, one Party (the “Disclosing Party”) may disclose to
the other Party (the “Receiving Party”) information: (i) which is marked “confidential” or a similar legend, or (ii) which is described orally and designated as confidential, or (iii) which would, under the
circumstances, be understood by a reasonable person to be confidential (“Confidential Information”). 

7.2    Except as otherwise provided herein, the Receiving Party shall retain such Confidential Information in confidence,
and shall not disclose it to any third party or use it for any purpose other than for purposes of this Agreement without the Disclosing Party’s prior written consent. Each Party shall use at least the same procedures and degree of care with
respect to such Confidential Information that it uses to protect its own confidential information of like 

  
 - 3 - 

 
importance, and in no event less than reasonable care. The Receiving Party will immediately give written notice to the Disclosing Party of any unauthorized use or disclosure of the Disclosing
Party’s Confidential Information, and the Receiving Party will assist the Disclosing Party in remedying such unauthorized use or disclosure. Each Party may disclose Confidential Information to the extent required by law, including without
limitation disclosure obligations imposed under the U.S. federal securities laws. 
 7.3    In the event that the
Receiving Party or (to the knowledge of the Receiving Party) any of its representatives is requested or required (by oral questions, interrogatories, requests for information or documents in legal proceedings, subpoenas, civil investigative demands
or other similar processes) to disclose any of the Disclosing Party’s Confidential Information, the Receiving Party shall provide the Disclosing Party with prompt written notice of any such request or requirement sufficiently timely to allow
the Disclosing Party adequate time to seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. 

7.4    Notwithstanding the foregoing, Confidential Information will not include information to the extent that such
information: (a) was generally available to the public at the time of its disclosure to the Receiving Party hereunder; (b) became generally available to the public after its disclosure other than through an act or omission of the Receiving
Party in breach of this Agreement; or (c) was subsequently lawfully and independently disclosed to the Receiving Party by a person other than the Disclosing Party without an obligation of confidentiality. 

8.    Relationship of the Parties. The relationship between the Parties is that of independent contractors. Neither
Party is an agent, partner or employee of the other Party and neither Party has any right or any other authority to enter into any contract or undertaking in the name of or for the account of the other Party or to assume or create any obligation of
any kind, express or implied, on behalf of the other Party, nor will the acts or omissions of either create any liability for the other Party. The Agreement shall in no way constitute or give rise to a partnership between the Parties. 

9.    Indemnification. Each Party (as “Indemnifying Party”) shall indemnify, defend, and hold
harmless the other Party and its officers, directors, employees, agents, affiliates, successors, and permitted assigns (collectively, “Indemnified Party”) against any and all losses, damages, liabilities, deficiencies, claims,
actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys’ fees, fees, and the costs of enforcing any right to indemnification under this Agreement, and the cost of
pursuing any insurance providers, arising out of or resulting from any claim of a third party or the Indemnified Party arising out of or occurring in connection with the Indemnifying Party’s negligence, willful misconduct, or breach of this
Agreement. 
 10.    Compliance with Laws. Each Party shall perform the Services in compliance with all applicable
laws, regulations, and ordinances. Each Party shall maintain in effect all the licenses, permissions, authorizations, consents, and permits that it needs to carry out its obligations under this Agreement. 

  
 - 4 - 

 11.    Entire Agreement. This Agreement constitutes the sole and
entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, regarding such subject matter. 

12.    Survival. The terms and conditions of Sections 3.4, 6, 7, 9, 11, 12, 19, 20, 21, 24, as well as any other
provision that, in order to give proper effect to its intent, should survive termination or expiration of this Agreement. In addition, the termination or expiration of this Agreement shall not relieve either Party of any liability under this
Agreement that accrued prior to such termination or expiration. 
 13.    Amendments. No amendment to or
modification of this Agreement is effective unless it is in writing and signed by each Party. 

14.    Severability. If any term or provision of this Agreement is found by a court of competent jurisdiction to be
invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. 
 15.    Waiver. No waiver by any Party of any of the provisions of this Agreement shall be
effective unless explicitly set forth in writing and signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. 
 16.    Assignment. Neither Party shall assign, transfer, delegate or subcontract any of its rights
or delegate any of its obligations under this Agreement without the prior written consent of the other Party. Any purported assignment or delegation in violation of this Section 16 shall be null and void. No assignment or delegation shall
relieve the assigning Party of any of its obligations under this Agreement. 
 17.    Successors and Assigns. This
Agreement is binding on and inures to the benefit of the Parties to this Agreement and their respective permitted successors and permitted assigns. 

18.    No Third-Party Beneficiaries. This Agreement benefits solely the Parties to this Agreement and their
respective permitted successors and assigns and nothing in this Agreement, express or implied, confers on any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

19.    Choice of Law. This Agreement, and all matters arising out of or relating to this Agreement, whether sounding
in contract, tort, or statute are governed by, and construed in accordance with, the laws of the State of California, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the
application of the laws of any jurisdiction other than those of the State of California. 

  
 - 5 - 

 20.    Choice of Forum. Each Party irrevocably and
unconditionally agrees that it will not commence any action, litigation or proceeding of any kind whatsoever against the other Party in any way arising from or relating to this Agreement in any forum other than the state or federal courts in the
State of California, and any appellate court from any thereof. Each Party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees to bring any such action, litigation or proceeding only in the state or federal
courts in the State of California. Each Party agrees that a final judgment in any such action, litigation, or proceeding is conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

21.    Litigation. A Party may not bring a lawsuit or other action upon a cause of action under this Agreement more
than one (1) year after the occurrence of the event giving rise to the cause of action. 
 22.    Computation of
Time. Whenever the last day for the exercise of any privilege or the discharge of any duty hereunder shall fall on a Saturday, Sunday or any public or legal holiday, whether local or national, the person having such privilege or duty shall have
until midnight local time on the next succeeding business day to exercise such privilege, or to discharge such duty. 

23.    Counterparts. This Agreement may be executed in counterparts, each of which is deemed an original, but all of
which together are deemed to be one and the same agreement. 
 24.    Governing Language. The Parties acknowledge
that this Agreement may be translated into the Japanese language. The Parties agree that the English language version of this Agreement shall be the original, governing instrument and understanding of the parties, and any interpretation or
construction of this Agreement shall be based on the English language version of this Agreement. 
 IN WITNESS WHEREOF, the Parties hereto
have caused this Agreement to be executed as of the Effective Date by their respective duly authorized officers. 

 

			
	KURA SUSHI, INC.

			
		
	By:	 	/s/ Hiroyuki Hisamune

			
		
	Name:	 	Hiroyuki Hisamune

			
		
	Title:	 	Managing Director

			
		
	Date:	 	August 5, 2019

 

			
	KURA SUSHI USA, INC.

			
		
	By:	 	/s/ Hajime Uba

			
		
	Name:	 	Hajime Uba

			
		
	Title:	 	President/CEO

			
		
	Date:	 	August 5, 2019

 
 

  
 - 6 - 

 EXHIBIT 1 
  

	I.	 DESCRIPTION OF SERVICES 

KURA will assign, on a temporary basis, certain employees to work for KSU as expatriates (“Expatriates”), and such Expatriates
will provide certain strategic, managerial, operational, and technical support to assist KSU with the operation of its business and restaurants throughout the United States. 
  

	II.	 SERVICE FEES 

KSU shall reimburse KURA for such portion of each Expatriates’ salary and benefits as set forth in the then current version of KURA’s
Expatriate Work Agreement, which shall promptly be provided to KSU upon revision. 
  

	III.	 ADDITIONAL TERMS 

KURA shall invoice KSU for KSU’s portion of each Expatriates’ salary and benefits on a monthly basis. 

  
 - 7 - 

 EXHIBIT 2 
  

	I.	 DESCRIPTION OF SERVICES 

KURA will send certain employees to assist KSU (“Support Staff”) on a short-term basis, and such Support Staff will provide
the following services: 
  

	 	A.	 operational and technical support for the opening of new restaurants throughout the United States;

  

	 	B.	 operational and technical support for the maintenance or renovation of existing restaurants throughout the
United States; and 

  

	 	C.	 any other services that the Parties may agree upon from time to time. 

 

	II.	 SERVICE FEES 

KSU shall reimburse KURA for the travel expenses of such Support Staff, including airfare, hotels, meals and allowances during such business
trips. 
  

	III.	 ADDITIONAL TERMS 

KURA shall invoice KSU for the travel expenses of such Support Staff on a monthly basis. 

  
 - 8 - 

 EXHIBIT 3 
  

	I.	 DESCRIPTION OF SERVICES 

KURA will provide KSU with certain parts and equipment for use in KSU’s restaurants throughout the United States. 

 

	II.	 SERVICE FEES 

KSU shall reimburse KURA for the actual costs of such parts and equipment. 

 

	III.	 ADDITIONAL TERMS 

KURA shall invoice KSU for such parts and equipment on a monthly basis. 

  
 - 9 - 

 EXHIBIT 4 
  

	I.	 DESCRIPTION OF SERVICES 

KURA will provide KSU with the following services: 
  

	 	A.	 creative support services for Bikkura-Pon animation videos for use in
KSU’s restaurants throughout the United States; 

  

	 	B.	 review of food ingredients used by KSU in the United States to ensure the absence of artificial additives;

  

	 	C.	 marketing and promotion support services, including but not limited to photography of menu items and provision
of promotional materials 

  

	 	D.	 procurement of supplies from Japanese vendors on KSU’s behalf; 

 

	 	E.	 creation of recipe and food preparation manuals; 

 

	 	F.	 maintenance and repair of touch panel systems in KSU’s restaurants; 

 

	 	G.	 new product development support services, including but not limited to the development of new menu items;

  

	 	H.	 vendor support services, including but not limited to assisting KSU with the procurement of vinegar and dashi
soy sauce from KURA’s third party vendors for use in KSU’s restaurants; 

  

	 	I.	 data collection, including but not limited to customer surveys, plate consumption and disposal data, customer
seating data and order history data processed through touch panel systems used for daily operations and employee evaluation purposes; and 

  

	 	J.	 any other services that the Parties may agree upon from time to time. 

 

	II.	 SERVICE FEES 

KSU shall reimburse KURA for any out of pocket costs incurred by KURA in connection with the provision of these services. 

 

	III.	 ADDITIONAL TERMS 

KURA shall invoice KSU for such out of pocket costs on a monthly basis. 

  
 - 10 - 

 EXHIBIT 5 
  

	I.	 DESCRIPTION OF SERVICES 

KSU will provide KURA with the following services: 
  

	 	A.	 translation support services for English documents, including but not limited to KSU store leases and other
documents relating to KSU’s operation of restaurants throughout the United States; 

  

	 	B.	 market research analyses relating to KSU’s operation of restaurants throughout the United States,
including but not limited to analyses regarding the opening of new restaurants and the performance of existing restaurants; and 

  

	 	C.	 any other services that the Parties may agree upon from time to time. 

 

	II.	 SERVICE FEES 

KURA shall reimburse KSU for any out of pocket costs incurred by KSU in connection with the provision of these services. 

 

	III.	 ADDITIONAL TERMS 

KSU shall invoice KURA for such out of pocket costs on a monthly basis. 

  
 - 11 - 

 EXHIBIT 6 
  

	I.	 DESCRIPTION OF SERVICES 

KURA will provide to KSU, on an exclusive basis, either directly or through one of its authorized suppliers, the following ingredients: 

 

	 	A.	 Vinegar, made in accordance with KURA’s proprietary Vinegar recipe 

 

	 	B.	 Dashi Soy Sauce, made in accordance with KURA’s proprietary Dashi Soy Sauce recipe 

 

	II.	 SERVICE FEES 

KSU shall reimburse KURA for the actual costs of such ingredients. 
  

	III.	 ADDITIONAL TERMS 

KURA shall invoice KSU for such ingredients on a monthly basis. 

  
 - 12 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]