Document:

EX-10.3

 Exhibit 10.3 

 
  

 
 DOMINO’S PIZZA MASTER ISSUER
LLC, 
 CERTAIN SUBSIDIARIES OF DOMINO’S PIZZA MASTER ISSUER LLC 

PARTY HERETO, 

DOMINO’S SPV GUARANTOR LLC, 
 DOMINO’S PIZZA LLC, 
 as Manager and in its individual capacity, 

DOMINO’S PIZZA NS CO., 
 and 
 CITIBANK, N.A., 

as Trustee 
  

 
 AMENDED AND
RESTATED 
 MANAGEMENT AGREEMENT 
 Dated as of March 15, 2012 
 (amending and restating the Master
Servicing Agreement dated as of April 16, 2007) 
  
  

 
  

 TABLE OF CONTENTS 

 

									
	  	 	  	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	3	  
				
	 Section 1.1
	 		  	Certain Definitions	  	 	3	  
	 Section 1.2
	 		  	Other Defined Terms	  	 	13	  
	 Section 1.3
	 		  	Other Terms	  	 	13	  
	 Section 1.4
	 		  	Computation of Time Periods	  	 	13	  
		
	 ARTICLE 2 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS
	  	 	14	  
				
	 Section 2.1
	 		  	Domino’s Pizza LLC to Act as the Manager	  	 	14	  
	 Section 2.2
	 		  	Manager Advances	  	 	17	  
	 Section 2.3
	 		  	Concentration Accounts	  	 	17	  
	 Section 2.4
	 		  	Records	  	 	17	  
	 Section 2.5
	 		  	Administrative Duties of Manager	  	 	18	  
	 Section 2.6
	 		  	No Offset	  	 	19	  
	 Section 2.7
	 		  	Compensation	  	 	19	  
	 Section 2.8
	 		  	Indemnification	  	 	20	  
	 Section 2.9
	 		  	Nonpetition Covenant	  	 	22	  
	 Section 2.10
	 		  	Certain Amendments to Documents Governing Managed Assets	  	 	22	  
	 Section 2.11
	 		  	Franchisor Consent	  	 	23	  
	 Section 2.12
	 		  	Appointment of Sub-managers	  	 	23	  
		
	 ARTICLE 3 STATEMENTS AND REPORTS
	  	 	23	  
				
	 Section 3.1
	 		  	Reporting by the Manager	  	 	23	  
	 Section 3.2
	 		  	Appointment of Independent Accountant	  	 	23	  
	 Section 3.3
	 		  	Annual Accountants’ Reports	  	 	24	  
	 Section 3.4
	 		  	Notice of Reduction in Blended Rate of Continuing Franchise Fees	  	 	25	  
		
	 ARTICLE 4 THE MANAGER
	  	 	25	  
				
	 Section 4.1
	 		  	Representations and Warranties Concerning the Manager	  	 	25	  
	 Section 4.2
	 		  	Existence	  	 	29	  
	 Section 4.3
	 		  	Performance of Obligations	  	 	29	  
	 Section 4.4
	 		  	Merger; Resignation and Assignment	  	 	32	  
	 Section 4.5
	 		  	Taxes	  	 	33	  
	 Section 4.6
	 		  	Notice of Certain Events	  	 	33	  
	 Section 4.7
	 		  	Capitalization	  	 	34	  
	 Section 4.8
	 		  	Franchise Law Determination	  	 	34	  
	 Section 4.9
	 		  	Maintenance of Separateness	  	 	34	  

  
 i 

									
	 Section 4.10
	 		  	No ERISA Plan	  	 	35	  
		
	 ARTICLE 5 REPRESENTATIONS, WARRANTIES AND COVENANTS AS TO POST-SECURITIZATION ASSETS
	  	 	35	  
				
	 Section 5.1
	 		  	Representations and Warranties Made in Respect of Post-Securitization Assets	  	 	35	  
	 Section 5.2
	 		  	Covenants in Respect of New Collateral	  	 	38	  
		
	 ARTICLE 6 DEFAULT
	  	 	39	  
				
	 Section 6.1
	 		  	Manager Termination Event	  	 	39	  
	 Section 6.2
	 		  	Disentanglement.	  	 	42	  
	 Section 6.3
	 		  	No Effect on Other Parties	  	 	44	  
	 Section 6.4
	 		  	Rights Cumulative	  	 	44	  
		
	 ARTICLE 7 CONFIDENTIALITY
	  	 	44	  
				
	 Section 7.1
	 		  	Confidentiality	  	 	44	  
		
	 ARTICLE 8 MISCELLANEOUS PROVISIONS
	  	 	46	  
				
	 Section 8.1
	 		  	Term of this Agreement	  	 	46	  
	 Section 8.2
	 		  	Amendments to this Agreement	  	 	46	  
	 Section 8.3
	 		  	Amendments to other Agreements	  	 	47	  
	 Section 8.4
	 		  	Acknowledgement	  	 	47	  
	 Section 8.5
	 		  	Governing Law; Waiver of Jury Trial; Jurisdiction	  	 	47	  
	 Section 8.6
	 		  	Notices	  	 	48	  
	 Section 8.7
	 		  	Severability of Provisions	  	 	48	  
	 Section 8.8
	 		  	Delivery Dates	  	 	48	  
	 Section 8.9
	 		  	Binding Effect; Limited Rights of Others	  	 	49	  
	 Section 8.10
	 		  	Article and Section Headings	  	 	49	  
	 Section 8.11
	 		  	Counterparts	  	 	49	  
		
	 EXHIBIT A — JOINDER AGREEMENT
	  			
	 EXHIBIT B — POWER OF ATTORNEY
	  			
	 EXHIBIT C — PRICING FOR COMPENSATION FOR SERVICES RELATED TO THE
PRODUCT
 PURCHASE AND DISTRIBUTION AGREEMENT
	   
   

  
 ii 

 AMENDED AND RESTATED MANAGEMENT AGREEMENT 

This AMENDED AND RESTATED MANAGEMENT AGREEMENT, dated as March 15, 2012 (this “Agreement”), is entered into by and
among Domino’s Pizza Master Issuer LLC, a Delaware limited liability company (the “Master Issuer”), Domino’s Pizza Distribution LLC, a Delaware limited liability company (the “Domestic Distributor”),
Domino’s SPV Canadian Holding Company Inc., a Delaware corporation (the “SPV Canadian Holdco”), Domino’s IP Holder LLC, a Delaware limited liability company (the “IP Holder”, and together with the Master
Issuer, the Domestic Distributor and SPV Canadian Holdco, the “Co-Issuers”), Domino’s SPV Guarantor LLC, a Delaware limited liability company (the “SPV Guarantor”), Domino’s Pizza Franchising LLC, a
Delaware limited liability company (the “Domestic Franchisor”), Domino’s Pizza International Franchising Inc., a Delaware corporation (the “International Franchisor”), Domino’s Pizza Canadian Distribution
ULC, a Nova Scotia unlimited company (the “Canadian Distributor”), Domino’s EQ LLC, a Delaware limited liability company (the “Domestic Distribution Equipment Holder”), Domino’s RE LLC, a Delaware limited
liability company (the “Domestic Distribution Real Estate Holder”, and together with the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor and the Domestic Distribution Equipment Holder,
the “Guarantors”), Domino’s Pizza LLC, a Michigan limited liability company (“DPL”), Domino’s Pizza NS Co., a Nova Scotia unlimited company (the “Canadian Manufacturer”), Citibank, N.A.
(“Citibank”), as trustee (the “Trustee”), and any other Securitization Entity that becomes party to this Agreement by execution of a joinder substantially in the form attached hereto as Exhibit A. This
Agreement amends and restates the Master Servicing Agreement, dated as of April 16, 2007, by and among the Co-Issuers, the SPV Guarantor, the Domestic Franchisor, the International Franchisor, the Canadian Distributor, the Manager, the Canadian
Manufacturer and Citibank, N.A., as trustee. For all purposes of this Agreement, capitalized terms used herein but not otherwise defined herein shall have the meanings ascribed thereto in Annex A to the Base Indenture (as defined below).
“Manager”, when in reference to (a) the servicing of the Managed Assets of the Canadian Distributor, shall mean the Canadian Manufacturer, and (b) the servicing of all other Managed Assets, shall mean DPL; provided,
that the term “Manager” shall mean only DPL with respect to ARTICLE 3 and Sections 2.7, 2.8, 4.1(a)(i) and 8.2 herein. All other representations, warranties and covenants of or about DPL made
herein are repeated herein with respect to the Canadian Manufacturer, as applicable, as though fully set forth herein. 

  
 1 

 RECITALS 
 WHEREAS, the Master Issuer and the other Co-Issuers have entered into the Amended and Restated Base Indenture (the “Base Indenture”), dated as of the date of this Agreement, with
Citibank, as Trustee and securities intermediary, pursuant to which the Master Issuer and the other Co-Issuers shall issue series of notes (the “Notes”) from time to time, on the terms described therein. Pursuant to the Base
Indenture and the Global G&C Agreement, as security for the indebtedness represented by the Notes and the other Obligations, the Master Issuer and the other Securitization Entities are and will be granting to the Trustee on behalf of the Secured
Parties, a security interest in the Collateral; 
 WHEREAS, since the Series 2007-1 Closing Date, all Post-Securitization
Domestic Franchise Arrangements and all Post-Securitization International Franchise Arrangements have been, and will continue to be, originated by the Franchisors; 
 WHEREAS, from and after the Closing Date, the International Franchisor will also originate all Post-Closing Overseas Franchise Arrangements; 

WHEREAS, from time to time, the Master Issuer or the Franchisors may purchase or repurchase, as the case may be, the Franchise
Arrangement and/or lease with a third party landlord entered into with respect to a Store and undertake to operate such Store (a “Repurchased Store”) until such time as a New Franchise Arrangement is entered into with respect to
such Repurchased Store; 
 WHEREAS, each of the Securitization Entities desires to have the Manager operate any Repurchased
Store in accordance with the Management Standard; 
 WHEREAS, each of the Securitization Entities desires to have the Manager
enforce its rights and powers and perform its duties and obligations under the Managed Documents to which it is party in accordance with the Management Standard; 
 WHEREAS, each of the Securitization Entities desires to have the Manager enter into certain agreements and acquire and dispose of certain assets from time to time on its behalf, in each case in accordance
with the Management Standard; 
 WHEREAS, the IP Holder desires to appoint the Manager as its agent for providing comprehensive
intellectual property development, enforcement, maintenance, protection, defense, management, licensing, contract administration and other duties or services in connection with the Domino’s IP in accordance with the Management Standard;

 WHEREAS, the Manager desires to enforce such rights and powers and perform such management obligations and duties, all in
accordance with the Management Standard; 

  
 2 

 WHEREAS, each of the Securitization Entities desires to enter into this Agreement to provide
for, among other things, the management of the respective rights and powers and the performance of the respective duties and obligations of the Securitization Entities, as applicable, under or in connection with the Contribution and Sale Agreements,
the Distribution and Contribution Agreements, the Third-Party License Agreements, the Franchise Arrangements, the Domino’s IP, the IP License Agreements, the PULSE Assets, the Technology Assets, the Domestic Distribution Assets, the Third-Party
Supply Agreements, the Product Purchase Agreements, the Requirements Agreements, the Distribution Agreements, the Repurchased Stores, and any other assets acquired by the Securitization Entities (the “Managed Assets”), by the
Manager, all in accordance with the Management Standard; 
 WHEREAS, each of the Master Issuer, the Domestic Distribution Real
Estate Holder and the Domestic Distribution Equipment Holder (each, a “Product Supply Entity”, and together, the “Product Supply Entities”) desires that DPL, in its individual capacity, supply all Products (as
defined in the Product Purchase and Distribution Agreement) and provide all distribution services for the manufacturing and supply of pizza dough, thin crust pizza dough and certain related products intended for human consumption (such distribution
services, together with the Products, the “Supplied Products and Services”) to each such Product Supply Entity that are required to be provided by the Product Supply Entities to the Domestic Distributor under the Product Purchase
and Distribution Agreement; and 
 WHEREAS, DPL desires to provide the Supplied Products and Services for each Product Supply
Entity; 
 NOW THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto
agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.1 Certain Definitions. Capitalized
terms used herein but not otherwise defined herein or in Annex A to the Base Indenture shall have the following meanings: 

“Agreement” has the meaning set forth in the preamble hereto. 

“Asset Management Services” means, in a manner consistent with the Management Standard, the execution of real property
leases and equipment leases related to the distribution, manufacturing and supply chain where a Non-Securitization Entity remains a Co-obligor on such leases, and the management, operation and administration of leased and owned property in the
distribution, manufacturing and supply chain. 

  
 3 

 “Back-Up Management Agreement” means the Back-Up Management and Consulting
Agreement, dated as of March 15, 2012, by and among the Co-Issuers, the Manager, the Trustee and FTI Consulting, Inc., a Maryland corporation, as Back-Up Manager. 
 “Base Indenture” has the meaning set forth in the recitals hereto. 
 “Canadian Distributor” has the meaning set forth in the preamble hereto. 
 “Canadian Manufacturer” has the meaning set forth in the preamble hereto. 
 “Cold Back-Up Management Duties” has the meaning set forth in the Back-Up Management Agreement. 
 “Confidential Information” means information (including Know-How) treated as confidential and proprietary by its owner that is disclosed by a party hereto (“Discloser”),
either directly or indirectly, in writing or orally, to another party hereto (“Recipient”). 
 “Current
Practices” means, in respect of any action or inaction, the practices, standards and procedures of Domino’s Pizza LLC and its Subsidiaries as performed or that have been performed immediately prior to the Closing Date. 

“Defective Asset Damages Amount” means with respect to any Post-Securitization Collateral Franchise Document that is a
Defective Post-Securitization Asset, an amount equal to the product of (i) the quotient obtained by dividing (A) the absolute value of the sum of all Collections under such Post-Securitization Collateral Franchise Document received
during the 12-month period immediately preceding the date such Post-Securitization Collateral Franchise Document became a Defective Post-Securitization Asset minus the aggregate amount of related Excluded Amounts received during such period,
by (B) the aggregate amount of all Collections received under all Collateral Franchise Documents during such 12-month period (assuming that all Post-Securitization Collateral Franchise Documents had been included in the Collateral Franchise
Documents during such 12-month period) minus the aggregate amount of related Excluded Amounts received during such period and (ii) the Aggregate Outstanding Principal Amount. 

“Defective Post-Securitization Asset” means any Post-Securitization Asset that does not meet the applicable requirements
of ARTICLE 5. 
 “Discloser” has the meaning ascribed to such term in the definition of
“Confidential Information.” 
 “Disentanglement” has the meaning set forth in
Section 6.2(a) hereof. 
 “Disentanglement Period” has the meaning set forth in
Section 6.2(c) hereof. 
 “Disentanglement Services” has the meaning set forth in
Section 6.2(a) hereof. 

  
 4 

 “Distribution Services” means, in a manner consistent with the Management
Standard, the acquisition, storage and delivery of equipment, supplies and Products for resale to Franchisees, to DPL, as owner of Company-Owned Stores and to other Persons on behalf of the Securitization Entities, including enforcing and performing
the duties and obligations of the Securitization Entities under the Distribution Agreements. 
 “Domestic Continuing
Franchise Fees” means the Continuing Franchise Fees received by the Domestic Franchisor. 
 “Domestic
Distribution Equipment Holder” has the meaning set forth in the preamble hereto. 
 “Domestic Distribution Real
Estate Holder” has the meaning set forth in the preamble hereto. 
 “Domestic Distributor” has the
meaning set forth in the preamble hereto. 
 “Domestic Franchisor” has the meaning set forth in the preamble
hereto. 
 “DPL” has the meaning set forth in the preamble hereto. 

“Environmental Laws” has the meaning given to such term in Section 4.1(m)(i) hereof. 

“Equipment Purchasing Services” means, in a manner consistent with the Management Standard, the purchasing and leasing
of equipment and machinery on behalf of the Domestic Distribution Equipment Holder for use by the Securitization Entities. 

“Former Franchisors” means, collectively, DPL and Domino’s Pizza International Inc., as predecessor in interest to
Domino’s International. 
 “Franchisee Financing Program” means any financing program facilitated by a
Securitization Entity pursuant to which a Franchisee receives financing from a third-party lender to open or operate a Store. 

“Guarantors” has the meaning set forth in the preamble hereto. 

“Holdco Specified Non-Securitization Debt Cap” has the meaning given to such term in the Parent Company Support
Agreement. 
 “Hot Back-Up Management Duties” has the meaning set forth in the Back-Up Management Agreement.

 “Improvements” shall mean the buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter erected or located on the real property constituting a part of each Owned Property. 

  
 5 

 “Indemnitee” has the meaning set forth in Section 2.8 hereof.

 “Independent Accountants” has the meaning set forth in Section 3.2 hereof. 

“International Continuing Franchise Fees” means the Continuing Franchise Fees received by the International Franchisor.

 “International Franchisee PULSE Agreements” means any agreement entered into by a Franchisee, and which is
listed on Schedule 1.1(b) to the DPL Contribution and Sale Agreement pursuant to which such Franchisee licenses PULSE Assets from the Distributor. 
 “International Franchisor” has the meaning set forth in the preamble hereto. 
 “IP Development Services” means the conception, development, creation and/or acquisition of After-Acquired IP Assets, including the filing, prosecution and maintenance of any applications
and/or registrations with respect thereto, after the Initial Closing Date by the Manager (or its agents) as the IP Holder’s (and any Additional IP Holder’s) agent, and in the name and stead of the IP Holder (and any Additional IP Holder).

 “IP Management Services” means the following services performed and actions taken on behalf of the IP Holder
(and any Additional IP Holder), in each case to the extent that the Manager determines that such action is necessary or advisable, in accordance with the Management Standard: 

(a) maintaining, enforcing and defending the IP Holder’s (and any Additional IP Holder’s) rights in and to the
Domino’s IP, including diligently prosecuting Trademark applications and maintaining Trademark registrations, timely filing statements of use, applications for renewal and affidavits of use and/or incontestability and paying all fees required
by applicable law; searching and clearing the Trademarks included in the After-Acquired IP Assets; responding to third-party oppositions of trademark applications or registrations; responding to any office action or other examiner requests;
conducting searches, monitoring and taking appropriate actions to oppose or contest any applications or registrations for Trademarks that are likely to cause confusion with or to dilute, or otherwise violate the IP Holder’s or any Additional IP
Holder’s rights in or to, the Trademarks; 
 (b) enforcing the IP Holder’s (and any Additional IP
Holder’s) legal title in and to the Domino’s IP and exercising the IP Holder’s (and any Additional IP Holder’s) rights, and performing the IP Holder’s (and any Additional IP Holder’s) obligations, under each IP License
Agreement, including ensuring that any use of the Domino’s IP satisfies the quality control provisions of such IP License Agreement and is in compliance with all applicable laws; 

  
 6 

 (c) applying for registration of Copyrights and timely filing maintenance
and registration fees; 
 (d) diligently prosecuting applications (including divisionals, continuation-in-parts,
provisionals, and reissues) and maintaining the registrations for any Patents, including timely paying all maintenance and registration fees required by applicable law and responding to office actions, requests for reexamination, interferences and
any other patent office requests or requirements; 
 (e) maintaining registrations for all material domain names
included in the Domino’s IP; 
 (f) in the event that the Manager becomes aware of any imitation,
infringement, dilution, misappropriation and/or unauthorized use of the Domino’s IP, or any portion thereof, taking reasonable actions to protect, police and enforce such Domino’s IP, including, as appropriate, (i) preparing, issuing
and responding to and further prosecuting cease and desist, demand and notice letters and requests for a license; and (ii) commencing, prosecuting and/or resolving a claim or suit against such imitation, infringement, dilution, misappropriation
and/or the unauthorized use of the Domino’s IP, and seeking all appropriate monetary and equitable remedies in connection therewith; 
 (g) performing such functions and duties, and preparing and filing such documents, as are required under the Indenture or the Global G&C Agreement to be performed, prepared and/or filed by the IP
Holder (or any Additional IP Holder), including: 
 (i) causing the IP Holder (and any Additional IP Holder) to
execute and recording such financing statements (including continuation statements) or amendments thereof or supplements thereto or such other instruments as the Trustee, the Control Party and the Securitization Entities together may from time to
time reasonably request in connection with the security interests in the Domino’s IP granted by the IP Holder (and any Additional IP Holder) to the Trustee; provided that such requests are consistent with the standards and obligations
set forth in the Base Indenture; and 
 (ii) causing the IP Holder (and any Additional IP Holder) to execute
grants of security interests or any similar instruments as the Trustee, the Control Party and the Securitization Entities together may from time to time reasonably request; provided that such requests are consistent with the standards and
obligations set forth in the Base Indenture that are intended to evidence such security interests in the Domino’s IP and recording such grants or other instruments with the 

  
 7 

 
relevant authority including the U.S. Patent and Trademark Office, the U.S. Copyright Office or any applicable foreign intellectual property office as may be agreed upon by the parties to such
agreements; 
 (h) taking such actions on behalf of the IP Holder (and any Additional IP Holder) as the Master
Issuer may reasonably request or the Manager may reasonably recommend that are expressly required by the terms, provisions and purposes of the IP License Agreements; 

(i) as directed by the Control Party, causing the IP Holder (and any Additional IP Holder) to enter into license
agreements with any Securitization Entity, including any Additional Securitization Entity, and to grant such Securitization Entity the right to use the Domino’s IP; 

(j) preparing for execution by the IP Holder (and any Additional IP Holder) or any other appropriate Person of all
documents, certificates and other filings as the IP Holder (or any Additional IP Holder) shall be required to prepare and/or file under the terms of the IP License Agreements; and 

(k) paying or arranging for payment or discharge of taxes and Liens levied on or threatened against the Domino’s IP.

 “IP Services” means, collectively, the IP Development Services and the IP Management Services. 

“Manager Advances” has the meaning set forth in Section 2.2(a) hereof. 

“Managed Assets” has the meaning set forth in the recitals hereto. 

“Managed Document” means any contract, agreement, arrangement or understanding relating to any of the Managed Assets,
including, without limitation, the Contribution and Sale Agreements, the Distribution and Contribution Agreements, the Third-Party License Agreements, the International Franchisee PULSE Agreements, the Franchise Arrangements, the IP License
Agreements, any agreement between a Domino’s Entity and a third party that is a PULSE Asset, the Company-Owned Stores Requirements Agreement and the Distribution Agreements. 

“Management Standard” means standards that (a) are consistent with Current Practices or, to the extent of changed
circumstances, practices, technologies, strategies or implementation methods, consistent with the standards as the Manager would implement or observe if the Managed Assets were owned by the Manager; (b) will enable the Manager to comply in all
material respects with all of the duties and obligations of the Securitization Entities under the Related Documents and each Collateral Franchise Document; (c) are in material compliance with all applicable Requirements of Law; and
(d) with respect to the use and maintenance of the IP Holders’ (and any Additional IP Holder’s) rights in and to the Domino’s IP, are consistent with the standards imposed by the IP License Agreements. 

  
 8 

 “Manager Termination Event” has the meaning set forth in
Section 6.1(a) hereof. 
 “Notes” has the meaning set forth in the recitals hereto. 

“Owned Property” means, collectively, those parcels of real property in which any Securitization Entity owns the fee
estate, together with any Improvements thereon. 
 “Post-Opening Services” means, to the extent required by the
Franchise Arrangements, (a) the maintenance of a continuing advisory relationship with Franchisees, including consultation in the areas of marketing, merchandising and general business operations, (b) the provision to each Franchisee of
the applicable standards for the Domino’s Brand, (c) the use of reasonable efforts to maintain standards of quality, cleanliness, appearance and service at all Stores and (d) the collection and administration of the Advertising Fees
and the Company-Owned Store Advertising Fees and the direction of the development of all advertising and promotional programs for the Domino’s Brand or any Future Brand. 
 “Post-Securitization Asset” means a Post-Securitization Collateral Franchise Document, or any Intellectual Property created, developed or acquired after the Series 2007-1 Closing Date by
or on behalf of, and owned by, the IP Holder, including, without limitation, all Future Brand IP. 

“Post-Securitization Asset Addition Date” means, with respect to any Post-Securitization Asset, the earliest of
(i) the date on which such Post-Securitization Asset is acquired by, or developed for the benefit of, a Securitization Entity, (ii) the later of (a) the date upon which the closing occurs under the applicable contract giving rise to
such Post-Securitization Asset and (b) the date upon which all of the diligence contingencies in the contract for purchase of the applicable Post-Securitization Asset expire and the Securitization Entity acquiring such Post-Securitization Asset
no longer has the right to cancel such contract and (iii) the date on which a Securitization Entity begins receiving Collections with respect to such Post-Securitization Asset. 

“Post-Securitization Collateral Franchise Document” means any Collateral Franchise Document entered into by any of the
Securitization Entities (including any renewal) after the Series 2007-1 Closing Date. 
 “Post-Securitization Owned
Property” means any Owned Property acquired after the Series 2007-1 Closing Date. 
 “Power of
Attorney” means the authority granted by the IP Holder (and any Additional IP Holder) to the Manager pursuant to a Power of Attorney in substantially the form set forth as Exhibit B hereto. 

“Pre-Opening Services” means, to the extent required by the Franchise Arrangements, (a) the provision to each
Franchisee of standards for the design, 

  
 9 

 
construction, equipping and operation of any Store owned and operated by such Franchisee and the approval of locations meeting such standards, (b) the provision to individuals designated by
the Franchisee of the applicable Franchisor’s then-current initial training program corresponding to the Domino’s Brand or any Future Brands, as the case may be, at one or more training centers designated by the Manager, (c) the
provision to each Franchisee of then-current operating procedures to assist such Franchisee in complying with the applicable Franchisor’s standard methods of record keeping, controls, staffing, quality control, training requirements and
production methods and (d) the provision to each Franchisee of assistance in the pre-opening, opening and initial operation of the franchise as the Manager deems advisable for purposes of complying with the applicable Franchise Arrangements.

 “Prior Terms” means, in respect of each type of contract included in Post-Securitization Franchise
Arrangements, the contractual terms and provisions, exclusive of the applicable rates for Initial Franchise Fees or Continuing Franchise Fees, Advertising Fees and similar fees and expenses, that were generally prevailing for agreements of such
type, entered into by the Former Franchisors on or before the Series 2007-1 Closing Date. 
 “Product Supply
Entity” has the meaning set forth in the recitals hereto. 
 “Product Supply Margin” has the meaning
set forth in Exhibit C hereto. 
 “Product Supply Price” has the meaning set forth in
Section 2.7(d) hereof. 
 “Recipient” has the meaning ascribed to such term in the definition of
“Confidential Information.” 
 “Repurchased Store” has the meaning set forth in the recitals hereto.

 “Services” means the servicing and administration of the Managed Assets and the Securitization Entities in
accordance with the terms of this Agreement, the Indenture, the other Related Documents and the Managed Documents, including, without limitation: 
 (a) calculating and compiling information required in connection with any report to be delivered pursuant to any Related Document (other than the Back-Up Management Agreement); 

(b) preparing and filing of all tax returns and tax reports required to be prepared by any Securitization Entity;

 (c) performing the duties and obligations of the Securitization Entities pursuant to the Related Documents;

 (d) performing the duties and obligations of the Securitization Entities required pursuant to the Franchise
Arrangements, including, without limitation, collecting payments under the Franchise Arrangements, providing each Franchisee party to a Franchise Arrangement with operations assistance, access to advertising and marketing materials, information and
program updates and ongoing training programs for such Franchisee and its employees; 

  
 10 

 (e) preparing, for the Franchisors, Post-Securitization Franchise
Arrangements, including, without limitation, adopting variations to the forms of agreements used in documenting Post-Securitization Franchise Arrangements and preparing and executing documentation of franchise transfers, terminations, renewals, site
relocations and ownership changes; 
 (f) preparing, for the Distributors, new Distribution Agreements;

 (g) preparing and filing, for the Master Issuer and the Franchisors, franchise disclosure documents to comply
in all material respects with applicable federal, state and foreign laws; 
 (h) preparing, for any
Securitization Entity, New Third-Party License Agreements; 
 (i) ensuring material compliance by the Master
Issuer, the Domestic Franchisor and the International Franchisor with franchise industry-specific government regulation and applicable laws; 
 (j) performing the obligations of the Securitization Entities under the Managed Documents, including entering into new Managed Documents from time to time; 

(k) enforcing and providing legal services with respect to the Managed Assets, including enforcing the Collateral
Franchise Documents; 
 (l) providing accounting and financial reporting services; 

(m) establishing and/or providing quality control services and standards with respect to the promulgation and maintenance
of standards for food, equipment, suppliers and distributors; 
 (n) monitoring industry conditions and adapting
accordingly to meet changing consumer needs; 
 (o) administering and facilitating any Franchisee Financing
Programs; 
 (p) formulating and implementing growth and business strategies and causing any applicable
Securitization Entity to enter into new joint venture, strategic partnership and licensing arrangements; 

  
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         (q) supporting the
development of new products for and increased brand awareness of the Domino’s Brand, and, if applicable, any Future Brands; 
         (r) the Pre-Opening Services; 
         (s) the Post-Opening Services; 
         (t) the IP Services; 
         (u) the Distribution Services; 
         (v) the Equipment Purchasing Services; 
         (w) the Asset Management Services; and 
         (x) any and all additional services that the Manager deems necessary or convenient in connection with the foregoing. 

“SPV Canadian Holdco” has the meaning set forth in the preamble hereto. 

“SPV Guarantor” has the meaning set forth in the preamble hereto. 

“Sub-Management Arrangement” means an arrangement whereby the Manager or the Canadian Manufacturer engages any other
Person to perform certain of its duties under this Agreement; provided that any agreement between the Manager and third-party vendors pursuant to which the Manager purchases a specific product or service including, without limitation, the
Distribution Agreements, shall not be considered to be a Sub-Management Arrangement. 
 “Sub-manager” means any
sub-manager that has entered into a Sub-Management Arrangement with the Manager or the Canadian Manufacturer. 

“Successor Manager” means any successor to the Manager selected by the Control Party (at the direction of the
Controlling Class Representative) upon the resignation or removal of the Manager pursuant to the terms of this Agreement. 

“Supplied Products and Services” has the meaning set forth in the recitals hereto. 

“Trademarks” means United States, state and non-U.S. trademarks, service marks, trade names, trade dress, designs,
logos, slogans and other indicia of source or origin, whether registered or unregistered, registrations and pending applications to register the foregoing, and all goodwill of any business connected with the use of or symbolized thereby, included in
the Domino’s IP. 
 “Transition Plan” has the meaning set forth in the Back-Up Management Agreement.

  
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 “Trustee” has the meaning set forth in the preamble hereto. 

“Trustee Indemnitee” has the meaning set forth in Section 2.8(c) hereof. 

“Weekly Canadian Management Fee” has the meaning set forth in Section 2.7(b) hereof. 

“Weekly Management Fee” means for each Weekly Allocation Date within a Quarterly Collection Period, an amount, payable
in arrears, determined by dividing (a) the sum (as adjusted pursuant to this definition) of (i) $26,500,000, plus (ii) $600,000 for every 100 Open Domino’s Stores located in the contiguous United States as of
the last day of the immediately preceding Quarterly Collection Period; by (b) 52 or 53, as applicable, based on the number of weeks in the fiscal year; provided that the amount set forth in clause (a) will increase by
2% per annum on each anniversary of the Closing Date or, if the anniversary of the Closing Date in any calendar year is not the first day of a Quarterly Collection Period, on the first day of the Quarterly Collection Period immediately
following the anniversary of the Closing Date; provided, further, that the amount in clause (a), as adjusted, shall not exceed an amount equal to 25% of the aggregate amount of Retained Collections with respect to the preceding
four Quarterly Collection Periods. 
 “Warm Back-Up Management Duties” has the meaning set forth in the Back-Up
Management Agreement. 
 Section 1.2 Other Defined Terms. 

        (a) Each term defined in the singular form in Section 1.1 or
elsewhere in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement and each term defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such
term is used herein. 
         (b) The words “hereof,”
“herein,” “hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit references
herein are references to articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 

Section 1.3 Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All
terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each means “to but excluding.” 

  
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 ARTICLE 2 
 ADMINISTRATION AND MANAGEMENT OF MANAGED ASSETS 
 Section 2.1
Domino’s Pizza LLC to Act as the Manager. 
         (a)
Engagement of the Manager. The Securitization Entities hereby engage and authorize the Manager and the Manager hereby accepts such engagement to perform the Services in accordance with the terms of this Agreement and, except as otherwise
provided herein, the Management Standard. With respect to the IP Services, the Manager shall perform such IP Services in accordance with the Management Standard unless the IP Holder (or Additional IP Holder, as applicable) determines, in its sole
discretion, that additional action is necessary or desirable in furtherance of the protection of the Domino’s IP, in which case the Manager shall perform such IP Services and additional related services as are reasonably requested by the IP
Holder (or Additional IP Holder). The Manager, on behalf of the Securitization Entities, shall have full power and authority, acting alone and subject only to the Management Standard and the specific requirements and prohibitions of this Agreement,
the Indenture and the other Related Documents, to do and take any and all actions, or to refrain from taking any such actions, and to do any and all things in connection with performing the Services that the Manager may deem necessary or desirable.
The Canadian Manufacturer will perform all Services for the Canadian Distributor. Without limiting the generality of the foregoing, but subject to the provisions of this Agreement, the Indenture and the other Related Documents, including, without
limitation, Section 2.9, the Manager, in connection with performing the Services, is hereby authorized and empowered to execute and deliver, in the Manager’s own name (in its capacity as Manager) or in the name of any Securitization
Entity, on behalf of any Securitization Entity or the Trustee, as the case may be, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Managed
Assets, including, without limitation, consents to sales, transfers or encumbrances of a franchise by any Franchisee or consents to assignments and assumptions of the Franchise Arrangements by any Franchisee in accordance with the terms thereof.

         (b) Actions to Perfect Security Interests. Subject to
the terms of the Base Indenture and any applicable Series Supplement, the Manager shall take those actions that are required under the Related Documents to maintain continuous perfection and priority (subject to Permitted Liens) of any
Securitization Entity’s and the Trustee’s respective interests in the Collateral. Without limiting the foregoing, the Manager shall file or cause to be filed the financing statements on Form UCC-1 (or the PPSA, as the case may be), and
assignments and/or amendments of financing statements on Form UCC-3 (or the PPSA, as the case may be), and other filings required to be filed in connection with each Contribution and Sale Agreement, the Distribution and Contribution Agreements, the
IP License Agreements, the Domino’s IP, the Base Indenture, the other Related Documents and the transactions contemplated thereby. 

  
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         (c) Ownership of
Domino’s IP. All Domino’s IP, including all After-Acquired IP Assets, shall be owned exclusively by the IP Holder or, with respect to certain Future Brand Assets, by an Additional IP Holder, in accordance with
Section 5.2(a)(i). The Manager does hereby irrevocably assign and transfer to the IP Holder all right, title and interest in and to any Domino’s IP that the Manager has acquired or developed, and shall assign and transfer to the IP
Holder or the applicable Additional IP Holder, all right title and interest in and to any Domino’s IP that the Manager may acquire or develop, in each case, including all appurtenant goodwill and choses in action, and will take all appropriate
measures to record any such assignments, at the Manager’s sole cost and expense. The Manager expressly agrees that, to the fullest extent allowed by law, copyrighted works included in the After-Acquired IP Assets shall be deemed to be a
“works made for hire” as that term is defined in Section 101 of the United States Copyright Act, as amended. All use of the Domino’s IP hereunder, and any goodwill that may arise from the provision of the Services by the Manager,
shall inure solely to the benefit of the IP Holder (and any Additional IP Holder, as applicable). 

        (d) Grant of Power of Attorney. In order to provide the Manager
with the authority to perform and execute its duties and obligations as set forth herein, the IP Holder hereby agrees, and each Additional IP Holder will be required to agree, to execute, upon request of the Manager, a Power of Attorney, which
Powers of Attorney shall terminate in the event that the Manager’s rights under this Agreement are terminated as provided herein. 
         (e) Franchisee Insurance. The Manager acknowledges that, to the extent that it is named as a “loss payee” or “additional insured”
under any Franchisee Insurance Policies, it will use commercially reasonable efforts to cause it to be so named in its capacity as the Manager, and the Manager shall promptly remit to the Trustee for deposit in the Collection Account any Franchisee
Insurance Proceeds received by it or by any Securitization Entity under any Franchisee Insurance Policy to the extent such Franchisee Insurance Proceeds relate to any Franchise Arrangements. The Manager shall use commercially reasonable efforts to
cause the applicable Securitization Entity to be named as “loss payee” or “additional insured” under all Franchisee Insurance Policies at the earliest time such Franchisee Insurance Policies are issued, renewed or replaced after
the date hereof. 
         (f) Manager Insurance. The Manager
agrees to maintain adequate insurance in accordance with industry standards and consistent with the type and amount maintained by the Manager on the Closing Date. Such insurance will cover each of the Securitization Entities, as an additional
insured or loss payee, to the extent that such Securitization Entity has an insurable interest therein. 

  
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         (g) Collection of
Payments; Remittances; Collection Account. The Manager shall cause the collection of all amounts owing under the terms and provisions of each Managed Document in accordance with the Management Standard. 

        (h) Collections. The Manager shall use commercially reasonable
efforts to cause all Collections due and to become due to any Securitization Entity to be deposited into a Concentration Account or the Collection Account, as the case may be, in accordance with Section 5.10 of the Base Indenture. 

        (i) Deposit of Misdirected Funds; No Commingling; Misdirected
Payments. The Manager shall promptly deposit into any Concentration Account, as determined by the Manager, by the second Business Day immediately following actual knowledge of the receipt thereof by the Manager or any of its Affiliates and in
the form received or in cash, all payments received by the Manager or any of its Affiliates in respect of the Managed Assets incorrectly sent to the Manager or any of its Affiliates. The Manager shall not commingle with its own assets and shall keep
separate, segregated and appropriately marked and identified all Managed Assets and any other property comprising any part of the Collateral, and for such time, if any, as such Managed Assets or such other property are in the possession or control
of the Manager to the extent such Managed Assets or such other property is Collateral, the Manager shall hold the same in trust for the benefit of the Trustee and the Secured Parties (or, following termination of the Indenture, the applicable
Securitization Entity). Additionally, the Manager shall notify the Trustee in writing of any amounts incorrectly deposited into the Collection Account, and arrange for the prompt remittance by the Trustee of such funds from the Collection Account to
the Manager. The Trustee shall have no obligation to verify any information provided to it by the Manager hereunder and shall remit such funds to the Manager based solely on the notification it receives from the Manager. 

        (j) Other Amounts Received. The Manager shall cause all amounts
received, other than Collections, to be deposited directly into an account maintained by Domino’s Pizza LLC or its Affiliates (other than the Securitization Entities) and not subject to the Lien of the Trustee pursuant to the Related Documents.

         (k) Asset Management Services. In connection with the
Asset Management Services, the Manager shall use commercially reasonable efforts to renew real property leases and equipment leases related to the distribution, manufacturing and supply chain solely in the name of the relevant Securitization Entity
and to remove any Non-Securitization Entity that is a co-obligor on any such lease. 

        (l) Supplied Products and Services. The Product Supply Entities
hereby engage and authorize DPL, and DPL hereby accepts such 

  
 16 

 
engagement, to provide and perform the Supplied Products and Services. DPL agrees to provide and perform such Supplied Products and Services in accordance with the agreements and covenants set
forth in the Product Purchase and Distribution Agreement as if DPL were party to such agreement in the role of the Suppliers (as defined therein). DPL further agrees to be bound by the “Default and Termination” provisions of the Product
Purchase and Distribution Agreement as if DPL were party to such agreement in the role of the Suppliers (as defined therein). 

Section 2.2 Manager Advances. 
         (a) Subject to the Management Standard, the Manager may, but is not obligated to, advance funds (the “Manager Advances”) to, or on behalf
of, any Securitization Entity in connection with the operation of the Franchise Assets, the Domino’s IP, the Distribution Assets or any other assets of a Securitization Entity, including for the payment of Distributor Costs of Goods Sold and
Distribution Center Expenses, and for purposes of effecting Asset Dispositions, including amounts related to the acquisition of assets disposed of later in such transactions, in each case, solely to the extent that funds available in the applicable
accounts are insufficient to pay such amounts. 
         (b) Manager
Advances will accrue interest at the Advance Interest Rate and will be reimbursable on each Weekly Allocation Date in accordance with the Priority of Payments. 
 Section 2.3 Concentration Accounts. 

        (a) The Manager shall maintain the Concentration Accounts, deposit funds
therein and withdraw funds therefrom in accordance with the terms of the Indenture. 

        (b) In the event Holdco has deposited cash collateral as security for its
obligations under the Holdco Letter of Credit Agreement into a bank account maintained in the name of the Master Issuer, (i) if Holdco fails to make any payment to the Co-Issuers when due under the Holdco Letter of Credit Agreement, the Manager
will withdraw the amount of such delinquent payment from such bank account within one Business Day of the due date of such payment under the Holdco Letter of Credit Agreement and deposit such amount into the Collection Account, and (ii) if the
amount on deposit in such account exceeds an amount equal to 105% of the sum of (x) the aggregate exposure under all outstanding Holdco Letters of Credit plus (y) the aggregate amount then due to the Co-Issuers under
Section 4 or Section 5 of the Holdco Letter of Credit Agreement, the Manager will, within five Business Days after obtaining Actual Knowledge of such excess, withdraw the amount of such excess from such account and pay such excess to
Holdco. 
 Section 2.4 Records. The Manager shall retain all data (including, without limitation, computerized
records) relating directly to, or maintained in connection with, the servicing of the Managed Assets at its address indicated in Section 8.6 (or at an 

  
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off-site storage facility reasonably acceptable to the Master Issuer and the Control Party) or, upon 30 days’ notice to the Master Issuer, the Servicer, the Back-Up Manager, the IP Holder
(and any Additional IP Holder), the Rating Agencies, the Control Party, the Controlling Class Representative and the Trustee, at such other place where the servicing office of the Manager is located, and shall give the Servicer, the Back-Up Manager,
the Control Party, the Controlling Class Representative and the Trustee or any Person appointed by any of them access to all such data in accordance with the terms and conditions set forth in Section 8.6 of the Base Indenture; provided,
however, that the Trustee shall not be obligated to verify, recalculate or review any such data. If the rights of the Manager shall have been terminated in accordance with Section 6.1 or the Manager shall have resigned pursuant to
Section 4.4(b), the Manager shall, upon demand of the Trustee (based upon the written direction of the Control Party), in the case of a termination pursuant to Section 6.1 or a resignation pursuant to Section 4.4(b), deliver to
the demanding party or its designee all data in its possession or under its control (including, without limitation, computerized records) necessary for the servicing of the Managed Assets; provided, however, that the Manager may retain
a single set of copies of any books and records that the Manager reasonably believes will be required by it for the purpose of performing any of the Manager’s accounting, public reporting or other administrative functions that are performed in
the ordinary course of the Manager’s business; and provided, further, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager reasonably believes would
be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses; and provided, further, that if the Master Issuer or the Trustee shall desire to dispose
of any of such books and records at any time within five years of the Manager’s termination, the Master Issuer shall, prior to such disposition, give the Manager a reasonable opportunity, at the Manager’s expense, to segregate and remove
such books and records as the Manager may select. The provisions of this Section 2.4 shall not require the Manager to transfer any proprietary material or computer programs unrelated to the servicing of the Managed Assets. 

Section 2.5 Administrative Duties of Manager. 

        (a) Duties with Respect to the Related Documents. The Manager shall
perform its duties and the duties of each applicable Securitization Entity under the Related Documents except for those duties that are required to be performed by the equityholders or the managers of a limited liability company, equityholders or
the directors of an unlimited liability company or the stockholders or directors of a corporation pursuant to applicable law. In furtherance of the foregoing, the Manager shall consult the managers or the directors, as the case may be, of the
Securitization Entities as the Manager deems appropriate regarding the duties of the Securitization Entities under the Related Documents. The Manager shall monitor the performance of the Securitization Entities and, promptly upon obtaining knowledge
thereof, shall advise the applicable Securitization Entity when action is necessary to comply with the such Securitization Entity’s duties under the Related Documents. The Manager shall prepare for execution by the Securitization Entities or
shall cause the preparation 

  
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by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization Entities to prepare, file or deliver
pursuant to the Related Documents. 
         (b) Duties with Respect
to the Securitization Entities. In addition to the duties of the Manager set forth in this Agreement or any of the other Related Documents, the Manager, in accordance with the Management Standard, shall perform such calculations and shall
prepare for execution by the Securitization Entities or shall cause the preparation by other appropriate Persons of all documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Securitization
Entities to prepare, file or deliver pursuant to securities laws and franchise laws. Pursuant to the directions of the Securitization Entities and in accordance with the Management Standard, the Manager shall administer, perform or supervise the
performance of such other activities in connection with the Securitization Entities as are not covered by any of the foregoing provisions and as are expressly requested by any Securitization Entity and are reasonably within the capability of the
Manager. 
         (c) Records. The Manager shall maintain, at
its sole cost and expense, appropriate books of account and records relating to the Services performed under this Agreement. Such books of account and records shall be accessible for inspection by the Trustee, the Master Issuer, the Servicer, the
Back-Up Manager, the Control Party, and the Controlling Class Representative or any Person appointed by any of them during normal business hours and upon reasonable notice. 

        (d) Election of Controlling Class Representative. Pursuant to
Section 11.1(d) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the
Manager shall direct the Trustee to appoint one of such CCR Candidates as the Controlling Class Representative. 

Section 2.6 No Offset. The obligations of the Manager under this Agreement shall not be subject to, and the Manager hereby
waives, any defense, counterclaim or right of offset which the Manager has or may have against the Securitization Entities, whether in respect of this Agreement, any other Related Document, any document governing any Serviced Asset or otherwise.

 Section 2.7 Compensation. 

        (a) General. As compensation for the performance of their
obligations under this Agreement, the Manager and the Canadian Manufacturer shall be entitled to receive arm’s-length fees, in each case, out of funds available therefore in accordance with the Priority of Payments, as follows: 

(i) on each Weekly Allocation Date, payable in arrears, an amount equal to the Weekly Management Fee; and 

  
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 (ii) on each Weekly Allocation Date, the Supplemental Management Fee, if
any; provided that the Manager shall, with the written consent or at the direction of the Control Party, acting at the direction of the Controlling Class Representative, pay any Tax Payment Deficiency from the Supplemental Management Fee to
the extent allocated for such purpose under the terms of such consent or direction. 

        (b) Canadian Manufacturer. From the amounts payable under
Section 2.7(a) in respect of any Weekly Collection Period, as compensation for the performance of its obligations under this Agreement, the Canadian Manufacturer will be compensated on a cost-plus basis for performance of Services for
the Canadian Distributor during such Weekly Collection Period (the “Weekly Canadian Management Fee”). 
         (c) Manager. As compensation for the performance of its obligations under this Agreement, the Manager will be entitled to receive all amounts payable
under Section 2.7(a) in respect of any Weekly Collection Period, less the Weekly Canadian Management Fee, if any, payable in respect of such Weekly Collection Period. 

        (d) Payment for Supplied Products and Services. As compensation
for DPL’s provision of Supplied Products and Services to each of the Product Supply Entities, such entities shall separately pay DPL a price for such Supplied Products and Services, as set forth on Exhibit C attached hereto (as may be
adjusted from time to time in accordance with the provisions of Exhibit C) and incorporated by reference (the “Product Supply Price”). The “Total Cost” portion of such Product Supply Price shall not build in any
margin and shall not be calculated to generate any profit for any party hereto or any Affiliate of any party hereto (including, for the avoidance of doubt, Progressive Food Solutions LLC). The Manager shall apportion the obligation to pay the
Product Supply Price among the Product Supply Entities based on such criteria as the Manager from time to time determines in its reasonable discretion. 
         (e) Reimbursement Amounts. The Manager will be entitled to be reimbursed on each Weekly Allocation Date out of funds available therefor in accordance
with the Priority of Payments in the amount of the Weekly Distribution Services Reimbursement Amount and the Weekly Equipment Purchasing Reimbursement Amount. 
 Section 2.8 Indemnification. 

        (a) The Manager agrees to indemnify and hold each Securitization Entity,
the Servicer, both in its capacity as Servicer and as Control Party, and the Trustee, and their respective officers, directors, employees and agents (each an “Indemnitee”) harmless against all claims, losses, penalties, fines,
forfeitures, legal fees and related costs and judgments and other costs, fees and reasonable expenses that any of them may incur as a result of (i) the failure of the 

  
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Manager to perform its obligations under this Agreement, (ii) the breach by the Manager of any representation, warranty or covenant under this Agreement or (iii) the Manager’s
negligence, bad faith or willful misconduct; provided, however, that there shall be no indemnification under this Section 2.8(a) for a breach of any representation, warranty or covenant relating to any Post-Securitization
Asset provided in ARTICLE 5, unless the applicable Indemnitees elect to forego the liquidated damages remedy provided in Section 2.8(b) below (with the consent of the Control Party), with respect to the applicable breach;
provided further that, solely for purposes of determining the indemnification obligations pursuant to clause (i) above, the definition of “Management Standard” will be read without giving effect to the materiality
standard contained in clause (c) of the definition of “Management Standard.” 

        (b) With respect to any claim described in clause (i) or
(ii) of Section 2.8(a) relating to the Manager’s breach of a representation, warranty or covenant under ARTICLE 5 relating to any Post-Securitization Asset, each Indemnitee shall have the option (that it may
exercise in its sole discretion) of proceeding under such Section 2.8(a) or under this Section 2.8(b) but not both. Unless the applicable Indemnitee elects the remedy set forth in Section 2.8(a) above, the Manager
shall pay to the Master Issuer liquidated damages in an amount equal to the Defective Asset Damages Amount. Upon payment by the Manager of the Defective Asset Damages Amount to the Master Issuer with respect to any Defective Post-Securitization
Asset in accordance with the preceding sentence, the Master Issuer or the applicable Securitization Entity shall, to the extent permitted by applicable law, assign such Defective Post-Securitization Asset to the Manager (together with a master
franchise or license agreement permitting the Manager and its Affiliates the right to sub-franchise such Defective Post-Securitization Asset) and the Manager shall accept assignment of such Defective Post-Securitization Asset from the relevant
Securitization Entity. Such Securitization Entity shall, in such event, make all assignments of such Defective Post-Securitization Asset necessary to effect such assignment, as applicable. Any such assignment by such Securitization Entity shall be
without recourse to, or representation or warranty by, such Securitization Entity, except that such ownership rights being conveyed are free and clear of any Liens created by any Related Document. All costs and expenses associated with the foregoing
shall be paid by the Manager on demand by or at the direction of such Securitization Entity or the Trustee (at the direction of the Control Party). 
         (c) Any Indemnitee that proposes to assert the right to be indemnified under Section 2.8 will promptly, after receipt of notice of the
commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against the Manager under this Section 2.8, notify the Manager of the commencement of such action, suit or proceeding, enclosing
a copy of all papers served. In the event that any action, suit or proceeding shall be brought against any Indemnitee (other than the Trustee and its officers, directors, employees and agents), such Indemnitee shall notify the Manager of the
commencement thereof and the Manager shall be entitled to participate in, and to 

  
 21 

 
the extent that it shall wish, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee, and after notice from the Manager to such Indemnitee of its election to
assume the defense thereof, the Manager shall not be liable to such Indemnitee for any legal expenses subsequently incurred by such Indemnitee in connection with the defense thereof; provided that the Manager shall not enter into any
settlement with respect to any claim or proceeding unless such settlement includes a release of such Indemnitee from all liability on claims that are the subject matter of such settlement; and provided further that the Indemnitee shall
have the right to employ its own counsel in any such action the defense of which is assumed by the Manager in accordance with this Section 2.8, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless
the employment of counsel by such Indemnitee has been specifically authorized by the Manager, or unless the Manager is advised in writing by counsel that joint representation would give rise to a conflict between the Indemnitee’s position and
the position of the Manager and its Affiliates in respect of the defense of the claim. In the event that any action, suit or proceeding shall be brought against the Trustee or any of its officers, directors, employees or agents (each, a
“Trustee Indemnitee”), it shall notify the Manager of the commencement thereof and the Trustee Indemnitee shall have the right to employ its own counsel in any such action at the expense of the Manager. No Indemnitee shall settle or
compromise any claim covered pursuant to this Section 2.8 without the prior written consent of the Manager, which shall not be unreasonably withheld, conditioned or delayed. The provisions of this Section 2.8 shall survive
the termination of this Agreement or the earlier resignation or removal of any party hereto. 
 Section 2.9 Nonpetition
Covenant. The Manager shall not, prior to the date that is one year and one day after the payment in full of the Outstanding Principal Amount of the Notes of any Series, petition or otherwise invoke the process of any court or governmental
authority for the purpose of commencing or sustaining a case against any Securitization Entity under any insolvency law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of any Securitization
Entity or any substantial part of its property, or ordering the winding up or liquidation of the affairs of any Securitization Entity. 
 Section 2.10 Certain Amendments to Documents Governing Managed Assets. Except with the prior written consent of the Control Party, the Manager shall not (a) take any action (or omit to
take any action) (or permit any such action or inaction) with respect to the Managed Assets or (b) permit the termination, amendment or waiver of any provision of any document governing the Managed Assets, other than in accordance with the
Management Standard, and then only if the effect of such action, inaction, termination, amendment or waiver, together with the effect of all other previous actions, inactions, terminations, amendments and waivers, with respect to the Managed Asset
or to such documents governing the Managed Assets, could not be reasonably expected to result in (i) a material decrease in the amount of Collections other than Excluded Amounts, taken as a whole, (ii) a material adverse change in the
nature or quality of Collections other than Excluded Amounts, taken as a whole or (iii) a material alteration in the general assets categories generating Collections other than Excluded 

  
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Amounts, taken as a whole, or the relative contribution of each such category; provided, however, that this Section 2.10 shall not permit the termination, amendment or
waiver of, any provision of any Related Document other than in accordance with the terms of such Related Document. 

Section 2.11 Franchisor Consent. Subject to the Management Standard and the terms of the Related Documents, the Manager shall
have the authority, on behalf of the applicable Franchisor, to grant or withhold consents of the “franchisor” required under the Franchise Arrangements. 
 Section 2.12 Appointment of Sub-managers. The Manager may enter into Sub-Management Arrangements; provided that, other than with respect to a Sub-Management Arrangement with an
Affiliate of the Manager, no Sub-Management Arrangement shall be effective unless and until (i) the Manager receives the written consent of the Control Party, (ii) the Sub-manager party to such Sub-Management Arrangement executes and
delivers an agreement, in the form and substance reasonably satisfactory to the Control Party, to perform and observe, or in the case of an assignment, an assumption by such successor entity of the due and punctual performance and observance of, the
applicable covenants and conditions to be performed or observed by the Manager under this Agreement and (iii) such Sub-Management Arrangement or assignment and assumption by such Sub-Manager satisfies the Rating Agency Condition; provided that
such Sub-Management Arrangement shall be terminable by the Control Party upon a Manager Termination Event and shall contain disentanglement provisions substantially similar to those provided in Section 6.2 herein. 

ARTICLE 3 

STATEMENTS AND REPORTS 
 Section 3.1 Reporting by the Manager. 

        (a) Reports Required Pursuant to the Indenture. The Manager, on
behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee, the Servicer, the Back-Up Manager and each Paying Agent, as applicable, all reports required to be delivered by any Securitization Entity to such Persons pursuant
to Section 4.1 of the Base Indenture. 
         (b) Instructions
as to Withdrawals and Payments. The Manager, on behalf of the Master Issuer, will furnish, or cause to be furnished, to the Trustee or the Paying Agent, as applicable, written instructions to make withdrawals and payments from the Collection
Account and any other Base Indenture Accounts or any Series Account, as contemplated herein, in the Base Indenture or in any Series Supplement. The Trustee and the Paying Agent shall follow any such written instructions in accordance with the terms
and conditions of the Base Indenture and any applicable Series Supplement. 
 Section 3.2 Appointment of Independent
Accountant. The Master Issuer shall appoint a firm of independent public accountants of recognized national 

  
 23 

 
reputation to serve as the independent accountants (“Independent Accountants”) for purposes of preparing and delivering the reports required by Section 3.3. It is
hereby acknowledged that the accounting firm of PricewaterhouseCoopers LLP is acceptable for purposes of serving as Independent Accountants. The Master Issuer may not remove the Independent Accountants without first giving 30 days’ prior
written notice to the Independent Accountants, with a copy of such notice also given concurrently to the Trustee, the Rating Agencies, the Servicer, the Back-Up Manager and the Manager. Upon any resignation by such firm or removal of such firm, the
Master Issuer shall promptly appoint a successor thereto that shall also be a firm of independent public accountants of recognized national reputation to serve as the Independent Accountants hereunder. If the Master Issuer shall fail to appoint a
successor firm of Independent Accountants which has resigned or been removed within 30 days after the effective date of such resignation or removal, the Control Party shall promptly appoint a successor firm of independent public accountants of
recognized national reputation that is reasonably satisfactory to the Manager to serve as the Independent Accountants hereunder. The fees of any Independent Accountants shall be payable by the Master Issuer. 

Section 3.3 Annual Accountants’ Reports. 

        (a) On or before ninety (90) days after the end of each fiscal year
of the Manager, the Manager shall deliver to the Master Issuer, the Trustee, the Servicer, the Back-Up Manager and the Rating Agencies a separate report, concerning the fiscal year just ended, prepared by the Independent Accountants, to the effect
that their examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as they considered necessary in the circumstances in accordance
with the standards established by the American Institute of Certified Public Accountants relating to the servicing of the Managed Assets. The nature, scope and design of the procedures will not constitute an audit made in accordance with generally
accepted auditing standards, the objective of which is the issuance of an opinion. 

        (b) On or before ninety (90) days after the end of each fiscal year
of the Manager, the Manager shall deliver to the Master Issuer, the Trustee, the Servicer and the Rating Agencies (i) a report of the Independent Accountants or the Back-Up Manager summarizing the findings of a set of agreed-upon procedures
performed by the Independent Accountants or the Back-Up Manager with respect to compliance by the Quarterly Manager’s Certificates for such fiscal year (or other period) with the standards set forth in ARTICLE 2 with respect to such
fiscal year (or other) period, and (ii) a report of the Independent Accountants or the Back-Up Manager to the effect that such firm has examined the assertion of the Manager’s management as to its compliance with its management
requirements for such fiscal year (or other period), and that (A) in the case of the Independent Accountants, such examination was made in accordance with standards established by the American Institute of Certified Public Accountants and
(B) except as described in the report, management’s assertion is fairly stated in all material respects. In the case of the Independent Accountants, the report 

  
 24 

 
will also indicate that the firm is independent of the Manager within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

Section 3.4 Notice of Reduction in Blended Rate of Continuing Franchise Fees. If during any Quarterly Collection Period the
weighted average rate of (a) Domestic Continuing Franchise Fees (calculated as the aggregate amount of such Domestic Continuing Franchise Fees divided by the aggregate systemwide sales (after all appropriate deductions) on which such
Domestic Continuing Franchise Fees were payable) falls below 5% or (b) International Continuing Franchise Fees (calculated as the aggregate amount of such International Continuing Franchise Fees divided by the aggregate systemwide sales
(after all appropriate deductions) on which such International Continuing Franchise Fees were payable) falls below 2.5%, the Manager, on behalf of the Master Issuer, shall give written notice of such reduction to the Servicer, the Back-Up Manager
and the Rating Agencies on the next succeeding Quarterly Payment Date. 
 ARTICLE 4 

THE MANAGER 
 Section 4.1 Representations and Warranties Concerning the Manager. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of each
Series Closing Date (except if otherwise expressly noted), as follows: 

        (a) Organization and Good Standing. 

(i) The Manager (i) is a limited liability company, duly formed and organized, validly existing and in good
standing under the laws of the State of Michigan, (ii) is duly qualified to do business as a foreign corporation and in good standing under the laws of each jurisdiction where the character of its property, the nature of its business or the
performance of its obligations under the Related Documents make such qualification necessary, except to the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement. 

(ii) The Canadian Manufacturer (i) is an unlimited company, duly formed and organized, validly existing and in good
standing under the laws of the Province of Nova Scotia, (ii) is duly qualified to do business as a foreign unlimited company and in good standing under the laws of each jurisdiction where the character of its property, the nature of its
business or the performance of its obligations under the Related Documents make such qualification necessary, except to 

  
 25 

 
the extent that the failure to so qualify is not reasonably likely to result in a Material Adverse Effect and (iii) has the power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is currently conducted and to perform its obligations under this Agreement. 
         (b) Power and Authority; No Conflicts. The execution and delivery by the Manager of this Agreement and its performance of, and compliance with, the
terms hereof are within the power of the Manager and have been duly authorized by all necessary corporate action on the part of the Manager. Neither the execution and delivery of this Agreement, nor the consummation of the transactions herein
contemplated to be consummated by the Manager, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default)
under (i) any order or any Governmental Authority or any of the provisions of any Requirement of Law binding on the Manager or its properties, except to the extent that such conflict, breach or default would not result in a Material Adverse
Effect, (ii) the DPL Charter Documents or (iii) any of the provisions of any indenture, mortgage, lease, contract or other instrument to which the Manager is a party or by which it or its property is bound or result in the creation or
imposition of any Lien upon any of its property pursuant to the terms of any such indenture, mortgage, leases, contract or other instrument except to the extent such default, creation or imposition would not result in a Material Adverse Effect.

         (c) Consents. Except for registrations as a franchise
broker or franchise sales agent as may be required under federal, state or foreign franchise statutes and regulations, the Manager is not required to obtain the consent of any other party or the consent, license, approval or authorization of, or
file any registration or declaration with, any Governmental Authority in connection with the execution, delivery or performance by the Manager of this Agreement, or the validity or enforceability of this Agreement against the Manager, except to the
extent that a state or foreign franchise law requires filing and other compliance actions by virtue of considering the Manager as a “subfranchisor”. 
         (d) Due Execution and Delivery. This Agreement has been duly executed and delivered by the Manager and constitutes a legal, valid and binding
instrument enforceable against the Manager in accordance with its terms (subject to applicable insolvency laws and to general principles of equity). 
         (e) No Litigation. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Manager, threatened against or
affecting the Manager, before or by any Governmental Authority having jurisdiction over the Manager or any of its properties or with respect to any of the transactions contemplated by this Agreement (i) asserting the illegality, invalidity or
unenforceability, or seeking any determination or ruling that would affect the legality, binding effect, validity or enforceability of this Agreement, or (ii) which 

  
 26 

 
could reasonably be expected to have a Material Adverse Effect. The Manager is in compliance with all Requirements of Law except to the extent that the failure to comply therewith could not, in
the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (f) Due Qualification. Except
for registrations as a franchise broker or franchise sales agent as may be required under state or foreign franchise statutes and regulations and except to the extent that a state or foreign franchise law requires filing and other compliance actions
by virtue of considering the Manager as a “subfranchisor”, the Manager has obtained or made all licenses, registrations, consents, approvals, waivers and notifications of creditors, lessors and other Persons, in each case, in connection
with the execution and delivery of this Agreement by the Manager, and the consummation by the Manager of all the transactions herein contemplated to be consummated by the Manager and the performance of its obligations hereunder, except to the extent
that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 (g) No
Default. The Manager is not in default under any agreement, contract, instrument or indenture to which the Manager is a party or by which it or its properties is or are bound, or with respect to any order of any Governmental Authority, which
would have a Material Adverse Effect; and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such agreement, contract, instrument or indenture, or with respect to any such order of
any Governmental Authority, which would have a Material Adverse Effect. 
 (h) Taxes. The Manager has
filed or caused to be filed all federal tax returns and all state and other tax returns which, to its knowledge, are required to be filed. The Manager has paid or made adequate provisions for the payment of all taxes shown as due on such returns,
and all assessments made against it or any of its property (other than any amount of tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been
provided on the books of the Manager). The charges, accruals and reserves on the Manager’s books in respect of taxes are, in the Manager’s reasonable opinion, adequate. 

(i) Accuracy of Information. As of the date thereof, the information contained in the final offering memorandum,
dated March 6, 2012, relating to the Notes issued on the Closing Date, regarding (i) the Manager, (ii) the servicing of the Managed Assets by the Manager and (iii) the description of this Agreement therein does not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(j) Financial Statements. As of the Closing Date, the audited consolidated financial statements of the Master
Issuer and its Subsidiaries dated as of January 2, 2011 and January 1, 2012, incorporated in the offering 

  
 27 

 
memorandum dated as of March 6, 2012 and reported on and accompanied by an unqualified report from PricewaterhouseCoopers LLP, have been prepared in accordance with GAAP and present fairly
the financial position of the Master Issuer and its Subsidiaries as at such date and the results of their operations and their cash flows for the periods covered thereby. 

        (k) No Material Adverse Change. Since January 2, 2012, there
has been no development or event that has had or could reasonably be expected to have a Material Adverse Effect. 
         (l) No ERISA Plan. Neither the Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated) that
would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA has established, maintains, contributes to, or has any liability in respect of (or
has in the past six years established, maintained, contributed to, or had any liability in respect of) any Plan. Except as set forth in Schedule 4.1, the Manager is not a member of a Controlled Group which has any contingent liability with
respect to any post-retirement welfare benefits under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Subtitle B of Title I of ERISA or other applicable continuation of coverage laws. 

        (m) Environmental Matters. 

(i) The Manager (A) is, and for the past three years has been, in material compliance with any and all applicable
foreign, federal, state and local laws and regulations, and directives of any Governmental Authority relating to the protection of human health and safety, natural resources, the environment or hazardous or toxic substances or wastes, pollutants or
contaminants (“Environmental Laws”), (B) has received and will have in full force and effect all material permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses
(including, without limitation, the business of servicing the Managed Assets) and (C) is in compliance with all terms and conditions of any such permit, license or approval. 

(ii) There are no material costs or liabilities associated with Environmental Laws (including, without limitation, any
capital operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties).

         (n) No Manager Termination Event. No Manager
Termination Event has occurred or is continuing, and, to the knowledge of the Manager, there is no event which, with notice or lapse of time, or both, would constitute a Manager Termination Event. 

  
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 Section 4.2 Existence. The Manager shall keep in full effect its existence under
the laws of the state of its formation, and maintain its rights and privileges necessary or desirable in the normal conduct of its business and the performance of its obligations hereunder, and will obtain and preserve its qualification to do
business in each jurisdiction in which the failure to so qualify either individually or in the aggregate would be reasonably likely to have a Material Adverse Effect. 
 Section 4.3 Performance of Obligations. 

        (a) Punctual Performance. The Manager shall punctually perform and
observe all of its obligations and agreements contained in this Agreement in accordance with the terms hereof and in accordance with the Management Standard. 
         (b) Limitations of Responsibility of the Manager. The Manager will have no responsibility under this Agreement other than to render the Services
called for hereunder in good faith and consistent with the Management Standard. 

        (c) Right to Receive Instructions. In the event that the Manager
is unable to decide between alternative courses of action, or is unsure as to the application of any provision of this Agreement or any other Related Document, or any such provision is, in the good faith judgment of the Manager, ambiguous as to its
application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement or any other Related Document permits any determination by the Manager or is silent or is incomplete as to the course of
action which the Manager is required to take with respect to a particular set of facts, the Manager may give notice (in such form as shall be appropriate under the circumstances) to the Control Party requesting instructions in accordance with the
Base Indenture and, to the extent that the Manager shall have acted or refrained from acting in good faith in accordance with any such instructions received from the Control Party, the Manager shall not be liable on account of such action or
inaction to any Person; provided that the Control Party shall be under no obligation to provide any instruction if it is unable to decide between alternative courses of action. Subject to the Management Standard, if the Manager shall not have
received appropriate instructions from the Control Party within ten days of such notice (or within such shorter period of time as may be specified in such notice) the Manager may, but shall be under no duty to, take or refrain from taking such
action, not inconsistent with this Agreement or the Related Documents, as the Manager shall deem to be in the best interests of the Noteholders and the Securitization Entities. The Manager shall have no liability to any Secured Party, any Noteholder
or the Controlling Class Representative for such action or inaction taken in reliance on the preceding sentence except for the Manager’s own willful misconduct or negligence. 

        (d) No Duties Except as Specified in this Agreement or in
Instructions. The Manager shall not have any duty or obligation to manage, make any payment in respect of, register, record, sell, reinvest, dispose of, create, 

  
 29 

 
perfect or maintain title to, or any security interest in, or otherwise deal with the Collateral, to prepare or file any report or other document or to otherwise take or refrain from taking any
action under, or in connection with, any document contemplated hereby to which the Manager is a party, except as expressly provided by the terms of this Agreement and consistent with the Management Standard, and no implied duties or obligations
shall be read into this Agreement against the Manager. The Manager nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Managed Assets which result from
claims against the Manager personally that are not related to the ownership or administration of the Managed Assets or the transactions contemplated by the Related Documents. 

        (e) No Action Except Under Specified Documents or Instructions.
The Manager shall not manage, control, use, sell, reinvest, dispose of or otherwise deal with any part of the Collateral except in accordance with the powers granted to, and the authority conferred upon, the Manager pursuant to this Agreement.

         (f) Limitations on the Manager’s Liability.
Subject to the Management Standard, and except for any loss, liability, expense, damage or injury arising out of, or resulting from, (i) any breach or default by the Manager in the observance or performance of any of its agreements contained in
this Agreement, (ii) the breach by the Manager of any representation or warranty made by it herein or (iii) acts or omissions constituting the Manager’s own willful misconduct, bad faith or negligence in the performance of its duties
hereunder or otherwise, neither the Manager nor any of its Affiliates (other than the Securitization Entities), managers, officers, members or employees shall be liable to any Securitization Entity, the Servicer, the Control Party, the Back-Up
Manager, the Noteholders or any other Person under any circumstances, including, without limitation: 
 (i) for
any error of judgment made in good faith; 
 (ii) for any action taken or omitted to be taken by the Manager in
good faith in accordance with the Management Standard and in accordance with the instructions of the Control Party made in accordance herewith; 
 (iii) for any representation, warranty, covenant, agreement or indebtedness of any Securitization Entity under the Notes or any Related Document, or for any other liability or obligation of any
Securitization Entity; 
 (iv) for or in respect of the validity or insufficiency of this Agreement or for the
due execution hereof by any party hereto other than the Manager, or for the form, character, genuineness, sufficiency, value or validity of any part of the Collateral, or for or in respect of the validity or insufficiency of the Related Documents;
and 

  
 30 

 (v) for any action or inaction of the Trustee or the Control Party, or for
the performance of, or the supervision of the performance of, any obligation under this Agreement or any other Related Document that is required to be performed by the Trustee or the Control Party under this Agreement or any other Related Document.

         (g) No Financial Liability. No provision of this
Agreement (other than the last sentence of clause (d) above) shall require the Manager to expend or risk its funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Manager
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. Notwithstanding the foregoing, the Manager shall be obligated to perform its
obligations hereunder, consistent with the Management Standard, notwithstanding the fact that the Manager may not be entitled to be reimbursed for all of its expenses incurred in connection with its obligations hereunder as a result of any limit on
amounts payable pursuant to the definitions of Weekly Management Fee, Weekly Canadian Management Fee and Supplemental Management Fee. 
         (h) Reliance. The Manager may conclusively rely on, and shall be protected in acting or refraining from acting when doing so, in each case in
accordance with any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The
Manager may accept a certified copy of a resolution of the board of directors or other governing body of any Person as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the manner or ascertainment of which is not specifically prescribed herein, the Manager may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Manager for any action taken or omitted to be taken by it in good faith in reliance thereon. 
         (i) Consultations with Third Parties; Advice of Counsel. In the exercise and performance of its duties and obligations hereunder or under any of the
other Related Documents, the Manager (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them and (ii) may, at the expense of the Manager, consult with counsel, accountants and other
professionals or experts selected and monitored by the Manager in good faith and in the absence of gross negligence, and the Manager shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or
opinion of any such counsel, accountants or other professionals or experts. 

  
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         (j) Independent
Contractor. In performing its obligations as manager hereunder the Manager acts solely as an independent contractor of the Securitization Entities, except to the extent the Manager is deemed to be an agent of the Securitization Entities by
virtue of engaging in franchise sales activities as broker. Nothing in this Agreement shall, or shall be deemed to, create or constitute any joint venture, partnership, employment or any other relationship between any of the Securitization Entities
and the Manager other than the independent contractor contractual relationship established hereby. Nothing herein shall be deemed to vest in the Manager title or any ownership or property interest in or to the Domino’s IP. The Manager shall not
be, nor shall be deemed to be, liable for any acts or obligations of the Securitization Entities, the Control Party or the Trustee (except as set forth in Section 4.3(f) hereof and except with respect to the leases related to the Leased
Domestic Manufacturing and Distribution Centers where DPL, in its individual capacity, is required to act as co-obligor pursuant to the terms of such leases) and, without limiting the foregoing, the Manager shall not be liable under or in connection
with the Notes. The Manager shall not be responsible for any amounts required to be paid by the Trustee under or pursuant to the Indenture. 
 Section 4.4 Merger; Resignation and Assignment. 

        (a) Preservation of Existence. The Manager shall not merge into
any other Person or convey, transfer or lease all or substantially all of its assets; provided, however, that nothing contained in this Agreement shall be deemed to prevent (a) the merger into the Manager of another Person,
(b) the consolidation of the Manager and another Person, (c) the merger of the Manager into another Person or (d) the sale of all or substantially all of the property or assets of the Manager to another Person, so long as (i) the
surviving Person of the merger or the purchaser of the assets of the Manager shall continue to be engaged in the same line of business as the Manager and shall have the capacity to perform its obligations hereunder with at least the same degree of
care, skill and diligence as measured by customary practices with which the Manager is required to perform such obligations hereunder, (ii) in the case of a merger or sale, the surviving Person of the merger or the purchaser of the assets of
the Manager shall expressly assume all obligations of the Manager under this Agreement and expressly agree to be bound by all provisions applicable to the Manager under this Agreement in a supplement to this Agreement in form and substance
reasonably satisfactory to the Control Party and (iii) with respect to such event, in and of itself, the Rating Agency Condition has been met. 
         (b) Resignation. The Manager shall not resign from the rights, powers, obligations and duties hereby imposed on it with respect to the performance of
the Services except (a) upon determination that (i) the performance of its duties hereunder is no longer permissible under applicable law and (ii) there is no reasonable action which the Manager could take to make the performance of
its duties hereunder permissible under applicable law or (b) if the Manager is terminated as the Manager pursuant to Section 6.1(b). As to clause  

  
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(a)(i) of this clause (b), any such determination permitting the resignation of the Manager shall be evidenced by an Opinion of Counsel to such effect delivered to the Trustee, the
Servicer, the Back-Up Manager and the Master Issuer. No such resignation shall become effective until a Successor Manager shall have assumed the responsibilities and obligations of the Manager in accordance with Section 6.1(b). The
Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies shall be notified of such resignation in writing by the Manager. From and after such effectiveness, the Successor Manager shall be, to the extent of the
assignment, the “Manager” hereunder. Except as provided above in this Section 4.4(b), the Manager may not assign this Agreement or any of its rights, powers, duties or obligations hereunder. 

        (c) Termination of Duties. The duties and obligations of the
Manager under this Agreement shall continue until such obligations shall have been terminated as provided in Section 4.4(b) or Section 6.1(b). Such duties and obligations shall survive the exercise by any of the Securitization
Entities, the Trustee or the Control Party of any right or remedy under this Agreement, or the enforcement by any Securitization Entity, the Trustee, the Control Party or any Noteholder of any provision of the Indenture, the other Related Documents,
the Notes or this Agreement. For the avoidance of doubt, a termination of the obligations of the Manager under Section 4.4(b) or Section 6.1(b) of this Agreement shall not terminate the obligations of DPL to provide Supplied
Products and Services to the Product Supply Entities or DPL’s right to receive compensation for such role. If DPL is terminated as Manager pursuant to Section 4.4(b) or Section 6.1(b), DPL, the Product Supply Entities
and any other entity party to a Product Purchase Agreement with DPL may negotiate in good faith to enter into any new agreements or amendments to existing agreements as necessary to preserve the supply relationship and structure. Any such new
agreement or amendment to which a Securitization Entity is party shall require consent of the Control Party. 
 Section 4.5
Taxes. The Manager shall file or cause to be filed all federal tax returns and all state and other tax returns which are required to be filed by the Manager. The Manager shall pay or make adequate provisions for the payment of all taxes shown
as due on such returns, and all assessments made against it or any of its property (other than any amount of tax the validity of which is being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with
GAAP have been provided on the books of the Manager). The charges, accruals and reserves on the Manager’s books in respect of taxes shall be, in the Manager’s reasonable opinion, adequate. 

Section 4.6 Notice of Certain Events. On the determination of either the chief financial officer or the chief legal officer
of the Manager or its direct or indirect parent regarding the occurrence of any of the following events: (a) a Manager Termination Event or (b) any litigation, arbitration or other proceeding pending before or by any court, administrative
agency, arbitrator or governmental body having jurisdiction over the Manager or any of its properties either asserting the illegality, invalidity or unenforceability of any of the Related Documents, seeking any determination or ruling 

  
 33 

 
that would affect the legality, binding effect, validity or enforceability of any of the Related Documents or which could reasonably be expected to have a Material Adverse Effect, the Manager
shall provide written notice to the Trustee, the Servicer, the Back-Up Manager, the Master Issuer and the Rating Agencies of the same promptly and in any event within five (5) Business Days . 

Section 4.7 Capitalization. The Manager shall have sufficient capital to perform all of its obligations under this Agreement
at all times from the Closing Date and until the Indenture has been terminated in accordance with the terms thereof. 

Section 4.8 Franchise Law Determination. The Manager shall file such documents as are necessary to register as a franchise
broker or franchise sales agent as required by any state franchising authority. Upon final determination by any state franchising authority’ that the Manager is considered by such state franchising authority to be a “subfranchisor”,
the Manager within 120 days of such determination shall file such documents and take such other compliance actions as are required by such state franchising authority or under such state’s franchise laws. 

Section 4.9 Maintenance of Separateness. The Manager covenants that, except as contemplated by the Related Documents:

         (a) the books and records of each Securitization Entity will
be maintained separately from those of the Manager and each of its Affiliates that is not a Securitization Entity; 
         (b) all financial statements of the Manager that are consolidated to include any Securitization Entity and that are distributed to any party will contain
detailed notes clearly stating that (i) all of such Securitization Entity’s assets are owned by such Securitization Entity and (ii) such Securitization Entity is a separate entity and has creditors who have received interests in the
Securitization Entity’s assets; 
         (c) the Manager will
observe (and will cause each of its Affiliates that is not a Securitization Entity to observe) limited liability company or corporate formalities in its dealing with any Securitization Entity; 

        (d) the Manager shall not (and shall not permit any of its Affiliates
that is not a Securitization Entity to) commingle its funds with any funds of any Securitization Entity; provided that the foregoing shall not prohibit the Manager from holding funds of the Securitization Entity in its capacity as manager for
such entity in a segregated account identified for such purpose; 

        (e) the Manager will (and shall cause each of its Affiliates that is not
a Securitization Entity to) maintain arm’s length relationships with each Securitization Entity and each of the Manager and its Affiliates that are not Securitization Entities will be compensated at market rates for any services it renders or
otherwise furnishes to such Securitization Entity; 

  
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         (f) the Manager will not be,
and will not hold itself out to be, responsible for the debts of any Securitization Entity or the decisions or actions in respect of the daily business and affairs of any Securitization Entity and the Manager will not permit any Securitization
Entity to hold the Manager out to be responsible for the debts of such Securitization Entity or the decisions or actions in respect of the daily business and affairs of such Securitization Entity; provided that the foregoing shall not
prohibit DPL, in its individual capacity, from acting as co-obligor with respect to the leases related to the Leased Domestic Manufacturing and Distribution Centers where required by such leases; and 

        (g) upon an officer of the Manager obtaining actual knowledge that any of
the foregoing provisions in this Section 4.9 hereof has been breached or violated in any material respect, the Manager will take such actions as may be reasonable and appropriate under the circumstances to correct and remedy such breach
or violation as soon as reasonably practicable under such circumstances. 
 Section 4.10 No ERISA Plan. Neither the
Manager nor any corporation or any trade, business, organization or other entity (whether or not incorporated), that would be treated together with the Manager as a single employer under Section 414(b), (c), (m) or (o) of the Code or
Section 4001(a)(14) of ERISA shall establish, maintain, contribute to, incur any obligation to contribute to, or incur any liability in respect of, any Plan that is subject to Title IV of ERISA. 

ARTICLE 5 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
 AS TO POST-SECURITIZATION ASSETS 
 Section 5.1 Representations and
Warranties Made in Respect of Post-Securitization Assets. The Manager represents and warrants to the Master Issuer and the other Securitization Entities, and the Trustee, as of the dates set forth below (except if otherwise expressly noted) as
follows: 
         (a) Post-Securitization Domestic Franchise
Arrangements. As of the applicable Post-Securitization Asset Addition Date with respect to the Post-Securitization Domestic Franchise Arrangement acquired on such Post-Securitization Asset Addition Date: 

(i) Such Post-Securitization Domestic Franchise Arrangement does not contain terms and conditions that are reasonably
expected to result in (A) a material decrease in the amount of Retained Collections, taken as a whole, (B) a material adverse change in nature or quality of Retained Collections, taken as a whole, or (C) a material adverse change in
the general assets categories generating Retained Collections, taken as a whole, in each case when compared to the amount, nature, quality or general categories generating Collections that could have been reasonably expected to result had such
Post-Securitization Domestic Franchise Arrangement been entered into in accordance with the Prior Terms; 

  
 35 

 (ii) Such Post-Securitization Domestic Franchise Arrangement is the legal,
valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy
or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law); 
 (iii) Such Post-Securitization Domestic Franchise Arrangement complies in all material respects with all applicable Requirements of Law; 

(iv) No Franchisee party to such Post-Securitization Domestic Franchise Arrangement is, to the Manager’s knowledge
subject to an Event of Bankruptcy; 
 (v) Continuing Franchise Fees and similar fees payable pursuant to such
Post-Securitization Domestic Franchise Arrangement are payable at least weekly; provided, however, that the Manager may cause the applicable Franchisor to enter into Post-Securitization Domestic Franchise Arrangements that provide for
Continuing Franchise Fees and similar fees to be payable less frequently than weekly if the aggregate fees payable under all Post-Securitization Domestic Franchise Arrangements that provide for payment of Continuing Franchise Fees and similar fees
less frequently than weekly are not reasonably anticipated to exceed 10% of total Retained Collections in the twelve-month period immediately following the commencement of any such Post-Securitization Domestic Franchise Arrangement; 

(vi) Except as required by law, such Post-Securitization Domestic Franchise Arrangement contains no contractual rights
of setoff or contractual defenses to obligations to make payment of any amounts payable by the Franchisee under such Post-Securitization Domestic Franchise Arrangement; 

(vii) Such Post-Securitization Domestic Franchise Arrangement contains no restrictions on assignment that are reasonably
expected to be materially more onerous on the Domestic Franchisor thereto than the Prior Terms (which do not include any such restrictions on assignments); provided, however, that the Manager may cause the Domestic Franchisor to enter
into Post-Securitization Domestic Franchise Arrangements that include such restrictions with the prior written consent of the Control Party, such consent not to be unreasonably withheld (it being agreed that in determining whether to so consent, the
Control Party 

  
 36 

 
may assess whether such restrictions (together with other structural protections implemented by the Domestic Franchisor) will adversely affect the liquidation value of all Domestic Franchise
Arrangements and the Domino’s IP); provided that the royalties from such Post-Securitization Domestic Franchise Arrangements are not reasonably anticipated to exceed 5% of the total royalties of all Post-Securitization Domestic Franchise
Arrangements in the four (4) fiscal quarter period immediately following the commencement of such Post-Securitization Domestic Franchise Arrangements; and 
         (b) Post-Securitization International Franchise Arrangements. As of the applicable Post-Securitization Asset Addition Date with respect to the
Post-Securitization International Franchise Arrangement acquired on such Post-Securitization Asset Addition Date: 
 (i) Such Post-Securitization International Franchise Arrangement is the legal, valid and binding obligation of the parties thereto, has been fully and properly executed by the parties thereto and is
enforceable against the parties thereto in accordance with its terms (except as such enforceability may be limited by bankruptcy or insolvency laws and by general principles of equity, regardless of whether such enforceability shall be considered in
a proceeding in equity or at law); 
 (ii) Either (a) such Post-Securitization International Franchise
Arrangement requires the Franchisee under such Post-Securitization International Franchise Arrangement to comply in all material respects with all applicable Requirements of Law and to indemnify the International Franchisor for any losses arising
out of such Franchisee’s failure to comply with the applicable Requirements of Law, including any necessary approvals or consents from a Governmental Authority or (b) the Manager has obtained a legal opinion or other evidence reasonably
acceptable to the Control Party to the effect that such Post-Securitization International Franchise Arrangement complies in all material respects with all applicable Requirements of Law; and 

(iii) No Franchisee party to such Post-Securitization International Franchise Arrangement is, to the Manager’s
knowledge, subject to an Event of Bankruptcy. 
         (c)
Post-Securitization Owned Property. As of the applicable Post-Securitization Asset Addition Date with respect to any Post-Securitization Owned Property acquired on such date, the Manager has conducted or caused to be conducted a
“desktop” Phase I environmental study on such Owned Property and has taken or caused to be taken appropriate remediation or follow-up study measures on such Owned Property, consistent with the Management Standard. 

  
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 Section 5.2 Covenants in Respect of New Collateral. 

        (a) Other Contributed, Developed or Acquired Assets. In
consideration of being engaged as the Manager, the Manager agrees that neither it nor its Affiliates (other than the Securitization Entities) will compete with the business of the Securitization Entities (other than operation of Company-Owned Stores
and the sale of inventory owned by the Canadian Manufacturer after the Series 2007-1 Closing Date) and, accordingly: 
 (i) Future Brand IP. The Manager and its Affiliates (A) shall contribute to the IP Holder, or otherwise cause the IP Holder to own, all rights in and to all Future Brand Assets;
provided, that the Control Party shall have the right to direct, in accordance with the Base Indenture, that Future Brand Assets be held by one or more newly formed Securitization Entities that will act as Additional IP Holders, if the
Control Party reasonably believes that such Future Brand Assets could impair the Collateral if it were held by the IP Holder, and that separating the ownership of such Future Brand Assets from the rest of the Domino’s IP will not impair the
enforceability of the Domino’s IP, (B) acknowledge and agree that all such Future Brand IP is developed for the benefit of the IP Holder or the applicable Additional IP Holder and (C) shall contribute to IP Holder or the applicable
Additional IP Holder, or otherwise cause IP Holder or the applicable Additional IP Holder to enter into, develop or acquire, Future Brand Assets. In making any determination with respect to Future Brand Assets, the Control Party shall have the right
to consult with the Back-Up Manager or other third-party experts. 
 (ii) Franchise Agreements. Unless
otherwise agreed to in writing by the Control Party, any contribution to, or development or acquisition by, the Master Issuer of any Franchise Arrangements (whether related to the Domino’s Brand or any Future Brand) shall be subject to all
applicable provisions of the Indenture, this Agreement (including the applicable representations and covenants in ARTICLE 2 and ARTICLE 5), the IP License Agreements and the other Related Documents. 

(iii) Additional Securitization Entities. The Manager shall have the right to form an Additional Securitization
Entity for the purpose of holding Future Brand Assets until such time as the Control Party shall direct the Manager as to which Securitization Entity should hold such Future Brand Assets in accordance with clause (i) above. 

  
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 ARTICLE 6 
 DEFAULT 
 Section 6.1 Manager Termination Event. 

        (a) Manager Termination Events. Any of the following events or
occurrences shall constitute a Manager Termination Event (a “Manager Termination Event”) under this Agreement, the assertion as to the occurrence of which may be made, and notice of which may be given, by either the Master Issuer or
the Trustee (acting at the direction of the Control Party): 
 (i) any failure by the Manager to remit to the
Collection Account, any Base Indenture Account or any Series Account, within three (3) Business Days of its actual knowledge of its receipt thereof, any payments required to be deposited into the Collection Account, such Base Indenture Account
or such Series Account received by it in respect of the Managed Assets; 
 (ii) the Quarterly DSCR for any
Quarterly Payment Date is less than 1.20x. 
 (iii) any failure by the Manager to provide (A) any required
certificate or report set forth in Sections 4.1(a), (b), (d) or (k) of the Base Indenture within three Business Days of its due date or (B) any required certificate or report set forth in
Section 4.1(c) of the Base Indenture when due; 
 (iv) a material default by the Manager in the due
performance and observance of any provision of this Agreement or any other Related Document to which it is party and the continuation of such default uncured for a period of 30 days after it has been notified thereof by the Master Issuer or the
Control Party, or otherwise obtained knowledge of such default; provided, however, that as long as the Manager is diligently attempting to cure such default, such cure period shall be extended by an additional period as may be required
to cure such default, but in no event by more than an additional 30 days; and provided, further, that any default related to transfer of a defective asset pursuant to the terms of this Agreement, a Distribution and Contribution
Agreement or a Contribution and Sale Agreement shall be deemed cured for purposes hereof upon payment in full by the applicable transferor of the liquidated damages amount specified in this Agreement, such Distribution and Contribution Agreement or
such Contribution and Sale Agreement. 
 (v) any representation, warranty or statement of the Manager made in
this Agreement or any other Related Document or in 

  
 39 

 
any certificate, report or other writing delivered pursuant thereto that is not qualified by materiality or the definition of “Material Adverse Effect” proves to be incorrect in any
material respect, or any such representation, warranty or statement of the Manager that is qualified by materiality or the definition of “Material Adverse Effect” proves to be incorrect, in each case as of the time when the same was made
or deemed to have been made or as of any other date specified in such document or agreement; provided that if any such breach is capable of being remedied within 30 days of the Manager’s knowledge of such breach or receipt of notice
thereof, then a Manager Termination Event shall only occur under this clause (vi) as a result of such breach if it is not cured in all material respects by the end of such 30 day period; 

(vi) an Event of Bankruptcy with respect to the Manager shall have occurred; 

(vii) any final, non-appealable order, judgment or decree is entered in any proceedings against the Manager by a court
of competent jurisdiction decreeing the dissolution of the Manager and such order, judgment or decree remains unstayed and in effect for more than ten days; 
 (viii) a final non-appealable judgment for an amount in excess of $25,000,000 (exclusive of any portion thereof which is insured) is rendered against the Manager or, so long as DPL is the Manager, is
rendered against Holdco or Intermediate Holdco by a court of competent jurisdiction and is not paid or discharged within 30 days; 
 (ix) an acceleration of more than $25,000,000 of the Indebtedness of the Manager or, so long as DPL is the Manager, Intermediate Holdco or Holdco; 

(x) this Agreement or a material portion thereof ceases to be in full force and effect or enforceable in accordance with
its terms (other than in accordance with the express termination provisions thereof and other than Section 2.1(l)), or the Manager asserts as much in writing; and 

(xi) a failure by the Manager, Holdco, or any direct or indirect subsidiary of Holdco (apart from the Securitization
Entities) to comply with the Holdco Specified Non-Securitization Debt Cap, and such failure has continued for a period of 45 days after Holdco has been notified by any Securitization Entity or the Control Party, or otherwise has obtained knowledge
of such non-compliance. 
 (b) Remedies. Upon the occurrence and continuance of any Manager Termination
Event, subject to the limitations set forth in the Indenture, (i)

  
 40 

 
the Control Party, acting at the direction of the Controlling Class Representative, may waive such Manager Termination Event or (ii) the Master Issuer or the Control Party, acting at the
direction of the Controlling Class Representative, may, by notice given to the Manager (with copies to the Trustee, the Back-Up Manager and the Rating Agencies and to whichever of the Master Issuer and the Control Party has not provided such
notice), direct the Trustee to terminate all of the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement, including, without limitation, all rights of the Manager to receive all or a portion of the management
compensation provided for in Section 2.7 or any expense reimbursement hereunder, other than to the extent accrued prior to such termination and not previously paid. Upon any termination or the giving of the notice referred to in the
preceding sentence, the Manager shall promptly notify the Master Issuer, the Trustee, the Servicer and the Back-Up Manager of such notice and the rights, powers, duties, obligations and responsibilities of the Manager under this Agreement to the
extent specified in such notice, whether with respect to the Managed Assets, the Collection Account, any Weekly Management Fee, Weekly Canadian Management Fee, Supplemental Management Fee (other than to the extent accrued prior to such termination
and not previously paid) or otherwise shall vest in and be assumed by any Successor Manager appointed by the Control Party. No termination or resignation of the Manager shall become effective until a Successor Manager whose appointment has been
directed and approved by the Control Party (acting at the direction of the Controlling Class Representative) shall have assumed the rights, powers, duties, obligations and responsibilities of the Manager. The Manager shall cooperate with the
Successor Manager to facilitate such transition, shall execute and deliver any instrument as shall reasonably be necessary for such transition, and shall use best efforts to promptly assign and transfer to the Successor Manager all books and
records, property, money and other assets held by such Manager hereunder; provided, however, that the Manager shall have access, during normal business hours and upon reasonable notice, to all books and records that the Manager
reasonably believes would be necessary or desirable for the Manager in connection with the preparation of any tax or other governmental reports and filings and other uses. 

(c) From and during the continuation of a Manager Termination Event where the rights and powers of the Manager have been
terminated, each Securitization Entity and the Trustee (at the direction of the Control Party) are hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Manager, as attorney in fact or otherwise, all documents and
other instruments (including any notices to Franchisees deemed necessary or advisable by the Master Issuer, the Franchisors or the Control Party), and to do or accomplish all other acts or things necessary or appropriate, to effect such vesting and
assumption. 
 (d) Notice of Manager Termination Event. Promptly after the occurrence of any Manager
Termination Event pursuant to Section 6.1(a), the Manager shall transmit notice of such Manager Termination Event to the Control Party and the Trustee, with a copy to each Rating Agency and the Back-Up Manager. 

  
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 (e) Continuation of Supplied Products and Services. Notwithstanding
the occurrence of a Manager Termination Event, DPL will remain obligated to provide Supplied Products and Services to the Product Supply Entities and will retain the right to receive compensation for such services. 

Section 6.2 Disentanglement. 

(a) Obligations. The Manager is required to cooperate with the Back-Up Manager in the performance of the Back-up
Manager’s Cold Back-Up Management Duties and Warm Back-Up Management Duties. Upon termination of the Manager following a Manager Termination Event, the Manager shall (i) cooperate with the Back-Up Manager in the conduct of the Hot Back-Up
Management Duties and the implementation of the Transition Plan until a Successor Manager is identified and (ii) accomplish a complete transition to the Successor Manager, without interruption or adverse impact on the provision of Services (the
“Disentanglement”). Thereafter, the Manager shall cooperate fully with the Successor Manager and otherwise promptly take all actions required to assist in effecting a complete Disentanglement and shall follow any directions that may
be provided by the Control Party or the Back-Up Manager. The Manager shall provide all information and assistance regarding the terminated Services required for Disentanglement, including data conversion and migration, interface specifications and
related professional services. The Manager shall provide for the prompt and orderly conclusion of all work as the Servicer and the Back-Up Manager may direct, including completion or partial completion of projects, documentation of all work in
progress, and other measures to assure an orderly transition to the Successor Manager. All services relating to Disentanglement (“Disentanglement Services”), including all reasonable training for personnel of the Back-Up Manager,
the Successor Manager or the Successor Manager’s designated alternate service provider in the performance of the Services, shall be deemed a part of the Services to be performed by the Manager. The Manager will use commercially reasonable
efforts to utilize existing resources to perform the Disentanglement Services. 
 (b) Charges for
Disentanglement Services. So long as the Manager and the Canadian Manufacturer continue to provide the Services (whether or not the Manager has been terminated as Manager or the services of the Canadian Manufacturer have been terminated
hereunder) during the Disentanglement Period, the Manager and the Canadian Manufacturer shall continue to be paid their respective compensation set forth in Section 2.7. Upon the Successor Manager’s assumption of the obligation to
perform all Services hereunder, the Manager shall be entitled to reimbursement of its actual costs for the provision of any Disentanglement Services. 

  
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 (c) Duration of Disentanglement Obligations. The Manager’s
obligation to provide Disentanglement Services will continue during the period (the “Disentanglement Period”) commencing on the date that a Manager Termination Event occurs and ending on the date on which the Successor Manager or
the re-engaged Manager shall assume all of the obligations of the Manager hereunder. 
 (d) Sub-Management
Arrangements; Authorizations. 
 (i) With respect to each Sub-Management Arrangement and unless the Control
Party elects to terminate such Sub-Management Arrangement in accordance with Section 2.12 hereof, the Manager will: 
 (A) assign to the Successor Manager or its designated alternate service provider all of the Manager’s rights under such Sub-Management Arrangement to which it is party used by the Manager in
performance of the transitioned Services; and 
 (B) procure any third party authorizations necessary to grant
the Successor Manager or its designated alternate service provider the use and benefit of such Sub-Management Arrangement to which it is party used by the Manager in performing the transitioned Services, pending their assignment to the Successor
Manager under this Agreement. 
 (ii) If the Control Party elects to terminate such Sub-Management Arrangement
in accordance with Section 2.12 hereof, the Manager will take all reasonable actions necessary or reasonably requested by the Control Party to accomplish a complete transition of the Services performed by a Sub-manager under the
applicable Sub-Management Arrangement to the Successor Manager, or to any alternate service provider designated by the Control Party, without interruption or adverse impact on the provision of Services. 

(e) Confidential Information. The Manager will comply with the terms of ARTICLE 7 relating to the return
and destruction of Confidential Information. 
 (f) Third-Party Intellectual Property. The Manager will
assist the Successor Manager or its designated alternate service provider in obtaining any necessary licenses or consents to use any third-party Intellectual Property then being used by the Manager or any Sub-manager, including pursuant to the DPL
IP License Agreement. The Manager will assign any such license or sublicense directly to the Successor Manager or its designated alternate service provider to the extent the Manager has the necessary rights to assign such agreements to the Successor
Manager or its designated alternate service provider without incurring any additional cost. 

  
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 (g) License to Use Domino’s IP. Promptly following the
occurrence of a Manager Termination Event and the appointment of a Successor Manager, the IP Holder will enter into a license agreement with such Successor Manager with respect to the Domino’s IP on substantially the same terms as the DPL IP
License Agreement. 
 Section 6.3 No Effect on Other Parties. Upon any termination of the rights and powers of the
Manager from time to time pursuant to Section 6.1, or a resignation pursuant to Section 4.4(b), upon any appointment of a Successor Manager, all the rights, powers, duties, obligations and responsibilities of the
Securitization Entities, the Control Party or the Trustee under this Agreement, the Indenture and the other Related Documents shall remain unaffected by such termination or appointment and shall remain in full force and effect thereafter, except as
otherwise expressly provided in this Agreement or in the Indenture. 
 Section 6.4 Rights Cumulative. All rights and
remedies from time to time conferred upon or reserved to the Securitization Entities, the Trustee, the Servicer, the Control Party, the Back-Up Manager or the Noteholders or to any or all of the foregoing are cumulative, and none is intended to be
exclusive of another or any other right or remedy which they may have at law or in equity. Except as otherwise expressly provided herein, no delay or omission in insisting upon the strict observance or performance of any provision of this Agreement,
or in exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often as deemed expedient.

 ARTICLE 7 
 CONFIDENTIALITY 
 Section 7.1 Confidentiality. 

(a) The parties hereto acknowledge that during the term of this Agreement each party may receive Confidential Information
from another party hereto. Each party agrees to maintain the Confidential Information in the strictest of confidence and will not, at any time, use, disseminate or disclose any Confidential Information to any person or entity other than those of its
employees or representatives who have a “need to know”, who have been apprised of this restriction. Recipient shall be liable for any breach of this Section 7.1(a) by any of its employees or representatives and shall
immediately notify Discloser in the event of any loss or disclosure of any Confidential Information of Discloser. Upon termination of this Agreement, Recipient will return to Discloser, or at Discloser’s request, destroy, all documents and
records in its possession containing the Confidential Information of Discloser. Confidential Information shall not include information that: (i) is already known to Recipient without 

  
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restriction on use or disclosure prior to receipt of such information from Discloser; (ii) is or becomes part of the public domain other than by breach of this Agreement by, or other
wrongful act of, Recipient; (iii) is developed by Recipient independently of and without reference to any Confidential Information; (iv) is received by Recipient from a third party who is not under any obligation to Discloser to maintain
the confidentiality of such information; or (v) is required to be disclosed by applicable law, statute, rule, regulation, subpoena, court order or legal process; provided that Recipient shall promptly inform the Discloser of any such
requirement and cooperate with any attempt by the Discloser to obtain a protective order or other similar treatment. It shall be the obligation of Recipient to prove that such an exception to the definition of Confidential Information exists.

 (b) Notwithstanding anything to the contrary contained in Section 7.1(a), the Securitization
Entities, the Trustee, the Servicer, the Back-Up Manager or the Noteholders may use, disseminate or disclose any Confidential Information to any person or entity in connection with the enforcement of rights of the Securitization Entities, the
Trustee, the Servicer, the Back-Up Manager or the Noteholders under the Indenture or the Related Documents; provided, however, that prior to disclosing any such Confidential Information: 

(i) to any such person or entity other than in connection with any judicial or regulatory proceeding, such person or
entity shall agree in writing to maintain such Confidential Information in a manner at least as protective of the Confidential Information as the terms of Section 7.1(a); or 

(ii) to any such person or entity in connection with any judicial or regulatory proceeding, the Recipient will
(x) promptly notify Discloser of each such requirement and identify the documents so required thereby, so that Discloser may seek an appropriate protective order or similar treatment and/or waive compliance with the provisions of this
Agreement; (y) use reasonable efforts to assist Discloser in obtaining such protective order or other similar treatment protecting such Confidential Information prior to any such disclosure; and (z) consult with Discloser on the
advisability of taking legally available steps to resist or narrow the scope of such requirement. If, in the absence of such a protective order or similar treatment, the Recipient is nonetheless required by mandatory applicable law to disclose any
part of Discloser’s Confidential Information which is disclosed to it under this Agreement, the Recipient may disclose such Confidential Information without liability under this Agreement, except that the Recipient will furnish only that
portion of the Confidential Information which is legally required. 

  
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 ARTICLE 8 
 MISCELLANEOUS PROVISIONS 
 Section 8.1 Term of this Agreement.
The respective duties and obligations of the Manager and the Securitization Entities created by this Agreement shall terminate upon the final payment or other liquidation of the last outstanding Managed Asset included in the Collateral or, as long
as no Notes are Outstanding and the Indenture has been satisfied and discharged pursuant to Article XII of the Base Indenture, upon written agreement by the parties to this Agreement. Upon termination of this Agreement pursuant to this
Section 8.1, the Manager shall pay over to the applicable Securitization Entity or any other Person entitled thereto all proceeds of the Managed Assets held by the Manager. The provisions of Section 2.8 shall survive
termination of this Agreement. 
 Section 8.2 Amendments to this Agreement. 

(a) This Agreement may be amended from time to time in writing by the parties to this Agreement; provided that
(i) any amendment that could reasonably materially adversely affect the interest of the Noteholders shall require the consent of the Control Party, which consent shall not be unreasonably withheld, and (ii) with the consent of the Control
Party, a Securitization Entity may be withdrawn from this Agreement if the Equity Interests of such Securitization Entity are foreclosed upon in the exercise of remedies upon an Event of Default. Notwithstanding the foregoing, no consent of the
Control Party shall be required: 
 (i) to correct or amplify the description of any required activities of the
Manager or Canadian Manufacturer; 
 (ii) to add to the duties or covenants of the Manager or Canadian
Manufacturer for the benefit of any Noteholders or any other Secured Parties, or to add provisions to this Agreement so long as such action does not materially adversely affect the interests of the Noteholders; 

(iii) to correct any manifest error or to cure any ambiguity, defect or provision that may be inconsistent with the
terms of the Indenture or any other Related Document, or to correct or supplement any provision herein that may be inconsistent with the terms of the Indenture or any offering memorandum; 

(iv) to evidence the succession of another Person to any party to this Agreement; 

(v) to comply with Requirements of Law; 

(vi) to take any action necessary and appropriate to facilitate the origination of Post-Securitization Franchise
Arrangements, 

  
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the acquisition and management of Manufacturing and Distribution Centers, or the management and preservation of the Franchise Arrangements, in each case, in accordance with the Management
Standard; 
 (vii) to provide for additional Services related to any Company-Owned Stores, provided the
Rating Agency Condition is satisfied; or 
 (viii) to adjust, at the end of any fiscal year, the Product Supply
Margin to a percentage not to exceed 15%. 
 (b) Promptly after the execution of any amendment, the Manager
shall send to the Trustee, the Servicer, the Back-Up Manager and each Rating Agency a conformed copy of such amendment, but the failure to do so will not impair or affect its validity. 

(c) Any amendment or modification effected contrary to the provisions of this Section 8.2 shall be null and
void. 
 Section 8.3 Amendments to other Agreements. The Co-Issuers and the Trustee agree not to amend the Indenture
or the Related Documents without the Manager’s consent if such amendment would materially increase the Manager’s obligations or liabilities, or materially decrease the Manager’s rights or remedies under this Agreement, the Indenture
or any other Related Document. 
 Section 8.4 Acknowledgement. Without limiting the foregoing, the Manager hereby
acknowledges that, on the date hereof, the Securitization Entities will pledge to the Trustee under the Indenture and the Global G&C Agreement, all of such Securitization Entities’ right and title to, and interest in, this Agreement and the
Collateral; and such pledge includes all of such Securitization Entities’ rights, remedies, powers and privileges, and all claims of such Securitization Entities against the Manager, under or with respect to this Agreement (whether arising
pursuant to the terms of this Agreement or otherwise available at law or in equity), including (i) the rights of such Securitization Entities and the obligations of the Manager hereunder and (ii) the right, at any time, to give or withhold
consents, requests, notices, directions, approvals, demands, extensions or waivers under or with respect to this Agreement or the obligations in respect of the Manager hereunder to the same extent as such Securitization Entities may do. The Manager
hereby consents to such pledges described above, acknowledges and agrees that the Trustee and its assigns and the Control Party, shall be third-party beneficiaries of the rights of such Securitization Entities arising hereunder and agree that the
Trustee or the Control Party may enforce the provisions of this Agreement, exercise the rights of such Securitization Entities and enforce the obligations of the Manager hereunder without the consent of the such Securitization Entities. 

Section 8.5 Governing Law; Waiver of Jury Trial; Jurisdiction. 

(a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York without regard
to conflicts of law principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York). 

  
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 (b) The parties hereto each hereby waive any right to have a jury
participate in resolving any dispute, whether in contract, tort or otherwise, arising out of, connected with, relating to or incidental to the transactions contemplated by this Agreement. 

(c) The parties hereto each hereby irrevocably submit (to the fullest extent permitted by applicable law) to the
non-exclusive jurisdiction of any New York state or federal court sitting in the borough of Manhattan, New York City, State of New York, over any action or proceeding arising out of or relating to this Agreement or any related documents and the
parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding shall be heard and determined in such New York state or federal court. The parties hereto each hereby irrevocably waive, to the fullest extent permitted
by applicable law, any objection each may now or hereafter have, to remove any such action or proceeding, once commenced, to another court on the grounds of forum non conveniens or otherwise. 

Section 8.6 Notices. All notices, requests or other communications desired or required to be given under this Agreement shall
be in writing and shall be sent by (a) certified or registered mail, return receipt requested, postage prepaid, (b) national prepaid overnight delivery service, (c) telecopy or other facsimile transmission (following with hard copies
to be sent by national prepaid overnight delivery service) or (d) personal delivery with receipt acknowledged in writing, to the address set forth in the Base Indenture. Any party hereto may change its address for notices hereunder by giving
notice of such change to the other parties hereto, with a copy to the Control Party. Any change of address of a Noteholder shown on a Note Register shall, after the date of such change, be effective to change the address for such Noteholder
hereunder. All notices and demands shall be deemed to have been given either at the time of the delivery thereof to any officer or manager of the Person entitled to receive such notices and demands at the address of such Person for notices
hereunder, or on the third day after the mailing thereof to such address, as the case may be. 
 Section 8.7
Severability of Provisions. If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions
of this Agreement and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision
of law which renders any provision of this Agreement invalid or unenforceable in any respect. 
 Section 8.8 Delivery
Dates. If the due date of any notice, certificate or report required to be delivered by the Manager hereunder falls on a day that is not a Business Day, the due date for such notice, certificate or report shall be automatically extended to the
next succeeding day that is a Business Day. 

  
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 Section 8.9 Binding Effect; Limited Rights of Others. The provisions of this
Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. Except as provided in the preceding sentence and except for the rights of the third party beneficiaries described in
Section 8.4, nothing in this Agreement expressed or implied, shall be construed to give any Person other than the parties hereto any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants,
agreements, representations or provisions contained herein. 
 Section 8.10 Article and Section Headings. The
Article and Section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. 
 Section 8.11 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 [The remainder of this page is intentionally left blank.] 

  
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 EXECUTION VERSION 
 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Management Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first
above written. 
  

			
	 DOMINO’S PIZZA LLC, as Manager and in
 its individual capacity

		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title:   Secretary

  

			
	 DOMINO’S PIZZA NS CO.

		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title:   Secretary

  

			
	 DOMINO’S PIZZA MASTER ISSUER LLC

		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title:   Secretary

  

			
	 DOMINO’S PIZZA DISTRIBUTION LLC

		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title:   Secretary

 
			
	DOMINO’S SPV CANADIAN HOLDING COMPANY INC.
		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	DOMINO’S IP HOLDER LLC
		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	DOMINO’S SPV GUARANTOR LLC
		
	By:	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	DOMINO’S PIZZA FRANCHISING LLC
		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	 DOMINO’S PIZZA INTERNATIONAL
 FRANCHISING INC.

		
	By:	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  
 2 

 
			
	 DOMINO’S PIZZA CANADIAN
 DISTRIBUTION ULC

		
	By:	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	DOMINO’S EQ LLC
		
	 By:
	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  

			
	DOMINO’S RE LLC
		
	By:	 	 
		 	Name: Adam J. Gacek
		 	Title: Secretary

  
 3 

 
			
	 CITIBANK, N.A.
 as
Trustee

		
	 By:
	 	 
		 	Name:
		 	Title:

  
 4Business Loan Agreement

 Exhibit 10.20 
 BUSINESS LOAN AGREEMENT 
  

															
	Principal	  	Loan Date	  	Maturity	  	Loan No	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	LAEC Enterprise Corporation	  	Lender:	  	FAR EAST NATIONAL BANK
		  	2332 Walsh Ave., Suite A	  		  	Loan Administration Unit
		  	Santa Clara, CA 95051	  		  	977 N. Broadway Ave., Suite 209
		  		  		  	Los Angeles, CA 90012

 THIS BUSINESS LOAN AGREEMENT dated December 12, 2011, is made and executed between LAEC Enterprise Corporation
(“Borrower”) and Far East National Bank (“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
December 12, 2011, and shall continue in full force and effect until such time as all of Borrowers 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: Deborah Wang, CFO/Secretary
of LAEC Enterprise Corporation or Abraham Jou. 
 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 2

  

 No Event of Default. There shall not exist at the time of any Advance a condition
which would constitute an Event of Default under this Agreement or under any Related Document. 
 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 corporation for profit 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 California. 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 corporation 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. Borrower maintains an office at 2332 Walsh
Ave., Suite A, Santa Clara, CA 95051. 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: 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 incorporation or organization, or bylaws, 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. 

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 all of Borrower’s properties free and clear of all Security Interests, and has not
executed any security documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at
least the last five (5) years. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 3

  

 Hazardous Substances. Except as disclosed to and acknowledged by Lender in
writing, Borrower represents and warrants that: (1) During the period of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from any of the Collateral. (2) 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 on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or
claims of any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any
Hazardous Substance on, under, about or from any of the Collateral; 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. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any
inspections or tests made by Lender shall be at Borrower’s expense and for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The
representations and warranties contained herein are based on Borrower’s due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender
for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages,
penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a
hazardous waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this
Agreement and shall not be affected by Lender’s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise. 
 Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 4

  

 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 at all reasonable times. 

Financial Statements. Furnish Lender with such financial statements and other related information at such frequencies and in such
detail as Lender may reasonably request. 
 Additional Information. Furnish such additional information and statements, as
Lender may request from time to time. 
 Insurance. Maintain fire and other risk insurance, public liability insurance,
and such other insurance as Lender may require with respect to Borrower’s properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon 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 ten (10) 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 provide Lender with such lender’s loss payable or other endorsements as Lender may require. 
 Insurance Reports. Furnish to Lender, upon 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. 
 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 5

  

 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 however, 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. 

Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and
testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation,
order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 
 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 or
occupancy 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 at any reasonable time to Inspect any and all Collateral for the Loan or Loans and Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s
books, accounts, and records. 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) in the possession of a third
party, Borrower, upon 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 request, all at Borrower’s expense. 

Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by
Borrower’s chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying
that, as of the date of the certificate, no Event of Default exists under this Agreement. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 6

  

 Environmental Compliance and Reports. Borrower shall comply in all respects with
any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any third party, on property owned and/or occupied by Borrower, any
environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall
furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any
intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources. 

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. 

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rule, regulation or guideline, or the interpretation or application
of any thereof by any court or administrative or governmental authority (Including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except federal, state or local income or franchise taxes imposed
on Lender), reserve requirements, capital adequacy requirements or other obligations which would (A) increase the cost to Lender for extending or maintaining the credit facilities to which this Agreement relates, (B) reduce the amounts
payable to Lender under this Agreement or the Related Documents, or (C) reduce the rate of return on Lender’s capital as a consequence of Lender’s obligations with respect to the credit facilities to which this Agreement relates, then
Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender’s written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge
and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error. 
 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 7

  

 Continuity of Operations. (1) Engage in any business activities
substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge, transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the
ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is
continuing or would result from the payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from
time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a
Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding shares or alter or amend Borrower’s capital structure. 

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, 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 dies, becomes incompetent or 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; or (E) Lender in good faith deems itself insecure, even though no Event of Default shall have
occurred. 
 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 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 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 8

  

 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 or becomes false or misleading at any time thereafter.

 Insolvency. The dissolution or 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. 
 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 dies or becomes incompetent, or revokes or disputes the
validity of, or liability under, any Guaranty of the Indebtedness. 
 Change in Ownership. Any change in ownership of
twenty-five percent (25%) or more of the common stock of Borrower. 
 Adverse Change. A material adverse change
occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 
 Right to
Cure. If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar default 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) cure the default within ten (10) days; or (2) if the cure requires more than ten
(10) 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. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 9

  

 JUDICIAL REFERENCE. Claims Subject to Judicial Reference Agreement; Conduct of Referee.
Upon a motion or written request, either party may elect to have any controversy, dispute or claim arising out of or in connection with the loan evidenced by the note or any security for the loan (hereinafter “Claim”), other than the
“Excluded Matters” described below, determined by a consensual general judicial reference (the “Reference”) pursuant to the provisions of California Code of Civil Procedure Sections 638 et seq., as such statutes may be
amended or modified from time to time. Any pending action relating to any Claim and every Claim shall be heard by a single Referee who shall then try all issues (including any and all questions of law and questions of fact relating thereto), and
issue findings of fact and conclusions of law and report a statement of decision. The Referee’s statement of decision will constitute the conclusive determination of the Claim. The parties agree that the Referee shall have the power to issue
all legal and equitable relief appropriate under the circumstances before him/her. The parties shall promptly and diligently cooperate with one another and the Referee, and shall perform such acts as may be necessary to obtain prompt and expeditious
resolution of all Claims in accordance with the terms of this paragraph. Either party may file the Referee’s findings, conclusions and statement with the clerk or judge of any appropriate court, file a motion to confirm the Referee’s
report and have judgment entered thereon. If the report is deemed incomplete by such court, the Referee may be required to complete the report and resubmit it. The parties will each have such rights to assert such objections as are set forth in
California Code of Civil Procedure Section 638 et seq. All proceedings shall be closed to the public and shall be confidential, and all records relating to the Reference shall be permanently sealed when the order thereon becomes final.
“Excluded Matters” as referred to in this paragraph means a non-judicial foreclosure of any security interests in real or personal property, exercise of self-help remedies (including, without limitation, set-off), temporary, provisional or
ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions, and motions for and appointments of receivers and all motions, hearings and proceedings in
connection with any of the foregoing. The exercise by any party of any motion or proceeding in connection with any of the Excluded Matters does not constitute a waiver by such party of its right to elect, or its election, to have other matters
decided by the Reference. Selection of Referee; Powers. The parties shall select a single neutral referee (the “Referee”), who shall be a retired judge or justice of the courts of the State of California, or a federal court judge,
in each case, with at least ten years of judicial experience in civil matters. The Referee shall be appointed in accordance with California Code of Civil Procedure Section 838 (or pursuant to comparable provisions of federal law if the dispute
falls within the exclusive jurisdiction of the federal courts). If within ten (10) days after the request or motion for the Reference, the parties cannot agree upon a Referee, either party may request or move that the Referee be appointed by
the Presiding Judge of the Superior Court or of the U.S. District Court for the Central District of California. The Referee shall determine all issues relating to the applicability, interpretation, legality and enforceability of this paragraph.

 APPRAISAL REQUIREMENTS. Notwithstanding any other provision in this Loan Agreement to the contrary, if required by Lender in its sole
discretion, Lender shall order an appraisal of the Property (which may be as frequently as semi-annually), which appraisal shall be in form and substance satisfactory to Lender. The cost of such appraisal shall become a part of the Indebtedness and,
at Lender’s option, will (A) be payable on demand; or (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due. The Deed of Trust will secure payment of such appraisal
costs. 

			
	BUSINESS LOAN AGREEMENT	 	
	(Continued)	 	 Page
 10

  

 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 costs and expenses, including
Lender’s attorneys” fees and Lender’s 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. Costs and expenses include Lender’s 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. 
 Consent to Loan Participation. Borrower agrees and consents to Lender’s
sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or
potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally
waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute
owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may
have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or
insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.

 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 Los Angeles 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. 

					
		 	BUSINESS LOAN AGREEMENT	 	
		 	(Continued)	 	 Page
 11

  

 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 redated 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	 	
		 	(Continued)	 	 Page
 12

  

 Waive Jury. To the extent permitted by applicable law, all parties to this Agreement
hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party. 
 Third Party Expense Reimbursement. Borrower shall reimburse Lender for all Lender’s third party expenses incurred in evaluating, documenting, closing and monitoring this credit, including
without limitation, appraisal, environmental report(s), title policy, attorney’s fees for documentation, tax service, flood search, documentation, and miscellaneous recording costs. 

Consent to Sell Loan. Notwithstanding any provision to the contrary stated herein and the other Related Documents, Borrower agrees
and understands that Lender, whether now or later, may sell or transfer the Loan or sell one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Borrower agrees that the purchaser(s) of the
Loan or any interests in the Loan will be considered as the absolute owners of such Loan or interests, and will have all the rights granted under this Agreement. 
 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 LAEC
Enterprise Corporation and includes all co-signers and co-makers signing the Note and all their successors and assigns. 

Collateral. The word “Collateral” means all property and assets granted as collateral security for a Loan, whether real
or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel
mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, 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. 
 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, at 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 state or federal laws, rules, or regulations adopted pursuant thereto. 

					
		 	BUSINESS LOAN AGREEMENT	 	
		 	(Continued)	 	 Page
 13

  

 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. 
 GAAP. The word “GAAP” means
generally accepted accounting principles. 
 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 Far East National Bank, 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. 
 Note. The word “Note” means the Note executed by LAEC Enterprise Corporation in the principal amount of $1,500,000.00 dated December 12, 2011, together with all renewals of,
extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement. 

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 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.

					
		 	BUSINESS LOAN AGREEMENT	 	
		 	(Continued)	 	 Page
 14

  

 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. 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
DATED DECEMBER 12, 2011. 
  

			
	BORROWER:
	
	LAEC ENTERPRISE CORPORATION
		
	By:	 	 /s/

		 	Deborah Wang, CFO/Secretary of LAEC Enterprise Corporation
	
	LENDER:
	
	FAR EAST NATIONAL BANK
		
	By:	 	 /s/

		 	Authorized Signer

 DISBURSEMENT REQUEST AND AUTHORIZATION 

 

															
	Principal	  	Loan Date	  	Maturity	  	Loan No	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	LAEC Enterprise Corporation	  	Lender:	  	FAR EAST NATIONAL BANK
		  	2332 Walsh Ave., Suite A	  		  	Loan Administration Unit
		  	Santa Clara, CA 95051	  		  	977 N. Broadway Ave., Suite 209
		  		  		  	Los Angeles, CA 90012

 LOAN TYPE. This is a Variable Rate Nondisclosable Revolving Line of Credit Loan to a Corporation for $1,500,000.00 due
on December 7, 2012. 
 PRIMARY PURPOSE OF LOAN. The primary purpose of this loan is for: 

 

	 	 ̈	Personal, Family, or Household Purposes or Personal Investment. 

  

	 	x	Business (Including Real Estate Investment). 

 SPECIFIC PURPOSE. The specific purpose of this loan is: To accomodate Borrower’s potential working capital needs. 
 DISBURSEMENT INSTRUCTIONS. Borrower understands that no loan proceeds will be disbursed until all of Lender’s conditions for making the loan have been satisfied. Please disburse the loan proceeds
of $1,500,000.00 as follows: 
  

					
	 Undisbursed Funds:
	  	$	1,500,000.00	  
		  	  
	  
	 
	 Note Principal:
	  	$	1,500,000.00	  

 CHARGES PAID IN CASH. Borrower has paid or will pay in cash as agreed the following charges: 

 

					
	 Prepaid Finance Charges Paid in Cash:
	  	$	500.00	  
	 $500.00 Processing Fee
	  			
		
	 Other Charges Paid in Cash:
	  	$	500.00	  
		  	  
	  
	 
	 $500.00 Documentation Fee
	  			
		
	 Total Charges Paid in Cash:
	  	$	1,000.00	  

 FINANCIAL CONDITION. BY SIGNING THIS AUTHORIZATION, BORROWER REPRESENTS AND WARRANTS TO LENDER THAT THE INFORMATION
PROVIDED ABOVE IS TRUE AND CORRECT AND THAT THERE HAS BEEN NO MATERIAL ADVERSE CHANGE IN BORROWER’S FINANCIAL CONDITION AS DISCLOSED IN BORROWER’S MOST RECENT FINANCIAL STATEMENT TO LENDER. THIS AUTHORIZATION IS DATED DECEMBER 12,
2011. 
  

			
	BORROWER:
	
	LAEC ENTERPRISE CORPORATION
		
	By:	 	 /s/

		 	Deborah Wang, CFO/Secretary of LAEC Enterprise Corporation

 NOTICE OF FINAL AGREEMENT 

 

															
	Principal 	  	Loan Date 	  	Maturity 	  	Loan No 	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	LAEC Enterprise Corporation	  	Lender:	  	FAR EAST NATIONAL BANK
		  	2332 Walsh Ave., Suite A	  		  	Loan Administration Unit
		  	Santa Clara, CA 95051	  		  	977 N. Broadway Ave., Suite 209
		  		  		  	Los Angeles, CA 90012

 BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THE WRITTEN LOAN AGREEMENT REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THE WRITTEN LOAN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR
UNDERSTANDINGS OF THE PARTIES. 
 As used in this Notice, the following terms have the following meanings: 

Loan. The term “Loan” means the following described loan: a Variable Rate Nondisclosable Revolving Line of Credit Loan to
a Corporation for $1,500,000.00 due on December 7, 2012. 
 Loan Agreement. The term “Loan Agreement” means
one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust or other documents, or commitments, or any combination of those actions or documents, relating to the Loan, including without limitation the
following: 
 LOAN DOCUMENTS 
  

			
	Corporate Resolution: LAEC Enterprise Corporation	  	Business Loan Agreement
	Customer Information Profile: LAEC Enterprise Corporation	  	Promissory Note
	CA Assignment of Deposit Account: CD Account Number	  	Disbursement Request and Authorization
	6798002695 with Lender with an approximate balance of	  	Notice of Final Agreement
	$1,670,000.00; owned by LAEC Enterprise Corporation	  	

 Parties. The term “Parties” means Far East National Bank and any and all entities or
individuals who are obligated to repay the loan or have pledged property as security for the Loan, including without limitation the following: 
  

			
	Borrower:	  	LAEC Enterprise Corporation
	Grantor(s):	  	LAEC Enterprise Corporation

 Each Party who signs below, other than Far East National Bank, acknowledges, represents, and warrants to Far East
National Bank that it has received, read and understood this Notice of Final Agreement. This Notice is dated December 12, 2011. 
  

			
	BORROWER:
	 LAEC ENTERPRISE CORPORATION

		
	By:	 	 /s/

		 	Deborah Wang, CFO/Secretary of LAEC Enterprise Corporation
	
	LENDER:
	 FAR EAST NATIONAL BANK

		
	X	 	 /s/

	 Authorized Signer

 NOTICE OF FINAL AGREEMENT 

 

															
	Principal	  	Loan Date	  	Maturity	  	Loan No	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	 LAEC Enterprise Corporation
 2332 Walsh Ave., Suite A
 Santa Clara, CA 95051
	  	Lender:	  	 FAR EAST NATIONAL BANK

Loan Administration Unit
 977 N.
Broadway Ave., Suite 209
 Los Angeles, CA 90012

 BY SIGNING THIS DOCUMENT EACH PARTY REPRESENTS AND AGREES THAT: (A) THE WRITTEN LOAN AGREEMENT REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES, (B) THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES, AND (C) THE WRITTEN LOAN AGREEMENT MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR
UNDERSTANDINGS OF THE PARTIES. 
 As used in this Notice, the following terms have the following meanings: 

Loan. The term “Loan” means the following described loan: a Variable Rate Nondisclosable Revolving Line of Credit Loan to
a Corporation for $1,500,000.00 due on December 7, 2012. 
 Loan Agreement. The term “Loan Agreement” means
one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust or other documents, or commitments, or any combination of those actions or documents, relating to the Loan, including without limitation the
following: 
 LOAN DOCUMENTS 
  

			
	Corporate Resolution: LAEC Enterprise Corporation	  	Business Loan Agreement
	Customer Information Profile: LAEC Enterprise Corporation	  	Promissory Note
	CA Assignment of Deposit Account: CD Account Number	  	Disbursement Request and Authorization
	6798002695 with Lender with an approximate balance of	  	Notice of Final Agreement
	$1,670,000.00; owned by LAEC Enterprise Corporation	  	

 Parties. The term “Parties” means Far East National Bank and any and all entities or
individuals who are obligated to repay the loan or have pledged property as security for the Loan, including without limitation the following: 
  

			
	Borrower:	  	LAEC Enterprise Corporation
	Grantor(s):	  	LAEC Enterprise Corporation

 Each Party who signs below, other than Far East National Bank, acknowledges, represents, and warrants to Far East
National Bank that it has received, read and understood this Notice of Final Agreement. This Notice is dated December 12, 2011. 
  

			
	BORROWER:
	LAEC ENTERPRISE CORPORATION
		
	By:	 	 /s/

		 	Deborah Wang, CFO/Secretary of LAEC Enterprise Corporation
	
	LENDER:
	FAR EAST NATIONAL BANK
		
	X	 	 /s/

	
	Authorized Signer

 ASSIGNMENT OF DEPOSIT ACCOUNT 

 

															
	Principal	  	Loan Date	  	Maturity	  	Loan No	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	LAEC Enterprise Corporation	  	Lender:	  	FAR EAST NATIONAL BANK
		  	2332 Walsh Ave., Suite A	  		  	Loan Administration Unit
		  	Santa Clara, CA 95051	  		  	977 N. Broadway Ave., Suite 209
		  		  		  	Los Angeles, CA 90012

 THIS ASSIGNMENT OF DEPOSIT ACCOUNT dated December 12, 2011, is made and executed between LAEC Enterprise
Corporation (“Grantor”) and Far East National Bank (“Lender”). 
 ASSIGNMENT. For valuable consideration, Grantor
assigns and grants to Lender a security interest in the Collateral, including without limitation the deposit accounts described below, to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to
the Collateral, in addition to all other rights which Lender may have by law. 
 COLLATERAL DESCRIPTION. The word “Collateral”
means the following described deposit account (“Account”): 
 CD Account Number 6798002695 with Lender with an
approximate balance of $1,670,000.00 
 together with (A) all interest, whether now accrued or hereafter accruing; (B) all
additional deposits hereafter made to the Account; (C) any and all proceeds from the Account; and (D) all renewals, replacements and substitutions for any of the foregoing. 
 GRANTOR’S REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE COLLATERAL. With respect to the Collateral, Grantor represents and promises to Lender that: 

Ownership. Grantor is the lawful owner of the Collateral free and clear of all loans, liens, encumbrances, and claims except as
disclosed to and accepted by Lender in writing. 
 Right to Grant Security Interest. Grantor has the full right, power,
and authority to enter into this Agreement and to assign the Collateral to Lender. 
 No Prior Assignment. Grantor has not
previously granted a security interest in the Collateral to any other creditor. 
 No Further Transfer. Grantor shall not
sell, assign, encumber, or otherwise dispose of any of Grantor’s rights in the Collateral except as provided in this Agreement. 
 No Defaults. There are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly and promptly do everything required of Grantor under the
terms, conditions, promises, and agreements contained in or relating to the Collateral. 
 Proceeds. Any and all
replacement or renewal certificates, instruments, or other benefits or proceeds related to the Collateral that are received by Grantor shall be held by Grantor in trust for Lender and immediately shall be delivered by Grantor to Lender to be held as
part of the Collateral. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 2

  

 Validity; Binding Effect. This Agreement is binding upon Grantor and
Grantor’s successors and assigns and is legally enforceable in accordance with its terms. 
 Financing Statements.
Grantor authorizes Lender to file a UCC financing statement, or alternatively, a copy of this Agreement to perfect Lender’s security interest. At Lender’s request, Grantor additionally agrees to sign all other documents that are necessary
to perfect, protect, and continue Lender’s security interest in the Property. Grantor will pay all filing fees, title transfer fees, and other fees and costs involved unless prohibited by law or unless Lender is required by law to pay such fees
and costs. Grantor irrevocably appoints Lender to execute documents necessary to transfer title if there is a default. Lender may file a copy of this Agreement as a financing statement. If Grantor changes Grantor’s name or address, or the name
or address of any person granting a security interest under this Agreement changes, Grantor will promptly notify the Lender of such change. 

LENDER’S RIGHTS AND OBLIGATIONS WITH RESPECT TO THE COLLATERAL. While this Agreement is in effect, Lender may retain the rights to possession
of the Collateral, together with any and all evidence of the Collateral, such as certificates or passbooks. This Agreement will remain in effect until (a) there no longer is any Indebtedness owing to Lender; (b) all other obligations
secured by this Agreement have been fulfilled; and (c) Grantor, in writing, has requested from Lender a release of this Agreement. 

LENDER’S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender’s interest in the Collateral or if
Grantor fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Grantor’s failure to discharge or pay when due any amounts Grantor is required to discharge or pay under this Agreement or any
Related Documents, Lender on Grantor’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 the Collateral and paying all costs for insuring, maintaining and preserving the 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 Grantor. 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. The Agreement also will secure payment of these amounts. Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. 

LIMITATIONS ON OBLIGATIONS OF LENDER. Lender shall use ordinary reasonable care in the physical preservation and custody of any certificate or
passbook for the Collateral but shall have no other obligation to protect the Collateral or its value. In particular, but without limitation, Lender shall have no responsibility (A) for the collection or protection of any income on the
Collateral; (B) for the preservation of rights against issuers of the Collateral or against third persons; (C) for ascertaining any maturities, conversions, exchanges, offers, tenders, or similar matters relating to the Collateral; nor
(D) for informing the Grantor about any of the above, whether or not Lender has or is deemed to have knowledge of such matters. 

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 

Payment Default. Grantor fails to make any payment when due under the Indebtedness. 

Other Defaults. Grantor fails to comply with or to perform 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 any term, obligation, covenant or condition contained in any other agreement between Lender and Grantor. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 3

  

 Default in Favor of Third Parties. 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 Grantor’s property or ability to perform Grantor’s obligations under this Agreement
or any of the Related Documents. 
 False Statements. Any warranty, representation or statement made or furnished to
Lender by Grantor or on Grantor’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 or becomes false or misleading at any time thereafter.

 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. 
 Insolvency. The dissolution or termination of Grantor’s existence as a going business, the insolvency of Grantor, the appointment of a receiver for any part of Grantor’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 Grantor. 
 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 Grantor or
by any governmental agency against any collateral securing the Indebtedness. This includes a garnishment of any of Grantor’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good
faith dispute by Grantor as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Grantor 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 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. 

Adverse Change. A material adverse change occurs in Grantor’s financial condition, or Lender believes the prospect of payment
or performance of the Indebtedness is impaired. 
 Insecurity. Lender in good faith believes itself insecure. 

Cure Provisions. If any default, other than a default in payment is curable and if Grantor 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 Grantor, after Lender sends written notice to Grantor demanding cure of such default: (1) cures the default within ten (10) days; or
(2) if the cure requires more than ten (10) 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. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 4

  

 RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default, or at any time
thereafter, Lender may exercise any one or more of the following rights and remedies, in addition to any rights or remedies that may be available at law, in equity, or otherwise: 

Accelerate Indebtedness. Lender may declare all Indebtedness of Grantor to Lender immediately due and payable, without notice of
any kind to Grantor. 
 Application of Account Proceeds. Lender may take directly all funds in the Account and apply them
to the Indebtedness. If the Account is subject to an early withdrawal penalty, that penalty shall be deducted from the Account before its application to the Indebtedness, whether the Account is with Lender or some other institution. Any excess funds
remaining after application of the Account proceeds to the Indebtedness will be paid to Grantor as the interests of Grantor may appear. Grantor agrees, to the extent permitted by law, to pay any deficiency after application of the proceeds of the
Account to the Indebtedness. Lender also shall have all the rights of a secured party under the California Uniform Commercial Code, even if the Account is not otherwise subject to such Code concerning security interests, and the parties to this
Agreement agree that the provisions of the Code giving rights to a secured party shall nonetheless be a part of this Agreement. 

Transfer Title. Lender may effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor
irrevocably appoints Lender as Grantor’s attorney-in-fact to execute endorsements, assignments and instruments in the name of Grantor and each of them (if more than one) as shall be necessary or reasonable. 

Other Rights and Remedies. Lender shall have and may exercise any or all of the rights and remedies of a secured creditor under the
provisions of the California Uniform Commercial Code, at law, in equity, or otherwise. 
 Deficiency Judgment. If
permitted by applicable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this section. 

Election of Remedies. Except as may be prohibited by applicable law, all of Lender’s rights and remedies, whether evidenced by
this Agreement or by any other writing, 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 Grantor under this Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare a default and exercise its remedies. 

Cumulative Remedies. All of Lender’s rights and remedies, whether evidenced by this Agreement or by any other writing, 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 Grantor under
this Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare a default and to exercise its remedies. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 5

  

 JUDICIAL REFERENCE. Claims Subject to Judicial Reference Agreement; Conduct of Referee.
Upon a motion or written request, either party may elect to have any controversy, dispute or claim arising out of or in connection with the loan evidenced by the note or any security for the loan (hereinafter “Claim”), other than the
“Excluded Matters” described below, determined by a consensual general judicial reference (the “Reference”) pursuant to the provisions of California Code of Civil Procedure Sections 638 et seq., as such statutes may be
amended or modified from time to time. Any pending action relating to any Claim and every Claim shall be heard by a single Referee who shall then try all issues (including any and all questions of law and questions of fact relating thereto), and
issue findings of fact and conclusions of law and report a statement of decision. The Referee’s statement of decision will constitute the conclusive determination of the Claim. The parties agree that the Referee shall have the power to issue
all legal and equitable relief appropriate under the circumstances before him/her. The parties shall promptly and diligently cooperate with one other and the Referee, and shall perform such action as may be necessary to obtain prompt and expeditious
resolution of all Claims in accordance with the terms of this paragraph. Either party may file the Referee’s findings, conclusions and statement with the clerk or judge of any appropriate court, file a motion to confirm the Referee’s
report and have judgment entered thereon. If the report is deemed incomplete by such court, the Referee may be required to complete the report and resubmit it. The parties will each have such rights to assert such objections as are set forth in
California Code of Civil Procedure Section 638 et seq. All proceedings shall be closed to the public and shall be confidential, and all records relating to the Reference shall be permanently sealed when the order thereon becomes final.
“Excluded Matters” as referred to in this paragraph means a non-judicial foreclosure of any security interests in real or personal property, exercise of self-help remedies (including, without limitation, set-off), temporary, provisional or
ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions, and motions for and appointments of receivers and all motions, hearings and proceedings in
connection with any of the foregoing. The exercise by any party of any motion or proceeding in connection with any of the Excluded Matters does not constitute a waiver by such party of its right to elect, or its election, to have other matters
decided by the Reference. Selection of Referee; Powers. The parties shall select a single neutral referee (the “Referee”), who shall be a retired judge or justice of the courts of the State of California, or a federal court judge,
in each case, with at least ten years of judicial experience in civil matters. The Referee shall be appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute
falls within the exclusive jurisdiction of the federal courts). If within ten (10) days after the request or motion for the Reference, the parties cannot agree upon a Referee, either party may request or move that the Referee be appointed by
the Presiding Judge of the Superior Court or of the U.S. District Court for the Central District of California. The Referee shall determine all issues relating to the applicability, interpretation, legality and enforceability of this paragraph.

 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. Grantor agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s
attorneys” fees and Lender’s legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Grantor shall pay the costs and expenses of such
enforcement. Costs and expenses include Lender’s 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. Grantor 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. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 6

  

 Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender’s request
to submit to the jurisdiction of the courts of Los Angeles County, State of California. 
 Preference Payments. Any monies
Lender pays because of an asserted preference claim in Grantor’s bankruptcy will become a part of the Indebtedness and, at Lender’s option, shall be payable by Grantor as provided in this Agreement. 

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 Grantor, shall constitute a waiver of any of
Lender’s rights or of any of 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, Grantor agrees to keep Lender informed at all times of Grantor’s current address. Unless otherwise provided or required by law, if there is more than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given
to all Grantors. 
 Power of Attorney. Grantor hereby appoints Lender as its true and lawful attorney-in-fact,
irrevocably, with full power of substitution to do the following: (1) to demand, collect, receive, receipt for, sue and recover all sums of money or other property which may now or hereafter become due, owing or payable from the Collateral;
(2) to execute, sign and endorse any and all claims, instruments, receipts, checks, drafts or warrants issued in payment for the Collateral; (3) to settle or compromise any and all claims arising under the Collateral, and in the place and
stead of Grantor, to execute and deliver its release and settlement for the claim; and (4) to file any claim or claims or to take any action or institute or take part in any proceedings, either in its own name or in the name of Grantor, or
otherwise, which in the discretion of Lender may seem to be necessary or advisable. This power is given as security for the Indebtedness, and the authority hereby conferred is and shall be irrevocable and shall remain in full force and effect until
renounced by Lender. 
 Waiver of Co-Obligor’s Rights. If more than one person is obligated for the Indebtedness,
Grantor irrevocably waives, disclaims and relinquishes all claims against such other person which Grantor has or would otherwise have by virtue of payment of the Indebtedness or any part thereof, specifically including but not limited to all rights
of indemnity, contribution or exoneration. 

					
		  	ASSIGNMENT OF DEPOSIT ACCOUNT	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 7

  

 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. 

Successors and Assigns. Subject to any limitations stated in this Agreement on transfer of Grantor’s interest, this Agreement
shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors
with reference to this Agreement and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Agreement or liability under the Indebtedness. 

 PROMISSORY NOTE 

 

															
	Principal 	  	Loan Date 	  	Maturity 	  	Loan No 	  	Call / Coll	  	Account	  	Officer	  	Initials
	$1,500,000.00	  	12-12-2011	  	12-07-2012	  	46550 / 30262	  		  		  	31010	  	/s/

 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:	  	LAEC Enterprise Corporation	  	Lender:	  	FAR EAST NATIONAL BANK
		  	2332 Walsh Ave., Suite A	  		  	Loan Administration Unit
		  	Santa Clara, CA 95051	  		  	977 N. Broadway Ave., Suite 209
		  		  		  	Los Angeles, CA 90012

  

			
	Principal Amount: $1,500,000.00	  	Date of Note: December 12, 2011

 PROMISE TO PAY. LAEC Enterprise Corporation (“Borrower”) promises to pay to Far East National Bank
(“Lender”), or order, in lawful money of the United States of America, the principal amount of One Million Five Hundred Thousand & 00/100 Dollars ($1,500,000.00) 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 December 7, 2012. In addition, Borrower will pay regular monthly payments of
all accrued unpaid interest due as of each payment date, beginning January 7, 2012, 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 unpaid collection costs; then to any late charges; then to any accrued unpaid interest; and then to principal. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate in
writing. 
 VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from time to time based on changes in an
independent index which is the Far East National Bank Prime Rate (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans, If the Index becomes unavailable during the term of this loan, Lender may
designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than each time the Far East National Bank Prime Rate changes.
Borrower understands that Lender may make loans based on other rates as well. The Index currently is 3.250% per annum. Interest on the unpaid principal balance of this Note will be calculated as described in the “INTEREST
CALCULATION METHOD” paragraph using a rate equal to the Index, resulting in an initial rate of 3.250%. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 

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. 

PREPAYMENT; MINIMUM INTEREST CHARGE. Borrower agrees that all loan fees and other prepaid finance charges are earned fully as of the date of the
loan and will not be subject to refund upon early payment (whether voluntary or as a result of default), except as otherwise required by law. 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. Early payments will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest. Rather, early payments will reduce the principal balance 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: Far East National Bank, Note Department, 977 N. Broadway, Suite 403 Los Angeles, CA 90012. 

					
		  	PROMISSORY NOTE	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 2

  

 LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the
unpaid portion of the regularly scheduled payment or $5.00, whichever Is greater. 
 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. 
 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 or 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. 

					
		  	PROMISSORY NOTE	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 3

  

 Change In Ownership. Any change in ownership of twenty-five percent (25%) or
more of the common stock of Borrower. 
 Adverse Change. A material adverse change occurs in Borrower’s financial
condition, or Lender believes the prospect of payment or performance of this Note is impaired. 
 Insecurity. Lender in
good faith believes itself insecure. 
 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 ten (10) days; or (2) If the cure requires more than ten (10) 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. 
 JURY WAIVER. To
the extent permitted by applicable law, Lender and Borrower hereby waive the right to any Jury trial in any action, proceeding, or counterclaim brought by either Lender or Borrower against the other. 

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 Los Angeles
County, State of California. 
 DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a payment on
Borrower’s loan and the check or preauthorized charge with which Borrower pays is later dishonored. 
 COLLATERAL. Borrower
acknowledges this Note is secured by the following collateral described in the security instrument listed herein: certificates of deposit described in an Assignment of Deposit Account dated December 12, 2011. 

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under this Note may be requested orally by Borrower or as provided in
this paragraph. All oral requests shall be confirmed in writing on the day of the request. 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: Deborah Wang,
CFO/Secretary of LAEC Enterprise Corporation or Abraham Jou. 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. 

					
		  	PROMISSORY NOTE	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 4

  

 JUDICIAL REFERENCE. Claims Subject to Judicial Reference Agreement; Conduct of Referee.
Upon a motion or written request, either party may elect to have any controversy, dispute or claim arising out of or in connection with the loan evidenced by the note or any security for the loan (hereinafter “Claim”), other than the
“Excluded Matters” described below, determined by a consensual general judicial reference (the “Reference”) pursuant to the provisions of California Code of Civil Procedure Sections 638 et seq., as such statutes may be
amended or modified from time to time. Any pending action relating to any Claim and every Claim shall be heard by a single Referee who shall then try all issues (including any and all questions of law and questions of fact relating thereto), and
issue findings of fact and conclusions of law and report a statement of decision. The Referee’s statement of decision will constitute the conclusive determination of the Claim. The parties agree that the Referee shall have the power to issue
all legal and equitable relief appropriate under the circumstances before him/her. The parties shall promptly and diligently cooperate with one another and the Referee, and shall perform such acts as may be necessary to obtain prompt and expeditious
resolution of all Claims in accordance with the terms of this paragraph. Either party may file the Referee’s findings, conclusions and statement with the clerk or judge of any appropriate court, file a motion to confirm the Referee’s
report and have judgment entered thereon. If the report is deemed incomplete by such court, the Referee may be required to complete the report and resubmit it. The parties will each have such rights to assert such objections as are set forth in
California Code of Civil Procedure Section 638 et seq. All proceedings shall be closed to the public and shall be confidential, and all records relating to the Reference shall be permanently sealed when the order thereon becomes final.
“Excluded Matters” as referred to in this paragraph means a non-judicial foreclosure of any security interests in real or personal property, exercise of self-help remedies (including, without limitation, set-off), temporary, provisional or
ancillary remedies (including, without limitation, writs of attachment, writs of possession, temporary restraining orders or preliminary injunctions, and motions for and appointments of receivers and all motions, hearings and proceedings in
connection with any of the foregoing. The exercise by any party of any motion or proceeding in connection with any of the Excluded Matters does not constitute a waiver by such party of its right to elect, or its election, to have other matters
decided by the Reference. Selection of Referee; Powers. The parties shall select a single neutral referee (the “Referee”), who shall be a retired judge or justice of the courts of the State of California, or a federal court judge,
in each case, with at least ten years of judicial experience in civil matters. The Referee shall be appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute
falls within the exclusive jurisdiction of the federal courts). If within ten (10) days after the request or motion for the Reference, the parties cannot agree upon a Referee, either party may request or move that the Referee be appointed by
the Presiding Judge of the Superior Court or of the U.S. District Court for the Central District of California. The Referee shall determine all issues relating to the applicability, interpretation, legality and enforceability of this paragraph.

 CONSENT TO SELL LOAN. Notwithstanding any provision to the contrary stated herein and the other Related Documents, Borrower agrees and
understands that Lender, whether now or later, may sell or transfer the Loan or sell one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Borrower agrees that the purchaser(s) of the Loan
or any interests in the Loan will be considered as the absolute owners of such Loan or interests, and will have all the rights granted under this Note. 

					
		  	PROMISSORY NOTE	  	
	Loan No: 46550 / 30262	  	(Continued)	  	Page 5

  

 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. 
 NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Borrower may notify Lender if Lender reports any inaccurate information about Borrower’s account(s) to a consumer
reporting agency. Borrower’s written notice describing the specific inaccuracy(ies) should be sent to Lender at the following address: Far East National Bank Note Department 977 North Broadway, Suite 403 Los Angeles, CA 90012. 

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. 
 BORROWER
ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 
  

			
	BORROWER:
	
	LAEC ENTERPRISE CORPORATION
		
	By:	 	 /s/

		 	Deborah Wang, CFO/Secretary of LAEC
		 	Enterprise Corporation

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