Document:

EX-10.9

 Exhibit 10.9 

STOCK REPURCHASE AND PUT OPTION AGREEMENT 

THIS STOCK REPURCHASE AND PUT OPTION
AGREEMENT (the “Agreement”) is made and entered into as of July 29, 2011, by and among PAPA MURPHY’S HOLDINGS,
INC., a Delaware corporation (the “Holdings”) and John Barr (the “Executive”). 

RECITALS 

A. As of May 5, 2010, Executive was granted (i) 96,521 shares of common stock, par value $0.01 per share (the
“Common Stock”), of Holdings that are subject to time vesting restrictions (the “Time Vesting Shares”) pursuant to that certain Time Vesting Restricted Stock Agreement, dated as of May 5, 2010
(the “Time Vesting RSA”), by and between Executive and Holdings and (ii) 48,261 shares of Common Stock that are subject to performance vesting restrictions (the “Performance Vesting Shares”,
together with the Time Vesting Shares, the “Restricted Shares”) pursuant to that certain Performance Vesting Restricted Stock Agreement, dated as of May 5, 2010 (the “Performance Vesting RSA”), by
and between Executive and Holdings; 
 B. As of the date hereof, (i) 19,304 of the Time Vesting Shares have vested in accordance
with the terms of the Time Vesting RSA and (ii) 0 of the Performance Vesting Shares have vested in accordance with the terms of the Performance Vesting RSA; 

C. Executive desires to sell to Holdings, and Holdings desires to repurchase from Executive, (i) 64,348 of the unvested Time
Vesting Shares (the “Repurchased Time Vesting Shares”) and (ii) 41,826 of the Performance Vesting Shares (the “Repurchased Performance Vesting Shares”, together with the Repurchased Time Vesting
Shares, the “Repurchased Restricted Shares”) (such transactions, the “Restricted Shares Repurchase”); 

D. In connection with the Restricted Shares Repurchase, Holdings wishes to amend and restate the Time Vesting RSA as of the date hereof
in the form set forth in EXHIBIT A hereto (the “Amended and Restated Time Vesting RSA”) and the Performance Vesting RSA as of the date hereof in the form set forth in EXHIBIT B
hereto (the “Amended and Restated Performance Vesting RSA”); 
 E. As of May 5, 2010, Executive was
issued (i) 41,075 shares of Common Stock (the “Unrestricted Common Stock”) and (ii) 74,491 shares of participating preferred stock, par value $0.01 per share (the “Participating Preferred
Stock”) of Holdings (the “Unrestricted Participating Preferred Stock” and, together with the Unrestricted Common Stock, the “Unrestricted Shares”), pursuant to that certain Contribution
Agreement, dated as of May 5, 2010, by and between Executive and Holdings; and 
 F. In connection with the Restricted Shares
Repurchase, Holdings wishes to grant, subject to the terms and conditions herein, Executive the right and option on December 31st of any given calendar year following December 31, 2011 (an “Unrestricted Shares Repurchase
Date”) to have Holdings or its assigns repurchase all or any portion of the Unrestricted Shares 

 
held by Executive or any Permitted Transferee (as defined in that certain Stockholders’ Agreement, dated as of May 5, 2010, by and among Holdings and certain stockholders of Holdings
(the “Stockholders Agreement”) as of the date of such Unrestricted Shares Repurchase Date (such transactions, the “Unrestricted Shares Repurchase”). 

AGREEMENT 

In consideration of the foregoing and of the mutual promises and covenants set forth below, the parties agree as follows: 

1. Restricted Shares Repurchase. Subject to the terms and conditions of this Agreement, at the Closing (as defined below), Holdings
hereby agrees to repurchase from Executive and Executive hereby agrees to sell to Holdings, the Repurchased Shares at a price of $0.94 per Repurchased Share for an aggregate purchase price equal to $99,803.56 (the “Purchase
Price”). 
 2. Repurchased Shares Closing. The closing of the Restricted Shares Repurchase under this Agreement (the
“Closing”) shall take place as of the date hereof. 
 3. Delivery. On the date of the Closing, Holdings will
deliver the Purchase Price to Executive upon surrender to Holdings of the certificate(s) representing the Repurchased Restricted Shares, duly endorsed for transfer to Holdings pursuant to a stock power in the form substantially attached hereto as
EXHIBIT C. 
 4. Unrestricted Shares Repurchase. 

(a) Subject to the terms and conditions of this Agreement, Executive shall have the right and option on any Unrestricted Shares
Repurchase Date after the date that Executive ceases to be employed as Chairman or Chief Executive Officer of Holdings to have Holdings or its assigns repurchase all or any portion of the Unrestricted Shares held by Executive or any Permitted
Transferee (as defined in the Stockholders’ Agreement) as of the date of such Repurchase Date. 
 (b) The purchase price for the
Unrestricted Shares subject to the Unrestricted Shares Repurchase (the “Unrestricted Shares Repurchase Price”) shall be the greater of (i) the fair market value (which, for the avoidance of doubt, shall include the
amount of the Accrued Dividends on the shares of Unrestricted Participating Preferred Stock) of the Unrestricted Shares as of the Unrestricted Shares Repurchase Date as determined by the Board of Directors of Holdings (the
“Board”) or (ii) $2,750,083.14 plus the Accrued Dividends on the shares of Unrestricted Participating Preferred Stock as of the Unrestricted Shares Repurchase Date. In the event that Executive no longer serves on
the Board as of the Unrestricted Shares Repurchase Notice Date, the Unrestricted Shares Repurchase Price shall be the greatest of (i) the fair market value (which, for the avoidance of doubt, shall include the amount of the Accrued Dividends on
the shares of Unrestricted Participating Preferred Stock) of the Unrestricted Shares as of the Unrestricted Shares Repurchase Date as determined by the Board, (ii) the value (which, for the avoidance of doubt, shall include the amount of the
Accrued Dividends on the shares of Unrestricted Participating Preferred Stock) of the Unrestricted Shares as determined in 

  
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connection with the most recent quarterly valuation performed for Holdings, or (iii) $2,750,083.14 plus the Accrued Dividends on the shares of Unrestricted Participating Preferred
Stock as of the Unrestricted Shares Repurchase Date. For all purposes herein, the “Accrued Dividends” with respect to the Unrestricted Participating Preferred Stock shall be calculated in accordance with the provisions of the Amended and
Restated Certificate of Incorporation of Holdings (the “Charter”), which, for the sake of clarity, shall mean that the Accrued Dividends on each share of Unrestricted Participating Preferred Stock shall accrue on a daily
basis at the rate of six percent (6%) per annum of the sum of the Liquidation Value (as defined in the Charter) thereof plus all accumulated and unpaid dividends thereon from and including May 5, 2010 to and including the Unrestricted
Shares Repurchase Date. 
 (c) Executive or, in the event that Executive dies or has a Permanent Disability (as defined in
Executive’s Amended and Restated Executive Employment and Non-Competition Agreement), his legal representatives shall effect the Unrestricted Shares Repurchase (if so elected by Executive or his legal representatives as the case may be) by
delivering or mailing to Holdings (and/or, if applicable, any Permitted Transferees) written notice at least sixty (60) days prior to the Unrestricted Shares Repurchase Date (the “Unrestricted Shares Repurchase Notice
Date”). Upon such notification, Executive and any Permitted Transferees shall promptly surrender to Holdings any certificates representing the Unrestricted Shares being purchased, together with a duly executed stock power for the
transfer of such Unrestricted Shares to Holdings or Holdings’ assignee or assignees in the form substantially attached hereto as EXHIBIT D. Subject to the payment of the Unrestricted Shares Repurchase Price being
permissible as of such date under any credit or other financing document binding on Holdings or its subsidiaries and Holdings having sufficient liquidity to fund the Unrestricted Shares Repurchase and its other operating needs, upon Holdings’
or its assignee’s receipt of the certificates from Executive or any Permitted Transferees, Holdings or its assignee or assignees shall deliver to him a check for the Unrestricted Shares Repurchase Price; provided, however, that Holdings may pay
all or any portion of the Unrestricted Shares Repurchase Price for such shares by offsetting and canceling any indebtedness then owed by Executive to Holdings. 

(d) In the event that (i) Executive no longer serves on the Board as of the Unrestricted Shares Repurchase Notice Date and
(ii) there is a Sale Event (as defined in the Amended and Restated Time and Performance Vesting RSAs) within six (6) months following the Unrestricted Shares Repurchase Date, Holdings hereby agrees that, in addition to the check for the
Unrestricted Shares Repurchase Price, Holdings or its assignee or assignees shall deliver a check to Executive for an amount equal to (i) the consideration Executive would have received for the Unrestricted Shares in connection with the Sale
Event had Executive held the Unrestricted Shares as of the consummation of such Sale Event minus (ii) the Unrestricted Shares Repurchase Price. 

  
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 5. Representations and Warranties of Holdings. Holdings hereby represents and warrants to
Executive as follows both as of the date hereof and as of the date of any Unrestricted Shares Repurchase: 
 (a) Holdings is duly
organized, validly existing and in good standing under the laws of Delaware and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted. 

(b) Holdings has full corporate power and authority to execute and deliver this Agreement and all other agreements and instruments
contemplated hereby to which Holdings is a party and to perform its obligations hereunder and thereunder, and this Agreement and all such other agreements and instruments have been duly authorized, executed and delivered by Holdings and, assuming
the due execution and delivery of this Agreement and all other agreements and instruments contemplated hereby to which Holdings is a party by the other parties hereto and thereto, are valid, binding and enforceable against Holdings in accordance
with their terms. 
 (c) The execution, delivery and performance of this Agreement by Holdings, and the fulfillment of and compliance
with the terms hereof by Holdings, do not and will not (i) violate or conflict with any requirements of any material contract or obligation of Holdings, including the Charter (as defined in the Stockholders Agreement) or the Stockholders
Agreement, (ii) result in or constitute (with or without the giving of notice, lapse of time or both) any default or event of default under any such material obligation of Holdings, or give rise to a right of termination of, or accelerate the
performance required by, any terms of any such material obligation, or (iii) violate any statute, law, ordinance, rule, regulation or order of any court or governmental authority or any judgment, order or decree (U.S. federal, state or local or
foreign) applicable to Holdings. 
 (d) There are no suits, actions, claims, demands, hearings, indictments, proceedings or
investigations pending against Holdings, or, to the knowledge of Holdings, threatened against or involving Holdings, the stockholders of Holdings or the officers or directors of Holdings in connection with the business and affairs of Holdings before
any court, arbitrator or administrative or governmental body (U.S. federal, state or local or foreign). Holdings is not subject to any judgment, decree, injunction or order of any court. 

6. Representation and Warranties of Executive. Executive hereby represents and warrants to Holdings as follows both as of the date
hereof and as of the date of any Unrestricted Shares Repurchase: 
 (a) Authorization. Executive has full power and authority to
execute and deliver this Agreement, to perform his obligations hereunder, and to consummate the transactions contemplated hereby. This Agreement constitutes the legal, valid and binding obligation of Executive, enforceable in accordance with its
terms, subject to applicable laws affecting creditors’ rights and to equitable principles. 
 (b) No Breach. The execution and
delivery of this Agreement by Executive, the consummation of the transactions contemplated in this Agreement, and the compliance with the terms of this Agreement will not conflict with, result in the breach of, or constitute a material default
under, or require any consent or approval under, any agreement or instrument to which Executive is a party or by which they may be bound. 

  
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 (c) Title to Shares. Except as set forth in the Stockholders Agreement, Executive
owns and holds the Repurchased Restricted Shares beneficially and of record, free and clear of any suit, proceeding, call, voting trust, proxy, restriction, security interest, lien or other encumbrance of any kind or nature whatsoever (collectively,
a “Lien”) and has full power and authority to transfer and dispose of the Repurchased Restricted Shares, free and clear of any Lien. Upon the payment for and the delivery of the Repurchased Restricted Shares as herein
provided, Holdings will acquire good and valid title to the Repurchased Restricted Shares, free and clear of any Lien other than any Lien which may be imposed as a result of any act of Holdings or by the Stockholders Agreement. 

(d) Business Experience. Executive is capable of evaluating the merits and risks of the repurchase by Holdings of the Repurchased
Restricted Shares. 
 (e) Access to Information. Executive has had the opportunity to ask questions of, and to receive answers from,
appropriate executive officers of Holdings with respect to the terms and conditions of this Agreement and with respect to the business, affairs, financial condition, and results of operations of Holdings. Executive has had access to such financial
and other information as is necessary in order for Executive to make a fully-informed decision as to this Agreement. 
 (f) Tax
Advice. Neither Holdings nor its officers, directors, stockholders, agents, representatives, counsel or affiliates has made warranties or representations to Executive with respect to the income tax consequences of the transactions contemplated
by this Agreement. Executive has had the opportunity to review with their own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement. Executive is relying solely on such advisors and
not on any statements or representations of Holdings or any of its agents for the federal, state, local and foreign tax consequences to it that may result from the transactions contemplated by this Agreement. 

7. Assignment; Binding Effect. Subject to the limitations set forth in this Agreement, this Agreement will be binding upon and inure to
the benefit of and be enforceable by the Executive’s personal or legal representatives, estates, executors, administrators, heirs and beneficiaries. All amounts payable to the Executive hereunder shall be paid, in the event of the
Executive’s death, to the Executive’s estate, heirs or representatives. 
 8. Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State of Delaware. 
 9. Notices. All notices and other communications
under this Agreement will be in writing. Unless and until the parties are notified in writing to the contrary, all notices, communications and documents, if not delivered by hand, will be mailed, addressed to the addresses on file with Holdings.
Notices and communications will be sent via electronic mail (e-mail) or mailed by first class mail, postage prepaid; documents will be mailed by registered mail, return receipt requested, postage prepaid. All mailings and deliveries related to this
Agreement will be deemed received only when actually received. 

  
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 10. Remedies. In case any one or more of the obligations set forth in this Agreement will
have been breached by Executive, then Holdings may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including an action for damages as a result of any such breach and/or an action for specific performance
of any such obligation contained in this Agreement, and in case any one or more of the obligations set forth in this Agreement will have been breached by Holdings, then Executive may proceed to protect and enforce his rights either by suit in equity
and/or by action at law, including an action for damages as a result of any such breach and/or an action for specific performance of any such obligation contained in this Agreement.  

[SIGNATURE PAGE FOLLOWS] 

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

			
	HOLDINGS:
	
	PAPA MURPHY’S HOLDINGS, INC.
		
	By:	 	 /s/ Yoo Jin Kim

	Name:	 	 Yoo Jin Kim

	Title:	 	  

	
	EXECUTIVE:
	
	JOHN BARR
	
	 /s/ John D. Barr

	Name:	 	 John D. Barr

	Title:	 	 Chief Executive Officer

 EXHIBIT A 

AMENDED AND RESTATED TIME VESTING RSA 

(SEE ATTACHED) 

 AMENDED AND RESTATED RESTRICTED
STOCK AGREEMENT 
 UNDER THE PAPA
MURPHY’S HOLDINGS, INC. 
 AMENDED 2010
MANAGEMENT INCENTIVE PLAN 
 TIME VESTING 

 

					
	Name of Grantee:	 	John Barr	 	(the “Grantee”)
			
	No. of Shares:	 	32,173	 	Shares of Common Stock
			
	Grant Date:	 	May 5, 2010	 	(the “Grant Date”)
			
	Effective Date:	 	July     , 2011	 	(as defined in Section 1 below)

 Whereas pursuant to that certain Time Vesting Restricted Stock Agreement, dated as of May 5, 2010 (the
“Original Time Vesting RSA”), by and between Grantee and Papa Murphy’s Holdings, Inc., a Delaware corporation (together with its successors, the “Company”), the Company had previously sold to Grantee 96,521 shares of Common
Stock that are subject to time vesting restrictions (the “Original Time Vesting Shares”) for an aggregate purchase price equal to $42,073.50; 

Whereas, as of the date hereof, 19,304 of the Original Time Vesting Shares have vested in accordance with the terms of the Original Time
Vesting RSA; 
 Whereas Grantee desires to sell to the Company, and the Company desires to repurchase from Grantee, 64,348 of the unvested
Original Time Vesting Shares (such transaction, the “Restricted Shares Repurchase”); 
 Whereas in connection with the Restricted
Shares Repurchase, the Company and Grantee now desire to amend and restate the Original Time Vesting RSA in its entirety as set forth herein in order to amend the time vesting restrictions attached to the remaining 12,869 unvested Original Time
Vesting Shares; 
 Now, therefore, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1. Definitions. For the
purposes of this Agreement, the following terms shall have the following respective meanings. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan. 

“Bankruptcy” shall mean (i) the filing of a voluntary petition under any bankruptcy or insolvency law, or a petition for
the appointment of a receiver or the 

 
making of an assignment for the benefit of creditors, with respect to the Grantee or any Permitted Transferee, or (ii) the Grantee or any Permitted Transferee being subjected involuntarily
to such a petition or assignment or to an attachment or other legal or equitable interest with respect to the Grantee’s or the Permitted Transferee’s assets, which involuntary petition or assignment or attachment is not discharged within
60 days after its date, and (iii) the Grantee or any Permitted Transferee being subject to a transfer of Shares by operation of law (including by divorce, even if not insolvent), except by reason of death. 

“Common Stock” shall mean the Company’s Common Stock, par value $0.01 per share, together with any shares into which
Common Stock may be converted or exchanged, as provided above and herein. 
 “Effective Date” shall mean the date upon
which the Company receives from Grantee a signed original of this Agreement. 
 “For Cause Termination Event” shall mean
the termination of the Grantee’s employment with the Company and its subsidiaries for Cause (as such term is defined in the Plan). 

“Initial Public Offering” means any underwritten initial public offering of securities of the Company, any corporate
successor to the Company by way of conversion, PMI Holdings, Inc. or any of their respective Subsidiaries pursuant to an effective registration statement filed under the Act. 

“Performance-Related Termination Event” shall mean the termination of the Grantee’s employment with the Company and its
subsidiaries as a result of the Grantee failing to meet commercially reasonable performance objectives as determined in good faith by the Board and fails to cure such failure within 30 days following written notice to that effect. 

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

“Person” shall mean any individual, corporation, partnership (limited or general), limited liability company, limited
liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 
 “Restricted
Shares” shall initially mean 12,869 of the Shares; provided that (i) 6,435 of the Shares shall vest on May 31, 2012 and (ii) 6,434 of the Shares shall vest on May 31, 2013; provided further, that the
Restricted Shares shall automatically and without further action cease to vest upon the occurrence of any Termination Event. 

Notwithstanding anything herein to the contrary, in the event that this Agreement is assumed or continued by the Company or its successor
entity in the sole discretion of the parties to a Sale Event and thereafter remains in effect following such Sale Event, the 

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

“Sale Event” shall mean, regardless of form thereof, consummation of (i) the dissolution or liquidation of the Company,
(ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation (other than in connection with an Initial Public Offering) in
which the outstanding shares of Stock are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own, directly or indirectly, a
majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, (iv) the sale of all or a majority of the outstanding capital stock of the Company to an unrelated person or entity or
(v) any other transaction (other than an Initial Public Offering) in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own, directly or indirectly, at least a majority of the
outstanding voting power of the successor entity immediately upon completion of the transaction. 
 “Shares” shall mean
32,173 of the shares of Common Stock that were purchased by the Grantee on the date of the Original Time Vesting RSA and any additional shares of Common Stock or other securities received in respect of the Shares, as a dividend on, or otherwise on
account of, the Shares. 
 “Stockholders Agreement” means that certain Stockholders Agreement, dated as of the date hereof,
among the Company and the Stockholders party thereto. 
 “Termination Event” shall mean a For Cause Termination Event, a
Performance-Related Termination Event or a Without Cause Termination Event. 
 “Vested Shares” shall mean all Shares which
are not Restricted Shares; provided, however, that notwithstanding any other provision of this Agreement to the contrary, if the Grantee’s employment with the Company and its subsidiaries is terminated due to Grantee’s death or Permanent
Disability (as defined in the Amended and Restated Employment Agreement, dated as of the date hereof, by and between the Grantee and PMI Holdings, Inc.), the Grantee will continue to vest in Restricted Shares for twelve (12) months following
the Grantee’s termination of employment. 

 “Without Cause Termination Event” shall mean the termination of the
Grantee’s employment with the Company and its subsidiaries for any reason other than pursuant to a For Cause Termination Event or a Performance-Related Termination Event. 

All references to share prices and amounts herein shall be equitably adjusted to reflect stock splits, stock dividends, recapitalizations,
mergers, reorganizations and similar changes affecting the capital stock of the Company, and any shares of capital stock of the Company received on or in respect of Shares in connection with any such event (including any shares of capital stock or
any right, option or warrant to receive the same or any security convertible into or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same basis and extent at the relevant
time as the Shares in respect of which they were issued, and shall be deemed Shares as if and to the same extent they were issued at the Effective Date hereof. 

2. Repurchase Right. 
 (a) Repurchase. Upon
the occurrence of a Termination Event or the Bankruptcy of the Grantee, the Company or its assigns shall have the right and option to repurchase all or any portion of the Shares held by the Grantee or any Permitted Transferee as of the date of such
Termination Event or Bankruptcy. In addition, upon the Bankruptcy of any of the Grantee’s Permitted Transferees, the Company or its assigns shall have the right and option to repurchase all or any portion of the Shares held by such Permitted
Transferee as of the date of such Bankruptcy. The purchase and sale arrangements contemplated by the preceding sentences of this Section 3(a) are referred to herein as the “Repurchase.” 

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

(c) Closing Procedure. The Company or its assigns shall effect the Repurchase (if so elected) by delivering or mailing to the Grantee (and/or, if
applicable, any Permitted Transferees or his personal representative in the event of the Permanent Disability (as defined in Grantee’s Amended and Restated Executive Employment and Non-Competition Agreement) of Grantee) written notice within
six (6) months after the Termination Event or Bankruptcy, specifying a date within such six-month period in which the Repurchase shall be effected. Upon such notification, the Grantee (and/or, if applicable, any Permitted Transferees or his
personal representative in the event of the 

 
Permanent Disability of Grantee) shall promptly surrender to the Company any certificates representing the Shares being purchased, together with a duly executed stock power for the transfer of
such Shares to the Company or the Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt of the certificates from the Grantee (and/or, if applicable, any Permitted Transferees or his personal representative in
the event of the Permanent Disability of Grantee), the Company or its assignee or assignees shall deliver to him, her or them a check for the Repurchase Price of the Shares being purchased, provided, however, that the Company may pay
the Repurchase Price for such shares by offsetting and canceling any indebtedness then owed by the Grantee to the Company. At such time, the Grantee (and/or, if applicable, any Permitted Transferees or his personal representative in the event of the
Permanent Disability of Grantee) shall deliver to the Company the certificate or certificates representing the Shares so repurchased, duly endorsed for transfer, free and clear of any liens or encumbrances. The Repurchase right specified herein
shall survive and remain in effect as to Restricted Shares following and notwithstanding any public offering by or merger or other transaction involving the Company and certificates representing such Restricted Shares shall bear legends to such
effect, subject to Section 10(b) below. 
 3. Legend. Any certificate(s) representing the Shares shall carry substantially the same
legend as set forth in Section 3.02(a) of the Stockholders’ Agreement. 
 4. Escrow Arrangement. 

(a) Escrow. In order to carry out the provisions of Section 3 of this Agreement more effectively, the Company shall hold the Shares in escrow
together with separate stock powers executed by the Grantee in blank for transfer, and any Permitted Transferee shall, as an additional condition to any transfer of Shares, execute a like stock power as to such Shares. The Company shall not dispose
of the Shares except as otherwise provided in this Agreement. In the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Grantee and any Permitted Transferee, as the Grantee’s and each such
Permitted Transferee’s attorney-in-fact, to date and complete the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer
subject to the Company’s repurchase, first refusal and drag along rights, the Company shall, at the written request of the Grantee, deliver to the Grantee (or the relevant Permitted Transferee) a certificate representing such Shares with the
balance of the Shares (if any) to be held in escrow pursuant to this Section 6. 
 (b) Remedy. Without limitation of any other provision of this
Agreement or other rights, in the event that the Grantee, any Permitted Transferees or any other person or entity is required to sell the Grantee’s Shares pursuant to the provisions of Section 3 of this Agreement or pursuant to the
provisions of the Stockholders Agreement and in the further event that he or she refuses or for any reason fails to deliver to the designated purchaser of such Shares the certificate or certificates evidencing such Shares together with a related
stock power, such designated purchaser may deposit the applicable 

 
purchase price for such Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for the Grantee, any
Permitted Transferees or other person or entity, to be held by such bank or accounting firm for the benefit of and for delivery to him, her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by
the Grantee as provided above. Upon any such deposit and/or offset by the designated purchaser of such amount and upon notice to the person or entity who was required to sell the Shares to be sold pursuant to the provisions of Section 3, such
Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, the holder thereof shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if
applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner. 
 5. Withholding Taxes. The
Grantee acknowledges and agrees that the Company or any of its Subsidiaries have the right to deduct from payments of any kind otherwise due to the Grantee, or from the Shares held pursuant to Section 6 hereof, the minimum federal, state or
local taxes of any kind required by law to be withheld with respect to the purchase of the Shares by the Grantee. In furtherance of the foregoing the Grantee agrees to elect, in accordance with Section 83(b) of the Internal Revenue Code of
1986, as amended, to recognize ordinary income in the year of acquisition of the Shares, and to pay to the Company all withholding taxes determined to be due with respect to such election, based on the excess, if any, of the fair market value of
such Shares as of the Effective Date over the purchase price for such Shares. 
 6. Assignment. At the discretion of the Board, the Company
shall have the right to assign the right to exercise its rights with respect to the Repurchase to any Person or Persons, in whole or in part in any particular instance, upon the same terms and conditions applicable to the exercise thereof by the
Company, and such assignee or assignees of the Company shall then take and hold any Shares so acquired subject to such terms as may be specified by the Company in connection with any such assignment. 

7. Miscellaneous Provisions. 
 (a) Lockup
provision. The Grantee and each Permitted Transferee shall agree, if requested by the Company and any underwriter engaged by the Company, not to sell or otherwise transfer or dispose of any securities of the Company (including, without
limitation pursuant to Rule 144 under the Act (or any successor or similar exemptive rule hereafter in effect)) held by them for such period following the effective date of any registration statement of the Company filed under the Act as set forth
in Section 5.03 of the Stockholders Agreement. 
 (b) Termination. The Company’s Repurchase right with respect to Vested Shares under
Section 3 shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case as a result of which shares of the Company (or successor entity) of the same class as the Shares are
registered under Section 12 of the Exchange Act of 1934 and publicly traded 

 
on NASDAQ/NMS or any national security exchange; provided, however, that all other provisions shall remain in effect following the same until all of the Shares have become Vested
Shares. 
 (c) Record Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement, shall be considered the
record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all dividends and any other distributions declared on the
Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 
 (d)
Equitable Relief. The parties hereto agree and declare that legal remedies are inadequate to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the
provisions of this Agreement. 
 (e) Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any oral
waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Delaware without regard to conflict of law
principles. 
 (g) Headings. The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of
this Agreement and shall not be considered in the interpretation of this Agreement. 
 (h) Saving Clause. If any provision(s) of this Agreement shall
be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(i) Notices. All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or
facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or
addresses as may have been furnished by such party in writing to the other. Notices to any holder of the Shares other than the Grantee shall be addressed to the address furnished by such holder to the Company. 

(j) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors,
assigns, personal or legal representatives, estates, executors, administrators, heirs and beneficiaries. All amounts payable to Grantee hereunder shall be paid, in the event of Grantee’s death, to Grantee’s estate, heirs or
representatives. Without limitation of the foregoing, upon any 

 
stock-for-stock merger in which the Company is not the surviving entity, shares of the Company’s successor issued in respect of the Shares shall remain subject to vesting and the Repurchase
right of first refusal hereunder. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

(k) Dispute Resolution. Except as provided below, any dispute arising out of or relating to this Agreement or the breach, termination or validity
hereof shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by the United
States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be New York, New York, in the borough of Manhattan.
The parties covenant and agree that the arbitration shall commence within 60 days of the date on which a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power
to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause
shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the response to requests for admission. In connection with any arbitration, each party shall provide to the other, no later than
seven (7) business days before the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or
expert. The arbitrator’s decision and award shall be made and delivered within six (6) months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of
liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply actual damages or award punitive damages or any other damages that are specifically excluded under this Agreement, and
each party hereby irrevocably waives any claim to such damages. 
 The parties covenant and agree that they will participate in the
arbitration in good faith. This Section 9(k) applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without
prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 
 Each of the parties hereto (i) hereby
irrevocably submits to the jurisdiction of any United States District Court of competent jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as
a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution (except as protected by
applicable law), that the suit, action or proceeding is brought in an inconvenient forum, 

 
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and hereby waives and agrees not to seek
any review by any court of any other jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices
are to be given. Each of the parties hereto agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of the other parties hereto. Final judgment against any
party hereto in any such action, suit or proceeding may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

(l) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same document. 
 (m) Conflict with Other Agreements. For so long as
the Stockholders Agreement is in full force and effect, this Agreement shall be subject to the provisions of the Stockholders Agreement. To the extent any of the provisions of this Agreement or the Plan conflict or are inconsistent with any of the
provisions of the Stockholders Agreement, the Stockholders Agreement shall control. 
 [SIGNATURE PAGE FOLLOWS] 

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

			
	COMPANY:
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	
		
	Date:	 	  

	
	GRANTEE:
	
	  

		
	John Barr	 	
		
	Date:	 	  

		
	Address:	 	
	
	  

	
	  

	
	  

  

			
	SPOUSE’S CONSENT:
	
	I acknowledge that I have read the foregoing Restricted Stock Agreement and understand the contents thereof.
	
	  

		
	Print Name:	 	  

		
	Date:	 	  

 EXHIBIT B 

AMENDED AND RESTATED PERFORMANCE VESTING RSA 

(SEE ATTACHED) 

  
 13 

 AMENDED AND RESTATED RESTRICTED
STOCK AGREEMENT 
 UNDER THE PAPA
MURPHY’S HOLDINGS, INC. 
 AMENDED 2010
MANAGEMENT INCENTIVE PLAN 
 PERFORMANCE VESTING 

 

					
	Name of Grantee:	 	John Barr	 	(the “Grantee”)
			
	No. of Shares:	 	6,435	 	Shares of Common Stock
			
	Grant Date:	 	May 5, 2010	 	(the “Grant Date”)
			
	Effective Date:	 	July     , 2011	 	(as defined in Section 1 below)

 Whereas pursuant to that certain Performance Vesting Restricted Stock Agreement, dated as of May 5, 2010
(the “Original Performance Vesting RSA”), by and between Grantee and Papa Murphy’s Holdings, Inc., a Delaware corporation (together with its successors, the “Company”), the Company had previously sold to Grantee 48,261
shares of Common Stock that are subject to performance vesting restrictions (the “Original Performance Vesting Shares”) for an aggregate purchase price equal to $21,036.97; 

Whereas, as of the date hereof, 0 of the Original Performance Vesting Shares have vested in accordance with the terms of the Original
Performance Vesting RSA; 
 Whereas Grantee desires to sell to the Company, and the Company desires to repurchase from Grantee, 41,826 of
the unvested Original Performance Vesting Shares (such transaction, the “Restricted Shares Repurchase”); 
 Whereas in connection
with the Restricted Shares Repurchase, the Company and Grantee now desire to amend and restate the Original Performance Vesting RSA in its entirety as set forth herein in order to amend the performance vesting restrictions attached to the remaining
6,435 unvested Original Performance Vesting Shares; 
 Now, therefore, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
 1.
Definitions. For the purposes of this Agreement, the following terms shall have the following respective meanings. All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Plan.

 “Bankruptcy” shall mean (i) the filing of a voluntary petition under any bankruptcy or insolvency law, or a
petition for the appointment of a receiver or the making of an assignment for the benefit of creditors, with respect to the Grantee or any Permitted Transferee, or (ii) the Grantee or any Permitted Transferee being subjected involuntarily to
such a petition or 

  
 14 

 
assignment or to an attachment or other legal or equitable interest with respect to the Grantee’s or the Permitted Transferee’s assets, which involuntary petition or assignment or
attachment is not discharged within 60 days after its date, and (iii) the Grantee or any Permitted Transferee being subject to a transfer of Shares by operation of law (including by divorce, even if not insolvent), except by reason of death.

 “Common Stock” shall mean the Company’s Common Stock, par value $0.01 per share, together with any shares into
which Common Stock may be converted or exchanged, as provided above and herein. 
 “Effective Date” shall mean the date
upon which the Company receives from Grantee a signed original of this Agreement. 
 “For Cause Termination Event” shall
mean the termination of the Grantee’s employment with the Company and its subsidiaries for Cause (as such term is defined in the Plan). 

“Initial Public Offering” means any underwritten initial public offering of securities of the Company, any corporate
successor to the Company by way of conversion, PMI Holdings, Inc. or any of their respective Subsidiaries pursuant to an effective registration statement filed under the Act. 

“Lee Equity” shall mean Lee Equity Partners Fund, L.P. and its Affiliates. 

“Lee Equity Qualified Liquidation Event” shall mean the point in time at which any event occurs (including but not limited to
any distribution, dividend, Sale Event, or other liquidity event) as a result of which Lee Equity has received from the Company or its subsidiaries an aggregate amount of cash and/or Liquid Securities with a value equal to or in excess of 250% of
the aggregate amount of capital invested or otherwise contributed by Lee Equity to the Company and its subsidiaries with respect to the purchase or acquisition of equity securities. For purposes of determining whether a Lee Equity Qualified
Liquidation Event shall have occurred, no payments or amounts received by Lee Equity from the Company and its subsidiaries which are not directly in respect of equity securities of the Company or its subsidiaries owned by Lee Equity (such as
management fees, consulting fees or expenses reimbursements) shall be included in the calculation. 
 “Liquid Securities”
shall mean freely tradable securities of a company listed on the Nasdaq National Market or the New York Stock Exchange having a public float with a market value in excess of $2,000,000. 

“Performance-Related Termination Event” shall mean the termination of the Grantee’s employment with the Company and its
subsidiaries as a result of the Grantee failing to meet commercially reasonable performance objectives as determined in good faith by the Board and fails to cure such failure within 30 days following written notice to that effect. 

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

  
 15 

 “Person” shall mean any individual, corporation, partnership (limited or
general), limited liability company, limited liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 

“Restricted Shares” shall initially mean all of the Shares being purchased by the Grantee on the Effective Date;
provided that as of the Lee Equity Qualified Liquidation Event, all of the Restricted Shares shall become Vested Shares if (i) Grantee remains an employee on such date or (ii), in the event of a termination of Grantee’s employment
with the Company and its subsidiaries due to Grantee’s death or Permanent Disability (as defined in the Amended and Restated Employment Agreement, dated as of the date hereof, by and between the Grantee and PMI Holdings, Inc.), such Lee Equity
Qualified Liquidation Event is consummated prior to the one year anniversary of the date of Grantee’s termination of employment; provided further that, subject to (ii) above, the Restricted Shares shall automatically and
without further action cease to vest upon the occurrence of any Termination Event. 
 “Sale Event” shall mean, regardless
of form thereof, consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger,
reorganization or consolidation (other than in connection with an IPO) in which the outstanding shares of capital stock are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting
power immediately prior to such transaction do not own, directly or indirectly, a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, (iv) the sale of all or a majority of the
outstanding capital stock of the Company to an unrelated person or entity or (v) any other transaction (other than an IPO) in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own,
directly or indirectly, at least a majority of the outstanding voting power of the successor entity immediately upon completion of the transaction. 

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

“Stockholders Agreement” means that certain Stockholders Agreement, dated as of the date hereof, among the Company and the
Stockholders party thereto. 
 “Termination Event” shall mean a For Cause Termination Event, a Performance-Related
Termination Event or a Without Cause Termination Event. 
 “Vested Shares” shall mean all Shares which are not Restricted
Shares. 
 “Without Cause Termination Event” shall mean the termination of the Grantee’s employment with the Company
and its subsidiaries for any reason other than pursuant to a For Cause Termination Event or a Performance-Related Termination Event. 
 All
references to share prices and amounts herein shall be equitably adjusted to reflect stock splits, stock dividends, recapitalizations, mergers, reorganizations and similar changes affecting the capital stock of the Company, and any shares of capital
stock of the Company 

  
 16 

 
received on or in respect of Shares in connection with any such event (including any shares of capital stock or any right, option or warrant to receive the same or any security convertible into
or exchangeable for any such shares or received upon conversion of any such shares) shall be subject to this Agreement on the same basis and extent at the relevant time as the Shares in respect of which they were issued, and shall be deemed Shares
as if and to the same extent they were issued at the Effective Date hereof. 
 2. Repurchase Right. 

(a) Repurchase. Immediately prior to the earliest to occur of (i) a Termination Event, (ii) a Sale Event that does not constitute a Lee Equity
Qualified Liquidation Event (a “Non Qualifying Sale Event”), or (iii) the Bankruptcy of the Grantee, the Company or its assigns shall have the right and option to repurchase all or any portion of the Shares held by the Grantee or any
Permitted Transferee as of the date of such Termination Event, Non Qualifying Sale Event, or Bankruptcy. In addition, upon the Bankruptcy of any of the Grantee’s Permitted Transferees, the Company or its assigns shall have the right and option
to repurchase all or any portion of the Shares held by such Permitted Transferee as of the date of such Bankruptcy. The purchase and sale arrangements contemplated by the preceding sentences of this Section 3(a) are referred to herein as the
“Repurchase.” 
 (b) Repurchase Price. The per share purchase price of the Shares subject to the Repurchase (the “Repurchase
Price”) shall be, subject to adjustment as provided above, (i) in the case of Shares which are Vested Shares as of the date of the event giving rise to the Repurchase, (x) the fair market value of such Vested Shares as of such date as
determined by the Board if such event giving rise to the Repurchase is a Without Cause Termination Event or (y) the Per Share Purchase Price if such event giving rise to the Repurchase is a For Cause Termination Event, a Performance-Related
Termination Event or a Bankruptcy, and (ii) in the case of Restricted Shares, the Per Share Purchase Price. The Repurchase Right with respect to Vested Shares shall terminate in accordance with Section 10(b). 

(c) Closing Procedure. The Company or its assigns shall effect the Repurchase (if so elected) by delivering or mailing to the Grantee (and/or, if
applicable, any Permitted Transferees or his personal representative in the event of the Permanent Disability (as defined in Grantee’s Amended and Restated Executive Employment and Non-Competition Agreement) of Grantee) written notice either
immediately prior to or within six (6) months after the Termination Event, the Non Qualifying Sale Event or Bankruptcy, specifying a date within such six-month period in which the Repurchase shall be effected. Upon such notification, the
Grantee (and/or, if applicable, any Permitted Transferees or his personal representative in the event of the Permanent Disability of Grantee) shall promptly surrender to the Company any certificates representing the Shares being purchased, together
with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt of the certificates from the Grantee (and/or, if applicable, any
Permitted Transferees or his personal representative in the event of the Permanent Disability of Grantee), the Company or its assignee or assignees shall deliver to him, her or them a check for the Repurchase Price of the Shares being purchased,
provided, however, that the Company may pay the Repurchase Price for such shares by offsetting and canceling any indebtedness then 

  
 17 

 
owed by the Grantee to the Company. At such time, the Grantee (and/or, if applicable, any Permitted Transferees or his personal representative in the event of the Permanent Disability of Grantee)
shall deliver to the Company the certificate or certificates representing the Shares so repurchased, duly endorsed for transfer, free and clear of any liens or encumbrances. The Repurchase right specified herein shall survive and remain in effect as
to Restricted Shares following and notwithstanding any public offering by or merger or other transaction involving the Company and certificates representing such Restricted Shares shall bear legends to such effect, subject to Section 10(b)
below. 
 3. Legend. Any certificate(s) representing the Shares shall carry substantially the same legend as set forth in
Section 3.02(a) of the Stockholders’ Agreement. 
 4. Escrow Arrangement. 

(a) Escrow. In order to carry out the provisions of Section 3 of this Agreement more effectively, the Company shall hold the Shares in escrow
together with separate stock powers executed by the Grantee in blank for transfer, and any Permitted Transferee shall, as an additional condition to any transfer of Shares, execute a like stock power as to such Shares. The Company shall not dispose
of the Shares except as otherwise provided in this Agreement. In the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Grantee and any Permitted Transferee, as the Grantee’s and each such
Permitted Transferee’s attorney-in-fact, to date and complete the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer
subject to the Company’s repurchase, first refusal and drag along rights, the Company shall, at the written request of the Grantee, deliver to the Grantee (or the relevant Permitted Transferee) a certificate representing such Shares with the
balance of the Shares (if any) to be held in escrow pursuant to this Section 6. 
 (b) Remedy. Without limitation of any other provision of this
Agreement or other rights, in the event that the Grantee, any Permitted Transferees or any other person or entity is required to sell the Grantee’s Shares pursuant to the provisions of Section 3 of this Agreement and in the further event
that he or she refuses or for any reason fails to deliver to the designated purchaser of such Shares the certificate or certificates evidencing such Shares together with a related stock power, such designated purchaser may deposit the applicable
purchase price for such Shares with a bank designated by the Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for the Grantee, any Permitted Transferees or other person or entity, to be held
by such bank or accounting firm for the benefit of and for delivery to him, her, them or it, and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by the Grantee as provided above. Upon any such deposit and/or
offset by the designated purchaser of such amount and upon notice to the person or entity who was required to sell the Shares to be sold pursuant to the provisions of Section 3, such Shares shall at such time be deemed to have been sold,
assigned, transferred and conveyed to such purchaser, the holder thereof shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its
stock transfer book or in any appropriate manner. 

  
 18 

 5. Withholding Taxes. The Grantee acknowledges and agrees that the Company or any of its
Subsidiaries have the right to deduct from payments of any kind otherwise due to the Grantee, or from the Shares held pursuant to Section 7 hereof, the minimum federal, state or local taxes of any kind required by law to be withheld with
respect to the purchase of the Shares by the Grantee. In furtherance of the foregoing the Grantee agrees to elect, in accordance with Section 83(b) of the Internal Revenue Code of 1986, as amended, to recognize ordinary income in the year of
acquisition of the Shares, and to pay to the Company all withholding taxes shown as due on his or her Section 83(b) election form, or otherwise ultimately determined to be due with respect to such election, based on the excess, if any, of the
fair market value of such Shares as of the Effective Date over the purchase price for such Shares. 
 6. Assignment. At the discretion
of the Board, the Company shall have the right to assign the right to exercise its rights with respect to the Repurchase, in whole or in part in any particular instance, upon the same terms and conditions applicable to the exercise thereof by the
Company, and such assignee or assignees of the Company shall then take and hold any Shares so acquired subject to such terms as may be specified by the Company in connection with any such assignment. 

7. Miscellaneous Provisions. 
 (a) Lockup
provision. The Grantee and each Permitted Transferee shall agree, if requested by the Company and any underwriter engaged by the Company, not to sell or otherwise transfer or dispose of any securities of the Company (including, without
limitation pursuant to Rule 144 under the Act (or any successor or similar exemptive rule hereafter in effect)) held by them for such period following the effective date of any registration statement of the Company filed under the Act as set forth
in Section 5.03 of the Stockholders Agreement. 
 (b) Termination. The Company’s Repurchase right with respect to Vested Shares under
Section 3 shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case as a result of which shares of the Company (or successor entity) of the same class as the Shares are
registered under Section 12 of the Exchange Act of 1934 and publicly traded on NASDAQ/NMS or any national security exchange; provided, however, that all other provisions shall remain in effect following the same until all of the
Shares have become Vested Shares. 
 (c) Record Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement,
shall be considered the record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all dividends and any other
distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 

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

  
 19 

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

(f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Delaware without regard to conflict of law
principles. 
 (g) Headings. The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of
this Agreement and shall not be considered in the interpretation of this Agreement. 
 (h) Saving Clause. If any provision(s) of this Agreement shall
be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(i) Notices. All notices, requests, consents and other communications shall be in writing and be deemed given when delivered personally, by telex or
facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed as set forth underneath their signatures below, or to such other address or
addresses as may have been furnished by such party in writing to the other. Notices to any holder of the Shares other than the Grantee shall be addressed to the address furnished by such holder to the Company. 

(j) Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors,
assigns, personal or legal representatives, estates, executors, administrators, heirs and beneficiaries. All amounts payable to Grantee hereunder shall be paid, in the event of Grantee’s death, to Grantee’s estate, heirs or
representatives. Without limitation of the foregoing, upon any stock-for-stock merger in which the Company is not the surviving entity, shares of the Company’s successor issued in respect of the Shares shall remain subject to vesting and the
Repurchase right of first refusal hereunder. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment. 

Dispute Resolution. Except as provided below, any dispute arising out of or relating to this Agreement or the breach, termination or
validity hereof shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the “J.A.M.S. Rules”). The arbitration shall be governed by
the United States Arbitration Act, 9 U.S.C. §§1-16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place of arbitration shall be New York, New York, in the borough of
Manhattan. 
 The parties covenant and agree that the arbitration shall commence within 60 days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion allow additional 

  
 20 

 
depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of interrogatories or the response to requests for admission. In
connection with any arbitration, each party shall provide to the other, no later than seven (7) business days before the date of the arbitration, the identity of all persons that may testify at the arbitration and a copy of all documents that
may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within six (6) months of the selection of the arbitrator. The arbitrator’s
decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory damages and shall not multiply actual damages or award punitive damages
or any other damages that are specifically excluded under this Agreement, and each party hereby irrevocably waives any claim to such damages. 

The parties covenant and agree that they will participate in the arbitration in good faith. This Section 9(k) applies equally to requests
for temporary, preliminary or permanent injunctive relief, except that in the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable
harm. 
 Each of the parties hereto (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and hereby waives and agrees not to seek any review by any court of any other jurisdiction
which may be called upon to grant an enforcement of the judgment of any such court. Each of the parties hereto hereby consents to service of process by registered mail at the address to which notices are to be given. Each of the parties hereto
agrees that its, his or her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of the other parties hereto. Final judgment against any party hereto in any such action, suit or
proceeding may be enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

(k) Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the same document. 
 (l) Conflict with Other Agreements. For so long as
the Stockholders Agreement is in full force and effect, this Agreement shall be subject to the provisions of the Stockholders Agreement. To the extent any of the provisions of this Agreement conflict or are inconsistent with any of the provisions of
the Stockholders Agreement or the Plan, the Stockholders Agreement shall control. 
 [SIGNATURE PAGE FOLLOWS] 

  
 21 

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

			
	COMPANY:
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	
		
	Date:	 	  

	
	GRANTEE:
	
	  

	John Barr
		
	Date:	 	  

	
	Address:
	
	  

	
	  

	
	  

  

			
	SPOUSE’S CONSENT:
	
	I acknowledge that I have read the foregoing Restricted Stock Agreement and understand the contents thereof.
	
	  

		
	Print Name:	 	  

		
	Date:	 	  

 EXHIBIT C 

STOCK POWER 
 (Stock
Assignment Separate From Certificate) 
 FOR VALUE RECEIVED, John Barr hereby sells, assigns and transfers unto
PAPA MURPHY’S HOLDINGS, INC., a Delaware corporation (the “Holdings”),
                shares of Common Stock, standing in his name on the books of Holdings, as represented by the stock certificate(s) noted below, and does hereby
irrevocably constitute and appoint Holdings’ Secretary or attorney-in-fact, to transfer such stock on the books of Holdings with full power of substitution in the premises. 

 

	
	  

	John Barr

  

			
	 Certificate No.
	  	 Number and Type of Shares

	                    	  	

 DATED:
                     
 NOTE: The signature(s) to this
assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatsoever. 

 EXHIBIT D 

STOCK POWER 
 (Stock
Assignment Separate From Certificate) 
 FOR VALUE RECEIVED, John Barr hereby sells, assigns and transfers unto
PAPA MURPHY’S HOLDINGS, INC., a Delaware corporation (the “Holdings”),
                shares of Common Stock and/or                 shares of Participating
Preferred Stock, standing in his name on the books of Holdings, as represented by the stock certificate(s) noted below, and does hereby irrevocably constitute and appoint Holdings’ Secretary or attorney-in-fact, to transfer such stock on the
books of Holdings with full power of substitution in the premises. 
  

	
	  

	John Barr

  

			
	 Certificate No.
	  	 Number and Type of Shares

	                    	  	

 DATED:
                     
 NOTE: The signature(s) to this
assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatsoever.EX-10.10

 Exhibit 10.10 

EXECUTION COPY 
 AMENDED AND
RESTATED EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT 
 This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AND NON-COMPETITION
AGREEMENT (this “Agreement”), dated as of the 24 day of July, 2011, by and between PMI Holdings, Inc., a Delaware corporation (the “Company”), and John Barr, a resident of Vancouver, Washington (the
“Executive”). 
 WHEREAS, the Company and Executive entered into that certain Executive Employment and Non-Competition
Agreement dated as of May 5, 2010 (the “Employment Agreement”); 
 WHEREAS, the parties now desire to amend and
restate the Employment Agreement in its entirety as set forth herein; 
 WHEREAS, the Company desires to be assured that the confidential
information and goodwill of the Company will be preserved for the exclusive benefit of the Company; 
 WHEREAS, the Company desires to be
assured that the unique and expert services of the Executive will be available to the Company, and that the Executive is willing and able to render such services on the terms and conditions hereinafter set forth; and 

NOW, THEREFORE, in consideration of such employment and the mutual covenants and promises herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows: 
 1. Employment.
Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until December 31, 2013 (the “Employment Period”). Upon mutual agreement of the
Executive and the Company, the Employment Period may extend beyond December 31, 2013. For each calendar year during the Employment Period, Executive shall undergo a physical to be performed by a doctor to be mutually agreed upon by Executive
and the Company. 
 2. Duties. During the Employment Period, Executive shall serve on a full-time basis and perform services in a managerial
capacity in a manner consistent with Executive’s position as Chairman and Chief Executive Officer of the Company until December 31, 2011 and as Chairman of the Company from and after January 1, 2012 and Executive’s duties and
responsibilities shall include those duties reasonably assigned to him from time to time by the Company’s Board of Directors (the “Board”). Executive shall devote his entire business time, attention and energies (excepting
vacation time, holidays, sick days and periods of disability) and use his best efforts in his employment with the Company; provided, however, that this Agreement shall not be interpreted as prohibiting Executive from managing his
personal affairs, engaging in charitable or civic activities, or serving as a director of or providing services to another business or enterprise (whether engaged in for profit or not; provided, however, with respect to for profit
businesses, the Executive shall be limited to serving as a director to three for-profit business enterprises other than the Company), so long as such activities do not interfere in any material respect with the performance of Executive’s duties
and responsibilities hereunder. 

 3. Compensation. 

3.1 Base Salary. 
 (a) In
consideration of the services rendered by the Executive under this Agreement, the Company shall pay the Executive a base salary (the “Base Salary”) at the rate of (i) $495,000 for the calendar year 2011, (ii) $300,000 for
the calendar year 2012, (iii) $250,000 for the calendar year 2013, and (iv) $200,000 for any calendar year in which Executive’s employment with the Company continues following the calendar year 2013. 

(b) The Base Salary shall be paid in such installments and at such times as the Company pays its regularly salaried executives and shall be
subject to all necessary withholding taxes, FICA contributions and similar deductions in accordance with the Company’s customary payroll procedures. 

3.2 Bonus. For calendar years 2011, 2012 and 2013, the Executive shall be eligible to receive an annual bonus (the “Annual
Bonus”), in an amount up to 60%, 30%, and 30% of the Base Salary, respectively, payable in accordance with the Company’s incentive compensation policy; provided, that, such Annual Bonus shall in no event be paid later
than March 15 of the calendar year following the fiscal year to which such Annual Bonus relates. In the event that the Company and Executive mutually agree to extend the Employment Period beyond December 31, 2013, Executive shall not be
eligible to receive an Annual Bonus. The Annual Bonus shall be based upon the attainment of certain targets as agreed upon by the Executive and the Board with respect to the Company’s financial performance for any fiscal year ending during the
Employment Period. The Annual Bonus shall be subject to all necessary withholding taxes, FICA contributions and similar deductions. 
 3.3
Guaranteed Retention Bonus. The parties hereby acknowledge and agree that the Company shall pay Executive a guaranteed retention bonus in an aggregate amount equal to $1,110,774.25 (the “Guaranteed Retention Bonus”) and
(i) $5,774.25 of the Guaranteed Retention Bonus shall be payable on the closing date for the Restricted Shares Repurchase (as defined below) pursuant to the Repurchase Agreement (as defined below); (ii) $344,000 of the Guaranteed Retention
Bonus shall be payable on December 31, 2011, (iii) $368,000 of the Guaranteed Retention Bonus shall be payable on December 31, 2012, and (iv) $393,000 of the Guaranteed Retention Bonus shall be payable on December 31, 2013.

 3.4 Vacation. Executive shall be entitled to take vacation consistent with Company policy, such vacation to extend for such
periods and to be taken at such intervals as shall be appropriate and consistent with the proper performance of the Executive’s duties hereunder. 

  
 2 

 3.5 Benefits. During the term of Executive’s employment under this Agreement,
Executive shall be entitled to participate in any benefit plans (excluding any severance or bonus plans unless specifically referenced in this Agreement) offered by the Company as in effect from time to time (collectively, “Benefit
Plans”), on the same basis as that generally made available to other senior executives of the Company, to the extent Executive may be eligible to do so under the terms of any such Benefit Plan. Executive understands that any such Benefit
Plans may be terminated or amended from time to time by the Company in its discretion. 
 3.6 Winter Travel Reimbursement. During the
term of Executive’s employment under this Agreement, Executive shall be entitled to receive an annual winter travel reimbursement of $25,000 for out-of-pocket expenses incurred upon presentation of proper receipts or other proof of expenditure.

 3.7 Holdings Restricted Stock. The parties hereto hereby acknowledge and agree as follows: 

(a) As of May 5, 2010, Executive was granted (i) 96,521 shares of common stock, par value $0.01 per share (the “Common
Stock”), of Papa Murphy’s Holdings, Inc., a Delaware corporation (“Holdings”) that are subject to time vesting restrictions (the “Time Vesting Shares”) pursuant to that certain Time Vesting Restricted
Stock Agreement, dated as of May 5, 2010 (the “Time Vesting RSA”), by and between Executive and Holdings and (ii) 48,261 shares of Common Stock that are subject to performance vesting restrictions (the “Performance
Vesting Shares”, together with the Time Vesting Shares, the “Restricted Shares”) pursuant to that certain Performance Vesting Restricted Stock Agreement, dated as of May 5, 2010 (the “Performance Vesting
RSA”), by and between Executive and Holdings; 
 (b) As of the date hereof, (i) 19,304 of the Time Vesting Shares have vested
in accordance with the terms of the Time Vesting RSA and (ii) 0 of the Performance Vesting Shares have vested in accordance with the terms of the Performance Vesting RSA; and 

(c) Pursuant to that certain Stock Repurchase and Put Option Agreement, dated as of the date hereof (“Repurchase Agreement”)
and subject to the terms set forth therein, by and between Executive and Holdings, Executive shall sell to Holdings, and Holdings shall repurchase from Executive, (i) 64,348 of the unvested Time Vesting Shares (the “Repurchased Time
Vesting Shares”) and (ii) 41,826 of the Performance Vesting Shares (the “Repurchased Performance Vesting Shares”, together with the Repurchased Time Vesting Shares, the “Repurchased Restricted Shares”)
(such transactions, the “Restricted Shares Repurchase”). 
 4. Termination. Executive’s employment hereunder may be
terminated as follows: 
 4.1 Automatically in the event of the death of Executive; 

4.2 At the option of the Company, by written notice to Executive or his personal representative in the event of the Permanent Disability of
Executive. As used herein, the term “Permanent Disability” shall mean a physical or mental incapacity or disability which renders Executive unable to render the services required hereunder (A) for one hundred eighty
(180) days in any twelve (12) month period or (B) for a period of ninety (90) consecutive days; 

  
 3 

 4.3 At the option of the Company for Cause (as defined in Section 5.4); 

4.4 At the option of the Company at any time without Cause; 

4.5 At the option of Executive, at any time, for any reason, on one-hundred eighty (180) days prior written notice to the Company; 

4.6 Immediately in the event of a breach by the Executive of Section 7 of this Agreement; or 

4.7 At the option of Executive for Good Reason (as defined in Section 5.5), on ninety (90) days prior written notice to the
Company. 
 5. Payments. 

5.1 Death or Permanent Disability. Upon the termination of Executive’s employment due to death or Permanent Disability, Executive
or his legal representatives shall be entitled to receive (i) an amount equal to Base Salary payable through the date of termination, (ii) Base Salary through the first anniversary of such date of termination payable in accordance with the
Company’s payroll policies, (iii) the sum of (A) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the calendar year for which Executive was employed (which portion of the Annual Bonus shall be
reasonably determined by the Board at the end of the year in which termination occurs in accordance with the Board’s bonus determination policies then in effect), payable at the same time as such payment would have been made if not for
Executive’s death or Permanent Disability plus (B) Executive’s Annual Bonus, if any, for the period from the date of termination of employment through the first anniversary of such date of termination of employment (which
Annual Bonus shall be reasonably determined by the Board in accordance with the Board’s bonus determination policies then in effect), and (iv) the remaining portion of the unpaid Guaranteed Retention Bonus payable in a lump sum on the 60th
day following the termination of Executive’s employment. Executive or his legal representatives shall also be entitled to any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies.

 5.2 Termination Without Cause or by Executive for Good Reason. If Executive’s employment is terminated by the Company at any
time during the Employment Period without Cause or by the Executive at any time during the Employment Period for Good Reason, Executive shall be entitled to receive (i) any accrued but unpaid Base Salary through the date of termination,
(ii) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the calendar year for which Executive was employed (which portion of the Annual Bonus shall be reasonably determined by the Board at the end of the
year in which termination occurs in accordance with the Board’s bonus determination policies then in effect), payable at the same time as such payment would have been made if not for termination of Executive’s employment with the Company
as set forth in Section 3.2 hereof, (iii) the remaining portion of the unpaid Guaranteed Retention Bonus in a lump sum on the 60th day following the termination of Executive’s employment, and (iv) continuation of group health
plan benefits to the extent authorized by and consistent with 29 U.S.C: § 1161 et seq. (commonly known as (“COBRA”)) 

  
 4 

 
starting on Executive’s termination of employment, with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and the Executive as in effect
immediately prior to the date of termination, through the earlier of (I) the two year anniversary of such date of termination or (II) the expiration of the Employment Period; provided, that, if Executive does not execute a fully
effective non-revocable release within sixty (60) days of the termination of employment, then, beginning on the sixtieth (60th) day following the termination of employment, the Company shall cease to provide to Executive any such coverages
and/or benefits under any of the applicable plans, except to the extent required by law. Executive shall also be entitled to any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies.

 5.3 Termination for Cause, by Executive without Good Reason. Except for Base Salary through the day on which Executive’s
employment was terminated and any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies or applicable law, Executive shall not be entitled to receive severance or any other compensation
or benefits after the last date of employment with the Company upon the termination of Executive’s employment hereunder by the Company for Cause pursuant to Section 4.3, or by Executive without Good Reason pursuant to
Section 4.5; provided, however, in the event that Executive’s employment hereunder is terminated by Executive without Good Reason pursuant to Section 4.5, Executive shall also be entitled to receive the remaining portion
of the unpaid Guaranteed Retention Bonus in a lump sum on the 60th day following the termination of Executive’s employment. 
 5.4
Cause Defined. For purposes of this Agreement, the following shall constitute “Cause” for termination: 
 (a)
dishonest statements or acts of the Executive with respect to the Company or any affiliate of the Company; 
 (b) the commission by or
indictment of the Executive for (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other
procedure pursuant to which an initial determination of probable or reasonable cause with respect to such offense is made); 
 (c) gross
negligence, willful misconduct or insubordination of the Executive with respect to the Company or any affiliate of the Company; or 
 (d)
material breach by the Executive of any of the Executive’s obligations to the Company. 
 provided, that, in the case of clause (d), in
the event that the Company provides written notice of termination for Cause in reliance upon this Section 5.4, the Executive shall have the opportunity to cure such circumstances within thirty (30) days of receipt of such notice.

  
 5 

 5.5 Good Reason Defined. For purposes of this Agreement, the term “Good
Reason” shall mean, without Executive’s consent: 
 (a) the Company materially breached its obligations under this Agreement;

 (b) any material diminution of significant duties of the Executive; 

(c) a reduction in Executive’s Base Salary of 10% or more, other than pursuant to a reduction applicable to all senior executives or
employees generally; or 
 (d) the Company’s corporate headquarters is moved a distance of at least fifty (50) miles from its
current corporate headquarters in Vancouver, Washington; 
 provided, that, in each case, in the event that Executive provides written notice
of termination for Good Reason in reliance upon this Section 5.5, the Company shall have the opportunity to cure such circumstances within thirty (30) days of receipt of such notice. 

5.6 Condition to Payment. All payments and benefits due to Executive under this Section 5 which are not otherwise required
by law shall be contingent upon (i) execution by Executive (or Executive’s beneficiary or estate) of a fully effective and non-revocable general release of all claims to the maximum extent permitted by law against the Company, its
affiliates and its current and former stockholders, directors, members, managers, employees and agents, in such form as determined by the Company in its sole discretion within sixty (60) days of Executive’s termination of employment and
(ii) compliance by Executive with his obligations under this Agreement, including, without limitation, the restrictions on activities of Executive set forth in Section 7 and under any stockholders or other agreement to which the
Company and Executive are a party. 
 5.7 No Other Severance. Executive hereby acknowledges and agrees that, other than the severance
payment described in Section 5.2 hereof, upon termination, Executive shall not be entitled to any other severance under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise. 

5.8 Board Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of
such termination and to the extent applicable, as an officer and director of the Company and all of its subsidiaries and affiliates. 
 5.9
Survival. This Section 5 shall survive any termination or expiration of this Agreement. 
 6. Reimbursement of Expenses.
The Company shall reimburse the Executive for all reasonable and necessary expenses actually incurred by the Executive directly in connection with the business and affairs of the Company and the performance of his duties hereunder, upon presentation
of proper receipts or other proof of expenditure and in accordance with such reasonable guidelines or limitations established by the Board from time to time. 

  
 6 

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

7.1 The Executive hereby agrees that during the period commencing on the date hereof and ending on the date that is two years following the
date of the termination of Executive’s employment with the Company (the “Noncompetition Period”), the Executive will not, without the express written consent of the Company, directly or indirectly, anywhere in the United States
or in any foreign country in which the Company has conducted business, is conducting business or is then contemplating conducting business, engage in any activity which is, or participate or invest in, or provide or facilitate the provision of
financing to, or assist (whether as owner, part-owner, shareholder, member, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity), any business, organization or person other than the Company (or any subsidiary
or affiliate of the Company), and including any such business, organization or person involving, or which is, a family member of the Executive, whose business, activities, products or services are competitive with any of the business, activities,
products or services conducted, offered or then contemplated to be conducted or offered by the Company or its subsidiaries or affiliates; provided, however, nothing herein shall prohibit the Executive from being employed by any
business, organization or person that operates in the quick service restaurant or franchising industries and derives less than 10% of its total revenue from the sale of pizza or from royalties associated therewith. Without implied limitation, the
foregoing covenant shall be deemed to prohibit (i) hiring or engaging or attempting to hire or engage for or on behalf of the Executive or any such competitor any officer or employee of the Company or any of its direct and/or indirect
subsidiaries and affiliates, or any former employee of the Company and any of its direct and/or indirect subsidiaries and affiliates who was employed during the six (6) month period immediately preceding the date of such attempt to hire or
engage, (ii) encouraging for or on behalf of the Executive or any such competitor any such officer or employee to terminate his or her relationship or employment with the Company or any of its direct or indirect subsidiaries and affiliates,
(iii) soliciting for or on behalf of Executive or any such competitor any client (including all franchisees) of the Company or any of its direct or indirect subsidiaries and affiliates, or any former client (including all franchisees) of the
Company or any of its direct or indirect subsidiaries and affiliates who was a client (including all franchisees) during the six (6) month period immediately preceding the date of such solicitation and (iv) diverting to any person (as
hereinafter defined) any client (including all franchisees) or business opportunity of the Company or any of its direct or indirect subsidiaries and affiliates. 

Notwithstanding anything herein to the contrary, the Executive may make passive investments in any enterprise the shares of which are publicly traded if such
investment constitutes less than two percent (2%) of the equity of such enterprise. Neither the Executive nor any business entity controlled by the Executive is a party to any contract, commitment, arrangement or agreement which could,
following the date hereof, restrain or restrict the Company or any subsidiary or affiliate of the Company from carrying on its business or restrain or restrict the Executive from performing his employment obligations, and as of the date of this
Agreement the Executive has no business interests whatsoever in or relating to the industries in which the Company or its subsidiaries or affiliates currently engage, and other than passive investments in the shares of public companies of less than
two percent (2%). 

  
 7 

 7.2 In the course of performing services hereunder, on behalf of the Company (for purposes of
this Section 7 including all predecessors of the Company) and its affiliates, Executive has had and from time to time will have access to Confidential Information (as defined below). Executive agrees (i) to hold the Confidential
Information in strict confidence, (ii) not to disclose the Confidential Information to any person (other than in the regular business of the Company or its affiliates), and (iii) not to use, directly or indirectly, any of the Confidential
Information for any purpose other than on behalf of the Company and its affiliates. All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, that are furnished to
Executive by the Company or are produced by Executive in connection with Executive’s employment will be and remain the sole property of the Company. Upon the termination of Executive’s employment with the Company for any reason and as and
when otherwise requested by the Company, all Confidential Information (including, without limitation, all data, memoranda, customer lists, notes, programs and other papers and items, and reproductions thereof relating to the foregoing matters) in
Executive’s possession or control, shall be immediately returned to the Company. Executive recognizes that the Company and its affiliates possess a proprietary interest in all of the Confidential Information and have the exclusive right and
privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein to the exclusion of Executive, except as otherwise agreed between the Company and Executive in writing. Executive
expressly agrees that any products, inventions, discoveries or improvements made by Executive or Executive’s agents or affiliates in the course of Executive’s employment shall be the property of and inure to the exclusive benefit of the
Company. Executive further agrees that any and all products, inventions, discoveries or improvements developed by Executive (whether or not able to be protected by copyright, patent or trademark) during the course of his employment, or involving the
use of the time, materials or other resources of the Company or any of its affiliates, shall be promptly disclosed to the Company and shall become the exclusive property of the Company, and Executive shall execute and deliver any and all documents
necessary or appropriate to implement the foregoing. 
 7.3 During and after Executive’s employment, Executive shall cooperate fully
with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Executive was employed by
the Company. The Company shall reimburse Executive for any reasonable out-of-pocket expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 7.3. 

7.4 The term “Confidential Information” shall mean information belonging to the Company which is of value to the Company or with
respect to which Company has right in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company. Confidential Information includes information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including, by way of example and without limitation, trade secrets, ideas, concepts, designs, configurations, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts processes, techniques, formulas, software, improvements, inventions, data, know-how, discoveries, copyrightable materials, marketing plans and strategies,

  
 8 

 
sales and financial reports and forecasts, customer lists, studies, reports, records, books, contracts, instruments, surveys, computer disks, diskettes, tapes, computer programs and business
plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company. Confidential Information includes information developed by
Executive in the course of Executive’s employment by the Company, as well as other information to which Executive may have access in connection with Executive’s employment. Confidential Information also includes the confidential
information of others with which the Company has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of Executive’s duties under
Section 7.2. 
 8. Remedies. It is specifically understood and agreed that any breach of the provisions of Section 7
of this Agreement is likely to result in irreparable injury to the Company and that the remedy at law alone will be an inadequate remedy for such breach, and that in addition to any other remedy it may have, the Company shall be entitled (a) to
enforce the specific performance of this Agreement by the Executive and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without bond and without liability should such relief be denied, modified or violated and
(b) to cease making any payments or providing any benefit otherwise required by this Agreement, including, without limitation, any severance payment required under Section 5.2, in each case in addition to any other remedy to which
the Company may be entitled at law or in equity. 
 9. Severable Provisions. The provisions of this Agreement are severable and the invalidity
of any one or more provisions shall not affect the validity of any other provision. In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in
part because of the duration or scope thereof, the parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the
Agreement in its reduced form shall be valid and enforceable to the full extent permitted by law. 
 10. Notices. All notices hereunder, to be
effective, shall be in writing and shall be deemed effective when delivered by hand or mailed by (a) certified mail, postage and fees prepaid, or (b) nationally recognized overnight express mail service, as follows: 

If to the Company: 

PMI Holdings, Inc. 

c/o Papa Murphy’s International, Inc. 

8000 N.E. Parkway Drive, Suite 350 

Vancouver, WA 98662 

  
 9 

 With copies to (which shall not constitute notice): 

Papa Murphy’s Holdings, Inc. 

c/o Lee Equity Partners, LLC 

650 Madison Avenue, 21 st Floor 

New York, NY 10022 

Attn: Ben Hochberg 

         Yoo Jin Kim 

Facsimile: (646) 781-3700 

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

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 

New York, NY 10153 

Attn: Douglas P. Warner, Esq. 

Facsimile: (212) 310-8007 

If to the Executive: 

John Barr 

8718 S.E. Porter Circle 

Vancouver, WA 98664 
 or to such
other address as a party may notify the other pursuant to a notice given in accordance with this Section 10. 
 11.
Miscellaneous. 
 11.1 Executive Representation. Executive hereby represents to the Company that the execution and
delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of
any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 
 11.2 Entire Agreement;
Amendment. This Agreement constitutes the entire Agreement between the parties hereto with regard to the subject matter hereof, superseding all prior understandings and agreements, whether written or oral. This Agreement may not be amended or
revised except by a writing signed by the parties. 
 11.3 Assignment and Transfer. The provisions of this Agreement shall be binding
on and shall inure to the benefit of the Company and any successor in interest to the Company. Neither this Agreement nor any of the rights, duties or obligations of the Executive shall be assignable by the Executive, nor shall any of the payments
required or permitted to be made to the Executive by this Agreement be encumbered, transferred or in any way anticipated, except as required by applicable laws. All rights of the Executive under this Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, estates, executors, administrators, heirs and beneficiaries. All amounts payable to the Executive hereunder shall be paid, in the event of the Executive’s death, to the
Executive’s estate, heirs or representatives. 

  
 10 

 11.4 Waiver of Breach. A waiver by either party of any breach of any provision of this
Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by the other party. 
 11.5
Withholding. The Company shall be entitled to withhold from any amounts to be paid or benefits provided to the Executive hereunder any federal, state, local or foreign withholding, FICA contributions, or other taxes, charges or deductions
which it is from time to time required to withhold. The Company shall be entitled to rely on advice of counsel if any question as to the amount or requirement of any such withholding shall arise. 

11.6 Set Off. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall
be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates; provided, however, this set-off right is limited to actual amounts owed by
Executive to the Company (which, for the avoidance of doubt, shall exclude any consequential or indirect damages). 
 11.7
Section 409A. 
 (a) If any payment, compensation or other benefit provided to Executive in connection with his employment
termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and
Executive is a specified employee as defined in Section 409A(a)(2)(B)(i), then no portion of such “nonqualified deferred compensation” shall be paid before the day that is six (6) months plus one (1) day after the date of
termination (the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to Executive during the period between the date of termination and the New Payment Date shall be paid to Executive in a lump sum
on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this
Agreement. Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to Executive that would not be required to be delayed if the premiums therefor were paid by Executive, Executive
shall pay the full cost of premiums for such welfare benefits during the six-month period and the Company shall pay Executive an amount equal to the amount of such premiums paid by Executive during such six-month period promptly after its
conclusion. 
 (b) The parties hereto acknowledge and agree that the interpretation of Section 409A and its application to the terms of
this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Executive that would be deemed
to constitute “nonqualified deferred compensation” within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such benefit or payment is deemed to not comply with Section 409A, the Company
and Executive agree to 

  
 11 

 
renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereof) so that either (i) Section 409A will not
apply or (ii) compliance with Section 409A will be achieved; provided, that, neither the Company nor its employees or representatives shall have liability to Executive with respect hereto. 

(c) Notwithstanding anything to the contrary contained in this Agreement, all reimbursements for costs and expenses under this Agreement shall
be paid in no event later than the end of the taxable year following the taxable year in which Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as
permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements or in-kind benefits
provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year, provided, however, that the foregoing clause (ii) shall not be violated with
regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue Code of 1986, as amended, solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(d) If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment shall be
treated as a separate payment. 
 (e) A termination of employment shall not be deemed to have occurred for purposes of any provision of this
Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” as defined in Section 1.409A-1(h) of
the Department of Treasury final regulations, including the default presumptions, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of
employment” or like terms shall mean separation from service. 
 11.8 Governing Law. This Agreement shall be construed under and
enforced in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof. 
 11.9
Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the termination of the Executive’s employment (including, without limitation, any claims of
unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the
auspices of the American Arbitration Association (“AAA”) in the city of New York, NY, in the borough of Manhattan in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and
procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to
arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. This Section 11.9 shall be specifically enforceable.
Notwithstanding the 

  
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foregoing, this Section 11.9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction
in circumstances in which such relief is appropriate; provided, that, any other relief shall be pursued through an arbitration proceeding pursuant to this Section 11.9. 

11.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and shall
have the same effect as if the signatures hereto and thereto were on the same instrument. 
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	 COMPANY:
  

PMI HOLDINGS, INC.

		
	By:	 	/s/ Yoo Jin Kim
	Name:	 	Yoo Jin Kim
	Title:	 	
	
	EXECUTIVE:
	
	/s/ John D. Barr
	John D. Barr

 [SIGNATURE PAGE TO BARR A&R EMPLOYMENT AGMT]

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