Document:

Employment Agreement Dated 01/09/2006 (Sather)

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 STEPHEN J. SATHER 
 EMPLOYMENT AGREEMENT (the “Agreement”) dated as of January 9, 2006 by and between El Pollo Loco, Inc. (the “Company”) and
Stephen J. Sather (the “Executive”). 
 WHEREAS, the Company considers it essential to its best interests and the best interests of
its stockholders to employ Executive and to enter into an agreement embodying the terms of such employment; and 
 WHEREAS, Executive is
willing to accept employment on the terms hereinafter set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and
mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 
 1. Term of Employment; Executive
Representation. 
 a. Employment Term. Subject to the provisions of Section 8 of this Agreement, Executive shall be employed
by the Company for a period commencing on a date no later than January 9, 2006 (the date on which employment commences, the “Effective Date”) and ending on December 31, 2008 (the “Employment Term”) on the terms and
subject to the conditions set forth in the Agreement. Notwithstanding the preceding sentence, commencing with January 1, 2009 and on each January 1 thereafter (each an “Extension Date”), the Employment Term shall be automatically
extended for an additional one-year period, unless the Company or Executive provides the other party hereto 60 days’ prior written notice before the next Extension Date that the Employment Term shall not be so extended. For the avoidance of
doubt, the term “Employment Term” shall include any extension that becomes applicable pursuant to the preceding sentence. 
 b.
Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of the Executive’s duties hereunder shall not constitute
a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 
 2. Position. 
 a. During the Employment Term, Executive shall serve as the Company’s Vice President, Operations and
shall principally perform Executive’s duties to the Company and its affiliates from the Company’s offices in the Orange County, California metropolitan area, subject to normal and customary travel requirements in the conduct of the
Company’s business. In such position, Executive shall have such duties and authority as shall be determined from time to time by the Chief Executive Officer of the Company and the Executive shall report directly to the Chief Executive Officer.

  

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 b. During the Employment Term, Executive will devote Executive’s full business time and best efforts
to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation (including in an advisory capacity, consulting capacity, or otherwise) for compensation or otherwise which would conflict
with the rendition of such services either directly or indirectly, without the prior written consent of the Board; provided that Executive shall be permitted to participate in such charitable and community-related services as Executive may
choose; provided further that such services do not materially interfere with her duties hereunder. 
 3. Compensation. 
 a. During the Employment Term, the Company shall pay Executive a base salary (the “Base Salary”) at the annual rate of $225,000 (less
applicable withholding taxes), payable in regular installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to
time in the sole discretion of the Board. 
 b. With respect to each full calendar year during the Employment Term, Executive shall be
eligible to earn an annual bonus award (an “Annual Bonus”) calculated, in accordance with Exhibit A attached hereto, with a targeted bonus equal to seventy-five percent (75%) of Executive’s then current Base Salary (the
“Target Bonus”). 
 4. Equity. 
 a. Option Grant. On the Effective Date, Executive will receive a stock option award to purchase 17,777.78 shares of common stock of Chicken Acquisition Corp. on such terms and conditions provided for in a stock option agreement
substantially in the form attached hereto as Exhibit B (the “Option Agreement”). 
 b. Additional Equity Investment. Subject
to the execution of the Stockholders Agreement dated as of November 18, 2005, among the Company, and certain other stockholders of the Company, Executive shall invest $50,000 in Chicken Acquisition Corp. 
 5. Employee Benefits. During the Employment Term, Executive shall be provided, in accordance with the terms of the Company’s employee benefit plans as in
effect from time to time, health insurance, retirement benefits and fringe benefits (collectively “Employee Benefits”) on the same basis as those benefits are generally made available to other senior executives of the Company. Executive
shall be provided with annual vacation of two (2) weeks per each 12- month period or additional weeks on a basis consistent with Company policy. 
 6.
Business Expenses. During the Employment Term, reasonable, documented business expenses incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies.

 7. Termination. The Employment Term and Executive’s employment hereunder may be terminated by either party at any time and for any reason;
provided that Executive will be required to give the Company at least 30 days advance written notice of any resignation of Executive’s employment. Notwithstanding any other provision of this Agreement, the provisions 

  

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of this Section 7 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 
 a. By the Company For Cause or By Executive’s Resignation without Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause (as defined below) or by
Executive’s resignation without Good Reason (as defined below). 
 (ii) For purposes of this Agreement, “Cause”
shall mean action by the Executive that constitutes misconduct, dishonesty, the failure to comply with specific directions of the Board of Directors that are consistent with the terms hereof (after having been given a reasonably detailed written
notice of, and a period of 20 days to cure, such misconduct or failure), a deliberate and premeditated act against the Company or its Affiliates, the commission of a felony, substance abuse or alcohol abuse which renders the Executive unfit to
perform her duties, or any breach of the covenants set forth in Section 8 of this Agreement. Any voluntary termination of employment by the Executive in anticipation of an involuntary termination of the Executive’s employment for Cause
shall be deemed to be a termination for Cause. 
 (iii) If Executive’s employment is terminated by the Company for Cause,
or if Executive resigns without Good Reason, Executive shall be entitled to receive: 
 (A) the Base Salary through the date
of termination; 
 (B) any Annual Bonus earned but unpaid as of the date of termination for any previously completed calendar
year; 
 (C) reimbursement for any unreimbursed business expenses properly incurred by Executive in accordance with Company
policy prior to the date of Executive’s termination; and 
 (D) such Employee Benefits, if any, as to which Executive may
be entitled under the employee benefit plans of the Company (the amounts described in clauses (A) through (D) hereof being referred to as the “Accrued Rights”). 
 Following such termination of Executive’s employment by the Company for Cause or resignation by Executive without Good Reason, except as set forth in
this Section 7(a), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 b.
Disability or Death. 
 (i) The Employment Term and Executive’s employment hereunder shall terminate upon
Executive’s death and if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six (6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month
period to perform Executive’s duties (such incapacity is hereinafter referred to as “Disability”). 

  

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Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall be determined in writing by a
qualified independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third
who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of the Agreement. 
 (ii) Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s estate (as
the case may be) shall be entitled to receive: 
 (A) the Accrued Rights; and 
 (B) a pro rata portion of any Annual Bonus that the Executive would have been entitled to receive pursuant to Section 4 hereof in
such year based upon the percentage of the calendar year that shall have elapsed through the date of Executive’s termination of employment, payable when such Annual Bonus would have otherwise been payable had the Executive’s employment not
terminated, 
 Following Executives termination of employment due to death or Disability, except as set forth in this Section 7(b),
Executive or Executive’s estate (as the case may be) shall have no further rights to any compensation or any other benefits under this Agreement. 
 c. By the Company Without Cause or by Executive’s Resignation with Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause or by Executive with Good Reason. 
 (ii) For purposes of this Agreement, “Good Reason” shall mean: 
 (A)
Executive’s relocation by the Company outside Orange County, California; or 
 (B) a reduction of Executive’s title
as set forth in Section 2(a) hereof; or 
 (C) a reduction of Executive’s Base Salary (as increased from time to
time) as set forth in Section 3(a) hereof; or 
 (D) the failure of the Company to provide or cause to be provided to
Executive any of the employee benefits described in Section 5 hereof; 
 (E) a change in Executive’s reporting
relationship; or 
 (F) resignation after Executive reaches the age of 60; provided that none of the events described
in clauses (A) through (E) of this Section 7(c)(ii) shall constitute Good Reason unless Executive shall have notified the Company in 

  

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writing describing the events which constitute Good Reason and then only if the Company shall have failed to cure such event within thirty days after the
Company’s receipt of such written notice. 
 (iii) If Executive’s employment is terminated by the Company without
Cause (other than by reason of death or Disability), or by Executive with Good Reason, Executive shall be entitled to receive: 
 (A) the Accrued Rights; 
 (B) a pro rata portion of any Annual Bonus that the Executive would have been entitled to
receive pursuant to Section 4 hereof in such year based upon the percentage of the calendar year that shall have elapsed through the date of Executive’s termination of employment, payable when such Annual Bonus would have otherwise been
payable had the Executive’s employment not terminated; and 
 (C) except in the case of Executive’s resignation for
Good Reason pursuant to clause (c)(ii)(F) of this Section 7, and subject to Executive’s continued compliance with the provisions of Section 8 and 9, continued payment of the Base Salary until twelve 12 months after the date of such
termination; provided that aggregate amount described in this clause (C) shall be reduced by the amount of any other cash severance or termination benefits payable to Executive under any other plans, programs or arrangements of the
Company or its affiliates. 
 Following Executive’s termination of employment by the Company without Cause (other than by reason of
Executive’s death or Disability) or by Executive’s resignation with Good Reason, except as set forth in this Section 7(c), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 d. Notice of Termination. Any purported termination of employment by the Company or by Executive (other than due to
Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 11(g) hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated.

 8. Non-Competition. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and
accordingly agrees as follows: 
 a. Executive agrees that during the term of employment and until the first anniversary of the date of
termination of Executive’s employment with the Company or any subsidiary of the Company, as the case may be (the “Non-Competition Period”), the Executive will not directly or indirectly, (i) engage in any business that
operates quick service restaurants that compete directly with the business of El Pollo Loco, Inc. or its Affiliates in any market in which El Pollo Loco, Inc. or its Affiliates operate restaurants or have targeted operating restaurants at the time
of termination of Executive’s employment (a “Competitive Business”), (ii) enter the employ of, or render any services (including in an advisory capacity, consulting 

  

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capacity, or otherwise) to, any person engaged in a Competitive Business, (iii) acquire a financial interest in, or otherwise become actively involved
with, any person engaged in a Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether formed before
or after the date of this Agreement) between the Company or any of its Affiliates and customers, suppliers, partners, members or investors of the Company or its Affiliates. Notwithstanding the foregoing, Executive may, directly or indirectly own,
solely as an investment, securities of any person engaged in Competitive Business which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member
of a group which controls, such person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such person. 
 b. Executive further agrees that during the Non-Competition Period, Executive will not, directly or indirectly, (i) solicit or encourage any employee of the Company or its Affiliates to leave the employment of the Company or its
Affiliates, (ii) solicit or encourage any employee who was employed by the Company or its Affiliates as of the date of Executive’s termination of employment with the Company or who left the employment of the Company or its Affiliates
within one year prior to or after the termination of Executive’s employment with the Company, or (iii) solicit or encourage to cease to work with the Company or its Affiliates any consultant then under contract with the Company or its
Affiliates. 
 c. It is expressly understood and agreed that although Executive and the Company consider the restrictions contained in this
Section 8 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the
provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any
court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other
restrictions contained herein. 
 9. Confidentiality. Executive will not at any time (whether during or after Executive’s employment with the
Company) disclose or use for Executive’s own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the
Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or other confidential information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and
financial data, manufacturing processes, financing methods, plans, or the business and affairs of the Company generally, or of any subsidiary or affiliate of the Company, provided that the foregoing shall not apply to information which is not
unique to the Company or which is generally known to the industry or the public other than as a result of Executive’s breach of this covenant; provided further that the foregoing shall not apply when Executive is required to divulge,
disclose or make accessible such information by a court of competent jurisdiction or an individual duly appointed thereby, by any administrative body or legislative body (including a committee thereof) having supervisory authority over the business
of the Company, or by any administrative body or legislative body (including a committee 

  

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thereof) with jurisdiction to order Executive to divulge, disclose or make accessible such information. Executive agrees that upon termination of
Executive’s employment with the Company for any reason, he will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business
of the Company and its affiliates, except that he may retain personal notes, notebooks and diaries that do not contain confidential information of the type described in the preceding sentence. Executive further agrees that he will not retain or use
for Executive’s account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the Company or its affiliates. 
 10. Specific Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of
Section 8 or Section 9 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be
entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other
equitable remedy which may then be available. 
 11. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of laws principles thereof. 
 b. Entire Agreement/Amendments. This Agreement contains the entire understanding of the parties with respect to the employment of Executive by the
Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement supersedes any other agreements
or representations, oral or otherwise, express or implied, with respect to the subject matter hereof which have been made by either party. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties
hereto. 
 c. No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall
not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 d. Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
 e.
Assignment. This Agreement shall not be assignable by Executive. This Agreement may be assigned by the Company to a company which is a successor in interest to substantially all of the business operations of the Company. Such assignment shall
become 

  

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effective when the Company notifies the Executive of such assignment or at such later date as may be specified in such notice. Upon such assignment, the
rights and obligations of the Company hereunder shall become the rights and obligations of such successor company, provided that any assignee expressly assumes the obligations, rights and privileges of this Agreement. 
 f. Successors Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors,
administrators, successors, heirs, distributes, devises and legatees. 
 g. Notice. For the purpose of this Agreement, notices and all
other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective
addresses set forth below Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 If to the Company: 
 El Pollo Loco, Inc. 
 3333 Michelson Drive 
 Suite 550 

Irvine, CA 92612 
 Attn: President

 With a copy to: 
 Trimaran Capital Partners

 622 Third Avenue, 35th Floor 
 New York, NY 10017 
 Attn: Steven Flyer 
 If to Executive: To the most recent address of Executive set forth in the personnel records of the
Company. 
 h. Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such Federal, state and local
taxes as may be required to be withheld pursuant to any applicable law or regulation. 
  

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

	
	
	/s/ Stephen J. Sather
	 STEPHEN J. SATHER

  

			
	 CHICKEN ACQUISITION CORP.,
 on behalf of its
subsidiary,
 EL POLLO LOCO, INC.

		
	 By:
	 	 /s/ Stephen E. Carley

	 Name:
	 	 Stephen E. Carley

	 Title:
	 	 President, El Pollo Loco, Inc.

  

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 Exhibit A 
 Annual Bonus Calculation 
 (i) Bonuses for any calendar year will be established by reference to budgeted
“EBITDA” for such calendar year (“Budgeted EBITDA”), with EBITDA defined as the income of the Company before, without duplication, interest expense, amortization of deferred financing fees and acquisition-related bank/financing
fees, income taxes, depreciation and amortization expense, before gains (or losses) on the sale of Company operated restaurants or other significant assets, after all bonuses including the Annual Bonus) and profit sharing expenses of the Company of
any kind. Budgeted EBITDA will be established by the Company’s Board of Directors (following annual plan reviews with the Company’s management) within the first three months of each calendar year during the Employment Term. 
 The bonus for any calendar year will in no event exceed 150% of the Target Bonus for such calendar year and will be calculated on the basis of the extent
of attainment of Budgeted EBITDA for such calendar year as follows: 
  

			
	 EBITDA as Percentage of Budgeted
 EBITDA
	  	Percent of Target Bonus To Be Paid
EBITDA
	 Less than 90%
	  	0%
	 90%
	  	25%
	 100%
	  	100%
	 125% or more
	  	150%

 For purposes of calculating bonuses in the event that EBITDA exceeds 90% of budgeted EBITDA but is less than 125%
of Budgeted EBITDA, payout amounts shall be calculated in accordance with the following interpolative principles: 
  

	!	Between 90% of Budgeted EBITDA and 100% of Budgeted EBITDA, the payout will be based on a linear sliding scale between 25% and 100% of the Target Bonus (e.g., at 95% of Budgeted
EBITDA, the payout will equal 62.5% of the Target Bonus, and, at 98% of Budgeted EBITDA, the payout will equal 85% of the Target Bonus); and 

  

	!	Between 100% of Budgeted EBITDA and 125% of Budgeted EBITDA, the payout will be based on a linear sliding scale between 100% and 150% of the Target Bonus (e.g., at 110% of Budgeted
EBITDA, the payout will equal 120% of the Target Bonus, and, at 120% of Budgeted EBITDA, the payout will equal 140% of the Target Bonus). 

  

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 Exhibit B 
  

 11Form of Exchange Agreement

 EXHIBIT 10.10 
 EXCHANGE AGREEMENT 
 EXCHANGE AGREEMENT, dated as of
                                (this “Agreement”), by and among
[Chicken Acquisition Corp.], a Delaware corporation (the “Buyer”) and
                                        
(“Rollover Seller”). 
 R E C I T A L S 
 WHEREAS, the Buyer, the Sellers (including Rollover Seller), the Company Group and Sellers’ Representative have entered into an Stock Purchase
Agreement, dated as of September 27, 2005 (the “Purchase Agreement”), pursuant to which the parties thereto have agreed, upon the terms and subject to the conditions set forth therein, to consummate the transactions
contemplated therein (the “Transactions”); and 
 [WHEREAS, in connection with, and as an integral part of, the
Transactions, Rollover Seller desires to exchange its right, title and interest in and to Shares held by Rollover Seller set forth on Schedule I hereto (the “Rollover Shares”) for
             shares (the “Issued Shares”) of the Buyer’s common stock, par value $.01 per share (“Buyer Stock”) (the “Share
Exchange”)]; and 
 [WHEREAS, in connection with, and as an integral part of, the Transactions, Rollover Seller [also] desires to
exchange its right, title and interest in and to Stock Options held by Rollover Seller set forth on Schedule II hereto (the “Rollover Options”) for options to acquire
             shares of the Buyer Stock (the “Issued Options”) (the “Option Exchange” )] 
 WHEREAS, capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Purchase Agreement; 
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, the Buyer and Rollover Seller hereby agree as follows:

  

	1.	Closing. 

  

	 	(a)	Time and Place. The closing of the [Share Exchange] [and] [Option Exchange] (the “Exchange Closing”) shall occur substantially concurrently with and at the
place of the Closing. 

  

	 	(b)	Termination. If the Purchase Agreement has been terminated pursuant to its terms, the obligations of the Buyer and Rollover Seller pursuant to this Agreement shall terminate
without liability of either party to the other (other than as may be set forth in the Purchase Agreement). 

  

	 	(c)	[Share Exchange. Upon the terms and subject to the conditions set forth herein, at the Exchange Closing, Rollover Seller shall transfer to the Buyer the Rollover Shares in
exchange for the Issued Shares.] 

	 	(d)	[Option Exchange. Upon the terms and subject to the conditions set forth herein, at the Exchange Closing, Rollover Seller agrees that each Rollover Option shall be cancelled
and, in exchange therefor, shall receive the Issued Options.] 

  

	 	(e)	Stockholders Agreement. At the Exchange Closing, the Rollover Seller shall execute the Stockholders Agreement substantially in the form attached hereto as Exhibit A
(the “Stockholders Agreement”). 

  

	 	(f)	Delivery. At or prior to, and in connection with, the Exchange Closing, (i) Rollover Seller shall deliver to the Buyer (A) the Stockholders Agreement, duly executed
by Rollover Seller, and (B) evidence reasonably satisfactory to the Buyer of the transfer and exchange of the Rollover Shares to the Buyer and (ii) the Buyer shall deliver to Rollover Seller [[(A)] a certificate representing the Issued
Shares registered in the name of Rollover Seller], [[(A)][(B)] a stock option agreement in the form attached hereto as Exhibit B representing the Issued Options (the “Stock Option Agreement”)] and (C) the Stockholders
Agreement, duly executed by the Buyer. 

  

	2.	Conditions Precedent. 

 The obligation of the Buyer and
Rollover Seller to consummate the transactions contemplated hereby is subject to the satisfaction (or waiver in accordance with the Purchase Agreement) of the Buyer’s, on the one hand, and the Sellers’ and the Company Group’s, on the
other hand, respective conditions to the Closing set forth in Article IX of the Purchase Agreement (other than such conditions that may only be satisfied at the Closing). 
  

	3.	Further Assurances. 

 Upon the terms and subject to the
conditions herein provided, each of the parties hereto agrees to use its reasonable best efforts to take or cause to be taken all action, to do or cause to be done, and to assist and cooperate with the other party hereto in doing, all things
necessary, proper or advisable under applicable Laws and regulations to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement, including, the execution and delivery of such
instruments, and the taking of such other actions as the other party hereto may reasonably require in order to carry out the intent of this Agreement. 
  

	4.	Representations and Warranties 

  

	 	(a)	Rollover Seller represents and warrants as follows: 

  

	 	(i)	 Binding Agreement. Rollover Seller has the capacity to execute and deliver this Agreement and to consummate the transactions contemplated hereby. Rollover
Seller has duly and validly executed and delivered this Agreement and this Agreement 

  

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constitutes a legal, valid and binding obligation of Rollover Seller, enforceable against Rollover Seller in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforceability is considered in a
proceeding in equity or at law). 

  

	 	(ii)	No Conflict. Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby, nor the performance of the Rollover Seller’s
obligations hereunder will (a) result in a violation or breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, or acceleration) under any contract,
agreement, instrument, commitment, arrangement or understanding to which Rollover Seller is a party, or result in the creation of a Lien with respect to Rollover Seller’s Rollover Shares, if any, or Rollover Options, if any, or (b) require
any consent, authorization or approval of any other person or any entity or Government Entity, or (c) violate or conflict with any Judgment applicable to the Rollover Seller or Rollover Seller’s Rollover Shares, if any, or Rollover
Options, if any, or the Issued Shares, if any, or Issued Options, if any, to be received by the Rollover Seller hereunder. 

  

	 	(iii)	 Securities Laws Matters. Rollover Seller acknowledges receipt of advice from Buyer that (i) the Issued Shares, if any, and Issued Options (and any
shares of Buyer Common Stock acquired on exercise of the Issued Options (“Exercise Shares”)), if any, have not been registered under the Securities Act of 1933 (the “Act”) or qualified under any state securities or
“blue sky” or non U.S. securities laws, (ii) it is not anticipated that there will be any public market for any shares of Buyer Common Stock, (iii) any shares of Buyer Common Stock must be held indefinitely and Rollover Seller
must continue to bear the economic risk of the investment in the shares of Buyer Common Stock unless such shares are subsequently registered under the Act and such state or non U.S. securities laws or an exemption from such registration is
available, (iv) Rule 144 promulgated under the Act (“Rule 144”) is not presently available with respect to sales of any shares of Buyer Common Stock and Buyer has made no covenant to make Rule 144 available and Rule 144 is not
anticipated to be available in the foreseeable future, (v) when and if any shares of Buyer Common Stock may be disposed of without registration in reliance upon Rule 144, such disposition can be made only in limited amounts and in accordance
with the terms and conditions of such Rule, (vi) if the exemption afforded by Rule 144 is not available, public sale of the shares of any shares of Buyer Common Stock without 

  

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registration will require the availability of an exemption under the Act, (vii) restrictive legends in the form set forth in the Stockholders Agreement
shall be placed on the certificate representing the shares of any shares of Buyer Common Stock issued to Rollover Seller and (viii) a notation shall be made in the appropriate records of the Buyer indicating that the shares of any such shares
are subject to restrictions on transfer and, if Buyer should in the future engage the services of a stock transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent with respect to any such shares.

  

	 	(iv)	Accredited Investor. Rollover Seller is an “accredited investor” as such term is defined in Rule 501(a) promulgated under the Act. 

  

	 	(v)	Shareholder’s Experience. (A) Rollover Seller’s financial situation is such that Rollover Seller can afford to bear the economic risk of holding the Issued
Shares, if any, and Issued Options ( and any Exercise Shares), if any, for an indefinite period of time, (B) Rollover Seller can afford to suffer complete loss of his investment in the Issued Shares, if any, and Issued Options ( and any
Exercise Shares) and (C) the Rollover Seller’s knowledge and experience in financial and business matters are such that Rollover Seller is capable of evaluating the merits and risks of Rollover Seller’s investment in the Issued
Shares, if any, and Issued Options ( and any Exercise Shares). 

  

	 	(vi)	Access to Information. Rollover Seller represents and warrants that Rollover Seller has been granted the opportunity to ask questions of, and receive answers from,
representatives of Buyer concerning the terms and conditions of the [Share Exchange][and] [Option Exchange] and to obtain any additional information that Rollover Seller deems necessary to verify the accuracy of the information so provided.

  

	 	(vii)	 Investment Intent. Rollover Seller is acquiring the Issued Shares, if any, and Issued Options (and Rollover Seller will acquire any Exercise Shares), if any,
solely for Rollover Seller’s own account for investment and not with a view to or for sale in connection with any distribution thereof. Rollover Seller agrees that Rollover Seller will not, directly or indirectly, offer, transfer, sell, pledge,
hypothecate or otherwise dispose of any of the shares of (or options to acquire) Buyer Common Stock (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any shares of Buyer Parent Common Stock), except in compliance with
(i) the Act and the rules and regulations of the Securities and Exchange Commission thereunder, (ii) applicable state and non-U.S. securities or “blue sky” laws and (iii) the provisions of this 

  

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Agreement, any applicable Stock Option Agreement and the Stockholders Agreement, as applicable. 

  

	 	(b)	Representations and Warranties of Buyer. Buyer represents and warrants as follows: 

  

	 	(i)	Corporate Form. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has (and, immediately following the
Effective Time, will have) all requisite corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted. 

  

	 	(ii)	Corporate Authority, etc. Buyer has (and, immediately prior to the Closing Date, will have) all requisite corporate power and authority to enter into this Agreement and to
perform all of its obligations hereunder and to carry out the transactions contemplated hereby and Buyer has (and, immediately prior to the Closing Date, will have) all requisite corporate power and authority to issue the securities issued to
Rollover Seller hereunder. 

  

	 	(iii)	Actions Authorized. Buyer has taken all corporate actions necessary to authorize it to enter into this Agreement and, prior to the Closing Date, will have taken all corporate
actions necessary to authorize it to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by Buyer and, assuming due authorization, execution and delivery of
this Agreement by Rollover Seller, constitutes a legal, valid and binding obligation of Buyer enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). 

  

	 	(iv)	No Conflicts. Other than as provided for in the Purchase Agreement and the disclosure schedules thereto, none of the execution, delivery or performance of this Agreement or
the consummation of the transactions contemplated hereby, by Buyer will conflict with the certificate of incorporation or the by-laws of Buyer or result in any breach of, or constitute a default under any contract, agreement or instrument to which
Buyer is a party or by which it or any of its respective assets is bound. 

  

	 	(v)	 Securities issued to Trimaran. As of the Closing, [    ] shares of Buyer Common Stock will be issued and outstanding (after giving

  

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effect to the transactions contemplated by the Purchase Agreement and the exchange agreements entered into by the Rollover Sellers (as defined in the
Purchase Agreement)). The only class or type of equity in Buyer issued by Buyer to Trimaran Pollo Partners, L.L.C. and its affiliates as of the Closing are shares of Buyer Common Stock. 

  

	5.	Miscellaneous. 

  

	 	(a)	Amendments and Modifications; Waivers. This Agreement may be amended, modified or supplemented, and any provision hereof may be waived, at any time only by an instrument in
writing duly executed by the Buyer and Rollover Seller. At any time prior to the Closing, the Buyer, with respect to any term or provision hereof to which it is entitled to the benefits, and Rollover Seller, with respect to any term or provision
hereof to which Rollover Seller is entitled to the benefits, may (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (ii) waive any inaccuracies in the representations and warranties
contained herein or in any document, certificate or writing delivered pursuant hereto or (iii) waive compliance with any obligation, covenant, agreement or condition contained herein. 

  

	 	(b)	Effectiveness; Entire Agreement; Assignment. This Agreement shall not be effective until, and shall become effective and binding upon the parties hereto upon, the execution
and delivery hereof by the Buyer and Rollover Seller. The Purchase Agreement, the Related Documents and this Agreement shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof and shall supersede all
prior agreements and understandings, both written and oral, among such parties or any of them with respect to the subject matter hereof. This Agreement shall not be assigned by operation of Law or otherwise; provided, however, that the
Buyer may assign its rights and obligations to any Affiliate of the Buyer (unless to do so would restrict or delay the consummation of the transactions contemplated by this Agreement), but no such assignment shall relieve the Buyer of its
obligations hereunder. Notwithstanding the foregoing, the Buyer may assign its rights hereunder for collateral purposes only, to any of the Buyer’s financing sources that originally provides financing in connection with the transactions
contemplated by this Agreement and the Purchase Agreement (or any such financing sources’ successors or permitted assigns and any other secured lenders that may refinance any such financings), provided that no such assignment shall relieve the
Buyer of its obligations hereunder. 

  

	 	(c)	 Applicable Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New York, regardless of the Laws that might
otherwise govern under applicable principles of conflict 

  

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or choice of Law (other than Section 5-1401 of the New York General Obligations Law). 

  

	 	(d)	Specific Performance. The parties hereto agree that if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and that the parties hereto shall be entitled to specific performance of the terms hereof, in addition to any other remedy
available at Law or in equity. 

  

	 	(e)	Notices. All notices, requests, claims, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly
given (i) when received, if delivered personally, (ii) when transmitted, if by facsimile (which is confirmed) (iii) upon receipt, if by registered or certified mail (postage prepaid, return receipt requested) or (iv) the day
after it is sent, if sent for next-day delivery to a domestic address by overnight mail, to the relevant parties hereto at the following addresses: 

 If to the Buyer, to: 
 Chicken Acquisition Corp. 
 c/o Trimaran Fund Management, L.L.C. 
 622 Third Avenue, 35th Floor 
 New York, New York 10017 
 Attention: Steven
A. Flyer 
 Facsimile: (212) 885-4350 
 With
a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 4 Times Square 
 New York, NY 10036 
 Attention: Eileen T. Nugent, Esq. 
                   Thomas W. Greenberg, Esq. 
 Facsimile: (212) 735-2000 
 If to Rollover Seller, to: 
 [Rollover Seller] 
 [Address] 
 Attention: 
 Facsimile: 
  

 - 7 - 

 With copies to: 
 O’Melveny & Myers LLP 
 Times Square Tower 
 7 Times Square 
 New York, New York 10022

 Attention: Gregory A. Gilbert 
 Facsimile: (212) 326-2061 
 or to such other address as the Person to whom notice is given may have previously furnished to the others in
writing in the manner set forth above (provided that notice of any change of address shall be effective only upon receipt thereof). 
  

	 	(f)	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same
instrument. 

  

	 	(g)	Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, each
of which shall remain in full force and effect. If any one or more of the provisions contained in this Agreement or in any other instrument referred to herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect,
then to the maximum extent permitted by Law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any other such instrument. Furthermore, in lieu of any such invalid or unenforceable term or
provision, the parties hereto intend that there shall be added as a part of this Agreement a valid and enforceable provision as similar in terms and commercial effect to such invalid or unenforceable provision as shall be possible.

  

	 	(h)	Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and nothing in this Agreement, express or implied, is intended
by or shall confer upon any other Person or Persons any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. Any Person who is a beneficiary of any of the aforementioned provisions shall be entitled to enforce
his rights thereunder. 

  

	 	(i)	Interpretation. Except as otherwise provided herein, no reference in this Agreement to “reasonable best efforts” or “all reasonable efforts” shall require
a Person obligated to use such efforts to incur out-of-pocket expenses or indebtedness or, except as expressly provided herein, to institute litigation or to consent generally to service of process in any jurisdiction. As used herein, the term
“including” shall mean “including without limitation.” 

  

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 [remainder of page intentionally left blank] 
  

 - 9 - 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Exchange Agreement as of the date first
above written. 
  

			
	ROLLOVER SELLER:
		
	 By:
	 	  
		 	 Name:

		 	 Title:

	
	BUYER:
	
	 CHICKEN ACQUISITION CORP.

		
	 By:
	 	  
		 	 Name:

		 	 Title:

 EXHIBIT A 
 Stockholders Agreement 

 EXHIBIT B 
 Stock Option Agreement 
 [Options Fully Vested] 
 Term of Options not less than [            ] 
  

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