Document:

EX-10.17

 Exhibit 10.17 

EMPLOYMENT AGREEMENT 

EDWARD VALLE 
 EMPLOYMENT
AGREEMENT (the “Agreement”), dated as of October 24, 2011, by and between El Pollo Loco, Inc. (the “Company”) and Edward Valle (the “Executive”). 

WHEREAS, the Company desires to employ Executive and to enter into an agreement embodying the terms of such employment; and 

WHEREAS, Executive is willing to accept employment on the terms hereinafter set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree
as follows: 
 1. Term of Employment; Executive Representation. 

a. Employment Term. Subject to the terms and conditions set forth in this Agreement, the term of Executive’s employment under this
Agreement shall commence on October 24, 2011 (the “Effective Date”) and end on the first anniversary of the Effective Date (the “Employment Term”). Notwithstanding the preceding sentence, commencing on the first anniversary
of the Effective Date and on each anniversary thereafter (each an “Extension Date”), the Employment Term shall be automatically extended for an additional one-year period, unless the Company or Executive provides the other party hereto at
least sixty (60) days prior written notice before the next Extension Date that the Employment Term shall not be so extended. For the avoidance of doubt, the term “Employment Term” shall include any extension that becomes applicable
pursuant to the preceding sentence. The Employment Term shall terminate upon termination of Executive’s employment as set forth in Section 7. 

b. Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive
and the Company and the performance by Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or
otherwise bound. 
 2. Position. 
 a.
During the Employment Term, Executive shall serve as the Chief Marketing Officer and shall principally perform Executive’s duties to the Company and its affiliates from the Company’s offices in the Orange County, California metropolitan
area, subject to normal and customary travel requirements in the conduct of the Company’s business. Executive shall have such authorities, duties and responsibilities as shall be determined from time to time by the Chief Executive Officer of
the Company and reasonably consistent with those customarily performed by a chief marketing officer, and the Executive shall report directly to the Chief Executive Officer. 

 b. During the Employment Term, Executive will devote Executive’s full business time and best
efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation (including in an advisory capacity, consulting capacity, or otherwise) for compensation or otherwise which would
conflict with the rendition of such services either directly or indirectly, without the prior written consent of the Board of Directors of the Company (the “Board”); provided that Executive shall be permitted to participate in such
charitable and community-related services as Executive may choose; provided further that in each case, and in the aggregate, such services do not materially interfere with his duties hereunder. 

3. Compensation. 
 a. During the
Employment Term, the Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of $250,000.00 (less applicable withholding taxes), payable in regular installments in accordance with the Company’s usual payment
practices. Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time in the sole discretion of the Board. 

b. During the Employment Term, and in connection with the performance of Executive’s duties hereunder, Executive shall be entitled to a
business transportation allowance of $600.00 per month, less applicable withholding taxes. Executive shall also be entitled to a Company-paid credit card with which Executive may make gasoline purchases relating to his business travel. The
transportation allowance shall be payable in accordance with the Company’s policies and usual payment practices. 
 c. With respect to
each full calendar year during the Employment Term, Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) based on the achievement of specified performance goals, which shall be determined by the Board in its sole
discretion within ninety (90) days following the commencement of each calendar year, with a targeted bonus equal to seventy-five percent (75%) of Executive’s then current Base Salary (the “Target Bonus”). The Annual Bonus,
if any, will be paid between January 1 and April 15 of the year following the year to which it relates. 
 d. Executive shall be
entitled to a one-time reimbursement for documented and reasonable moving and relocation expenses (the “Relocation Amount”) consisting of up to $40,000.00 to cover temporary housing and moving of personal household goods. The Relocation
Amount paid to Executive, or to others on behalf of Executive, shall be considered a conditional payment until Executive has completed 12 months of employment. In the event that Executive voluntarily terminates his employment before 12 months of
service, Executive will be responsible for 100% repayment of the Relocation Amount. In all events, no payment shall be made hereunder unless Executive is then employed by the Company. 

4. Equity. During the Employment Term, Executive shall be eligible to participate in the Company’s equity-based compensation plan, subject to the
terms and conditions thereof. 

  
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 5. Employee Benefits. During the Employment Term, Executive shall be provided, in accordance with the
terms of the Company’s employee benefit plans as in effect from time to time, health insurance, retirement benefits and fringe benefits (collectively “Employee Benefits”) on the same basis as those benefits are generally made
available to other senior executives of the Company. Executive shall be provided with annual vacation of three (3) weeks per each 12-month period or additional weeks on a basis consistent with Company policy. 

6. Business Expenses. During the Employment Term, reasonable, documented business expenses incurred by Executive in the performance of Executive’s
duties hereunder shall be reimbursed by the Company in accordance with Company policies. 
 7. Termination. The Employment Term and Executive’s
employment hereunder may be terminated by either party at any time and for any reason; provided that Executive will be required to give the Company at least ninety (90) days advance written notice of any resignation of Executive’s
employment. Notwithstanding any other provision of this Agreement, the provisions of this Section 7 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 

a. By the Company For Cause or By Executive’s Resignation without Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause (as defined below)
or by Executive’s resignation without Good Reason (as defined below). 
 (ii) For purposes of this Agreement,
“Cause” shall mean action by the Executive that constitutes misconduct, dishonesty, the failure to comply with specific directions of the Board that are consistent with the terms hereof (after having been given a reasonably detailed
written notice of, and a period of 20 days to cure, such misconduct or failure), a deliberate and premeditated act against the Company or its affiliates, Executive’s commission of a felony, substance abuse or alcohol abuse which renders the
Executive unfit to perform his duties, or any breach of the covenants set forth in Section 8 of this Agreement. Any voluntary termination of employment by the Executive in anticipation of an involuntary termination of the Executive’s
employment for Cause shall be deemed to be a termination for Cause. 
 (iii) If Executive’s employment is terminated by
the Company for Cause, or if Executive resigns without Good Reason, Executive shall be entitled to receive: 
 (A) the Base
Salary through the date of termination; 
 (B) any Annual Bonus earned but unpaid as of the date of termination for any
previously completed calendar year; 
 (C) reimbursement for any unreimbursed business expenses properly incurred by
Executive in accordance with Company policy prior to the date of Executive’s termination; and 
 (D) such Employee
Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company; 

  
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 (E) any additional amounts or benefits due under any applicable plan, program,
agreement or arrangement of the Company or its affiliates or pursuant to applicable law (the amounts described in clauses (A) through (E) hereof being referred to as the “Accrued Rights”). The Accrued Rights under this
Section 7 shall in all events be paid in accordance with the Company’s normal payroll procedures, expense reimbursement procedures or plan terms, as applicable. 

Following such termination of Executive’s employment by the Company for Cause or resignation by Executive without Good Reason, except as
set forth in this Section 7(a), Executive shall have no further rights to any contract damages, other compensation or any other benefits under this Agreement. 

b. Disability or Death. 

(i) The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and if Executive
(A) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, or (B) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan, or disability plan, covering employees of the Company or an affiliate of the company (such incapacity is hereinafter
referred to as “Disability”). 
 Any question as to the existence of the Disability of Executive as to which Executive and the
Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a
physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of the Agreement. 

(ii) Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s
estate (as the case may be) shall be entitled to receive: 
  

	 	(A)	the Accrued Rights; and 

  

	 	(B)	the Annual Bonus that the Executive would have been entitled to receive pursuant to Section 3(b) hereof in respect of the year in which such termination occurs based upon the actual achievement of the performance
goals, multiplied by a fraction the numerator of which is the number of days Executive is employed by the Company in such year, payable when such Annual Bonus would have otherwise been payable in accordance with Section 3(b) had the
Executive’s employment not terminated (the “Pro-Rata Bonus”). 

  
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 Following Executive’s termination of employment due to death or Disability, except as set forth in this
Section 7(b), Executive or Executive’s estate (as the case may be) shall have no further rights to any contract damages, other compensation or any other benefits under this Agreement. 

c. By the Company Without Cause or by Executive’s Resignation with Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause or by
Executive with Good Reason. 
 (ii) For purposes of this Agreement, “Good Reason” shall mean: 

(A) Executive’s relocation by the Company outside Orange County, California; 

(B) a material diminution of Executive’s authority, duties, title or responsibilities as set forth in Section 2(a)
hereof; 
 (C) a material reduction of Executive’s Base Salary (as increased from time to time) as set forth in
Section 3(a) hereof; or 
 (D) the failure of the Company to provide or cause to be provided to Executive any of the
Employee Benefits described in Section 5 hereof; or 
 (E) a requirement that Executive report to anyone other than the
Chief Executive Officer; provided that none of the events described in clauses (A) through (E) of this Section 7(c)(ii) shall constitute Good Reason unless Executive shall have notified the Company in writing describing the
event which constitutes Good Reason within thirty (30) of the initial occurrence of such event and then only if the Company shall have failed to cure such event within thirty (30) days after the Company’s receipt of such written
notice. 
 (iii) If Executive’s employment is terminated by the Company without Cause (other than by reason of death or
Disability), or by Executive with Good Reason, Executive shall be entitled to receive: 
 (A) the Accrued Rights; 

(B) the Pro-Rata Bonus; and 

(C) subject to Executive’s execution of a general release of claims in a form reasonably determined by the Company (the
“Release”), the expiration of the applicable revocation period with respect to such Release within sixty (60) days following the date of termination and Executive’s continued compliance with the provisions of Sections 8 and 9,
continued payment of the Base Salary in accordance with the Company’s normal payroll practices for a period of twelve 

  
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(12) months following the date of such termination, which shall commence on the sixtieth (60th) day following such termination (with the
first payment equal to the cumulative amount that would have been paid in such initial sixty (60) day period); provided that aggregate amount described in the clause (C) shall be in lieu of any other cash severance or termination
benefits payable to Executive under any other plans, programs or arrangements of the Company or its affiliates. 
 Following Executive’s termination of
employment by the Company without Cause (other than by reason of Executive’s death or Disability) or by Executive’s resignation with Good Reason, except as set forth in this Section 7(c), Executive shall have no further rights to any
contract damages, other compensation or any other benefits under this Agreement. 
 d. Notice of Termination. Any purported
termination of employment by the Company or by Executive (other than due to Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11(g) hereof. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of employment under the provision so indicated. 
 8. Non-Interference/Non-Solicitation. Executive acknowledges and recognizes that
in the course of performing services for the Company, Executive will have access to certain confidential and proprietary information of the Company and its affiliates that is extremely valuable to the Company and its affiliates and is not known to
the general public. Accordingly, Executive agrees as follows: 
 a. Executive agrees that during the term of employment and until the first
anniversary of the date of termination of Executive’s employment with the Company or any subsidiary of the Company, as the case may be (the “Restricted Period”), the Executive will not directly or indirectly, use any Company
Confidential Information (as defined in Section 9) to interfere with business relationships (whether formed before or after the date of this Agreement) between the Company or any of its affiliates and customers, suppliers, partners, members or
investors of the Company or its affiliates. 
 b. Executive further agrees that during the Restricted Period, Executive will not, directly
or indirectly, (i) solicit or encourage any employee of the Company or its affiliates to leave the employment of the Company or its affiliates, (ii) solicit or encourage to cease to work with the Company or its affiliates any consultant
then under contract with the Company or its affiliates; provided, however, that general advertising not directed specifically at employees of the Company or any affiliate shall not be deemed to violate this Section 8(b). 

c. It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this Section 8 to
be reasonable, if a final judicial determination is made by a court of competent jurisdiction that any restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered
void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be 

  
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enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it
enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 
 9. Confidentiality. Executive
will not at any time (whether during or after Executive’s employment with the Company) disclose or use for Executive’s own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association,
corporation or other business organization, entity or enterprise other than the Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or other confidential information relating to customers, development programs,
costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company generally, or of any subsidiary or affiliate of the Company
(“Company Confidential Information”), provided that the foregoing shall not apply to information which is not unique to the Company or which is generally known to the industry or the public other than as a result of
Executive’s breach of this covenant; provided further that the foregoing shall not apply when Executive is required to divulge, disclose or make accessible such information by a court of competent jurisdiction or an individual duly
appointed thereby, by any administrative body or legislative body (including a committee thereof) having supervisory authority over the business of the Company, or by any administrative body or legislative body (including a committee thereof) with
jurisdiction to order Executive to divulge, disclose or make accessible such information. Executive agrees that upon termination of Executive’s employment with the Company for any reason, he will return to the Company immediately all memoranda,
books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Company and its affiliates, except that he may retain personal notes, notebooks and diaries that do not
contain Company Confidential Information of the type described in the preceding sentence. Executive further agrees that he will not retain or use for Executive’s account at any time any trade names, trademark or other proprietary business
designation used or owned in connection with the business of the Company or its affiliates. 
 10. Specific Performance. Executive acknowledges and
agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 8 or Section 9 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach
or threatened breach, in addition to any remedies at law, the Company shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance,
temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 
 11. Miscellaneous. 

a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without
regard to conflicts of laws principles thereof. 
 b. Entire Agreement/Amendments. This Agreement contains the entire understanding
of the parties with respect to the employment of Executive by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between 

  
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the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement supersedes any other agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof which have been made by either party. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. 

c. No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

d. Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

e. Assignment. This Agreement shall not be assignable by Executive. This Agreement may be assigned by the Company to a company which is
a successor in interest to substantially all of the business operations of the Company. Such assignment shall become effective when the Company notifies the Executive of such assignment or at such later date as may be specified in such notice. Upon
such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such successor company, provided that any assignee expressly assumes the obligations, rights and privileges of this Agreement.

 f. Successors Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal
representatives, executors, administrators, successors, heirs, distributes, devises and legatees. 
 g. Notice. For the purpose of
this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed to the respective addresses set forth below Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon
receipt. 
 If to the Company: 
 El Pollo Loco,
Inc. 
 3535 Harbor Boulevard 

Suite 100 
 Costa Mesa, CA 92626

 Attn: President 
 With a copy to: 

Trimaran Capital Partners 
 1325
Avenue of the Americas, 34th Floor 
 New York, NY 10019 

Attn: Dean Kehler 

  
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 If to Executive: To the most recent address of Executive set forth in the personnel records of the Company. 

h. Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may
be required to be withheld pursuant to any applicable law or regulation. 
 i. Section 409A. The intent of the parties is that
payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall
be interpreted and administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of any payments under this
Agreement which are subject to Section 409A of the Code until the Executive has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be
provided under this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in
order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately
following an Executive’s separation from service shall instead be paid on the first business day after the date that is six months following the Executive’s separation from service (or, if earlier, the Executive’s date of death). To
the extent required to avoid an accelerated or additional tax under Section 409A of the Code, amounts reimbursable to the Executive under the Agreement shall be paid to Executive on or before the last day of the year following the year in which
the expense was incurred and the amount of expenses eligible for reimbursement (and in kind benefits provided to Executive) during one year may not affect amounts reimbursable or provided in any subsequent year. The Company makes no representation
that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A of the Code from applying to any such payment. 

  
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 j. Counterparts. This Agreement may be signed in counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first above written. 
  

			
	 /s/ Edward Valle

	EDWARD VALLE
	
	EL POLLO LOCO, INC.
		
	By:	 	 /s/ Stephen J. Sather

	Name:	 	Stephen J. Sather
	Title:	 	President

  
 10EX-10.18

 Exhibit 10.18 
 CHICKEN ACQUISITION CORP. 
 2012 STOCK OPTION PLAN 

1. PURPOSE 
 The Chicken
Acquisition Corp. 2012 Stock Option Plan (the “Plan”) has been established to advance the interests of Chicken Acquisition Corp. (the “Company”) and its Affiliates by providing for the grant of Stock Options to
Participants. 
 2. DEFINED TERMS 
 The following terms, when used in the Plan, shall have the meanings and be subject to the provisions set forth below: 
 “Affiliate”: Any Person that, with respect to a specified Person, directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with,
the specified Person. 
 “Award Agreement”: A written agreement between the Company and the Participant
evidencing a Stock Option, which may, but need not, be executed or acknowledged by a Participant. 
 “Board”:
The Board of Directors of the Company. 
 “Cause”: The term “Cause” shall have the meaning assigned
to such term in any individual employment or severance agreement or Award Agreement with the Participant or, if no such agreement exists or if such agreement does not define “Cause,” Cause shall mean (A) the conviction, guilty plea or
plea of “no contest” by the Participant to any felony or a crime involving moral turpitude or the Participant’s commission of any other act or omission involving dishonesty or fraud, (B) the substantial and repeated failure of
the Participant to perform duties of the office held by the Participant, (C) the Participant’s gross negligence, willful misconduct or breach of fiduciary duty with respect to the Company or any of its Subsidiaries or Affiliates, and/or
(D) any breach by the Participant of any Restrictive Covenants. Any voluntary termination of Employment by the Participant in anticipation of an involuntary termination of the Participant’s Employment for Cause shall be deemed to be a
termination for Cause. 
 “Change of Control”: The term “Change of Control” shall mean (A) the
sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any “person” or “group” (as such terms are defined in Sections
13(d)(3) and 14(d)(2) of the Exchange Act), other than the Investors or (B) the date upon which any “person” or “group”, other than the Investors, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Voting Stock of the Company (or any successor thereto), including by way of merger, consolidation or otherwise. 

“Code”: The U.S. Internal Revenue Code of 1986, as from time to time amended and in effect, or any successor statute as
from time to time in effect. 

  
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 “Committee”: The Board or, if one or more has been appointed, a
committee of the Board. The Committee may delegate ministerial tasks to such persons as it deems appropriate. 

“Common Stock”: Common stock of the Company, par value $0.01 per share. 

“Company”: The term “Company” shall have the meaning set forth in Section 1 hereof.

 “Control”: The term “Control” means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. 
 “Disability”: A finding by the Board that the Participant has been unable to perform his or her job functions by reason of a physical or mental impairment for a period of 90
consecutive days or any 90 days within a period of 180 consecutive days. 
 “Effective Date”: The
term “Effective Date” shall have the meaning set forth in Section 9 hereof. 
 “Eligible
Participants”: The employees, directors, consultants and other service providers of the Company and its Subsidiaries. 
 “Employment”: A Participant’s employment or other service relationship with the Company and its Affiliates. Unless the Committee provides otherwise, a Participant who receives
a Stock Option in his or her capacity as an Eligible Participant shall be deemed to cease Employment when the employee-employer relationship with the Company and its Subsidiaries ceases. A Participant who receives a Stock Option in any other
capacity shall be deemed to continue Employment so long as the Participant is providing services in such capacity. If a Participant’s relationship is with a Subsidiary and that entity ceases to be a Subsidiary, the Participant shall be deemed
to cease Employment when the entity ceases to be a Subsidiary unless the Participant transfers Employment to the Company or its remaining Subsidiaries. 
 “Exchange Act”: The Securities Exchange Act of 1934, as from time to time amended and in effect, or any successor statute as from time to time in effect. 

“Fair Market Value”: means, with respect to the Common Stock or other property, the fair market value of such
Common Stock or other property determined in accordance with the Plan. The Fair Market Value of any such other property shall be determined by such methods or procedures as shall be established from time to time by the Committee in good faith.
Unless otherwise determined by the Committee in good faith in respect of clauses (i) and (ii), the per share Fair Market Value of Common Stock as of a particular date shall mean (i) the closing price per share of Common Stock on the
national securities exchange on which the Common Stock is principally traded for such date, or if no sale was reported for such date, the last preceding date on which there was a sale of shares of Common Stock on such exchange, or (ii) if the
Common Stock is then traded in an over-the-counter market (which shall not include transfers solely amongst existing stockholders), the average of the closing bid and asked prices for shares of Common Stock in such over-the-counter market for the
last preceding date on which there was a sale of shares of Common Stock in such market, or (iii) if the Common Stock is not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in
its good faith, reasonable discretion, shall determine, which value, as so determined by the Committee. 

  
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 “Investor”: The term “Investor” shall mean any of Trimaran
Fund II, L.L.C., Trimaran Parallel Fund II, L.P., Trimaran Capital, L.L.C., CIBC Employee Private Equity Fund (Trimaran) Partners, CIBC Capital Corp., Trimaran Pollo Partners, L.L.C., Freeman Spogli & Co., FS Equity Partners V, L.P., FS
Affiliated V, L.P. (or any investment fund or other entity directly or indirectly Controlled by or under common Control with any of the foregoing). 
 “Participant”: An individual who is granted a Stock Option under the Plan. 
 “Person”: Any individual, corporation, partnership, limited liability company, joint venture, association, trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof. 
 “Plan”: The term
“Plan” has the meaning set forth in Section 1 hereof. 
 “Restrictive Covenants”:
Any non-competition, non-solicitation, confidentiality or other restrictive covenants, in each case to the extent applicable to the Participant under any written agreement between the Participant and the Company or any of its Subsidiaries.

 “Securities Act”: The U.S. Securities Act of 1933 and the rules promulgated thereunder, as
amended from time to time. 
 “Stockholders Agreement”: The term “Stockholders
Agreement” shall mean the Stockholders Agreement of the Company, dated as of November 18, 2005, as amended from time to time. 
 “Stock Option”: An option entitling the recipient to acquire shares of Common Stock upon payment of the applicable exercise price. 

“Subsidiary”: Any subsidiary of the Company. 

“Voting Stock”: All classes of capital stock or shares then outstanding and normally entitled to vote in
elections of directors. 
 3. ADMINISTRATION 
 The Committee has discretionary authority, subject only to the express provisions of the Plan and the Award Agreements, to interpret the Plan; to determine eligibility for and grant Stock Options; to
determine, modify and/or waive the terms and conditions of any Stock Option; to prescribe forms, rules and procedures; and to otherwise do all things necessary to carry out the purposes of the Plan. Except as otherwise provided by the express terms
of an Award Agreement, all determinations of the Committee made under the Plan shall be conclusive and shall bind all parties. 

  
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 4. LIMITS ON STOCK OPTIONS UNDER THE PLAN 

(a) Number of Shares. A maximum of 420,000 shares of Common Stock may be delivered in satisfaction of Stock Options under
the Plan. The issuance of shares of Common Stock or the payment of cash upon the exercise of a Stock Option (or, solely in the event the Committee expressly provides, the withholding of shares of Common Stock in satisfaction of the exercise price of
Stock Options or the withholding of shares of Common Stock in satisfaction of tax withholding requirements), shall reduce the total number of shares of Common Stock available under the Plan, as applicable. Shares underlying Awards which are
forfeited or which otherwise terminate without the issuance of Shares shall again become available for grants of Awards. Shares of Common Stock issued under stock options of an acquired company that are converted, replaced or adjusted in connection
with the acquisition shall not reduce the number of shares of Common Stock available for Stock Options under the Plan. 
 (b)
Type of Shares. Shares of Common Stock delivered under the Plan may be authorized but unissued Common Stock or previously issued Common Stock acquired by the Company or any of its Affiliates and may include fractional shares of Common
Stock. 
 5. ELIGIBILITY AND PARTICIPATION 
 The Board, or the Committee if expressly so permitted by the Board, shall select Participants from among those Eligible Participants of the Company or its Subsidiaries who, in the opinion of the Board or
the Committee, as applicable, are in a position to make a significant contribution to the success of the Company and its Affiliates. 
 6. RULES
APPLICABLE TO STOCK OPTIONS 
 (a) General. 

(1) Stock Option Provisions. The Committee shall determine the terms of all Stock Options, subject to the
limitations provided herein, and shall furnish to each Participant an Award Agreement setting forth the terms applicable to the Participant’s Stock Option. By entering into an Award Agreement, the Participant agrees to the terms of the Stock
Option and of the Plan, to the extent not inconsistent with the express terms of the Award Agreement. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection
with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Committee. 
 (2) Non-Qualified Stock Options. All Stock Options granted pursuant to the Plan are intended to be non-qualified stock options, and are not intended to be treated as “Incentive Stock
Options” that comply with Section 422 of the Code. 
 (3) Transferability. Except
as the Committee otherwise expressly provides, Stock Options may not be transferred other than by will or by the laws of descent and distribution, and during a Participant’s lifetime, except as the Committee otherwise expressly provides, may be
exercised only by the Participant. 

  
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 (4) Vesting. The Committee may determine the time or times at
which a Stock Option shall vest or become exercisable and the terms on which a Stock Option requiring exercise shall remain exercisable; provided, however, that each Stock Option shall expire on the tenth (10th) anniversary of the
date of grant of such Stock Option, unless it is earlier exercised or forfeited as provided herein. Notwithstanding anything set forth herein to the contrary, the Committee may at any time accelerate the vesting or exercisability of a Stock Option,
regardless of any adverse or potentially adverse tax consequences resulting from such acceleration. 
 (5)
Termination of Employment. Unless the Committee expressly provides otherwise in an Award Agreement, immediately upon the cessation of a Participant’s Employment all Stock Options (whether vested or unvested) shall cease to be
exercisable and shall terminate, except that: 
 (A) subject to subsections (B) and (C) below, all
Stock Options held by the Participant immediately prior to the termination of the Participant’s Employment for any reason other than Cause, death or Disability, to the extent then exercisable, shall remain exercisable for the shorter of
(i) the ninety (90) day period following such termination and (ii) the period ending on the last date on which such Stock Option could have been exercised without regard to this Section 6(a)(5), and shall thereupon terminate;

 (B) all Stock Options held by a Participant immediately prior to the termination of the Participant’s
employment as a result of the Participant’s death or Disability, to the extent then exercisable, shall remain exercisable for the shorter of (i) the six (6) month period following such termination and (ii) the period ending on
the latest date on which such Stock Options could have been exercised without regard to this Section 6(a)(5), and shall thereupon terminate; and 
 (C) all Stock Options (whether vested or unvested) held by a Participant immediately prior to the cessation of the Participant’s Employment shall immediately terminate upon such cessation if such
cessation of Employment was for Cause. 
 (6) Taxes. The Committee shall make such provision for
the withholding of taxes as it deems necessary. The Committee may, but need not, hold back shares of Common Stock from the exercise of a Stock Option or permit a Participant to tender previously owned shares of Common Stock in satisfaction of tax
withholding requirements (but not in excess of the applicable minimum statutory withholding rate). 
 (7)
Rights Limited. Nothing in the Plan shall be construed as giving any person the right to continued Employment with the Company or its Affiliates, continued participation in the Plan, or any rights as a stockholder except as to shares of
Common Stock actually issued under the Plan. 
 (8) Stockholders Agreement. All
shares of Common Stock issued upon the exercise of Stock Options issued under the Plan shall be subject to the Stockholders Agreement. If a Participant is not party to the Stockholders Agreement, then the Committee may, as a condition to the
issuance or exercise of a Stock Option, require such Participant to become party to the Stockholders Agreement or such portions thereof as the Committee determines. 

  
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 (b) Exercise. 

(1) Time And Manner Of Exercise. Unless the Committee expressly provides otherwise, a Stock Option
permitting exercise by the holder shall not be deemed to have been exercised until the Committee receives a notice of exercise (in a form acceptable to the Committee) signed by the appropriate person and accompanied by any payment required under the
Stock Option. If the Stock Option is exercised by any person other than the Participant, the Committee may require satisfactory evidence that the person exercising the Stock Option has the right to do so. 

(2) Exercise Price. Except as otherwise permitted pursuant to Section 7(b)(1) hereof, the exercise
price of a Stock Option shall not be less than the Fair Market Value of the Common Stock subject to the Stock Option, determined as of the date of grant. 
 (3) Payment Of Exercise Price. Where the exercise of a Stock Option is to be accompanied by payment, the Committee may determine the required or permitted forms of payment; provided,
that all such payments shall be (a) by cash or check acceptable to the Committee, including an amount to cover the minimum statutory withholding taxes with respect to such exercise, or (b) by any other method approved by the Committee.

 7. EFFECT OF CERTAIN TRANSACTIONS 
 (a) Change Of Control. Except as otherwise provided in an Award Agreement, in the event of a Change of Control in which there is an acquiring or surviving entity, the Committee may, unless
the Committee determines that doing so is inappropriate or unfeasible, provide for the continuation or assumption of some or all of the outstanding Stock Options, or for the grant of new Stock Options in substitution therefor, by the acquiror or
survivor or an Affiliate of the acquiror or survivor, in each case on such terms and subject to such conditions as preserve the intrinsic value of the Stock Option in the Committee’s good faith determination. In the event of a Change of Control
(whether or not there is an acquiring or surviving entity) in which there is no assumption or substitution as to some or all of the outstanding Stock Options, the Committee shall preserve the intrinsic value of the Stock Options, provide for
treating as satisfied any time-based vesting condition on any such Stock Option or for the accelerated delivery of shares of Common Stock issuable under each such Stock Option, or cancel any Stock Option and, in connection therewith, pay an amount
(in cash or, in the discretion of the Committee, in the form of consideration paid to shareholders of the Company in connection with such Change of Control) which shall equal the excess, if any, of the Fair Market Value of the shares of Common Stock
subject to such Stock Options over the aggregate exercise price of such Stock Options, in each case on a basis that gives the holder of the Stock Option a reasonable opportunity, as determined by the Committee, following exercise or cancellation of
the Stock Option or the issuance of the shares of Common Stock, as the case may be, to participate as a stockholder in the Change of Control. Except as otherwise provided in an Award Agreement, each Stock Option (unless assumed pursuant to the first
sentence of this Section 7(a)), shall terminate upon consummation of the Change of Control. 

  
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 (b) Changes In, Distributions With Respect To And Redemptions Of Common Stock.

 (1) Basic Adjustment Provisions. In the event of any stock dividend or other similar
distribution (whether in the form of stock or other securities or other property), stock split or combination of shares (including a reverse stock split), recapitalization, conversion, reorganization, consolidation, split-up, spin-off, combination,
merger, exchange of stock, redemption or repurchase of all or part of the shares of any class of stock or any change in the capital structure of the Company or an Affiliate or other transaction or event in which the Company receives no consideration
of or on the Common Stock (other than those described in Section 7(a)), the Committee shall, as appropriate in order to prevent enlargement or dilution of benefits intended to be made available under the Plan, make adjustments to the maximum
number of shares of Common Stock that may be delivered under the Plan under Section 4(a) and shall also make appropriate adjustments to the number and kind of shares of stock, securities or other property (including cash) subject to Stock
Options then outstanding or subsequently granted, any exercise prices relating to Stock Options and any other provision of Stock Options affected by such change. 

(2) Certain Other Adjustments. The Committee shall also make adjustments of the type described in
Section 7(b)(1) above to take into account distributions to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any other event, if the Committee determines that adjustments are appropriate to avoid distortion in the
operation of the Plan and to preserve the value of Stock Options made hereunder. 
 (3) Continuing
Application of Plan Terms. References in the Plan to shares of Common Stock shall be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7. 

8. LEGAL CONDITIONS ON DELIVERY OF COMMON STOCK 
 The Company shall, prior to delivering shares of Common Stock pursuant to the Plan or removing any restriction from shares of Common Stock previously delivered under the Plan, ensure that (a) all
legal matters in connection with the issuance and delivery of such shares have been addressed and resolved, and (b) if the outstanding Common Stock is at the time of delivery listed on any stock exchange or national market system, the shares to
be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance. The Company and its Affiliates shall be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove any
restriction from shares of Common Stock previously delivered under the Plan upon satisfaction or waiver of the conditions set forth in the preceding sentence and all other conditions of the Award Agreement. If the sale of Common Stock has not been
registered under the Securities Act, the Company may require, as a condition to exercise of the Stock Option, such representations or agreements as counsel for the Company may in good faith recommend in order to ensure compliance with applicable
federal and state securities, “blue sky” and other laws. No shares of Common Stock shall be purchased upon the exercise of the Stock Option unless and until the Company and the Participant shall have complied with all applicable federal or
state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction. The Company may require that certificates evidencing Common Stock issued under the Plan bear an
appropriate legend reflecting any restriction on transfer applicable to such Common Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 

  
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 9. AMENDMENT AND TERMINATION 
 This Plan shall become effective as of April 11, 2012 (the “Effective Date”); provided, however, that the Plan and any Stock Option granted under the Plan shall not be
effective until and unless the Plan is approved by stockholders holding a majority of the outstanding Company securities entitled to vote by the later of (1) within 12 months prior to or following the Effective Date, or (2) within 12
months prior to or following the granting of any Stock Option under the Plan. No Stock Options shall be granted under this Plan after the tenth anniversary of the Effective Date. The Committee, in it sole and absolute discretion, may at any time or
times amend or alter the Plan or any outstanding Stock Option and may at any time terminate or discontinue the Plan as to any future grants of Stock Options; provided, that the Committee may not, without the Participant’s consent, amend
or terminate the terms of a Stock Option or the Plan so as to materially affect adversely the Participants’ or a Participant’s rights under a Stock Option or the Plan. Any amendments to the Plan shall be conditioned upon stockholder
approval only to the extent, if any, such approval is required by applicable law (including the Code), as determined by the Committee. 
 10.
ESTABLISHMENT OF SUB-PLANS 
 The Board may from time to time establish one or more sub-plans under the Plan for purposes of
satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations on the Committee’s discretion under the Plan
as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements adopted by the Board shall be deemed to be part of
the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Company shall not be required to provide copies of any supplement to Participants in any jurisdiction that is not affected. 

11. NO RIGHTS AS A STOCKHOLDER 

The Participant shall not have any rights or privileges of a stockholder with respect to any shares of Common Stock underlying a Stock
Option unless and until certificates representing such shares of Common Stock shall be issued by the Company to such Participant. 
 12. SECTION
409A 
 It is intended that the terms of this Plan be exempt from or comply with Section 409A of the Code. If it is
determined that the terms of this Plan have been structured in a manner that would result in adverse tax treatment under Section 409A of the Code, the parties agree to cooperate in taking all reasonable measures to restructure the arrangement
to minimize or avoid such adverse tax treatment without materially impairing the economic rights of the Participants. 

  
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 13. GOVERNING LAW/JURISDICTION 
 The Plan shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed therein. Any suit, action or proceeding with
respect to the Plan or a Stock Option, or any judgment entered by any court in respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Delaware. By accepting a Stock Option under the Plan, each Participant
hereby submits to the exclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment and hereby irrevocably waives (i) any objections which the Participant may now or hereafter have to the laying of the
venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware, (ii) any claim that any such suit, action or proceeding brought in any such court has
been brought in any inconvenient forum and (iii) any right to a jury trial. 

  
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