Document:

EX-10.2

 Exhibit 10.2 
  

 
 GUARANTY 

dated as of 
 December 12, 2014

 among 
 1013421 B.C.
UNLIMITED LIABILITY COMPANY, 
 as Guarantor 

CERTAIN SUBSIDIARIES 
 IDENTIFIED
HEREIN, 
 as Guarantors 
 and

 JPMORGAN CHASE BANK, N.A., 

as Collateral Agent 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	SECTION 1.01.	 	 Credit Agreement
	  	 	2	  
	SECTION 1.02.	 	 Other Defined Terms
	  	 	2	  
	
	ARTICLE II	  
	
	GUARANTY	  
			
	SECTION 2.01.	 	 Guaranty and Keepwell
	  	 	3	  
	SECTION 2.02.	 	 Guaranty of Payment
	  	 	4	  
	SECTION 2.03.	 	 No Limitations
	  	 	4	  
	SECTION 2.04.	 	 Reinstatement
	  	 	5	  
	SECTION 2.05.	 	 Agreement To Pay; Subrogation
	  	 	5	  
	SECTION 2.06.	 	 Information
	  	 	5	  
	SECTION 2.07.	 	 Representations and Warranties
	  	 	5	  
	SECTION 2.08.	 	 No Setoff or Deductions; Taxes; Payments
	  	 	5	  
	
	ARTICLE III	  
	
	SUBROGATION AND SUBORDINATION	  
			
	SECTION 3.01.	 	 Contribution and Subrogation
	  	 	6	  
	SECTION 3.02.	 	 Subordination
	  	 	6	  
	
	ARTICLE IV	  
	MISCELLANEOUS	  
			
	SECTION 4.01.	 	 Notices
	  	 	6	  
	SECTION 4.02.	 	 Waivers; Amendment
	  	 	6	  
	SECTION 4.03.	 	 Collateral Agent’s Fees and Expenses, Indemnification
	  	 	7	  
	SECTION 4.04.	 	 Successors and Assigns
	  	 	8	  
	SECTION 4.05.	 	 Survival of Agreement
	  	 	8	  
	SECTION 4.06.	 	 Counterparts; Effectiveness; Several Agreement
	  	 	8	  
	SECTION 4.07.	 	 Severability
	  	 	8	  
	SECTION 4.08.	 	 Right of Set-Off
	  	 	8	  
	SECTION 4.09.	 	 Governing Law; Jurisdiction; Service of Process
	  	 	9	  
	SECTION 4.10.	 	 WAIVER OF JURY TRIAL
	  	 	10	  
	SECTION 4.11.	 	 Headings
	  	 	10	  
	SECTION 4.12.	 	 Security Interest Absolute
	  	 	10	  
	SECTION 4.13.	 	 Termination or Release
	  	 	10	  
	SECTION 4.14.	 	 Additional Guarantors
	  	 	11	  
	SECTION 4.15.	 	 Excluded Swap Obligations Limitation
	  	 	11	  

 GUARANTY 

GUARANTY dated as of December 12, 2014, among 1013421 B.C. Unlimited Liability Company, an unlimited liability company organized under
the laws of British Columbia (“Holdings”), certain Subsidiaries of the Parent Borrower (as defined below) from time to time party hereto and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent (as defined
below). 
 Reference is made to that certain Credit Agreement dated as of October 27, 2014 (as amended, restated, amended and restated,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the
“Parent Borrower”), New Red Finance, Inc., a Delaware corporation (the “Subsidiary Borrower” and together with the Parent Borrower, the “Borrowers”), Holdings, JPMCB, as administrative agent (in
such capacity, and together with its successors and permitted assigns, the “Administrative Agent”), and collateral agent (in such capacity, and together with its successors and permitted assigns, the “Collateral
Agent”), each Lender from time to time party thereto and the other parties thereto. The Lenders have agreed to extend credit to the Borrowers and the Cash Management Banks and the Hedge Banks may from time to time extend credit to the
Borrowers and their Subsidiaries in the form of Cash Management Obligations and the Secured Hedge Agreements, respectively, subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit
and of the Cash Management Banks and the Hedge Banks to enter into the Cash Management Obligations and the Secured Hedge Agreements, respectively, are conditioned upon, among other things, the execution and delivery of this Agreement. Each Guarantor
is an affiliate of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such
credit, the Hedge Banks to enter into Secured Hedge Agreements and the Cash Management Banks to enter into agreements giving rise to Cash Management Obligations. 

Accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. 

(b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 

SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Agreement” means this Guaranty. 

“Claiming Party” has the meaning assigned to such term in Section 3.01. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 

  
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 “Contributing Party” has the meaning assigned to such term in Section 3.01.

 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Guarantor” means Holdings and each Restricted Subsidiary listed on the signature pages hereof under the caption
“Guarantors” and each Restricted Subsidiary that becomes a party to this Agreement after the Closing Date and, solely with respect to Cash Management Obligations and obligations under Secured Hedge Agreements, in each case, incurred by a
Restricted Subsidiary, each of the Borrowers. 
 “Guaranty Supplement” means an instrument in the form of Exhibit I hereto.

 “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Guarantor that has total assets exceeding
$10,000,000 at the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation is incurred or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 ARTICLE II 

GUARANTY 
 SECTION
2.01. Guaranty and Keepwell. 
 (a) Each Guarantor absolutely, irrevocably and unconditionally guarantees, jointly with the other
Guarantors and severally, as a primary obligor and not merely as a surety, to the Collateral Agent, for the benefit of the Secured Parties, the due and punctual payment and performance of the Obligations. Each of the Guarantors further agrees that
the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. Each of the Guarantors waives
presentment to, demand of payment from and protest to the Borrowers or any other Guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 

(b) Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds or
other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this
Section 2.01(b) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.01(b), or otherwise under this Guaranty, voidable under applicable Law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section 2.01(b) shall remain in full force and effect until the termination of this Guaranty in accordance with
Section 4.1. Each Qualified ECP Guarantor intends that this Section 2.01(b) constitute, and this Section 2.01(b) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan
Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

  
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 SECTION 2.02. Guaranty of Payment. Each of the Guarantors further agrees that its
guarantee hereunder constitutes a guarantee of payment when due and not of collection, and waives any right to require that any resort be had by the Collateral Agent or any other Secured Party to any security held for the payment of the Obligations,
or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Secured Party in favor of either Borrower or any other Person. 

SECTION 2.03. No Limitations. 

(a) Except for termination of a Guarantor’s obligations hereunder as expressly provided in Section 4.13 and except as provided in
the definition of Obligations with respect to Excluded Swap Obligations, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to any defense (other than a defense of full payment or performance) or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or
unenforceability of the Obligations, or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected by (i) the failure of the Collateral
Agent or any other Secured Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Loan Document or otherwise; (ii) any rescission, waiver, amendment or modification of, or any release from any of the
terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release, non-perfection, impairment, exchange or substitution of any security held by the Collateral
Agent or any other Secured Party for the Obligations; (iv) any default, failure or delay, willful or otherwise, in the performance of the Obligations; or (v) any other act or omission that may or might in any manner or to any extent vary
the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Obligations). Each Guarantor expressly authorizes the Secured Parties to take and hold
security for the payment and performance of the Obligations, to exchange, waive or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole
discretion or to release or substitute any one or more other Guarantors or obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 

(b) To the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of either
Borrower or any other Guarantor or the unenforceability of the Obligations, or any part thereof from any cause, or the cessation from any cause of the liability of either Borrower or any other Guarantor, other than the payment in full in cash of all
the Obligations. The Collateral Agent and the other Secured Parties may in accordance with the terms of the Collateral Documents, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales,
accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with either Borrower or any other Guarantor or exercise any other right or remedy available to them
against either Borrower or any other Guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations have been paid in full in cash. To the fullest extent permitted by applicable
law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor
against either Borrower or any other Guarantor, as the case may be, or any security. 
 (c) Each Guarantor, and by its acceptance of this
Agreement, the Collateral Agent and each other Secured Party, hereby confirms that it is the intention of all such Persons that this Agreement and the Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for
purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform 

  
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Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the Obligations of each Guarantor hereunder. To effectuate the foregoing
intention, the Collateral Agent, the other Secured Parties and the Guarantors hereby irrevocably agree that the Obligations of each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations of
such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 
 (d) Each Guarantor acknowledges that it will
receive indirect benefits from the financing arrangements contemplated by the Loan Documents and that the waivers set forth in this Agreement are knowingly made in contemplation of such benefits. 

SECTION 2.04. Reinstatement. Each of the Guarantors agrees that its guarantee hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation, is rescinded or must otherwise be restored by the Collateral Agent or any other Secured Party upon the bankruptcy, insolvency or reorganization of either
Borrower, any other Guarantor or otherwise. 
 SECTION 2.05. Agreement To Pay; Subrogation. In furtherance of the foregoing and not
in limitation of any other right that the Collateral Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of either Borrower or any other Guarantor to pay any Obligation when and as the
same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent for distribution to the Secured Parties in
cash the amount of such unpaid Obligation. Upon payment by any Guarantor of any sums to the Collateral Agent as provided above, all rights of such Guarantor against either Borrower or any other Guarantor arising as a result thereof by way of right
of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article III. 
 SECTION 2.06.
Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrowers’ and each other Guarantor’s financial condition and assets, and of all other circumstances bearing upon the risk of
nonpayment of the Obligations, and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Collateral Agent or the other Secured Parties will have any duty to advise such Guarantor of
information known to it or any of them regarding such circumstances or risks. 
 SECTION 2.07. Representations and Warranties. Each
Guarantor hereby represents and warrants that this Agreement (i) has been duly executed and delivered by each Guarantor that is party hereto and (ii) constitutes a legal, valid and binding obligation of such Guarantor, enforceable against
each Guarantor that is party hereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

SECTION 2.08. No Setoff or Deductions; Taxes; Payments. Each Guarantor shall make all payments hereunder in accordance with
Section 3.01 of the Credit Agreement. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Obligations and termination of this Guaranty. 

  
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 ARTICLE III 

SUBROGATION AND SUBORDINATION 

SECTION 3.01. Contribution and Subrogation. Each Guarantor (a “Contributing Party”) agrees (subject to
Section 3.02) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Obligation (the “Claiming Party”), the Contributing Party shall indemnify the Claiming Party in an amount equal to the
amount of such payment, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together
with the net worth of the Claiming Party on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 4.14, the date of the Guaranty Supplement hereto executed and delivered by such Guarantor). Any
Contributing Party making any payment to a Claiming Party pursuant to this Section 3.01 shall be subrogated to the rights of such Claiming Party to the extent of such payment. 

SECTION 3.02. Subordination. 

(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Section 3.01 and all other rights
of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the payment in full in cash of the Obligations (other than (x) obligations under Secured Hedge Agreements not yet due and payable,
(y) Cash Management Obligations not yet due and payable and (z) contingent indemnification obligations not yet accrued and payable). No failure on the part of either Borrower or any Guarantor to make the payments required by
Section 3.01 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Guarantor with respect to its obligations hereunder, and each Guarantor shall remain liable for
the full amount of the obligations of such Guarantor hereunder. 
 (b) Each Guarantor hereby agrees that upon the occurrence and during the
continuance of an Event of Default and after notice from the Collateral Agent, all Indebtedness owed by it to any Subsidiary shall be fully subordinated to the payment in full in cash of the Obligations (other than (x) obligations under Secured
Hedge Agreements not yet due and payable, (y) Cash Management Obligations not yet due and payable and (z) contingent indemnification obligations not yet accrued and payable). 

ARTICLE IV 

MISCELLANEOUS 

SECTION 4.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing
and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to any Guarantor shall be given to it in care of the Parent Borrower as provided in Section 10.02 of the Credit Agreement. 

SECTION 4.02. Waivers; Amendment. 

(a) No failure or delay by the Collateral Agent, any other Agent, any L/C Issuer or any Lender in exercising any right or power hereunder or
under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The rights and remedies of the Collateral Agent, any other Agent, the L/C Issuers and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No 

  
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waiver of any provision of this Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section 4.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall
not be construed as a waiver of any Default, regardless of whether the Collateral Agent, any other Agent, any Lender or any L/C Issuer may have had notice or knowledge of such Default at the time. No notice or demand on any Guarantor in any case
shall entitle any Guarantor to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor
any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Guarantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 
 SECTION 4.03. Collateral Agent’s
Fees and Expenses, Indemnification. 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its
expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement as if such section were set out in full herein and references to “the Borrowers” and “the Parent Borrower” therein were references to
“each Guarantor.” 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Guarantor
agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable and documented fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or performance
of this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing agreements or instruments contemplated hereby, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities and related expenses resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any of its controlled
Affiliates or controlling Persons or any of the officers, directors, employees, agents, advisors or members of any of the foregoing, in each case who are involved in or aware of the Transaction (as determined by a court of competent jurisdiction in
a final and non-appealable decision), (y) a material breach of this Agreement by such Indemnitee or one of its Affiliates or (z) disputes solely between and among such Indemnitees to the extent such disputes do not arise from any act or
omission of a Borrower or any of its Affiliates (other than with respect to a claim against an Indemnitee acting in its capacity as an Agent or Lead Arranger or similar role under the Loan Documents unless such claim arose from the gross negligence,
bad faith or willful misconduct of such Indemnitee). 
 (c) Any such amounts payable as provided hereunder shall be additional Obligations
guaranteed hereby and secured by the other Collateral Documents. The provisions of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the
Collateral Agent or any other Secured Party. All amounts due under this Section 4.03 shall be payable within ten days of written demand therefor. 

  
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 SECTION 4.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Guarantor or the Collateral Agent that are contained in this Agreement
shall bind and inure to the benefit of their respective successors and assigns. 
 SECTION 4.05. Survival of Agreement. All
covenants, agreements, representations and warranties made by the Guarantors in the Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall
be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any Lender or on its
behalf and notwithstanding that the Collateral Agent, any other Agent, any L/C Issuer or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit
Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding
and so long as the Commitments have not expired or terminated. 
 SECTION 4.06. Counterparts; Effectiveness; Several Agreement. This
Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or
other electronic communication (including “.pdf “ or “.tif” files) shall be as effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to any Guarantor when a counterpart
hereof executed on behalf of such Guarantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Guarantor and the Collateral
Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Guarantor, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Guarantor shall have the
right to assign or transfer its rights or obligations hereunder or any interest herein (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed
as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other
Guarantor hereunder. 
 SECTION 4.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 4.08.
Right of Set-Off. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates and each L/C Issuer and its Affiliates is
authorized at any time and from time to time, without prior notice to any Guarantor, any such notice being waived by each Guarantor to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates or such L/C Issuer and its Affiliates to or for the credit or the account of the respective Guarantor against any
and all obligations owing to such Lender and its Affiliates or such L/C 

  
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Issuer and its Affiliates hereunder, now or hereafter existing, irrespective of whether or not such Lender or Affiliate shall have made demand under this Agreement and although such obligations
may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Lender and L/C Issuer agrees promptly to notify the relevant Guarantor and the Collateral Agent after any such set off
and application made by such Lender or L/C Issuer, as the case may be; provided, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of each Lender and each L/C Issuer under this
Section 4.08 are in addition to other rights and remedies (including other rights of setoff) that the Collateral Agent, such L/C Issuer and such Lender may have. 

SECTION 4.09. Governing Law; Jurisdiction; Service of Process. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY
PROVIDED HEREIN). 
 (b) EXCEPT AS SET FORTH IN THE FOLLOWING PARAGRAPH, ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, SHALL BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE (PROVIDED THAT IF NONE OF SUCH COURTS CAN AND WILL EXERCISE SUCH JURISDICTION, SUCH EXCLUSIVITY SHALL NOT APPLY), AND BY
EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GUARANTOR AND THE COLLATERAL AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH GUARANTOR AND THE COLLATERAL AGENT IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER
DOCUMENT RELATED HERETO. 
 EACH GUARANTOR PARTY HERETO ORGANIZED UNDER THE LAWS OF CANADA (AND EACH OF THE PROVINCES AND TERRITORIES
THEREOF) HEREBY APPOINTS BURGER KING CORPORATION AS ITS AUTHORIZED AGENT (THE “AUTHORIZED AGENT”) UPON WHOM PROCESS MAY BE SERVED IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREIN WHICH MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT IN THE CITY OF NEW YORK, NEW YORK. SERVICE OF PROCESS UPON THE AUTHORIZED AGENT SHALL BE DEEMED, IN EVERY RESPECT, EFFECTIVE SERVICE OF PROCESS UPON SUCH GUARANTOR. 

NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE COLLATERAL AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT AGAINST ANY GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION (I) FOR PURPOSES OF ENFORCING A JUDGMENT, (II) IN CONNECTION WITH EXERCISING REMEDIES AGAINST THE COLLATERAL IN A JURISDICTION IN WHICH SUCH COLLATERAL IS
LOCATED, (III) IN CONNECTION WITH ANY PENDING BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDING IN SUCH 

  
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JURISDICTION OR (IV) TO THE EXTENT THE COURTS REFERRED TO IN THE PREVIOUS PARAGRAPH DO NOT HAVE JURISDICTION OVER SUCH LEGAL ACTION OR PROCEEDING OR THE PARTIES OR PROPERTY SUBJECT HERETO. 

SECTION 4.10. WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY
WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT,
OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL
BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY. 
 SECTION 4.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience
of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 4.12. Security Interest Absolute. To the fullest extent permitted by applicable Law, all rights of the Collateral Agent
hereunder and all obligations of each Guarantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Credit Agreement, any other Loan Document, any other agreement or instrument, (c) any release or amendment or waiver of or consent under or departure from any guarantee guaranteeing all or any of the
Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Guarantor in respect of the Obligations or this Agreement. 

SECTION 4.13. Termination or Release. 

(a) This Agreement and the Guarantees made herein shall automatically terminate with respect to all Obligations upon the termination of the
Aggregate Commitments and payment in full in cash of all Obligations (other than (x) obligations under Secured Hedge Agreements not yet due and payable, (y) Cash Management Obligations not yet due and payable and (z) contingent
indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than Letters of Credit that have been Cash Collateralized or as to which other arrangements reasonably satisfactory to the
Administrative Agent and the applicable L/C Issuer have been made). 
 (b) A Guarantor shall be automatically released from its obligations
hereunder (i) if such Guarantor ceases to be a Restricted Subsidiary, or becomes an Excluded Subsidiary, in each case as a result of a transaction or designation permitted under the Credit Agreement or (ii) so long as no Event of Default
has occurred and is continuing at such time, upon the designation by the Parent Borrower of such Guarantor as a “Designated Non-Guarantor Subsidiary” pursuant to the Credit Agreement. 

  
 -10- 

 (c) In connection with any termination or release pursuant to paragraph (a) or (b) of
this Section 4.13, the Collateral Agent shall execute and deliver to any Guarantor, at such Guarantor’s expense, all documents that such Guarantor shall reasonably request to evidence such termination or release. Any execution and delivery
of documents pursuant to this Section 4.13 shall be without recourse to or warranty by the Collateral Agent. 
 SECTION 4.14.
Additional Guarantors. Any Person required to become party to this Agreement pursuant to Section 6.10 of the Credit Agreement may do so by executing and delivering a Guaranty Supplement and such Person shall become a Guarantor hereunder
with the same force and effect as if originally named as a Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Guarantor hereunder. The rights and obligations of each Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 
 SECTION 4.15.
Excluded Swap Obligations Limitation. Notwithstanding anything in this Guaranty to the contrary, no Guarantor shall be required to make any payment pursuant to this Guaranty to any party, and the right of set-off provided in
Section 4.08 shall not apply with respect to any Guarantor, in each case, with respect to Excluded Swap Obligations, if any, of such Guarantor. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	NEW RED FINANCE, INC.
	BLUE HOLDCO 1, LLC
	BLUE HOLDCO 2, LLC
	BLUE HOLDCO 3, LLC
	BURGER KING WORLDWIDE, INC.
	BURGER KING HOLDCO LLC
	BURGER KING CAPITAL HOLDINGS, LLC
	BURGER KING CAPITAL FINANCE, INC.
	BURGER KING HOLDINGS, INC.
	BURGER KING CORPORATION
	BK ACQUISITION, INC.
	BK CDE, INC.
	BK WHOPPER BAR, LLC
	BURGER KING INTERAMERICA, LLC
	BURGER KING SWEDEN INC.
	DISTRON TRANSPORTATION SYSTEMS, INC.
	MOXIE’S, INC.
	THE MELODIE CORPORATION
	TPC NUMBER FOUR, INC.
	TQW COMPANY
	THD NEVADA LLC
	THD DELAWARE LLC
	TIM DONUT U.S. LIMITED, INC.
	SBFD HOLDING CO.
	TIM HORTONS USA INC.
	TIM HORTONS (NEW ENGLAND), INC.
	THD COFFEE CO.
	TIM HORTONS DELAWARE LIMITED PARTNERSHIP
	 TULLER INVESTMENT PARTNERSHIP,

each as a Guarantor

		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	1013421 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1011778 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1014364 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1014369 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1019334 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016869 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	1016893 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016864 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016872 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016878 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1016883 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1017358 B.C. UNLIMITED LIABILITY COMPANY, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	BURGER KING CANADA HOLDINGS INC./PLACEMENTS BURGER KING CANADA INC., as Guarantor
		
	By:	 	 /s/ Timothy Brinkley

	Name:	 	Timothy Brinkley
	Title:	 	President and Treasurer
	
	BURGER KING SASKATCHEWAN HOLDINGS INC., as Guarantor
		
	By:	 	 /s/ Timothy Brinkley

	Name:	 	Timothy Brinkley
	Title:	 	President and Treasurer

 
			
	P11 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P22 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P33 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	P44 LIMITED PARTNERSHIP, as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
			
	P55 LIMITED PARTNERSHIP,
	as Guarantor
	By:	 	1014364 B.C. Unlimited Liability Company
	Its:	 	General Partner
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	TIM HORTONS INC., as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1021678 ALBERTA ULC, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	BARHAV DEVELOPMENTS LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	GRANGE CASTLE HOLDINGS LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1485525 ALBERTA LTD., as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	FRUITION MANUFACTURING LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	GPAIR LIMITED, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	THE TDL GROUP CO. / GROUPE TDL CIE, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CO., IN ITS CAPACITY AS A PARTNER OF THE TDL GROUP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CORP., IN ITS CAPACITY AS A PARTNER OF THE TDL GROUP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL GROUP CORP. / GROUPE TDL CORPORATION, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	THE TDL MARKS CORPORATION / LES MARQUES DE TDL CORPORATION, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

			
	THE TDL GROUP CO., IT ITS CAPACITY AS A PARTNER OF TIM’S REALTY PARTNERSHIP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary
	
	1021678 ALBERTA ULC, IN ITS CAPACITY AS A PARTNER OF TIM’S REALTY PARTNERSHIP, as Guarantor
		
	By:	 	 /s/ Jill M. Granat

	Name:	 	Jill M. Granat
	Title:	 	Secretary

 
					
	JPMORGAN CHASE BANK, N.A.,
	as Collateral Agent
		
	By:	 	 /s/ Sarah L. Freedman

		 	Name:	 	Sarah L. Freedman
		 	Title:	 	Executive Director

 EXHIBIT I 

TO THE GUARANTY 
 FORM OF 

GUARANTY SUPPLEMENT 
 SUPPLEMENT
NO. [    ] (this “Guaranty Supplement”), dated as of [            ], to the Guaranty dated as of December 12, 2014 among 1013421 B.C. Unlimited
Liability Company, certain subsidiaries of Holdings (as defined below) from time to time party thereto and JPMORGAN CHASE BANK, N.A. (“JPMCB”), as Collateral Agent (as defined below). 

A. Reference is made to (i) that certain Credit Agreement dated as of October 27, 2014 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among 1011778 B.C. Unlimited Liability Company, an unlimited liability company organized under the laws of British Columbia (the “Parent
Borrower”), New Red Finance, Inc., a Delaware corporation (the “Subsidiary Borrower” and together with the Parent Borrower, the “Borrowers”), 1013421 B.C. Unlimited Liability Company, an unlimited liability
company organized under the laws of British Columbia (“Holdings”), JPMCB, as administrative agent (in such capacity, the “Administrative Agent”), and collateral agent (in such capacity, the “Collateral
Agent”), each Lender from time to time party thereto and the other parties party thereto and (ii) the Guaranty referred to therein (such Guaranty, as in effect on the date hereof and as it may hereafter be as amended, restated, amended
and restated, supplemented or otherwise modified from time to time, together with this Guaranty Supplement, being the “Guaranty”). The capitalized terms defined in the Guaranty or in the Credit Agreement and not otherwise defined
herein are used herein as therein defined. 
 B. The Guarantors have entered into the Guaranty in order to induce the Lenders to make Loans
and the L/C Issuers to issue Letters of Credit and the Hedge Banks to enter into Secured Hedge Agreements. Section 4.14 of the Guaranty provides that subsequently acquired or wholly owned direct or indirect Intermediate Holding Companies and
additional Restricted Subsidiaries may become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this Guaranty Supplement. The undersigned (the “New Guarantor”) is executing this Guaranty
Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under the Guaranty in order to induce the Lenders to make Loans and the L/C Issuers to issue Letters of Credit, the Hedge Banks to enter into Secured Hedge
Agreements from time to time and the Cash Management Banks to enter into agreements giving rise to Cash Management Obligations from time to time. 

Accordingly, the Collateral Agent and the New Guarantor agree as follows: 

SECTION 1. Obligations Under the Guaranty. In accordance with Section 4.14 of the Guaranty, the New Guarantor by its signature
below becomes a Guarantor and, if applicable, a Qualified ECP Guarantor under the Guaranty with the same force and effect as if originally named therein as a Guarantor and the New Guarantor hereby agrees to all the terms and provisions of the
Guaranty applicable to it as a Guarantor thereunder. Each reference to a “Guarantor” in the Guaranty shall be deemed to include the New Guarantor and each reference in any other Loan Document to a “Guarantor” or a “Loan
Party” shall also be deemed to include the New Guarantor. The Guaranty is hereby incorporated herein by reference. 
 SECTION 2.
Representations and Warranties. The New Guarantor represents and warrants to the Collateral Agent and the other Secured Parties that this Guaranty Supplement (i) has been duly authorized, executed and delivered by it and
(ii) constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 

 SECTION 3. Delivery by Facsimile; Electronic Transmission. Delivery of an executed
counterpart of a signature page to this Guaranty Supplement by facsimile or other electronic transmission (including “.pdf” or “.tif” files) shall be effective as delivery of an original executed counterpart of this Guaranty
Supplement. 
 SECTION 4. Governing Law. THIS GUARANTY SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK (EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN). 
 SECTION 5. Affirmation. Except as expressly supplemented
hereby, the Guaranty shall remain in full force and effect. 
 SECTION 6. Severability. In case any one or more of the provisions
contained in this Guaranty Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guaranty shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. Notice. All communications and notices hereunder shall be in writing and given as provided in Section 4.01 of the
Guaranty. 
 SECTION 8. Reimbursement. The New Guarantor agrees to reimburse the Collateral Agent for its reasonable out-of-pocket
expenses in connection with this Guaranty Supplement, including the reasonable and documented fees, other charges and disbursements of counsel for the Collateral Agent in accordance with the terms of the Credit Agreement. 

[Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, the New Guarantor and the Collateral Agent have duly executed this Guaranty
Supplement as of the day and year first above written. 
  

					
	[NAME OF ADDITIONAL GUARANTOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this 11th day of December, 2014, by and between
ARGAN, INC., a Delaware corporation (the “Company”); and (ii) CYNTHIA FLANDERS (the “Executive”). 

RECITALS: 
 R-1. The Company
wishes to employ the Executive as its Senior Vice President and Chief Financial Officer and the Executive wishes to accept such employment and to perform such services for the Company; and 

R-2. The parties wish to enter into this Agreement to set forth the terms of the Executive’s employment by the Company, as set
forth hereinafter. 
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants set forth herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. Employment. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to accept such employment,
subject to the terms and conditions set forth in this Agreement. This Agreement supersedes and replaces any previous oral or written agreement concerning the Executive’s employment by the Company or the Affiliates. 

2. Duties of the Executive. During the “Term” (as defined below) of employment of the Executive, the Executive
shall serve as the Senior Vice President and Chief Financial Officer of the Company, and shall faithfully and diligently perform all services as may be assigned to her by the Board of Directors of the Company (the “Company Board”),
and shall exercise such power and authority as may from time to time be delegated to her by the Company Board. The Executive shall perform all services to be rendered by her hereunder to the best of her ability, and use her best efforts to promote
the interests of the Company and its subsidiaries and affiliates. 
 3. Term of Employment. Employment of the Executive
pursuant to the terms and provisions of this Agreement shall commence on January 2, 2015 and shall continue until December 31, 2015 (the “Initial Term”), unless earlier terminated as provided in this Agreement. At the end
of the Initial Term, the Executive’s employment hereunder shall automatically renew for successive one year terms (each, a “Renewal Term”), subject to earlier termination as provided in this Agreement, unless the Company or the
Executive delivers written notice to the other at least sixty (60) days prior to the expiration date of the Initial Term or any Renewal Term, as the case may be, of its or her election not to renew the term of employment. The period during
which the Executive shall be employed by the Company pursuant to the terms and provisions of this Agreement is sometimes referred to herein as the “Term.” 

 4. Compensation. 

4.1 Salary. The Company shall pay the Executive compensation at the annual rate of $225,000 (the “Salary”)
during the Initial Term, which may be adjusted from time to time in such amounts as the Company may, in its reasonable discretion, deem to be appropriate, payable in installments consistent with the Company’s normal payroll schedule, subject to
applicable withholding and other taxes. 
 4.2 Bonus. In addition to the Salary set forth in Section 4.1, for each fiscal
year of the Company occurring within, or partially within, the Term, the Executive shall be eligible to receive an annual bonus in the sole discretion of the Company Board, subject to satisfaction of such reasonable performance criteria as shall be
established for the Executive with respect to such year. 
 5. Benefit Plans. The Executive shall be eligible to participate
in all health, retirement and insurance benefit plans applicable to executive employees of the Company, and such other plans as may from time to time be made available or applicable to the Company, in accordance with the provisions of such plans and
consistent with the policies of the Company. 
 6. Vacation. The Executive shall be entitled to annual paid vacation in
accordance with the Company policy that may be applicable to executive employees from time to time. 
 7. Expenses. The
Company shall reimburse the Executive, consistent with the Company’s expense reimbursement policies and procedures and subject to receipt of appropriate documentation, for all reasonable and necessary out-of-pocket travel, business
entertainment, and other business expenses incurred or expended by the Executive incident to the performance of her duties hereunder. 

8. Stock Plans and Options. During the Term, the Executive shall be eligible to participate in any stock option, incentive and
similar plans established by the Company from time to time and at any time and the Company shall grant to the Executive or cause to be granted to her stock options and other benefits similar to the options and benefits granted to other senior
executives subject in all cases to the satisfaction by the Executive of the terms and conditions of such plans and to the reasonable exercise by the Company Board of any discretion granted to it thereunder. 

9. Termination of Employment. 

9.1 For Cause. The Company may terminate the Executive’s employment at any time for “Cause” (as defined
below). For the purposes of this Agreement, “Cause” shall mean (i) habitual drunkenness or any substance abuse which adversely affects the Executive’s performance of her job responsibilities; (ii) any illegal use of
drugs; (iii) commission of a felony (including, without limitation, any violation of the Foreign Corrupt Practices Act); (iv) dishonesty materially relating to the Executive’s 

  
 2 

 
employment; (v) any misconduct by the Executive which would cause the Company or any of its subsidiaries or affiliates to violate any state or federal law relating to sexual harassment or
age, sex or other prohibited discrimination, or any intentional violation of any written policy of the Company adopted with respect to any such law; (vi) any other conduct in the performance of the Executive’s employment which the
Executive knows or should know (either as a result of a prior warning by the Company, custom within the industry or the flagrant nature of the conduct) violates applicable law or causes the Company or any of its subsidiaries or affiliates to violate
applicable law in any material respect; (vii) failure to follow the lawful written instructions of the Company Board, if such failure continues uncured for a period of ten (10) days after receipt by the Executive of written notice from the
Company stating that continuation of such failure would constitute grounds for termination for Cause; (viii) any violation of the confidentiality or non-solicitation provisions hereof; or (ix) any other material violation of this
Agreement. 
 9.2 Upon Death or Disability. The employment of the Executive shall automatically terminate upon the death of
the Executive and may be terminated by the Company upon the “Disability” (as defined below) of the Executive. For purposes of this Section 9.2, the Executive shall be deemed “Disabled” (and termination of her
employment shall be deemed to be due to such “Disability”) if an independent medical doctor (selected by the Company’s applicable health or disability insurer) certifies that the Executive, for a cumulative period of more than
180 days during any 365-day period, has been disabled in a manner which seriously interferes with her ability to perform the essential functions of her job even with a reasonable accommodation to the extent required by law. Any refusal by the
Executive to submit to a medical examination for the purpose of certifying Disability shall be deemed conclusively to constitute evidence of the Executive’s Disability. 

9.3 For Convenience of the Company. Notwithstanding any other provisions of this Agreement, the Company shall have the right,
upon sixty (60) days written notice to the Executive, to terminate the Executive’s employment at the “Company’s Convenience” (i.e., for reasons other than Cause, resignation for reasons other than “Good
Reason” [as defined below], death or Disability). For purposes hereof, resignation by the Executive for Good Reason also shall be deemed to constitute termination by the Company at the Company’s Convenience. 

9.4 Resignation; Good Reason. 

(a) The Executive shall have the right to resign at any time upon sixty (60) days’ written notice to the Company. 

(b) For the purposes of this Agreement, resignation by the Executive as a result of the following shall be deemed to constitute
resignation for “Good Reason,” provided that and on condition that the Executive has not consented to the action constituting Good Reason and such resignation occurs within 15 days following the occurrence of such action (or, in the
case of clause (ii) below, following the expiration of the 45-day cure period), and that the Executive is not Disabled (or 

  
 3 

 
incapacitated in a manner which would, with the passage of time and appropriate doctor’s certification, constitute Disability) at the time of resignation: (i) a material adverse change
made by the Company to the Executive’s duties, responsibilities and/or working conditions such that such duties, responsibilities and/or working conditions are inappropriate and not customary for a chief financial officer of a similarly
situated company, or (ii) a material breach by the Company of this Agreement, which breach continues uncured for a period of 45 days after receipt by the Company of written notice thereof from the Executive specifying the breach. 

10. Effect of Termination on Compensation. 

10.1 Termination for Cause; Resignation. In the event (i) the Executive’s employment with the Company is terminated by
the Company for Cause, or (ii) the Executive resigns (for reasons other than Good Reason), the Company shall have no further liability to the Executive hereunder, whether for Salary, benefits, or otherwise, other than for Salary and benefits
accrued, reimbursement of expenses properly incurred, payment for all accrued vacation calculated in accordance with the Company’s standard payroll practices, in each case through the date of termination or resignation, and any other benefits
required by applicable law (e.g., COBRA) for which the Executive may be eligible. 
 10.2 Death or Disability. In the event
the Executive’s employment with the Company terminates as a result of the death of the Executive or is terminated by the Company as a result of the Disability of the Executive, the Executive or, in the event of her death, her surviving spouse
(or her estate, if there is no surviving spouse), shall be entitled to receive her Salary and benefits accrued, reimbursement of expenses properly incurred, and payment for all accrued vacation calculated in accordance with the Company’s
standard payroll practices, in each case through the date of termination, as well as applicable health, disability or death benefits, if any, offered by the Company at the time consistent with the policies of the Company and subject to the
eligibility requirements of such benefits. 
 10.3. The Company’s Convenience or Good Reason. 

(a) In the event the Executive’s employment with the Company is terminated by the Company at the Company’s Convenience or by
the Executive for Good Reason, then the Executive shall be entitled to (i) continue to receive her Salary for the duration of the Term, and (ii) continue to participate in the Company’s health and benefit plans and programs described
in Section 5 other than the Company’s 401(k) plan(s) and any other qualified retirement plan(s) (but specifically excluding the vacation benefit described in Section 6) for the duration of the Term, or, in the case of the
Company’s health plan(s), until the Executive becomes eligible for health insurance from another source other than Medicare (e.g., another employer’s health insurance program), if earlier; provided that such continued participation during
such period does not cause a plan, program or practice to cease to be qualified under any applicable law or regulation and is permitted by the plan or program, and that continuation under any such plan,

  
 4 

 
program or practice shall be limited to benefits customarily provided by the Company to its senior executives during the period of such continuation, and provided further that any such plan or
program shall be subject to modifications applicable to executive-level employees generally. The compensation, allowances and benefits described in the foregoing provisions of this Section 10.3(a) (“Severance Benefits”) shall
continue to be paid or provided at the times and in the manner consistent with the standard payroll practices of the Company for its active executive-level employees. In addition, the Executive shall be entitled to receive her salary and benefits
accrued, reimbursement of expenses properly incurred and payment for all accrued vacation calculated in accordance with the Company’s standard payroll practices, in each case through the date of termination. Except as provided in this Section,
no other compensation or benefits hereunder shall be payable during the balance of the Term. 
 (b) As a condition to receiving the
Severance Benefits described in clause (a) above, the Executive shall be required to execute and deliver to the Company, and not to have revoked, the written confirmation described in Section 11 and a general release of all claims the
Executive may have against the Company and its subsidiaries and affiliates, and their respective officers, directors, shareholders, managers, members and agents, in each case in such form as may be reasonably requested by the Company, including
without limitation all claims for wrongful termination, for employment discrimination under Title VII of the Civil Rights Act of 1964, as amended, and claims under the Americans with Disabilities Act of 1990, the Equal Pay Act of 1963, the Age
Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act of 1990, the Civil Rights Act of 1866, the Family and Medical Leave Act of 1993, the Civil Rights Act of 1991, the Executive Retirement Income Security Act of 1974,
and any equivalent state, local and municipal laws, rules and regulations). Notwithstanding the foregoing, the Executive shall not be required to release any claims (i) for unpaid compensation or other benefits remaining unpaid by the Company
at the time of termination, but may be required to agree upon and acknowledge the amount, if any, thereof remaining unpaid if such amount is calculable at the time, and (ii) which the Executive may have in connection with any unexercised
options to purchase common stock of the Company granted to the Executive under and pursuant to any stock option plan maintained by the Company from time to time hereinafter. 

(c) Upon the occurrence of any material breach of this Agreement after the effective date of employment termination (it being
understood that, without limitation, any breach of Sections 11, 12 or 13 of this Agreement shall be deemed material), the Company shall have no further liability to pay Severance Benefits hereunder and may, in addition to exercising any other
remedies it may have hereunder or under law, immediately discontinue payment of remaining unpaid Severance Benefits. 
 10.4
Adjustments to Comply with American Jobs Creation Act. In the event any of the severance payment provisions of this Section should prove to be inconsistent with the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended, or the regulations thereunder, the Company and the Executive shall endeavor to amend those severance payment provisions in order to eliminate any 

  
 5 

 
inconsistency with Section 409A while ensuring, to the greatest extent possible, that the Executive will continue to be entitled to the benefits provided under this Agreement without
increase in the economic cost to either party. 
 11. Confidentiality. The Executive recognizes and acknowledges that certain
information possessed by the Company, and its subsidiaries and affiliates, constitutes valuable, special, and unique proprietary information and trade secrets. Accordingly, the Executive shall not, during the Term of her employment with the Company,
or at any time thereafter, divulge, use, furnish, disclose or make available to any person, whether or not a competitor of the Company or any of its subsidiaries or affiliates, any confidential or proprietary information concerning the assets,
business, or affairs of the Company or any of its subsidiaries or affiliates, or of its or their suppliers, customers, licensees or licensors, including, without limitation, any information regarding trade secrets and information (whether or not
constituting trade secrets) concerning sources of supply, costs, pricing practices, financial data, business plans, employee information, manufacturing processes, product designs, production applications and technical processes (hereinafter called
“Confidential Information”), except as may be required by law or as may be required in the ordinary course of performing her duties hereunder. The foregoing shall not be applicable to any information which now is or hereafter shall
be in the public domain other than through the fault of the Executive. Upon the expiration or termination of the Executive’s employment, for any reason, whether voluntary or involuntary and whether by the Company or the Executive, or at any
time the Company may request, the Executive shall (a) surrender to the Company all documents and data of any kind (including data in machine-readable form) or any reproductions (in whole or in part) of any items relating to the Confidential
Information, as well as information stored in an electronic or digital format, containing or embodying Confidential Information, including without limitation internal and external business forms, manuals, notes, customer lists, and computer files
and programs (including information stored in any electronic or digital format), and shall not make or retain any copy or extract of any of the foregoing, and (b) will confirm in writing that (i) no Confidential Information exists on any
computers, computer storage devices or other electronic media that were at any time within the Executive’s control (other than those which remain at, or have been returned to, the Company), and (ii) she has not disclosed any Confidential
Information to others outside of the Company or any of its subsidiaries or affiliates in violation of this Section. The Company shall have the right at any time at its option to replace the hard drive in the Executive’s laptop or other
computer, if any, supplied by the Company with another equivalent hard drive. As used in this Agreement, “affiliate” means, with respect to the Company or any other entity, any person or entity controlling, controlled by or under
common control with, the Company or such other entity, and “control” for such purpose means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or entity,
whether through the ownership of voting securities or voting interests, by contract or otherwise. 

  
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 12. Rights in the Company’s Property; Inventions. 

12.1 Company Property. The Executive hereby recognizes the Company’s proprietary rights in the tangible and intangible
property of the Company and acknowledges that notwithstanding the relationship of employment, the Executive will not obtain or acquire, and has not obtained or acquired, through such employment any personal property rights in any of the property of
the Company or any of its subsidiaries or affiliates, including without limitation any writing, communications, manuals, documents, instruments, contracts, agreements, files, literature, data, technical information, secrets, formulas, products,
methods, mailing lists, business models, business plans, procedures, processes, devices, apparatuses, trademarks, trade names, trade styles, service marks, logos, copyrights, patents, or other matters which are the property of any of the Company.

 12.2 Inventions. The Executive agrees that during the Term of her employment with the Company and for a period of three
(3) months thereafter, any and all discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) (“Inventions”), whether or not patentable, copyrightable or reduced to writing, which
the Executive may have conceived or made, or may conceive or make, either alone or in conjunction with others and whether or not during working hours or by the use of the facilities of the Company or any of its subsidiaries or affiliates, which are
related or in any way connected with the business of the Company or any of its subsidiaries or affiliates are and shall be the sole and exclusive property of the Company, or such affiliate or subsidiary thereof, as the case may be. The Executive
shall promptly disclose all such Inventions to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its or any of its affiliates’ or subsidiaries’
rights therein, and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s, or any of its subsidiaries’ or affiliates’, rights therein. The Executive hereby appoints the Company as
her attorney-in-fact to execute on her behalf any assignments or other documents deemed necessary by the Company to protect or perfect its, or any of its affiliates’ or subsidiaries’, rights to any Inventions. 

13. Non-Solicitation Covenant. At all times during the Term and for a period of two (2) years after the Term (the
“Restrictive Period”), the Executive shall not, directly or indirectly, for herself or for any other person or entity: (a) solicit for employment, employ or attempt to employ or enter into any contractual arrangement with any
employee or former employee (which, for purposes of this Section 13.2 shall mean anyone employed during the 24 month period ending on the date of termination of the Executive’s employment with the Company) of the Company, or any of its
affiliates or subsidiaries; and/or (b) call on or solicit any of the actual or targeted prospective customers or clients, or any actual distributors or suppliers, of the Company, or any of its affiliates or subsidiaries, on behalf of herself or
on behalf of any person or entity in connection with any business that competes with the business of the Company or any of its affiliates or subsidiaries, nor shall the Executive make known the names or addresses or other contact information of such
actual or prospective customers or clients, or any 

  
 7 

 
such actual distributors or suppliers, or any information relating in any manner to the Company’s, or any of its affiliates’ or subsidiaries’, trade or business relationships with
such actual or prospective customers or clients, or any such actual distributors or suppliers, other than in connection with the performance by the Executive of her duties under this Agreement. 

14. Enforcement; Modification. 

14.1 Acknowledgement; Injunction. The Executive acknowledges and confirms that the restrictive covenants contained in Sections
11, 12 and 13 hereof (including without limitation the length of the term of the provisions of Section 13) are required by the Company as an inducement to enter into this Agreement, are reasonably necessary to protect the legitimate business
interests of the Company, and are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. The Executive further acknowledges that the restrictions contained in Sections 11, 12 and 13 hereof are
intended to be, and shall be, for the benefit of and shall be enforceable by the Company and its successors and assigns. The Executive expressly agrees that upon any breach or violation of the provisions of Sections 11, 12, or 13 hereof, the Company
shall be entitled, as a matter of right, in addition to any other rights or remedies it may have, to: (a) temporary and/or permanent injunctive relief in any court of competent jurisdiction; and (b) such damages as are provided at law or
in equity. The existence of any claim or cause of action against the Company or any of its affiliates or subsidiaries, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of any of the restrictions
contained in Sections 11, 12 or 13 hereof. 
 14.2 Reformation by Court. In the event that a court of competent jurisdiction
shall determine that any provision of Sections 11, 12 or 13 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of Sections 11, 12 or 13 within the jurisdiction of such court, such
provision shall be interpreted or reformed and enforced as if it provided for the maximum restriction permitted under such governing law. 

14.3 Extension of Time. If the Executive shall be in violation of any provision of Sections 11, 12 or 13, then each time
limitation set forth in Sections 11, 12 or 13 shall be extended for a period of time equal to the period of time during which such violation or violations occur. If any of the Company seeks injunctive relief from such violation in any court, then
the covenants set forth in Sections 11, 12 and 13 shall be extended for a period of time equal to the pendency of such proceeding including all appeals by either of the Sellers. 

14.4 Survival. The provisions of Sections 11, 12 and 13, and of this Section 14, shall survive the termination of this
Agreement. 

  
 8 

 15. Assignment. The Company shall have the right to assign this Agreement and its
rights and obligations hereunder to any corporation or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said corporation
or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations
hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder. 
 16. Benefits; Binding
Effect. This Agreement shall be for the benefit of and binding upon the parties hereto and their respective heirs, personal representatives, legal representatives, successors and, where permitted and applicable, assigns, including, without
limitation, any successor to the Company, whether by merger, consolidation, sale of stock, sale of assets or otherwise. 
 17.
Severability. The invalidity of any one or more of the provisions of this Agreement shall not affect the enforceability of the remaining portions of this Agreement or any part thereof, all of which are inserted conditionally on their
being valid in law, and, in the event that any one or more of the provisions of this Agreement shall be declared invalid, this Agreement shall be construed as if such invalid provisions had not been inserted. 

18. Waivers. The waiver by either party hereto of a breach or violation of any term or provision of this Agreement shall not
operate nor be construed as a waiver of any subsequent breach or violation. 
 19. Damages; Attorneys Fees. Nothing contained
herein shall be construed to prevent the Company or the Executive from seeking and recovering from the other damages sustained as a result of the other’s breach of any term or provision of this Agreement. In the event that either party hereto
seeks to collect any damages resulting from, or the injunction of any action constituting, a breach of any of the terms or provisions of this Agreement, then the party found to be at fault shall pay all reasonable costs and attorneys’ fees of
the other party. 
 20. Section Headings. The article, section and paragraph headings contained in this Agreement are for
reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. 
 21. No Third Party
Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give any person other than the parties hereto and their respective heirs, personal representatives, legal representatives,
successors and permitted assigns, any rights or remedies under or by reason of this Agreement. 

  
 9 

 22. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original but all of which together shall constitute one and the same. 
 23. Governing Law.
This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Maryland, without regard to principles of conflict of laws. 

24. Jurisdiction and Venue. Each of the parties irrevocably and unconditionally: (a) agrees that any suit, action or legal
proceeding arising out of or relating to this Agreement which is expressly permitted by the terms of this Agreement to be brought in a court of law, shall be brought in the Circuit Court for Montgomery County, Maryland, or in the United States
District Court for the District of Maryland; (b) consents to the jurisdiction of each such court in any such suit, action or proceeding; (c) waives any objection which it or she may have to the laying of venue of any such suit, action or
proceeding in any of such courts; and (d) agrees that service of any court papers may be effected on such party by mail, as provided in this Agreement, or in such other manner as may be provided under applicable laws or court rules in such
courts. 
 25. Notices. All notices required or permitted to be given hereunder shall be in writing and shall be personally
delivered by courier, sent by registered or certified mail, return receipt requested, sent by overnight courier, or sent by confirmed facsimile transmission addressed as set forth herein. Notices personally delivered, sent by facsimile or sent by
overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three days after
deposit in the U.S. mail. Notice shall be sent: (a) if to the Company, addressed to the Company at One Church Street, Suite 201, Rockville, Maryland 20850, Attention: Rainer Bosselmann; and (b) if to the Executive, to her address as
reflected on the payroll records of the Company, or to such other address as either party shall request by notice to the other in accordance with this provision. 

26. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and shall supersede all prior agreements, understandings and arrangements, both oral and written, between the Executive and the Company with respect to such subject matter. This Agreement may not be modified in any way unless by a
written instrument signed by the Company and the Executive. 
 [Signatures on following page] 

  
 10 

 IN WITNESS WHEREOF, each of the undersigned has executed, or has caused its duly
authorized representative to execute, this Agreement as of the date first above written. 
  

			
	THE COMPANY:
	
	ARGAN, INC.
		
	By:	 	 /s/ Rainer Bosselmann

	Name:	 	Rainer Bosselmann
	Title:	 	Chief Executive Officer

  

	
	THE EXECUTIVE:
	
	 /s/ Cynthia Flanders

	CYNTHIA FLANDERS

  
 11

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