Document:

EX-10.3

 Exhibit 10.3 

THE HABIT RESTAURANTS, INC. 

2014 OMNIBUS INCENTIVE PLAN 
  

	1.	DEFINED TERMS 

 Exhibit A, which is incorporated by reference, defines the terms
used in the Plan and sets forth certain operational rules related to those terms. 
  

	2.	PURPOSE 

 The Plan has been established to advance the interests of the Company by
providing for the grant to Participants of Awards. 
  

	3.	ADMINISTRATION 

 The Administrator has discretionary authority, subject only to the
express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures relating to the Plan; and otherwise do all
things necessary or appropriate to carry out the purposes of the Plan. Any reference in the Plan or in any Award to a determination or action by the Administrator, or to the power or ability of the Administrator to make any such determination or to
take any such action, shall be construed as permitting the Administrator to make any such determination or to take any such action in its sole and absolute discretion. Determinations of the Administrator made under the Plan will be conclusive and
will bind all parties. 
  

	4.	LIMITS ON AWARDS UNDER THE PLAN 

 (a) Number of Shares. The maximum
number of shares of Stock that may be delivered in satisfaction of Awards under the Plan is [—]. Up to the total number of shares available for awards to employee Participants may be issued in
satisfaction of ISOs, but nothing in this Section 4(a) will be construed as requiring that any, or any fixed number of, ISOs be awarded under the Plan. For purposes of this Section 4(a), the number of shares of Stock delivered in
satisfaction of Awards will be determined (i) net of shares of Stock underlying the portion of any Award that is settled in cash or the portion of any Award that expires, terminates or is forfeited prior to the issuance of Stock thereunder, and
(ii) by treating as having been delivered the full number of shares covered by any portion of an SAR that is settled in Stock (and not only the number of shares of Stock delivered in settlement) and shares of Stock withheld by the Company in
payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award. 
 (b) Type
of Shares. Stock delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan. 

(c) Section 162(m) and Other Limits. The following additional limits will apply to Awards of the specified type
granted, or in the case of Cash Awards, payable to any person in any calendar year: 
 (1) Stock Options: [—] shares of Stock. 

  
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 (2) SARs: [—] shares of Stock. 

(3) Awards other than Stock Options, SARs or Cash Awards: [—] shares of Stock. 

(4) Cash Awards: $[—]. 

In applying the foregoing limits, (i) all Awards of the specified type granted to the same person in the same calendar year will be
aggregated and made subject to one limit; (ii) the limits applicable to Stock Options and SARs refer to the number of shares of Stock subject to those Awards; (iii) the share limit under clause (3) refers to the maximum number of
shares of Stock that may be delivered, or the value of which could be paid in cash or other property, under an Award or Awards of the type specified in clause (3) assuming a maximum payout; and (iv) the dollar limit under clause
(4) refers to the maximum dollar amount payable under an Award or Awards of the type specified in clause (4) assuming a maximum payout. The foregoing provisions will be construed in a manner consistent with Section 162(m), including,
without limitation, where applicable, the rules under Section 162(m) pertaining to permissible deferrals of exempt awards. 
 Without
limiting the generality of the foregoing, the maximum grant date fair value of any Award granted to any non-Employee Director during any calendar year shall not exceed $[—]. 

 

	5.	ELIGIBILITY AND PARTICIPATION 

 The Administrator will select Participants from among
those key Employees and directors of, and consultants and advisors to, the Company and its Affiliates who in the determination of the Administrator are in a position to contribute to the success of the Company and its Affiliates. Eligibility for
ISOs is limited to individuals described in the first sentence of this Section 5 who are employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in
Section 424 of the Code. Eligibility for Stock Options other than ISOs is limited to individuals described in the first sentence of this Section 5 who are providing direct services on the date of grant of the Stock Option to the Company or
to a subsidiary of the Company that would be described in the first sentence of Treas. Reg. Section 1.409A-1(b)(5)(iii)(E). 
  

	6.	RULES APPLICABLE TO AWARDS 

 (a) All Awards. 

(1) Award Provisions. The Administrator will determine the terms of all Awards, subject to the limitations provided
herein. By accepting (or, under such rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed to the terms of the Award and the Plan. Notwithstanding any provision of this Plan
to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified herein, as determined by the
Administrator. 

  
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 (2) Term of Plan. No Awards may be made after ten years from the Date of
Adoption, but previously granted Awards may continue beyond that date in accordance with their terms. 
 (3)
Transferability. Neither ISOs nor, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), other Awards may be transferred other than by will or by the laws of
descent and distribution. During a Participant’s lifetime, ISOs (and, except as the Administrator otherwise expressly provides in accordance with the third sentence of this Section 6(a)(3), SARs and NSOs) may be exercised only by the
Participant. The Administrator may permit the gratuitous inter vivos transfer (i.e., transfer not for value) of Awards other than ISOs, subject to such limitations as the Administrator may impose. 

(4) Vesting, etc. The Administrator will determine the time or times at which an Award will vest or become exercisable
and the terms on which a Stock Option or SAR will remain exercisable. Without limiting the foregoing, the Administrator may at any time accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax or
other consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will apply if a Participant’s Employment ceases: 

(A) Immediately upon the cessation of the Participant’s Employment and except as provided in (B) and
(C) below, each Stock Option and SAR that is then held by the Participant or by the Participant’s permitted transferees, if any, will cease to be exercisable and will terminate and all other Awards that are then held by the Participant or
by the Participant’s permitted transferees, if any, to the extent not already vested will be forfeited. 
 (B)
Subject to (C) and (D) below, all Stock Options and SARs held by the Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment, to the extent then
exercisable, will remain exercisable for the lesser of (i) a period of forty-five (45) days or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this
Section 6(a)(4), and will thereupon immediately terminate. 
 (C) All Stock Options and SARs held by a
Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment due to his or her death or Disability, to the extent then exercisable, will remain exercisable for the
lesser of (i) a period of twelve (12) months or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will thereupon immediately
terminate. 

  
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 (D) For the avoidance of doubt, all Stock Options and SARs (whether or not
exercisable) held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation of Employment if the termination is
for Cause or occurs in circumstances that in the determination of the Administrator would have constituted grounds for the Participant’s Employment to be terminated for Cause. 

(5) Additional Restrictions. The Administrator may cancel, rescind, withhold or otherwise limit or restrict any Award at
any time if the Participant is not in compliance with all applicable provisions of the Award agreement and the Plan, or if the Participant breaches any agreement with the Company or its Affiliates with respect to non-competition, non-solicitation or
confidentiality. Without limiting the generality of the foregoing, the Administrator may recover Awards made under the Plan and payments under or gain in respect of any Award to the extent required to comply with Section 10D of the Securities
Exchange Act of 1934, as amended, or any stock exchange or similar rule adopted under said Section. 
 (6) Taxes. The
delivery, vesting and retention of Stock, cash or other property under an Award are conditioned upon full satisfaction by the Participant of all tax withholding requirements with respect to the Award. The Administrator will prescribe such rules for
the withholding of taxes as it deems necessary. The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not
in excess of the minimum withholding required by law). 
 (7) Dividend Equivalents, Etc. The Administrator may provide
for the payment of amounts (on terms and subject to conditions established by the Administrator) in lieu of cash dividends or other cash distributions with respect to Stock subject to an Award whether or not the holder of such Award is otherwise
entitled to share in the actual dividend or distribution in respect of such Award. Any entitlement to dividend equivalents or similar entitlements will be established and administered either consistent with an exemption from, or in compliance with,
the requirements of Section 409A. Dividends or dividend equivalent amounts may be made subject to such limits or restrictions as the Administrator may determine. 

(8) Rights Limited. Nothing in the Plan will be construed as giving any person the right to continued employment or
service with the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing or potential profit in Awards will not constitute an element of damages in the event of
termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or any Affiliate to the Participant. 

(9) Section 162(m). In the case of any Performance Award (other than a Stock Option or SAR) intended to qualify for
the performance-based compensation exception under Section 162(m), the Administrator will establish the applicable Performance Criterion or Criteria in writing no later than ninety (90) days after the commencement of the period of service
to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m)) and, prior to the event or occurrence (grant, vesting or 

  
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payment, as the case may be) that is conditioned on the attainment of such Performance Criterion or Criteria, will certify whether it or they have been attained. The preceding sentence will not
apply to an Award eligible (as determined by the Administrator) for exemption from the limitations of Section 162(m) by reason of the post-initial public offering transition relief in Section 1.162-27(f) of the Treasury Regulations. 

(10) Coordination with Other Plans. Awards under the Plan may be granted in tandem with, or in satisfaction of or
substitution for, other Awards under the Plan or awards made under other compensatory plans or programs of the Company or its Affiliates. For example, but without limiting the generality of the foregoing, awards under other compensatory plans or
programs of the Company or its Affiliates may be settled in Stock (including, without limitation, Unrestricted Stock) if the Administrator so determines, in which case the shares delivered will be treated as awarded under the Plan (and will reduce
the number of shares thereafter available under the Plan in accordance with the rules set forth in Section 4). In any case where an award is made under another plan or program of the Company or its Affiliates and such award is intended to
qualify for the performance-based compensation exception under Section 162(m), and such award is settled by the delivery of Stock or another Award under the Plan, the applicable Section 162(m) limitations under both the other plan or
program and under the Plan will be applied to the Plan as necessary (as determined by the Administrator) to preserve the availability of the Section 162(m) performance-based compensation exception with respect thereto. 

(11) Section 409A. Each Award will contain such terms as the Administrator determines, and will be construed and
administered, such that the Award either qualifies for an exemption from the requirements of Section 409A or satisfies such requirements. 

(12) Fair Market Value. In determining the fair market value of any share of Stock under the Plan, the Administrator will
make the determination in good faith consistent with the rules of Section 422 and Section 409A to the extent applicable. 
 (b)
Stock Options and SARs. 
 (1) Time And Manner Of Exercise. Unless the Administrator expressly provides
otherwise, no Stock Option or SAR will be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator), which may be an electronic notice, signed (including electronic signature in
form acceptable to the Administrator) by the appropriate person and accompanied by any payment required under the Award. A Stock Option or SAR exercised by any person other than the Participant will not be deemed to have been exercised until the
Administrator has received such evidence as it may require that the person exercising the Award has the right to do so. 
 (2)
Exercise Price. The exercise price of each Stock Option and the base value from which appreciation is to be measured of each SAR will be no less than 100% (or in the case of an ISO granted to a ten-percent shareholder within the
meaning of subsection (b)(6) of Section 422, 110%) of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as the Administrator may determine in connection with the grant. Fair
market value will be determined by the Administrator consistent with the requirements of Section 422 and Section 409A to the extent applicable. 

  
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 (3) Payment Of Exercise Price. Where the exercise of an Award is to be
accompanied by payment, payment of the exercise price will be by cash or check acceptable to the Administrator or by such other legally permissible means, if any, as may be acceptable to the Administrator. 

(4) Maximum Term. Stock Options and SARs will have a maximum term not to exceed ten (10) years from the date of
grant (five (5) years from the date of grant in the case of an ISO granted to a ten-percent shareholder described in Section 6(b)(2) above); provided, however, that, if a Participant still holding an outstanding but unexercised NSO or SAR
ten (10) years from the date of grant (or, in the case of an NSO or SAR with a maximum term of less than ten (10) years, such maximum term) is prohibited by applicable law or a written policy of the Company applicable to similarly situated
employees from engaging in any open-market sales of Stock, and if at such time the Stock is publicly traded (as determined by the Administrator), the maximum term of such Award will instead be deemed to expire on the thirtieth (30th) day following the date the Participant is no longer prohibited from engaging in such open market sales. 

(5) Special Provisions Applicable to Stock Options and SARs. No Stock Option or SAR, once granted, may be repriced other
than with stockholder approval, and, except upon exercise as hereinabove provided and except as provided in Section 7, no payment shall be made in respect of any Stock Option or SAR in connection with its cancellation. 

 

	7.	EFFECT OF CERTAIN TRANSACTIONS 

 (a) Mergers,
etc. Except as otherwise provided in an Award agreement, the following provisions will apply in the event of a Covered Transaction: 

(1) Assumption or Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity, the
Administrator may (but, for the avoidance of doubt, need not) provide (i) for the assumption or continuation of some or all outstanding Awards or any portion thereof or (ii) for the grant of new awards in substitution therefor by the
acquiror or survivor or an affiliate of the acquiror or survivor. 
 (2) Cash-Out of Awards. Subject to Section 7(a)(5)
below the Administrator may (but, for the avoidance of doubt, need not) provide for payment (a “cash-out”), with respect to some or all Awards or any portion thereof, equal in the case of each affected Award or portion thereof to the
excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator) times the number of shares of Stock subject to the Award or such portion, over (B) the aggregate exercise or purchase price, if any,
under the Award or such portion (in the case of an SAR, the aggregate base value above which appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of Stock) and other terms, and
subject to such conditions, as the Administrator determines, it being understood, for the avoidance of doubt and without limiting the generality of clause (4) below, that if the exercise or purchase price (or base value) of an Award is equal to
or greater than the fair market value of one share of Stock (as determined by the Administrator), the Award may be cancelled with no payment due hereunder. 

  
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 (3) Acceleration of Certain Awards. Subject to Section 7(a)(5) below, the
Administrator may (but, for the avoidance of doubt, need not) provide that any Award requiring exercise will become exercisable, in full or in part and/or that the delivery of any shares of Stock remaining deliverable under any outstanding Award of
Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units) will be accelerated in full or in part, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined
by the Administrator, following exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction. 

(4) Termination of Awards Upon Consummation of Covered Transaction. Except as the Administrator may otherwise determine in any
case, each Award will automatically terminate (and in the case of outstanding shares of Restricted Stock, will automatically be forfeited) upon consummation of the Covered Transaction, other than Awards assumed pursuant to Section 7(a)(1)
above. 
 (5) Additional Limitations. Any share of Stock and any cash or other property delivered pursuant to
Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, if the Administrator so determines, contain such restrictions, if any, as the Administrator determines to be appropriate to reflect any performance or other vesting
conditions to which the Award was subject and that did not lapse (and were not satisfied) in connection with the Covered Transaction. For purposes of the immediately preceding sentence, a cash-out under Section 7(a)(2) above or acceleration
under Section 7(a)(3) above will not, in and of itself, be treated as the lapsing (or satisfaction) of a performance or other vesting condition. In the case of Restricted Stock that does not vest and is not forfeited in connection with the
Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the
Administrator determines to be appropriate to carry out the intent of the Plan. 
 (b) Changes in and Distributions With Respect to
Stock. 
 (1) Basic Adjustment Provisions. In the event of a stock dividend, stock split or combination of shares
(including a reverse stock split), recapitalization or other change in the Company’s capital structure that constitutes an equity restructuring within the meaning of FASB ASC 718, the Administrator will make appropriate adjustments to the
maximum number of shares specified in Section 4(a) that may be delivered under the Plan and to the maximum share limits described in Section 4(c), and will also make appropriate adjustments to the number and kind of shares of stock or
securities subject to Awards then outstanding or subsequently granted, any exercise or purchase prices (or base values) relating to Awards and any other provision of Awards affected by such change. 

(2) Certain Other Adjustments. The Administrator may also make adjustments of the type described in Section 7(b)(1) above
to take into account distributions to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any other event, if the 

  
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Administrator determines that adjustments are appropriate to avoid distortion in the operation of the Plan, having due regard for the qualification of ISOs under Section 422, the
requirements of Section 409A, and the performance-based compensation rules of Section 162(m), where applicable. 
 (3)
Continuing Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7. 

 

	8.	LEGAL CONDITIONS ON DELIVERY OF STOCK 

 The Company will not be obligated to deliver any
shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares
have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system
upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. The Company may require, as a condition to exercise of the Award, such representations or agreements as counsel for the Company may consider
appropriate to avoid violation of the Securities Act of 1933, as amended, or any applicable state or non-U.S. securities law. Any Stock required to be issued to Participants under the Plan will be evidenced in such manner as the Administrator may
deem appropriate, including book-entry registration or delivery of stock certificates. In the event that the Administrator determines that Stock certificates will be issued to Participants under the Plan, the Administrator may require that
certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 

 

	9.	AMENDMENT AND TERMINATION 

 The Administrator may at any time or times amend the Plan or
any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that, except as otherwise expressly provided in the Plan the Administrator may not,
without the Participant’s consent, alter the terms of an Award so as to affect materially and adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do so at the time the Award was
granted. Any amendments to the Plan will be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange requirements), as determined by the Administrator. 

 

	10.	OTHER COMPENSATION ARRANGEMENTS 

 The existence of the Plan or the grant of any Award
will not in any way affect the Company’s right to Award a person bonuses or other compensation in addition to Awards under the Plan. 

  
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	11.	MISCELLANEOUS 

 (a) Waiver of Jury Trial. By accepting an Award under the
Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or
which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim will be tried before a court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no
officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. Notwithstanding anything to the
contrary in the Plan, nothing herein is to be construed as limiting the ability of the Company and a Participant to agree to submit disputes arising under the terms of the Plan or any Award made hereunder to binding arbitration or as limiting the
ability of the Company to require any eligible individual to agree to submit such disputes to binding arbitration as a condition of receiving an Award hereunder. 

(b) Limitation of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate, nor
the Administrator, nor any person acting on behalf of the Company, any Affiliate, or the Administrator, will be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any
acceleration of income, or any additional tax (including any interest and penalties), asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999 of the Code,
or otherwise asserted with respect to the Award; provided, that nothing in this Section 11(b) will limit the ability of the Administrator or the Company, in its discretion, to provide by separate express written agreement with a Participant for
any payment in connection with any such acceleration of income or additional tax. 
  

	12.	ESTABLISHMENT OF SUB-PLANS 

 The Administrator may from time to time establish one or
more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Administrator will establish such sub-plans by adopting supplements to the Plan setting forth such limitations
and such additional terms and conditions as it determines. All supplements so established will be deemed to be part of the Plan, but except as the Administrator determines each supplement will apply only to Participants within the affected
jurisdiction. 
  

	13.	GOVERNING LAW 

 (a) Certain Requirements of Corporate Law. Awards will be
granted and administered consistent with the requirements of applicable Delaware law relating to the issuance of stock and the consideration to be received therefor, and with the applicable requirements of the stock exchanges or other trading
systems on which the Stock is listed or entered for trading, in each case as determined by the Administrator. 
 (b) Other
Matters. Except as otherwise provided by the express terms of an Award agreement, under a sub-plan described in Section 12 or as provided in Section 13(a) above, the provisions of the Plan and of Awards under the Plan and all
claims or disputes arising out of our 

  
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based upon the Plan or any Award under the Plan or relating to the subject matter hereof or thereof will be governed by and construed in accordance with the domestic substantive laws of the State
of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

(c) Jurisdiction. By accepting an Award, each Participant will be deemed to (a) have submitted irrevocably and
unconditionally to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or
based upon the Plan or any Award; (b) agree not to commence any suit, action or other proceeding arising out of or based upon the Plan or an Award, except in the federal and state courts located within the geographic boundaries of the United
States District Court for the District of Delaware; and (c) waive, and agree not to assert, by way of motion as a defense or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of
the above-named courts that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the Plan or an
Award or the subject matter thereof may not be enforced in or by such court. 

  
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 EXHIBIT A 

Definition of Terms 

The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below: 

“Administrator”: The Compensation Committee, except that the Compensation Committee may delegate (i) to one or more of
its members (or one or more other members of the Board (including the full Board)) such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant Awards to the extent
permitted by Section 157(c) of the Delaware General Corporation Law; and (iii) to such Employees or other persons as it designates such ministerial tasks as it determines to be appropriate. In the event of any delegation described in the
preceding sentence, the term “Administrator” will include the person or persons so delegated to the extent of such delegation. 

“Affiliate”: Any corporation or other entity that stands in a relationship to the Company that would result in the Company
and such corporation or other entity being treated as one employer under Section 414(b) and Section 414(c) of the Code. 

“Award”: Any or a combination of the following: 

(i) Stock Options. 

(ii) SARs. 

(iii) Restricted Stock. 

(iv) Unrestricted Stock. 

(v) Stock Units, including Restricted Stock Units. 

(vi) Performance Awards. 

(vii) Cash Awards. 

(viii) Awards (other than Awards described in (i) through (vii) above) that are convertible into or otherwise based
on Stock. 
 “Board”: The Board of Directors of the Company. 

“Cash Award”: An Award denominated in cash. 

“Cause”: In the case of any Participant who is party to an employment, severance-benefit or similar agreement that contains a
definition of “Cause,” the definition set forth in such agreement will apply with respect to such Participant under the Plan for so long as such agreement is in effect. In the case of any other Participant, “Cause” will mean, as
determined by the Administrator in its reasonable judgment, (i) a substantial failure of the Participant to perform the Participant’s duties and responsibilities to the Company or subsidiaries or substantial

  
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negligence in the performance of such duties and responsibilities; (ii) the commission by the Participant of a felony or a crime involving moral turpitude; (iii) the commission by the
Participant of theft, fraud, embezzlement, material breach of trust or any material act of dishonesty involving the Company or any of its subsidiaries; (iv) a significant violation by the Participant of the code of conduct of the Company or its
subsidiaries of any material policy of the Company or its subsidiaries, or of any statutory or common law duty of loyalty to the Company or its subsidiaries; (v) material breach of any of the terms of the Plan or any Award made under the Plan,
or of the terms of any other agreement between the Company or subsidiaries and the Participant; or (vi) other conduct by the Participant that could reasonably be expected to be harmful to the business, interests or reputation of the Company.

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

“Company”: The Habit Restaurants, Inc. 

“Covered Transaction”: Any of (i) a consolidation, merger, or similar transaction or series of related transactions,
including a sale or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding common stock by a single person or entity or
by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets, or (iii) a dissolution or liquidation of the Company. Where a Covered Transaction involves a tender
offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction will be deemed to have occurred upon consummation of the tender offer. 

“Date of Adoption”: The earlier of the date the Plan was approved by the Company’s stockholders or adopted by the Board,
as determined by the Compensation Committee. 
 “Disability”: In the case of any Participant who is party to an employment,
severance-benefit or similar agreement that contains a definition of permanent or long-term disability, the definition set forth in such agreement will apply with respect to such Participant under the Plan for so long as such agreement is in effect.
In the case of any other Participant, “Disability” will mean a disability that would entitle such Participant to long-term disability benefits under the Company’s disability plan or insurance policy. Notwithstanding the foregoing, in
any case in which a benefit that constitutes or includes “nonqualified deferred compensation” subject to Section 409A is payable in a manner that is required to be consistent with Treas. Reg. Section 1.409A-3(a)(2), the term
“Disability” will mean a disability as described in Treas. Reg. Section 1.409A-3(i)(4)(i)(A). 
 “Employee”:
Any person who is employed by the Company or an Affiliate. 
 “Employment”: A Participant’s employment or other
service relationship with the Company and its Affiliates. Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a capacity
described in Section 5 to the Company or an Affiliate. If a 

  
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Participant’s employment or other service relationship is with an Affiliate and that entity ceases to be an Affiliate, the Participant’s Employment will be deemed to have terminated
when the entity ceases to be an Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates. Notwithstanding the foregoing and the definition of “Affiliate” above, in construing the provisions of any
Award relating to the payment of “nonqualified deferred compensation” (subject to Section 409A) upon a termination or cessation of Employment, references to termination or cessation of employment, separation from service, retirement
or similar or correlative terms will be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or
businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations. The Company may, but need not, elect in writing, subject to the applicable
limitations under Section 409A, any of the special elective rules prescribed in Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether a “separation from service” has occurred. Any such written
election will be deemed a part of the Plan. 
 “ISO”: A Stock Option intended to be an “incentive stock option”
within the meaning of Section 422. Each Stock Option granted pursuant to the Plan will be treated as providing by its terms that it is to be an NSO unless, as of the date of grant, it is expressly designated as an ISO. 

“Non-Employee Director”: A member of the Board that is not an officer or employee of the Company or any of its Affiliates.

 “NSO”: A Stock Option that is not intended to be an “incentive stock option” within the meaning of
Section 422. 
 “Participant”: A person who is granted an Award under the Plan. 

“Performance Award”: An Award subject to Performance Criteria. The Administrator may grant Performance Awards that are
intended to qualify for the performance-based compensation exception under Section 162(m) and Performance Awards that are not intended so to qualify. 

“Performance Criteria”: Specified criteria, other than the mere continuation of Employment or the mere passage of time, the
satisfaction of which is a condition for the grant, exercisability, vesting or full enjoyment of an Award. Subject to the special rules set forth below in the case of Awards that are intended to qualify for the performance-based compensation
exception under Section 162(m), the Administrator may apply such rules for determining or adjusting Performance Criteria or related goals or factors as it determines. 

For purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m), a Performance
Criterion means an objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the
context permits, on a divisional, subsidiary, line of business, project or geographical basis or in combinations thereof), and expressed as an absolute goal, percentage of revenue, on a per share basis, or as growth or improvement over a particular
period): net 

  
 13 

 
income; pre-tax income; sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a
continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; operating
cash flow; free cash flow; stock price; stockholder return; return on stockholder equity; book value; expense control; economic value added; sales of particular products or services; customer acquisition or retention; acquisitions and divestitures
(in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion and any targets
with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of loss. To the extent consistent with the requirements for satisfying the performance-based compensation exception
under Section 162(m), the Administrator may provide in the case of any Award intended to qualify for such exception that one or more of the Performance Criteria, goals or other factors applicable to such Award will be adjusted in an objectively
determinable manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. 

“Plan”: The Habit Restaurants, Inc. Omnibus Incentive Plan as from time to time amended and in effect. 

“Restricted Stock”: Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if
specified performance or other vesting conditions are not satisfied. 
 “Restricted Stock Unit”: A Stock Unit that is, or
as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified performance or other vesting conditions. 

“SAR”: A right entitling the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent
value) equal to the excess of the fair market value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is to be measured. 

“Section 409A”: Section 409A of the Code. 

“Section 422”: Section 422 of the Code. 

“Section 162(m)”: Section 162(m) of the Code. 

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

“Stock Option”: An option entitling the holder to acquire shares of Stock upon payment of the exercise price. 

“Stock Unit”: An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the
value of Stock in the future. 
 “Unrestricted Stock”: Stock not subject to any restrictions under the terms of the Award.

  
 14EX-10.4

 Exhibit 10.4 

PROMISSORY NOTE 
  

															
	 Principal

$35,000,000.00
	 	 Loan Date

07-23-2014
	 	Maturity	 	 Loan No

0471879-9006
	 	Call / Coll	 	 Account

0471879-9006
	 	 Officer

54660
	 	 Initials
 

	  
 References in the boxes above are for
Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

  

							
	Borrower:	  	The Habit Restaurants, LLC	  	Lender:	  	California Bank & Trust
		  	17320 Redhill Avenue, Suite 140	  		  	Costa Mesa
		  	Irvine, CA 92614	  		  	3420 Bristol Street
		  		  		  	Costa Mesa, CA 92626

  
  

PROMISE TO PAY. The Habit Restaurants, LLC (“Borrower”) promises to pay to California Bank & Trust (“Lender”), or order,
in lawful money of the United States of America, the principal amount of Thirty-five Million & 00/100 Dollars ($35,000,000.00) or so much as may be outstanding, together with Interest on the unpaid outstanding principal balance of each
advance. Interest shall be calculated from the date of each advance until repayment of each advance. 
 PAYMENT. Borrower will pay this loan in one
payment of all outstanding principal plus all accrued unpaid interest on July 23, 2017. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning August 23, 2014, with all
subsequent interest payments to be due on the same day of each month after that. Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any unpaid collection
costs; and then to any late charges. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in writing. 

VARIABLE INTEREST RATE. So long as no Event of Default shall have occurred and be continuing and subject to the other terms of this Note, the
outstanding principal balance hereunder shall bear interest at a rate per annum based on the type of advance that Borrower selects in accordance with the section entitled “Interest Rate Options” hereinbelow. 

INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of
360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method. This calculation method results in a higher
effective interest rate than the numeric interest rate stated in this Note. 
 INTEREST RATE OPTIONS. So long as no Event of Default shall have
occurred and be continuing and subject to the other terms and conditions set forth herein, Borrower will be able to request Advances under this Note and select the interest rate that will be applicable to each such Advance from one of the following
Rate Options in accordance with the section entitled “Request for Advance and Rate Selection” hereinbelow. The following Rate Options are available to Borrower: 

(A) Prime-Based Option. Borrower may select an interest rate for the requested Advance based on the Prime Rate (each, a
“Prime-Based Advance”). Under this option, the outstanding principal balance shall bear interest at a rate per annum equal to the Prime Rate plus the Applicable Margin (Prime). “Prime Rate” means the Prime Rate as published by
the Wall Street Journal in its “Money Rates” or similar chart. When a range of rates has been published, the lowest of the rates will be used. The Prime Rate is not necessarily the lowest reference rate
charged by Lender on its loans. If the Prime Rate becomes unavailable during the term of this loan, Lender may designate a substitute reference rate after notifying Borrower. Lender will tell Borrower the current Prime Rate upon Borrower’s
request. Borrower understands that Lender may make loans based on other rates as well. 
 The interest rate on Prime-Based Advances is
subject to change from time to time based on changes in the Prime Rate. The interest rate change will not occur more often than once each day. The Prime Rate currently is 3.250% per annum. Interest on the unpaid principal balance of Prime-Based
Advances under this Note will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph using a rate of the Applicable Margin over the Prime Rate. 

(B) LIBOR Option. Borrower may select an interest rate for the requested Advance based on LIBOR (each, a “LIBOR-Based
Advance”). Under this option, the outstanding principal balance shall bear interest at a rate per annum equal to LIBOR plus the Applicable Margin (LIBOR). 

“LIBOR” shall mean, for any Interest Period, the London interbank offered rate as administered by the ICE Benchmark Administration
(or any other entity that assumes the administration of such rate) for U.S. dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen, or, in the event such rate does not appear on a
Reuters page or screen, as quoted by Bloomberg or other comparable services selected by the Lender. 
 The interest rate on a LIBOR-Based
Advance shall be based on LIBOR for the Interest Period selected by Borrower and determined as of the start of each Interest Period, with an initial rate as set forth below. The length of the Interest Period selected shall be selected by Borrower
and designated one month, two months, three months or six months, though the actual length of such periods shall be calculated as set forth below. The initial Interest Period, unless commenced on the first business day of a month, shall,
notwithstanding the length of the Interest Period selected by Borrower, (i) for Interest Periods beginning before the 25th of each calendar month, end on the first business day of the month following commencement of the initial Interest Period;
and (ii) for Interest Periods beginning on or after the 25th of each calendar month, end on the first business day of the second month following commencement of the initial Interest Period. All subsequent Interest Periods shall commence on the
first business day of the relevant month and end on the first business day of the month determined by the length of the Interest Period selected by Borrower. The length of the Interest Period of each LIBOR-Based Advance shall be determined by Lender
in its sole and absolute discretion and shall be binding and conclusive, absent manifest error. 
 This definition of Lender’s LIBOR
rate is to be strictly interpreted and is not intended to serve any purpose other than providing an index to determine the interest rate used herein. The LIBOR rate may not necessarily be the same as the quoted offered side in the Eurodollar time
deposit market by any particular institution or service applicable to any interest period. Interest based on this Rate Option is a floating rate and will change on and as of the date of a change in LIBOR (the “Interest Period”). Under this
Rate Option, Borrower shall make monthly interest payments on the same day of the month, with a final payment of all accrued and unpaid Interest on the last day of such Interest Period and, in the case of an Interest Period greater than three
(3) months, at three (3) month intervals after the first day of such Interest Period. 
 NOTICE: Under no circumstances will the interest
rate on any Advance or other extension of credit under this Note be more than the maximum rate allowed by applicable law (the “Maximum Lawful Rate”). Any adjustments in the interest rate due to changes in the Maximum Lawful Rate shall be
made on the effective day of such change. 

					
		 	 PROMISSORY NOTE

(Continued)
	 	
			
	Loan No: 0471879-9006	 		 	 Page
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The following provisions concerning requests for Advances and Rate Options are a part of this Note: 

Applicable Margin. “Applicable Margin (Prime)” and “Applicable Margin (LIBOR)” shall be determined based on Borrower’s ratio
of Funded Debt to EBITDA as defined in the Business Loan Agreement and calculated for the most recent fiscal quarter ended in accordance with the following: 
  

					
	 Funded Debt to EBITDA
	  	 Applicable Margin (Prime)
	  	 Applicable Margin (LIBOR)

	 Less than or equal to 1.000 to 1.000
	  	0.00%	  	2.25%
			
	 More than 1.000 to 1.000 but less than or equal to 1.500 to 1.000
	  	0.25%	  	2.50%
			
	 More than 1.500 to 1.000
	  	0.50%	  	2.75%

 Request for Advance and Rate Selection. So long as no Event of Default shall have occurred and be continuing and
subject to the other terms and conditions set forth herein, Borrower may request Advances under this Note and select a Rate Option therefor (each, an “Advance Request”). Each Advance Request must be in writing and specify (i) the Rate
Option selected for the Advance, (ii) the amount of the Advance requested, which, if the LIBOR option is selected, must be in the amount of at least $250,000.00 (or, if less, the then-remaining availability under the Note), (iii) the
Interest Period for the Advance if the LIBOR option is selection, and (iv) the effective date requested by Borrower for the funding of the Advance. Borrower deliver any Advance Request to Lender no later than 10:00 a.m. (Pacific time) on the
date that is three (3) business days prior to the effective date of the Advance. Once delivered, an Advance Request shall be irrevocable. 

Applicable Interest Rate. Borrower’s Advance Request will become effective, and interest on Advance will be calculated at the rate selected in the
Advance Request (the “Effective Rate”) for the applicable Interest Period, in accordance with the following terms and conditions and the respective terms and conditions set forth in the section entitled “Interest Rate Options”
hereinabove: 
 (1) Notwithstanding any Advance Request, Borrower shall be deemed to have request a Prime-Based Advance with Interest
calculated on the basis of the Prime Rate if (a) Lender, in good faith, is unable to ascertain the requested Rate Option by reason of circumstances then affecting the applicable money market or otherwise, (b) it becomes unlawful or
impracticable for Lender to maintain loans based upon the requested Rate Option, (c) Lender, in good faith, determines that the LIBOR rate will not adequately and fairly reflect the cost to Lender of making or maintaining the affected Advance
in LIBOR because of increased taxes, regulatory costs, reserve requirements, expenses or any other costs or charges that affect the LIBOR rate, or (d) the Advance Request fails to specify the Rate Option or type of Advance requested. Upon the
occurrence of any of the events described in this “Interest Rate Options” section, any Advance to which a requested Rate Option applies shall be Immediately (or at the option of Lender, at the end the current applicable Interest Period),
without further action of Lender or Borrower, converted to a Prime-Based Advance. 
 (2) Borrower may have no more than a total of five
(5) Effective Rates applicable to amounts outstanding under this Note at any given time. 
 (3) An Advance Request shall be effective as
to amounts to be disbursed under this Note only if, on the effective date of the respective Advance Request, such amounts are in fact disbursed to or for Borrower’s account in accordance with the provisions of this Note and any Related
Documents. 
 (4) Any amounts of outstanding principal for which an Advance Request has not been made, or is otherwise not effective, shall
bear interest until paid in full at a rate per annum equal to the Prime Rate plus the Applicable Margin. 
 (5) Any amounts of outstanding
principal bearing interest based upon a Rate Option shall bear interest at such rate until the end of the Interest Period for that Rate Option, and thereafter shall bear interest based upon the Prime Rate unless a new Rate Request for a Rate Option
complying with the terms hereof has been made and has become effective. 
 (6) Upon default Lender shall no longer be obligated to honor any
Advance Request. 
 (7) No Interest Period shall extend beyond the maturity date of this Note. 

Notices: Authority to Act. Borrower acknowledges and agrees that the agreement of Lender herein to receive certain notices by telephone
is solely for Borrower’s convenience. Lender shall be entitled to rely on the authority of the person purporting to be a person authorized by Borrower to give such notice, and Lender shall have no liability to Borrower on account of any action
taken by Lender in reliance upon such telephonic notice. Borrower’s obligation to repay all sums owing under the Note shall not be affected in any way or to any extent by any failure by Lender to receive written confirmation of any telephonic
notice or the receipt by Lender of a confirmation which is at variance with the terms understood by Lender to be contained in the telephonic notice. 

PREPAYMENT; MINIMUM INTEREST CHARGE. In any event, even upon full prepayment of this Note, Borrower understands that Lender is entitled to a minimum
interest charge of $200.00. Other than Borrower’s obligation to pay any minimum interest charge. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Borrower agrees not to send Lender payments marked
“paid in full, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount
owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other
conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: California Bank & Trust, Costa Mesa, 3420 Bristol Street. Costa Mesa, CA 92626. 

FEES. Borrower shall pay to Lender (i) a fee equal to the average daily unused portion of the face amount of this Note times one-quarter
percent (0.25%) per annum from the date hereof until the maturity date of this Note (the “Maturity Date”), payable at the end of each fiscal quarter in arrears and on the Maturity Date and, (ii) if the total outstanding balance under
this Note is paid in full and the credit facility evidenced hereby is retired prior to the Maturity Date, a fee equal to $125,000.00. 
 LATE CHARGE.
If a payment is 15 days or more late. Borrower will be charged 6.000% of the regularly scheduled payment or $500.00, whichever is less. 
 INTEREST AFTER
DEFAULT. Upon default, the Interest rate on this Note shall, if permitted under applicable law, immediately increase by adding an additional 5.000 percentage point margin (“Default Rate Margin”). The Default Rate Margin shall also
apply to each succeeding interest rate change that would have applied had there been no default. 

					
		 	 PROMISSORY NOTE

(Continued)
	 	
			
	Loan No: 0471879-9006	 		 	 Page
 3

  

 
  

DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under this Note: 

Payment Default. Borrower fails to make any payment when due under this Note. 

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or
in any of the related documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower’s ability to repay this Note or perform Borrower’s obligations under this Note or any
of the related documents. 
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on
Borrower’s behalf under this Note or the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

Insolvency. The dissolution of Borrower (regardless of whether election to continue is made), or any other termination of
Borrower’s existence as a going business, the Insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any
proceeding under any bankruptcy or insolvency laws by or against Borrower. 
 Creditor or Forfeiture Proceedings. Commencement of
foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a garnishment of
any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in
its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the preceding events
occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of, or liability
under, any guaranty of the indebtedness evidenced by this Note. 
 Adverse Change. A Material Adverse Change (as such term is defined
in the Business Loan Agreement) occurs. 
 Cure Provisions. If any default, other than a default in payment is curable and if Borrower
has not been given a notice of a breach of the same provision of this Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding cure of such default: (1) cures the
default within twenty (20) days; or (2) if the cure requires more than twenty (20) days, immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter continues and
completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 
 LENDER’S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 

ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender that
amount. This includes, subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses, whether or not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), and appeals. Borrower also will pay any court costs, in addition to all other sums provided by law. 

GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of
California without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of California. 
 CHOICE OF VENUE.
If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Orange County. State of California. 

COLLATERAL. Borrower acknowledges this Note is secured by the following collateral described in the security instrument listed herein: 

(A) inventory, chattel paper, accounts, equipment and general intangibles described in the Amended and Restated Commercial Security Agreement dated
July 23 2014. 
 (B) collateral described in the Amended and Restated Commercial Pledge Agreement dated July 23, 2014. 

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note may be requested either orally or in writing by Borrower or as
provided in this paragraph. Lender may, but need not, require that all oral requests be confirmed in writing. All communications, instructions, or directions by telephone or otherwise to Lender are to be directed to Lender’s office shown above.
The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: Ira Fils,
Chief Financial Officer of The Habit Restaurants, LLC, and any of his successors in such position, and Russ Bendel, President/CEO of The Habit Restaurants, LLC, and any of his successors in such positions. Borrower agrees to be liable for all sums
either: (A) advanced in accordance with the instructions of an authorized person or (B) credited to any of Borrower’s accounts with Lender. The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on
this Note or by Lender’s internal records, including daily computer print-outs. Lender will have no obligation to advance funds under this Note if: (A) Borrower or any guarantor is in default under the terms of this Note or any agreement
that Borrower or any guarantor has with Lender, including any agreement made in connection with the signing of this Note: (B) Borrower or any guarantor ceases doing business or is insolvent; (C) any guarantor seeks, claims or otherwise attempts
to limit, modify or revoke such guarantor’s guarantee of this Note or any other loan with Lender; or (D) Borrower has applied funds provided pursuant to this Note for purposes other than those authorized by Lender. 

DEPOSIT ACCOUNT SECURITY. Borrower hereby grants a security interest to Lender in any and all deposit accounts (checking, savings, money market or
time) of Borrower at Lender, now existing or hereinafter opened, to secure its indebtedness hereunder. This includes all deposit accounts Borrower holds jointly with someone else. 

FINANCIAL STATEMENT CERTIFICATIONS. Borrower hereby certifies to Lender that all financial information (collectively, “Financial
Information”) submitted to Lender now and at all times during the term of this loan does and will fairly and accurately represent the financial condition of Borrower and any guarantors in all material respects. Financial Information includes,
but is not limited to, all business financial statements (including interim and year-end financial statements that are company prepared or CPA-prepared), business income tax returns, borrowing base certificates, accounts receivable and accounts
payable agings, personal financial statements and personal income tax returns. Borrower understands that Lender will rely on 

					
		 	 PROMISSORY NOTE

(Continued)
	 	
			
	Loan No: 0471879-9006	 		 	 Page
 4

  

 
  

all Financial Information, whenever provided, and that such Financial Information is a material inducement to Lender to make, continue to make or otherwise extend credit accommodations to
Borrower. Borrower covenants and agrees to notify Lender of any adverse material changes in its financial condition in the future. Borrower further understands and acknowledges that there are criminal penalties for giving false Financial Information
to federally insured financial institutions. 
 JURY WAIVER; JUDICIAL REFERENCE. Borrower and Lender each waive their respective rights to a trial
before a jury in connection with any disputes related to this Note, the loan evidenced hereby and any other loan documents in connection herewith and therewith. Such disputes include without limitation any claim by Borrower or Lender, claims brought
by Borrower as a class representative on behalf of others, and claims by a class representative on Borrower’s behalf as a class member (so-called “class action” suits). This provision shall not apply if, at the time an action is
brought, Borrower’s loan is funded or maintained in a state where this jury trial waiver is not permitted by law. 
 If a jury trial waiver is not
permitted by applicable law and a dispute arises between Borrower and Lender with respect to this Note, its enforcement or the transactions contemplated by the related loan documents, either of Borrower or Lender may require that it be resolved by
judicial reference in accordance with California Code of Civil Procedure, Sections 638, et seq., including without limitation whether the dispute is subject to a judicial reference proceeding. The referee shall be a retired judge, agreed upon by the
parties, from either the American Arbitration Association (AAA) or Judicial Arbitration and Mediation Service, Inc. (JAMS). If the parties cannot agree on the referee, the party who initially selected the reference procedure shall request a panel of
ten retired judges from either AAA or JAMS, and the court shall select the referee from that panel. The referee shall be appointed to sit with all of the powers provided by law. The parties agree that time is of the essence in conducting the
judicial reference proceeding set forth herein. The costs of the judicial reference proceeding, including the fee for the court reporter, shall be borne equally by the parties as the costs are incurred, unless otherwise awarded by the referee. The
referee shall hear all pre-trial and post-trial matters (including without limitation requests for equitable relief), prepare an award with written findings of fact and conclusions of law and apportion costs as appropriate. The referee shall be
empowered to enter equitable relief as well as legal relief, provide all temporary or provisional remedies, enter equitable orders that are binding on the parties and rule on any motion that would be authorized in a trial, including without
limitation motions for summary judgment or summary adjudication. Judgment upon the award shall be entered in the court in which such proceeding was commenced and all parties shall have full rights of appeal. This provision will not be deemed to
limit or constrain Lender’s right of offset, to obtain provisional or ancillary remedies, to interplead funds in the event of a dispute, to exercise any security interest or lien Lender may hold in property or to comply with legal process
involving Borrower’s accounts or other property. 
 ONLINE BANKING – LOAN PAYMENTS. From time to time, Lender may (but shall not be
required to) permit loan payments to be made through its online banking website. Lender may impose or change any terms, conditions or restrictions with respect to making such online loan payments, including without limitation the minimum or maximum
payment amounts, the types of accounts from which loan payments may be made and the types of payments that may be made online (including without limitation ordinary installment payments, principal-only payments or other types of payments). Whether
Borrower is permitted to make online loan payments, and Lender’s applicable terms, conditions and restrictions if such payments are permitted, will be reflected in the features available online when a user logs into the Lender’s online
banking website. By making any loan payments online, Borrower agrees to be bound by any such terms, conditions and restrictions imposed by Lender. Lender shall have the right to terminate Borrower’s online loan payment capability at any time in
Lender’s sole discretion. 
 STAND-BY LETTER OF CREDIT SUBLINE EXHIBIT. An exhibit, titled “Stand-By Letter of Credit Subline
Exhibit,” is attached to this Note and by this reference is made a part of this Note just as if all the provisions, terms and conditions of the Exhibit had been fully set forth in this Note. [Note to draft: Please provide this Exhibit.] 

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives, successors and
assigns, and shall inure to the benefit of Lender and its successors and assigns. 
 GENERAL PROVISIONS. If any part of this Note cannot be enforced,
this fact will not affect the rest of the Note. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent allowed
by law, waive any applicable statute of limitations, presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as
maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair,
fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without
the consent of or notice to anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. 

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE, INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWER AGREES
TO THE TERMS OF THE NOTE. THIS NOTE IS DATED AND EFFECTIVE AS OF JULY 23, 2014. 
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS NOTE.

  

			
	BORROWER:
	
	THE HABIT RESTAURANTS, LLC
		
	By:	 	 

  

		 	Russ Bendel, President and Chief Executive Officer
		
	By:	 	 

  

		 	Ira Fils, Chief Financial Officer

  
  

LASER PRO Lending, Ver. 5.48.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2010. All Rights Reserved. - CA L:\CFI\LPL\D20C.FC TR-46774
PR-1 (M) 

 BUSINESS LOAN AGREEMENT 

 

															
	 Principal

$35,000,000.00
	  	 Loan Date

07-23-2014
	  	Maturity	  	 Loan No

0471879-9006
	  	Call/Coll	  	 Account

0471879-9006
	  	 Officer

54660
	  	 Initials
 

	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “**” has been omitted
due to text length limitations.

  

									
	Borrower:	  	The Habit Restaurants, LLC	  		  	Lender:	  	California Bank & Trust
		  	17320 Redhill Avenue, Suite 140	  		  		  	Costa Mesa
		  	Irvine, CA 92614	  		  		  	3420 Bristol Street
		  		  		  		  	Costa Mesa, CA 92626

  
  

THIS BUSINESS LOAN AGREEMENT dated July 23, 2014, is made and executed between The Habit Restaurants, LLC (“Borrower”) and California
Bank & Trust (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, Including those
which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s representations, warranties, and
agreements as set forth In this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to
the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of July 23, 2014, and shall continue in full force
and effect until such time as all of Borrower’s Loans in favor of Lender have been paid In full, Including principal, interest, costs, expenses, attorneys’ fees, and other fees and charges, or until such time as the parties may agree in
writing to terminate this Agreement. 
 ADVANCE AUTHORITY. The following person or persons are authorized to request advances and authorize payments
under the line of credit until Lender receives from Borrower, at Lender’s address shown above, written notice of revocation of such authority: Ira Fils, Chief Financial Officer of The Habit Restaurants, LLC, and his successors in such position;
and Russ Bendel, President/CEO of The Habit Restaurants, LLC, and his successors in such positions. 
 CONDITIONS PRECEDENT TO EACH ADVANCE.
Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents. 
 Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note;
(2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of insurance as required below;
(5) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions,
duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

 Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and
payable as specified in this Agreement or any Related Document. 
 Representations and Warranties. The representations and warranties
set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any
representations and warranties that already are qualified or modified by materiality in the text thereof), in each case, unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be true and correct
in all material respects as of such earlier date. 
 No Event of Default. There shall not exist at the time of any Advance an
Event of Default under this Agreement or under any Related Document. 
 Compliance. Except for Advances made hereunder to refinance
existing credit facilities extended by Lender to Borrower under loan numbers 0471879-9001, 0471879-9002, 0471879-9003 and 0471879-9004, (i) any request for an Advance shall certify, as of the date of the request, (A) a list of restaurants
that have been opened by Borrower and on which Advances may be drawn, specifying the restaurant or restaurants on which the requested Advance is drawn, and (B) the respective out-of-pocket capital cost incurred by Borrower for each restaurant
on the list and (ii) the amount of the requested Advance shall not exceed 50% of the total out-of-pocket capital cost set forth on the list for the restaurant or restaurants on which the requested Advance is drawn. 

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of
loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 

Organization. Borrower is a limited liability company which is, and at all times shall be, duly organized, validly existing, and in good
standing under and by virtue of the laws of the State of Delaware. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals
for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign limited liability company in all states in which the failure to so qualify would have a material adverse effect on
its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. As of the date of this Agreement, Borrower maintains
an office at 17320 Redhill Avenue, Suite 140, Irvine, CA 92614. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral.
Borrower will notify Lender prior to any change in the location of Borrower’s state of organization or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities. 

Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names
used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business as of the date of this Agreement: None. 

Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly
authorized by all necessary action by Borrower and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of organization or membership agreements, or (b) any
agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties, except where such conflict, violation or default could not individually
or in the aggregate reasonably be expected to cause a Material Adverse Change. 

					
		 	 BUSINESS LOAN AGREEMENT

(Continued)
	 	
			
	Loan No: 0471879-9006	 		 	Page 2

  

 
  

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed Borrower’s
financial condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material
contingent obligations except as disclosed in such financial statements. 
 Legal Effect. This Agreement constitutes, and any
instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 

Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements or in writing to
Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to, or has a valid leasehold interest in, all properties used in the conduct of Borrower’s business,
and, with respect to any owned properties, has not executed any security documents or financing statements relating to such properties. All of Borrower’s owned properties are titled in Borrower’s legal name and are free and clear of all
Security Interests, and Borrower has not used or filed a financing statement with respect to its owned properties under any other name for at least the last five (5) years. 

Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that:
(1) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any
Hazardous Substance by Borrower on, under, about or from any of Borrower’s properties; or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (2) neither Borrower nor any
contractor, agent or other authorized user of any of Borrower’s properties shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of Borrower’s properties in violation of
any Environmental Laws; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. 

Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid
taxes) against Borrower is pending or, to Borrower’s knowledge, threatened, and no other event has occurred which may materially adversely affect Borrower’s financial condition or properties, other than litigation, claims, or other events,
if any, that have been disclosed to and acknowledged by Lender in writing. 
 Taxes. To the best of Borrower’s knowledge, all of
Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good
faith in the ordinary course of business and for which adequate reserves have been provided. 
 Lien Priority. Unless otherwise
previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing
repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to Lender’s Security Interests and rights in and to such Collateral. 

Binding Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the
signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms. 

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s
financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or
the financial condition of any Guarantor. 
 Financial Records. Maintain its books and records in accordance with GAAP, applied on a
consistent basis, and permit Lender to examine and audit Borrower’s books and records; provided, that, so long as no Event of Default exists, Lender shall not conduct more than two (2) such
examinations and audits per calendar year and, notwithstanding anything to the contrary in this Agreement, Borrower shall be responsible for no more than S7,500 per audit. Any such examination and audit shall, absent the occurrence and continuation
of an Event of Default, be conducted (1) at such times as are reasonably acceptable to Borrower, (2) in such manner so as not to interfere unreasonably with the conduct of the business of Borrower, and (3) upon prior written notice from
Lender. 
 Financial Statements. Furnish Lender with the following: 

Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal
year, Borrower’s balance sheet and income statement for the year ended, audited by a certified public accountant satisfactory to Lender. 

Interim Statements. As soon as available, but in no event later than forty-five (45) days after the end of each fiscal quarter,
Borrower’s balance sheet and profit and loss statement for the period ended, prepared by Borrower. 
 Tax Returns. As soon as
available, but in no event later than forty-five (45) days after the applicable filing date for the tax reporting period ended, federal and other governmental tax returns, prepared by Borrower. 

Annual Projections. As soon as available, but in no event later than forty-five (45) days after the beginning of each fiscal year,
annual projections of Borrower for such fiscal year in form and substance acceptable to Lender. 
 All financial reports required to be
provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, subject, in the case of interim statements, to normal and recurring year-end adjustments and the absence of notes, and certified by Borrower as
being true and correct. 
 Additional Information. Furnish such additional information and statements, as Lender may reasonably
request from time to time. 
 Financial Covenants and Ratios. Comply with the following covenants and ratios: 

Fixed Charge Coverage Ratio. Borrower shall maintain a minimum Fixed Charge Coverage Ratio of 1.250 to 1.000, to be measured as of the
end of each fiscal quarter. “Fixed Charge Coverage Ratio” is defined as (1) EBITDAR less maintenance and corporate capital expenditures less cash taxes less 12-month amortization of cash pre-opening costs of
$50,000.00 per restaurant unit, divided by (2) interest expense plus scheduled principal repayments plus Phantom Amortization plus GAAP rent expense plus distributions, measured on a rolling 

					
		 	 BUSINESS LOAN AGREEMENT

(Continued)
	 	
			
	Loan No: 0471879-9006	 		 	Page 3

  

 
  

four-quarter basis. “EBITDAR” is defined as store level cash flow less corporate general and administrative expenses, in each
case for the 12-month period then ended. EBITDAR excludes pre-opening expenses, management fees paid to Karp Reilly, non-cash stock-based compensation expense, financing-related costs, Goodwill and Intangible Asset Impairment, interest expense,
taxes, gain/loss on disposal of assets, depreciation, amortization and rent expense. “Phantom Amortization” is defined as, for any rolling four-quarter period, the amount of outstanding debt that is not subject to amortization during an
interest-only period as of the end of such four-quarter period, divided by seven (7). 
 Funded Debt to EBITDA. Borrower shall
maintain a ratio of maximum Funded Debt to EBITDA not in excess of 2.000 to 1.000, to be measured as of the end of each fiscal quarter. “EBITDA” is defined as store level cash flow less corporate general and administrative expenses,
in each case for the 12-month period then ended. EBITDA excludes pre-opening expenses, management fees paid to Karp Reilly, non-cash stock-based compensation expense, financing-related costs, Goodwill and Intangible Asset Impairment, interest
expense, taxes, gain/loss on disposal of assets, depreciation and amortization. If Borrower’s Funded Debt to EBITDA ratio exceeds 2.000 to 1.000 as of the end of any fiscal quarter. Borrower shall immediately pay to Lender that amount of the
outstanding principal balance under the Note, calculated by Lender in its sole discretion, that shall cause Borrower to be in compliance with the Funded Debt to EBITDA Covenant for such fiscal quarter. 

Restaurant-Level Cash Flow. No less than 75% of all restaurants opened and operated by Borrower for more than 6 months shall have
a cash flow greater than zero, where cash flow is deemed to be equal to EBITDA for each such restaurant, measured as of the end of each fiscal quarter. 

Except as provided above, all computations made to determine compliance with the requirements contained in this paragraph shall be made in
accordance with GAAP, applied on a consistent basis, and as soon as possible but in no event later than thirty (30) days after the end of each fiscal quarter or other measurement period, and shall be certified by Borrower as being true and
correct. 
 Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may reasonably require
with respect to Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon reasonable request of Lender, will deliver to Lender from time to time the policies or
certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also shall include an
endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security
interest for the Loans, Borrower will, upon reasonable request of Lender, provide Lender with such lender’s loss payable or other endorsements as Lender may reasonably require; provided, that so long as no Event of Default exists, Lender shall
not make such request more than two (2) per calendar year. 
 Insurance Reports. Furnish to Lender, upon reasonable request of Lender, reports
on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the
properties Insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however
not more often than annually). Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower and, absent
the occurrence and continuation of an Event of Default, shall not exceed $10,000. 
 Other Agreements. Comply with all terms and conditions of all
other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements. 

Loan Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to the contrary by Lender in
writing. 
 Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become
a lien or charge upon any of Borrower’s properties, income, or profits; provided, that Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as (1) the legality of the same
shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with
GAAP. 
 Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related
Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement. 

Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and
management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 

Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental
authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law,
ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender’s sole opinion, Lender’s Interests in the
Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s Interest. 

Inspection. Permit employees or agents of Lender to inspect any and all Collateral for the Loan or Loans and to examine or audit Borrower’s
books, accounts, and records with respect to the Collateral and to make copies and memoranda of such books, accounts, and records; provided, that so long as no Event of Default exists, Lender shall not conduct more than two (2) such
inspections, examinations and audits per calendar year and, notwithstanding anything to the contrary in this Agreement. Borrower shall be responsible for no more than $7,500 per inspection. Any such inspections, examinations and audits shall, absent
the occurrence and continuation of an Event of Default, be (1) conducted during Borrower’s normal business hours, (2) in such manner so as not to interfere unreasonably with the conduct of the business of Borrower, and (3) upon
prior written notice from Lender. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) with respect to the
Collateral in the possession of a third party, Borrower, upon reasonable request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may
reasonably request, all at Borrower’s expense. 

					
		 	 BUSINESS LOAN AGREEMENT

(Continued)
	 	
			
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Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements,
assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests. 

Compliance Certificate. Deliver to Lender no later than forty-five (45) days after the end of each fiscal quarter a Compliance
Certificate, dated as of the end of such fiscal quarter and in form and substance acceptable to Lender, certifying (i) that the representations and warranties of Borrower in this Agreement are true and correct as of such date,
(ii) Borrower’s compliance with the covenants in the sections entitled “Financial Covenants and Ratios” and “Additional Covenants” hereunder, and (iii) the restaurants that have been opened by Borrower and the
out-of-pocket capital cost incurred by Borrower for such restaurants. 
 LENDER’S EXPENDITURES. If any action or proceeding is commenced that
would materially affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any
amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or
paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s
option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or
(2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. 

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written
consent of Lender: 
 Indebtedness and Liens. (1) Except for trade debt incurred in the normal course of business and
indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or encumber any of
Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender. 

Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently
engaged. (2) cease operations, liquidate, merge, acquire (other than Permitted Acquisitions) or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) make any
distribution with respect to any capital account, whether by reduction of capital or otherwise (other than distributions to members of Borrower for tax purposes in accordance with Section 5.2 of the Third Amended and Restated Limited Liability
Company Agreement of Borrower (the “LLC Agreement”) in an amount in cash equal to the excess of each member’s Member’s Cumulative Tax Liability (as defined in the LLC Agreement) for the relevant period over amounts previously
distributed to such members pursuant to Section 5.2 of the LLC Agreement). Notwithstanding any of the foregoing, (a) Borrower may add or, absent an Event of Default, remove members (including without limitation by way of Borrower’s
repurchase of outstanding membership interests) from time to time in accordance with the LLC Agreement, (b) the members of Borrower as of the date of this Agreement may increase or, absent an Event of Default, decrease their respective
membership interests in Borrower from time to time in accordance with the LLC Agreement, and (c) Borrower may consummate one or more offerings of its equity securities at any time and from time to time and Borrower may retain all proceeds from
any such offerings of its equity securities for working capital and for other general corporate purposes, each without Lender’s prior written consent. Notwithstanding any of the foregoing, each member of Borrower may from time to time and at
any time, acquire outstanding membership interests from, or sell outstanding membership interests to, any other member of Borrower, without Lender’s prior written consent. 

Loans, Acquisitions and Guaranties. (1) Loan, invest in or advance money or assets to any other person, enterprise or entity,
(2) purchase, create or acquire any interest in any other enterprise or entity, except Permitted Acquisitions, or (3) incur any obligation as surety or guarantor other than in the ordinary course of business. 

Agreements. Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower’s
obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower,
whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the
Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt, (C) there occurs a
material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or
revoke such Guarantor’s guaranty of the Loan or any other loan with Lender. 
 DEFAULT. Each of the following shall constitute an Event of
Default under this Agreement: 
 Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Defaults. Borrower fails to comply with or to perform in any material respect any other term, obligation, covenant or condition
contained in this Agreement or in any of the Related Documents or to comply with or to perform in any material respect any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or
sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower’s or any Grantor’s property or Borrower’s or any Grantor’s ability to repay the Loans or perform their
respective obligations under this Agreement or any of the Related Documents. 
 False Statements. Any warranty, representation or
statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished. 

Insolvency. The dissolution of Borrower (regardless of whether election to continue is made), or any other termination of
Borrower’s existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any
proceeding under any bankruptcy or insolvency laws by or against Borrower. 

					
		 	 BUSINESS LOAN AGREEMENT

(Continued)
	 	
			
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Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of
any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 
 Creditor or
Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing
the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of
the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in
an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting
Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness. 

Adverse Change. A Material Adverse Change occurs. 

Right to Cure. If any default, other than a payment default, is curable and if Borrower or Grantor, as the case may be, has not been
given a notice of a breach of the same provision of this Agreement within the preceding twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after Lender sends written notice to Borrower or Grantor, as the case may
be, demanding cure of such default: (1) cures the default within twenty (20) days; or (2) if the cure requires more than twenty (20) days, immediately initiate steps which Lender deems in Lender’s sole discretion to be
sufficient to cure the default and thereafter continue and complete all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all
commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all
Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the “Insolvency” subsection above, such acceleration shall be
automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and
remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of
Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies. 
 DEPOSIT ACCOUNT
SECURITY. Borrower hereby grants a security interest to Lender in any and all deposit accounts (checking, savings, money market or time) of Borrower at Lender, now existing or hereinafter opened, to secure the Indebtedness. This includes all
deposit accounts Borrower holds jointly with someone else. 
 JURY WAIVER; JUDICIAL REFERENCE. Borrower and Lender each waive their respective rights
to a trial before a jury in connection with any disputes related to this Agreement, any of the Related Documents and the transactions contemplated hereby and thereby. Such disputes include without limitation any claim by Borrower or Lender, claims
brought by Borrower as a class representative on behalf of others, and claims by a class representative on Borrower’s behalf as a class member (so-called “class action” suits). This provision shall not apply if, at the time an action
is brought, Borrower’s loan is funded or maintained in a state where this jury trial waiver is not permitted by law. 
 If a jury trial waiver is not
permitted by applicable law and a dispute arises between Borrower and Lender with respect to this Agreement, any of the Related Documents, the enforcement hereof or thereof or the transactions contemplated hereby or thereby, either of Borrower or
Lender may require that it be resolved by judicial reference in accordance with California Code of Civil Procedure, Sections 638, et seq., including without limitation whether the dispute is subject to a judicial reference proceeding. The referee
shall be a retired judge, agreed upon by the parties, from either the American Arbitration Association (AAA) or Judicial Arbitration and Mediation Service, Inc. (JAMS). If the parties cannot agree on the referee, the party who initially selected the
reference procedure shall request a panel of ten retired judges from either AAA or JAMS, and the court shall select the referee from that panel. The referee shall be appointed to sit with all of the powers provided by law. The parties agree that
time is of the essence in conducting the judicial reference proceeding set forth herein. The costs of the judicial reference proceeding, including the fee for the court reporter, shall be borne equally by the parties as the costs are incurred,
unless otherwise awarded by the referee. The referee shall hear all pre-trial and post-trial matters (including without limitation requests for equitable relief), prepare an award with written findings of fact and conclusions of law and apportion
costs as appropriate. The referee shall be empowered to enter equitable relief as well as legal relief, provide all temporary or provisional remedies, enter equitable orders that are binding on the parties and rule on any motion that would be
authorized in a trial, including without limitation motions for summary judgment or summary adjudication. Judgment upon the award shall be entered in the court in which such proceeding was commenced and all parties shall have full rights of appeal.
This provision will not be deemed to limit or constrain Lender’s right of offset, to obtain provisional or ancillary remedies, to interplead funds in the event of a dispute, to exercise any security interest or lien Lender may hold in property
or to comply with legal process involving Borrower’s accounts or other property. 
 INCREASED COSTS. If any change in a law, rule or regulation,
or the interpretation or application thereof, or Lender’s compliance with any request, guideline or directive (whether or not having the force of law) of any governmental authority (collectively, a “Change in Law”) shall
(i) impose, modify or deem applicable any reserve, special deposit or similar requirement against or with respect to the assets of, deposits with or for the account of or credit extended by Lender or (ii) impose on Lender any other
condition affecting this Agreement or the loans hereunder or any letter of credit or participation therein and the result of any of the foregoing shall be to increase the cost to Lender of making or maintaining any loan (or its commitment to make
any such loan) or to increase the cost to Lender of issuing or maintaining any letter of credit or to reduce the amount of any sum received or receivable by Lender hereunder, then Borrower will pay to Lender such additional amount as will compensate
Lender for such additional costs or reduction. If Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on the capital of Lender or Lender’s holding company from this
Agreement or the loans or letters of credit made or issued by Lender to a level below that which Lender or Lender’s holding company could have achieved but for such Change in Law (taking into consideration Lender’s policies and the
policies of Lender’s holding company with respect to capital adequacy), then from time to time Borrower will pay to Lender such additional amount as will compensate Lender or Lender’s holding company for any such reduction, as set forth in
a certificate of Lender describing in reasonable detail the amount or amounts necessary to compensate Lender or its holding company. The amounts and description in such certificate shall be conclusive absent manifest error, and Borrower agrees to
pay to Lender the amount shown in such certificate within ten (10) business days after receipt thereof. Failure or delay on the part of Lender to demand compensation pursuant to this section shall not constitute a waiver of Lender’s right
to demand such compensation. 
 PRIMARY BANKING RELATIONSHIP. Borrower covenants and agrees with Lender that Borrower maintain its primary banking
relationship with Lender for the term of the Loan evidenced by the Note and so long as the Note and Related Documents shall remain in effect. For purposes of clarity, Borrower may maintain secondary banking relationships and accounts with other
banking institutions so long as (i) the cash on deposit in such accounts 

					
		 	 BUSINESS LOAN AGREEMENT

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does not exceed $10,000 per operating restaurant unit located in the State of California and $25,000 per operating restaurant unit located outside of the State
of California, in the aggregate, at any one time, and (ii) Borrower has delivered to Lender control agreements, in form and substance reasonably satisfactory to Lender, to perfect and maintain perfected Lender’s security interest in such
accounts, which agreements shall include a daily sweep of such accounts to an account maintained with Lender. 
 SUBORDINATED DEBT. Borrower and
Lender agree that Borrower may have indebtedness to Karp Reilly in an aggregate amount not to exceed $5,000,000.00 as long as (a) Borrower is in compliance with all loan covenants hereunder and under the Related Documents, and (b) such
debt is subordinated to the Indebtedness and any and all other obligations owed by Borrower to Lender pursuant to a subordination agreement in form and substance satisfactory to Lender. 

ADDITIONAL COVENANTS. Borrower covenants and agrees with Lender that (a) management fees paid by Borrower to Karp Reilly shall not exceed
$200,000.00 in any calendar year; (b) the term of any and all leases that Borrower or any affiliate shall have entered into with respect to the premises for any restaurant of Borrower financed by Advances under the Note shall not expire or
terminate prior to the maturity date under the Note, and (c) no Advance shall exceed the lesser of (i) 50% of the out-of-pocket capital cost incurred by Borrower with respect to the restaurant on which such Advance is drawn (as shown on
the Compliance Certificate delivered for the most recent fiscal quarter ended) or (ii) $500,000.00. 
 MISCELLANEOUS PROVISIONS. The following
miscellaneous provisions are a part of this Agreement: 
 Amendments. This Agreement, together with any Related Documents, constitutes
the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged
or bound by the alteration or amendment. 
 Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s
reasonable costs and expenses, including Lender’s reasonable attorneys’ fees and legal expenses. Incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and
Borrower shall pay the costs and expenses of such enforcement. Reasonable costs and expenses include Lender’s reasonable attorneys’ fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal
expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be
directed by the court. 
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be
used to interpret or define the provisions of this Agreement. 
 Governing Law. This Agreement will be governed by federal law
applicable to Lender and, to the extent not preempted by federal law, the laws of the State of California without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of California. 

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Orange
County, State of California. 
 No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless
such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not
prejudice or constitute a waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between
Lender and any Grantor, shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the
granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Notices. Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage
prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to
change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by
Lender to any Borrower is deemed to be notice given to all Borrowers. 
 Severability. If a court of competent jurisdiction finds any
provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision
shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or
unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement. 

Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including
without limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances
shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries or affiliates. 

Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents
shall bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this Agreement or any interest therein,
without the prior written consent of Lender. 
 Survival of Representations and Warranties. Borrower understands and agrees that in
extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents.
Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in
nature, shall be deemed made and sedated by Borrower at the time each Loan Advance is made, and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall be terminated
in the manner provided above, whichever is the last to occur. 
 Time is of the Essence. Time is of the essence in the performance of
this Agreement. 

					
		 	 BUSINESS LOAN AGREEMENT

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DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the
contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require.
Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
 Advance. The word
“Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement. 

Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or
modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 

Borrower. The word “Borrower” means The Habit Restaurants, LLC and includes all co-signers and co-makers signing the Note and
all their successors and assigns. 
 Collateral. The word “Collateral” shall have the meaning set forth in the Security
Agreement. 
 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes,
regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et
seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of 1986. Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901, et seq., Chapters 6.5 through 7.7 of Division 20 of the California Health and Safety Code, Section 25100, et seq., or other applicable stale or federal laws, rules, or regulations adopted pursuant thereto. 

Event of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the
default section of this Agreement that are incurable or, if curable, have not been cured within the time period given in such default section. 

GAAP. The word “GAAP” means generally accepted accounting principles in effect as of the date or this Agreement. 

Goodwill and Intangible Asset Impairment. The words “Goodwill and Intangible Asset Impairment” mean non-cash amounts
deducted from net income resulting solely from the application of Accounting Standards Codifications 350 and 360 in accordance with GAAP. 

Grantor. The word “Grantor” means each and all of the persons or entities granting a Security Interest in any Collateral for
the Loan, including without limitation all Borrowers granting such a Security Interest. 
 Guarantor. The word “Guarantor”
means any guarantor, surety, or accommodation party of any or all of the Loan. 
 Guaranty. The word “Guaranty” means the
guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note. 
 Hazardous Substances. The
words “Hazardous Substances” mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when
improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic
substances, materials or waste as defined by or listed under the Environmental Laws. The term “Hazardous Substances” also Includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all
principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents. 

Lender. The word “Lender” means California Bank & Trust, its successors and assigns. 

Loan. The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter
existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time. 

Material Adverse Change. The words “Material Adverse Change” mean (1) a material adverse change in the business, assets,
results of operations, condition (financial or otherwise) or prospects of Borrower or Grantor, (2) a material impairment of the ability of Borrower or Grantor to perform any of its obligations under this Agreement and the Related Documents, or
(3) a material impairment of the enforceability or priority of Lender’s security interest with respect to the Collateral as a result of an action or failure to act on the part of Borrower or Grantor. 

Material Adverse Effect. The words “material adverse effect” mean (1) an event, occurrence, fact or circumstance
which has had a material adverse effect on the business, assets, results of operations, condition (financial or otherwise) or prospects of Borrower or Grantor, (2) a material impairment of the ability of Borrower or Grantor to perform any of
its obligations under this Agreement and the Related Documents, or (3) a material impairment of the enforceability or priority of Lender’s security interest with respect to the Collateral as a result of an action or failure to act on the
part of Borrower or Grantor. 
 Note. The word “Note” means the Note executed by The Habit Restaurants, LLC in the original
principal amount of $35,000,000.00, dated July 23, 2014, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the Note or Credit Agreement or any other subsequent Notes
evidencing further Indebtedness. 
 Permitted Acquisition. The words “Permitted Acquisition” mean Borrower’s
acquisition from time to time of “Habit”-branded restaurant units not otherwise operated by Borrower and Borrower’s acquisition from time to time of any fast-casual restaurant units which Borrower intends to convert into
“Hablt”-branded restaurant units; provided, that at the time of any such acquisition Borrower is in compliance immediately before and after giving effect to such acquisition with all financial covenants set forth in this Agreement, an
Event of Default has not occurred at the time such acquisition is consummated and Borrower does not finance, in whole or in part, the purchase price of such acquisition through the issuance of debt securities or any other form of indebtedness. 

Permitted Liens. The words “Permitted Liens” mean (1) liens and security interests securing indebtedness owed by Borrower
to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of
business and securing obligations which are not yet delinquent; (4) purchase money 

					
		 	 BUSINESS LOAN AGREEMENT

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liens or purchase money security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement
or permitted to be incurred under the paragraph of this Agreement titled “Indebtedness and Liens”; (5) liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing;
and (6) those liens and security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 

Related Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental
agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. 

Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises,
covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest. 

Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security,
present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust,
conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 

[Remainder of page intentionally left blank] 

					
		 	 BUSINESS LOAN AGREEMENT

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BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED
AND EFFECTIVE AS OF JULY    , 2014. 
  

											
	BORROWER:	 		 	LENDER:	 	
				
	THE HABIT RESTAURANTS, LLC	 		 	 CALIFORNIA BANK & TRUST,
 a
California banking corporation
	 	
						
	By:	 	 

  
	 		 		 	 

  
	 	 

  

		 	Russ Bendal, President and Chief Executive Officer	 		 	By:	 	 
		 		 		 		 	Sergio AlFonso, Vice President	 	
	By:	 	 

  
	 		 		 		 	
		 	Ira Fils, Chief Financial Officer	 		 		 		 	

  
  

LASER PRO Lending, Ver. 5.48.00.004 Copr. Harland Financial Solutions, Inc. 1997, 2010. All Rights Reserved. - CA L:\CFI\LPL\D20C.FC TR-46774
PR-1 (M)

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