Document:

trka_ex45.htm

EXHIBIT 4.5
  
 Executed Version
  
 REGISTRATION RIGHTS AGREEMENT
  
 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 21, 2022, is by and between Troika Media Group, Inc., a Nevada corporation (the “Company”), and Blue Torch Finance LLC, a Delaware limited liability company (the “Holder”).
  
 RECITALS
  
 A. The parties have entered into this Agreement in connection with that certain Financing Agreement dated March 21, 2022, by and among the Company and each of its subsidiaries, and Lenders from time to time party thereto and Holder, as Administrative Agent and Collateral Agent, of even date herewith (the “Financing Agreement”).
  
 B. To induce the Holder to consummate the transactions contemplated by the Financing Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws.
  
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Holder hereby agree as follows:
  
 1. Definitions.
  
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Financing Agreement. As used in this Agreement, the following terms shall have the following meanings:
  
 (a) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.
  
 (b) “Closing Date” shall mean the Effective Date set forth in the Financing Agreement.
  
 (c) “Converge Direct Transaction” means: (i) the acquisition by the Company and its wholly-owned subsidiary, CD Acquisition Corp. of all of the equity interests of Converge Direct, LLC and its affiliates (limited to 40% of the Membership Interests of Converge Marketing Services, LLC); (ii) the associated Private Investment in Public Equity (“PIPE”); and (iii) all other associated transactions.
  
 (d) “Converge Effectiveness Deadline” means the date that is 150 days after the date hereof.
  
 (e) “Effective Date” means the date that the applicable Registration Statement has been declared effective by the SEC.
  
 	 
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 (f) “Effectiveness Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 2(a), the earlier of (A) 60 days after the Filing Deadline, and (B) the 2nd Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registation Statement will not be reviewed or will not be subject to further review, and (ii) with respect to any additional Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the earlier of the (A) 90th calendar day following the date on which the Company was required to file such additional Registration Statement and (B) 2nd Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will not be reviewed or will not be subject to further review.
  
 (g) “Filing Deadline” means (i) with respect to the initial Registration Statement required to be filed pursuant to Section 2(a), 30 days after the date hereof and (ii) with respect to any additional Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the date on which the Company was required to file such additional Registration Statement pursuant to the terms of this Agreement.
  
 (h) “Holder” means a Holder or any transferee or assignee of any Registrable Securities to whom a Holder assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities, assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9.
  
 (i) “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization or a government or any department or agency thereof.
  
 (j) “register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 and the declaration of effectiveness of such Registration Statement(s) by the SEC.
  
 (k) “Registrable Securities” means any share capital of the Company issued or issuable with respect to the Warrants, including, without limitation, (1) as a result of any share split, share dividend, recapitalization, exchange or similar event or otherwise and (2) any share capital of the Company into which the Common Stock is converted or exchanged, in each case, without regard to any limitations on exercisable conversion of the Warrants.
  
 (l) “Registration Statement” means a registration statement or registration statements of the Company filed under the 1933 Act covering Registrable Securities.
  
 (m) “Rule 144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the SEC that may at any time permit the Holders to sell securities of the Company to the public without registration.
  
 (n) “Rule 415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be amended from time to time, or any other similar or successor rule or regulation of the SEC providing for offering securities on a continuous or delayed basis.
  
 (o) “SEC” means the United States Securities and Exchange Commission or any successor thereto.
  
 (p) “Warrant” means that certain Common Stock Purchase Warrant dated of even date herewith issued to the Holder pursuant to the terms and conditions of that certain Financing Agreement.
  
 	 
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 (q) “Warrant Shares” means the aggregate number of shares of Common Stock of the Company issuable to all Holders of Warrants equal to 1.5% of the issued and outstanding Common Stock on a pro forma basis on the date of issuance giving effect to (i) the issuance of Common Stock in relation to the Converge Direct Transaction (including the issuance of restricted stock into escrow), (ii) the conversion of all shares of Preferred Stock issued in relation to the Converge Direct Transaction and (iii) the exercise (on a cash basis) of all warrants issued in relation to the Converge Direct Transaction.
  
 (r) “1934 Act” means the Securities Exchange Act of 1934, as amended.
  
 2. Registration.
  
 (a) Mandatory Registration. The Company shall prepare and file with the SEC an initial Registration Statement on Form S-1 covering the resale of all of the Registrable Securities at such time and together with the securities issued and/or issuable: (i) under a private placement with investors who provide the Company with cash proceeds from the issuance of Equity Interests of no less than $40,000,000 required under Section 5.01(f) of the Financing Agreement, and (ii) the former members of Converge Direct, LLC and its affiliates under a Membership Interest Purchase Agreement dated as of November 22, 2021. Such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this Agreement, shall contain (except if otherwise directed by Holder) the “Selling Shareholders” and “Plan of Distribution” sections in substantially the form attached hereto as Exhibit B. The Company shall use its best efforts to have such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of this Agreement, declared effective by the SEC as soon as practicable, but in no event later than the applicable Effectiveness Deadline for such Registration Statement.
  
 (b) Offering. Notwithstanding anything to the contrary contained in this Agreement, in the event the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities by, or on behalf of, the Company, or in any other manner, such that the Staff or the SEC do not permit such Registration Statement to become effective and used for resales in a manner that does not constitute such an offering and that permits the continuous resale at the market by the Holders participating therein (or as otherwise may be acceptable to each Holder) without being named therein as an “underwriter,” then the Company shall reduce the number of shares to be included in such Registration Statement by all Holders until such time as the Staff and the SEC shall so permit such Registration Statement to become effective as aforesaid. In making such reduction, the Company shall reduce the number of shares to be included by all Holders on a pro rata basis (based upon the number of Registrable Securities otherwise required to be included for each Holder) unless the inclusion of shares by a particular Holder or a particular set of Holders are resulting in the Staff or the SEC’s “by or on behalf of the Company” offering position, in which event the shares held by such Holder or set of Holders shall be the only shares subject to reduction (and if by a set of Holders on a pro rata basis by such Holders or on such other basis as would result in the exclusion of the least number of shares by all such Holders); provided, that with respect to such pro rata portion allocated to any Holder, such Holder may elect the allocation of such pro rata portion among the Registrable Securities of such Holder. In addition, in the event that the Staff or the SEC requires any Holder seeking to sell securities under a Registration Statement filed pursuant to this Agreement to be specifically identified as an “underwriter” in order to permit such Registration Statement to become effective, and such Holder does not consent to being so named as an underwriter in such Registration Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities to be registered on behalf of such Holder, until such time as the Staff or the SEC does not require such identification or until such Holder accepts such identification and the manner thereof. Any reduction pursuant to this paragraph will first reduce all Registrable Securities other than those issued pursuant to the Financing Agreement. In the event of any reduction in Registrable Securities pursuant to this paragraph, an affected Holder shall have the right to require, upon delivery of a written request to the Company signed by such Holder, the Company to file a registration statement within twenty (20) days of such request (subject to any restrictions imposed by Rule 415 or required by the Staff or the SEC) for resale by such Holder of such reduced Registrable Securities in a manner acceptable to such Holder, and the Company shall following such request cause to be and keep effective such registration statement in the same manner as otherwise contemplated in this Agreement for registration statements hereunder, in each case until such time as: (i) all Registrable Securities held by such Holder have been registered and sold pursuant to an effective Registration Statement in a manner acceptable to such Holder or (ii) all Registrable Securities may be resold by such Holder without restriction (including, without limitation, volume limitations) pursuant to Rule 144 (taking account of any Staff position with respect to “affiliate” status) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (iii) such Holder agrees to be named as an underwriter in any such Registration Statement in a manner acceptable to such Holder as to all Registrable Securities held by such Holder and that have not theretofore been included in a Registration Statement under this Agreement (it being understood that the special demand right under this sentence may be exercised by an Holder multiple times and with respect to limited amounts of Registrable Securities in order to permit the resale thereof by such Holder as contemplated above).
  
 	 
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 (c) Ineligibility to Use Form S-3. Since a Registration Statement on Form S-3 is currently not available for the registration of the resale of Registrable Securities hereunder, in the event there is a reduction in the number of Registrable Securities registered pursuant to paragraphs (a) and (b) above, the Company shall register the resale of the unregistered Registrable Securities on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of all Registration Statements then in effect until such time as a Registration Statement on Form S-3 covering the resale of all the Registrable Securities has been declared effective by the SEC and the prospectus contained therein is available for use.
  
 (d) Piggyback Registrations. Without limiting any obligation of the Company hereunder or under the Financing Agreement, if there is not an effective Registration Statement covering all of the Registrable Securities or the prospectus contained therein is not available for use and the Company shall determine to prepare and file with the SEC a registration statement or offering statement relating to an offering for its own account or the account of others under the 1933 Act of any of its equity securities (other than on Form F-4 or Form S-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s share option or other employee benefit plans), then the Company shall deliver to each Holder a written notice of such determination and, if within fifteen (15) days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement or offering statement all or any part of such Registrable Securities such Holder requests to be registered; provided, however, the Company shall not be required to register any Registrable Securities pursuant to this Section 2(c) that are eligible for resale pursuant to Rule 144 without restriction (including, without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or that are the subject of a then-effective Registration Statement.
  
 (e) Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Holders based on the number of Registrable Securities held by each Holder at the time such Registration Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that a Holder sells or otherwise transfers any of such Holder’s Registrable Securities, each transferee or assignee (as the case may be) that becomes a Holder shall be allocated a pro rata portion of the then-remaining number of Registrable Securities included in such Registration Statement for such transferor or assignee (as the case may be). Any shares of Common Stock included in a Registration Statement and which remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Holders, pro rata based on the number of Registrable Securities then held by such Holders which are covered by such Registration Statement.
  
 	 
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 (f) If (i), in connection with the Converge Direct Transaction, the Company is restricted from compliance with Section 2(a) or Section 2(d) by the terms of any Registration Rights Agreement entered into by the Company in connection with the Converge Direct Transaction such that a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the SEC by the Converge Effectiveness Deadline, or (ii) after the effective date of a Registration Statement and during its effectiveness period, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the Holders are otherwise not permitted to utilize the prospectus therein to resell such Registrable Securities, for more than ten (10) consecutive calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month period (any such failure or breach being referred to as an “Effectiveness Event”, and for purposes of clauses (i) and (ii), the date on which such Effectiveness Event occurs, and for purpose of clause (ii) the date on which such five (5) trading Day period is exceeded, and for purpose of clause (ii) the date on which such ten (10) or fifteen (15) calendar day period, as applicable, is exceeded being referred to as “Effectiveness Event Date”), then, in addition to any other rights the Holders may have hereunder or under applicable law, on each such Effectiveness Event Date and on each monthly anniversary of each such Effectiveness Event Date (if the applicable Effectiveness Event shall not have been cured by such date) until the applicable Effectiveness Event is cured, the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 2.0% multiplied by the aggregate value of the Warrant Shares subject to such Effectiveness Event (based on the closing price of the Common Stock on the Effectiveness Event Date or, if the Common Stock is not then listed on any national or regional securities exchange, based on the then most recent closing price of the Common Stock prior to the Effectiveness Event Date) after such Effectiveness Event Date until such Registrable Securities obtain effectiveness under a Registration Statement or Holder rescinds such exercise. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Effectiveness Event. The aggregate amount of such partial liquidated damages shall be capped at 14% of market value of the Warrant Shares (based on the closing price of the Common Stock on the Effectiveness Event Date or, if the Common Stock is not then listed on any national or regional securities exchange, based on the then most recent closing price of the Common Stock prior to the Effectiveness Event Date).
  
 3. Related Obligations.
  
 The Company shall use its best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof, and, pursuant thereto, the Company shall have the following obligations:
  
 (a) The Company shall promptly prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities (but in no event later than the applicable Filing Deadline) and use its best efforts to cause such Registration Statement to become effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). The Company shall keep each Registration Statement effective (and the prospectus contained therein available for use) pursuant to Rule 415 for resales by the Holders on a delayed or continuous basis at then-prevailing market prices (and not fixed prices) at all times until the earlier of (i) the date as of which all of the Holders may sell all of the Registrable Securities required to be covered by such Registration Statement (disregarding any reduction pursuant to Section 2(f)) without restriction pursuant to Rule 144 (including, without limitation, volume restrictions) and without the need for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (ii) the date on which the Holders shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement (1) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will disclose (whether directly or through incorporation by reference to other SEC filings to the extent permitted) all material information regarding the Company and its securities. The Company shall submit to the SEC, within one (1) Business Day after the later of the date that the Company learns that no review of a particular Registration Statement will be made by the Staff or that the Staff has no further comments on a particular Registration Statement (as the case may be), a request for acceleration of effectiveness of such Registration Statement to a time and date not later than twenty-four (24) hours after the submission of such request. The Company shall respond in writing to comments made by the SEC in respect of a Registration Statement as soon as practicable, but in no event later than fifteen (15) days after the receipt of comments by or notice from the SEC that an amendment is required in order for a Registration Statement to be declared effective.
  
 	 
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 (b) Subject to Section 3(r) of this Agreement, the Company shall prepare and file with the SEC such amendments (including, without limitation, post-effective amendments) and supplements to each Registration Statement and the prospectus used in connection with each such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary to keep each such Registration Statement effective at all times during the Registration Period for such Registration Statement, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities of the Company required to be covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement; provided, however, by 8:30 a.m. (New York time) on the Business Day immediately following each Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the 1933 Act the final prospectus to be used in connection with sales pursuant to the applicable Registration Statement (whether or not such a prospectus is technically required by such rule). In the case of amendments and supplements to any Registration Statement which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason of the Company filing a report on Form 8-K, Form 10-K, Form 10-Q or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall, if permitted under the applicable rules and regulations of the SEC, have incorporated such report by reference into such Registration Statement, if applicable, or shall promptly file such amendments or supplements with the SEC.
  
 (c) The Company shall (A) permit legal counsel for each Holder to review and comment upon (i) each Registration Statement at least five (5) Business Days prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation, the prospectus contained therein) (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, current Reports on Form 8-K, and any similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which legal counsel for any other Holder reasonably objects. The Company shall promptly furnish to legal counsel for the Holder, without charge, (i) copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each Registration Statement, provided that such correspondence shall not contain any material, non-public information regarding the Company or any of its Subsidiaries (as defined in the Financing Agreement), (ii) after the same is prepared and filed with the SEC, one (1) copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by a Holder, and all exhibits and (iii) upon the effectiveness of each Registration Statement, one (1) copy of the prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall reasonably cooperate with legal counsel for the Holder in performing the Company’s obligations pursuant to this Section 3.
  
 	 
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 (d) The Company shall promptly furnish to each Holder whose Registrable Securities are included in any Registration Statement, without charge, (i) after the same is prepared and filed with the SEC, at least one (1) copy of each Registration Statement and any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by a Holder, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of each Registration Statement, the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Holder may reasonably request from time to time), and (iii) such other documents, including, without limitation, copies of any preliminary or final prospectus, as such Holder may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Holder.
  
 (e) The Company shall use its best efforts to (i) register and qualify, unless an exemption from registration and qualification applies, the resale by Holders of the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those jurisdictions, such amendments (including, without limitation, post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify legal counsel for the Holder and each other Holder who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.
  
 (f) The Company shall notify legal counsel for the Holder and each other Holder in writing of the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus included in a Registration Statement, as then in effect, may include an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information regarding the Company or any of its Subsidiaries), and, subject to Section 3(r), promptly prepare a supplement or amendment to such Registration Statement and such prospectus contained therein to correct such untrue statement or omission and deliver copies of such supplement or amendment to legal counsel for the Holder and each other Holder. The Company shall also promptly notify legal counsel for the Holder and each other Holder in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to legal counsel for the Holder and each other Holder by facsimile or e-mail on the same day of such effectiveness and by overnight mail), and when the Company receives written notice from the SEC that a Registration Statement or any post-effective amendment will be reviewed by the SEC, (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate; and (iv) of the receipt of any request by the SEC or any other federal or state governmental authority for any additional information relating to the Registration Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond as promptly as practicable to any comments received from the SEC with respect to each Registration Statement or any amendment thereto (it being understood and agreed that the Company’s response to any such comments shall be delivered to the SEC no later than ten (10) Business Days after the receipt thereof).
  
 	 
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 (g) The Company shall (i) use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and (ii) notify legal counsel for the Holder and each other Holder who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.
  
 (h) If any Holder may be required under applicable securities law to be described in any Registration Statement as an underwriter and such Holder consents to so being named an underwriter, at the request of any Holder, the Company shall furnish to such Holder, on the date of the effectiveness of such Registration Statement and thereafter from time to time on such dates as a Holder may reasonably request (i) a letter, dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the Holders, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Holders.
  
 (i) If any Holder may be required under applicable securities law to be described in any Registration Statement as an underwriter and such Holder consents to so being named an underwriter, upon the written request of such Holder, the Company shall make available for inspection by (i) such Holder, (ii) legal counsel for Holder, and (iii) one (1) firm of accountants or other agents retained by such Holder (collectively, the “Inspectors”), all pertinent financial and other records, and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which any Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold in strict confidence and not to make any disclosure (except to such Holder) or use of any Record or other information which the Company’s board of directors determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (1) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933 Act, (2) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (3) the information in such Records has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document (as defined in the Financing Agreement). Such Holder agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and such Holder, if any) shall be deemed to limit any Holder’s ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations.
  
 	 
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 (j) The Company shall hold in confidence and not make any disclosure of information concerning a Holder provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required to be disclosed in such Registration Statement pursuant to the 1933 Act, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction Document. The Company agrees that it shall, upon learning that disclosure of such information concerning a Holder is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Holder and allow such Holder, at such Holder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.
  
 (k) Without limiting any obligation of the Company under the Financing Agreement, the Company shall use its best efforts either to (i) cause all of the Registrable Securities covered by each Registration Statement to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, (ii) secure designation and quotation of all of the Registrable Securities covered by each Registration Statement on an Eligible Market (as defined in the Financing Agreement), or (iii) if, despite the Company’s best efforts to satisfy the preceding clauses (i) or (ii) the Company is unsuccessful in satisfying the preceding clauses (i) or (ii), without limiting the generality of the foregoing, to use its best efforts to arrange for at least two market makers to register with the Financial Industry Regulatory Authority (“FINRA”) as such with respect to such Registrable Securities. In addition, the Company shall cooperate with each Holder and any broker or dealer through which any such Holder proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant to FINRA Rule 5110 as requested by such Holder. The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 3(k).
  
 (l) The Company shall cooperate with the Holders who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts (as the case may be) as the Holders may reasonably request from time to time and registered in such names as the Holders may request.
  
 (m) If requested by a Holder, the Company shall as soon as practicable after receipt of notice from such Holder and subject to Section 3(r) hereof, (i) incorporate in a prospectus supplement or post- effective amendment such information as a Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or prospectus contained therein if reasonably requested by a Holder holding any Registrable Securities.
  
 (n) The Company shall use its best efforts to cause the Registrable Securities covered by a Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.
  
 (o) The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after the close of the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the applicable Effective Date of each Registration Statement.
  
 	 
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 (p) The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder.
  
 (q) Within two (2) Business Days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Holders whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as Exhibit A.
  
 (r) Notwithstanding anything to the contrary herein (but subject to the last sentence of this Section 3(r)), at any time after the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information concerning the Company or any of its Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the board of directors of the Company, in the best interest of the Company and, in the opinion of counsel to the Company, otherwise required (a “Grace Period”), provided that the Company shall promptly notify the Holders in writing of the (i) existence of material, non-public information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose the content of such material, non-public information to any of the Holders) and the date on which such Grace Period will begin and (ii) date on which such Grace Period ends, provided further that (I) no Grace Period shall exceed ten (10) consecutive days and during any three hundred sixty-five (365) day period all such Grace Periods shall not exceed an aggregate of thirty (30) days, (II) the first day of any Grace Period must be at least five (5) trading Days after the last day of any prior Grace Period and (III) no Grace Period may exist during the sixty (60) Trading Day period immediately following the Effective Date of such Registration Statement (provided that such sixty (60) Trading Day period shall be extended by the number of trading Days during such period and any extension thereof contemplated by this provision during which such Registration Statement is not effective or the prospectus contained therein is not available for use) (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, such Grace Period shall begin on and include the date the Holders receive the notice referred to in clause (i) above and shall end on and include the later of the date the Holders receive the notice referred to in clause (ii) above and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of each Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding anything to the contrary contained in this Section 3(r), the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of a Holder in accordance with the terms of the Warrants in connection with any sale of Registrable Securities with respect to which such Holder has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement to the extent applicable, prior to such Holder’s receipt of the notice of a Grace Period and for which shares of Common Stock have not yet settled.
  
 (s) The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Holder of its Registrable Securities pursuant to each Registration Statement.
  
 (t) Neither the Company nor any Subsidiary or affiliate thereof shall identify any Holder as an underwriter in any public disclosure or filing with the SEC, the Principal Market or any Eligible Market and any Holder being deemed an underwriter by the SEC shall not relieve the Company of any obligations it has under this Agreement or any other Transaction Document; provided, however, that the foregoing shall not prohibit the Company from including the disclosure found in the “Plan of Distribution” section attached hereto as Exhibit B in the Registration Statement.
  
 (u) Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the rights granted to the Holder in this Agreement or otherwise conflicts with the provisions hereof.
  
 	 
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 4. Obligations of the Holders.
  
 (a) At least five (5) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall notify each Holder in writing of the information the Company requires from each such Holder with respect to such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of a particular Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.
  
 (b) Each Holder, by such Holder’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless such Holder has notified the Company in writing of such Holder’s election to exclude all of such Holder’s Registrable Securities from such Registration Statement.
  
 (c) Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of 3(f), such Holder will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(c), the Company shall cause its transfer agent to deliver unlegended Common Stock to a transferee of a Holder in accordance with the terms of the Warrant in connection with any sale of Registrable Securities with respect to which such Holder has entered into a contract for sale prior to the Holder’s receipt of a notice from the Company of the happening of any event of the kind described in Section 3(g) or the first sentence of Section 3(f) and for which such Holder has not yet settled.
  
 5. Expenses of Registration.
  
 All reasonable expenses, other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, FINRA filing fees (if any) and fees and disbursements of counsel for the Company shall be paid by the Company.
  
 	 
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 6. Indemnification.
  
 (a) To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Holder and each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) and each Person, if any, who controls such Holder within the meaning of the 1933 Act or the 1934 Act and each of the directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an “Indemnified Person”), against any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees and costs of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading or (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of such Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(d) and (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of any of the Registrable Securities by any of the Holders pursuant to Section 9.
  
 	 
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 (b) In connection with any Registration Statement in which a Holder is participating, such Holder agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), such Holder will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Holder, which consent shall not be unreasonably withheld or delayed, provided further that such Holder shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Holder as a result of the applicable sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities by any of the Holders pursuant to Section 9.
  
 	 
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 (c) Promptly after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified Person or Indemnified Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Indemnified Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the case may be) and the indemnifying party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Person or such Indemnified Party and the indemnifying party (in which case, if such Indemnified Person or such Indemnified Party (as the case may be)) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnified Person or Indemnified Party (as the case may be). The Indemnified Party or Indemnified Person (as the case may be) shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person (as the case may be) which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.
  
 	 
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 (d) The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.
  
 (e) The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.
  
 7. Contribution.
  
 To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that such Holder has otherwise been required to pay, or would otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.
  
 8. Reports Under the 1934 Act.
  
 With a view to making available to the Holders the benefits of Rule 144, the Company agrees to:
  
 (a) make and keep public information available, as those terms are understood and defined in Rule 144;
  
 (b) file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall limit any obligations of the Company under the Financing Agreement) and the filing of such reports and other documents is required for the applicable provisions of Rule 144; and
  
 (c) furnish to each Holder so long as such Holder owns Registrable Securities, promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company with the SEC if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to permit the Holders to sell such securities pursuant to Rule 144 without registration.
  
 	 
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 9. Assignment of Registration Rights.
  
 All or any portion of the rights under this Agreement shall be automatically assignable by each Holder to any transferee or assignee (as the case may be) of all or any portion of such Holder’s Registrable Securities or Warrants if: (i) such Holder agrees in writing with such transferee or assignee (as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a reasonable time after such transfer or assignment (as the case may be), furnished with written notice of (a) the name and address of such transferee or assignee (as the case may be), and (b) the securities with respect to which such registration rights are being transferred or assigned (as the case may be); (iii) immediately following such transfer or assignment (as the case may be) the further disposition of such securities by such transferee or assignee (as the case may be) is restricted under the 1933 Act or applicable state securities laws if so required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence such transferee or assignee (as the case may be) agrees in writing with the Company to be bound by all of the provisions contained herein; (v) such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements of the Warrants; and (vi) such transfer or assignment (as the case may be) shall have been conducted in accordance with all applicable federal and state securities laws.
  
 10. Amendment of Registration Rights.
  
 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and Holder; provided that any such amendment or waiver that complies with the foregoing, but that disproportionately, materially and adversely affects the rights and obligations of any Holder relative to the comparable rights and obligations of the other Holders shall require the prior written consent of such adversely affected Holder. Any amendment or waiver effected in accordance with this Section 10 shall be binding upon each Holder and the Company, provided that no such amendment shall be effective to the extent that it (1) applies to less than all of the holders of Registrable Securities or (2) imposes any obligation or liability on any Holder without such Holder’s prior written consent (which may be granted or withheld in such Holder’s sole discretion). No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement unless the same consideration (other than the reimbursement of legal fees) also is offered to all of the parties to this Agreement.
  
 11. Miscellaneous.
  
 (a) Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person owns, or is deemed to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from such record owner of such Registrable Securities.
  
 (b) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) or electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s email server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses, facsimile numbers and email addresses for such communications shall be:
  
 	 
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 If to the Company:
  
 Troika Media Group, Inc. 
 1215 N. Gower Street Los 
 Angeles, CA 90028
 Telephone: (323) 965-1650
 Attention: Michael Tenore, General Counsel Email: 
 mtenore@troikamedia.com
  
 With a copy (for informational purposes only) to: 
  
 Davidoff Hutcher & Citron LLP
 605 Third Avenue, 34th Floor 
 New York, NY 10158
 Attention: Elliot H. Lutzker, Esq. 
 Email: ehl@dhclegal.com
  
 If to the Transfer Agent:
  
 American Stock Transfer & Trust Company 
 6201 15th Avenue
 Brooklyn, NY 11219 
 Attention: Rohan Bickram
 Email: rbickram@astfinancial.com If 
  
 to Holder:
  
 Blue Torch Finance LLC c/o 
 Blue Torch Capital LP
 150 East 58th Street, 18th Floor 
 New York, New York 10155
 Email: BlueTorchAgency@alterdomus.com 
  
 With a copy (for informational purposes only) to:
  
 SEI – Blue Torch Capital Loan Ops 1 
 Freedom Valley Drive
 Oaks, Pennsylvania 19456
 Telecopier: (469) 709-1839
 Email: bluetorch.loanops@seic.com in 
  
 each case, with a copy to:
  
 King & Spalding LLP
 1185 Avenue of the Americas 
 New York, New York 10036 
 Attention: Jennifer E. Daly 
 Telephone: 212-556-2196 
 Email: jdaly@kslaw.com
  
 	 
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 Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email containing the time, date, recipient facsimile number or email address and an image of the first page of such transmission, or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.
  
 (c) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof. The Company and each Holder acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement by any other party hereto and to enforce specifically the terms and provisions hereof (without the necessity of showing economic loss and without any bond or other security being required), this being in addition to any other remedy to which any party may be entitled by law or equity.
  
 (d) All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby appoints Corporation Service Company as its agent for service of process in New York. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. The choice of the laws of the State of New York as the governing law of this Agreement is a valid choice of law and would be recognized and given effect to in any action brought before a court of competent jurisdiction in Nevada, except for those laws (i) which such court considers to be procedural in nature, (ii) which are revenue or penal laws, or (iii) the application of which would be inconsistent with public policy, as such term is interpreted under the laws of Nevada. The Company or any of their respective properties, assets or revenues does not have any right of immunity under Nevada or New York law, from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Nevada, New York or United States federal court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement and, to the extent that the Company, or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided in this Agreement and the other Transaction Documents.
  
 	 
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 (e) If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).
  
 (f) This Agreement, the Warrants and the instruments referenced herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the Warrants, and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto solely with respect to the subject matter hereof and thereof; provided, however, nothing contained in this Agreement or any other transaction document shall (or shall be deemed to) (i) have any effect on any agreements any Holder has entered into with the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Holder in the Company, (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries or any rights of or benefits to any Holder or any other Person in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries and any Holder and all such agreements shall continue in full force and effect or (iii) limit any obligations of the Company under any of the other transaction documents.
  
 (g) Subject to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision hereof be enforced by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons referred to in Sections 6 and 7 hereof.
  
 (h) The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found.
  
 (i) This Agreement may be executed in two or more identical counterparts, each of which shall be deemed an original, but all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an email which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.
  
 	 
	19
	

	 

  
 (j) Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.
  
 (k) The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. Notwithstanding anything to the contrary set forth in Section 10, terms used in this Agreement but defined in the Financing Agreement shall have the meanings ascribed to such terms on the Effective Date in the Financing Agreement unless otherwise consented to in writing by each Holder.
  
 (l) All consents and other determinations required to be made by the Holders pursuant to this Agreement shall be made, unless otherwise specified in this Agreement, by Holder.
  
 (m) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.
  
 (n) The obligations of each Holder under this Agreement, the Warrants and the Financing Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement or the Financing Agreement. Nothing contained herein or in the Financing Agreement, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as, and the Company acknowledges that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by the Financing Agreement or any matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or the transactions contemplated by this Agreement or the Financing Agreement. Each Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the Financing Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained herein was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement and in the Financing Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.
  
 [signature page follows]
  
 	 
	20
	

	 

   
 IN WITNESS WHEREOF, Holder and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.
  
 	 	COMPANY:	
	  
	  
	  

	  
	 TROIKA MEDIA GROUP, INC.
	  

	 	 	 	 
		By:	/s/ Robert Machinist	
	  
	  
	Name: Robert Machinist	 
	 	 	Title: Chief Executive Officer	 
	 	 	 	 

  
 [Signature Page to Registration Rights Agreement)
  
 	 
	21
	

	 

   
 IN WITNESS WHEREOF, Holder and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as of the date first written above.
  
 	 	HOLDER:	
	  
	  
	  

	  
	 BLUE TORCH FINANCE LLC
	  

	 	 	 	 
	  
	 By: Blue Torch Capital LP, its managing member
	  

	  
	  
	  
	  

		By:	/s/ Kevin Genda	
	  
	  
	Name: Kevin Genda	 
	 	 	Title: CEO	 

  
 [Signature Page to Registration Rights Agreement]
  
 	 
	22
	

	 

  
 EXHIBIT A
  
 FORM OF NOTICE OF EFFECTIVENESS OF REGISTRATION STATEMENT
  
 American Stock Transfer & Trust Company 
 6201 15th Avenue
 Brooklyn, NY 11219 
 Attention: Rohan Bickram
 Email: rbickram@astfinancial.com
  
 	  
	 Re:
	  Troika Media Group, Inc.

  
 Ladies and Gentlemen:
  
 We are counsel to Troika Media Group, Inc. (the “Company”), and have represented the Company in connection with that certain Financing Agreement entered into by and among the Company and the Lenders named therein (collectively, the “Holders”) pursuant to which the Company issued to the Holders common stock Purchase Warrants (the “Warrants”) exercisable for the Company’s shares of Common Stock, $0.001 par value per share. Pursuant to the Financing Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Registrable Securities (as defined in the Registration Rights Agreement), including the Shares of Common Stock issuable upon exercise of the Warrants, under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s obligations under the Registration Rights Agreement, on, 2022, the Company filed a Registration Statement on Form S-1 (File No. 333-) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Holders as a selling shareholder thereunder.
  
 In connection with the foregoing, we advise you that [a member of the SEC’s staff has advised us by telephone that [the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]] [an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]] has been posted on the web site of the SEC at www.sec.gov] and we have no knowledge, after a review of information posted on the website of the SEC at http://www.sec.gov/litigation/stoporders.shtml, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement.
  
 This letter shall serve as our standing opinion to you that the shares of Common Stock underlying the Warrants are freely transferable by the Holder pursuant to the Registration Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance of such shares of Common Stock to the Holders as contemplated by the Company’s Irrevocable Transfer Agent Instructions dated, 20.
  
 	  
	  
	 Very truly yours,

	  
	  
	  

	  
	  
	 DAVIDOFF HUTCHER & CITRON LLP

	  
	  
	  

	  
	  
	  

	 cc:
	 Blue Torch Finance LLC,
	  

	  
	 as Administrative Agent and Collateral Agent
	  

  
 	 
	-1-
	

	 

  
 EXHIBIT B SELLING 
  
 SHAREHOLDERS
  
 The shares of Common Stock being offered by the selling shareholders are those issuable to the selling shareholders upon exercise of the Warrants. For additional information regarding the issuance of the Warrants, see “Financing Agreement” above. We are registering the shares of Common Stock in order to permit the selling shareholders to offer the shares for resale from time to time. Except for the ownership of the Warrants issued pursuant to the Financing Agreement, the selling shareholders have not had any material relationship with us within the past three years.
  
 The table below lists the selling shareholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder) of the shares of Common Stock held by each of the selling shareholders. The second column lists the number of shares of Common Stock beneficially owned by the selling shareholders, based on their respective ownership of shares of Common Stock and Warrants, as of February, 2022, assuming exercise of the Warrants held by each such selling shareholder on that date but taking account of any limitations on conversion and exercise set forth therein.
  
 The third column lists the shares of Common Stock being offered by this prospectus by the selling shareholders and does not take in account any limitations on exercise of the Warrants set forth therein.
  
 In accordance with the terms of a registration rights agreement with the holders of the Warrants, this prospectus generally covers the resale of the number of shares issuable upon exercise of the Warrants converted in full (without regard to any limitations on exercise contained therein solely for the purpose of such calculation). Because the exercise price of the Warrants may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares being offered by this prospectus. The fourth column assumes the sale of all of the shares offered by the selling shareholders pursuant to this prospectus.
  
 Under the terms of the Warrants, a selling shareholder may not exercise the Warrants to the extent (but only to the extent) such selling shareholder or any of its affiliates would beneficially own a number of shares of our shares of Common Stock which would exceed 9.99% of the outstanding shares of the Company. The number of shares in the second column reflects these limitations. The selling shareholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.”
  
 	 Name of Selling Shareholder 
	  
	  Number of Shares of 
 Common Stock 
 Owned Prior to
 Offering
	  
	  Maximum Number of
 Shares of Common
 Stock to be Sold
 Pursuant to this
 Prospectus
	  
	  Number of
 Shares of
 Common Stock
 of Owned After
 Offering

	  
	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  
	  

  
  
 	 
	-1-
	

	 

  
 PLAN OF DISTRIBUTION
  
 We are registering the shares of Common Stock issuable upon exercise of the Warrants to permit the resale of these shares of Common Stock issuable from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders of the shares of Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common Stock.
  
 The selling shareholders may sell all or a portion of the shares of Common Stock held by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent’s commissions. The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, pursuant to one or more of the following methods:
  
 	  
	 ·
	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
	  
	  
	  

	  
	 ·
	in the over-the-counter market;
	  
	  
	  

	  
	 ·
	in transactions otherwise than on these exchanges or systems or in the over-the-counter market;
	  
	  
	  

	  
	 ·
	through the writing or settlement of options, whether such options are listed on an options exchange or otherwise;
	  
	  
	  

	  
	 ·
	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
	  
	  
	  

	  
	 ·
	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;
	  
	  
	  

	  
	 ·
	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;
	  
	  
	  

	  
	 ·
	an exchange distribution in accordance with the rules of the applicable exchange;
	  
	  
	  

	  
	 ·
	privately negotiated transactions;
	  
	  
	  

	  
	 ·
	short sales made after the date the Registration Statement is declared effective by the SEC;
	  
	  
	  

	  
	 ·
	broker-dealers may agree with a selling security holder to sell a specified number of such shares at a stipulated price per share;
	  
	  
	  

	  
	 ·
	a combination of any such methods of sale; and
	  
	  
	  

	  
	 ·
	any other method permitted pursuant to applicable law.

  
 The selling shareholders may also sell shares of Common Stock under Rule 144 promulgated under the Securities Act of 1933, as amended, if available, rather than under this prospectus. In addition, the selling shareholders may transfer the shares of Common Stock by other means not described in this prospectus. If the selling shareholders effect such transactions by selling Shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of Common Stock or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The selling shareholders may also sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares.
  
 	 
	-2-
	

	 

  
 The selling shareholders may pledge or grant a security interest in some or all of the notes or shares of Common Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.
  
 To the extent required by the Securities Act and the rules and regulations thereunder, the selling shareholders and any broker-dealer participating in the distribution of the shares of Common Stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the time a particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of shares of Common Stock being offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling shareholders and any discounts, commissions or concessions allowed or re- allowed or paid to broker-dealers.
  
 Under the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.
  
 There can be no assurance that any selling shareholder will sell any or all of the shares of Common Stock registered pursuant to the registration statement, of which this prospectus forms a part.
  
 The selling shareholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the selling shareholders and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common Stock to engage in market- making activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market- making activities with respect to the shares of Common Stock.
  
 	 
	-3-
	

	 

  
 We will pay all expenses of the registration of the shares of Common Stock pursuant to the registration rights agreement, estimated to be $☑ in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or “blue sky” laws; provided, however, a selling shareholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders against liabilities, including some liabilities under the Securities Act in accordance with the registration rights agreements or the selling shareholders will be entitled to contribution. We may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act that may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in accordance with the related registration rights agreements or we may be entitled to contribution.
  
 Once sold under the registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands of persons other than our affiliates.
  
 Common Stock will be freely tradable in the hands of persons other than our affiliates.
  
 	 
	-4-EX-10.1

 Exhibit 10.1 

WENDY’S FUNDING, LLC 

SERIES 2022-1 4.236% FIXED RATE
SENIOR SECURED NOTES, CLASS A-2-I 

SERIES 2022-1 4.535% FIXED RATE
SENIOR SECURED NOTES, CLASS A-2-II 

PURCHASE AGREEMENT 

March 23, 2022 
 BARCLAYS
CAPITAL INC., and 
 JEFFERIES LLC, each 

on behalf of itself and as a 
 representative 

of the several Initial Purchasers named 
 in Schedule I of this
Agreement 
 c/o BARCLAYS CAPITAL INC. 

745 Seventh Avenue, 5th Floor 

New York, New York 10019 
 c/o JEFFERIES LLC 

520 Madison Avenue 
 New York, New York 10022 

Ladies and Gentlemen: 
 Wendy’s Funding,
LLC, a special purpose Delaware limited liability company (the “Master Issuer”) and an indirect, wholly-owned Subsidiary of Wendy’s International, LLC, a Delaware limited liability company (the
“Manager”), proposes, upon the terms and conditions stated herein, to issue and sell to the several initial purchasers named in Schedule I hereto (the “Initial Purchasers” and each, an
“Initial Purchaser”), two series of fixed rate senior secured notes, (i) the 4.236% Series 2022-1
Class A-2-I Notes (the “Series 2022-1 Class A-2-I Notes”) in an aggregate principal amount of $100,000,000 and (ii) the 4.535% Series 2022-1 Class A-2-II Notes (the “Series 2022-1
Class A-2-II Notes”) in an aggregate principal amount of $400,000,000 (the Series
2022-1 Class A-2-I Notes and the Series 2022-1 Class A-2-II Notes together, the “Offered Notes”), pursuant to the Indenture (as defined below). 

The Offered Notes (i) will have terms and provisions that are summarized in the Pricing Disclosure Package (as defined below) and
(ii) are to be issued pursuant to an Amended and Restated Base Indenture (the “Base Indenture”) and a series supplement (the “Series 2022-1 Supplement” and,
together with the Base Indenture, the “Indenture”), in each case to be dated as of the Closing Date (as defined below) and to be entered into by and between the Master Issuer and Citibank, N.A., a national banking
association, as trustee (in such capacity, the “Trustee”) and as 

 
securities intermediary. The Master Issuer’s obligations under the Offered Notes will be jointly and severally irrevocably and unconditionally guaranteed (the
“Guarantees”) by Wendy’s SPV Guarantor, LLC, a special purpose Delaware limited liability company (the “Holding Company Guarantor”), Quality is Our Recipe, LLC, a special purpose Delaware limited
liability company (the “Franchise Holder”), and Wendy’s Properties, LLC, a special purpose Delaware limited liability company (the “Wendy’s Properties” and, together with the Holding Company
Guarantor and the Franchise Holder, the “Guarantors” and each a “Guarantor” and, together with the Master Issuer, the “Securitization Entities”), pursuant to a Guarantee and
Collateral Agreement, dated as of the Initial Closing Date, among each Guarantor and the Trustee (the “Guarantee and Collateral Agreement”). On the Initial Closing Date, the Contributed Assets were contributed to the
Securitization Entities (collectively, the “Contribution Transactions”) pursuant to the Contribution Agreements as described in the Pricing Disclosure Package and the Final Offering Memorandum (as defined below).
This Agreement is to confirm the agreement concerning the purchase of the Offered Notes from the Master Issuer by the Initial Purchasers. Barclays Capital Inc. (“Barclays”), and Jefferies LLC
(“Jefferies”) are acting as the joint representatives (collectively the “Representatives” and each a “Representative”) for the Initial Purchasers. 

On June 1, 2015 (the “Initial Closing Date”), (i) the Securitization Entities, the Manager and the Trustee
entered into a Management Agreement, pursuant to which the Manager manages the assets and business of the Securitization Entities (to be amended as of the Closing Date, as futher amended from time to time, the “Management
Agreement”), (ii) the Securitization Entities, the Manager, Midland Loan Services, a division of PNC Bank, National Association, as servicer (the “Servicer”), and the Trustee entered into a Servicing Agreement,
dated as of the Initial Closing Date, pursuant to which the Servicer services and administers the Offered Notes (as amended from time to time, the “Servicing Agreement”), (iii) the Securitization Entities, the Manager, the
Servicer, FTI Consulting, Inc., a Maryland corporation, as back-up manager (the “Back-Up Manager”), and the Trustee entered into a Back-Up Management and Consulting Agreement (as amended from time to time, the “Back-Up Management Agreement”), pursuant to which the Back-Up Manager will provide certain consulting and back-up management services to the Securitization Entities, the Servicer and the Trustee for the benefit of the Secured
Parties, and (iv) the Guarantors and the Trustee entered into the Guarantee and Collateral Agreement. 
 For purposes of this
Agreement, (i) “Parent Companies” shall mean The Wendy’s Company, a Delaware corporation (“Parent”), and the Manager and (ii) “Wendy’s Parties” shall mean,
collectively, the Parent Companies and the Securitization Entities. 
 For purposes of this Agreement, capitalized terms used but not
defined herein shall have the meanings given to such terms in the “Certain Definitions” section of the Pricing Disclosure Package (as defined below). 

1.    Purchase and Resale of the Offered Notes. The Offered Notes will be offered and sold by the Master
Issuer to the Initial Purchasers without registration under the Securities Act of 1933, as amended (the “1933 Act”), in reliance on an exemption pursuant to Section 4(a)(2) under the 1933 Act. The Wendy’s Parties
have prepared a preliminary offering memorandum, dated March 21, 2022 (as amended or supplemented as of the Applicable Time (as defined below), the 

  
 2 

 
“Preliminary Offering Memorandum”) setting forth information regarding the Wendy’s Parties and the Offered Notes, the investor presentation attached hereto as Exhibit
1, dated March 21, 2022 (the “Investor Presentation”), a pricing term sheet substantially in the form attached hereto as Schedule II (the “Pricing Term Sheet”) setting forth the
terms of the Offered Notes and certain pricing, price-dependent or other information omitted from the Preliminary Offering Memorandum and certain other information and a final offering memorandum, dated March 23, 2022 (the
“Final Offering Memorandum”), setting forth information regarding the Wendy’s Parties and the Offered Notes. The Preliminary Offering Memorandum and the Pricing Term Sheet are collectively referred to as
the “Pricing Disclosure Package”. The Wendy’s Parties hereby confirm that they have authorized the use of the Pricing Disclosure Package, the Investor Presentation and the Final Offering Memorandum in connection
with the offering and resale of the Offered Notes by the Initial Purchasers. “Applicable Time” means 1:42 p.m. (New York City time) on the date of this Agreement. 

All references in this Agreement to the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum
include, unless expressly stated otherwise, all documents, financial statements and schedules and other information contained or incorporated by reference therein (and references in this Agreement to such information being “contained,”
“included” or “stated” (and other references of like import) in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum shall be deemed to mean all such information contained or
incorporated by reference therein, to the extent such information has not been superseded or modified by other information contained or incorporated by reference therein). All documents filed (but not furnished, unless such furnished document is
expressly incorporated by reference in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, as the case may be) with the U.S. Securities and Exchange Commission (the
“Commission”) under the Securities Exchange Act of 1934, as amended (the “1934 Act”) and incorporated by reference in the Preliminary Offering Memorandum, Pricing Disclosure Package or
the Final Offering Memorandum, as the case may be, or any amendment or supplement thereto are hereinafter called the “Exchange Act Reports”. 

It is understood and acknowledged that upon original issuance thereof, and until such time as the same is no longer required under the
applicable requirements of the 1933 Act, the Offered Notes (and all securities issued in exchange therefor or in substitution thereof) will bear the legends that are set forth under the caption “Transfer Restrictions” in the Pricing
Disclosure Package. 
 You have advised the Master Issuer that the Initial Purchasers intend to offer and resell (the “Exempt
Resales”) the Offered Notes purchased by the Initial Purchasers hereunder on the terms set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, as amended or supplemented, solely to any individual,
corporation (including a business trust), partnership, limited liability partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated association or government or
any agency or political subdivision thereof (collectively, a “person”) whom the Initial Purchasers reasonably believe to be (1) (a) “qualified institutional buyers” (“QIBs”) as defined in
Rule 144A under the 1933 Act (“Rule 144A”) or (b) outside of the United States, to persons who are not U.S. Persons (such persons, “Non-U.S. Persons”) as
defined in Regulation S 

  
 3 

 
under the 1933 Act (“Regulation S”) in offshore transactions in reliance on Regulation S, and (2) in each case, who are not Competitors (as such term is defined in
the Preliminary Offering Memorandum). As used in the preceding sentence, the terms “offshore transaction” and “United States” have the meanings assigned to them in Regulation S. Those persons specified
in clauses (a) and (b) above are referred to herein as “Eligible Purchasers”. 

2.    Representations and Warranties of the Wendy’s Parties. Each of the Wendy’s Parties jointly and
severally, represents and warrants, on and as of the date hereof and the Closing Date, as follows: 
 (a)    When the
Offered Notes and Guarantees are issued and delivered pursuant to this Agreement, such Offered Notes and Guarantees will not be of the same class (within the meaning of Rule 144A) as securities that are listed on a national securities exchange
registered under Section 6 of the 1934 Act or that are quoted in a United States automated inter-dealer quotation system. 

(b)    Assuming the accuracy of the representations and warranties in Section 3(b) of this Agreement, the purchase
and resale of the Offered Notes pursuant to this Agreement (including pursuant to the Exempt Resales) are exempt from the registration requirements of the 1933 Act. 

(c)    No form of general solicitation or general advertising within the meaning of Regulation D under the 1933 Act
(including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by
any general solicitation or general advertising) (each, a “General Solicitation”) was used by the Wendy’s Parties, any of their respective affiliates, any of their respective representatives or any person acting on any
of their behalf (other than the Initial Purchasers and their affiliates or any of their respective representatives, as to whom the Wendy’s Parties make no representation) in connection with the offer and sale of the Offered Notes. 

(d)    No directed selling efforts within the meaning of Rule 902 under the 1933 Act were used by the Wendy’s Parties
or any of their respective affiliates or any of their respective representatives (other than the Initial Purchasers and their respective affiliates or any of their respective representatives, as to whom the Wendy’s Parties make no
representation) with respect to Offered Notes sold outside the United States to Non-U.S. Persons, and each of the Wendy’s Parties, their respective affiliates and their respective representatives or any
person acting on any of their behalf (other than the Initial Purchasers and their respective affiliates and representatives, as to whom the Wendy’s Parties make no representation) has complied with and will implement the “offering
restrictions” required by Rule 902 under the 1933 Act. 
 (e)    Each of the Preliminary Offering
Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, each as of its respective date, contains all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the 1933 Act. 

  
 4 

 (f)    None of the Wendy’s Parties nor any other person acting on
behalf of any Wendy’s Party has offered or sold any securities in a manner that would be integrated with the offering of the Offered Notes contemplated by this Agreement pursuant to the 1933 Act, the rules and regulations thereunder or the
interpretations thereof by the Commission. 
 (g)    The Preliminary Offering Memorandum, the Pricing Disclosure Package
and the Final Offering Memorandum have been prepared by the Wendy’s Parties for use by the Initial Purchasers in connection with the Exempt Resales. No order or decree preventing the use of the Preliminary Offering Memorandum, the Pricing
Disclosure Package or the Final Offering Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the 1933 Act, has been issued, and no proceeding for that purpose has
commenced or is pending or, to the knowledge of any Wendy’s Party, is contemplated. 
 (h)    The Pricing
Disclosure Package did not, as of the Applicable Time, and will not, as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in the Pricing Disclosure Package in reliance upon and in conformity with the Initial Purchaser
Information (as defined in Section 8(e) below). Each document listed in Schedule III hereto is true and correct in all material respects and no forward-looking statement, estimate or projection contained therein has been made without a
reasonable basis or has been disclosed other than in good faith. 
 (i)    The Final Offering Memorandum will not, as of
its date and as of the Closing Date, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided that no representation or warranty is made as to information contained in the Final Offering Memorandum in reliance upon and in conformity with the Initial Purchaser Information. 

(j)    None of the Wendy’s Parties has prepared, made, used, authorized, approved or distributed and will not, and
will not cause or allow its agents or representatives to, prepare, make, use, authorize, approve or distribute any written communication (as defined in Rule 405 under the 1933 Act) that constitutes an offer to sell or a solicitation of an offer to
buy the Offered Notes, or otherwise is prepared to market the Offered Notes, other than the Pricing Disclosure Package and the Final Offering Memorandum, without the prior consent of the Representatives; and each such written communication, the use
of which has been previously consented to by the Representatives, is listed on Schedule III. 
 (k)    Each document
listed in Schedule III hereto, when taken together with the Pricing Disclosure Package, did not, as of the Applicable Time, contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted from such document listed in Schedule III hereto in reliance upon and in
conformity with the Initial Purchaser Information. 

  
 5 

 (l)    The Exchange Act Reports, when they were or are filed with the
Commission, conformed or will conform in all material respects to the applicable requirements of the 1934 Act and the applicable rules and regulations of the Commission thereunder. The Exchange Act Reports did not and will not, when filed with the
Commission, contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(m)    Each of the Wendy’s Parties and each of its subsidiaries that has signed a Related Document has been duly
organized, is validly existing and in good standing as a corporation or limited liability company, as applicable, under the laws of its respective jurisdiction of organization and is duly qualified to do business and in good standing as a foreign
corporation or limited liability company in each jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have (i) a material adverse effect on the condition (financial or otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Securitization
Entities or the Wendy’s Parties taken as a whole or (ii) a material adverse effect on the performance by the Wendy’s Parties of this Agreement, the Offered Notes, the Indenture or any of the other Related Documents or the consummation
of any of the transactions contemplated hereby or thereby (collectively, clauses (i) and (ii), a “Material Adverse Effect”). Each of the Wendy’s Parties has all corporate or limited liability company power and
authority necessary to own or lease its properties and to conduct the businesses in which it is now engaged or contemplated in the Pricing Disclosure Package and the Final Offering Memorandum. 

    (n)    (i)    Parent has the debt capitalization as set forth
in each of the Pricing Disclosure Package and the Final Offering Memorandum, and all of the issued shares of capital stock of Parent have been duly authorized and validly issued and are fully paid and
non-assessable. 
 (ii)    The Master Issuer has an authorized
capitalization as set forth in each of the Pricing Disclosure Package and the Final Offering Memorandum, and all of the issued outstanding equity interests of the Master Issuer have been duly authorized and validly issued and are fully paid and non-assessable. 
 (iii)    All of the outstanding shares of capital
stock, membership interests or other equity interests of each of the Securitization Entities are owned, directly or indirectly, by Parent, free and clear of all liens, security interests, mortgages, pledges, charges, equities, claims or restrictions
on transferability or encumbrances of any kind (collectively, “Liens”), other than those Liens (i) imposed by the Indenture and the Related Documents, (ii) which constitute Permitted Liens (as such terms are defined
in the Final Offering Memorandum), (iii) that could not reasonably be expected to have a Material Adverse Effect or (iv) which result from transfer restrictions imposed by the 1933 Act or the securities or blue sky laws of certain
jurisdictions. 

  
 6 

 (o)    The Master Issuer has all requisite limited liability company
power and authority to execute, deliver and perform its obligations under the Indenture. On the Closing Date, the Base Indenture shall have been duly and validly authorized, executed and delivered by the Master Issuer and, assuming due
authorization, execution, and delivery by the Trustee, will constitute the valid and binding agreement of the Master Issuer, enforceable against the Master Issuer in accordance with its terms, except that such enforceability may be subject to
bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law). As of the Closing Date, the Series 2022-1 Supplement shall have been duly and validly authorized by the Master Issuer and upon its execution and delivery and, assuming due
authorization, execution and delivery by the Trustee, will constitute the valid and legally binding obligation of the Master Issuer, enforceable against the Master Issuer in accordance with its terms, except that such enforceability may be subject
to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 3(b) of this Agreement, no qualification of the Indenture under the Trust Indenture Act of 1939, as
amended, (the “Trust Indenture Act”) is required in connection with the offer and sale of the Offered Notes contemplated hereby or in connection with the Exempt Resales. On the Closing Date, the Base Indenture will conform in
all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum. When executed by the Master Issuer, the Series 2022-1 Supplement will conform in
all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum. 

(p)    The Master Issuer has all requisite limited liability power and authority to execute, issue, sell and perform its
obligations under the Offered Notes. As of the Closing Date, the Offered Notes shall be duly authorized by the Master Issuer and, when duly executed by the Master Issuer in accordance with the terms of the Indenture, assuming due authentication of
the Offered Notes by the Trustee, upon delivery to the Initial Purchasers against payment therefor in accordance with the terms hereof, will be validly issued and delivered and will constitute valid and legally binding obligations of the Master
Issuer entitled to the benefits of the Indenture, enforceable against the Master Issuer in accordance with their terms, except that the enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,
moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). When issued and delivered, the Offered
Notes will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Final Offering Memorandum. 

(q)     Each Guarantor had all requisite limited liability company power and authority to execute, deliver and perform its
obligations under the Guarantee and Collateral Agreement on the Initial Closing Date. The Guarantee and Collateral Agreement has been duly and validly authorized, executed and delivered by each of the Guarantors, and the Guarantee and Collateral
Agreement constitutes valid and legally binding obligations of the Guarantors, enforceable against the Guarantors in accordance with its terms, except that the enforceability may 

  
 7 

 
be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Guarantee and Collateral Agreement is effective to guarantee the obligations of the Master Issuer under the Offered Notes. 

(r)    Each of the Wendy’s Parties, as applicable, had and shall have all required corporate or limited liability
company power and authority, as applicable, to execute, deliver and perform its obligations under each Related Document to which it is a party on the Initial Closing Date or on or prior to the Closing Date, as applicable (other than the Offered
Notes, the Indenture and the Guarantee and Collateral Agreement to the extent covered in Section 2(n), (o) and (p)). Each Guarantor had and shall have all required limited liability company power and authority, to execute, deliver and perform
its obligations under each Related Document to which it is a party on the Initial Closing Date or on or prior to the Closing Date, as applicable (other than the Offered Notes, the Indenture and the Guarantee and Collateral Agreement to the extent
covered in Section 2(n), (o) and (p)). Each of the Related Documents has or shall have been duly and validly authorized, executed and delivered by each of the Wendy’s Parties (to the extent a party thereto) constitutes or will constitute,
as applicable, the valid and legally binding obligation of each of the Wendy’s Parties (to the extent a party thereto) enforceable against each of the Wendy’s Parties (to the extent a party thereto) in accordance with its terms, except
that the enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law) and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy. Each such Related Document conforms or will
conform on the Closing Date, as applicable, in all material respects to the description thereof (if any) in each of the Pricing Disclosure Package and the Final Offering Memorandum. 

(s)    Each of the Wendy’s Parties has all requisite corporate or limited liability company power and authority, as
applicable, to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly and validly authorized, executed and delivered by each of the Wendy’s Parties. 

(t)    (i) The issue and sale of the Offered Notes and the Guarantees, (ii) the execution, delivery and performance
by the Master Issuer, each of the Parent Companies and each of the Guarantors of the Offered Notes, the Guarantees, the Indenture, this Agreement and the other Related Documents (to the extent a party thereto), (iii) the application of the proceeds
from the sale of the Offered Notes as described under “Use of Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum and (iv) the consummation of the transactions contemplated hereby and thereby, do not
and will not on the Closing Date (A) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of any of the Wendy’s Parties or any of their
respective subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, credit agreement, security agreement, license, lease or other agreement or instrument to which the Wendy’s Parties or any of their
respective subsidiaries is a party or by which the 

  
 8 

 
Wendy’s Parties or any of their respective subsidiaries is bound or to which any of the property or assets of the Wendy’s Parties or any of their respective subsidiaries is subject,
except for Liens created by the Indenture or the other Related Documents or Permitted Liens, (B) result in any violation of the provisions of the charter, by-laws, certificate of formation or limited
liability company agreement (or similar organizational documents) of any of the Wendy’s Parties, or (C) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body
having jurisdiction over any of the Wendy’s Parties or any of their respective subsidiaries or any of their respective properties or assets, except (in the case of clauses (A) and (C)) as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 (u)    No consent, approval, authorization or order of, or
filing, registration or qualification with any court or governmental agency or regulatory body having jurisdiction over any of the Wendy’s Parties or any of their respective subsidiaries or any of their respective properties or assets is
required for the issue and sale of the Offered Notes and the Guarantees, the execution, delivery and performance by the Wendy’s Parties or any of their respective subsidiaries of the Offered Notes, the Guarantees, the Base Indenture, the Series
2022-1 Supplement, this Agreement and the other Related Documents (to the extent they are parties thereto), the application of the proceeds from the sale of the Offered Notes as described under “Use of
Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum and the consummation of the transactions contemplated hereby and thereby, except for (A) such consents, approvals, authorizations, orders, filings,
registrations or qualifications as shall have been obtained or made prior to the Closing Date or are permitted to be obtained or made subsequent to the Closing Date pursuant to the Indenture, (B) such consents, approvals, authorizations,
orders, filings, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution and resale (including pursuant to the Exempt Resales) of the Offered Notes by the Initial
Purchasers and (C) such consent, approval, authorization, order, filing, registration or qualification, the failure of which to obtain could not, individually or in the aggregate, reasonably be likely to have a Material Adverse Effect. 

(v)    The historical consolidated financial statements of Parent (including the related notes and supporting schedules)
included or incorporated by reference in the Pricing Disclosure Package and the Final Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities referred to therein, at
the dates and for the periods indicated, and have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) applied on a consistent basis throughout the periods involved. 

(w)    The historical consolidated financial statements of the Master Issuer (including the related notes and supporting
schedules) included in the Pricing Disclosure Package and the Final Offering Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the entities referred to therein, at the dates and for
the periods indicated, and have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved. 

  
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 (x)    The Net Cash Flow financial information included in the Pricing
Disclosure Package and the Final Offering Memorandum has been derived from the quarterly noteholder statements of the Master Issuer in the manner described under and subject to the qualifications and limitations set forth under “Net Cash Flow
of the Securitization Entities.” 
 (y)     The applicable Net Cash Flow disclosure included in the Pricing
Disclosure Package and the Final Offering Memorandum is derived from the quarterly noteholder statements generated by the Master Issuer and represents the arithmetic sum of each of the relevant amounts reflected in such quarterly noteholder
statements and has been prepared on a basis consistent with the quarterly noteholder statements and gives effect to assumptions made on a reasonable basis and in good faith and present fairly in all material respects the Net Cash Flow. The non-GAAP financial measures that are presented in the Pricing Disclosure Package and the Final Offering Memorandum have been calculated based on amounts derived from the financial statements and books and records of
the Wendy’s Parties, the Master Issuer or the quarterly noteholder statements of the Master Issuer, and the Securitization Entities believe that any adjustments to such non-GAAP financial measures have a
reasonable basis and have been made in good faith. 
 (z)    Deloitte and Touche LLP, who have certified certain
financial statements of Parent and the Master Issuer, whose report appears in the Pricing Disclosure Package and the Final Offering Memorandum or is incorporated by reference therein and who have delivered the initial letters referred to in Sections
7(m) and 7(o) hereof, (x) are independent registered public accountants with respect to each of Parent and its subsidiaries and the Master Issuer and its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations
adopted by the Commission and the Public Company Accounting Oversight Board and (y) was, as of the date of such report, and is, as of the date hereof, an independent public accounting firm with respect to the Wendy’s Parties. 

(aa)    Parent maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the 1934 Act) that complies with the requirements of the 1934 Act and that has been designed by, or under the supervision of, Parent principal executive and principal financial officers, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Parent maintains internal accounting controls sufficient to provide reasonable assurance
that (i) records are maintained that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of Parent and each of its subsidiaries, (ii) transactions are recorded as necessary to permit
preparation of Parent’s financial statements in accordance with GAAP and that receipts and expenditures are being made only in accordance with authorizations of management and directors of Parent and each of its subsidiaries and (iii) the
unauthorized acquisition, use or disposition of the assets of Parent and each of its subsidiaries that could have a material effect on the financial statements are prevented or timely detected. As of the Audit Date (as defined below), there were no
material weaknesses in Parent internal controls over financial reporting. 

  
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 (bb)    Since January 2, 2022, the date of the most recent balance
sheet of Parent and its consolidated subsidiaries audited by Deloitte and Touche LLP (the “Audit Date”), (i) Parent has not been advised of or become aware of (A) any significant deficiencies in the design or operation
of internal control over financial reporting, that could reasonably be expected to materially and adversely affect the ability of Parent or any of its subsidiaries to record, process, summarize and report financial data, or any material weaknesses
in internal control over financial reporting, and (B) any fraud that involves management or other employees who have a significant role in the internal control over financial reporting of Parent and each of its subsidiaries or that is otherwise
material to Parent and each of its subsidiaries; and (ii) there have been no significant changes in Parent’s internal control over financial reporting that have materially affected or are reasonably likely to materially affect
Parent’s internal control over financial reporting. 
 (cc)    The section entitled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” incorporated by reference in the Preliminary Offering Memorandum contained in the Pricing Disclosure Package and the Final
Offering Memorandum accurately and fully describes (i) the accounting policies that Parent believes are the most important in the portrayal of Parent financial condition and results of operations and that require management’s most
difficult, subjective or complex judgments; (ii) the judgments and uncertainties affecting the application of critical accounting policies; and (iii) the likelihood that materially different amounts would be reported under different
conditions or using different assumptions and an explanation thereof. 
 (dd)    Except as described in each of the
Pricing Disclosure Package and the Final Offering Memorandum, since the Audit Date, none of the Wendy’s Parties nor any of their respective subsidiaries has (i) sustained any loss or interference with its business from fire, explosion,
flood, earthquake, hurricane, accident or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or court or governmental action, order or decree, (ii) issued or granted any securities, other than pursuant
to employee benefit plans, qualified stock option plans or other employee compensation plans, as applicable, (iii) incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the
ordinary course of business, (iv) entered into any transaction not in the ordinary course of business, and/or (v) declared or paid any dividend on its capital stock, and since the Audit Date, there has not been any change in the capital
stock or limited liability company interests, as applicable, or long-term debt of any of the Wendy’s Parties or any of their respective subsidiaries or any change, or any development involving a prospective change, in or affecting the condition
(financial or otherwise), results of operations, stockholders’ equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the Wendy’s Parties or any of their respective
subsidiaries, in each case except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(ee)    Each of the Wendy’s Parties and each of their respective subsidiaries has good and marketable title in fee
simple to all real property owned by it and good and marketable title to all personal property owned by it, in each case free and clear of all Liens, except for (i) Permitted Liens, (ii) such Liens as are described in the Pricing
Disclosure Package and the Final Offering Memorandum, and (iii) such Liens that could not, individually or in the aggregate, 

  
 11 

 
reasonably be expected to have a Material Adverse Effect. Except as could not reasonably be expected to result in a Material Adverse Effect, all assets held under lease by the Wendy’s
Parties are held by the relevant entity under valid, subsisting and enforceable leases, with such exceptions as do not materially interfere with the use made and proposed to be made of such assets by the relevant entity, except that such
enforceability may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and subject to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 (ff)    The Base Indenture and the Guarantee and
Collateral Agreement are effective to create a valid and continuing Lien on the Collateral in favor of the Trustee on behalf of and for the benefit of the Secured Parties, which Lien on the Collateral has been perfected to the extent recognized by
applicable law (subject to any exceptions described in the Pricing Disclosure Package and the Final Offering Memorandum) and is prior to all other Liens (other than Permitted Liens), and will be enforceable as such as against creditors of and
purchasers from the Master Issuer and the Guarantors in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws affecting
creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity and by an implied covenant of good faith and fair dealing. Except as described in the Pricing Disclosure Package and the
Final Offering Memorandum, the Master Issuer and the Guarantor will have received all consents and approvals required by the terms of the Collateral in order to pledge the Collateral to the Trustee under the Indenture and under the Guarantee and
Collateral Agreement. 
 (gg)    The Contribution Transactions were consummated in all material respects in accordance
with the terms and conditions set forth in the Pricing Disclosure Package, the Final Offering Memorandum and the Contribution Agreements. 

(hh)    Other than the security interest granted to the Trustee under the Base Indenture, pursuant to the Guarantee and
Collateral Agreement or any other Related Documents, none of the Wendy’s Parties nor any of their respective subsidiaries shall have pledged, assigned, sold or granted as of the Closing Date a security interest in the Collateral. 

(ii)    All action necessary (including the filing of UCC-1 financing statements)
to protect and evidence the Trustee’s security interest in the Collateral in the United States has been duly and effectively taken (as described in, and subject to any exceptions to be set forth in, the Base Indenture and the Guarantee and
Collateral Agreement). No effective security agreement, financing statement, equivalent security or lien instrument or continuation statement authorized by any Wendy’s Parties or any of their respective subsidiaries and listing such Person as
debtor covering all or any part of the Collateral is on file or of record in the United States and Canada except (i) in respect of Permitted Liens or (ii) such as may have been filed, recorded or made by such Person favor of the Trustee on
behalf of the Secured Parties in connection with the Base Indenture and the Guarantee and Collateral Agreement, and no such Person has authorized any such filing. 

  
 12 

 (jj)    Each Wendy’s Party and their respective subsidiaries has
such permits, licenses, registrations, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities (“Permits”) as are necessary under applicable law to own their properties
and conduct their businesses in the manner described in the Pricing Disclosure Package and the Final Offering Memorandum, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each Wendy’s Party and each of their respective subsidiaries has fulfilled and performed all of its obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow,
revocation or termination thereof or results in any other impairment of the rights of the holder or any such Permits, except for any of the foregoing that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. None of the Wendy’s Parties nor any of their respective subsidiaries has received notice of any revocation or modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary
course, except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(kk)    Each of the Wendy’s Parties and each of their respective subsidiaries owns or possesses adequate rights to
use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, works of authorship, social media accounts and identifiers, rights of publicity, and compilations
of data, licenses, know-how, software, systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), in each case,
used in or necessary for the conduct of their respective businesses. All of the registrations and applications included in the Securitization IP are subsisting, unexpired and have not been abandoned in any applicable jurisdiction except where such
expiration or abandonment would not reasonably be expected to result in a Material Adverse Effect. Except as set forth on a schedule to the Base Indenture, (i) the use of the Securitization IP and the operation of the Wendy’s System do not
infringe, misappropriate or otherwise violate the rights of any third party in a manner that would reasonably be expected to result in a Material Adverse Effect, (ii) to the Master Issuer’s knowledge, the Securitization IP is not being
infringed, or violated by any third party in a manner that would reasonably be expected to result in a Material Adverse Effect, and (iii) there is no action or proceeding pending or, to the Master Issuer’s knowledge, threatened, alleging
the foregoing (i) or (ii), in each case, that would reasonably be expected to result in a Material Adverse Effect. Except as set forth on a schedule to the Base Indenture, no action or proceeding is pending or, to the Master Issuer’s
knowledge, threatened, that seeks to limit, cancel, or challenge the validity of any Securitization IP, or the use thereof, that would reasonably be expected to result in a Material Adverse Effect. The Franchise Holder is the exclusive owner of the
Securitization IP other than the IP License Agreements and licenses permitted pursuant to the Permitted Asset Dispositions, free and clear of all Liens, encumbrances, set-offs, defenses and counterclaims of
whatsoever kind or nature, other than the Permitted Liens. Unless otherwise disclosed in the Final Offering Memorandum or as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, there is no
pending action, suit, investigation or proceeding against any Wendy’s Party alleging any violation of any applicable laws, regulations, policies or industry standards regarding data privacy, data security or personally identifiable information
or data (including the Payment Card Industry Data Security Standards, as promulgated by the 

  
 13 

 
Payment Card Industry Security Standards Counsel (the “PCI-DSS”). Except as would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect, the Wendy’s Parties (x) have taken commercially reasonable measures consistent with industry standards to protect the confidentiality, integrity and availability of their material trade
secrets, confidential information, personally identifiable information and data (including all of the foregoing included in the Securitization IP), and the integrity and availability of the Wendy’s Parties’ information and operational
technology (including digital channels such as the online website and mobile application); (y) are not aware of any past, ongoing or imminent security breach of, or unauthorized access to or disclosure of, the Wendy’ Parties’ trade
secrets, data, or information or operational technology infrastructure (including technology infrastructure provided by third parties); and (z) are in material compliance with the applicable written policies of the Wendy’s Parties,
contractual requirements (including PCI-DSS), and material compliance with all applicable laws, industry standards, and regulations regarding data privacy, data security, personal data or confidential
information. 
 (ll)    There are no legal or governmental proceedings pending to which any Wendy’s Party or any of
their respective subsidiaries is a party or of which any property or assets of any of the Wendy’s Parties or any of their respective subsidiaries is the subject that could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. To each Wendy’s Parties’ knowledge, no such proceedings are threatened or contemplated by governmental authorities or others. 

(mm)    The statements made in the Pricing Disclosure Package and the Final Offering Memorandum under the captions
“Description of the Offered Notes” and “Description of the Indenture and the Guarantee and Collateral Agreement,” insofar as they constitute a summary of the terms of the Offered Notes and the Indenture, and under
captions “Description of Wendy’s Business,” “Description of the Securitization Entities,” “Description of the Franchise Arrangements,” “Description of the Manager and Management
Agreement,” “Description of the Servicer and the Servicing Agreement,” “Description of the Back-Up Manager and the Back-Up Management
Agreement,” “Description of the Contribution Agreements,” “Description of the IP License Agreements,” “Certain Legal Aspects of the Franchise Arrangements,” “Certain U.S. Federal
Income Tax Consequences,” “Certain ERISA and Related Considerations” and “Transfer Restrictions”, insofar as they purport to constitute summaries of the terms of statutes, rules or regulations, legal or
governmental proceedings or contracts and other documents, constitute accurate summaries of the terms of such statutes, rules and regulations, legal and governmental proceedings and contracts and other documents in all material respects, subject to
the qualifications and limitations set forth therein. 
 (nn)    Except as could not reasonably be expected to result in
a Material Adverse Effect, (A) each of the Wendy’s Parties and each of their respective subsidiaries carry, or are covered by, insurance from insurers of recognized financial responsibility in such amounts and covering such risks as is
adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar businesses in similar industries; (B) all such policies of insurance of the Wendy’s
Parties and each of their respective subsidiaries are in full force and effect; (C) the Wendy’s Parties and each of their 

  
 14 

 
respective subsidiaries are in compliance with the terms of such policies in all material respects; (D) none of the Wendy’s Parties nor any of their respective subsidiaries has received
notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance; and (E) there are no claims by the Wendy’s Parties or any of their
respective subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. None of the Wendy’s Parties nor any of their respective subsidiaries has any
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (oo)    No labor
disturbance by or dispute with the employees of the Wendy’s Parties or any of their respective subsidiaries exists or, to the knowledge of any Wendy’s Party, is imminent, in each case that could reasonably be expected to have a Material
Adverse Effect. 
 (pp)    Consistent with the terms of the Wendy’s franchise agreements, Wendy’s franchisees
are solely responsible for all employment decisions related to the operations of their restaurants. 
 (qq)    None of
the Wendy’s Parties (i) is in violation of its certificate of formation, limited liability company agreement, charter or by-laws (or similar organizational documents), (ii) is in default, and no
event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan
agreement, security agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, or (iii) is in violation of any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over it or its property or assets, except in the case of clauses (ii) and (iii), to the extent any such conflict, breach, violation or default could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (rr)    Except as described in the
Pricing Disclosure Package and the Final Offering Memorandum or as could not reasonably be expected to have a Material Adverse Effect, (i) there are no proceedings that are pending, or to the knowledge of the Wendy’s Parties, threatened,
against any of the Wendy’s Parties or any of their respective subsidiaries under any laws, regulations, ordinances, rules, orders, judgments, decrees, permits or other legal requirements of any governmental authority, including without
limitation any international, foreign, national, state, provincial, regional, or local authority, relating to pollution, the protection of human health or safety, the environment, or natural resources, or to use, handling, storage, manufacturing,
transportation, treatment, discharge, disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) in which a governmental authority is also a party, (ii) the
Wendy’s Parties and their respective subsidiaries are not aware of any issues regarding compliance with Environmental Laws or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes,

  
 15 

 
pollutants or contaminants, that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of any of the Wendy’s Parties and their
subsidiaries, and (iii) none of the Wendy’s Parties and their respective subsidiaries anticipates material capital expenditures relating to Environmental Laws. 

(ss)    Each of the Wendy’s Parties and each of their respective subsidiaries has filed all federal, state, local and
foreign tax returns required to be filed through the date hereof, subject to permitted extensions, and has paid or caused to be paid all taxes due pursuant to said returns, except (i) for such taxes as are being contested in good faith and by
appropriate proceedings and (ii) as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. No tax deficiency has been determined adversely to the Wendy’s Parties or any of their respective
subsidiaries, nor does any Wendy’s Party have any knowledge of any tax deficiencies that have been, or could reasonably be expected to be asserted against the Wendy’s Parties or any of their respective subsidiaries, that could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (tt)    Except where a
failure to comply with any of the following would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (i) each “employee benefit plan” (within the meaning of Section 3(3) of the
Employee Retirement Security Act of 1974, as amended (“ERISA”)), other than a “multiemployer plan” within the meaning of Section 4001(c)(3) of ERISA, for which the Wendy’s Parties or any member of its
“Controlled Group” (defined as any organization that is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have
any liability (each a “Plan”) has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited transaction,
within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with respect to each Plan subject
to Title IV of ERISA (A) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, (B) no “accumulated funding deficiency” (within the meaning of
Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, (C) the fair market value of the assets under each Plan exceeds the present value of all benefits accrued under
such Plan (determined based on those assumptions used to fund such Plan), and (D) none of the Wendy’s Parties nor any member of their Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA
(other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(c)(3)
of ERISA); and (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

(uu)    Other than any restrictions under applicable law, no Guarantor is currently prohibited, directly or indirectly,
from paying any dividends to its parent or to the Master Issuer, from making any other distribution on such Guarantor’s capital stock, limited liability company or other ownership interests, as applicable, from repaying to its parent or the
Master Issuer any loans 

  
 16 

 
or advances to such Guarantor from its parent or the Master Issuer or from transferring any of such Guarantor’s property or assets to its parent or the Master Issuer, or any other subsidiary
of its parent or the Master Issuer. 
 (vv)    None of the Wendy’s Parties nor any of their respective subsidiaries
is, and after giving effect to the offer and sale of the Offered Notes and the application of the proceeds therefrom as described under “Use of Proceeds” in each of the Pricing Disclosure Package and the Final Offering Memorandum will be,
an “investment company” as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended (the “1940 Act”) or a company “controlled” by an “investment company” within the
meaning of the 1940 Act, and the rules and regulations of the Commission thereunder. The Master Issuer does not constitute a “covered fund” for purposes of the Volcker Rule promulgated under the Dodd-Frank Wall Street Reform and Consumer
Protection Act. None of the Offered Notes is an “asset-backed security” within the meaning of Section 3(a)(79) of the 1934 Act, and as a result Regulation RR, 17 C. F. R § 246.1 et seq. (the Risk Retention Rules) do not apply to
the issuance and sale of the Offered Notes. 
 (ww)    The statistical and market-related data included or incorporated
by reference in the Pricing Disclosure Package and the Final Offering Memorandum are based on or derived from sources that the Wendy’s Parties believe to be reliable in all material respects. 

(xx)    Immediately after the consummation of the transactions contemplated by this Agreement, each of the Wendy’s
Parties will be Solvent. As used in this Agreement, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of such relevant
entity are not less than the total amount required to pay the liabilities of such relevant entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the relevant entity is
able to pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) assuming the completion of the transactions contemplated by the Related Documents, the
relevant entity is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the relevant entity is not engaged in any business or transaction, and is not about to engage in any business or
transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v) the relevant entity is not otherwise insolvent
under the standards set forth in any U.S. or non-U.S. federal, state or local statute, law or ordinance, or any judgment, decree, rule, regulation, order or injunction. In computing the amount of such
contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an
actual or matured liability. 
 (yy)    None of the Wendy’s Parties nor any of their respective subsidiaries is a
party to any contract, agreement or understanding with any person (other than this Agreement) that could give rise to a valid claim against any of them or the Initial Purchasers for a brokerage commission, finder’s fee or like payment in
connection with the offering and sale of the Offered Notes. 

  
 17 

 (zz)    None of the transactions contemplated by this Agreement
(including, without limitation, the use of the proceeds from the sale of the Offered Notes), will violate or result in a violation of Section 7 of the 1934 Act, or any regulation promulgated thereunder, including, without limitation,
Regulations T, U and X of the Board of Governors of the Federal Reserve System. 
 (aaa)    None of the Wendy’s
Parties nor any of their respective affiliates have taken, directly or indirectly, any action designed to or that has constituted or that could reasonably be expected to cause or result in the stabilization (within the meaning of Regulation M
promulgated by the Securities and Exchange Commission) or manipulation (within the meaning of Section 9 of the 1934 Act) of the price of any security of the Master Issuer or any Guarantor in connection with the offering of the Offered Notes.

 (bbb)    The Wendy’s Parties and their respective affiliates have not taken, directly or indirectly, any action
or omitted to take any action (such as issuing any press release relating to any Offered Notes without an appropriate legend) which may result in the loss by any of the Initial Purchasers of the ability to rely on any stabilization safe harbor
provided by (i) Article 5 of the Market Abuse Regulation (596/2014/EU) or (ii) the UK Financial Conduct Authority (the “FCA”) under s.137Q of the Financial Services and Markets Act of 2000 (the
“FSMA”). 
 (ccc)    None of the Wendy’s Parties nor any of their respective subsidiaries
is in violation of or has received notice of any violation with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable federal or state wage and hour laws, nor any state law
precluding the denial of credit due to the neighborhood in which a property is situated, the violation of any of which could reasonably be expected to have a Material Adverse Effect. 

(ddd)    None of the Wendy’s Parties nor any of their respective subsidiaries, nor to the knowledge of the relevant
entity, any director, officer, manager, member, agent, employee or affiliate, has (i) made any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful
payment to any domestic governmental official, “foreign official” (as defined in the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or
employee; (iii) violated or is in violation of any provision of the FCPA, the Bribery Act of 2010 of the United Kingdom or any applicable non-U.S. anti-bribery statute or regulation; (iv) made any
bribe, rebate, payoff, influence payment, kickback or other unlawful payment; or (v) received notice of any investigation, proceeding or inquiry by any governmental agency, authority or body regarding any of the matters in clauses (i)-(iv)
above; and the Wendy’s Parties and their respective subsidiaries and, to the knowledge of such relevant entity, the relevant entity’s affiliates, have conducted their respective businesses in compliance with the FCPA and have instituted
and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

(eee)    The operations of the Wendy’s Parties and each of their respective subsidiaries are and have been conducted
at all times in all material respects compliance with 

  
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applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions where
the Wendy’s Parties and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency (collectively, the
“Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any Wendy’s Party or any of their respective subsidiaries with
respect to the Money Laundering Laws is pending or, to the knowledge of such relevant entity, threatened. 

(fff)    None of the Wendy’s Parties nor any of their respective subsidiaries nor, to the knowledge of such relevant
entity, any director, officer, agent, employee, affiliate or other person acting on behalf of such relevant entity is currently the subject or, to the knowledge of such relevant entity, target of any sanctions administered or enforced by the United
States Government, including, without limitation, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the U.S. Department of State, the United Nations Security Council, the European Union,
Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is such relevant entity located, organized or resident in a country or territory that is the subject of comprehensive
Sanctions (including, as of the date hereof, Cuba, Iran, North Korea, Syria, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic
and the Crimea region of Ukraine), and the Wendy’s Parties and their respective subsidiaries will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that is at such time the subject or target of Sanctions that broadly prohibit most business
and dealings with such person, country, or territory, or in any other manner that would reasonably be expected to result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or
otherwise) of Sanctions. 
 (ggg)    There are no transfer taxes or other similar fees or charges under Federal law or
the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Master Issuer and the Guarantors of the Offered Notes. 

(hhh)    None of the Wendy’s Parties nor, to the knowledge of the Wendy’s Parties, any of their respective
affiliates or representatives, have participated in a plan or scheme to evade the registration requirements of the 1933 Act through the sale of the Offered Notes pursuant to Regulation S. 

(iii)    None of the Wendy’s Parties (i) party to any of the Related Documents is in breach of any of the
Related Documents as of the date hereof and (ii) has any knowledge that any other party to a material contract with a Securitization Entity is in default under such material contract, except, in each case, as could not, individually or in the
aggregate, be reasonably expected to have a Material Adverse Effect. 
 (jjj)    The Manager has provided (i) a 17g-5 Representation to the Rating Agency 

  
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(as defined below); (ii) an executed copy of the 17g-5 Representation delivered to the Rating Agency (as defined below) has been delivered to the
Representatives; and (iii) each of the Wendy’s Parties has complied in all material respects with each 17g-5 Representation. For purposes of this Agreement,
“17g-5 Representation” means a written representation provided to the Rating Agency, which satisfies the requirements of Rule 17g-5(a)(3)(iii) of
under the 1934 Act. 
 (kkk)    All of the issued and outstanding limited liability company interests of Oldemark LLC
are owned by the Manager, and all such limited liability company interests are duly authorized and validly issued, fully paid and non-assessable and owned of record by the Manager, free and clear of all Liens.

 (lll)    All of the issued and outstanding limited liability company interests of the Holding Company Guarantor are
owned by Oldemark LLC, and all such limited liability company interests are duly authorized and validly issued, fully paid and non-assessable and owned of record by Oldemark LLC, free and clear of all Liens.

 (mmm)    All of the issued and outstanding limited liability company interests of the Master Issuer are owned by the
Holding Company Guarantor, and all such limited liability company interests are duly authorized and validly issued, fully paid and non-assessable and owned of record by the Holding Company Guarantor, free and
clear of all Liens. 
 (nnn)    All of the issued and outstanding limited liability company interests of the Franchise
Holder and Wendy’s Properties are owned by the Master Issuer, and all such limited liability company interests are duly authorized and validly issued, fully paid and non-assessable and owned of record by
the Master Issuer, free and clear of all Liens. 
 Any certificate signed by any officer of any Wendy’s Party and delivered to the
Representatives or counsel for the Representatives or any Wendy’s Party in connection with the offering of the Offered Notes shall be deemed a representation and warranty by such Wendy’s Party, as to matters covered thereby, to the Initial
Purchasers, and not a representation or warranty by the individual (other than in his or her official capacity). 

3.    Purchase of the Offered Notes by the Initial Purchasers; Agreements to Sell, Purchase and Resell. 

(a)    On the basis of the representations, warranties, covenants and agreements herein contained, and subject to the
terms and conditions herein set forth, the Master Issuer agrees to sell to each Initial Purchaser and each Initial Purchaser, severally and not jointly, agrees to purchase from the Master Issuer, at a purchase price as agreed among the Master
Issuer, the Representatives and the other Initial Purchasers, the principal amount of Offered Notes set forth opposite their respective names on Schedule I hereto. 

(b)    Each of the Initial Purchasers, severally and not jointly, hereby represents and warrants to the Wendy’s
Parties that it will offer the Offered Notes for sale upon the terms and conditions set forth in this Agreement, the Pricing Disclosure Package and the Final Offering Memorandum. Each of the Initial Purchasers, severally and not jointly, hereby
represents and 

  
 20 

 
warrants to, and agrees with, the Wendy’s Parties, on the basis of the representations, warranties and agreements of the Master Issuer, the Parent Companies and the Guarantors, that such
Initial Purchaser: (i) is a sophisticated investor with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits and risks of an investment in the Offered Notes; (ii) is purchasing
the Offered Notes pursuant to a private sale exempt from registration under the 1933 Act; (iii) in connection with the Exempt Resales, will solicit offers to buy the Offered Notes only from, and will offer to sell the Offered Notes only to, the
Eligible Purchasers in accordance with this Agreement and on the terms contemplated by the Pricing Disclosure Package and the Final Offering Memorandum; and (iv) will not offer or sell the Offered Notes, nor has it offered or sold the Offered
Notes by, or otherwise engaged in, any General Solicitation and will not engage in any directed selling efforts within the meaning of Rule 902 under the 1933 Act, in connection with the offering of the Offered Notes. The Initial Purchasers have
advised the Master Issuer that they will offer the Offered Notes to Eligible Purchasers at an initial price as set forth in Schedule II hereof, plus accrued interest, if any, from the date of issuance of the Offered Notes. Such price may be changed
by the Initial Purchasers at any time without notice. 
 (c)    Each Initial Purchaser, severally and not jointly,
represents and warrants to the Wendy’s Parties that: 
 (i)    (a) It has complied and will comply with all
applicable provisions of the FSMA with respect to anything done by it in relation to the Offered Notes in, from or otherwise involving the United Kingdom, (b) it has only communicated or caused to be communicated and it will only communicate or
cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Offered Notes, in circumstances in which
Section 21(1) of the FSMA does not apply to the Master Issuer; and (c) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any retail investor in the United
Kingdom. For the purposes of this provision: 
  

	 	(A)	 the expression “retail investor” means a person who is one (or more) of the following:

  

	 	1)	 a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of
domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or 

  

	 	2)	 a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to
implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; and

  

	 	(B)	 the expression an offer includes the communication in any form and by any means of sufficient information on
the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes. 

  
 21 

 (ii)    Each Initial Purchaser represents and agrees that it has not
offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any retail investor in the European Economic Area (the “EEA”). For the purposes of this provision: 

 

	 	(A)	 the expression “retail investor” means a person who is one (or more) of the following:

  

	 	1)	 a retail client as defined in point (11) of Article 4(1) of MiFID II; or 

 

	 	2)	 a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or 

  

	 	3)	 not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended); and 

 

	 	(B)	 the expression “offer” includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe the Offered Notes and “MiFID II” means collectively EU Directive 2014/65/EU and EU
Regulation 600/2014/EU on Markets in Financial Instruments (in each case, as amended). 

 (d)    The
Initial Purchasers have not and, prior to the later to occur of (A) the Closing Date and (B) completion of the distribution of the Offered Notes, will not, use, authorize use of, refer to or distribute any material in connection with the
offering and sale of the Offered Notes other than (i) the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum and the documents listed on Schedule III hereto, (ii) any written communication that
contains either (x) no “issuer information” (as defined in Rule 433(h)(2) under the 1933 Act) or (y) “issuer information” that was included (including through incorporation by reference) in the Preliminary Offering
Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum or the documents listed on Schedule III hereto or (iii) any written communication prepared by such Initial Purchaser and approved by the Master Issuer (or the Manager on
its behalf) in writing. 
 (e)    Each Initial Purchaser hereby acknowledges that upon original issuance thereof, and
until such time as the same is no longer required under the applicable requirements of the 1933 Act, the Offered Notes (and all securities issued in exchange therefore or in substitution thereof) shall bear legends substantially in the forms as set
forth in the “Transfer Restrictions” section of the Pricing Disclosure Package and Final Offering Memorandum (along with such other legends as the Master Issuer and their counsel deem necessary). 

  
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 Each of the Initial Purchasers understands that the Master Issuer and, for purposes of the
opinions to be delivered to the Initial Purchasers pursuant to Sections 7(d) and 7(j) hereof, counsel to the Master Issuer and counsel to the Initial Purchasers, will assume the accuracy and truth of the foregoing representations, warranties and
agreements, and the Initial Purchasers hereby consent to such reliance. 
 4.    Delivery of the Offered Notes and
Payment Therefor. Delivery to the Initial Purchasers of and payment for the Offered Notes shall be made at the offices of King & Spalding LLP at 10:00 A.M., New York City time, on April 1, 2022 (the “Closing
Date”). The place of closing for the Offered Notes and the Closing Date may be varied by agreement between the Initial Purchasers and the Master Issuer. 

The Offered Notes will be delivered to the respective accounts of the Representatives, or the Trustee as custodian for The Depository Trust
Company (“DTC”), against payment by or on behalf of the Representatives of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the Offered Notes to the respective accounts of
the Representatives at DTC. The Offered Notes will be evidenced by one or more global securities with respect to each series in definitive form and will be registered in the name of Cede & Co. as nominee of DTC. The Offered Notes to be
delivered to the Representatives shall be made available to the Initial Purchasers in New York City for inspection and packaging not later than 10:00 A.M., New York City time, on the Business Day next preceding the Closing Date. 

5.    Agreements of the Wendy’s Parties. The Wendy’s Parties, jointly and severally, agree with each of
the Initial Purchasers as follows: 
 (a)    The Wendy’s Parties will furnish to the Initial Purchasers, without
charge, (i) as soon as practicable after the Applicable Time, such number of copies of the Preliminary Offering Memorandum as may then be amended or supplemented as the Initial Purchasers may reasonably request and (ii) within one Business
Day of the date of the Final Offering Memorandum, such number of copies of the Final Offering Memorandum as may then be amended or supplemented as the Initial Purchasers may reasonably request; provided that such obligation may be satisfied
by delivery of the Preliminary Offering Memorandum or the Final Offering Memorandum, as applicable, and any such amendments and supplements by electronic means, including by e-mail delivery of a PDF file. 

(b)    The Wendy’s Parties shall provide to the Initial Purchasers, without charge, during the period from the date
of this Agreement until the earlier of (i) 180 days from the date of this Agreement and (ii) such date as of which all of the Offered Notes shall have been sold by the Initial Purchasers (such period, the “Offering
Period”), as many copies of the Final Offering Memorandum and any supplements and amendments thereto, as the Initial Purchasers may reasonably request, provided that such obligation may be satisfied by delivery of the Final
Offering Memorandum and any such amendments and supplements by electronic means, including by e-mail delivery of a PDF file. 

  
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 (c)    The Wendy’s Parties will prepare the Final Offering
Memorandum in a form approved by the Representatives and will not make any amendment or supplement to the Pricing Disclosure Package or to the Final Offering Memorandum of which the Representatives shall not previously have been advised or to which
they shall reasonably object in a timely manner after being so advised. 
 (d)    The Wendy’s Parties will
(i) advise the Representatives promptly of (x) any Commission order preventing or suspending the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or (y) any suspension of the
qualification of the Offered Notes for offering or sale in any jurisdiction and of the initiation or threatening of any proceeding for any such purpose, and (ii) use best efforts to prevent the issuance of any such order preventing or
suspending the use of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or suspending any such qualification and, if any such suspension is issued, to obtain the lifting thereof at the earliest
possible time. 
 (e)    Each of the Wendy’s Parties consents to the use of the Pricing Disclosure Package and the
Final Offering Memorandum in accordance with the securities or Blue Sky laws of the jurisdictions in which the Offered Notes are offered by the Initial Purchasers and by all dealers to whom Offered Notes may be sold, in connection with the offering
and sale of the Offered Notes; provided that in connection therewith, none of the Wendy’s Parties shall be required to (i) qualify as a foreign corporation or limited liability company in any jurisdiction in which it would not
otherwise be required to so qualify, (ii) file a general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any jurisdiction in which it would not otherwise be subject. 

(f)    If, at any time prior to the end of the Offering Period, any event occurs or information becomes known that, in the
judgment of any Wendy’s Party or in the reasonable opinion of counsel for the Representatives, should be set forth in the Pricing Disclosure Package or the Final Offering Memorandum so that the Pricing Disclosure Package or the Final Offering
Memorandum, as then amended or supplemented, does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, or if it is necessary to supplement or amend the Pricing Disclosure Package or the Final Offering Memorandum in order to comply with any law, the Wendy’s Parties will promptly prepare an appropriate supplement or amendment
thereto, and will expeditiously furnish to the Initial Purchasers a reasonable number of copies thereof. 

(g)    Promptly from time to time, the Wendy’s Parties shall take such action as the Representatives may reasonably
request to qualify the Offered Notes for offering and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives may request, to comply with such laws so as to permit the continuance of sales and dealings therein in such
jurisdictions for as long as may be necessary to complete the distribution of the Offered Notes and to arrange for the determination of the eligibility for investment of the Offered Notes under the laws of such jurisdictions as the Representatives
may reasonably request; provided that in 

  
 24 

 
connection therewith, none of the Wendy’s Parties shall be required to (i) qualify as a foreign corporation, limited liability company or limited partnership in any jurisdiction in
which it would not otherwise be required to so qualify, (ii) file a general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any jurisdiction in which it would not otherwise be subject. 

(h)    For a period commencing on the date hereof and ending on the 90th day after the date of the Final Offering
Memorandum, the Securitization Entities agree not to, directly or indirectly, (i) offer for sale, sell, or otherwise dispose of (or enter into any transaction or device that is designed to, or would be expected to, result in the disposition by
any person at any time in the future of) any debt securities of any Securitization Entity substantially similar to the Offered Notes (“Similar Debt Securities”) or securities convertible into or exchangeable for Similar Debt
Securities, sell or grant options, rights or warrants with respect to Similar Debt Securities or securities convertible into or exchangeable for Similar Debt Securities, (ii) enter into any swap or other derivatives transaction that transfers
to another, in whole or in part, any of the economic benefits or risks of ownership of Similar Debt Securities whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Similar Debt Securities or other
securities, in cash or otherwise, (iii) file or cause to be filed a registration statement, including any amendments, with respect to the registration of Similar Debt Securities or securities convertible, exercisable or exchangeable into
Similar Debt Securities or (iv) publicly announce an offering of any Similar Debt Securities or securities convertible or exchangeable into Similar Debt Securities, in each case without the prior written consent of each Representative. 

(i)    So long as any of the Offered Notes are outstanding, the Wendy’s Parties will furnish at their expense to the
Representatives, and, upon request, to holders of the Offered Notes that agree to certain confidentiality obligations and prospective purchasers of the Offered Notes, the information required by Rule 144A(d)(4) under the 1933 Act (if any). 

(j)     The Master Issuer will apply the net proceeds from the sale of the Offered Notes to be sold by the Master Issuer
hereunder substantially in accordance with the description set forth in the Pricing Disclosure Package and the Final Offering Memorandum under the caption “Use of Proceeds.” 

(k)    The Wendy’s Parties and their respective affiliates will not take, directly or indirectly, any action designed
to or that has constituted or that reasonably could be expected to cause the stabilization or manipulation of the price of any security of Wendy’s Parties in connection with the offering of the Offered Notes. 

(l)    Each Wendy’s Party will not, and will not permit any of its respective affiliates (as defined in Rule 144) to,
resell any of the Offered Notes that have been acquired by any of them, except for Offered Notes purchased by any of the Wendy’s Parties or any of their respective affiliates and resold in a transaction registered under the 1933 Act or in
accordance with Rule 144 or other applicable exemption under the 1933 Act. 
 (m)    The Wendy’s Parties will use
their best efforts to permit the Offered Notes to be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or Clearstream Banking, société anonyme. 

  
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 (n)    The Wendy’s Parties agree not to sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as defined in the 1933 Act) that would be integrated with the sale of the Offered Notes in a manner that would require the registration under the 1933 Act of the sale to the
Initial Purchasers or the Eligible Purchasers of the Offered Notes. The Wendy’s Parties will take reasonable precautions designed to ensure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in
Rule 902 under the 1933 Act), of any Offered Notes is made under restrictions and other circumstances reasonably designed not to affect the status of the offer and sale of the Offered Notes in the United States and to U.S. persons contemplated by
this Agreement as transactions exempt from the registration provisions of the 1933 Act, including any sales pursuant to Rule 144A under, or Regulations D or S of, the 1933 Act. 

(o)    The Master Issuer and the Guarantors agree to comply with all agreements set forth in the representation letters of
the Master Issuer and the Guarantors to DTC relating to the approval of the Offered Notes by DTC for “book entry” transfer. 

(p)    The Wendy’s Parties will do and perform all things required to be done and performed under this Agreement by
them prior to the Closing Date in order to satisfy all conditions precedent to the Initial Purchasers’ obligations hereunder to purchase the Offered Notes. 

(q)    During the Offering Period, the Wendy’s Parties will not solicit any offer to buy from or offer to sell to any
person any Offered Notes except through the Representatives. To the extent that the Offering Period continues beyond the Closing Date, each Representative will provide the Master Issuer and the Manager written notice of the conclusion of the
Offering Period. 
 (r)    The Wendy’s Parties (i) have completed on or prior to the Closing Date all filings
and other similar actions required in connection with the creation and perfection of security interests in the Collateral as and to the extent required by the Indenture, the Offered Notes, the Guarantees and the other Related Documents and
(ii) shall complete all filings and other similar actions required in the future in connection with the creation and perfection or maintenance of security interests in the Collateral as and to the extent required by the Indenture, the Offered
Notes, the Guarantees and the other Related Documents. 
 (s)    The Wendy’s Parties, any of their respective
affiliates or representatives (other than the Initial Purchasers, their affiliates and representatives, as to whom the Wendy’s Parties make no covenant) will not engage in any General Solicitation in connection with the offer and sale of the
Offered Notes. 
 (t)    The Wendy’s Parties will take such steps as shall be necessary to ensure that no such
Wendy’s Party becomes required to register as an “investment company” within the meaning of such term under the 1940 Act. 

(u)    No Wendy’s Party will take any action which would result in the loss by 

  
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any Initial Purchaser of the ability to rely on any stabilization safe harbor provided by (i) Article 5 of the Market Abuse Regulation (596/2014/EU) or (ii) the FCA under s.137Q FSM.
Each Wendy’s Party hereby authorizes the Initial Purchasers to make such public disclosure of information relating to stabilization as is required by applicable law, regulation and guidance. 

(v)    To the extent that the ratings to be provided with respect to the Offered Notes as set forth in the Pricing
Disclosure Package by S&P Global Ratings (the “Rating Agency”) are conditional upon the furnishing of documents or the taking of any other actions by Wendy’s Parties or any of their respective affiliates, the
Wendy’s Parties and any of their respective affiliates agree to furnish such documents and take any such other action that is reasonably requested by the Rating Agency. 

(w)    The Manager shall comply, and shall cause the Master Issuer to comply, in all material respects with Rule 17g-5 under the 1934 Act and the 17g-5 Representation. 

6.    Expenses. Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is
terminated, the Wendy’s Parties, jointly and severally, agree, to pay all reasonable expenses, costs, fees and taxes incident to and in connection with: (a) the preparation, printing and distribution of the Preliminary Offering Memorandum,
the Pricing Disclosure Package and the Final Offering Memorandum (including, without limitation, financial statements and exhibits and one or more versions of the Preliminary Offering Memorandum and the Final Offering Memorandum, if requested, for
distribution in Canada, including in the form of a Canadian “wrapper” (including related reasonable fees and expenses of Canadian counsel to the Initial Purchasers)) and all amendments and supplements thereto (including the fees,
disbursements and expenses of the Wendy’s Parties’ accountants, experts and counsel); (b) the preparation, printing (including, without limitation, word processing and duplication costs) and delivery of this Agreement, the Indenture, the
Offered Notes, the Guarantees and the other Related Documents, all Blue Sky memoranda and all other agreements, memoranda, correspondence and other documents printed and delivered in connection therewith and with the Exempt Resales; (c) the
issuance and delivery by the Master Issuer of the Offered Notes and by the Guarantors of the Guarantees and any taxes payable in connection therewith; (d) the qualification of the Offered Notes for offer and sale under the securities or Blue
Sky laws of the several states and any foreign jurisdictions as the Representatives may designate (including, without limitation, the reasonable fees and disbursements of the Initial Purchasers’ counsel relating to such registration or
qualification); (e) the furnishing of such copies of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum, and all amendments and supplements thereto, as may be reasonably requested for use in
connection with the Exempt Resales; (f) the preparation of certificates for the Offered Notes (including, without limitation, printing and engraving thereof); (g) the fees and expenses of the accountants and other experts incurred in connection
with the delivery of the comfort letters and “agreed upon procedures” letters to the Representatives pursuant to the terms of this Agreement; (h) the reasonable fees, disbursements and expenses of outside legal counsel (including any
local counsel) to the Representatives, the fees of outside accountants, the costs of any diligence service, and the fees of any other third party service provider or advisor retained by the Representatives with the prior approval of the Master
Issuer (not to be unreasonably withheld); (i) the custody of the Offered 

  
 27 

 
Notes and the approval of the Offered Notes by DTC for “book-entry” transfer (including reasonable fees and expenses of counsel for the Initial Purchaser); (j) the rating of the Offered
Notes; (k) the obligations of the Trustee, the Servicer, any agent of the Trustee or the Servicer and the counsel for the Trustee or the Servicer in connection with the Indenture, the Offered Notes or the other Related Documents; (l) the
performance by the Wendy’s Parties of their other obligations under this Agreement and under the other Related Documents which are not otherwise specifically provided for in this Section 6; (m) all travel expenses (including expenses
related to chartered aircraft) of the Representatives and Wendy’s Parties’ officers and employees and any other expenses of each of the Representatives, the Wendy’s Parties in connection with attending or hosting meetings with
prospective purchasers of the Offered Notes, and expenses associated with any “road show” presentation to potential investors (including any electronic “road show” presentations); (n) compliance with Rule 17g-5 under the 1934 Act; and (o) all sales, use and other taxes (other than income taxes) related to the transactions contemplated by this Agreement, the Indenture, the Offered Notes or the other Related
Documents; provided that the aggregate amount of fees and disbursements of the Representatives’ outside counsel that the Wendy’s Parties are required to reimburse under this Section 6 shall not exceed $950,000 in aggregate
without the prior written consent of the Wendy’s Parties. 
 7.    Conditions to the Initial Purchasers’
Obligations. The respective obligations of the Initial Purchasers hereunder are subject to the accuracy, when made and on and as of the Closing Date, of the representations and warranties of the Wendy’s Parties contained herein, to the
performance by the Wendy’s Parties and each of their respective obligations hereunder, and to each of the following additional terms and conditions: 

(a)    The Final Offering Memorandum (and any amendments or supplements thereto) shall have been printed and copies
distributed to the Initial Purchasers as promptly as practicable on or following the date of this Agreement or at such other date and time as to which the Initial Purchasers may agree. 

(b)    Neither Representative shall have discovered and disclosed to the Wendy’s Parties on or prior to the Closing
Date that the Pricing Disclosure Package or the Final Offering Memorandum, any document listed on Schedule III hereto or any amendment or supplement to any of the foregoing, contains an untrue statement of a fact which, in the opinion of such
Representative, is material or omits to state a fact which, in the opinion of such Representative, is material and is necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading. 

(c)    All corporate proceedings and other legal matters incident to the authorization, form and validity of this
Agreement, the Offered Notes, the Indenture, the other Related Documents, the Pricing Disclosure Package and the Final Offering Memorandum, and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be
reasonably satisfactory in all material respects to counsel for the Representatives, and the Wendy’s Parties shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such
matters. 

  
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 (d)    Ropes & Gray LLP shall have furnished to the
Representatives its written opinions that are customary for transactions of this type, including in respect of corporate, securities and investment company act matters, security interest matters,
“non-consolidation” matters and tax matters, which written opinions may be delivered in the form of reliance letters and reliance paragraphs on written opinions previously delivered in connection
with the offering and sale of Notes and its negative assurance letter with respect to the Pricing Disclosure Package and the Final Offering Memorandum, as counsel to the Wendy’s Parties, addressed to the Initial Purchasers and dated the Closing
Date, in form and substance reasonably satisfactory to the Representatives and their counsel. 
 (e)    Greenberg
Traurig, LLP shall have furnished to the Representatives its written opinion, as franchise counsel to the Wendy’s Parties, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the
Representatives and their counsel. 
 (f)    Dentons US LLP shall have furnished to the Representatives its written
opinion, as counsel to the Trustee, addressed to the Initial Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the Representatives and their counsel. 

(g)    The Representatives shall have received an opinion and negative assurance letter of Mayer Brown LLP, counsel to the
Servicer, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel. 

(h)     The Representatives shall have received a reliance letter of Andrascik & Tita LLC, counsel to the Back-Up Manager, dated as of the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives and their counsel allowing for the reliance by the Initial
Purchasers on the opinion letter issued by Andrascik & Tita LLC in connection with the Series 2021-1 Notes. 

(i)    The Representatives shall have received an opinion from Richards, Layton & Finger, PA, Delaware counsel,
Vorys, Sater, Seymour and Pease LLP, Ohio counsel and Cassels Brock & Blackwell LLP, Canadian counsel to the Wendy’s Parties, dated as of the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representatives and their counsel. 
 (j)    The Representatives shall have received from
King & Spalding LLP, counsel for the Initial Purchasers, such opinions and negative assurance letter, dated as of the Closing Date, with respect to the issuance and sale of the Offered Notes, the Pricing Disclosure Package, the Final
Offering Memorandum and other related matters as the Representatives may reasonably require, and Wendy’s Parties shall have furnished to such counsel such documents and information as such counsel reasonably requests for the purpose of enabling
them to pass upon such matters. 
 (k)    In addition to the other opinions and letters provided for in this
Section 7, the Representatives shall have been provided with any other opinions that have been addressed to the Rating Agency in connection with the transactions contemplated herein, and such opinions will be addressed to the Initial
Purchasers. 

  
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 (l)    At the time of execution of this Agreement, the Representatives
shall have received from Deloitte and Touche LLP, a “comfort letter”, in form and substance reasonably satisfactory to the Representatives, addressed to the Initial Purchasers and dated the date hereof (i) confirming that they are
independent public accountants with respect to Parent and its subsidiaries within the meaning of the 1933 Act and the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board and (ii) stating,
as of the Applicable Time (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Pricing Disclosure Package, as of a date not more than three days prior
to the date hereof), the conclusions and findings of such firm with respect to the financial information and (iii) covering such other matters as are ordinarily covered by accountants’ “comfort letters” to underwriters in
connection with registered public offerings. 
 (m)    With respect to the letter of Deloitte and Touche LLP referred to
in the preceding paragraph and delivered to the Representatives concurrently with the execution of this Agreement (the “initial letter”), Deloitte and Touche LLP shall have furnished to the Representatives a “bring-down
letter” of such accountants, addressed to the Initial Purchasers and dated the Closing Date (i) confirming that they are independent public accountants with respect to Parent and its subsidiaries within the meaning of the 1933 Act and the
applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board, (ii) stating, as of the Closing Date (or, with respect to matters involving changes or developments since the respective dates as of
which specified financial information is given in each of the Pricing Disclosure Package or the Final Offering Memorandum, as of a date not more than three days prior to the date of the Closing Date), the conclusions and findings of such firm with
respect to the financial information and other matters covered by the initial letter, (iii) confirming in all material respects the conclusions and findings set forth in the initial letter, and (iv) containing agreed-upon bring-down and
subsequent events procedures language covering the post-pricing period reasonably requested by the Representatives (consistent with applicable professional auditing standards). 

(n)    At the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from
FTI Consulting, Inc. a letter (the “Tape-to-File AUP Letter”), in form and substance reasonably satisfactory to Barclays (in its capacity as a
Representative), addressed to Barclays (in its capacity as a Representative) and such other Initial Purchasers that request that the letter be addressed directly to them, and dated the date hereof, concerning the results of its comparison of
specified attributes in a unit data file to corresponding documents made available to FTI Consulting, Inc. by the Securitization Entities or by Barclays (in its capacity as a Representative) on behalf of the Securitization Entities for its review,
such Tape-to-File AUP Letter to be addressed to Barclays (in its capacity as a Representative) and to any other Initial Purchaser that has both requested such Tape-to-File AUP Letter be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a letter of acknowledgement agreeing to be subject
to the terms, conditions and limitations of a “Specified User” as set forth in that certain engagement letter by and among Parent, Barclays (in its capacity as a Representative) and FTI Consulting, Inc., dated January 22, 2022, as
such letter of acknowledgement is in form and substance satisfactory to FTI Consulting, Inc., in FTI Consulting, Inc.’s, sole and absolute discretion (in each such case, a “Letter of Acknowledgement”). 

(o)    At the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from
FTI Consulting, Inc. a letter (the “Modeling AUP Letter”), in form and substance reasonably satisfactory to Barclays (in its capacity as a Representative), addressed to Barclays (in its capacity as a Representative) and such
other Initial Purchasers that request that the letter be addressed directly to them, and dated the date hereof, concerning the results of its review of certain investor model runs contained in the Supplementary Materials to the extent such
Supplemental Materials with such investor model runs have been provided to FTI Consulting, Inc. by the Securitization Entities or by Barclays (in its capacity as a Representative) on behalf of the Securitization Entities, such Modeling AUP Letter to
be addressed to Barclays (in its capacity as a Representative) and to any other Initial Purchaser that has both requested such Modeling AUP Letter be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a
Letter of Acknowledgement. 

  
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 (p)    [RESERVED]. 

(q)    [RESERVED]. 

(r)    At the time of execution of this Agreement, Barclays (in its capacity as a Representative) shall have received from
FTI Consulting, Inc. a letter (the “Initial AUP Letter”), in form and substance reasonably satisfactory to Barclays (in its capacity as a Representative) and dated the date hereof, concerning certain agreed-upon procedures
performed in respect of the information presented in the Pricing Disclosure Package and the Final Offering Memorandum (including the Investor Model Runs (as defined in Schedule III hereto)), in each such case, to the extent the Pricing Disclosure
Package and Final Offering Memorandum have been previously delivered to FTI Consulting, Inc. on behalf of the Master Issuer, such Initial AUP Letter to be addressed to Barclays (in its capacity as a Representative) and to any other Initial Purchaser
that has both requested such Initial AUP Letter to be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a Letter of Acknowledgement. 

(s)    With respect to the Initial AUP Letter referred to in the preceding paragraph and delivered to Barclays (in its
capacity as a Representative) concurrently with the execution of this Agreement, FTI Consulting, Inc. shall have furnished to Barclays (in its capacity as a Representative) a final report, dated the Closing Date, stating, as of the Closing Date
(i) the conclusions and findings of such firm with respect to the matters covered by the Initial AUP Letter, and (ii) confirming in all material respects the conclusions and findings set forth in the Initial AUP Letter, such final report
to be addressed to Barclays (in its capacity as a Representative) and, to any other Initial Purchaser that has both requested such final report be addressed to such Initial Purchaser and that has executed and delivered to FTI Consulting, Inc. a
Letter of Acknowledgement. 
 (t)    (i) None of the Wendy’s Parties shall have sustained, since the Audit Date,
any material loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane, accident or other calamity, or escalation thereof, whether or not covered by insurance, or from any labor dispute or any legal or
governmental proceeding, other than as set forth in the Pricing Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto); and (ii) subsequent to the dates as of which information is given in the Pricing
Disclosure Package and the Final Offering Memorandum (exclusive of any supplement thereto), there shall not have been any change in the capital stock or limited liability company interests, as applicable, or long-term debt of any of the Wendy’s
Parties or any change, or any development involving a change, in the business, general affairs, condition (financial or otherwise), results of operations, stockholders’ equity, properties or prospects of the Wendy’s Parties and their
respective subsidiaries, individually or taken as a whole, the effect of which, in any such case described above, is, in the reasonable judgment of each Representative, so material and adverse as to make it impracticable or inadvisable to proceed
with the offering, sale or delivery of the Offered Notes on the terms and in the manner contemplated in the Pricing Disclosure Package and the Final Offering Memorandum. 

(u)    Each of Wendy’s Parties shall have furnished or caused to be furnished to the Representatives dated as of the
Closing Date a certificate of Gavin P. Waugh, Vice President, Treasurer and Enterprise Risk Management of The Wendy’s Company and Vice President and Treasurer of each of the other Wendy’s Parties, or other officers reasonably satisfactory
to the 

  
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Representatives, as to such matters as the Representatives may reasonably request, including, without limitation, certifications substantially in the form set forth on Schedule IV (subject to
such modifications as reasonably agreed to by the Representatives). 
 (v)    Subsequent to the earlier of the
Applicable Time and the execution and delivery of this Agreement there shall not have occurred any of the following: (i) downgrading of the rating accorded Parent or the Manager’s debt securities by S&P below “CCC+” or
(ii) S&P shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any debt securities of Parent or the Manager on any date on which the S&P rating of such debt securities
is “CCC+” or lower. The Representatives shall have received a letter from the Rating Agency stating that the Offered Notes have received a rating of not less than “BBB” and the Rating Agency has provided a Rating Agency
Confirmation with respect to the Series 2018-1 Class A-2-II Notes, the Series 2019-1
Class A-2 Notes and the Series 2021-1 Class A-2 Notes. 

(w)    The Offered Notes shall be eligible for clearance and settlement in the United States through DTC and in Europe
through Euroclear Bank, S.A./N.V., or Clearstream Banking, société anonyme. 
 (x)    The Base
Indenture, the Series 2022-1 Supplement and the Amendment (as defined in Section 9 of this Agreement) shall each have been duly executed and delivered by the Master Issuer and the Trustee, and the Offered
Notes shall have been duly executed and delivered by the Master Issuer and duly authenticated by the Trustee. 

(y)    [RESERVED]. 

(z)    Subsequent to the Applicable Time there shall not have occurred any of the following: (i) any domestic or
international event or act or occurrence has materially disrupted, or in the opinion of each Representative will in the immediate future materially disrupt, the market for the securities of any Wendy’s Party or securities in general; or
(ii) trading on the NYSE, or NASDAQ shall have been suspended or been made subject to material limitations, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required, on
the NYSE, or NASDAQ or by order of the Commission or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or federal authority or any material disruption in commercial banking or
securities settlement or clearance services shall have occurred; or (iv) (A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism involving the United States or there is a declaration of a national emergency
or war by the United States or (B) there shall have been any other calamity or crisis or escalation of calamity or crisis or any change in political, financial or economic conditions if the effect of any such event in (A) or (B), in the
judgment of each Representative, makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the manner contemplated by the Final Offering Memorandum. 

(aa)    There shall exist at and as of the Closing Date no condition that would 

  
 32 

 
constitute a default (or an event that with notice or the lapse of time, or both, would constitute a default) under the Indenture or a material breach under any of the other Related Documents as
in effect at the Closing Date (or an event that with notice or lapse of time, or both, would constitute such a default or material breach). On the Closing Date, each of the Related Documents shall be in full force and effect, shall conform in all
material respects to the description thereof contained in the Pricing Disclosure Package and the Final Offering Memorandum and shall not have been modified. 

(bb)    Each Parent Company, each Guarantor and the Master Issuer shall have furnished to the Initial Purchasers a
certificate, in form and substance reasonably satisfactory to the Representatives, dated as of the Closing Date, of the Chief Financial Officer (or, if such entity has no Chief Financial Officer, of another Authorized Officer) of such entity that
such entity will be Solvent immediately after the consummation of the transactions contemplated by this Agreement. 

(cc)    None of (i) the issuance and sale of the Offered Notes pursuant to this Agreement, (ii) the transactions
contemplated by the Related Documents or (iii) the use of the Pricing Disclosure Package or the Final Offering Memorandum shall be subject to an injunction (temporary or permanent) and no restraining order or other injunctive order shall have
been issued; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or (to the knowledge of Wendy’s Parties) overtly threatened against the Wendy’s Parties or the Initial Purchasers that
would reasonably be expected to adversely impact the issuance of the Offered Notes or the Initial Purchasers’ activities in connection therewith or any other transactions contemplated by the Related Documents or the Pricing Disclosure Package.

 (dd)    The Representatives shall have received evidence reasonably satisfactory to the Representatives and their
counsel, that all UCC-1 financing statements and assignments and other instruments required to be filed on or prior to the Initial Closing Date or the Closing Date pursuant to the Related Documents have been
or are being filed. 
 (ee)    The Representatives shall have received evidence reasonably satisfactory to the
Representatives and their counsel that all conditions precedent to the issuance of the Offered Notes that are contained in the Base Indenture and the Series 2022-1 Supplement have been satisfied. 

(ff)    The representations and warranties of each of Wendy’s Parties (to the extent a party thereto) contained in
the Related Documents to which each of the Wendy’s Parties is a party will be true and correct as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and
correct of such earlier date). 
 (gg)    That certain risk retention letter agreement from the Manager, dated as of the
Closing Date with respect to the EU risk retention rules (the “Risk Retention Letter”) shall have been duly executed and delivered by the parties thereto in form and substance satisfactory to the Representatives. 

(hh)    On or prior to the Closing Date, the Parent Companies, the Manager, the Guarantors and the Master Issuer shall
have furnished to the Initial Purchasers such further certificates and documents as the Representatives may reasonably request. 

  
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 All opinions, letters, evidence and certificates mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Representatives. 

8.    Indemnification and Contribution. 

(a)    Each of the Wendy’s Parties shall, jointly and severally, indemnify and hold harmless each Initial Purchaser,
its affiliates, directors, officers, employees and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act (each, an “Initial Purchaser Indemnified
Party”), against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable and documented expenses whatsoever incurred
in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become
subject under the 1933 Act, the 1934 Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a
material fact contained (A) in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement thereto (B) in any Blue Sky application or other document prepared or
executed by any of the Wendy’s Parties (or based upon any written information furnished by any of the Wendy’s Parties) specifically for the purpose of qualifying any or all of the Offered Notes under the securities laws of any state or
other jurisdiction (any such application, document or information being hereinafter called a “Blue Sky Application”) or (C) in any materials or information provided to investors by, or with the approval of, any of the
Wendy’s Parties in connection with the marketing of the offering of the Offered Notes, including any road show or investor presentations made to investors by any of the Wendy’s Parties (whether in person or electronically) and the
documents and information listed on Schedule III hereto (all of the foregoing materials described in this clause (C), the “Marketing Materials”), (ii) the omission or alleged omission to state in the Preliminary Offering
Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum, or in any amendment or supplement thereto, or in any Blue Sky Application or in any Marketing Materials, any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, (iii) any act or failure to act or any alleged act or failure to act by any Initial Purchaser in connection with, or relating in any manner to, the Offered
Notes or the offering contemplated hereby, and that is included as part of or referred to in any loss, claim, damage, liability or action or expense arising out of or based upon matters covered by clause (i) or (ii) above, or (iv) the
violation of any securities laws (including without limitation the anti-fraud provision thereof) of any foreign jurisdiction in which the Offered Notes are offered; provided, however, that the Wendy’s Parties will not be liable in
any such case to the extent but only to the extent that it is determined in a final and unappealable judgment by a court of competent jurisdiction that any such loss, liability, claim, damage or expense arises directly and primarily out of or is
based directly and primarily upon any such untrue statement or alleged untrue statement 

  
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or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to any of the Wendy’s Parties by or on behalf of any Initial Purchaser
through the Representatives expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package, the Final Offering Memorandum, amendment or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be).
The parties agree that such information provided by or on behalf of any Initial Purchaser through either Representative consists solely of the Initial Purchaser Information. 

Each of the Wendy’s Parties hereby agrees, jointly and severally, to indemnify and hold harmless each Initial Purchaser Indemnified
Party, against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all reasonable and documented expenses whatsoever incurred in
investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become
subject, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any website maintained in compliance with Rule 17g-5 under the 1934 Act by or on behalf of any Wendy’s
Party in connection with the marketing of the offering of the Offered Notes. 
 Except as otherwise provided in Section 8(c), each of
the Wendy’s Parties agrees that it shall, jointly and severally, reimburse each Indemnified Party promptly upon demand for any documented legal or other expenses reasonably incurred by that Initial Purchaser Indemnified Party in connection with
investigating or defending or preparing to defend against any losses, liabilities, claims, damages or expenses for which indemnity is being provided pursuant to this Section 8(a) as such expenses are incurred. 

The foregoing indemnity agreement will be in addition to any liability which the Wendy’s Parties may otherwise have, including but not
limited to other liability under this Agreement. 
 (b)    Each Initial Purchaser, severally and not jointly, shall
indemnify and hold harmless each Wendy’s Party, each of the officers, directors and employees of each Wendy’s Party, and each other person, if any, who controls such Wendy’s Party within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act (each a “Wendy’s Indemnified Party”), against any losses, liabilities, claims, damages and expenses whatsoever as incurred (including but not limited to reasonable attorneys’ fees
and any and all reasonable and documented expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or
litigation), joint or several, to which they or any of them may become subject under the 1933 Act, the 1934 Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based
upon (i) any untrue statement or alleged untrue statement of a material fact contained (A) in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Final Offering Memorandum or in any amendment or supplement thereto,
(B) in any Blue Sky Application or (C) in any Marketing Materials, or (ii) the omission or alleged omission to state in the Preliminary Offering Memorandum, the Pricing Disclosure 

  
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Package or the Final Offering Memorandum, or in any amendment or supplement thereto, in any Blue Sky Application or in any Marketing Materials any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and
in conformity with written information furnished to any of the Wendy’s Parties by or on behalf of any Initial Purchaser through either Representative expressly for use in the Preliminary Offering Memorandum, the Pricing Disclosure Package, the
Final Offering Memorandum, amendment or supplement thereto, Blue Sky Application or Marketing Materials (as the case may be, which information is limited to the Initial Purchaser Information, provided, however, that in no case shall
any Initial Purchaser be liable or responsible for any amount in excess of the discount applicable to the Offered Notes to be purchased by such Initial Purchaser under this Agreement). 

The foregoing indemnity agreement will be in addition to any liability which the Initial Purchasers may otherwise have, including but not
limited to other liability under this Agreement. 
 (c)    Promptly after receipt by an indemnified party under
subsection (a) or (b) above of notice of any claims or the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against
whom indemnification is to be sought in writing of the claim or the commencement thereof (but the failure so to notify an indemnifying party shall not relieve the indemnifying party from any liability which it may have under this Section 8 to
the extent that it is not materially prejudiced due to the forfeiture of substantive rights or defenses as a result thereof or otherwise has notice of any such action, and in any event shall not relieve it from any liability that such indemnifying
party may have otherwise than on account of the indemnity agreement hereunder). In case any such claim or action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will
be entitled to participate, at its own expense in the defense of such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume
the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, that counsel to the indemnifying party shall not (except with the written consent of the indemnified party) also be counsel to the
indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party
or parties unless (i) the employment of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel
reasonably satisfactory to such indemnified party to have charge of the defense of such action within a reasonable time after notice of commencement of the action, (iii) such indemnified party or parties shall have reasonably concluded, based
on advice of counsel, that there may be legal defenses available to it or them which are different from or additional to those available to the indemnifying parties, or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation of both sets of parties by the same counsel would present a conflict due to actual or potential differing 

  
 36 

 
interests between them, in any of which events (i) through (iv) such fees and expenses shall be borne by the indemnifying parties (and the indemnifying parties shall not have the right to
direct the defense of such action on behalf of the indemnified party or parties); provided, however, that in no event will the indemnifying parties be liable for the fees and expenses of more than one counsel for the indemnified
parties (together with any local counsel in any applicable jurisdiction). No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with
respect to, any pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought by an indemnified party under this Section 8 (whether or not the indemnified party
is an actual or potential party thereto), unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such claim, investigation, action or proceeding and
(ii) does not include a statement as to or an admission of fault, culpability or any failure to act, by or on behalf of the indemnified party. No indemnifying party shall be liable for any settlement or compromise of, or consent to the entry of
judgment with respect to, any such action or claim effected without its consent. 
 (d)    In order to provide for
contribution in circumstances in which the indemnification provided for in Section 8(a) through (c) is for any reason held to be unavailable from any indemnifying party or is insufficient to hold harmless a party indemnified thereunder,
the Wendy’s Parties and the Initial Purchasers shall contribute to the aggregate losses, claims, damages, liabilities and expenses of the nature contemplated by such indemnification provision (including any reasonable and documented
investigation, legal and other expenses incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claims asserted), but after deducting in the case of losses, claims, damages, liabilities and expenses
suffered by the Wendy’s Parties, any contribution received by the Wendy’s Parties from persons, other than the Initial Purchasers, who may also be liable for contribution, including their directors, officers, employees and persons who
control the Wendy’s Parties within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as incurred to which the Wendy’s Parties and one or more of the Initial Purchasers may be subject, in such proportions as
is appropriate to reflect the relative benefits received by the Wendy’s Parties and the Initial Purchasers from the offering and sale of the Offered Notes under this Agreement or, if such allocation is not permitted by applicable law, in such
proportions as are appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Wendy’s Parties and the Initial Purchasers in connection with the statements or omissions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Wendy’s Parties and the Initial Purchasers shall be deemed to be in the same proportion as the total
proceeds from the offering and sale of the Offered Notes under this Agreement (net of discounts and commissions but before deducting expenses) received by the Wendy’s Parties or their affiliates under this Agreement, on the one hand, and the
discounts or commissions received by the Initial Purchasers under this Agreement, on the other hand, bear to the aggregate offering price to investors of the Offered Notes purchased under this Agreement, as set forth on the cover of the Final
Offering Memorandum. The relative fault of each of the Wendy’s Parties (on the one hand) and of the Initial Purchasers (on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of 

  
 37 

 
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Wendy’s Parties or their affiliates or the Initial Purchasers and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Wendy’s Parties and the Initial Purchasers agree that it would not be just and equitable if contribution
pursuant to this Section 8(d) were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations
referred to above in this Section 8(d). The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 8(d) shall be deemed to include any documented legal
or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any judicial, regulatory or other legal or governmental agency or body, commenced
or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the provisions of this Section 8(d), (i) no Initial Purchaser shall be required to contribute any
amount in excess of the amount by which the discounts and commissions applicable to the Offered Notes resold by it to Eligible Purchasers under this Agreement exceeds the amount of any damages which such Initial Purchaser has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8(d), (A) each of the Initial Purchaser Indemnified Parties other than the Initial Purchasers shall have the same rights to contribution as
the Initial Purchasers, and (B) each director, officer or employee of the Wendy’s Parties and each person, if any, who controls the Wendy’s Parties within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act shall have the same rights to contribution as the Wendy’s Parties, subject in each case of (A) and (B) to clauses (i) and (ii) of the immediately preceding sentence. Any party entitled to contribution will, promptly after receipt
of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the
omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 8(d) or otherwise. The obligations of the Initial Purchasers to
contribute pursuant to this Section 8(d) are several in proportion to the respective aggregate principal amount of Offered Notes purchased by each of the Initial Purchasers under this Agreement and not joint. The obligations of the Wendy’s
Parties to contribute pursuant to this Section 8(d) shall be joint and several. 
 (e)    The Initial Purchasers
severally confirm and the Wendy’s Parties acknowledge and agree that (i) the statements with respect to the offering of the Offered Notes by the Initial Purchasers set forth in the fourth to last paragraph (relating to overallotment,
stabilization and similar activities) of the section entitled “Plan of Distribution” in the Pricing Disclosure Package and the Final Offering Memorandum and (ii) the names of the Initial Purchasers set forth on the front and back
cover page of the Preliminary Offering Memorandum and the Final Offering Memorandum constitute the only information concerning such Initial Purchasers furnished in writing to the Wendy’s Parties by or on behalf of the Initial Purchasers
specifically for inclusion in the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Final Offering Memorandum or in any amendment or supplement thereto or in any Blue Sky Application (the “Initial Purchaser
Information”). 

  
 38 

 9.    Consent. Each Representative hereby agrees, in its capacity
as holder of the Offered Notes and a Representative of the Initial Purchasers, to (i) the Base Indenture, to be entered into by and among the Master Issuer and Citibank, N.A., as the Trustee and the securities intermediary thereunder and
(ii) the Fifth Amendment to the Management Agreement, to be dated as of the Closing Date, by and among the Master Issuer, Wendy’s International LLC, the Guarantors and Citibank, N.A. as the Trustee (the
“Amendment”), and in their respective capacities as Noteholders hereby (x) direct the Control Party, where such direction from the Noteholders is required, to consent to the Base Indenture and the Amendment and
(y) waive notice of any Consent Request or Consent Recommendation that would otherwise be required pursuant to Section 11.4(c) of the Base Indenture in connection with the Amendment. 

10.    Defaulting Initial Purchasers. 

(a)    If, on the Closing Date, any Initial Purchaser defaults in its obligations to purchase the Offered Notes that it
has agreed to purchase under this Agreement, the remaining non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Offered Notes by the
non-defaulting Initial Purchasers or other persons satisfactory to the Master Issuer on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Offered Notes, then the Master Issuer shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to
the non-defaulting Initial Purchasers to purchase such Offered Notes on such terms. In the event that within the respective prescribed periods, the non-defaulting
Initial Purchasers notify the Master Issuer that they have so arranged for the purchase of such Offered Notes, or the Master Issuer notifies the non-defaulting Initial Purchasers that it has so arranged for
the purchase of such Offered Notes, either the non-defaulting Initial Purchasers or the Master Issuer may postpone the Closing Date for up to seven full Business Days in order to effect any changes that in the
opinion of counsel for the Master Issuer or counsel for the Initial Purchasers may be necessary in the Pricing Disclosure Package, the Final Offering Memorandum or in any other document or arrangement, and the Master Issuer agrees to promptly
prepare any amendment or supplement to the Pricing Disclosure Package or the Final Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement
unless the context requires otherwise, any party hereto that, pursuant to this Section 10, purchases Offered Notes that a defaulting Initial Purchaser agreed but failed to purchase. 

(b)    If, after giving effect to any arrangements for the purchase of the Offered Notes of a defaulting Initial Purchaser
or Initial Purchasers by the non-defaulting Initial Purchasers and any persons procured by the Master Issuer as provided in paragraph (a) above, the aggregate principal amount of such Offered Notes that
remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Offered Notes, then the Master Issuer shall have the right to require each
non-defaulting Initial Purchaser to purchase the principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro

  
 39 

 
rata share (based on the principal amount of Offered Notes that such Initial Purchaser agreed to purchase hereunder) of the Offered Notes of such defaulting Initial Purchaser or Initial
Purchasers for which such arrangements have not been made; provided that the non-defaulting Initial Purchasers shall not be obligated to purchase more than 110% of the aggregate principal amount of
Offered Notes that they agreed to purchase on the Closing Date pursuant to the terms of Section 3. 
 (c)    If,
after giving effect to any arrangements for the purchase of the Offered Notes of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and any persons procured by the
Master Issuer as provided in paragraph (a) above, the aggregate principal amount of such Offered Notes that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Offered
Notes, or if the Master Issuer shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers.
Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Master Issuer, the Parent Companies, the Manager or the Guarantors, except that the Master Issuer, the Parent Companies, the Manager and
the Guarantors will continue to be liable for the payment of expenses as set forth in Sections 6 and 13 except with respect to a defaulting Initial Purchaser and except that the provisions of Section 8 shall not terminate and shall remain
in effect. 
 (d)    Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have
to the Wendy’s Parties or any non-defaulting Initial Purchaser for damages caused by its default. 

11.    Termination. The Representatives shall have the right to terminate this Agreement at any time prior to the
Closing Date, if, at or after the Applicable Time: (i) any domestic or international event or act or occurrence has materially disrupted, or in the opinion of the Representatives will in the immediate future materially disrupt, the market for
the Master Issuer’s securities or securities in general; or (ii) trading on the NYSE or NASDAQ shall have been suspended or been made subject to material limitations, or minimum or maximum prices for trading shall have been fixed, or
maximum ranges for prices for securities shall have been required, on the NYSE or NASDAQ or by order of the Commission or any other governmental authority having jurisdiction; or (iii) a banking moratorium has been declared by any state or
federal authority or any material disruption in commercial banking or securities settlement or clearance services shall have occurred; or (iv) (A) there shall have occurred any outbreak or escalation of hostilities or acts of terrorism
involving the United States or there is a declaration of a national emergency or war by the United States or (B) there shall have been any other calamity or crisis or escalation of calamity or crisis or any change in political, financial or
economic conditions if the effect of any such event in (A) or (B), in the judgment of the Representatives, makes it impracticable or inadvisable to proceed with the offering, sale and delivery of the Offered Notes, on the terms and in the
manner contemplated by the Final Offering Memorandum; or (v) any of the events described in Sections 7(t) or 7(x) shall have occurred or the Initial Purchasers shall decline to purchase the Offered Notes for any reason permitted under this
Agreement. Any notice of termination pursuant to this Section 11 shall be in writing. 

  
 40 

 12.    Non-Assignability.
None of the Wendy’s Parties may assign its rights and obligations under this Agreement. The Initial Purchasers may not assign their respective rights and obligations under this Agreement, except that each Initial Purchaser shall have the right
to substitute any one of its affiliates as the purchaser of the Offered Notes that it has agreed to purchase hereunder (“Substituting Initial Purchaser”), by a written notice to the Master Issuer and subject to the consent of
the Master Issuer (such consent not to be unreasonably withheld), which notice shall be signed by both the Substituting Initial Purchaser and such affiliate, shall contain such affiliate’s agreement to be bound by this Agreement and shall
contain a confirmation by such affiliate of the accuracy with respect to it of the representations set forth in Section 3. Upon receipt of such notice, wherever the word “Initial Purchaser” is used in this Agreement (other than in
this Section 12), such word shall be deemed to refer to such affiliate in lieu of the Substituting Initial Purchaser. 

13.    Reimbursement of Initial Purchasers’ Expenses. If (a) the Master Issuer for any reason fails to
tender the Offered Notes for delivery to the Initial Purchasers, or (b) the Initial Purchasers decline to purchase the Offered Notes for any reason permitted under this Agreement, the Master Issuer, the Parent Companies, the Manager and the
Guarantors shall jointly and severally reimburse the Initial Purchasers for all reasonable and reasonably documented out-of-pocket expenses (including fees and
disbursements of counsel for the Initial Purchasers) incurred by the Initial Purchasers in connection with this Agreement and the proposed purchase of the Offered Notes, and upon demand Wendy’s Parties shall pay the full amount thereof to the
Initial Purchasers. If this Agreement is terminated pursuant to Section 10 by reason of the default of one or more Initial Purchasers, the Wendy’s Parties shall not be obligated to reimburse any defaulting Initial Purchaser on account of
those expenses. 
 14.    Notices, etc. All statements, requests, notices and agreements hereunder shall be in
writing, and: 
 (a)    if to the Initial Purchasers, shall be delivered or sent by hand delivery, mail, overnight
courier or facsimile transmission to (i) Barclays Capital Inc., 745 Seventh Avenue, 5th Floor, New York, New York 10019, Attention: Benjamin Fernandez, Managing Director, Securitized Products Origination, with a copy to King & Spalding
LLP, 1185 Avenue of the Americas, New York, New York 10036, Attention: Michael L. Urschel, and with a copy, in the case of any notice pursuant to Section 8(c), to the Director of Litigation, Office of the General Counsel, Barclays Capital Inc.,
745 Seventh Avenue, New York, New York 10019, and (ii) Jefferies LLC, 520 Madison Avenue, New York, New York 10022, Attention: General Counsel, with a copy to King & Spalding LLP, 1185 Avenue of the Americas, New York, New York 10036,
Attention: Michael L. Urschel; 
 (b)    if to any of the Wendy’s Parties, shall be delivered or sent by mail,
overnight courier or facsimile transmission to The Wendy’s Company, One Dave Thomas Blvd., Dublin, Ohio 43017, Attention: Chief Legal Officer and with a copy to Ropes & Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199,
Attention: Craig Marcus and Emily Oldshue; 
 Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. 

  
 41 

 15.    Persons Entitled to Benefit of Agreement. This Agreement
shall inure to the benefit of and be binding upon the Initial Purchasers, the Wendy’s Parties and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the
representations, warranties, indemnities and agreements of Wendy’s Parties contained in this Agreement shall also be deemed to be for the benefit of any Initial Purchaser Indemnified Party and, in the case of Section 8(b) only, any
Wendy’s Indemnified Party. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons referred to in this Section 15, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision contained herein. 
 16.    Survival. The respective indemnities, rights of
contribution, representations, warranties and agreements of any of the Wendy’s Parties and the Initial Purchasers contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery
of and payment for the Offered Notes and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of any of them or any person controlling any of them. 

17.    Definition of the Terms “Business Day”, “Affiliate”, and “Subsidiary”. For
purposes of this Agreement, (a) “Business Day” means any day on which the New York Stock Exchange, Inc. is open for trading, and (b) “affiliate” and “subsidiary” have the meanings set forth in Rule 405 under the 1933
Act; provided that, for the avoidance of doubt, no franchisee shall be deemed to be an affiliate solely based on its position as such. 

18.    Governing Law. This Agreement and any dispute, claim, controversy, disagreement, action, proceeding or
dispute arising under or related to this Agreement, including the scope or validity of this provision, shall be governed by and construed in accordance with the laws of the State of New York.  

19.    Submission to Jurisdiction and Venue. Each of the parties hereto hereby irrevocably and unconditionally:

 (a)    submits for itself and its property in any legal action or proceeding relating to this Agreement or any of the
transactions contemplated hereby, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the
United States for the Southern District of New York, and appellate courts from any thereof; 
 (b)    consents that any
such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c)    agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to any party hereto at its address set forth in Section 14 or at such other address of which such party shall
have been notified pursuant thereto; and 

  
 42 

 (d)    agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding
referred to in this Section 19 any special, exemplary, punitive or consequential damages. 
 Each of Wendy’s Parties and each of the Initial
Purchasers agree that any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives
any objection that such party may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any suit, action or proceeding. 

20.    Waiver of Jury Trial. The Master Issuer, the Parent Companies, the Manager, the Guarantors and each of the
Initial Purchasers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

21.    No Fiduciary Duty. The Wendy’s Parties acknowledge and agree that (a) the purchase and sale of the
Offered Notes pursuant to this Agreement, including the determination of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length commercial transaction
between the Wendy’s Parties, on the one hand, and the several Initial Purchasers, on the other hand, (b) in connection with the offering, sale and the delivery of the Offered Notes and the process leading thereto, each Initial Purchaser is
and has, and their respective representatives are and have, been acting solely as a principal and is not the agent or fiduciary of any Wendy’s Party, any of its respective subsidiaries or its respective stockholders, creditors, employees or any
other party, (c) no Initial Purchaser or any of their respective representatives has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Wendy’s Party with respect to the offering, sale and delivery of
the Offered Notes or the process leading thereto (irrespective of whether such Initial Purchaser or any of its representative has advised or is currently advising the Wendy’s Parties or any of their respective subsidiaries on other matters) and
no Initial Purchaser or its respective representative has any obligation to the Wendy’s Parties with respect to the offering of the Offered Notes except the obligations expressly set forth in this Agreement, (d) the Initial Purchasers and
their respective affiliates and representatives may be engaged in a broad range of transactions that involve interests that differ from those of the Wendy’s Parties, (e) any duties and obligations that the Initial Purchasers may have to
the Wendy’s Parties shall be limited to those duties and obligations specifically stated herein, and (f) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect to the offering of the Offered
Notes and the Wendy’s Parties have consulted their own respective legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. The Wendy’s Parties hereby waive any claims that they each may have against the Initial
Purchasers with respect to any breach of fiduciary duty in connection with the Offered Notes. 

  
 43 

 22.    Counterparts. This Agreement may be executed in one or
more counterparts, including by facsimile or other means of electronic communication (including PDF file, JPEG file, Adobe Sign or DocuSign), each of which so executed shall be deemed to be an original but all such counterparts shall together
constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by facsimile or any such electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement and
shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law. Any electronically signed document delivered via email from a person purporting to be an authorized officer
shall be considered signed or executed by such authorized officer on behalf of the applicable person and will be binding on all parties hereto to the same extent as if it were manually executed. 

23.    Headings. The headings herein are inserted for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement. 
 24.    Severability. In case any provision
of this Agreement shall be deemed invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

25.    Recognition of the U.S. Special Resolution Regimes. 

(a)    In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S.
Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(b)    In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser
becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be
exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States. 

For purposes of this Section 25, a “BHC Act Affiliate” has the meaning assigned to the term “affiliate”
in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 382.2(b). “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “U.S. Special Resolution Regime”
means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

  
 44 

 If the foregoing correctly sets forth the agreement among the Master Issuer, the Parent
Companies, the Manager, the Guarantors, and the Initial Purchasers, please indicate your acceptance in the space provided for that purpose below. 

Very truly yours, 
  

					
	THE WENDY’S COMPANY
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	 Vice President, Treasurer and
 Enterprise
Risk Management

	
	WENDY’S INTERNATIONAL, LLC
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer
	
	WENDY’S SPV GUARANTOR, LLC
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer
	
	WENDY’S FUNDING, LLC
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer

  
 [Signature Page to
Series 2022-1 Class A-2 Purchase Agreement] 

					
	QUALITY IS OUR RECIPE, LLC
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer
	
	WENDY’S PROPERTIES, LLC
		
	By:	 	 /s/ Gavin P. Waugh

		 	Name:	 	Gavin P. Waugh
		 	Title:	 	Vice President and Treasurer

  
 [Signature Page to
Series 2022-1 Class A-2 Purchase Agreement] 

 Accepted: 
  

			
	BARCLAYS CAPITAL INC., as an Initial Purchaser and as the Representative for the several Initial Purchasers
		
	By:	 	 /s/ Benjamin Fernandez

		 	Name: Benjamin Fernandez
		 	Title:   Managing Director
	
	JEFFERIES LLC, as an Initial Purchaser and as the Representative for the several Initial Purchasers
		
	By:	 	 /s/ Jordan Rothstein

		 	Name: Jordan Rothstein
		 	Title:   Managing Director

  
 [Signature Page to
Series 2022-1 Class A-2 Purchase Agreement] 

 SCHEDULE I 
  

					
	 Initial Purchasers
	  	Principal
Amount
of
Series 2022-1
Class A-2-I
Notes to be
Purchased	 
	 Barclays Capital Inc.
	  	$	50,001,000	 
	 Jefferies LLC
	  	$	30,000,000	 
	 Academy Securities Inc.
	  	$	1,667,000	 
	 BofA Securities, Inc.
	  	$	3,333,000	 
	 C.L. King & Associates, Inc.
	  	$	1,667,000	 
	 J.P. Morgan Securities LLC
	  	$	3,333,000	 
	 Morgan Stanley & Co. LLC
	  	$	3,333,000	 
	 Rabo Securities USA, Inc.
	  	$	3,333,000	 
	 RBC Capital Markets, LLC
	  	$	3,333,000	 
		  	  
	  
	 
	 Total
	  	$	100,000,000	 
		  	  
	  
	 

  

					
	 Initial Purchasers
	  	Principal
Amount
of
Series 2022-1
Class A-2-II
Notes to be
Purchased	 
	 Barclays Capital, Inc.
	  	$	200,001,000	 
	 Jefferies LLC
	  	$	120,000,000	 
	 Academy Securities Inc.
	  	$	6,667,000	 
	 BofA Securities, Inc.
	  	$	13,333,000	 
	 C.L. King & Associates, Inc.
	  	$	6,667,000	 
	 J.P. Morgan Securities LLC
	  	$	13,333,000	 
	 Morgan Stanley & Co. LLC
	  	$	13,333,000	 
	 Rabo Securities USA, Inc.
	  	$	13,333,000	 
	 RBC Capital Markets, LLC
	  	$	13,333,000	 
		  	  
	  
	 
	 Total
	  	$	400,000,000	 
		  	  
	  
	 

 SCHEDULE II 

PRICING TERM SHEET 

WENDY’S FUNDING, LLC 

Master Issuer 
 Pricing
Supplement dated March 23, 2022 to the Preliminary Offering Memorandum dated March 21, 2022 
 $100,000,000
SERIES 2022-1 4.236% FIXED RATE SENIOR SECURED NOTES, CLASS A-2-I 
 $400,000,000 SERIES 2022-1 4.535% FIXED RATE SENIOR SECURED NOTES,
CLASS A-2-II

  
  

			
	 Gross Proceeds to the Master Issuer:
	  	
		
	
Class A-2-I
	  	$100,000,000
		
	
Class A-2-II
	  	$400,000,000
		
	 Price to Investors:
	  	
		
	
Class A-2-I
	  	100.0%
		
	
Class A-2-II
	  	100.0%
		
	 Interest/Coupon Rate:
	  	
		
	
Class A-2-I
	  	4.236% per annum
		
	
Class A-2-II
	  	4.535% per annum
		
	 Ratings (S&P):
	  	“BBB”
		
	 Trade Date:
	  	March 23, 2022
		
	 Closing Date:
	  	April 1, 2022 (T+ 7)
		
	 Initial Purchasers
	  	 Barclays Capital, Inc
 Jefferies LLC

Academy Securities Inc.
 BofA Securities, Inc.

C.L. King & Associates, Inc.
 J.P. Morgan Securities
LLC
 Morgan Stanley & Co. LLC
 Rabo Securities USA,
Inc.
 RBC Capital Markets, LLC

		
	 Initial Interest Accrual Period:
	  	The initial Interest Accrual Period for the Offered Notes will be 74 days, based on a 360-day year of twelve 30-day
months.

			
	 Series 2022-1 Quarterly
Post-ARD
 Contingent Interest:
	  	A per annum rate equal to the rate determined by the Servicer to be the greater of (i) 5.00% per annum and (ii) a rate equal to the amount, if any, by which (a) the sum of (x) the yield to maturity (adjusted to a
quarterly bond-equivalent basis) on the Series 2022-1 Anticipated Repayment Date of the United States Treasury Security having a term closest to ten (10) years, plus (y) 5.00%, plus (z) (1) with
respect to the Series 2022-1 Class A-2-I Notes, 1.85% and (2) with respect to the Series
2022-1 Class A-2-II Notes, 2.15%, exceeds (b) the Series 2022-1 Class A-2 Note Rate with respect to such Tranche of the Offered Notes. In addition, regular interest will continue to accrue at the applicable Series 2022-1 Class A-2 Note Rate with respect to the applicable Tranche of the Offered Notes from and after the Series 2022-1 Anticipated Repayment Date for such Tranche of the
Offered Notes. All computations of Series 2022-1 Class A-2 Quarterly Post-ARD Contingent Interest will be made on the basis
of a 360-day year of twelve 30-day months.
		
	 Senior Notes Interest Reserve Account:
	  	On the Closing Date, the Master Issuer expects to have sufficient funds in the Senior Notes Interest Reserve Account and will not be required to deposit additional funds in the Senior Notes Interest Reserve Account on the Closing
Date.
		
	 Series 2022-1 Class A-2 Senior Secured Notes:
	  	 The following revisions in red ink and blue ink are hereby made to pages 11 and 12 of the Preliminary Offering Memorandum under the
heading “Summary of the Offering—Offered Notes—General Description—Series 2022-1 Class A-2 Senior Secured Notes” and the Preliminary Offering Memorandum is hereby amended as follows:

 
 On the Closing Date, the Master Issuer will issue two subclasses of fixed rate senior
secured term notes in a combined aggregate principal amount of $500,000,00 consisting of (i) the “Series 2022-1 Class A-2-I Notes” in a total aggregate principal amount of $100,000,000 and (ii) the “Series 2022-1 Class
A-2-II Notes” in a total aggregate principal amount of $400,000,000 (collectively, the “Series 2022-1

			
		
		  	Class A-2 Notes” or the “Offered Notes”; each of the Series 2022-1 Class A-2-I Notes and the Series 2022-1 Class A-2-II Notes is sometimes referred to herein as a “Tranche” of the
Offered Notes) pursuant to the Indenture.
		
	 Additional Changes:
	  	 The following revisions in red ink are hereby made to page 269 of the Preliminary Offering Memorandum under the heading
“Description of the Indenture and the Guarantee and Collateral Agreement—Principal Payments with Asset Disposition Proceeds” and the Preliminary Offering Memorandum is hereby amended as follows:

 
 “Eligible Assets” means (i) prior to the 2022
Springing Amendments Implementation Date, any real property or other asset useful to the Securitization Entities in the operation of their business or assets, including, without limitation, (x) capital assets, capital expenditures,
renovations and improvements and (y) assets intended to generate revenue for the Securitization Entities; and (ii) on and after the 2022 Springing Amendments Implementation Date, any real property or other assets useful
to the Securitization Entities in the operation of their business or assets, including, without limitation, (x) capital assets, capital expenditures, renovations and improvements, (y) assets intended to generate revenue for the Securitization
Entities and (z) distributions to any Non-Securitization Entity that will be used to fund capital assets, capital expenditures, renovations or improvements or other assets intended to generate revenue for one or more Company
Restaurants.

		
	 Rule 144A CUSIP/ISIN Numbers:
	  	
		
	 Class A-2-I
	  	95058X AM0 / US95058XAM02
		
	 Class A-2-II
	  	95058X AP3 / US95058XAP33
		
	 Reg S CUSIP/ISIN Numbers
	  	
		
	 Class A-2-I
	  	U95247 AQ2 / USU95247AQ22
		
	 Class A-2-II
	  	U95247 AR0 / USU95247AR05
		
	 Distribution:
	  	Rule 144A and Reg S Compliant

 This Pricing Supplement (this “Pricing Supplement”) is qualified in its entirety by
reference to the Preliminary Offering Memorandum, dated March 21, 2022, of Wendy’s Funding, LLC (the “Preliminary Offering Memorandum”). The information in this Pricing Supplement supersedes the information in the
Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used herein and not defined herein have the meanings assigned in the Preliminary Offering Memorandum. 

THE NOTES ARE SOLELY THE JOINT AND SEVERAL OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS). THE NOTES DO NOT REPRESENT OBLIGATIONS OF THE
MANAGER OR ANY OF ITS AFFILIATES (OTHER THAN THE MASTER ISSUER AND THE GUARANTORS), OFFICERS, DIRECTORS, SHAREHOLDERS, MEMBERS, PARTNERS, EMPLOYEES, REPRESENTATIVES OR AGENTS. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY. THE
NOTES REPRESENT NON-RECOURSE OBLIGATIONS OF THE MASTER ISSUER (GUARANTEED BY THE GUARANTORS) AND ARE PAYABLE SOLELY FROM THE COLLATERAL, AND PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON
AN ANALYSIS OF THE SUFFICIENCY OF THE COLLATERAL. 
 THE ISSUANCE AND SALE OF THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “1933 ACT”), OR ANY STATE SECURITIES LAWS, AND NO SERIES 2021-1 CLASS A-2 NOTEHOLDER WILL HAVE THE RIGHT TO REQUIRE SUCH
REGISTRATION. THE NOTES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN RULE 902 UNDER THE 1933 ACT) UNLESS THE NOTES ARE REGISTERED UNDER THE 1933 ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS IS
AVAILABLE. THE NOTES ARE BEING SOLD ONLY TO (I) PERSONS WHO ARE NOT COMPETITORS AND WHO ARE “QUALIFIED INSTITUTIONAL BUYERS” UNDER RULE 144A UNDER THE 1933 ACT, (II) PERSONS WHO ARE NOT COMPETITORS AND WHO ARE NOT “U.S.
PERSONS” IN OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S UNDER THE 1933 ACT OR (III) THE MASTER ISSUER OR AN AFFILIATE OF THE MASTER ISSUER. BECAUSE THE NOTES ARE NOT REGISTERED, THEY ARE SUBJECT TO CERTAIN RESTRICTIONS ON RESALE
DESCRIBED UNDER “TRANSFER RESTRICTIONS” IN THE PRELIMINARY OFFERING MEMORANDUM. 

 SCHEDULE III 

 

	A.	 Investor Presentation, dated March 21, 2022 

 

	B.	 The following additional materials provided to Investors in connection with the Preliminary Offering Memorandum
(including the inputs and outputs of the model runs included therein provided to prospective investors with respect to the Preliminary Offering Memorandum, the final versions of such model runs (such final runs, the “Investor Model
Runs”) having been subject to the procedures set forth in the Initial AUP Letter): 

 SCHEDULE IV 

THE WENDY’S COMPANY 

OFFICER CERTIFICATE 

 Exhibit 1 

Management Presentation, dated March 2022 (the “Investor Presentation”)

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