Document:

EX-10.6

 Exhibit 10.6 
  

 
 INVESTOR RIGHTS AGREEMENT 

by and among 
 KRISPY
KREME, INC., 
 JAB HOLDINGS B.V. 

and 
 THE HOLDERS LISTED
ON SCHEDULE A HERETO 
 Dated as of [●], 2021 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	2	 
	 2.
	 	DEMAND REGISTRATION	  	 	9	 
	 3.
	 	SHELF REGISTRATION	  	 	13	 
	 4.
	 	PIGGYBACK REGISTRATION	  	 	17	 
	 5.
	 	LOCK-UP AGREEMENTS	  	 	19	 
	 6.
	 	OTHER REGISTRATION RIGHTS	  	 	20	 
	 7.
	 	REGISTRATION PROCEDURES	  	 	20	 
	 8.
	 	INDEMNIFICATION	  	 	25	 
	 9.
	 	SURVIVAL	  	 	27	 
	 10.
	 	CONTRIBUTION	  	 	27	 
	 11.
	 	PARTICIPATION IN PUBLIC OFFERING	  	 	28	 
	 12.
	 	COMPLIANCE WITH RULE 144 AND RULE 144A	  	 	29	 
	 13.
	 	SELLING EXPENSES	  	 	29	 
	 14.
	 	PROHIBITION ON REQUESTS; HOLDERS’ OBLIGATIONS	  	 	29	 
	 15.
	 	INFORMATION RIGHTS	  	 	30	 
	 16.
	 	MISCELLANEOUS	  	 	33	 

  

 This INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into
as of [•], 2021, by and among Krispy Kreme, Inc., a Delaware corporation (the “Company”), JAB Holdings B.V. (“JAB”) and the Persons listed on Schedule A hereto (such Persons, in their
capacity as holders of Registrable Securities, including any permitted transferees hereunder, the “Holders” and each a “Holder” and, the Holders together with the Company and JAB the “Parties”).

 RECITALS 
 WHEREAS,
the Company intends to conduct an initial public offering of Common Stock (the “Initial Public Offering”) pursuant to an Underwriting Agreement, dated as of [•], 2021, by and among the Company and the representatives of the
underwriters named therein; and 
 WHEREAS, the Company desires to enter into this Agreement with the Holders in order to provide the
Holders the investor rights described herein following the Initial Public Offering. 
 NOW, THEREFORE, in consideration of the foregoing
Recitals and the representations, warranties, covenants and agreements set forth in this Agreement, and intending to be legally bound by this Agreement, the Parties agree as follows: 

 

	1.	 Definitions and Interpretation.  

 

	 	(a)	 Definitions. As used in this Agreement, each of the following capitalized terms has the meaning
specified in this Section 1(a). 

 “Adverse Disclosure” means public disclosure
of material non-public information that, in the Board’s good faith judgment, after consultation with outside counsel to the Company, (i) would be required to be made in any Registration Statement
filed with the SEC by the Company so that such Registration Statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing of such Registration Statement and (iii) the Company has a bona
fide business purpose for not disclosing publicly. 
 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly Controls, is Controlled by, or is under common Control with, such Person; provided that no shareholder of the Company shall be deemed an Affiliate of any other shareholder solely by reason of any investment in the
Company; provided, further, that “Affiliate” shall not include the portfolio companies of any of the Holders or any Affiliate of such portfolio companies (other than the Company and its Subsidiaries). 

“Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized by Law to close. 
 “Closing Date” means the date upon which the Initial Public Offering is consummated. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any securities issued in respect
thereof, or in substitution therefor, in connection with any share split, dividend or combination, or any reclassification, recapitalization, amalgamation, merger, consolidation, scheme of arrangement, exchange or other similar reorganization. 

  
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 “Company Securities” means (i) the Common Stock and any other stock or
other equity interests or equity-linked interests of the Company or any Subsidiary and (ii) Equity Rights that are directly or indirectly convertible into or exercisable exchangeable for Common Stock or other stock or other equity of the
Company or any Subsidiary. 
 “Company Shares” means the issued and outstanding shares of Common Stock. 

“Confidential Information” means all non-public and proprietary information that has
been or will be disclosed by a Party, or one of its Affiliates to another other Party, or one of its Affiliates, whether set forth orally or in writing which may relate to, among other things, such Party’s respective business interests and
ideas, potential transactions with another Party or with third parties, industry data, marketing plans, manufacturing information, financial information, strategic considerations or business operations. A Party’s Confidential Information shall
also include non-public and proprietary information of its Affiliates. Notwithstanding the foregoing, the following shall not be considered Confidential Information: (a) information that, prior to the
time of disclosure, is in the public domain, (b) information that, after disclosure, becomes part of the public domain by publication or otherwise; provided that such publication is not in violation of the confidentiality obligations
contained in this Agreement, (c) information that the receiving Party can establish in writing was already known to it or was in its possession prior to the time of disclosure and was not acquired, directly or indirectly, from the disclosing
Party, (d) information that the receiving Party lawfully received from a third party; provided, however, that such third-party was not known to the receiving Party to be obligated to hold such information in confidence,
(e) information that was independently developed by the receiving Party without reference to any Confidential Information as established by appropriate documentation and (f) information that the receiving Party is compelled to disclose by
a Governmental Entity; provided, however, that in such case the receiving Party shall immediately give as much advance notice as feasible to the disclosing Party so that the disclosing Party may seek a protective order or other remedy from
said Governmental Entity, and, in any event, the receiving Party shall disclose only that portion of the Confidential Information that, in the opinion of its legal counsel, is legally required to be disclosed and will exercise reasonable efforts to
ensure that any such Confidential Information so disclosed will be accorded confidential treatment by said Governmental Entity. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and “Controls” and “Controlled” each has a correlative meaning. 

“Derivative Instrument” means any and all derivative securities (as defined under Rule
16a-1 under the Exchange Act) that increases or decreases in value as the value of any Company Securities increases or decreases, as the case may be, including a long convertible security, a long call option
and a short put option position, in each case, regardless of whether (a) such derivative security conveys any voting rights in any Company Security, (b) such derivative security is required to be, or is capable of being, settled through
delivery of any Company Security or (c) other transactions hedge the value of such derivative security. 

  
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 “Equity Right” means, with respect to any Person, any security (including
any debt security or hybrid debt-equity security) or obligation convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, or any options, calls, warrants, restricted shares, restricted share
units, deferred share awards, share units, “phantom” awards, dividend equivalents, participations, interests, rights or commitments relating to, or any share appreciation right or other instrument the value of which is determined in whole
or in part by reference to the market price or value of, shares of capital stock or earnings of such Person. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC thereunder, as the same shall be in effect from time to time. 

“FINRA” means the Financial Industry Regulatory Authority, Inc., and any successor regulator performing comparable functions.

 “Governmental Entity” means any foreign, United States federal or state, regional or local legislative, executive or
judicial body or agency, any court of competent jurisdiction, any department, commission, political subdivision or other governmental entity or instrumentality, or any arbitral authority, in each case, whether domestic or foreign. 

“Group Member” means, with respect to any specified Person, any Affiliate of the specified Person that is, directly or
indirectly, Controlled by the specified Person and includes any Person with respect to which the specified Person is a direct or indirect Subsidiary. 

“Judgments” means any judgments, injunctions, orders, stays, decrees, writs, rulings, or awards of any court or other
judicial authority or any other Governmental Entity. 
 “Law” means all laws (including common law), statutes, ordinances,
rules, regulations, orders, decrees or legally binding guidance of any Governmental Entity, or Judgments. 
 “Material Adverse
Change” means (i) any general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the
over-the-counter market in the United States (other than ordinary course limitations on hours or number of days of trading); (ii) a material outbreak or escalation of
armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a material adverse change in national or international financial, political or
economic conditions; or (iii) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations or results of
operations of the Company and its Subsidiaries, taken as a whole. 
 “Notice, Agreement and Questionnaire” means a written
notice, agreement and questionnaire substantially in the form of Annex A hereto. 

  
 4 

 “Nasdaq” means the Nasdaq Global Select Market. 

“Participating Shareholder” means, with respect to any registration, any Holder of Registrable Securities covered by the
applicable Registration Statement. 
 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization, governmental entity or any other entity. 

“Public Offering” means any public offering and sale of equity securities of the Company or its successor for cash pursuant
to an effective registration statement (other than on Form S-4, S-8 or a comparable form) under the Securities Act. 

“Qualified Shareholder” means any Holder that, together with its Affiliates, beneficially owns at least 3% of the Company
Shares. 
 “Registrable Securities” means, at any time, any Company Shares and any securities issued or issuable in respect
of such Company Shares or by way of conversion, amalgamation, exchange, share dividend, split or combination, recapitalization, merger, consolidation, other reorganization or otherwise until the earliest to occur of (i) a Registration Statement
covering such Company Shares has been declared effective by the SEC and such Shares have been sold or otherwise disposed of pursuant to such effective Registration Statement, (ii) such Company Shares are otherwise transferred (other than by a
Qualified Shareholder to an Affiliate thereof), the Company has delivered a new certificate or other evidence of ownership for such Company Shares not bearing any restricted legend and such Company Shares may be resold without subsequent
registration under the Securities Act, (iii) such Company Shares are repurchased by the Company or a Subsidiary of the Company or cease to be outstanding or (iv) such Company Shares may be resold pursuant to Rule 144, without regard to
volume or manner of sale limitations, whether or not any such sale has occurred, unless such Registrable Securities are held by a Qualified Shareholder. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or
marketing of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees
and expenses of compliance with any securities or “blue sky” Laws (including fees and disbursements of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the
preparation, printing, mailing and delivery of any Registration Statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal
expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) fees and disbursements of counsel for the Company and customary fees and expenses for independent certified
public accountants retained by the Company (including the expenses relating to any required audits of the financial statements of the Company or any comfort letters or costs associated with the delivery by independent certified public accountants of
any comfort letters requested pursuant to Section 7(l)), (vii) fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees and

  
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expenses of one (1) counsel for all Holders participating in the offering, selected by the Holders holding the majority of the Registrable Securities to be sold for the account of all
Holders in the offering and reasonable fees and expenses of each additional counsel retained by any Holder for the purpose of rendering a legal opinion on behalf of such Holder in connection with any underwritten Public Offering, (ix) fees and
expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto,
but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (x) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee
appointed in connection with such offering, (xi) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities;
provided that the Company shall not be responsible for any plane chartering fees, (xii) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating
agencies and (xiii) all out-of-pocket costs and expenses incurred by the Company or its appropriate officers in connection with their compliance with
Section 7(r). For the avoidance of doubt, “Registration Expenses” shall include expenses of the type described in clauses (i)—(xiii) to the extent incurred in connection with the “take down” of
Company Shares pursuant to a Registration Statement previously declared effective. Except as set forth in clause (viii) above, Registration Expenses shall not include any
out-of-pocket expenses of any Holders (or the agents who manage their accounts) or any Selling Expenses. 

“Registration Statement” means any registration statement of the Company that covers Registrable Securities pursuant hereto
filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related prospectus, pre- and post-effective amendments and supplements to such
registration statement and all exhibits and all material incorporated by reference in such registration statement. 

“Representatives” means, with respect to any Person, (i) any of such Person’s partners, stockholders, shareholders,
members, directors, officers, employees, agents, counsel, accountants, trustees, equity financing partners, investment advisors or representatives, Affiliates and investment vehicles managed or advised by such Person, (ii) the partners,
stockholders, shareholders, members, directors, officers, employees, agents, counsel, accountants, trustees, equity financing partners, investment advisors or representatives of such Persons listed in clause (i), and (iii) any other Person
acting on behalf of such Person with respect to the Company and any of its Subsidiaries. 
 “Rule 144” means Rule 144 (or
any successor provisions) under the Securities Act. 
 “Rule 144A” means Rule 144A (or any successor provisions) under the
Securities Act. 
 “Rule 415” means Rule 415 (or any successor provisions) under the Securities Act. 

“SEC” means the United States Securities and Exchange Commission and any successor agency performing comparable functions.

  
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 “Securities Act” means the Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder. 
 “Selling Expenses” means all underwriting discounts, selling
commissions and stock or share transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable fees and disbursements of one counsel for the
holders of Registrable Securities set forth in clause (viii) of the definition of Registration Expenses. 
 “Shelf Registration
Statement” means a Registration Statement of the Company filed with the SEC on either (i) Form S-3 (or any successor form or other appropriate form under the Securities Act) or a prospectus
supplement to an existing Form S-3, or (ii) if the Company is not permitted to file a Registration Statement on Form S-3, an evergreen Registration Statement on
Form S-1 (or any successor form or other appropriate form under the Securities Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar
rule that may be adopted by the SEC) covering all of the Registrable Securities, as applicable, and which may also cover any other securities of the Company. 

“Subsidiary” means, as to a Person, any corporation, partnership, limited liability company or other organization, whether
incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the board of directors or others performing similar functions with respect to such
corporation or other organization is directly or indirectly beneficially owned or controlled by such Person. 
 “Underwritten
Offering” means a registration in which Company Securities are sold to underwriter(s) on a firm commitment basis. 

“Voting Securities” means the Company Shares and any other securities of the Company entitled to vote at any meeting of
stockholders of the Company. 
  

	 	(b)	 Other Definitions. In addition to the defined terms set forth in Section 1(a),
as used in this Agreement, each of the following capitalized terms has the meaning specified in the Section set forth opposite such term below. 

  

					
	Term	  	Section	 
	 Agreement
	  	 	Preamble	 
	Company	  	 	Preamble	 
	 Company Group
	  	 	15(a)(i)	 
	 Damages
	  	 	8(a)	 
	 Demand Notice
	  	 	2(a)(i)	 
	 Demand Period
	  	 	2(e)	 
	 Demand Registration
	  	 	2(a)(i)	 
	 Demand Suspension
	  	 	2(h)	 

  
 7 

					
	 Holder
	  	 	Preamble	 
	 Holder Information
	  	 	14(b)	 
	 Indemnified Party
	  	 	8(c)(i)	 
	 Indemnifying Party
	  	 	8(c)(i)	 
	 Inspectors
	  	 	7(k)	 
	 JAB
	  	 	Preamble	 
	 Long-Form Registration
	  	 	2(a)(i)	 
	 Maximum Offering Size
	  	 	2(g)	 
	 Parties
	  	 	Preamble	 
	 Piggyback Registration
	  	 	4(a)	 
	 Records
	  	 	7(k)	 
	 Representatives
	  	 	15(c)(ii)	 
	 Requesting Shareholder
	  	 	2(a)(i)	 
	 Shelf Offering Request
	  	 	3(a)	 
	 Shelf Period
	  	 	3(b)	 
	 Shelf Suspension
	  	 	3(d)	 
	 Short-Form Registration
	  	 	2(a)(i)	 
	 Underwritten Shelf Takedown
	  	 	3(e)(i)	 
	 Underwritten Shelf Takedown Notice
	  	 	3(e)(i)	 
	 Underwritten Shelf Takedown Request
	  	 	3(e)(i)	 

  

	 	(c)	 Interpretation. 

 

	 	(i)	 When calculating the period of time before which, within which or following which any act is to be done or step
taken pursuant to this Agreement, (A) the date that is the reference date in calculating such period shall be excluded and (B) if the last day of such period is a not a Business Day, the period in question shall end on the next succeeding
Business Day. 

  

	 	(ii)	 When a reference is made herein to a Section, such references shall be to a Section of this Agreement unless
otherwise indicated. The table of contents and headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

	 	(iii)	 Whenever the words “include,” “includes” or “including” are used herein, they
shall be deemed to be followed by the words “without limitation.” 

  

	 	(iv)	 The words “hereof,” “hereto,” “hereby,” “herein” and
“hereunder” and words of similar import when used herein shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

  
 8 

	 	(v)	 The word “extent” in the phrase “to the extent” means the degree to which a subject or
other thing extends, and such phrase shall not mean simply “if.” 

  

	 	(vi)	 Any law or regulation defined or referred to herein means such law or regulation as from time to time amended,
modified or supplemented, unless otherwise specifically indicated. 

  

	 	(vii)	 References to a Person are also to its successors and permitted assigns. 

 

	 	(viii)	 The Annexes to this Agreement are incorporated and made a part hereof and are an integral part of this
Agreement. Any capitalized term used in any Annex but not otherwise defined therein shall have the meaning given to such term herein. 

  

	2.	 Demand Registration.  

 

	 	(a)	 Demand by Holders. 

 

	 	(i)	 If, at any time beginning 180 days following the Closing Date, the Company does not otherwise have an effective
registration statement on Form S-3 covering a Holder’s Registrable Securities on file with the SEC and the Company shall have received a request, subject to Section 14, from any
Qualified Shareholder (the “Requesting Shareholder”) that the Company effect the registration under the Securities Act of all or any portion of such Requesting Shareholder’s Registrable Securities (x) on Form S-1 or any similar long-form Registration Statement (a “Long-Form Registration”) or (y) on Form S-3 or any similar short-form Registration Statement,
which shall include a prospectus supplement to an existing Form S-3 (a “Short-Form Registration”) at such time that the Company qualifies to use such short form Registration Statement (any
such requested Long-Form Registration or Short-Form Registration, a “Demand Registration”), and specifying the kind and aggregate amount of Registrable Securities to be registered and the intended method of disposition thereof, then
the Company shall promptly, but in no event later than ten (10) Business Days prior to the effective date of the Registration Statement relating to such Demand Registration, give notice of such request (a “Demand Notice”) to
the other Holders, specifying the number of Registrable Securities for which the Requesting Shareholder has requested registration under this Section 2(a). During the ten (10) Business Days after receipt of a Demand
Notice, all Holders (other than the Requesting Shareholder) may provide a written request to the Company, specifying the aggregate amount of Registrable Securities held by such Holders requested to be registered as part of such Demand Registration
and the intended method of distribution thereof; provided that, if, on the date of any request by a Qualified Shareholder, the Company qualifies as a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) eligible to
file an automatic shelf registration statement on Form S-3 pursuant to Section 3 of this Agreement, the provisions of this Section 2 shall not apply, and the
provisions of Section 3 shall apply instead. 

  
 9 

	 	(ii)	 The Company shall file such Registration Statement with the SEC within ninety (90) days of such request,
in the case of a Long-Form Registration, and thirty (30) days of such request, in the case of a Short-Form Registration, and shall use its reasonable best efforts to cause such Registration Statement to be declared effective under the
Securities Act and the “blue sky” Laws of such jurisdictions as any Participating Shareholder or any underwriter, if any, reasonably requests, as expeditiously as possible, all to the extent necessary to permit the disposition (in
accordance with the intended methods thereof) of the Registrable Securities so to be registered. 

  

	 	(iii)	 Notwithstanding anything to the contrary in this Section 2(a), (A) the Company shall
not be obligated to effect more than two (2) Long-Form Registrations over any three (3) year period at the request of any Holder, (B) from and after the time the Company becomes eligible for a Short-Form Registration, the Holders
shall be entitled to effect three (3) Short-Form Registrations per calendar year in the aggregate in addition to the Long-Form Registrations to which they are entitled (which Long-Form Registrations, at the election of the Requesting
Shareholder, may be effected as Short-Form Registrations, in which case they will count as Long-Form Registrations for purposes of the preceding clause (A)) and (C) the Company shall not be obligated to effect a Demand Registration unless
the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration equals or exceeds three hundred million dollars ($300,000,000) if pursuant to a Long-Form Registration,
or two hundred million dollars ($200,000,000) if pursuant to a Short-Form Registration. 

  

	 	(b)	 Demand Withdrawal. A Participating Shareholder may withdraw its Registrable Securities from a Demand
Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from all of the Participating Shareholders to such effect, the Company shall cease all efforts to secure effectiveness of the
applicable Registration Statement, and such registration shall nonetheless be deemed a Demand Registration for purposes of Section 2(a) unless (i) the withdrawing Participating Shareholders shall have paid or
reimbursed the Company for their pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the
registration of the withdrawing Participating Shareholders’ withdrawn Registrable Securities (based on the number of Registrable Securities such withdrawing Participating Shareholders sought to register, as compared to the total number of
Company Securities included on such Registration Statement), (ii) the withdrawal is made following the occurrence of a Material Adverse Change, because the registration would require the Company to make an Adverse Disclosure or because the Company
otherwise requests withdrawal or (iii) the withdrawal arose out of the fault of the Company (in each such case the Company shall be obligated to pay all Registration Expenses in connection with such revoked request except to the extent
otherwise paid pursuant to clause (i)). 

  
 10 

	 	(c)	 Company Notifications. Within ten (10) Business Days after the receipt by the Participating
Shareholders of the Demand Notice, the Company will notify all Participating Shareholders of the identities of the other Participating Shareholders and the number of Registrable Securities requested to be included therein. 

 

	 	(d)	 Registration Expenses. The Company shall be liable for and pay all Registration Expenses in connection
with any Demand Registration, regardless of whether such registration is effected, subject to reimbursement pursuant to Section 2(b)(i), if applicable. 

 

	 	(e)	 Effective Registration. A Demand Registration shall be deemed to have occurred if the Registration
Statement relating thereto (i) has become effective under the Securities Act and (ii) has remained effective for a period of at least 180 calendar days (or such shorter period in which all Registrable Securities of the Participating
Shareholders included in such registration have actually been sold thereunder or withdrawn) or, if such Registration Statement relates to an Underwritten Offering, such longer period as, in the opinion of counsel for the underwriter(s), a prospectus
is required by Law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer (the applicable period, the “Demand Period”); provided that a Demand Registration shall not be deemed to have
occurred if, (A) during the Demand Period, such Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other Governmental Entity or court, (B) the conditions to closing specified
in the underwriting agreement, if any, entered into in connection with such registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by any Participating Shareholder
or (C) the Maximum Offering Size (as defined below) is reduced in accordance with Section 2(g) such that less than seventy-five percent (75%) of the Registrable Securities that the Requesting Shareholder sought to be
included in such registration are included. 

  

	 	(f)	 Underwritten Offerings. If any Participating Shareholder that is a Qualified Shareholder so requests, an
offering of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering. 

  

  
 11 

	 	(g)	 Priority of Securities Registered Pursuant to Demand Registrations. If the managing underwriter(s) of a
proposed Underwritten Offering advise the Board (or, in the case of a Demand Registration not being underwritten, the Board determines in its reasonable discretion) that, in its view, the number of Registrable Securities requested to be included in
such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of shares that can be sold without being likely to have an adverse effect on the price, timing or
distribution of the shares offered in such offering (the “Maximum Offering Size”), the Company shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 

 

	 	(i)	 if the Requesting Shareholder is JAB, first, all Registrable Securities requested to be registered by
JAB and all other Participating Shareholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among JAB and such other Participating Shareholders on the basis of the relative number of Registrable
Securities owned by JAB and the other Participating Shareholders; provided that any securities thereby allocated to JAB or another Participating Shareholder that exceed such Holder’s request shall be reallocated among the remaining
Participating Shareholders in like manner); and 

  

	 	(ii)	 thereafter, and only if all the securities referred to in clause (i) have been included, any securities
proposed to be registered by the Company or any securities proposed to be registered for the account of any other Persons (including the Company), with such priorities among them as the Company shall determine. 

 

	 	(h)	 Delay in Filing; Suspension of Registration. If, upon the determination of a majority of the
disinterested members of the Board, the filing, initial effectiveness or continued use of a Registration Statement in respect of a Demand Registration at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving
prompt written notice of such action to the Participating Shareholders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (a “Demand Suspension”); provided that (x) the Company
shall not be permitted to exercise a Demand Suspension (i) more than three (3) times during any 12-month period or (ii) for more than one hundred (100) days in aggregate during any 12-month period and (y) such Demand Suspension shall terminate at such time as the Company would no longer be required to make any Adverse Disclosure; provided, further, that in the event
of a Demand Suspension, if a Participating Shareholder has not sold any Company Securities under such Registration Statement, it shall be entitled to withdraw Registrable Securities from such Demand Registration and, if all Participating
Shareholders so withdraw, such Demand Registration shall not be counted for purposes of the limit on Long-Form Registrations requested by such Participating Shareholders in Section 2(a). In the case of a Demand Suspension,
the Participating Shareholders agree to suspend use 

  
 12 

	 	
of the applicable prospectus and any issuer free writing prospectuses in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice
referred to above. The Company shall immediately notify the Participating Shareholders upon the termination of any Demand Suspension, amend or supplement the prospectus and any issuer free writing prospectus, if necessary, so it does not contain any
untrue statement or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Participating Shareholders such numbers of copies of the prospectus and any issuer free
writing prospectus as so amended or supplemented as the Participating Shareholders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the applicable Registration Statement if required by the registration
form used by the Company for the applicable Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder, or as may reasonably be requested by the
Participating Shareholder. Notwithstanding anything in this Agreement to the contrary, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any registered securities offerings (including any
“take-downs” off of an effective shelf registration statement) of, any of its securities either for its own account or the account of any security holder or holders during any Demand Suspension. 

 

	3.	 Shelf Registration. 

 

	 	(a)	 Filing. If, at any time beginning 180 days following the Closing Date, the Company shall have received a
request, subject to Section 14, by a Qualified Shareholder (a “Shelf Offering Request”), for the filing of a Shelf Registration Statement pursuant to this Section 3, and at such
time the Company is eligible to file a registration statement on Form S-3, the Company shall, within sixty (60) days of such Shelf Offering Request, file with the SEC a Shelf Registration Statement
relating to the offer and sale of all Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by such Holders and set forth in the Shelf Registration Statement and, as promptly as practicable
thereafter, the Company shall use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective under the Securities Act (or if the Company qualifies to do so, it shall file an automatic Shelf Registration Statement
in response to any such request). If, on the date of any such Shelf Offering Request, the Company does not qualify as a well-known seasoned issuer as defined in Rule 405 under the Securities Act eligible to file an automatic shelf registration
statement on Form S-3 under the Securities Act, the provisions of this Section 3 shall not apply, and the provisions of Section 2 shall apply instead.

  

	 	(b)	 Continued Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf
Registration Statement continuously effective under the Securities Act (including, if necessary, by renewing or refiling a Shelf Registration Statement prior to expiration of the existing Shelf Registration Statement or by filing with the SEC a
post-effective amendment or a supplement to the Shelf Registration Statement or any document incorporated therein by reference or by filing any other required document or otherwise supplementing or amending the Shelf Registration Statement, if
required by the rules, regulations or instructions applicable to the registration form used by the Company for such 

  
 13 

	 	
Shelf Registration Statement or by the Securities Act, the Exchange Act, any state securities or blue sky Laws, or any rules and regulations thereunder) in order to permit the prospectus forming
a part thereof to be usable by Holders until the earlier of (i) the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in
no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder) and (ii) the date as of which each of the Holders is permitted to sell its Registrable Securities without Registration
pursuant to Rule 144 under the Securities Act without volume limitation or other restrictions on transfer thereunder (such period of effectiveness, the “Shelf Period”). Subject to Section 3(d), the Company
shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result in Holders of
Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable Law or is in
connection with a Shelf Suspension. 

  

	 	(c)	 Shelf Notice. Promptly upon receipt of any request to file a Shelf Registration Statement pursuant to
Section 3(a) (but in no event more than five (5) Business Days thereafter), the Company shall deliver a written notice of any such request to all other Holders. 

 

	 	(d)	 Suspension of Registration. If, upon the determination of a majority of the disinterested members of the
Board, the continued use of such Shelf Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving at least 10 calendar days’ prior written notice of such action to the Holders,
suspend use of the Shelf Registration Statement (a “Shelf Suspension”); provided that (x) the Company shall not be permitted to exercise a Shelf Suspension (i) more than three (3) times during any 12-month period, or (ii) for more than one hundred (100) days in aggregate during any 12-month period and (y) such Shelf Registration shall terminate at such
time as the Company would no longer be required to make any Adverse Disclosure. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable prospectus and any issuer free writing prospectus in connection with any sale or
purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement the prospectus and
any issuer free writing prospectus, if necessary, so it does not contain any untrue statement or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Holders such
numbers of copies of the prospectus and any issuer free writing prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement,
if required by the registration form used by the Company for the Shelf Registration or by the instructions applicable to such 

  
 14 

	 	
registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders. Notwithstanding anything in this Agreement to the
contrary, the Company shall not be permitted to file a registration statement to register for sale, or to conduct any registered securities offerings (including any “take-downs” off of an effective shelf registration statement) of, any of
its securities either for its own account or the account of any security holder or holders during any Shelf Suspension. 

  

	 	(e)	 Underwritten Shelf Takedown. 

 

	 	(i)	 For any offering of Registrable Securities pursuant to the Shelf Registration Statement for which the value of
Registrable Securities proposed to be offered is at least two hundred million dollars ($200,000,000), if any Participating Shareholder that is a Qualified Shareholder so elects, such offering shall be in the form of an Underwritten Offering, and the
Company shall amend or supplement the Shelf Registration Statement for such purpose. Subject to the immediately preceding sentence, if at any time during which the Shelf Registration Statement is in effect a Participating Shareholder elects to offer
Registrable Securities pursuant to the Shelf Registration Statement in the form of an Underwritten Offering, then such Participating Shareholder shall give written notice (which notice may be given by email) to the Company of such intention at least
two (2) Business Days prior to the date on which such Underwritten Offering is anticipated to launch, specifying the number of Registrable Securities for which the Participating Shareholder is requesting registration under this
Section 3(e) and the other material terms of such Underwritten Offering to the extent known (such request, an “Underwritten Shelf Takedown Request,” and any Underwritten Offering conducted pursuant thereto,
an “Underwritten Shelf Takedown”), and the Company shall promptly, but in no event later than the Business Day following the receipt of such Underwritten Shelf Takedown Request, give written notice (which notice may be given by
email to the email address for each other Holder on file with the Company from time to time) of such Underwritten Shelf Takedown Request (such notice, an “Underwritten Shelf Takedown Notice”) to the other Holders and such
Underwritten Shelf Takedown Notice shall offer the other Holders the opportunity to register as part of such Underwritten Shelf Takedown such number of Registrable Securities as each such other Holder may request in writing (which request may be
made by email to the Company). Subject to Section 3(e)(ii) and Section 3(e)(iii), the Company and the Participating Shareholder(s) making the Underwritten Shelf Takedown Request shall cause the
underwriter(s) to include as part of the Underwritten Shelf Takedown all Registrable Securities that are requested to be included therein by any of the other Holders within 

  
 15 

	 	
twenty-four (24) hours after the receipt by such other Holders of any such notice, all to the extent necessary to permit the disposition of the Registrable Securities to be so sold;
provided that all such other Holders requesting to participate in the Underwritten Shelf Takedown must sell their Registrable Securities to the underwriters selected on the same terms and conditions as apply to the Participating
Shareholder(s) requesting the Underwritten Shelf Takedown; provided, further, that, if at any time after making an Underwritten Shelf Takedown Request and prior to the launch of the Underwritten Shelf Takedown, the Participating
Shareholder(s) requesting the Underwritten Shelf Takedown shall determine for any reason not to proceed with or to delay such Underwritten Shelf Takedown, the Participating Shareholder(s) shall give written notice to the Company of such
determination and the Company shall give written notice of the same to each other Holder and, thereupon, (A) in the case of a determination not to proceed, the Company and such Participating Shareholder(s) shall be relieved of their respective
obligations to cause the underwriter(s) to include any Registrable Securities of the other Holders as part of such Underwritten Shelf Takedown (but the Company shall not be relieved from its obligation to pay the Registration Expenses in connection
therewith), without prejudice, however, to the other registration rights contained herein, and (B) in the case of a determination to delay such Underwritten Shelf Takedown, the Company and such Participating Shareholder(s) shall be relieved of
their respective obligations to cause the underwriter(s) to include any Registrable Securities of the other Holders as part of such Underwritten Shelf Takedown for the same period as the Participating Shareholder(s) determine(s) to delay such
Underwritten Shelf Takedown. 

  

	 	(ii)	 If the managing underwriter(s) of an Underwritten Shelf Takedown advises the Company or the Participating
Shareholder(s) requesting the Underwritten Shelf Takedown that, in the view of such managing underwriter(s), the number of Company Shares that the Participating Shareholder(s) and such other Holders intend to include in such registration exceeds the
Maximum Offering Size, the Company and the Participating Shareholder(s) making the Underwritten Shelf Takedown Request shall cause the underwriter(s) to include in such Underwritten Shelf Takedown, in the following priority, up to the Maximum
Offering Size: 

 (A) if the Participating Shareholder requesting the Underwritten Shelf Takedown is JAB,
first to JAB and all other Holders who requested to include Registrable Securities in such registration pursuant to Section 3(e)(i) (allocated, if necessary for the offering not to exceed the Maximum Offering Size,
pro rata among JAB and such other Holders on the basis of the relative number of Registrable Securities owned by JAB and such other Holders; provided that any securities thereby allocated to a Holder that exceed such Holder’s request
shall be reallocated among the remaining Holders in like manner); and 

  
 16 

 (B) thereafter, and only if all of the securities referred to in
clause (A) have been included, any securities proposed to be registered for the account of the Company any other Persons with such priorities among them as the Participating Shareholder(s) requesting the Underwritten Shelf Takedown shall
determine. 
  

	 	(iii)	 Each Holder shall be permitted to withdraw all or part of its Registrable Securities from an Underwritten Shelf
Takedown at any time prior to 7:00 a.m., New York City time, on the date on which the Underwritten Shelf Takedown is anticipated to launch. 

  

	 	(f)	 Payment of Expenses for Shelf Registrations. The Company shall be liable for and pay all Registration
Expenses in connection with any Shelf Registration, regardless of whether such registration is effected. 

  

	4.	 Piggyback Registration. 

 

	 	(a)	 Participation. If, following the date that is 180 days following the Closing Date, the Company at any
time proposes to sell in an underwritten Public Offering (including, for the avoidance of doubt, a “take-down” pursuant to a prospectus supplement to an effective shelf registration statement) or file a Registration Statement with respect
to any offering of its Common Stock for its own account or for the account of any other Persons (other than (i) a Registration Statement under Section 2 or 3 (it being understood that this clause (i) does
not limit the rights of Holders to make written requests pursuant to Section 2(a)), (ii) a Registration Statement on Form S-4 or Form S-8 or
any successor form to such forms, (iii) a registration of Common Stock solely relating to an offering and sale to employees or directors of the Company pursuant to any employee share plan or other employee benefit plan arrangement, or
(iv) a registration in connection with a direct or indirect acquisition by the Company or one of its Subsidiaries of another Person or a similar business combination transaction, however structured) then, as soon as practicable (but in no event
less than ten (10) calendar days prior to the proposed date of the launch of the underwritten Public Offering or the filing of such Registration Statement, as applicable), the Company shall give written notice of such proposed offering or
filing to the Holders, and such notice shall offer the Holders the opportunity to register under such Registration Statement or include in such underwritten Public Offering such number of Registrable Securities as each such Holder may request in
writing (a “Piggyback Registration”). Subject to Section 4(b) and Section 4(c), the Company shall include in such Registration Statement or underwritten Public Offering all such
Registrable Securities that are requested to be included therein within five (5) calendar days after the receipt by such Holders of any such notice; provided that if at any time after giving written notice of its intention to sell any
Common Stock in an underwritten Public Offering and prior to the launch date, or to register any Common Stock and prior to the effective date of the Registration Statement filed in connection with such registration, the Company shall determine for
any reason not to sell or register or to delay such sale or registration, the Company shall give written notice of such determination to each Holder and, thereupon, (A) in the 

  
 17 

	 	
case of a determination not to sell or register, shall be relieved of its obligation to register any Registrable Securities in connection with such sale or registration (but not from its
obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of the Holders to request that such registration be effected as a Demand Registration (subject to the provisions governing withdrawal set
forth in Section 2(b)) or, if applicable, a Shelf Offering Request and any Underwritten Shelf Takedown related thereto (subject to the provisions governing withdrawal set forth in Section 3(e)(i)),
and (B) in the case of a determination to delay selling or registering, in the absence of a request for a Demand Registration, Shelf Offering Request or Underwritten Shelf Takedown, shall be permitted to delay selling or registering any
Registrable Securities, for the same period as the delay in registering such other Common Stock; provided, further, that if such registration or sale involves an underwritten Public Offering, all such Holders requesting to be included in the
Company’s registration or sale must sell their Registrable Securities to the underwriters selected as provided in Section 7(j) on the same terms and conditions as apply to the Company or the other Person requesting
such registration or sale, as applicable, with, in the case of a combined primary and secondary offering, such differences, including any with respect to representations and warranties and indemnification, as may be customary or appropriate in
combined primary and secondary offerings, and the Company shall make arrangements with the managing underwriter(s) so that each such Holder may participate in such Underwritten Offering. 

 

	 	(b)	 Priority of Registrations Pursuant to a Piggyback Registration. If a Piggyback Registration involves an
underwritten Public Offering (other than any Demand Registration or Underwritten Shelf Takedown, in which case the provisions with respect to priority of inclusion in such offering set forth in Section 2(g) or
Section 3(e)(ii), respectively, shall apply) and the managing underwriter(s) advises the Board in writing (a copy of which shall be provided to each Holder) that, in its view, the number of Company Shares that the Company
and such Holders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering Size: 

 

	 	(i)	 first, so much of the Company Securities proposed to be registered for the account of the Company (or for the
account of such other initiating Person) as would not cause the offering to exceed the Maximum Offering Size; 

  

	 	(ii)	 second, and only if all of the securities referred to in clause (i) have been included, all Registrable
Securities requested to be included in such registration by any Holders pursuant to Section 4(a) (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Holders and such other
holders of Registrable Securities on the basis of the relative number of Registrable Securities owned by such Holders and such other holders; provided that any securities thereby allocated to a Holder that exceed such Holder’s request
shall be reallocated among the remaining Holders and other holders in like manner); and 

  
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	 	(iii)	 third, and only if all of the securities referred to in clauses (i) and (ii) have been included, any
securities proposed to be registered for the account of any other Persons with such priorities among them as the Company shall determine. 

  

	 	(c)	 Piggyback Withdrawal. Each Holder shall be permitted to withdraw all or part of its Registrable
Securities from a Piggyback Registration at any time prior to the effectiveness of such Registration Statement or at any time prior to 7:00 a.m., New York City time, on the date on which the underwritten Public Offering is anticipated to launch, as
the case may be. Subject to Section 14, no registration effected under this Section 4 shall relieve the Company of its obligations to effect a Demand Registration to the extent required by
Section 2 or a Shelf Offering Request or Underwritten Shelf Takedown to the extent required by Section 3. 

  

	 	(d)	 Payment of Expenses for Piggyback Registrations. The Company shall pay all Registration Expenses in
connection with each Piggyback Registration, regardless of whether such registration is effected. 

  

	5.	 Lock-up Agreements. 

 

	 	(a)	 To the extent requested by the lead underwriter(s) in connection with each Underwritten Offering, the Company
and each Participating Holder shall agree not to effect any public sale or distribution of any Company Securities or other security of the Company (except as part of such Underwritten Offering) during the period beginning on the date that is
estimated by the Company, in good faith and provided in writing to such Holder, to be the seventh (7th) calendar day prior to the effective date of the applicable Registration Statement (or the anticipated launch date in the case of a
“take-down” off of an already effective Shelf Registration Statement) until the earlier of (i) such time as the Company and the lead managing underwriter(s) shall agree and (ii) sixty (60) calendar days after the effective date
of the applicable Registration Statement (or the pricing date in the case of a “take-down” off of an already effective Shelf Registration Statement); provided that the Company shall cause all directors and executive officers of the
Company, and all other Persons with registration rights with respect to the Company’s securities (whether or not pursuant to this Agreement) to enter into agreements similar to those contained in this Section 5(a)
(without regard to this proviso), subject to exceptions for gifts, pledges, sales pursuant to pre-existing 105-1 plans and other customary exclusions agreed to by such
managing underwriter(s); provided, further, that the lead managing underwriter(s) may extend such period as necessary to comply with applicable FINRA rules. 

  
 19 

	 	(b)	 Notwithstanding the foregoing, the Company may effect a public sale or distribution of securities of the type
described above and during the periods described above if such sale or distribution is made pursuant to registrations on Form S-4 or Form S-8 or any successor form to
such forms or as part of any registration of securities for offering and sale to employees or directors of the Company pursuant to any employee share plan or other employee benefit plan arrangement. The Company agrees to use its commercially
reasonable efforts to obtain from each holder of restricted securities of the Company which securities are the same as or similar to the Registrable Securities being registered, or any restricted securities convertible into or exchangeable or
exercisable for any of such securities, an agreement not to effect any public sale or distribution of such securities during any such period referred to in this Section 5, except as part of any such registration, if
permitted. 

  

	6.	 Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise
subject to, any agreement (other than as provided herein) granting registration rights to any other Person with respect to any equity securities of the Company. The Company shall not grant to any Person the right, other than as set forth herein, and
except to employees of the Company with respect to registrations on Form S-8, to request the Company to register any Company Securities except such rights as are not more favorable than or inconsistent with
the rights granted to the Holders and that do not violate the rights or adversely affect the priorities of the Holders set forth herein. 

  

	7.	 Registration Procedures. In connection with any registration pursuant to
Section 2, Section 3 or Section 4, subject to the provisions of such Sections: 

  

	 	(a)	 Prior to filing a Registration Statement covering Registrable Securities or prospectus or any amendment or
supplement thereto, the Company shall furnish to each Participating Shareholder and each underwriter, if any, of the Registrable Securities covered by such Registration Statement copies of such Registration Statement as proposed to be filed, and
thereafter the Company shall furnish to such Participating Shareholder and underwriter, if any, without charge such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto
and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the
Securities Act and such other documents as such Participating Shareholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Participating Shareholder. Each Participating
Shareholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment and supplement thereto pertaining to such Participating Shareholder and the Company shall use all reasonable
efforts to comply with such request; provided that the Company shall not have any obligation to so modify any information if the Company reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

  
 20 

	 	(b)	 In connection with any filing of any Registration Statement or prospectus or amendment or supplement thereto,
the Company shall cause such document (i) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC thereunder and (ii) with respect to information supplied by or on behalf of
the Company for inclusion in the Registration Statement, to not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

  

	 	(c)	 The Company shall promptly notify each Holder of such Registrable Securities and the underwriter(s) and, if
requested by such Holder or the underwriter(s), confirm in writing, when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective. 

 

	 	(d)	 The Company shall furnish counsel for each underwriter, if any, and for the Holders of such Registrable
Securities with copies of any written comments from the SEC or any state securities authority or any written request by the SEC or any state securities authority for amendments or supplements to a Registration Statement or prospectus or for
additional information generally. 

  

	 	(e)	 After the filing of the Registration Statement, the Company shall (i) cause the related prospectus to be
supplemented by any required prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the Participating Shareholders set forth in such Registration Statement or supplement to such prospectus and
(iii) promptly notify each Participating Shareholder holding Registrable Securities covered by such Registration Statement of any stop order issued or threatened by the SEC or any state securities commission and use commercially reasonable best
efforts to prevent the entry of such stop order or to remove it if entered. 

  

	 	(f)	 The Company shall use all reasonable best efforts to (i) register or qualify the Registrable Securities
covered by such Registration Statement under such securities or “blue sky” Laws of such jurisdictions in the United States as any Participating Shareholder holding such Registrable Securities reasonably (in light

  
 21 

	 	
of such Participating Shareholder’s intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Participating Shareholder to consummate the
disposition of the Registrable Securities owned by such Participating Shareholder; provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 7(f), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 

 

	 	(g)	 The Company shall use reasonable best efforts to list such Registrable Securities on the principal securities
exchange on which the Company’s common stock is then listed and provide a transfer agent, registrar and CUSIP number for all such Registrable Securities not later than the effective date of such Registration Statement. 

 

	 	(h)	 The Company shall use reasonable best efforts to cooperate with each Holder and the underwriter(s) or managing
underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations
(consistent with the provisions of the governing documents thereof) and registered in such names as each Holder or the underwriter(s) or managing underwriter(s), if any, may reasonably request at least two (2) Business Days prior to any sale of
Registrable Securities. 

  

	 	(i)	 The Company shall immediately notify each Participating Shareholder holding such Registrable Securities covered
by such Registration Statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading and promptly prepare and make available to each such Participating Shareholder and file with the SEC any such supplement or amendment subject to any suspension rights contained herein. 

 

	 	(j)	 (1) The requesting Holder(s) shall have the right to select an underwriter(s) in connection with any
underwritten Public Offering resulting from the exercise of a Demand Registration or Underwritten Shelf Takedown upon consultation with the Company and (2) the Company shall have the right to select underwriter(s) in connection with any other
underwritten Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably required and customary in
order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting
arrangements with FINRA. 

  

	 	(k)	 Upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Company, the
Company shall make available during regular business hours for inspection by any Participating Shareholder and any underwriter participating in any disposition pursuant to a Registration Statement being filed by the Company pursuant to this
Section 7 and any attorney, 

  
 22 

	 	
accountant or other professional retained by any such Participating Shareholder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent
corporate documents and properties of the Company (collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any Inspectors in connection with such Registration Statement (including by participation in a reasonable number of diligence calls). Records that the Company determines, in
good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such
Registration Statement or (ii) the release of such Records is required pursuant to applicable Law or regulation or judicial process. Each Participating Shareholder agrees that information obtained by it as a result of such inspections shall be
deemed confidential and shall not be used by it or its Affiliates as the basis for any market transactions in the Company Securities unless and until such information is made generally available to the public. Each Participating Shareholder further
agrees that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, it shall give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of the
Records deemed confidential. 

  

	 	(l)	 The Company shall furnish to each Participating Shareholder and to each such underwriter, if any, or any other
financial institution facilitating such distribution of shares, a signed counterpart, addressed to such Participating Shareholder, underwriter or such other financial institution of (i) an opinion or opinions of counsel to the Company and
(ii) a comfort letter or comfort letters from the Company’s independent certified public accountants, each in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as
the managing underwriter(s) therefor reasonably request. 

  

	 	(m)	 The Company shall take all commercially reasonable actions to ensure that any free-writing prospectus utilized
in connection with any Demand Registration, Underwritten Shelf Takedown or other offering off of a Shelf Registration Statement or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance
with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  

	 	(n)	 The Company shall otherwise use all commercially reasonable efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder. 

  
 23 

	 	(o)	 The Company may require each such Participating Shareholder promptly to furnish in writing to the Company the
Notice, Agreement and Questionnaire and such other information regarding the distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required or the Company may
deem reasonably advisable in connection with such registration and shall not have any obligation to include a Participating Shareholder on any Registration Statement if the Notice, Agreement and Questionnaire or such other information is not
promptly provided; provided that, prior to excluding such Participating Shareholder on the basis of its failure to provide the Notice, Agreement and Questionnaire or such other information, the Company must furnish in writing a reminder to
such Participating Shareholder requesting the Notice, Agreement and Questionnaire and such other information at least three (3) days prior to filing the applicable Registration Statement. 

 

	 	(p)	 Each such Participating Shareholder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 7(i), such Participating Shareholder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities until such Participating Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 7(i), and, if so directed by the Company, such Participating Shareholder shall
deliver to the Company all copies, other than any permanent file copies then in such Participating Shareholder’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If the
Company shall give such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective by the number of days during the period from and including the date of the giving of notice pursuant to
Section 7(i) to the date when the Company shall make available to such Participating Shareholder a prospectus supplemented or amended to conform with the requirements of Section 7(i).

  

	 	(q)	 The Company shall use its commercially reasonable efforts to list all Registrable Securities covered by such
Registration Statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 

  

	 	(r)	 The Company shall have appropriate officers of the Company (i) prepare and make presentations at any
“road shows” and before analysts and rating agencies, as the case may be, (ii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the underwriters in the offering, marketing or selling of the
Registrable Securities, including, by executing customary underwriting agreements and (iii) otherwise use their commercially reasonable efforts to cooperate as reasonably requested by the Holders in the marketing of the Registrable Securities.

  
 24 

	8.	 Indemnification. 

 

	 	(a)	 By the Company. 

(i) The Company agrees to indemnify and hold harmless each Participating Shareholder holding Registrable Securities covered by a Registration
Statement, each member, trustee, limited or general partner thereof, each member, trustee, limited or general partner of each such member, limited or general partner, each of their respective Affiliates, officers, directors, stockholders,
shareholders, employees, advisors and agents, each Person, if any, who controls such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each of their Representatives from and against any and
all losses, claims, damages, liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to (A) any untrue statement or alleged
untrue statement of a material fact contained in (x) any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), any
preliminary prospectus or any “issuer free writing prospectus” (as defined in Rule 433 of the Securities Act) or (y) any application or other document or communication executed by or on behalf of the Company or based upon written
information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the securities Laws thereof, (B) any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (C) any violation or alleged violation by the Company of the Securities Act or any other similar federal or state securities Laws or any rule or
regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, except in all cases insofar as such Damages are caused by
or related to any such untrue statement or omission or alleged untrue statement or omission so made based upon or contained in any information furnished in writing to the Company by such Participating Shareholder expressly for use therein or by such
Participating Shareholder’s failure to deliver a copy of the prospectus, the issuer free writing prospectus or any amendments or supplements thereto after the Company has furnished such Participating Shareholder with a sufficient number of
copies of the same. 
 (ii) The Company also agrees to indemnify any underwriters of the Registrable Securities, their officers and
directors and each Person who controls such underwriters within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Participating
Shareholders provided in this Section 8(a) or otherwise on commercially reasonable terms negotiated on an aim’s length basis with such underwriters. 

 

	 	(b)	 By Participating Shareholders. 

  
 25 

 (i) Each Participating Shareholder holding Registrable Securities included in any
Registration Statement agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the indemnity from the Company contained in Section 8(a)(i)(A) and Section 8(a)(i)(B) to such Participating Shareholder, but only
with respect to information furnished in writing by such Participating Shareholder or on such Participating Shareholder’s behalf expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any
amendment or supplement thereto, any preliminary prospectus or any “issuer free writing prospectus.” Each such Participating Shareholder also agrees to indemnify and hold harmless any underwriters of the Registrable Securities, their
officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the
Company provided in this Section 8(b). As a condition to including Registrable Securities in any Registration Statement filed in accordance herewith, the Company may require that it shall have received an undertaking
reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities. No Participating Shareholder shall be liable under this
Section 8(b) for any Damages in excess of the gross proceeds realized by such Participating Shareholder in the sale of Registrable Securities of such Participating Shareholder to which such Damages relate. 

 

	 	(c)	 Conduct of Indemnification Proceedings. 

(i) If any proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to this Section 8, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing and
the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses; provided that the failure of any
Indemnified Party to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent and only to the extent that the Indemnifying Party is materially prejudiced by such failure to notify.
In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (A) the Indemnifying Party and the Indemnified
Party shall have mutually agreed in writing to the retention of such counsel, (B) the Indemnifying Party shall have failed to assume the defense of such claim or to employ counsel reasonably satisfactory to the Indemnified Party, or (C) in
the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or
related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified
Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party
shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such
Indemnified Parties from and against any loss or liability (to the extent 

  
 26 

 
stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed), no Indemnifying
Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement
includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 
  

	9.	 Survival. 

  

	 	(a)	 Subject to a Holder delivering a properly completed (as solely determined by the Company), executed and
acknowledged Notice, Agreement and Questionnaire to the Company, Section 8 and Section 10 hereto will remain in full force and effect regardless of any investigation made by or on behalf of the
Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of securities. 

  

	10.	 Contribution. 

 

	 	(a)	 If the indemnification provided for herein is unavailable to the Indemnified Parties in respect of any Damages,
then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages (i) as between the Company and the Participating
Shareholders holding Registrable Securities covered by a Registration Statement on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the relative benefits received by the Company and such Participating
Shareholders on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable Law, in such proportion as is appropriate to reflect not only the relative benefits
but also the relative fault of the Company and such Participating Shareholders on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such Damages, as well as any other relevant
equitable considerations, and (ii) as between the Company on the one hand and each Participating Shareholder on the other, in such proportion as is appropriate to reflect the relative fault of the Company and of each Participating Shareholder
in connection with such statements or omissions, as well as any other relevant equitable considerations. The relative benefits received by the Company and Participating Shareholders on the one hand and such underwriters on the other shall be deemed
to be in the same proportion as the total proceeds from the offering (net of underwriting discounts and commissions but before deducting expenses) received by the Company and Participating Shareholders bear to the total underwriting discounts and
commissions received by such underwriters, in each case as set forth in the table on the cover page of the applicable prospectus. The relative fault of the Company and Participating Shareholders on the one hand and of such underwriters on the other
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the

  
 27 

	 	
Company and Participating Shareholders or by such underwriters. The relative fault of the Company on the one hand and of each Participating Shareholder on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  

	 	(b)	 The Company and the Participating Shareholders agree that it would not be just and equitable if contribution
pursuant to this Section 10 were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 10, no Participating Shareholder shall be required to contribute any amount for Damages in excess of the gross proceeds realized by Participating Shareholder in the sale of Registrable Securities of Participating
Shareholder to which such Damages relate. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation. Each Participating Shareholder’s obligation to contribute pursuant to this Section 10 is several in the proportion that the net proceeds of the offering received by Participating
Shareholder bears to the total net proceeds of the offering received by all such Participating Shareholders and not joint. 

  

	11.	 Participation in Public Offering. 

 

	 	(a)	 No Person may participate in any Public Offering hereunder unless such Person (i) agrees to sell such
Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements (provided that no Holder of Registrable Securities will be required to sell more than the
number of Registrable Securities that such Holder has requested the Company include in any Registration Statement) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements and the provisions set forth herein in respect of registration rights. 

  

	 	(b)	 Each Person that is participating in any registration hereunder agrees that, upon receipt of any notice from
the Company of the occurrence of any event of the kind described in Section 7(i) above, such Person shall immediately discontinue the disposition of its Registrable Securities pursuant to the Registration Statement until
such Person’s receipt of the copies of a supplemented or amended prospectus 

  
 28 

	 	
as contemplated by Section 7(i). In the event the Company has given any such notice, the applicable time period during which a Registration Statement is to remain
effective shall be extended (provided, that the Company shall not cause any Registration Statement to remain effective beyond the latest date allowed by applicable Law) by the number of days during the period from and including the date of
the giving of such notice pursuant to this paragraph to and including the date when each Holder of Registrable Securities covered by such Registration Statement shall have received the copies of the supplemented or amended prospectus contemplated by
Section 7(i). 

  

	12.	 Compliance with Rule 144 and Rule 144A. At the request of any Holder who proposes to sell securities in
compliance with Rule 144 of the Securities Act, the Company shall (i) cooperate, to the extent commercially reasonable, with such Holder, (ii) forthwith furnish to such Holder a written statement of compliance with the filing requirements
of the SEC as set forth in Rule 144, as such rule may be amended from time to time, (iii) make available to the public and such Holders such information, and take such action as is reasonably necessary, to enable the Holders of Registrable
Securities to make sales pursuant to Rule 144, and (iv) use its reasonable best efforts to list such Holder’s Company Shares on Nasdaq. Unless the Company is subject to Section 13 or 15(d) of the Exchange Act, the Company will provide
to the holder of Registrable Securities and to any prospective purchaser of Registrable Securities under Rule 144A of the Securities Act, the information described in Rule 144A(d)(4) of the Securities Act. 

 

	13.	 Selling Expenses. All Selling Expenses relating to the offer and sale of Registrable Securities
registered under the Securities Act pursuant to this Agreement shall be borne and paid by the Holders of such Registrable Securities, in proportion to the number of Registrable Securities included in such registration for each such Holder.

  

	14.	 Prohibition on Requests; Holders’ Obligations. 

 

	 	(a)	 No Holder shall, without the Company’s consent, be entitled to deliver a request for a Demand Registration
or a Shelf Offering Request or Underwritten Shelf Takedown if less than 90 calendar days have elapsed since (A) the effective date of a prior Registration Statement in connection with a Demand Registration, Shelf Registration or Piggyback
Registration, (B) the date of withdrawal by the Participating Shareholders of a Demand Registration or Underwritten Shelf Takedown or (C) the pricing date of any Underwritten Offering effected by the Company; provided in each case,
that such Holder has been provided with an opportunity to participate in the prior offering and either (i) has refused or not promptly accepted such opportunity or (ii) has not been cut back to less than 50% of the Registrable Securities
requested to be included by such Holder. 

  

	 	(b)	 No Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to
this Agreement, unless such Holder has timely furnished the Company with all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not misleading and any other information regarding
such Holder and the distribution 

  
 29 

	 	
of such Registrable Securities as the Company may from time to time reasonably request pursuant to Section 7(o). Any sale of any Registrable Securities by any Holder
shall constitute a representation and warranty by such Holder that the information of such Holder furnished in writing by or on behalf of such Holder, including in such Holder’s Notice, Agreement and Questionnaire (all such information,
“Holder Information”), to the Company does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements in such Holder Information, in the light of the circumstances
under which they were made, not misleading. Furthermore, if the Company is required to file a subsequent Registration Statement upon expiration of effectiveness of the Registration Statement naming a Holder, the Company shall be under no obligation
to include such Holder as a selling securityholder if such Holder does not timely deliver an updated properly completed (as solely determined by the Company), executed and acknowledged Notice, Agreement and Questionnaire and other information upon
request by the Company therefore pursuant to Section 7(o). 

  

	15.	 Information Rights. 

 

	 	(a)	 The Company agrees that: 

 

	 	(i)	 The Company shall provide JAB with the following, which shall be treated as Confidential Information:
(A) copies of the Company’s management’s monthly financial review reports provided to the CEO and CFO of the Company, within fifteen (15) days after the production of such reports, (B) the consolidated financial results of
the Company and its Subsidiaries on a consolidated basis (the “Company Group”) for each fiscal year (including a profit and loss account, balance sheet, cash flow and statement of other comprehensive income), within 60 days after
the end of such fiscal year, (C) the unaudited consolidated condensed financial results of the Company Group for each fiscal quarter (including a profit and loss account, balance sheet, cash flow and statement of other comprehensive income),
within 30 days after the end of such fiscal quarter and (D) such other information relating to the financial condition, business, prospects or corporate affairs of the Company and its Subsidiaries as JAB may from time to time reasonably
request; provided, however, that the information provided by the Company to JAB pursuant to this Section 15(a)(i) shall be in addition to, and not in limitation of, information that is provided to representatives of JAB who may be
serving as members of the Board; and 

  

	 	(ii)	 Subject in all respects to the ultimate decision-making authority of the Board, the Company will consult with
JAB, and give good faith consideration to JAB’s views, with respect to (A) the composition of the Board from time to time and the composition of any committees thereof, (B) the agenda items to be discussed at meetings of the Board and
committees thereof, (C) mergers, acquisitions, divestitures, strategic investments and other strategic transaction of the Company, and (D) significant capital expenditures by the Company. 

  
 30 

	 	(b)	 JAB agrees that: 

  

	 	(i)	 JAB will consult with the Company’s management from time to time and provide to the Company’s
management such industry and marketplace insight, strategic advice, M&A and capital markets advice and other support, in each case, as JAB deems appropriate, at no cost to the Company. 

 

	 	(c)	 With respect to any Confidential Information provided pursuant to this Agreement, the Parties hereto agree as
follows: 

  

	 	(i)	 To the extent that such Confidential Information may include materials subject to the attorney-client
privilege, work product doctrine or any other applicable privilege concerning pending or threatened legal proceedings or governmental investigations, each of the Parties hereto understands and agrees that the Parties have a commonality of interest
with respect to such matters, and it is the mutual desire, intention and understanding of the Parties hereto that the sharing of such materials is not intended to, and shall not, waive or diminish in any way the confidentiality of such materials or
their continued protection under the attorney-client privilege, work product doctrine or other applicable privilege. Accordingly, and in furtherance of the foregoing, each of the Parties hereto agrees (A) not to claim or contend that the other
Party has waived any attorney-client privilege, work product doctrine or any other applicable privilege by providing Confidential Information pursuant to this Agreement or any subsequent written agreement and (B) to take any action reasonably
requested by the other to protect the attorney-client privilege, work product doctrine or other applicable privilege, as the case may be. 

  

	 	(ii)	 Each receiving Party will not disclose any Confidential Information to any Person; provided, however,
that Confidential Information may be disclosed by (a) the receiving Party to its Affiliates and its and their respective directors, members of investment or shareholder committees (in the case of JAB), officers, employees and attorneys and, to
the extent that such Confidential Information is not subject to the attorney-client privilege, work product doctrine or other applicable privilege, to its and their financial advisors, accountants, consultants and other advisors and representatives,
so long as all such persons are bound by confidentiality obligations at least as restrictive as those contained in this Agreement (all of the persons described in this proviso, “Representatives”) and (b) the Company to the
extent that its counsel reasonably believes that it has a duty (or reasonably considers it appropriate) to disclose such Confidential Information in connection with applicable Law; provided, however, in each case, that the receiving Party
shall be responsible for any disclosure by its Representatives in violation of this Agreement. 

  
 31 

	 	(iii)	 Upon written request of the disclosing Party, the receiving Party shall return promptly to the disclosing Party
(or, at the receiving Party’s option, destroy) all Confidential Information furnished to it, including any copies thereof and notes, extracts, or derivative materials based thereon (provided that if the receiving Party so opts to
destroy, the receiving Party shall confirm and certify such destruction in writing to the disclosing Party); and until this Agreement is terminated or until the expiration of the confidentiality obligations set forth in this Agreement, in each case
pursuant to Section 16(j), shall keep confidential any analyses, compilations, studies or other documents which reflect any of the Confidential Information; provided that the receiving Party shall not be required to delete the
Confidential Information from back-up archival storage and may retain one (1) copy of any Confidential Information in its confidential files solely for record keeping and compliance purposes.

  

	 	(iv)	 Title to, and all rights emanating from the ownership of, all Confidential Information disclosed under this
Agreement shall remain vested in the disclosing Party or any of its Affiliates, and nothing herein shall be construed as granting any license or option in favor of the receiving Party in such Confidential Information under any patent, copyright
and/or any other rights now or hereafter held by the disclosing Party or any Affiliate of the disclosing Party in or as a result of such Confidential Information other than as specifically agreed upon between the disclosing Party and receiving
Party; 

  

	 	(v)	 Each receiving Party understands and acknowledges that neither the disclosing Party nor any of its
Representatives has made or makes any representation or warranty, express or implied, as to the accuracy or completeness of the received Confidential Information; 

 

	 	(vi)	 Each receiving Party acknowledges and agrees that (A) by virtue of the examination of the Confidential
Information in accordance with the terms of this Agreement, it and its Representatives may have access to material, non-public information, and it is aware (and will so advise its Representatives who receive
Confidential Information) that applicable securities laws, including United States federal and state securities laws, generally prohibit any person who has material, non-public information concerning a
publicly traded company from purchasing or selling any securities of such company or from communicating such information to any other Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell
such securities and (B) it will not, and will direct its Representatives who receive Confidential Information to not, use or permit any third party to use any Confidential Information in contravention of any Law, including the Exchange Act and
the rules and regulations promulgated thereunder; and 

  
 32 

	 	(vii)	 This Section 15(b) shall be subject to applicable Laws relating to the exchange of
information and other applicable Laws. 

  

	16.	 Miscellaneous. 

 

	 	(a)	 Remedies; Specific Performance. 

 

	 	(i)	 Except as otherwise provided herein, any and all remedies herein expressly conferred upon a Party shall be
deemed cumulative with and not exclusive of any other remedy conferred by this Agreement, or by law or equity upon such Party, and the exercise by a Party of any one remedy shall not preclude the exercise of any other remedy. 

 

	 	(ii)	 The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that monetary damages, even if available, would not be an adequate remedy therefor. It is accordingly agreed that, at any time prior to the
termination of this Agreement pursuant to Section 16(j), the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of terms and
provisions of this Agreement in any court referred to in Section 16(g), without proof of actual damages (and each Party waives any requirement for the securing or posting of any bond in connection with such remedy), this
being in addition to any other remedy to which they are entitled at law or in equity. The Parties further agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, nor to
assert that a remedy of monetary damages would provide an adequate remedy for any such breach and that no failure or delay by a Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise thereof preclude any other or future exercise thereof or the exercise of any other right, power or privilege hereunder. 

  

	 	(b)	 Amendments and Waivers. The provisions of this Agreement (other than
Section 15), including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of the
Company and each Holder of outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable
Securities whose securities are being sold pursuant to a Shelf Registration Statement and that does not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by each Holder of the Registrable Securities
being sold pursuant to such Shelf 

  
 33 

	 	
Registration Statement; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the
immediately preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by any such amendment, modification, supplement, waiver or
consent effected pursuant to this Section 16(b), whether or not any notice, writing or marking indicating such amendment, modification, supplement, waiver or consent appears on the Registrable Securities or is delivered to
such Holder. The provisions of Section 15 (and the provisions of this sentence) may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the written
consent of the Company and JAB. 

  

	 	(c)	 Notices. Any notice, request, instruction or other document to be given hereunder by any Party to the
others shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, by facsimile or electronic mail or overnight courier: 

 

	 	(i)	 if to the Company, to: 

Krispy Kreme, Inc. 
 2116
Hawkins Street 
 Charlotte, North Carolina 28203 

Attn:     Chief Legal Officer 
  

	 	(ii)	 if to a Holder, at the most current address given by such Holder to the Company in a Notice, Agreement and
Questionnaire or any amendment thereto or, at the Company’s option, pursuant to the Legal Notice System on DTC, or successor system thereto; 

or to such other address as such Person may have furnished to the other Persons identified in this Section 16(c) in writing in
accordance herewith. 
  

	 	(d)	 Majority of Registrable Securities. For purposes of determining what constitutes Holders of a majority
of Registrable Securities, as referred to in this Agreement, a majority shall constitute a majority of the shares of Common Stock that constitute Registrable Securities. 

 

	 	(e)	 Assignability; Third-Party Rights. 

 

	 	(i)	 Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or
delegated, in whole or in part, by the Company. 

  

	 	(ii)	 Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or
delegated, in whole or in part, by any Holder, by operation of law or otherwise. 

  
 34 

	 	(iii)	 Notwithstanding the above, JAB may, at its election, (A) assign any rights to registration set forth in
Sections 2, 3 or 4 of this Agreement to any Person who subsequently obtains Registrable Securities from JAB or any of its Affiliates, by operation of law or otherwise, and (B) waive the provisions of Section 16(e)(ii) with respect to any
Holder. 

  

	 	(iv)	 No assignment by any Party hereto of such Party’s rights, duties and obligations under hereunder shall be
binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment in conformity with Section 16(c) hereof and (ii) the written agreement of the assignee, in a form reasonably
satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). 

 

	 	(v)	 This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the Parties and
their respective successors and assigns, which shall include any assignees pursuant to this Section 16(e). Nothing in this Agreement is intended to or shall confer upon any Person (other than the Parties) any right, benefit or remedy of any
nature whatsoever. Any transfer or assignment made other than as provided in this Section 16(e) shall be null and void. 

  

	 	(f)	 Joinder. In addition to the Persons who may become Holders pursuant to Section 16(e) hereof,
subject to the prior written consent of the Company and JAB, as applicable, either the Company or JAB may make any Person who holds Registrable Shares a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Person
in form reasonably satisfactory to the Company. 

  

	 	(g)	 Counterparts. This Agreement may be executed in counterparts (each of which shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the Parties and delivered (by electronic communication, facsimile or
otherwise) to the other Parties. 

  

	 	(h)	 Governing Law and Venue; Jurisdiction; WAIVER OF JURY TRIAL. 

 

	 	(i)	 THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED
BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES, WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION. Each of the Parties hereby irrevocably and unconditionally consents and submits,
for itself and with respect to its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the appropriate respective appellate courts 

  
 35 

	 	
therefrom (or only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction over a particular matter, any federal or other state court located in the
State of Delaware and the appropriate respective appellate courts therefrom) solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and hereby waives, and
agrees not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject to jurisdiction thereto or that such action, suit or proceeding may not be brought or
is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the Parties hereto irrevocably agree that all claims with respect to such
action or proceeding shall be heard and determined in the Court of Chancery of the State of Delaware (or only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction over a particular matter, any federal or
other state court located in the State of Delaware). The Parties hereby consent to and grant any such court jurisdiction over the person of such Parties and, to the extent permitted by Law, over the subject matter of such dispute and agree that
mailing of process or other papers in connection with any such action or proceeding in the manner provided in Section 7(c) or in such other manner as may be permitted by Law shall be valid and sufficient service thereof.

  

	 	(ii)	 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY OR TO THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY
CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
(ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 16(g). 

  
 36 

	 	(i)	 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation
in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction.

  

	 	(j)	 Entire Agreement. This Agreement is intended by the Parties as a final expression of their agreement and
is intended to be a complete and exclusive statement of the agreement and understanding of the Parties in respect of the subject matter contained herein and the investor rights granted by the Company with respect to the Registrable Securities. There
are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the investor rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes all prior
agreements and undertakings among the Parties with respect to such investor rights. No Party shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 

 

	 	(k)	 Termination. This Agreement and the obligations of the Parties hereunder shall terminate upon such time
as there are no Registrable Securities, except for 

  

	 	(i)	 the provisions of Sections 2(d), 3(f), 4(d), 8, 9, 10, 13,
16(g) and this 16(j), which shall survive such termination; 

  

	 	(ii)	 the provisions of Sections 15(a) and 15(b), which shall terminate upon the earliest to occur of:

  

	 	(1)	 the first date on which JAB no longer beneficially owns equity securities of the Company representing at least
15% of the total outstanding voting power of the Company; 

  

	 	(2)	 the first date on which less than two representatives of JAB serve as members of the Board; and

  

	 	(3)	 [•], 2023; provided that, in the case of this clause (3), such date shall be extended for successive one
year terms unless either the Company or JAB provides the other with written notice of non-renewal at least 90 days prior to such date (as it may be extended); and 

  
 37 

  

	 	(iii)	 the provisions of Section 15(c), which shall survive such termination until the second anniversary of such
termination date. 

 [SIGNATURE PAGE FOLLOWS] 

  
 38 

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

			
	COMPANY:
	
	KRISPY KREME, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

 
			
	JAB:
	
	JAB HOLDINGS B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

  

			
	HOLDERS:
	
	[•]
		
	By:	 	
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO INVESTOR
RIGHTS AGREEMENT] 

 SCHEDULE A 

HOLDERS OF REGISTRABLE SECURITIES 
 [To
Come] 

 ANNEX A 

FORM OF SELLING SECURITYHOLDER NOTICE, AGREEMENT AND 

QUESTIONNAIRE 
 The
undersigned (the “Selling Securityholder”) beneficial owner of common stock, par value $0.01 (the “Common Stock”), of Krispy Kreme, Inc. (the “Company”) understands that the Company intends to file
with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-3 or a prospectus supplement to an existing shelf registration statement (as applicable, the
“Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of certain Registrable Securities in accordance with the terms of the
Investor Rights Agreement, dated on or about [•], 2021 (the “Investor Rights Agreement”), by and among the Company and the persons listed on Schedule A hereto. Each capitalized term not otherwise
defined herein has the meaning given to it in the Investor Rights Agreement. 
 In order to sell or otherwise dispose of any Registrable
Securities pursuant to the Shelf Registration Statement, the Selling Securityholder must be named as a selling securityholder in the related prospectus and deliver a prospectus to the purchasers of Registrable Securities. To facilitate naming of the
Selling Securityholder as a selling securityholder in the Shelf Registration Statement, the Selling Securityholder must complete, execute, acknowledge and deliver this Notice, Agreement and Questionnaire prior to filing of the prospectus supplement
to the Shelf Registration Statement. 
 Certain legal consequences arise from being named as Selling Securityholders in the Shelf
Registration Statement and the related prospectus. Accordingly, the Selling Securityholder is advised to consult its own legal counsel regarding the consequences of being named or not being named as a Selling Securityholder in the Shelf Registration
Statement and the related prospectus. 
 The Selling Securityholder hereby gives notice to the Company of its intention to sell or otherwise
dispose of Registrable Securities beneficially owned by it and listed below in Item 3(b) pursuant to the Shelf Registration Statement. The Selling Securityholder, by signing and returning this Notice, Agreement and Questionnaire, understands that it
shall be bound by the terms and conditions of this Notice, Agreement and Questionnaire. 
 The Selling Securityholder hereby provides the
following information to the Company and represents and warrants that such information is accurate and complete: 
 Questionnaire 

 

	1.	 (a)      Full Legal Name of Selling Securityholder: 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	 	(b)	 Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities
listed in Item (3) below are held: 

  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  

	 	(c)	 Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which
Registrable Securities listed in Item (3) below are held: 

  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	2.	 Address for Notices to Selling Securityholder: __________________________________ 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
 Telephone:
                                         
                                         
                                         
                                         
                     

Fax:                      
                                         
                                         
                                         
                                         
           
 Email
address:                                       
                                         
                                         
                                         
                       

Contact Person:
                                         
                                         
                                         
                                         
             
  

	3.	 Beneficial Ownership of Registrable Securities: 

This Item (3) covers beneficial ownership of the Company’s securities. Please consult Appendix A to this
Notice, Agreement and Questionnaire for information as to the meaning of “beneficial ownership.” Except as set forth below in this Item (3), the Selling Securityholder does not beneficially own any Registrable Securities. 

 

	 	(a)	 Number of shares of Registrable Securities beneficially owned: 

 

	 	(b)	 Number of shares of the Registrable Securities which the Selling Securityholder wishes to be included in the
Shelf Registration Statement: 

  

	4.	 Beneficial Ownership of other securities of the Company owned by the Selling Securityholder.

 Except as set forth below in this Item (4), the Selling Securityholder is not the beneficial or registered owner of any
securities of the Company other than the Registrable Securities listed above in Item (3). 
  

	 	(a)	 Type and amount of other securities beneficially owned by the Selling Securityholder: 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	 	(b)	 CUSIP No(s). of other securities beneficially owned by the Selling Securityholder: 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	5.	 Relationship with the Company: 

 

	 	(a)	 Have you or any of your affiliates, officers, directors or principal equity holders (owners of 5% or more of
the equity securities of the Selling Securityholder) held any position or office or have you had any other material relationship with the Company (or its predecessors or affiliates) within the past three years? 

 ❑    Yes 

❑    No 
  

	 	(b)	 If so, please state the nature and duration of your relationship with the Company: 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	6.	 Broker-Dealer Status: 

 

	 	(a)	 Is the Selling Securityholder a broker-dealer registered pursuant to Section 15 of the Exchange Act?

 ❑    Yes 

❑    No 

Note that the Company shall be required to identify any registered broker-dealer as an underwriter in the prospectus. 

If so, please answer the remaining questions in this section. 

If the Selling Securityholder is a registered broker-dealer, please indicate whether the Selling Securityholder acquired its Registrable
Securities for investment or acquired them as transaction-based compensation for investment banking or similar services. 
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
 If the Selling Securityholder is a registered broker-dealer and received its Registrable Securities other than as
transaction-based compensation, the Company is required to identify you as an underwriter in the Shelf Registration Statement and related prospectus. 
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	 	(b)	 Affiliation with Broker-Dealers: 

Is the Selling Securityholder an affiliate of a registered broker-dealer? For purposes of this Item 6(b), an “affiliate” of a
specified person or entity means a person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person or entity specified. 

❑    Yes 

❑    No 

 If so, please answer the remaining questions in this section: 

 

	 	(i)	 Please describe the affiliation between the Selling Securityholder and any registered broker-dealers:

  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
  

	 	(ii)	 If the Selling Securityholder, at the time of its acquisition of the Registrable Securities, had any agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities, please describe such agreements or understandings: 

  

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  
 Note that if the Selling Securityholder is an affiliate of a broker-dealer and at the time of the acquisition of the
Registrable Securities had any agreements or understandings, directly or indirectly, to distribute the securities, the Company must identify the Selling Securityholder as an underwriter in the prospectus. 

 

	7.	 Nature of Beneficial Holding. The purpose of this question is to identify the ultimate natural person(s) or
publicly held entity that exercise(s) sole or shared voting or dispositive power over the Registrable Securities. 

  

	 	(a)	 Is the Selling Securityholder required to file, or is it a wholly owned subsidiary of a company that is
required to file, periodic and other reports (for example, Forms 10-K, 10-Q and 8-K) with the SEC pursuant to Section 13(a)
or 15(d) of the Exchange Act? 

 ❑    Yes 

❑    No 
  

	 	(b)	 State whether the Selling Securityholder is an investment company, or a subsidiary of an investment company,
registered under the Investment Company Act of 1940, as amended: 

 ❑    Yes 

❑    No 
  

	 	(c)	 If a subsidiary, please identify the publicly held parent entity: 

 

                          
                                         
                                         
                                         
                                         
                                         
  
  

                          
                                         
                                         
                                         
                                         
                                         
  

 If you answered “No” to questions (a) and (b) above, please identify
the controlling person(s) of the Selling Securityholder (the “Controlling Entity”). If the Controlling Entity is not a natural person or a publicly held entity, please identify each controlling person(s) of such Controlling Entity.
This process should be repeated until you reach natural persons or a publicly held entity that exercise sole or shared voting or dispositive power over the Registrable Securities: 

			
		 	 
		 	 

 ***PLEASE NOTE THAT THE SEC REQUIRES THAT THESE NATURAL PERSONS BE NAMED IN THE PROSPECTUS*** 

If you need more space for this response, please attach additional sheets of paper. Please be sure to indicate your name and the number of the
item being responded to on each such additional sheet of paper, and to sign each such additional sheet of paper before attaching it to this Notice, Agreement and Questionnaire. Please note that you may be asked to answer additional questions
depending on your responses to the above questions. 
 8. Plan of Distribution: 

Except as set forth below, the Selling Securityholder (including its donees or pledgees) intends to distribute the Registrable Securities
listed above in Item (3) pursuant to the Shelf Registration Statement only as follows (if at all): such Registrable Securities may be sold from time to time directly by the Selling Securityholder or alternatively through underwriters,
broker-dealers or agents. If the Registrable Securities are sold through underwriters, broker-dealers or agents, the Selling Securityholder shall be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale or at negotiated prices. Such sales may be effected in transactions (which may
involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Registrable Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter
market or (iv) through the writing of options. The Selling Securityholder may pledge or grant a security interest in some or all of the Registrable Securities owned by it and, if it defaults in the performance of its secured obligations, the
pledgees or secured parties may offer and sell the Registrable Securities from time to time pursuant to the prospectus. The Selling Securityholder also may transfer and donate shares in other circumstances in which certain cases the transferees,
donees, pledgees or other successors in interest shall be the selling Securityholder for purposes of the prospectus. 
 State any exceptions
here: 

			
		 	 
		 	 

 Note: In no event may such method(s) of distribution take the form of an underwritten offering of the
Registrable Securities without the prior agreement of the Company. 
 (i) The Selling Securityholder acknowledges that it understands its
obligation to comply with the provisions of the Exchange Act and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable
Securities pursuant to the Shelf Registration Statement. The Selling Securityholder agrees that neither it nor any person acting on its behalf shall engage in any transaction in violation of such provisions. 

(j) In accordance with the Selling Securityholder’s obligation under the Investor Rights Agreement to provide such information as may be
required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to provide any additional information the Company may reasonably request and to promptly notify the Company of any inaccuracies or changes in the
information provided that may occur at any time while the Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Investor Rights Agreement shall be made in writing by hand-delivery, first-class mail, or air courier
guaranteeing overnight delivery as follows: 
 To the Company : 

Krispy Kreme, Inc. 
 2116
Hawkins Street 
 Charlotte, North Carolina 28203 

Attn: Chief Legal Officer 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York,
NY 10001 
 Attn: Laura Kaufmann Belkhayat 

(k) In the event any Selling Securityholder transfers all or any portion of the Registrable Securities listed in Item (3) above after the
date on which such information is provided to the Company, the Selling Securityholder shall notify the transferee(s) at the time of transfer of its rights and obligations under this Notice, Agreement and Questionnaire and the Investor Rights
Agreement. 
 (l) By signing this Notice, Agreement and Questionnaire, the Selling Securityholder consents to the disclosure of the
information contained herein in its answers to Items (1) through (8) above and the inclusion of such information in the Shelf Registration Statement, the related prospectus and any state securities or Blue Sky applications. The Selling
Securityholder understands that such information shall be relied upon by the Company without independent investigation or inquiry in connection with the preparation or amendment of the Shelf Registration Statement, the related prospectus and any
state securities or Blue Sky applications. 

 (m) Once this Notice, Agreement and Questionnaire is executed by the Selling Securityholder
and received and acknowledged by the Company, the terms of this Notice, Agreement and Questionnaire and the representations, warranties and indemnification contained herein shall be binding on, shall inure to the benefit of, and shall be enforceable
by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Securityholder with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above.
This Notice, Agreement and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to the
conflicts-of-laws provisions thereof. 

[SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice,
Agreement and Questionnaire to be executed and delivered either in person or by its authorized agent. 
 Dated: 

 

			
	Selling Securityholder:
		
	By:	 	  

		 	Name:
		 	Title:

 Please return the completed and executed Notice, Agreement and Questionnaire to: 

Krispy Kreme, Inc. 
 2116
Hawkins Street 
 Charlotte, North Carolina 28203 

Attn: Chief Legal Officer 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

One Manhattan West 
 New York,
NY 10001 
 Attn: Laura Kaufmann Belkhayat 

The Company hereby acknowledges that it has received and read and understands this Notice, Agreement and Questionnaire and agrees to be bound
by the obligations and terms contained herein. 
  

			
	Krispy Kreme, Inc.:
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURE PAGE TO SELLING
SECURITYHOLDER NOTICE, AGREEMENT AND QUESTIONNAIRE] 

 Appendix A 

DEFINITION OF “BENEFICIAL OWNERSHIP” 
  

	1.	 A “Beneficial Owner” of a security includes any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise has or shares: 

 (a) Voting power which
includes the power to vote, or to direct the voting of, such security; and/or 
 (b) Investment power which includes the
power to dispose, or direct the disposition of, such security. 
 Please note that either voting power or investment power, or both, is
sufficient for you to be considered the beneficial owner of shares. 
  

	2.	 Any person who, directly or indirectly, creates or uses a trust, proxy, power of attorney, pooling arrangement
or any other contract, arrangement or device with the purpose or effect of divesting such person of beneficial ownership of a security or preventing the vesting of such beneficial ownership as part of a plan or scheme to evade the reporting
requirements of the federal securities acts shall be deemed to be the beneficial owner of such security. 

  

	3.	 Notwithstanding the provisions of paragraph (1), a person is deemed to be the “beneficial owner” of a
security if that person has the right to acquire beneficial ownership of such security within 60 days, including, but not limited to, any right to acquire: (a) through the exercise of any option, warrant or right; (b) through the
conversion of a security; (c) pursuant to the power to revoke a trust, discretionary account or similar arrangement; or (d) pursuant to the automatic termination of a trust, discretionary account or similar arrangement; provided,
however, any person who acquires a security or power specified in (a), (b) or (c) above, with the purpose or effect of changing or influencing the control of the issuer, or in connection with or as a participant in any transaction having
such purpose or effect, immediately upon such acquisition shall be deemed to be the beneficial owner of the securities which may be acquired through the exercise or conversion of such security or power.EX-10.7

 Exhibit 10.7 

SHARE REPURCHASE AGREEMENT 

Share Repurchase Agreement, dated June         , 2021 (the “Agreement”), by
and between Krispy Kreme, Inc., a Delaware corporation (the “Company”), and the executive whose name appears on the signature line below (the “Shareholder”). 

WHEREAS, prior to the date hereof Krispy Kreme Holdings, Inc. (“KKHI”) will merge with and into the Company, with the Company
continuing as the surviving entity (the “Merger”), whereupon all equity interests the Shareholder holds in KKHI will be exchanged for equivalent equity interest of the Company; 

WHEREAS, following the Merger, the Company intends to conduct an initial public offering (the “IPO”) of the Company’s
common stock, par value $0.01 per share, (“Common Stock”); 
 WHEREAS, in connection with the IPO, the vesting of certain
outstanding restricted stock units held by the Shareholder will be accelerated and entitle the Shareholder to receive                  shares of Common Stock (the
“Shares”); 
 WHEREAS, in connection with the IPO, the Company desires to purchase and the Shareholder desires to sell to
the Company, immediately following the IPO, the Shares at a per share price equal to the price per share to be paid by the underwriters for Common Stock in the IPO (the “Purchase Price”); and 

WHEREAS, the Shareholder understands and acknowledges that: (a) the Company is making no representation or warranty whatsoever as to the
value of the Shares; (b) he or she has been advised to consult with tax and financial consultants and legal counsel of his or her choosing; and (c) the repurchase of the Shares is irrevocable. 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Company and the Shareholder hereby agree as follows: 

1.    Purchase and Sale of the Shares. On or within two business days after the closing date of the
IPO (the “Closing Date”), the Shareholder shall sell to the Company and the Company shall purchase from the Shareholder all of the Shares at the Purchase Price set forth in Section 2 below, payable as provided in Section 3
below. 
 2.    Purchase Price. The Company and the Shareholder agree that the purchase price per
Share shall be the Purchase Price. 
 3.    Payment of Purchase Price. On the Closing Date,
(a) the Company shall transfer in immediately available funds by electronic transfer an amount equal to the Purchase Price multiplied by the number of shares of Common Stock represented by the Shares, less any applicable withholding taxes (the
“Aggregate Purchase Price”) to an account designated by the Shareholder, and (b) the Shareholder shall execute and deliver to the Company a receipt acknowledging the receipt of the Aggregate Purchase Price, in the form attached
as Exhibit A hereto. 

 4.    Conditions to Closing. The obligation of
the parties hereto to consummate the purchase and sale of the Shares pursuant to this Agreement is subject to the satisfaction of the following conditions: 

(a)    there shall not be in force any injunction or order enjoining or prohibiting the purchase and sale
of the Shares under this Agreement; 
 (b)    the Company’s consummation of the IPO; and 

(c)    the representations and warranties of the Shareholder set forth in Section 5 (in the case of
the Company’s obligations) and the Company in Section 6 (in the case of the Shareholder’s obligations) shall be true and correct as of the Closing Date as if then made. 

5.    Representations and Warranties of the Shareholder. The Shareholder hereby makes the following
representations and warranties to the Company. 
 (a)    Title to the Shares. As of the Closing
Date, the Shareholder shall own and shall deliver the Shares, free and clear of any and all option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of whatever
nature, other than any arising out of, resulting from or in connection with any agreement, arrangement or understanding between the Shareholder and the Company. 

(b)    Power and Authority. The Shareholder has the full right, power and authority to execute and
deliver this Agreement and to perform his or her obligations hereunder; and all action required to be taken for the due and proper execution and delivery by the Shareholder of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly taken. 
 (c)    Due Execution. This Agreement has been duly
executed and delivered by or on behalf of the Shareholder and constitutes a valid and binding agreement of the Shareholder enforceable in accordance with its terms, except to the extent enforcement thereof may be limited by bankruptcy, insolvency,
or other laws affecting enforcement of creditors’ rights or by general equitable principles. 

(d)    No Conflicts. The execution, delivery and performance by the Shareholder of this Agreement
will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Shareholder
is a party or by which the Shareholder is bound, (b) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority and (c) require the consent,
approval, authorization 

  
 2 

 
or order of, or registration, qualification o filing with, any court, regulatory authority, governmental body or any other third party, except, in the case of clauses (a) and (b) above, for
any such conflict, breach, violation or default that would not materially and adversely affect the sale of the Shares and the consummation of any other transaction herein contemplated. 

6.    Representations and Warranties of the Company. The Company hereby represents and warrants to
the Shareholder as follows: 
 (a)    Existence. The Company has been duly organized and is
validly existing and in good standing under the laws of the State of Delaware. 
 (b)    Power and
Authority. The Company has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution nd delivery by it of
this Agreement and the consummation of the transactions contemplated hereby has been duly and validly taken. 

(c)    Authorization. This Agreement has been duly authorized, executed and delivered by or on
behalf of the Company and constitutes a valid and binding agreement of the Company enforceable in accordance with its terms, except to the extent enforcement hereof may be limited by bankruptcy, insolvency, reorganization or other laws affecting
enforcement of creditors’ rights or by general equitable principles. 
 (d)    No Conflicts.
The execution, delivery and performance by the Company of this Agreement will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound, (b) result in any violation of the provisions of the Articles or (c) result in the violation of any law or statute or any
judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (a) and (c) above, for any such conflict, breach violation or default that would not materially and adversely
affect the purchase of the Shares and the consummation of any other transaction herein contemplated. 

(e)    Funds. The Company will have as of the Closing Date sufficient cash available to pay the
Aggregate Purchase Price to the Shareholder, as the case may be, on the terms and conditions contained herein, and three will be no restriction on the use of such cash for such purpose. 

7.    Shareholder’s Release. 

(a)    The Shareholder, on his or her own behalf and on behalf of each of his or her agents,
representatives, assigns, heirs, executors, trustees and administrators (collectively, the “Releasors”) hereby irrevocably and unconditionally releases, settles, cancels, acquits, discharges and acknowledges to be fully satisfied,
and covenants not to 

  
 3 

 
sue the Company, any direct and indirect parents and owners of the Company, and each of their respective subsidiaries, affiliates, successors and assigns, and each of their respective
stockholders, partners, members, managers, employees, directors, officers, agents and other representatives (collectively, the “Releasees”) from any and all claims, contractual or otherwise, demands, costs, rights, causes of action,
charges, debts, liens, promises, obligations, complaints, losses, damages and all liability of whatever kind and nature, whether known or unknown (“Claims”), and hereby waives any and all rights that he, she or it may have at the
time of the signing hereof, at any time prior thereto, or that otherwise may exist or may have arisen with respect to, in connection with, related to, under or pursuant to any of the Shares, the certificate of incorporation, as amended from time to
time, of the Company (the “Articles”), this Agreement or otherwise in connection with the offering, sale or purchase of the Shares by the Company, as applicable, or the purchase, ownership or sale of the Shares by the Shareholder,
and acknowledges to be fully satisfied in all of his, her or its rights under this Agreement, the Articles and otherwise in respect of the Shares. Each of the Releasors hereby acknowledges and agrees that all of their rights, and all of the
Company’s obligations, under this Agreement, the Articles and the Shares are hereby terminated. This release specifically includes Claims which may now exist but which at this time are unknown, unripe, unknowable or unanticipated, or which may
or may not develop further at some point in the future and all potential Claims concerning any unforeseeable or unanticipated further developments of known Claims. However, this release does not include a Claim for payment of the Purchase Price in
accordance with the terms of this Agreement. 
 (b)    The Releasors agree not to bring any action, suit
or proceeding whatsoever (including the initiation of governmental proceedings or investigations of any type) against any of the Releasees hereto for any matter or circumstance concerning which the Releasors have released the Releasees under this
Agreement. Further, the Releasors agree not to encourage, or cooperate with, any other person or suggest to any other person that he, she or it institute any legal action against any of the Releasees. 

8.    Power of Attorney. The Shareholder hereby irrevocably appoints each officer of the Company
(individually and collectively, the “Representative”) as the Shareholder’s true and lawful agent and attorney-in-fact, with full powers of
substitution, to act in the Shareholder’s name, place and stead, to do or refrain from doing all such acts and things, and to execute and deliver all such documents, as the Representative shall deem necessary or appropriate to give effect to
the transfer of the Shares to the Company and the transactions contemplated by this Agreement (including, but not limited to, executing and delivering, on the Shareholder’s behalf, any stock powers or similar transfer documentation). The
appointment of the Representative shall be deemed coupled with an interest and as such shall be irrevocable and shall survive the death, incompetency, mental illness or insanity of the Shareholder, and any person dealing with the Representative may
conclusively and absolutely rely, without inquiry, upon any act of the Representative as the act of the Shareholder in all matters referred to in this Section 8. 

9.    Entire Agreement. This Agreement, together with the documents to be executed and delivered in
accordance with the terms of this Agreement, constitutes the 

  
 4 

 
entire agreement between the parties with respect to the subject matter hereof and supersedes any prior or contemporaneous agreements, whether written or oral. This Agreement may only be amended
by a written agreement signed by each party hereto and any purported amendment hereto in violation of this provision shall be null and void and without force or effect. 

10.    Third-Party Beneficiaries. All Releasees under this Agreement who are not signatories to this
Agreement shall be deemed to be third-party beneficiaries of this Agreement to the same extent as if they were signatories hereto. Except for the provisions of Section 7 that will be enforceable by the Releasees (each a
“Third Party”), the parties do not intend that any term of this Agreement should be enforceable by any person who is not a party to this Agreement. Notwithstanding the foregoing, the parties may amend, vary, waive, terminate or
rescind this Agreement at any time and in any way without the consent of any Third Party. 

11.    Further Assurances. Each party hereto agrees with the other party hereto that it will
cooperate with such other party and will execute and deliver, or cause to be executed and delivered, all such other instruments and documents, and will take such other actions, as such other parties may reasonably request from time to time to
effectuate the provisions and purposes of this Agreement. The Shareholder agrees not to disclose the terms hereof to any person or entity, other than the Shareholder’s attorneys, accountants, financial advisors, or members of the
Shareholder’s immediate family; provided that this Agreement shall not be construed to prohibit any disclosure required by law. 

12.    Counterparts. This Agreement may be signed in any number of counterparts, each of which shall
be deemed an original (including signatures delivered via facsimile or electronic mail) with the same effect as if the signatures thereto and hereto were upon the same instrument. The parties hereto may deliver this Agreement by facsimile or by
electronic mail and each party shall be permitted to rely on the signatures so transmitted to the same extent and effect as if they were original signatures. 

13.    Applicable Law. This Agreement shall be governed by and construed in accordance with the law
of the State of Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction. 

14.    Jurisdiction, Waiver Of Jury Trial, Etc. EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY AGREES THAT
THE ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA LOCATED IN NEW
YORK, NEW YORK AND HEREBY EXPRESSLY SUBMITS TO THE EXCLUSIVE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS ARE AN INCONVENIENT

  
 5 

 
FORUM. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED
OR CERTIFIED MAIL, POSTAGE PREPAID, TO ITS ADDRESS AS SET FORTH IN SECTION 7.03, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING. 

EACH PARTY TO THIS AGREEMENT WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH
THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. THE SHAREHOLDER (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE COMPANY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE
COMPANY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (II) ACKNOWLEDGES THAT THE COMPANY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.

 15.    Interpretation. The headings contained in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. 
 [Signature Page Follows] 

  
 6 

 IN WITNESS WHEREOF, the Company and the Shareholder have executed this Agreement as of the date first
above written. 
  

			
	KRISPY KREME, INC.
		
	By:	 	              

	Name:
	Title:
	
	SHAREHOLDER
		
	By:	 	              

	Name:

  
 [Signature Page to Share
Repurchase Agreement] 

 Exhibit A 

RECEIPT RELATING TO THE 

THE SHARE REPURCHASE AGREEMENT 

The undersigned hereby acknowledges receipt from Krispy Kreme, Inc. of the Aggregate Purchase Price referenced in the Share Repurchase
Agreement between the undersigned and Krispy Kreme, Inc. (the “Share Repurchase Agreement”) which is in full payment of the purchase price for the purchased Shares referenced in the Share Repurchase Agreement. Capitalized terms used
herein without definition shall have the meaning ascribed thereto under the Share Repurchase Agreement. 
  

									
	 	 	 	 	 	 	  

		 		 		 	By:	 	
					
	Dated:

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